BRUSSELS: The EU said Friday it was concerned about the impact on competition of German airline Lufthansa’s plan to take over routes operated by failed rival Air Berlin.
“We have quite deep competition concerns because there is a risk that on some routes Lufthansa becomes de facto a monopoly,” EU competition commissioner Margrethe Vestager said at a news conference.
The warning comes a week after Lufthansa offered concessions to encourage the European Commission to green-light its planned purchase of parts of Air Berlin.
The Frankfurt-based airline group hopes to pay €210 million ($250 million) for 81 aircraft from Air Berlin’s 140-strong fleet, plus takeoff and landing slots, as well as Austrian subsidiary Niki.
But Vestager said she now wanted input from customers and competitors in the European aviation market to dispel any anti-trust doubts concerning the purchase.
Vestager previously said that, given its dominant position in domestic air travel, Lufthansa might have to give up certain routes in exchange for approval.
Lufthansa chief executive Carsten Spohr responded by saying that he would be “ready” to meet her demands.
Air Berlin triggered bankruptcy proceedings in August after losing a cash lifeline from its biggest shareholder Etihad Airways.
Its aircraft were kept aloft by a €150 million emergency loan from the German government while it negotiated the sale of its assets.
Since the October deal the EU has allowed Lufthansa to operate some of Air Berlin’s planes to make sure there was no short-term negative impact on travelers.
Vestager made clear she is now focusing on the longer term impact on customers.
In “the long term it is important for the passengers in Germany and in Austria to have choice and also have businesses competing in order to keep prices down because the risk of any monopoly of course is that prices go up,” she said.
— AFP
EU has ‘deep competition concerns’ over Lufthansa Air Berlin bid
EU has ‘deep competition concerns’ over Lufthansa Air Berlin bid
Closing Bell: Saudi main index slips to close at 11,892
- Parallel market Nomu gained 86.66 points, or 0.28%, to close at 31,007.06
- MSCI Tadawul Index lost 3.16 points, or 0.21%, to close at 1,493.74
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, losing 21.63 points, or 0.18 percent, to close at 11,892.32.
The total trading turnover of the benchmark index was SR2.79 billion ($746 million), as 132 of the stocks advanced and 86 retreated.
The Kingdom’s parallel market Nomu gained 86.66 points, or 0.28 percent, to close at 31,007.06. This comes as 49 of the listed stocks advanced, while 29 retreated.
The MSCI Tadawul Index lost 3.16 points, or 0.21 percent, to close at 1,493.74.
The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 8.33 percent to SR0.52.
Other top performers included Red Sea International Co., whose share price rose 6.32 percent to SR60.60 and Saudi Industrial Development Co., whose share price surged 5.07 percent to SR30.05.
MBC Group Co. recorded the biggest drop, falling 3.31 percent to SR52.50.
Bawan Co. also saw its stock prices fall 3.05 percent to SR54.10.
Savola Group saw its stock prices drop 2.97 percent to SR35.90.
On the announcements front, Saudi Arabian Mining Co., also known as Ma’aden, has announced acquiring a full stake of Mosaic Phosphate in Waad Al-Shamal Phosphate Co.
According to a Tadawul statement, the financial impact of the acquisition will be reflected in the company’s consolidated financial statements for the year ending Dec.31.
Ma’aden ended the session at SR49.20, up 0.61 percent.
Kingdom Holding Co. has announced the acquisition of an additional stake in xAI, with a total investment of SR 1.5 billion, as part of xAI’s Series C funding round.
A bourse filing revealed that the transaction comes after KHC’s previous investment of the same amount in xAI during its Series B funding round.
The move falls in line with KHC’s strategic collaboration with Elon Musk, and also follows its strategic stake in X, formerly known as Twitter, held since 2015. xAI is an artificial intelligence firm established by Elon Musk and a team of top-notch engineers to build AI to further accelerate human scientific discovery as a whole.
KHC ended the session at SR9.35, up 0.88 percent.
Bank Al-Jazira has announced its intention to issue Additional Tier 1 Sukuk under its SR 5 billion Additional Tier 1 Capital Sukuk Issuance Program by way of private placement in Saudi Arabia.
According to a Tadawul statement, the bank has mandated Al-Jazira Capital, Al-Rajhi Capital and HSBC Saudi Arabia as joint lead managers and dealers for the potential offer. The filing further revealed that the purpose of the offer is to bolster the capital base of the bank, thereby backing its financial and strategic needs.
Bank Al-Jazira ended the session at SR18.64, up 0.21 percent.
Methanol Chemicals Co. has announced the approval of the Ministry of Energy’s request to renew the allocation of the required feedstock to produce several specialized petrochemical products.
A bourse filing revealed that this follows the company’s Industrial Plot Allocation Agreement with Jubail and Yanbu Industrial Cities Services Co. in the PlasChem Park in Jubail (2) to establish and operate a Choline Chloride and Methyl Diethanolamine Methane plant.
