Saudi businessmen attend German metalworking presentation

Author: 
RODOLFO C. ESTIMO JR.
Wed, 2017-03-01
ID: 
1488322199686260500

RIYADH: Forty Saudi businessmen on Monday attended an Exposition Mondiale de la Machine Outil (EMO) metalworking technology presentation, organized at a hotel in Riyadh by the German Saudi Arabian Liaison Office for Economic Affairs (GESALO).
Jochen Koeckler, EMO partner and board member of fair operator Deutsche Messe, invited the participants to attend the Hannover Trade Fair in September.
He said the event has proven itself an efficient international contact and business platform for the metalworking industry. EMO is the world’s leading trade fair for metalworking technology.
“We are proud to be the representative of EMO in Saudi Arabia,” said Oliver Oehms, GESALO secretary general for Saudi Arabia, Bahrain and Yemen.
“This trade fair offers vast opportunities for Saudi experts to learn about the latest trends and technologies in the metalworking industry. GESALO welcomes Saudi businessmen to attend EMO and organize an exclusive program.”
He said EMO benefits Vision 2030, which paves the way for prosperous development of the Kingdom.
“Saudi Arabia can benefit by attending EMO in Hanover, Germany. Both countries share a long trade history, and bilateral trade volume was around SR44 billion ($11.7 billion) in 2015,” Oehms added.
He said the products and technologies presented at EMO provide a great chance to modernize the Saudi industry sector and strengthen Saudi-German trade relations.
“Therefore, GESALO is offering to organize an exclusive program and make a delegation visit a unique experience,” he added.

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Oil Majors’ Costs Have Risen 66% Since 2011

The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and the cost cutting measures implemented over the past three years should allow companies to turn a profit even though crude trades for about half of what it did back in 2014. The collapse of oil prices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. That allowed them to successfully lower their breakeven price…

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Caught On Tape: Uber CEO Argues With Driver Over Declining Fares – “Take Responsibility For Your Own Shit”

Earlier this month, on Superbowl Sunday, in fact, Uber CEO Travis Kalanick hopped into an Uber Black Car with two female companions for what he thought would be just another easy trip to the destination of his choice.  Unfortunately, this particular ride got a little more complicated than he had hoped when his driver, 37-year-old Fawzi Kamel, decided to confront him on Uber’s falling fares, which he alleged had cost him a total of $97,000 and forced him into bankruptcy.  After the ride, Kamel rated Kalanick at 1-star and submitted his recorded conversation with the confrontational CEO to Bloomberg

The first 3 minutes and 50 seconds of the video is nothing more than a series of awkward exchanges between Kalanick and his special lady friends along with a series of random body gyrations to the tune of Maroon 5’s “Don’t Wanna Know”. 

That said, things start to heat up when one of the young ladies implies that Uber is having a rough year financially (she must be a reader).  Of course, Kalanick responds by implying that burning hundreds of millions of dollars annually is all part of his master plan:

“I make sure every year is a hard year.  That’s kind of how I roll. I make sure every year is a hard year. If it’s easy I’m not pushing hard enough.”

But things really get interesting when Kalanick’s driver decides to confront him on falling Uber fares:

Kamel: “You’re raising the standards, and you’re dropping the prices.”

 

Kalanick: “We’re not dropping the prices on black.”

 

Kamel: “But in general the whole price is—”

 

Kalanick: “We have to; we have competitors; otherwise, we’d go out of business.”

 

Kamel: “Competitors? Man, you had the business model in your hands. You could have the prices you want, but you choose to buy everybody a ride.”

 

Kalanick: “No, no no. You misunderstand me. We started high-end. We didn’t go low-end because we wanted to. We went low-end because we had to because we’d be out of business.”

 

Kamel: “What? Lyft? It’s a piece of cake right there.”

 

Kalanick: “It seems like a piece of cake because I’ve beaten them. But if I didn’t do the things I did, we would have been beaten, I promise.”

 

Kamel: “But people are not trusting you anymore. … I lost $97,000 because of you. I’m bankrupt because of you. Yes, yes, yes. You keep changing every day. You keep changing every day.”

