Latest news with #AbuDhabi-based
Yahoo
16 hours ago
- Business
- Yahoo
Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli
-- Global commodity trader Gunvor and the State Oil Company of Azerbaijan (SOCAR) are in a tight competition to acquire oil refiner Italiana Petroli, according to a Reuters report on Friday. The final offers for the privately-owned Italian company are due by the end of May. The Abu Dhabi-based Bin Butti Group is also anticipated to submit a bid. However, their chances of acquiring the company are thought to be lower as they entered the sale process later and have had less time to evaluate the refiner. The Brachetti Peretti family, the sellers of Italiana Petroli, are reportedly seeking a valuation of approximately 3 billion euros ($3.4 billion) for the entire group. Last year, the group reported an adjusted core profit of nearly 500 million euros and had a net cash position of 408 million euros at the end of December. Related articles Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli Saudi Arabia reportedly planning massive Airbus order Citi adds Knight-Swift to catalyst watch Sign in to access your portfolio
Reuters
19 hours ago
- Business
- Reuters
Gunvor, SOCAR neck and neck to buy refiner Italiana Petroli, sources say
MILAN, May 30 (Reuters) - Global commodity trader Gunvor and State Oil Company of Azerbaijan (SOCAR) are neck and neck in the race to buy oil refiner Italiana Petroli, three sources close to the matter said on Friday, as an end-May deadline to submit final offers looms. Abu Dhabi-based Bin Butti Group is also expected to submit a bid, but its chances to acquire the privately-owned Italian company are considered slimmer as it joined the sale process only recently and has had less time to study the refiner, the sources said. Two of the sources said the seller, the Brachetti Peretti family, was seeking a valuation of around 3 billion euros ($3.4 billion) for 100% of the group, which last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. Gunvor and Italiana Petroli declined to comment. SOCAR and Bin Butti were not Noavailable to comment. Italiana Petroli's sale comes after commodity trading house Vitol last year bought Italian oil refiner Saras from the Moratti family, highlighting private investors' desire to withdraw from an increasingly volatile business area. IP, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations. The group increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets. IP currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east. Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen. The sources said both SOCAR and Gunvor had conducted in-depth analyses of the company and visited IP's industrial sites to prepare their final offers. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8819 euros)
Al Etihad
2 days ago
- Health
- Al Etihad
UAE healthcare sector tackles rising childhood myopia as screen use soars
30 May 2025 00:03 KHALED AL KHAWALDEH (ABU DHABI)As young people spend more time glued to screens and confined indoors, doctors are warning of a growing, yet often overlooked, health risk. Myopia, or nearsightedness, is no longer just a minor inconvenience requiring glasses — it's becoming a long-term eye condition that, if left unmanaged, can lead to complications later in week's World Myopia Awareness Week served as a timely reminder of the critical need to prioritise eye health, especially in children. In the UAE, the issue is gaining more attention, an Abu Dhabi-based specialist told Aletihad.'We're seeing a noticeable increase in the number of children affected by myopia,' said Dr. Arif O. Khan, Staff Physician in Ophthalmology at the Integrated Surgical Institute of Cleveland Clinic Abu Dhabi.'It's likely linked to lifestyle shifts and greater screen time.'Dr. Khan said post-pandemic changes in routine — especially online learning and increased recreational screen use — meant children were spending more time than ever in front of devices and less time outdoors. This behavioural trend, he noted, is a key contributor to the rise in early-onset myopia across the UAE. 'Children's developing eyes are especially sensitive to environmental influences,' he said. 'Extended periods of close-up screen use, especially in dim lighting, can contribute significantly to the onset of myopia.'This is more than just an inconvenience or a temporary condition. According to Dr. Khan, the risks of myopia go far beyond needing corrective lenses. Early-onset myopia, if unmanaged, can lead to pathological myopia, a severe form that increases the risk of retinal detachment, glaucoma, cataracts, and even irreversible vision loss in adulthood.'Another significant concern in the UAE is keratoconus — a condition involving changes in the shape of the cornea — which appears to be more prevalent here than in many other parts of the world,' he said. A 2022 study published by Asia-Pacific Academy of Ophthalmology highlighted the prevalence of myopia among adults in Dubai: 27.4% among Emiratis and 19.5% in non-Emiratis. The research stressed that these figures highlight not only the widespread nature of the condition but also the urgent need for interventions focused on prevention and early treatment. Proactive Measures Recognising the urgency of the situation, the UAE's healthcare sector is proactively addressing the issue, with Dr. Khan expressing confidence that the country will successfully preserve the vision of future generations.'Vision care in the UAE has made remarkable strides,' he said. 'We now offer a range of treatments — from optical and pharmacological solutions to advanced surgical interventions for adults.'One of the most promising areas in myopia control is early intervention, particularly through newly developed optical and pharmaceutical technologies, Dr. Khan said, adding that these methods are particularly impactful on children. 'One of the most exciting developments in eye care today is the progress being made in preventing and managing childhood myopia,' he said. 'We now have pharmacological treatments available that can slow the progression of myopia in children, along with innovative optical solutions, such as specially designed peripheral defocus spectacle lenses and contact lenses.'Cleveland Clinic Abu Dhabi has launched a dedicated Myopia Clinic, which is part of a growing trend worldwide to treat myopia not just as a condition but as a chronic disease that requires ongoing the promising technology, Dr. Khan is quick to emphasise that prevention is better than cure. 'It's equally important to emphasise the role of behavioural changes as the first line of defence,' he said. 'Reducing screen time, increasing outdoor activity, avoiding prolonged close-up work, and ensuring well-lit environments are all essential strategies for preventing myopia in children.'
