TUESDAY, MAY 19, 2020 04

SoftBank Group reports Oil boosts Bahrain’s market $8.9 bn annual net loss

Ten of 11 Saudi banks• rise

Samba rises on• Q1 profit

Aramco closes over• IPO price • Ahli United Bank was the only gainer Pedestrians walk past a SoftBank mobile shop in Tokyo on the day the parent conglomerate announced a $8.9 billion annual net loss TDT | agencies Tokyo The results are the latest blow for the firm’s flamboy- ahrain’s stock market ant chief Masayoshi Son, who yesterday got a boost as truggling Japanese con- has transformed what began Bsentiments in the Gulf re- Sglomerate SoftBank Group as a telecoms company into gion were mostly positive lifted Traders on the floor of Bahrain Bourse (file) yesterday reported an $8.9 an investment and tech behe- by rising oil prices and upbeat billion annual net loss, as the moth with stakes in some of corporate earnings. Closing Bell net profit, while the country’s The Qatari index ended up coronavirus pandemic com- Silicon Valley’s hottest start- Oil prices climbed yesterday, biggest lender National Com- 0.8pc, with Industries Qatar and pounded woes caused by its ups through its $100-bn Vision supported by output cuts and SAUDI  1.4pc to 6,921 pts mercial Bank rose 2.3pc after Qatar Islamic Bank rising 4pc investment in troubled start- Fund. signs of gradual demand recov- ABU DHABI  0.1pc to 4,061 pts reporting a 2.1pc rise in quar- and 2.3pc, respectively. up WeWork. Son has faced an increasing ery amid easing coronavirus terly profit. A decliner was the Abu Dhabi The telecoms and invest- drumbeat of criticism over his DUBAI  0.4pc to 1,920 pts curbs. Brent crude jumped 6.1 Saudi Aramco closed up 1.3pc index, down 0.1pc, as the United ment giant had previously determination to pour money per cent at $34.49 a barrel by QATAR  0.8pc to 8,765 pts at 32.35 riyals above its initial Arab Emirates’ biggest lender forecast a net loss of $8.4 bn for into start-ups that some ana- 1041 GMT. EGYPT  0.8pc to 10,279 pts public offering price of 32 ri- First Abu Dhabi Bank (FAB) re- the year that ended in March, lysts say are overvalued and Bahrain’s All Share Index rose yals, a mark it last touched on treated 0.4pc. warning it was being hit by lack clear profit models. BAHRAIN  0.6pc to 1,254 pts 0.63 per cent or 7.81 points to April 12. Reuters reported, through the “deteriorating market en- His biggest headache has 1,254 points, with Ahli United OMAN  0.3pc to 3,427 pts In Dubai, the index gained sources, that FAB put on hold vironment.” come from office-sharing Bank gaining 3.64pc. KUWAIT  1pc to 5,196 pts 0.4pc with its biggest lend - discussions to acquire the Egyp- In a press release, the Japa- start-up WeWork, which has Bahrain Duty Free Shop er Emirates NBD adding tian assets of Lebanon’s Bank nese firm said its investment fallen from favour after initial- Complex B.S.C. lost 10.0pc, BBK Bahrain All Share Index 3.2pc. Audi due to difficult market businesses -- particularly its ly being hailed as a dazzling slipped 1.38pc, APM Terminals Union Properties jumped conditions. huge SoftBank Vision Fund -- unicorn. Bahrain B.S.C. dropped 0.51pc Index 1,253.95 3.1pc after the real estate de - In Egypt, the index fell 0.8pc, had been “adversely affected” SoftBank Group and Son’s and National Bank of Bahrain Previous 1,246.14 veloper said it would seek ap- dragged down by tobacco firm by the global health crisis. Vision Fund have ploughed were down 0.50pc. proval from shareholders to uti- Eastern Company declining It reported an operating loss money into the start-up, but Saudi Arabia’s index advanced Change  + 7.81 0.63pc lise statutory reserve to reduce 3.5pc. of 1.36 trillion yen ($12.6 bn) recently withdrew a plan 1.4pc, with Al Rajhi Bank gain- YTD Change  22.12 pc its accumulated losses, which El Sewedy Electric fell 4.8pc, and warned that “if the pan- to buy up to $3 bn WeWork ing 1.6pc. stood at 2.14 billion dirhams its fourth consecutive session of demic continues, the company shares. Samba Financial Group Market Cap. BD 7,895,644,509 ($582.68 million) and represent- losses, after the cable maker re- expects that uncertainty in its WeWork is now suing Soft- jumped 4.3pc after it reported ed nearly 50pc of the capital at ported a more than 50pc plunge investment businesses will re- Bank over the move, alleging a 19.6pc increase in first-quarter the end of 2019. in first-quarter net profit. main over the next fiscal year”. breach of contract.

