AIR POCKETS | Page 3 SHOCK MOVE | Page 9 Airbus Q1 net BoJ holds its plunges 50% policy, cuts to $453mn GDP outlook

Friday, April 29, 2016 Rajab 22, 1437 AH GT EXCLUSIVE: Page 12 Harrods provides GULF TIMES unique showcase for Dubai Creek BUSINESS Harbour project MPHC net profit surges Aamal Company posts 83% in first quarter to 34% jump in its Q1 net QR212.4mn Mesaieed Petrochemical Holding Company (MPHC)- the umbrella entity for QChem, QChem II and Qatar Vinyl Company - has reported an 83% jump year-on-year in net profit to QR212.4mn in the first three months of this year. The year-on-year increase profi t to QR153.7mn was due to increased sales volumes and other income, said a spokesman amal Company has reported ues to evolve and diversify, Aamal is of the company, a subsidiary of Qatar a 34% growth year-on-year uniquely well placed to reap signifi - Petroleum. Ain net profi t to QR153.7mn cant upside through its strong and MPHC is one of the region’s on a 7% growth in group revenue to well-established businesses across premier diversified petrochemical QR679.6mn during January-March the economic spectrum, allied to conglomerates with interests in the this year. its ability to act quickly should production of olefins, polyolefins, “2016 has started very well for new and considered opportunities alpha olefins and chlor-alkali products. us, continuing on from the excel- present themselves,” he said. The groups’ profit was also aided lent set of results that we reported Reported earnings per share grew by the recognition of a tax refund for the full year 2015 back in Febru- 31% to QR0.21 during the review of about QR20mn for the quarter ary. The fi rst three months of this period. in review. The group continued year has seen a near 7% rise in rev- Net capital investment expendi- to benefit from the supply of enues, which when combined with ture rose to QR46.3mn, refl ecting competitively priced ethane feedstock an expansion in operating margins, the fl eet expansion at the Aamal and fuel gas under long-term supply has led to a rise in total net profi ts of Maritime Transportation Services agreements. more than one third,” Aamal Com- subsidiary and Phase 2 of the rede- “This contracting arrangement is an pany chairman Sheikh Faisal bin velopment of the City Center Doha important value driver for the group Qassim al-Thani said. shopping mall. profitability in a challenging market Highlighting that its fi nancial “Aamal has always been at the condition,” the spokesman said. gearing (net debt to net debt plus forefront of Qatar’s development, The closing cash position after the equity) reduced further to 2.5% helping to drive change as the first three months of operations and (against 3.8% as on December 31, country continues its rapid mod- after distribution of the previous 2015), he said it refl ects the strong ernisation...Furthermore, strong year’s dividend of QR879.4mn was a free cash fl ow generation, which is a foundations have been laid for the robust QR432.2mn as on March 31, testimony to the focus it has put on company to evaluate new commer- 2016. generating positive returns on the cial opportunities often quicker Total assets stood at QR13.7bn, capital deployed, thereby helping than its competitors, which gives comprising current assets of to sustain its profi table growth and it a key advantage,” according to QR0.55bn and non-current assets create shareholder value. Aamal vice chairman Sheikh Mo- of QR13.16bn for the quarter ended “This low gearing also means hamed bin Faisal al-Thani. March 31, 2016 compared to a total of that we can move swiftly should we Aamal managing director Tarek QR14.3bn as on December 31, 2015. identify suitable commercial op- M El Sayed said the company’s di- The company’s earnings-per-share portunities that we would like to versifi cation across key growth stood at QR0.17 at the end of March exploit,” Sheikh Faisal added. markets has enabled it to meet the 31, 2016 compared to QR0.09 in the In the first quarter, Aamal growing demand for increasingly previous year period. continued to grow its operations sophisticated and specialised prod- through organic means, includ- ucts and services MPHC is one of the region’s ing investing to expand the bulk “ As such, I believe Aamal pro- top diversifi ed petrochemical carrying capacity at Aamal Mari- vides an ideal entry point for in- conglomerates with interests time Transportation Services vestors wishing to gain a broad and in the production of olefi ns, through the acquisition of a sec- balanced exposure to Qatar’s eco- polyolefi ns, alpha olefi ns and ond vessel. nomic growth and development,” chlor-alkali products “As the Qatari economy contin- he added. Sheikh Faisal: Strong free cash flow generation. VW to strengthen cooperation with Qatar Mideast funds cut cash as markets fi nd fl oors

Reuters said Mohammed Ali Yasin, managing “This upcoming supply would Dubai director at Abu Dhabi’s NBAD Securi- put pressure on secondary market ties. spreads and we expect wider GCC The poll, conducted over the past spreads over the next few months,” iddle East fund managers are 10 days, found that of 14 leading fund Eljamal said. “We are currently un- reducing their cash holdings managers, 36% expected to increase derweight GCC credit, and are look- Mand building back long po- their allocations to Middle East equi- ing to increase our exposure through sitions in equities and fi xed income ties over the next three months and new issuances as spreads adjust because of signs that markets have that 29% anticipated a reduction. wider.” bottomed out, a monthly Reuters poll Last month, only 7% expected to The poll showed the UAE was still shows. raise their equity allocations and 14% the most popular stock market among During the previous six months, to cut them. funds because of its diversifi ed econ- many managers retreated into cash In fi xed income, 29% now expect to omy, but sentiment was mixed to- because of sliding oil prices, the threat increase their allocations and none to wards Saudi Arabia after it unveiled of US interest rate hikes and a looming reduce them. Last month, the fi gures a reform package designed to cut its economic slowdown in the Gulf. were 29% and 14%. dependence on oil. While these concerns have not dis- The rebound