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Starbucks posts 7pc decline in China sales over new COVID-19 lockdowns

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Starbucks Corp, an American multinational chain of coffeehouses, has posted a 7 percent decline in China comparable sales in its fourth quarter, missing market forecast of flat growth.

The company’s China sales declined over fresh lockdowns to curb the spread of the Delta variant of Covid-19.

However, the coffee chain’s sales jumped 22 percent in the United States.

The company forecast global comparable sales growth in the high single digits in its current fiscal year 2022. Its shares also fell more than 4 percent in aftermarket trading.

Starbucks CEO Kevin Johnson said that higher prices, higher wages, new unit development, automation in stores, speedier cooking equipment and other investments will help it beat rivals and push its operating margin to its ongoing target of 18 percent to 19 percent in next two years.

The company intends to open 2,000 new locations globally next year versus 1,173 in 2021, about 75 percent of them outside of the US.

The coffee chain said it will also invest in equipment – like warming ovens and cold brew systems – to speed up operations and let workers perform other tasks.

This week, Starbucks said it would increase pay for U.S. workers with at least two years of employment and offer $200 referral bonuses, as it grapples with a nationwide labor shortage.

Starbucks Chief Operating Officer John Culver said his company is also closing some locations early in order to redeploy staff to other stores.

The coffee chain also committed to $20 billion of share repurchases and dividends over the next three years.

Announcements

Elon Musk joins forces with Dubai for revolutionary loop project

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Dubai has unveiled a groundbreaking collaboration with Elon Musk’s Boring Company to develop the ‘Dubai Loop,’ an advanced underground transportation system designed to seamlessly connect the city’s most densely populated areas.

The announcement was made by Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Vice Chair of the World Governments Summit, during a plenary session with Musk at the World Governments Summit (WGS).

“Today, we announce the joint project of Dubai Loop, a high-speed underground system that will connect Dubai’s most crowded districts, allowing people to travel seamlessly from point to point. We aim to transform the way people move,” said Al Olama.

A Wormhole-Like Experience

Elon Musk, who addressed WGS virtually during a session titled ‘Boring Cities, AI, and DOGE’, described the Dubai Loop as a wormhole-like transit system that will revolutionize urban mobility.

“It’ll be like a wormhole—you enter one part of the city, and boom, you emerge in another spot. It’s going to be amazing! I think once people try it, they’ll be blown away. It will seem obvious in hindsight, but until it exists, you don’t realize how transformative it is,” Musk said.

The Boring Company’s Vision

Founded by Musk in 2016, The Boring Company specializes in developing low-cost, high-speed underground tunnels to alleviate urban congestion. The company is known for its innovative approach to tunnel construction, focusing on fast, cost-efficient solutions for vehicles, freight, and high-speed transit.

The Dubai Loop marks a major step in integrating futuristic transportation into the city’s infrastructure, promising a fast, efficient, and seamless commuting experience.

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Dubai’s Top Government Entities for 2024 Announced

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The Mohammed bin Rashid Housing Establishment (MBRHE) has achieved remarkable success, topping both the Customer Happiness and Employee Happiness indices for 2024 with a rating of 96.7%. This accolade reflects Dubai’s steadfast commitment to excellence in governance and public service.

https://twitter.com/HamdanMohammed/status/1880610083098210376

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, recently approved the results of the 2024 Customer, Employee, and Mystery Shopper Happiness Study. The study revealed that the average customer happiness score for all government entities in Dubai exceeds 90%, underscoring the city’s dedication to creating exceptional service experiences.

Top Rankings in Customer Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Dubai Electricity and Water Authority (DEWA) (97.01%)

3rd Place: Islamic Affairs and Charitable Activities Department (IACAD) (96.99%)

Top Rankings in Employee Happiness

1st Place: Mohammed bin Rashid Housing Establishment (96.7%)

2nd Place: Awqaf Dubai (96.2%)

3rd Place: General Directorate of Residency and Foreigners Affairs (GDRFA) (95.3%)

Mystery Shopper Index

The 2024 Mystery Shopper survey, critical in evaluating the quality of government services, recorded an impressive average happiness score of 95.8%. This assessment covered service centres, call centres, websites, and mobile applications, providing a holistic view of customer experience across all touchpoints.

The study, published annually by the Dubai Government Excellence Programme (DGEP), also highlighted these key metrics:

Average Customer Happiness Index: 93.8%

Average Employee Happiness Index: 86.7%

Average Daily Mystery Shopper Index: 95.8%

Focus on Continuous Improvement

The indices were compiled using an advanced online platform designed to track and compare performance. Sheikh Hamdan has directed the DGEP team to develop a comprehensive mechanism to integrate customer and employee happiness studies with institutional assessments, further enhancing the quality of governance.

Congratulating the Mohammed bin Rashid Housing Establishment for maintaining its leadership in happiness indices for three consecutive years, Sheikh Hamdan praised the team’s unwavering commitment to excellence. “This achievement reflects their dedication to delivering high-quality services while fostering an environment where employees and customers feel valued,” he said.

Sheikh Hamdan also lauded DEWA and IACAD for their outstanding customer satisfaction and recognized Awqaf Dubai and the GDRFA-Dubai for their exceptional employee engagement. “These accomplishments exemplify the values of excellence and service that define the Government of Dubai,” he concluded.

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UAE to host IBBC conference about opportunities in Iraq this week

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The Iraq Britain Business Council (IBBC) is organizing the IBBC Autumn Conference ‘Growing Opportunities’, on December 13, 2024, at Taj Hotel Dubai. H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy UAE, will grace the occasion to deliver the welcome address.

Talking about the conference, Christophe Michels, Director of IBBC  said, “The IBBC Autumn Conference in Dubai 2024 offers unparalleled networking opportunities with top industry leaders and policymakers shaping the future of business in Iraq, UAE and beyond. Attendees will gain invaluable insights and strategies for success in one of the world’s most dynamic economic hubs.”

Iraq is undertaking the most significant expansion in thirty years as the stability in country improves with investment opportunities currently in the region of $400bn, in Infrastructure, housing, and the great Dry Road initiative from Al Faw port to Turkey. Iraq’s GDP is set to rise 5.3% in 2025 (IMF) and stock exchange funds up 17% this year. The national census has recorded 45 million people and is therefore the largest Middle East market.

UAE is also supporting the tech start up ecosystem in Iraq for a new incubator for AI and Fintech, set to be announced in 2025 .

The Conference is hosting most of Iraq’ s leading businesses, including key energy companies, BP, Shell, BGC, their construction partners like Wood group, KSA, GE, Siemens and Financial services giants like SC, IFC and Central Bank of Iraq.

Of note for UAE businesses is the emergence of a new Maritime agency, being developed by IBBCs maritime companies, that will serve the Al Fawr port and Iraq’s ambitions to trade more regionally. Mr Tugrul Titanoglu, CJ-ICM; Mr Ahmed Shaban, Chairman of the IBBC Maritime Committee; Dr Abduladheem Kareem Khalil, Iraq Supreme Maritime Authority;and Al Zaman group will all be present for conversations.

Education too, is evolving to meet the needs of a modern Iraq, and the Minster for higher education is speaking on a dedicated day 12th December, covering primary to higher level with a full house and UK and Iraqi Universities and schools attending.

Mr Vikas Handa, chairman of the conference, says, “For business and investors seeking growth Iraq offers strong returns in a stable environment and is affirming its position as a driver of Middle East opportunity. Meet the people making this happen on 12 and 13th December at the Taj Hotel. We welcome the UAE and all businesspeople.”

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