Methanol Chemicals Co. ended the session at SR18.70, down 0.32 percent.
View United Real Estate Development Co. has signed a memorandum of understanding with Watheeq Capital to establish real estate funds to enhance investment opportunities.
According to a Tadawul statement, it will be valid from the date of its signature for one year, and will not be automatically renewed except by a written agreement signed between the two parties.
View United Real Estate Development Co. ended the session at SR68.50, down 0.70 percent.
Bahrain’s king receives Saudi minister of state in Manama
- King Hamad conveyed greetings to King Salman and Crown Prince Mohammed bin Salman
RIYADH: Bahrain’s King Hamad bin Isa Al-Khalifa received Saudi Arabia’s Minister of State and Cabinet Member Prince Turki bin Mohammed bin Fahd bin Abdulaziz in Manama on Wednesday.
Prince Turki conveyed greetings from King Salman and Crown Prince Mohammed bin Salman.
King Hamad, who welcomed Prince Turki and his delegation at Al-Safriya Palace, highlighted the strong ties between Riyadh and Manama, the Saudi Press Agency reported.
King Hamad also conveyed his greetings to King Salman and the crown prince, the SPA added.
Pakistan calls for end of violence in Bethlehem, birthplace of Christ
- Palestinian city is venerated by Christians as birthplace of Jesus and now sits in Israeli-occupied West Bank
- Violence has surged across the hilly land since the start of the Hamas-Israel war in Gaza in October last year
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Wednesday called for an end to violence in Bethlehem, the Palestinian city venerated by Christians as the birthplace of Jesus and which now sits in the Israeli-occupied West Bank.
Since the 1967 war between Israel and neighboring Arab countries, Israel has occupied the West Bank, which Palestinians want as the core of a future independent state. Israel has built Jewish settlements across the territory and several of its ministers live in settlements and favor their expansion.
Violence has surged across the hilly land since the start of the Hamas-Israel war in Gaza in October last year. Hundreds of Palestinians — including suspected armed fighters, stone-throwing youths and civilian bystanders — have died in clashes with Israeli security forces, while dozens of Israelis have been killed in Palestinian attacks, Israeli authorities say.
“The place [Bethlehem] where Prophet Isa [Jesus] was born, his birthplace, today there is a raging market of bloodshed and violence there,” Sharif said as he addressed a church service in Islamabad.
“I believe that on this occasion [of Christmas], wherever in the entire world that Christians live, we should try our best to end this bloodshed in Palestine. And Prophet Isa, who was a peace messenger, for the success of his mission, we need war to end there.”
The West Bank has been transformed by the rapid growth of Jewish settlements over the past two years, with strident settlers pushing to impose Israeli sovereignty on the area.
Far-right National Security Minister Itamar Ben-Gvir said on X in October that since the start of the Gaza conflict more than 120,000 firearms had been distributed to Israeli settlers to protect themselves.
Pakistan’s Christians call for protection, more rights amid Christmas celebrations in capital
- Christianity is the third-largest religion in Pakistan with the 2023 census recording over three million Christians
- Christians face institutionalized discrimination in Pakistan, including being targeted with blasphemy accusations
ISLAMABAD: Church leaders and Christian residents of Islamabad on Wednesday called on the Pakistan government to improve the condition of religious minorities as Christmas was celebrated in the federal capital and around the country with prayer services, parties and feasts.
One of the main services in Islamabad was held at the Our Lady of Fatima Church, which was decorated with Christmas ornaments, and had on display a nativity scene, a depiction of the birth of Jesus, often exhibited during the Christmas season around the world. Festivities at the church included a prayer service late on Christmas eve and services in the morning and during the day.
“We want the government to solve the problems of Christians,” Sylvester Joseph, the parish priest at Fatima Church, told Arab News after the morning prayer service. “We are a minority. We have problems with jobs, we have problems with discrimination. We want this to be solved.”
Christianity is the third-largest religion in Pakistan, with results from the 2023 census recording over three million Christians, or 1.3% of the total population in Pakistan. The majority of Christians in Pakistan are members of the Catholic Church or the Church of Pakistan.
Christians face institutionalized discrimination in nearly all walks of life in Pakistan and are often the target of violence by religious hard-liners and militant groups. Christians are also reserved for low-status jobs, such as working in sewers or as cleaners in homes and offices.
Historical churches in Pakistan are monitored and have been targeted with bomb attacks on multiple occasions.
“There are many challenges here,” Sarfaraz John, a church elder, told Arab News. “We have only one job which is cleaning. We don’t get jobs according to our education.”
He said the community was also “scared” of violence and mob attacks, referring to an incident in August 2023 when vigilantes attacked the Christian community in the city of Jaranwala after falsely accusing two Christian residents of desecrating the Qur’an.
“We are afraid of what will happen. Our communities are afraid of what will happen,” John added. “There have been incidents like Jaranwala. We are scared.”