of oil prices, as well as Thirty-six percent of managers appeared, they have eased somewhat. economic reform and austerity plans now expect to increase their Saudi Brent crude oil has risen above $47 announced by Saudi Arabia and oth- equity allocations and 21% to reduce per barrel to its highest level this year, er Gulf Cooperation Council (GCC) them; last month, the fi gures were the US Federal Reserve has signalled states, have made investors more 21% and 7%. caution on monetary tightening, and comfortable with regional credits. Some funds said they were look- fi rst-quarter corporate earnings in Some funds, however, are expecting ing for gains in healthcare, real estate Saudi Arabia and other Gulf countries a big increase of bond supply in the development and tourism, sectors the have not been as bad as some inves- region as governments fi nance budget Saudi government has been trying to A new e-Golf vehicle of German car maker Volkswagen is seen in one of the twin car towers at the Volkswagen tors feared. defi cits caused by low oil prices. This stimulate. factory during a visit on the sidelines of the company’s annual press conference yesterday in Wolfsburg, northern This appears to be encouraging would push yields up further, provid- “During this transitional period Germany. Volkswagen will strengthen cooperation with Qatar, its third-largest shareholder, chief executive off icer funds to return to the markets gradu- ing entry points for investors. there will certainly be winners and Matthias Mueller said, as Europe’s biggest carmaker strives to reposition its business. “In future there will be closer ally, although they still expect diffi - Mohammed Eljamal, managing di- losers, and we are aiming to take ad- cooperation in diff erent areas,” Mueller told Reuters TV after the carmaker’s earnings press conference yesterday. cult times for economies in the Gulf rector of Abu Dhabi’s Waha Capital, vantage of the winners,” said Akber The Qatar Investment Authority (QIA) holds a 17% stake in Volkswagen (VW) and two seats on its supervisory board. and Egypt this year. said that he expected to see about Khan, director of asset management “I very much welcome the role of Qatar,” Mueller said, adding VW’s top management was in “very constructive” talks “Q2/2016 will be a more stable $40bn to $50bn of issuance from GCC at Qatar’s Al Rayan Investment, with the QIA. quarter compared to Q1/2016, and the corporates and sovereigns over the though he did not specify the sectors volatility will subside signifi cantly,” next 12 months. on which he was bullish. Gulf Times 2 Friday, April 29, 2016 BUSINESS UN blacklists tanker with ‘illicit’ Libyan crude

Bloomberg eastern Libya’s Hariga port after the UN’s website. It said the ship The National Oil Corp’s lead- dan, he said, without disclosing tanker that rebels tried to ship puted cargo poses “a downside Dubai loading 650,000 barrels of crude “may have been sold recently to ership in Tripoli, recognised by the amount. from central Libya. The ship was risk” to Libya’s crude exports. on Monday. After Malta barred an unknown buyer, and the ves- traders such as Glencore and “We are planning to export subsequently rerouted to a port “The shipment will exacerbate its entry, the ship was last re- sel’s name may have changed to Vitol Group as the Opec member more crude shipments in the under the control of the Tripoli tensions within the country and he UN Security Council ported anchored in international Kassos.” nation’s offi cial crude marketer, near future,” Elmagrabi said. authorities. may incite attacks on infrastruc- added a tanker carrying waters about 30 miles (50km) Libya, with Africa’s largest has repeatedly warned traders Mohamed Elharari, spokes- DSA Consultancy, which op- ture,” it said yesterday in an e- TLibyan oil to its sanctions southeast of the Mediterranean proven crude reserves, broke into against loading “illicit” cargoes man for the NOC in Tripoli, said erates from Dubai, said the cargo mailed note. list in response to the latest dis- island. two separately governed regions of oil from the company’s ad- he hoped foreign governments was legitimate. Libya’s oil production has pute between competing gov- Oil company authorities in in late 2014, one cantered around ministration in the east. would intervene to stop the ship- “DSA always work strictly fallen by 100,000 bpd due to a ernments in the North African Tripoli have said they hoped in- Tripoli in the west and the other The shipment refused by Mal- ment already at sea. “The ball is within the local and internation- lack of port-storage capacity at country after Malta refused to ternational forces would seize an internationally recognized ta had been sold to DSA Con- in the court of the international al legal frameworks, as of today Hariga, an Arabian Gulf Oil Co allow the ship to dock. the “illicit” cargo, and the UN government in the east. Libyans sultancy, a company based in community,” he said by phone on DSA is not in receipt of any legal offi cial said on Wednesday. The The council included the ves- decision could provide foreign are currently working with the the UAE, said Nagi Elmagrabi, Wednesday. “We are waiting for basis for challenging the cargo’s company, a National Oil Corp sel Distya Ameya on the sanc- governments the authority to support of the US and European head of the oil company in east- the coalition forces to return the legitimacy,” it said on Wednes- unit known as Agoco, reduced tions list on Wednesday after do so. The sanctions take eff ect nations to set up a Government ern Libya. The payment for the cargo to Libya.” day in an e-mailed response to output to 130,000 bpd from the Tripoli-based National Oil immediately and are valid until of National Accord. shipment is due within a month The dispute echoes an in- questions. 230,000 barrels, the offi cial said, Corp called the shipment illegal. July 26, “unless terminated ear- The country’s divide extends and should be deposited into an cident in 2014, when US Navy JBC Energy GmbH, a Vienna- asking not to be identifi ed be- The Indian-fl agged tanker left lier,” according to a statement on to the state oil company. account at Bank Al Etihad in Jor- SEAL commandos seized a crude based consultant, said the dis- cause of company policy.