 

Kalanick: “Hold on a second, what have I changed about Black? What have I changed?”

 

Kamel: “You changed the whole business. You dropped the prices.”

 

Kalanick:  “Bullshit.  Some people don’t like to take responsibility for their own shit. They blame everything in their life on somebody else. Good luck!”

We must admit that we’re somewhat perplexed by Kamel’s argument as Uber fares, now and in the future, are clearly headed in precisely one direction, irrespective of who’s sitting in the CEO’s chair, and that is, well, down…but it makes for good entertainment anyway.

Fast forward to the 3:50 mark for the fireworks:

 

As Bloomberg points out, this incident just adds to what has already been a relatively rough couple of months for Uber which has included everything from patent infringement lawsuits to sexual harassment charges to Kalanick being forced to resign from Trump’s business advisory council.

In December, Uber pulled its self-driving cars off the road in San Francisco after the California Department of Motor Vehicles said they were operating illegally without an autonomous vehicle license. In January, more than 200,000 people uninstalled their accounts, and #DeleteUber trended on Twitter, after the company was accused of undermining a New York taxi union strike protesting President Donald Trump’s refugee ban. On Feb. 2, Kalanick reluctantly left his spot on Trump’s business advisory council to appease the company’s liberal-leaning employees and users—not to mention its many immigrant drivers. On Feb. 19, a former software engineer at Uber wrote a blog post alleging that she had been propositioned for sex by her manager and that when she’d taken the issue to human resources, an HR rep had said that he wouldn’t be punished, in part, because he was a “high performer.” On Feb. 23, Alphabet’s autonomous car company Waymo sued Uber and its self-driving car company Otto, accusing an Uber employee of stealing trade secrets by downloading 14,000 files onto an external hard drive. On Monday, Uber’s head of engineering resigned after the company said it learned that he had faced a sexual harassment complaint at Alphabet, his former employer. He denied the allegations.

So where should we set the over/under on Kalanick’s remaining tenure with Uber?

The post Caught On Tape: Uber CEO Argues With Driver Over Declining Fares – “Take Responsibility For Your Own Shit” appeared first on crude-oil.news.

Continue reading »

Caught On Tape: Uber CEO Argues With Driver Over Declining Fares – “Take Responsibility For Your Own Shit”

Earlier this month, on Superbowl Sunday, in fact, Uber CEO Travis Kalanick hopped into an Uber Black Car with two female companions for what he thought would be just another easy trip to the destination of his choice.  Unfortunately, this particular ride got a little more complicated than he had hoped when his driver, 37-year-old Fawzi Kamel, decided to confront him on Uber’s falling fares, which he alleged had cost him a total of $97,000 and forced him into bankruptcy.  After the ride, Kamel rated Kalanick at 1-star and submitted his recorded conversation with the confrontational CEO to Bloomberg

The first 3 minutes and 50 seconds of the video is nothing more than a series of awkward exchanges between Kalanick and his special lady friends along with a series of random body gyrations to the tune of Maroon 5’s “Don’t Wanna Know”. 

That said, things start to heat up when one of the young ladies implies that Uber is having a rough year financially (she must be a reader).  Of course, Kalanick responds by implying that burning hundreds of millions of dollars annually is all part of his master plan:

“I make sure every year is a hard year.  That’s kind of how I roll. I make sure every year is a hard year. If it’s easy I’m not pushing hard enough.”

But things really get interesting when Kalanick’s driver decides to confront him on falling Uber fares:

Kamel: “You’re raising the standards, and you’re dropping the prices.”

 

Kalanick: “We’re not dropping the prices on black.”

 

Kamel: “But in general the whole price is—”

 

Kalanick: “We have to; we have competitors; otherwise, we’d go out of business.”

 

Kamel: “Competitors? Man, you had the business model in your hands. You could have the prices you want, but you choose to buy everybody a ride.”

 

Kalanick: “No, no no. You misunderstand me. We started high-end. We didn’t go low-end because we wanted to. We went low-end because we had to because we’d be out of business.”

 

Kamel: “What? Lyft? It’s a piece of cake right there.”