Straits Times
2 days ago
- Sport
- Straits Times
Melbourne duo gear up for derby clash in A-League championship decider
Melbourne City and Melbourne Victory do battle in an historic A-League Grand Final on Saturday in the first local derby to determine Australia's champions in 20 years. The meeting at a sold-out Melbourne Rectangular Stadium pits Victory, one of the competition's best-supported clubs, against a club who lost significant sections of their support base after an unpopular takeover in 2014. "I still can't believe, after 20 years, it's the first derby in a Grand Final," said City coach Aurelio Vidmar. "And you know what the derby is like, they're always intense, so we just have to try to prepare for anything and everything. "We prepared so well this year, we're ready. So whatever happens on the night, we'll be ready." Owned by the City Football Group since the Abu Dhabi-based operation purchased Melbourne Heart in 2014 and gave the club a controversial identity overhaul, City have won a solitary championship despite appearing in four of the last five finals. Victory, by contrast, will be attempting to tie Sydney FC's record haul of five titles and secure their first since 2018, having lost to Central Coast Mariners in last year's decider. Victory will go into the game with the majority of the 30,000 crowd behind them and in possession of the better head-to-head record between the teams in recent meetings. They have not lost to City since April 2023 and the teams shared a 2-2 draw in December, although Vidmar's side finished five points clear of their neighbours in the regular season. Victory have doubts hanging over the availability of Nishan Velupillay after the Australia winger, who has scored seven times for his club this season, sustained an ankle injury in the 2-0 semi-final second leg win over Auckland FC last weekend. The involvement of Mitch Langerak is also uncertain after a foot injury kept the former Nagoya Grampus goalkeeper out of both legs of the semi-final but both Adama Traore and Kasey Bos are expected to be available. "For Australian football it's huge, for our club it's massive," Victory coach Arthur Diles said of the all-Melbourne final. "Irrespective that we've been here many times before, you never take that for granted. "Every Grand Final you can play is massive and this week will be no different. I expect on Saturday night that this place will be shaking and we're looking forward to that." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
2 days ago
- Sport
- The Star
Soccer-Melbourne duo gear up for derby clash in A-League championship decider
(Reuters) - Melbourne City and Melbourne Victory do battle in an historic A-League Grand Final on Saturday in the first local derby to determine Australia's champions in 20 years. The meeting at a sold-out Melbourne Rectangular Stadium pits Victory, one of the competition's best-supported clubs, against a club who lost significant sections of their support base after an unpopular takeover in 2014. "I still can't believe, after 20 years, it's the first derby in a Grand Final," said City coach Aurelio Vidmar. "And you know what the derby is like, they're always intense, so we just have to try to prepare for anything and everything. "We prepared so well this year, we're ready. So whatever happens on the night, we'll be ready." Owned by the City Football Group since the Abu Dhabi-based operation purchased Melbourne Heart in 2014 and gave the club a controversial identity overhaul, City have won a solitary championship despite appearing in four of the last five finals. Victory, by contrast, will be attempting to tie Sydney FC's record haul of five titles and secure their first since 2018, having lost to Central Coast Mariners in last year's decider. Victory will go into the game with the majority of the 30,000 crowd behind them and in possession of the better head-to-head record between the teams in recent meetings. They have not lost to City since April 2023 and the teams shared a 2-2 draw in December, although Vidmar's side finished five points clear of their neighbours in the regular season. Victory have doubts hanging over the availability of Nishan Velupillay after the Australia winger, who has scored seven times for his club this season, sustained an ankle injury in the 2-0 semi-final second leg win over Auckland FC last weekend. The involvement of Mitch Langerak is also uncertain after a foot injury kept the former Nagoya Grampus goalkeeper out of both legs of the semi-final but both Adama Traore and Kasey Bos are expected to be available. "For Australian football it's huge, for our club it's massive," Victory coach Arthur Diles said of the all-Melbourne final. "Irrespective that we've been here many times before, you never take that for granted. "Every Grand Final you can play is massive and this week will be no different. I expect on Saturday night that this place will be shaking and we're looking forward to that." (Reporting by Michael Church, Editing by Peter Rutherford)