Saudi central Gulf action on crude slump bank net foreign assets fall ‘more vigorous than 1980s’ $6bn in GCC nations preparing for prolonged period of low oil prices; March subsidy cuts, new taxes and other measures are more “credible” Reuters Bloomberg Dubai Dubai/Beirut Saudi Arabia’s central ulf countries are gearing up for bank, which serves as the a prolonged period of low oil kingdom’s sovereign wealth Gprices and pushing through re- fund, reported a fall of $6bn in forms that are more ambitious than the net foreign assets in March as last time crude slumped in the 1980s, low oil prices took their toll. according to investment bank Renais- Net foreign assets held by sance Capital. the central bank dropped by “We think the Gulf is acting in a 1.0% from the previous month much more vigorous and far reaching to 2.17tn riyals ($579bn) in way than was the case the last time oil March, central bank data prices collapsed,” Renaissance analysts showed yesterday. Charles Robertson and Vikram Lopez Assets fell 16.2% from a wrote in a report published yesterday. year earlier to their lowest “A key question is whether reform is level since April 2012. They more credible now than it was in the reached a record high of 1980s? The answer, we think, is yes.” $737bn in August 2014 before The six countries that make up the starting to shrink. The central Gulf Cooperation Council face a com- bank has been drawing down bined budget defi cit of 12.3% of eco- its assets to cover a huge nomic output this year, according to state budget deficit caused by International Monetary Fund projec- low oil prices. tions, and have introduced cost-saving The foreign assets are mainly programs that include lowering or re- denominated in US dollars, moving subsidies and plans for value in the form of securities such added taxation. Saudi Arabia’s break- as US Treasury bonds and even oil price has fallen to $67 this year deposits with banks abroad, from $106 in 2014, the IMF estimates. fund industry sources and There’s a signifi cant diff erence foreign banking sources told with the reforms of the 1980s, which Reuters. Equities account were “modest and late” and left Gulf for a small fraction, perhaps economies still too dependent on state under 20%, the sources said. spending and with rigid labour mar- Some of the Saudi assets kets, according to Renaissance Capi- are managed via global tal. Subsidies in Saudi Arabia surged to A picture taken on April 26 shows a cable bridge that was newly built in the Saudi capital Riyadh. Gulf countries are gearing up for a prolonged period of low oil prices fund firms. Deposits with 68% of oil revenue in 1984 from 4% in and pushing through reforms that are more ambitious than the last time crude slumped in the 1980s, according to investment bank Renaissance Capital. banks abroad edged down 1975, the report said. 0.4% from the previous “Some reform did happen then but dicts non-oil real GDP growth to fall to Separately, Saudi Arabia and Jordan “We’ve never had an Arab invest- Jordan agreement follows a deal be- month to $132bn in March, from a poor base – when human capi- 2.5% this year, from 6.3% as recently agreed to set up a joint coordination ment fund that has come to commit tween Egypt and Saudi Arabia to build a while investment in foreign tal was under-developed, governments as 2013. council that will oversee investments billions of dollars in investments in bridge connecting the two nations, part securities fell 1.4% to $389bn. believed they should maintain a strong “We would caution against getting by the Saudi Public Investment Fund. leading sectors of the economy in Jor- of an agreed $25bn of Saudi investment The central bank does not role in the economy and basic eco- carried away,” Capital Economics said The fund’s investments will be the dan,” Awadallah said. The new council that includes the development of an in- provide a more detailed nomic principles were ignored for po- of Saudi Arabia’s plan in an e-mailed largest in Jordan in decades and “will will determine which sectors will be dustrial area near the Suez Canal. breakdown of its assets. litical reasons,” Renaissance said in the research note yesterday. “The authori- unblock billions of dollars” for the chosen and how much will be invested, The bridge between Egypt and Saudi Saudi Arabia, which derives report. ties have made considerable progress Hashemite kingdom, Bassem Awadal- and the two countries will also cooper- Arabia will boost trade and help to link 90% of state revenues from Some economists, however, are in tightening fi scal policy, but there is lah, King Abdullah II’s special envoy to ate in Jordan’s Aqaba special economic major business hubs in the region, in- oil, has seen its foreign sceptical of the reform drive and argue little sign of a clear path for weaning Saudi Arabia, said by phone from Am- zone, Awadallah said. cluding Jordan and other countries, currency reserves pummelled that private sector businesses won’t the economy off oil, let alone tackling man. Agreements on nuclear power Saudi Arabia’s recent drive to expand Saudi Deputy Crown Prince Moham- and its economic growth be strong enough to pick up the slack the vested interests that may scupper cooperation and on uranium extraction regional investments is also part of its med bin Salman said in an interview rates slump. from falling oil revenues. The IMF pre- reform.” are also expected to follow, he said. plan to reduce its reliance on oil. The with Al Arabia television this week.