 

Kalanick: “It seems like a piece of cake because I’ve beaten them. But if I didn’t do the things I did, we would have been beaten, I promise.”

 

Kamel: “But people are not trusting you anymore. … I lost $97,000 because of you. I’m bankrupt because of you. Yes, yes, yes. You keep changing every day. You keep changing every day.”

 

Kalanick: “Hold on a second, what have I changed about Black? What have I changed?”

 

Kamel: “You changed the whole business. You dropped the prices.”

 

Kalanick:  “Bullshit.  Some people don’t like to take responsibility for their own shit. They blame everything in their life on somebody else. Good luck!”

We must admit that we’re somewhat perplexed by Kamel’s argument as Uber fares, now and in the future, are clearly headed in precisely one direction, irrespective of who’s sitting in the CEO’s chair, and that is, well, down…but it makes for good entertainment anyway.

Fast forward to the 3:50 mark for the fireworks:

 

As Bloomberg points out, this incident just adds to what has already been a relatively rough couple of months for Uber which has included everything from patent infringement lawsuits to sexual harassment charges to Kalanick being forced to resign from Trump’s business advisory council.

In December, Uber pulled its self-driving cars off the road in San Francisco after the California Department of Motor Vehicles said they were operating illegally without an autonomous vehicle license. In January, more than 200,000 people uninstalled their accounts, and #DeleteUber trended on Twitter, after the company was accused of undermining a New York taxi union strike protesting President Donald Trump’s refugee ban. On Feb. 2, Kalanick reluctantly left his spot on Trump’s business advisory council to appease the company’s liberal-leaning employees and users—not to mention its many immigrant drivers. On Feb. 19, a former software engineer at Uber wrote a blog post alleging that she had been propositioned for sex by her manager and that when she’d taken the issue to human resources, an HR rep had said that he wouldn’t be punished, in part, because he was a “high performer.” On Feb. 23, Alphabet’s autonomous car company Waymo sued Uber and its self-driving car company Otto, accusing an Uber employee of stealing trade secrets by downloading 14,000 files onto an external hard drive. On Monday, Uber’s head of engineering resigned after the company said it learned that he had faced a sexual harassment complaint at Alphabet, his former employer. He denied the allegations.

So where should we set the over/under on Kalanick’s remaining tenure with Uber?

The post Caught On Tape: Uber CEO Argues With Driver Over Declining Fares – “Take Responsibility For Your Own Shit” appeared first on crude-oil.news.

Continue reading »

OPEC Struggling To Hold On To Asian Market Share

Two years ago, OPEC took steps to increase its market share. It continued with this same policy for two years by pumping oil in an oversupplied market. The result: oil prices tanked and OPEC increased their market share by a small margin. Today, low oil prices are crippling the finances of OPEC members, forcing them to agree to cut production to support oil prices. But just over a month of production cuts and data shows that OPEC has lost around 5 percent market share in Asia since October. The U.S., Brazil, Britain and Libya have increased their…

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API Reports Moderate Crude Build, Oil Glut Reaches New Record

The American Petroleum Institute (API) reported a build of 2.502 million barrels in United States crude inventories against expert predictions that domestic supplies would see a 2.8-million-barrel build. While the build in crude oil inventories was smaller than analysts had predicted, it marks a new high in US inventories. The chart below displays the cumulative build, per API data, since the beginning of the year, based on this data: API4-Jan -7,400,00010-Jan 1,500,00018-Jan -5,042,00024-Jan 2,930,00031-Jan 5,800,0007-Feb 14,227,00014-Feb 9,940,00022-Feb…

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Shell Faces Heat As 1991 Video On Climate Change Resurfaces

Shell is coming under heat this week after the rediscovery of a film the company produced in 1991 that detailed the effects of manmade climate change, the Earth’s natural reaction to the accelerated release of carbon dioxide into the atmosphere as a direct result of the burning of Shell’s main product – fossil fuels. The film, deftly named Climate of Concern, warned of extreme flooding, climate refugees and famine as coal, oil and natural gas continued to be burned for their energy output. The message of the firm was “endorsed…

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