Huawei says ‘survival’ at stake IMF chief Georgieva says sees Gold thrives on flight to safety after US chip restrictions only partial recovery in 2021 Reuters AFP | Shenzhen, China Reuters “The decision was arbitrary old jumped more than 1 and pernicious and threatens Gper cent yesterday to its uawei yesterday assailed to undermine the entire (tech- he global economy will highest since October 2012 Hthe latest US move to cut nology) industry worldwide,” Ttake much longer to recov- after a batch of weak data it off from semiconductor Huawei said in a statement. er fully from the shock caused knocked hopes for a speedy suppliers as a “pernicious” at- Huawei has largely weath- by the new coronavirus than global economic recovery tack that will put the Chinese ered an escalating 18-month initially expected, the head of while auto-catalyst palladium market. technology giant in “survival” campaign by the Trump ad- the International Monetary surged to a three-week high. Data in Japan, meanwhile, mode and sow chaos in the ministration to isolate it inter- Fund said, and she stressed the Spot gold was up 1.3pc at confirmed that the world’s global technology sector. nationally. danger of protectionism. $1,763.93 an ounce by 1128 third-largest economy slipped The Commerce Department But it “will inevitably be af- Managing Director Kristali- GMT. U.S. gold futures rose into recession in the first quar- said on Friday it was tight - fected” by the new American na Georgieva said the Fund 1pc to $1,772.90. ter. Gold, which tends to ap- ening sanctions on Huawei salvo, rotating chairman Guo was likely to revise downward IMF Managing Director Kristalina Data published on Friday preciate on expectations of -- seen by Washington as a se- Ping said at an annual sum - its forecast for a 3 per cent Georgieva showed U.S. retail sales and lower interest rates, has risen curity risk -- to include deny- mit of technology analysts contraction in GDP in 2020, industrial production both more than 16pc this year. ing it access to semiconductor that Huawei organises at its with only a partial recovery expected. She said data from plunged in April, with the Platinum rose 2.5pc to designs developed using US headquarters in the southern expected next year instead around the world was worse coronavirus crisis continuing $818.27 an ounce, while silver software and technology. Chinese city of Shenzhen. of the 5.8pc rebound initially than expected. to pummel the U.S. labour jumped 4.7pc to $17.40. Anger after drops ‘Wolf of Wall Street’ charges Kuala Lumpur avoided a jail term, however, and charges “in principle” -- but he The money was sent to bank deal to drop money-laun- political rivals have suggested rubbished this as “a fiction”. accounts of Hollywood produc- Adering charges linked to the move was linked to Najib’s “I would have never sanc - tion company Red Granite Pic- the 1MDB scandal against a pro- party returning to power follow- tioned this deal,” he said. tures, which Riza co-founded. ducer of Hollywood hit “Wolf ing a political upheaval earlier Mahathir Mohamad, a lead- Aside from “The Wolf of Wall of Wall Street” is terrible for this year. ing opposition politician who Street”, which was about a huge Malaysia, the country’s former Malaysia’s former attor - was prime minister until his financial scam and starred Leon- attorney-general said yesterday. ney-general Tommy Thomas, government collapsed in Feb- ardo DiCaprio, Red Granite also Riza Aziz, who is also the who had taken the decision to ruary, noted Riza would re - produced the movie stepson of the country’s dis - prosecute the film producer, said turn less than half the amount “” and graced ex-leader , the agreement was a “sweet - he was accused of receiving “Daddy’s Home”. was charged last year for alleg- heart deal for Riza but terrible from 1MDB. Najib was voted out of power edly receiving nearly $250 mil- for Malaysia”. “This has never happened in in 2018 in large part due to pub- lion from Malaysian sovereign The US Department of Jus- Malaysia but is happening now lic anger at the 1MDB scandal, wealth fund 1MDB. tice, which has been helping the -- and many thieves are waiting and has since been put on trial Billions of dollars were loot- Southeast Asian country claw to go to court to return half of over the mammoth fraud. He ed from the fund and spent on back looted funds, “would have their haul and secure freedom,” denies any wrongdoing. everything from a yacht to art Malaysian prosecutors unexpectedly dropped the charges against Riza Aziz after returned these monies in any the 94-year-old told a press con- But the alliance that ousted in a huge fraud that purportedly he agreed to a deal event because it belongs to Ma- ference. the scandal-mired leader, head- involved Najib and his cronies. laysia and was stolen from Ma- Riza had been accused of re- ed by Mahathir, collapsed amid But last week, Malaysian pros- agreed to a deal that will see him Riza can still be prosecuted if he laysia”, he said in a statement. ceiving $248.17 million in 2011 intense infighting, paving the ecutors unexpectedly dropped return about $107 million in as- does not honour the agreement. His successor has insisted and 2012 in illegal proceeds that way for Najib’s party to return the charges against Riza after he sets to Malaysia. Officials insist Many were angered he had Thomas agreed to dropping the came from 1MDB. as part of a coalition.