Turkish Air revives A380 Banks said to market $850mn loan for Dubai Atlantis plan with Malaysia jets back on agenda

Bloomberg version of the aircraft, he said. Dubai “We do have intentions for the A380 but the new genera- tion is coming so we have to be urkish Airlines has revived sure which is cost eff ective,” its interest in the Airbus the executive said. The airline TGroup A380 superjumbo wouldn’t want more than 10 of as it examines options for serv- the planes and the 747’s cargo- ing China, India and some Euro- carrying ability might make it pean markets, the carrier’s mar- better suited to destinations keting chief said. such as Hong Kong, he said. Ultra-large jetliners are likely Turkish Air, as Turk Hava Yol- to be required to serve East Asia lari AO is known, plans to make in particular amid capacity limi- a decision on the A380 before tations there, chief marketing moving to Istanbul’s new air- offi cer Ahmet Olmustur said in port, the fi rst phase of which is an interview in Dubai on Tues- due to open in the fi rst quarter day, adding that Boeing Co’s of 2018. 747-8 jumbo is also under con- Temel Kotil, the carrier’s chief sideration and that the company executive offi cer, said in June could even take both models. that the superjumbo doesn’t Turkish Air, which last year fi t with a strategy of rapid fl eet walked away from a plan to lease growth and high fl ight frequen- a batch of A380s from Malaysian cies, and that he wouldn’t be Airlines, is once again looking taking the surplus Malaysian A general view of the Atlantis resort in Dubai. Banks in the UAE have begun marketing to other lenders an $850mn loan made to the Investment Corp of Dubai for the at off ers from carriers including planes. Gulf giants Emirates, construction of a hotel complex on Dubai’s Palm Jumeirah, according to two bankers with knowledge of the deal, Bloomberg has reported. Emirates NBD, Dubai’s biggest Malaysian to rent superjumbos, Qatar Airways and Etihad Air- bank, Dubai Islamic Bank and Abu Dhabi Commercial Bank are providing the loan to build a second Atlantis resort on the man-made island, the people said, asking not to Olmustur said. Otherwise it ways, with which Turkish Air be identified because the information is private. The dirham portion of the 10-year loan is priced at 295 basis points over the benchmark rate and the dollar portion at a would prefer to buy outright if competes on inter-continental spread of 320 basis points, they said. Airbus off ers a revamped “Neo” routes, all deploy the model. Gulf Times Friday, April 29, 2016 3 BUSINESS

CORPORATE RESULTS Airbus net profit dives 50% to $453mn in first quarter

income increased significantly year-over-year,” he added. has suff ered from oversupply and weakening demand as China’s In Western Europe and North America, which together account economic growth has slowed from the break-neck rates that for two-thirds of Electrolux’s sales, demand rose by three and helped global commodity suppliers grow fat off demand for big eight% respectively. ticket infrastructure projects there. In December, Electrolux abandoned a $3.3bn deal to buy the ap- Nippon Steel did not give a forecast for its current fiscal year, pliance business of US rival General Electric (GE) after it ran into saying it would publish its outlook “when reasonable estimates opposition from US competition authorities. become possible”. Marathon Petroleum BBVA Refiner Marathon Petroleum Corp barely eked out a profit in the Spain’s second largest bank BBVA said yesterday its first quarter first quarter, hurt by weak crack spreads - the diff erence between net profit plunged 53.8% to €709mn ($805mn), hit in part by the prices of crude oil and refined products. unfavourable exchange rates like many of its peers. Net income attributable to the company slumped to $1mn, or less “First-quarter results where highly influenced by... the lack of than 1 cent per share, in the three months ended March 31, from corporate operations (in contrast to the previous year) and the $891mn, or $1.62 per share, a year earlier. eff ect of currency exchange,” it said in a statement. The drastic decline in profit was also a result of higher turna- The same time last year, BBVA’s first quarter profits had been round activity, or scheduled events where an entire unit is taken bolstered by the partial sale of the group’s stake in Chinese bank off stream for an extended period for a revamp or renewal. CNCB. Marathon also took an impairment charge of $129mn in the latest It is not the only bank to have suff ered the eff ects of negative quarter. exchange rates. Refiners have seen their margins shrink due to the narrowing Santander, the biggest bank in Spain and the eurozone, also price diff erence between US Crude and globally traded Brent announced a drop in first quarter profits on Wednesday as the futures, to which the price of refined products are tied. currencies of most countries where it operates depreciated “Despite weakness in refining margins in the first two months of against the euro. the year, we saw crack spreads strengthen late in the quarter as Lloyds bank gasoline inventories declined and refiners responded to market conditions,” Chief Executive Gary Heminger said in a statement Lloyds Banking Group yesterday announced a 45% drop in first on Thursday. quarter net profit on expected costs linked to the repurchasing of Marathon’s revenue and other income fell 25.6% to $12.75bn. bonds launched after the financial crisis. As part of its turnaround work, Marathon commissioned a light Underlying pre-tax profits were largely stable and chief executive crude upgrade project at its Robinson, Illinois refinery to increase Antonio Horta-Osorio said the first three months of the year had Airbus Group shares descended steeply yesterday as the aero- businesses. But that beat analysts’ average expectation for a net its overall processing capacity by 20,000 barrels per stream day delivered “a robust financial performance” and left the group with nautics giant revealed a 50% plunge in net profits, delays in new loss of €249mn, and the bank’s shares rose 2.6% in a market that (bpsd) a