Wood Group's plan to take over Amec Foster Wheeler would hurt competition, says UK watchdog. Ty Wright/Bloomberg
Wood Group's plan to take over Amec Foster Wheeler would hurt competition, says UK watchdog. Ty Wright/Bloomberg

UK casts doubt on takeover of Amec Foster Wheeler



Britain's market regulator said on Wednesday a takeover of Amec Foster Wheeler by the oilfield services firm Wood Group could hurt competition.

Wood Group agreed to buy smaller rival Amec Foster Wheeler for £2.2 billion (Dh10.68bn) in March.

Britain's Competition and Markets Authority (CMA) said that the merger could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the UK continental shelf.

Wood Group has until August 9 to formalise its proposals for addressing concerns about the deal or it will be referred for an in-depth probe, the CMA said.

Wood Group said that when the deal was announced that it had proposed to the CMA a divestment of a majority of Amec Foster Wheeler's upstream oil and gas assets and operations in the United Kingdom.

Wood Group said on Wednesday that it would formally submit the proposal to the CMA and both companies believe that this would be sufficient to address CMA's competition concerns and obtain clearance for the merger.

However, the undertakings excluded Amec's Aberdeen-based services unit Qedi. The assets identified in the undertakings generated 42 million pounds in core earnings on revenue of about £740 million in 2016.

Separately, the UK's Serious Fraud Office said last month it had launched a bribery investigation of Amec.

Shares in Wood Group were down 0.57 per cent and Amec Foster was off 0.75 per cent as of 1242 GMT.

* Reuters

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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While you're here
Hotel Data Cloud profile

Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)

The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

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Tips for SMEs to cope
  • Adapt your business model. Make changes that are future-proof to the new normal
  • Make sure you have an online presence
  • Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
  • Open communication with customers to see how they are coping and be flexible about extending terms, etc
    Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Jawan
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Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra

Director: ​Yeon Sang-ho

Rating: 2/5

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