In May this year, at least 10 members of a minority Christian community were rescued by police after a Muslim crowd attacked their settlement over a blasphemy accusation in eastern Pakistan.
In 2017, two suicide bombers stormed a packed church in southwestern Pakistan just days before Christmas, killing at least nine people and wounding up to 56. An Easter Day attack in a public park in 2016 killed more than 70 people in the eastern city of Lahore. In 2015, suicide attacks on two churches in Lahore killed at least 16 people, while a pair of suicide bombers blew themselves up outside a 130-year-old Anglican church in the northwestern city of Peshawar after Sunday Mass in 2013, killing at least 78 people in the deadliest attack on Christians in the predominantly Muslim country.
Minister for Law, Justice and Human Rights, Azam Nazeer Tarar, announced this month Pakistan would “soon” establish the National Commission for the Rights of Minorities, who constitute about three percent of Pakistan’s estimated population of 240 million people. In October, the chief minister of Pakistan’s Punjab, Maryam Nawaz Sharif, announced cash cards for minorities in the province, where the most number of the country’s Christians live, and vowed to double the amount for uplifting their places of worship and graveyards.
Some Christians at the Islamabad service also said things had improved for the community in recent years.
“We celebrate Christmas at the government level, it is much better now,” Joseph, the pastor-in-charge, said. “Our Muslim brothers meet us and wish us ‘Merry Christmas’. The situation is improving now.”
John said security arrangements by the government had also improved in recent years.
“The government gives us security. They work with us,” he said. “There are more than 50 troops on duty at the church today. Traffic police, [paramilitary] Rangers, Islamabad police, they all work with us on Christmas.”
Naveed Arif, a banker, said the situation of minorities had “improved a lot with time.”
“Now minorities are given their rights in a proper way, I am a banker myself,” he said. “In festivals like Christmas and Easter, we are given special holidays. We are given proper provisions at other events as well … there have been a lot of changes and improvements.”
Hamas says ‘new’ Israeli conditions delaying agreement on Gaza ceasefire
- “Occupation has set new conditions concerning withdrawal (of troops), the ceasefire, prisoners, and the return of displaced people,” Hamas said
JERUSALEM: Hamas accused Israel on Wednesday of imposing “new conditions” that it said were delaying a ceasefire agreement in the war in Gaza, though it acknowledged negotiations were still ongoing.
Israel has made no public statement about any new conditions in its efforts to secure the release of hostages seized on October 7, 2023.
Indirect talks between Israel and Hamas, mediated by Qatar, Egypt and the United States, have taken place in Doha in recent days, rekindling hope for a truce deal that has proven elusive.
“The ceasefire and prisoner exchange negotiations are continuing in Doha under the mediation of Qatar and Egypt in a serious manner... but the occupation has set new conditions concerning withdrawal (of troops), the ceasefire, prisoners, and the return of displaced people, which has delayed reaching an agreement,” the Palestinian militant group said in a statement.
Hamas did not elaborate on the conditions imposed by Israel.
On Monday, Israeli Prime Minister Benjamin Netanyahu told parliament that there was “some progress” in the talks, and on Tuesday his office said Israeli representatives had returned from Qatar after “significant negotiations.”
Last week, Hamas and two other Palestinian militant groups — Islamic Jihad and the leftist Popular Front for the Liberation of Palestine — said in a rare joint statement that a ceasefire agreement was “closer than ever,” provided Israel did not impose new conditions.
Efforts to strike a truce and hostage release deal have repeatedly failed over key stumbling blocks.
Despite numerous rounds of indirect talks, Israel and Hamas have agreed just one truce, which lasted for a week at the end of 2023.
Negotiations have faced multiple challenges since then, with the primary point of disagreement being the establishment of a lasting ceasefire in Gaza.
Another unresolved issue is the governance of post-war Gaza.
It remains a highly contentious issue, including within the Palestinian leadership.
Israel has said repeatedly that it will not allow Hamas to run the territory ever again.
In an interview with The Wall Street Journal last week, Netanyahu said: “I’m not going to agree to end the war before we remove Hamas.”
He added Israel is “not going to leave them in power in Gaza, 30 miles from Tel Aviv. It’s not going to happen.”
Netanyahu has also repeatedly stated that he does not want to withdraw Israeli troops from the Philadelphi Corridor, a strip of land cleared and controlled by Israel along Gaza’s border with Egypt.
The war in Gaza was sparked by Hamas’s unprecedented October 7 attack on Israel, during which militants seized 251 hostages.
Ninety-six of them are still being held in Gaza, including 34 the army says are dead.
The attack resulted in 1,208 deaths, mostly civilians, according to an AFP tally of Israeli official figures.
Israel’s retaliatory campaign has killed at least 45,361 people in Gaza, a majority of them civilians, according to figures from the Hamas-run territory’s health ministry that the UN considers reliable.