strong balance sheet. commercial plane deliveries and fresh engine problems with its was down by 1.2%. The upgrade is also to boost by 30,000 (bpsd) its light crude LBG, which has been returned almost fully to the private sector troubled A400M military transport plane. “On an operating basis, the year is looking in line. The first couple capacity, the quantity of oil product produced by a single refining after a state-bailout during the 2008 financial crisis, said that The European group admitted that it faces a testing start to 2016 of months were very slow, especially compared with how they unit during continuous operation for 24 hours. profit after tax stood at £506mn ($737mn, €650mn) in the first but stuck by its forecasts for profits for the full year, saying it normally are,” Chief Executive John Cryan said during an analyst LG Electronics three months of the year. expects much of the money to be rolling in towards the end of call. But he said an acceleration of legal settlements and restruc- That compared with net profit of £913mn in the first quarter of the year. turing could lead to higher costs in the remainder of the year at Booming sales of home appliances and televisions helped South 2015, it added in an earnings statement. “2016 turns out to be the challenging year we anticipated,” said the bank, which announced an overhaul last October to restore Korea’s LG Electronics report a surge in first-quarter profits yes- LBG said that as expected it had taken a charge of £790mn relat- chief executive Tom Enders. “In a nutshell, despite these chal- profitability after its valuation sank following a series of scandals terday, despite a continued slump in smartphone sales. ing to the redemption of ECNs, or a type of bonds. lenges we maintain our 2016 guidance and also our earnings and and fallout from a market rout in Asia. Net income for January to March amounted to 198bn won The British government bailed out Lloyds at the height of the cash growth story for the coming years,” he said in a statement, “The issue is that we want to get an awful lot done this year,” ($173.9mn), up 415% from a year ago, the Seoul-based company financial crisis at a cost of some £20bn, handing the state a stressing that Airbus still has strong orders for commercial planes Cryan said. said in a statement. 43-percent stake in the bank. and it expects to ramp up aircraft production. Despite the rise in the bank’s share price, it is still down 24% since The tech giant produces a range of consumer electronics from air It has since reduced its holding to around 9.0% following numer- Airbus said net profit dived 50% from a year earlier to €399mn the start of the year and has recovered little since a selloff of conditioners to TVs and mobile phones. ous share sales. ($453mn) in the first three months of the year. European bank shares in February on concerns about their ability Robust sales of top-of-the-line refrigerators and washing Samsung Sales held steady, unchanged at €12.2bn. to cope with a low-growth, low interest-rate environment. machines drove up profits in the home appliances unit, while a The news had investors strapping in their seatbelts for a rough Chief Financial Off icer Marcus Schenck said he expected the four-fold jump in sales of high-end OLED televisions did the same Samsung Electronics, the world’s largest smartphone maker, ride, as Airbus stocks dropped 6.0% to €54.93 in early trade on bank’s costs to remain flat this year. for the TV unit. reported a better-than-expected jump in net profits yesterday, the Paris stock exchange. Aggressive cost-cutting eff orts and falling display panel prices boosted by the successful early release of its new flagship Galaxy Airbus said it was suff ering temporary supply chain problems helped boost profit margins, the company said. handset. with the narrowbody A320. For the A320 NEO (new engine op- But the company’s embattled mobile business slipped into the The result will encourage shareholders after a disappointing 2015 tion), Airbus said Pratt & Whitney had promised to deliver engines red, racking up an operating loss of 202.2bn won compared to a that saw the firm lose more than $8.0bn in market value, with for aircraft delivery from mid-2016, meaning production can profit of 56.8bn won a year ago. its smartphone business sandwiched by top-end rivals such as accelerate in the second half of the year. An economic downturn in emerging markets like central Asia Apple’s iPhone and lower-end devices from fast-growing Chinese Viacom and Latin America sapped demand for the company’s mid- and outfits Huawei and Xiaomi. low-end handsets. In an eff ort to defend its smartphone share, Samsung rolled out Viacom has narrowed the number of bidders for a minority stake And high-end smartphone sales also suff ered, the company said, the latest version of its Galaxy S7 smartphone in March—ahead of in its Paramount Pictures movie studio from more than 40 to a partly due to consumers waiting for the launch at the end of new launches by its competitors. handful and expects to begin negotiations late next month, Chief March of the new version of its flagship G5 handset. “Our earnings improved after we launched our latest flagship Executive Off icer Philippe Dauman told analysts yesterday. The mobile division has a lot riding on the success of the G5, models, Galaxy S7 and Galaxy Edge on March 11, a month earlier “There is strong interest from all around the world,” Dauman which was the subject of a costly marketing campaign. than their predecessors,” Lee Kyeong-Tae, the vice president of said on the company’s quarterly earnings call. He said he still LG said it had shifted 1.6mn units of the smartphone in April. Samsung’s mobile unit, said in a conference call. expected to announce a deal by the end of June, and Viacom will JAL, ANA “The S7 and Edge are showing robust sales performance in use the proceeds to reduce its debt. Ahead of the call, Viacom MasterCard regions including North America,” Lee said. reported a higher-than-expected quarterly profit, but a drop in All Nippon Airways (ANA) and Japan Airlines (JAL) announced ro- Samsung sold 92mn