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Top Volkswagen shareholder Porsche Automobil Holding supports plans to list luxury sports car maker Porsche but the conflict in Ukraine could affect the timing of the proposed initial public offering, the holding company said on Tuesday.
Volkswagen aims to conduct the Porsche IPO in the fourth quarter of 2022, though that may change if the conflict in Ukraine drags on, Porsche Automobil Holding's finance chief said.
"We cannot rule out, if the conflict lasts a longer time, that this could have potential implications on the listing," Johannes Lattwein told a news conference, without elaborating on how it would affect plans.
No final decision has been made on the proposed IPO, the company said.
A framework agreement for the listing proposed by Volkswagen in February includes selling 25 per cent plus 1 ordinary share in the car maker to Porsche Automobil Holding as well as listing up to 25 per cent of Porsche's preferred stock.
Some 49 per cent of the IPO proceeds would be paid out to Volkswagen's shareholders as a special dividend.
"Porsche Automobil Holding thereby supports the plans of Volkswagen to expand its financial flexibility and accelerate the technological transformation of the group," it said in a statement reporting its annual results.
We cannot rule out, if the conflict lasts a longer time, that this could have potential implications on the listing
Johannes Lattwein,
chief financial officer of Porsche Automobil Holding
"Due to the leading positioning of Porsche in the sport and luxury segment, this attractive investment would diversify our portfolio and our dividend inflows," Mr Lattwein said.
Porsche Automobil Holding, which is controlled by the Porsche and Piech families and holds a 31.4 per cent equity stake in Volkswagen, has no plans to reduce its stake in the German car maker, Hans Poetsch, chief executive of the company and chairman of VW’s supervisory board, said.
The IPO would also not affect the composition of the Volkswagen supervisory board.
Porsche Automobil Holding reported a 2021 group result after tax of €4.6 billion ($5.06bn). It forecast group results after tax in 2022 at between €4.1bn and €6.1bn, not including the impact of the possible Porsche IPO.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
More from Neighbourhood Watch:
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Essentials
The flights
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The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Killing of Qassem Suleimani
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
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