mobile phones in the first quarter, of which domestic ad revenue disappointed investors, who pushed the MasterCard, operator of the world’s second-largest payments bust annual profits yesterday, thanks to healthy demand on China around 85% were smartphones, he added. company’s shares down as much as 7%. network, reported a slightly better-than-expected quarterly profit and other international routes as well as falling fuel costs. Samsung’s net income for January-March stood at 5.25tn won The owner of networks including Comedy Central, MTV and Nick- as customers spent more using its cards. Japan’s top carriers benefitted from a record number of foreign- ($4.56bn), up 13.4% from 4.63tn won in the same period last year. elodeon said domestic ad revenue fell 5% in the second quarter However, the company’s net income fell 6% as operating costs ers visiting Japan with mainland Chinese being among the most The first quarter figure was higher than the 4.42tn won average ended March 31, more than the 3% that analysts expected. This jumped by a quarter. conspicuous as they flock to Japan for shopping and entertain- of estimates compiled by Bloomberg News. was the seventh straight quarter of declines. MasterCard’s net income fell to $959mn, or 86 cents per share, ment, The company also said it would buy back 2.03tn won worth of Viacom executives attributed the drop to a reduction in the in the first quarter ended March 31, from $1.02bn, or 89 cents per International terror attacks in Paris and Brussels, however, slowed common and preferred shares. number of TV advertisements the company airs to boost ratings, share, a year earlier. demand on routes to those cities, but overall international opera- Samsung said a weakening Korean won against major curren- a strategy it announced in November. Analysts on average expected a profit of 85 cents per share, ac- tions remained strong, ANA said. cies positively impacted operating profit in the first quarter to Viacom also said aff iliate fee revenue fell 2%. cording to Thomson Reuters I/B/E/S. “Japan’s airline industry cruised steadily thanks to the growing the tune of 400bn won—reflected mainly in component business Total revenue fell 2.5% to $3bn. Analysts on average had expected Gross dollar volumes - the total value of transactions made by number of foreign visitors to Japan and a drop in fuel costs in the earnings. $2.98bn, according to Thomson Reuters I/B/E/S. Net earnings customers - rose 13% to $1.1tn on a local currency basis. wake of slumped oil prices,” said Hiroshi Hasegawa, an analyst at ConocoPhillips attributable to Viacom were $303mn, or 76 per share, compared Cross-border volumes - the value of transactions made by card SMBC Nikko Securities. with a year-earlier loss of $53mn, or 13 cents per share. holders outside the card-issuer’s country - jumped 12%. “The positive trend is likely to continue for the current fiscal year,” ConocoPhillips, the largest US independent oil company, yes- Dow Chemical Total operating costs rose to $1.1bn from $879mn. Net revenue he told AFP. terday reported a quarterly loss after a year-earlier profit and rose 9.7% to $2.45bn. ANA said its net profit for the year to March rose 99.2% to ¥78.2bn slashed its 2016 budget for the second time this year, its latest Dow Chemical Co, the No 1 US chemical maker by sales, reported Bigger rival Visa cut its full-year revenue and profit forecast last ($717mn) while its operating profit came to 136.5bn yen, up 49.1%. response to the slump in crude prices. a higher-than-expected adjusted profit as cost cutting ratcheted week, citing a lack of improvement in cross-border spending. Sales rose 4.5% to ¥1.79tn, the company said. The company, like many of its peers, has had to grapple with up margins to their highest in more than a decade. Purchase, New York-based MasterCard’s shares were up margin- “ANA is focused on capturing the increasing demand for travel to shrinking margins resulting from low oil prices. It has slashed its Dow has been clearing the decks ahead of its $130bn merger ally in light premarket trading. The stock has risen only about 1% Japan,” the company said in a statement. dividend, cut staff and curbed the drilling of new wells, all while with traditional rival DuPont by slashing administration costs and this year. Demand slumped after the terrorist attacks in Paris and in Brus- trying to preserve growth options should crude prices recover. laying off employees. Sony sels. But business travel remained solid, including on routes to Oil prices touched a low of $27.10 per barrel during the first quar- The deal, due to close later this year, is the first step toward break- Europe, ANA said. ter before recovering to close at $39.60 at end of March. ing the businesses into three separate companies focused on Japan’s Sony Corp yesterday reported an annual loss in its image JAL, meanwhile, said net profit jumped 17.1% to ¥174.5bn while Conoco Chief Executive Ryan Lance, trying to balance both ap- agriculture, material science and specialty products. sensors business, raising fears the firm’s revival of recent years operating profit rose 16.4% to ¥209.2bn. proaches, said he would continue to curb costs while also trying The merger is expected to create cost synergies of about $3bn, may be losing momentum, even though cost cuts helped it book Strong corporate and inbound demand on North American, Chi- to generate strong returns. the companies have said. its biggest operating profit in eight years. nese and Southeast Asian routes boosted international passenger “As challenging as this price downturn has been, we are a much However, Dow’s chief financial off icer, Howard Ungerleider, indi- Annual operating profit more than quadrupled to ¥294.2bn services, JAL said. stronger company for the long term,” Lance said in a statement. cated on Thursday that further cost savings were likely. ($2.7bn) for the year ended March due to cost cuts in its strug- ANA and JAL also enjoyed tailwinds from a strengthening yen, Conoco reported a first-quarter net loss of $1.5bn, or $1.18 per “We feel very good that $3bn in synergies we announced in gling smartphone business and brisk demand for PlayStation 4 which lowers dollar-denominated fuel costs. share, compared with a profit of $272mn, or 22 cents per share, a December is a floor, not a ceiling,” he told Reuters. videogames. Nippon Steel year earlier. Dow plans to slash costs by $300mn this year. Of that, $90mn But the electronics maker said its devices business, including Excluding special items, the company lost 95 cents per share, was cut in the first quarter, Ungerleider said. image sensors which have been central to its recovery, swung to Nippon Steel & Sumitomo Metal said yesterday its annual profit compared with a loss of $1.05 per share expected by analysts on Dow’s strategy to focus on high-margin products by shedding a loss of ¥29bn from a profit of ¥89bn the previous year. more than halved as it pointed to a “severely depressed” market average. The Houston-based company cut its forecast for capital volatile commodity businesses such as its century-old chlorine Sony has been shifting attention over the past two years to owing to a slowdown in China and other overseas markets. spending in 2016 to $5.7bn from $6.4bn, just two months after business has also been paying off . higher-margin products such as sensors from consumer electron- The Tokyo-based firm, one of the world’s biggest steelmakers, reducing it and slashing its dividend by 25%. The company’s operating margin expanded by 164 basis points to ics such as televisions and mobile phones, under an overhaul led posted a net profit of ¥200.9bn ($1.9bn) in its fiscal year to March, Production fell to 1.58mn barrels of oil equivalent per day 21.1% on an EBITDA basis in quarter. by Chief Financial Off icer Kenichiro Yoshida. down 55% from a year ago. Operating profit also tumbled by (mboe/d) from 1.61mn barrels. However, net income available to the company’s common But a global slowdown since late last year in the market for high- more than half as the company’s finances took a hit from a re- For the year, Conoco said it still expects to reach a previously an- shareholders fell 87.9%, mainly due to a charge related to the end smartphones - which feature high-spec cameras - has dented bound in the yen and lower steel prices. The global steel industry nounced production target of roughly 1.53 mboe/d. settlement of a class action suit. The company’s net income fell sensor sales. to $169mn, or 15 cents per share, in the quarter, from $1.39bn, or Its major clients include Apple, which on Tuesday reported its $1.18 per share, a year earlier. first-ever decline in iPhone sales as it struggles with an increas- Domino’s Pizza ingly saturated market. “We have placed image sensors at the core of our growth story, Domino’s Pizza’s quarterly profit and revenue missed estimates, so we take the deterioration in results there very seriously,” hurt by weaker-than-expected US sales and a strong dollar. Yoshida told a news conference on Thursday. “The smartphone Sales at US company-owned restaurants open at least a year market has entered a stage of slow growth.” rose 4% in the first quarter ended March 27, below the 5.5% rise Yoshida warned at the news conference that quake-related expected by research firm Consensus Metrix. damage could exceed ¥20bn, the upper limit of its insurance The company also said it incurred higher interest expense from coverage. its recapitalization plan last year that included debt issuance. Electrolux The Ann Arbor, Michigan-based company’s net income fell to $45.5mn from $46.3mn a year earlier. Swedish appliance giant Electrolux said yesterday its first quarter But on a per-share basis, net income jumped 9.9% to 89 cents, profit had more than doubled from a year ago thanks to robust due to a lower diluted share count, primarily as a result of its ac- markets in Western Europe and North America. celerated share repurchase program. Net profit rose to 875mn kronor (€96mn/$108mn), up from However, the company’s per-share profit missed the average ana- 339mn kronor a year earlier. lyst estimate of 98 cents, according to Thomson Reuters I/B/E/S. The company’s earnings would have been even higher but for Total revenue rose 7.4% to $539.2mn, but fell short of the average unfavourable currency exchange rates which weighed on sales, analyst estimate of $545.6mn. it said. Deutsche Bank Sales slipped by three% to 28.11bn kronor. At stable exchange rates and excluding acquisitions, sales rose by 1.9%. Deutsche Bank posted a surprise net profit in the first quarter that “The appliance market continued to grow in Western Europe and was helped by lower litigation costs, lifting its shares, and said it was particularly strong in Italy, Germany and the UK,” chief execu- saw 2016 as the peak of a restructuring drive. tive Jonas Samuelson said in a statement. Germany’s flagship lender said yesterdayt its quarterly net “Major Appliances North America achieved a significant income fell 58% to €236mn ($268mn) after a slump by its invest- turnaround compared with the weak first quarter 2015... Our ment bank in volatile markets and its departure from certain operations in North America continued to recover and operating Gulf Times 4 Friday, April 29, 2016 BUSINESS Emerging stock prices move in conflicting directions

Reuters (emerging European) currencies London this year.” However, South African stocks gained 0.4% while Russian dollar-stocks Emerging stocks were pulled jumped 1.6%, leaving the overall in conflicting directions MSCI emerging market index yesterday, with Asian markets unchanged. weighed down by lack of Tokyo’s policy makers also action from the Bank of Japan sent the yen soaring and hit while stronger oil prices and the dollar index – a measure of a weaker dollar helped the the greenback’s performance Russian rouble. against six major currencies The Bank of Japan held off – which had already come from expanding monetary under pressure after the US stimulus yesterday, defying Federal Reserve on Wednesday market expectations for indicated it was not in a hurry to action, sending the Tokyo raise interest rates. bourse lower and dragging Across currencies, Russia once down stock markets across the again chalked up solid gains. region with bourses in Taiwan, The rouble strengthened 0.4% India and Malaysia all down against the dollar ahead of a more than 1%, some hitting central bank meeting today, multi-year lows. where policy makers are Many bourses across central expected to hold their main Employees work on the trading floor of the Tokyo Stock Exchange. Japan’s Topix index and China’s Shanghai Composite Index have tumbled more than 13% in 2016 to rank and eastern Europe followed policy rate and await more along Nigerian and Mongolian shares as the world’s worst performers. suit while equities in Turkey evidence that inflation is under slipped 0.6% to trade at the control. lowest in more than two weeks. South Africa’s rand and Turkey’s “The fact that the Bank of Japan lira both traded flat after the refrained from increasing its latter touched on the weakest ... stimulus could be a signal level in a week in early trade. that they could be reaching its Across central and eastern limits,” said Rabobank’s Piotr Europe, currencies traded Matys. steady to lower against the euro. Asia’s two top market “Now if more major central Hungary proved the exception banks are indeed close to with the forint strengthening reaching limits with regards to 0.2% after Deputy Governor how much they can provide Marton Nagy said markets had at a time when the global been too dovish on the central economy is still relatively weak, bank, signalling the bank would then I am concerned about the cut at most twice more during giants turn into $11tn sustainability of that recovery in its currency cycle. headache for traders

Bloomberg was the fi rst under Governor Haruhiko at Toyo Securities Co in Tokyo, said by which they’ve disappointed investors, he Hong Kong Kuroda where a majority of economists phone after the BoJ decision. “It’s a re- said. expected easing that didn’t materialize, ally disappointing result and I feel like The Shanghai Composite lost 0.3% while strategists now see China’s central throwing in the towel. It cuts because we yesterday, and is heading for its third sia’s two biggest stock markets are bank keeping its main interest rate on had so much hope.” monthly loss this year. The benchmark jostling for an ignominious prize. hold until the fourth quarter. The Topix posted four straight an- index is down 17% in 2016, the most A Japan’s Topix index and Chi- “Neither China nor Japan have a solid nual gains through 2015, while even a among global gauges, after rallying 67% na’s Shanghai Composite Index have plan on dealing with their slowing econ- $5tn rout in Chinese shares last summer in the previous two years. tumbled more than 13% in 2016 to rank omies,” said Tomomi Yamashita, a fund couldn’t stop the Shanghai Composite The yen surged 2.9% to 108.31 per dollar along Nigerian and Mongolian shares manager at Shinkin Asset Management from being the world’s top- performing in Tokyo, heading for its biggest daily ad- as the world’s worst performers. In the Co. “There is still scope for easing, and as major market over the last two years. The vance since August, when China’s surprise two years through the end of December, for Japan there are fi scal policies they can declines for both gauges in 2016 compare devaluation of the yuan whipsawed global the Asian gauges outperformed MSCI’s carry out. There’s still hope. But today with a 2.5% advance by the Standard & markets. Japan’s currency has strength- global measure by at least 20 percentage there was just too much hope on the BoJ.” Poor’s 500 Index, which is closing in on ened more than 10% against the greenback points. T The Topix sank 3.2% yesterday after last year’s record. this year, even after Kuroda moved interest he Bank of Japan stood pat on mon- the central bank kept bond-buying, in- “We have gone through periods where rates below zero in January. etary policy yesterday, sending Tokyo terest rates and exchange-traded fund those two markets have done very well “Japan has an issue with a very strong stocks tumbling, while the Shanghai purchases unchanged. The stock gauge in recent years so there’s always mean yen,” said Khiem Do, the Hong Kong- measure fell to a one-month low. has fallen for four straight days, handing reversion with outperforming markets based head of multi-asset strategy at The benchmark gauges in two of the losses to foreign investors who piled the taking a backseat for a while,” said Shane Baring Asset Management. “China’s world’s largest stock markets, which have equivalent of $4.9bn into the market last Oliver, head of investment strategy at underperformance is expected. There’s a combined value of almost $11tn, are de- week, the most in a year. Overseas trad- Sydney-based AMP Capital Investors, concern still over the strength of the ren- clining as investors detect a reduced ap- ers were net sellers of Japanese equities which oversees about $120bn. Over a minbi and concern real rates are still too petite from policy makers to boost mon- for the fi rst 13 weeks of 2016. longer period both China and Japan’s high. Japan is a surprise. We didn’t ex- etary stimulus. Yesterday’s BoJ decision “I give up,” Ryuta Otsuka, a strategist stock markets have had lengthy stints in pect the yen to reach 108.”

Nikkei plunges; yen soars

AFP compounded problems for an Sensex tumbles 1.8%; rupee weakens Tokyo already weak economy. And on Thursday morning a slate of weak data on Thurs- Bloomberg the “street expectation” of 2 to 2.2%, Ra- The yen soared against the dollar day—including the biggest fall Mumbai hul Jain, an analyst at Systematix Shares & yesterday and Tokyo’s Nikkei in consumer prices for three Stocks India, said by phone. index plunged more than 3.0% years—reinforced the struggle Infosys, the second-largest technology after the Bank of Japan (BoJ) authorities have in kick-starting ndian stocks declined the most in company, tumbled 2.5%, while Wipro de- shocked markets by not ramping growth and igniting inflation in three weeks, tracking global equities, clined 1.2%. up its stimulus. the country. Ias the Bank of Japan (BoJ) refrained The Sensex has gained 1% this month Traders had widely expected the The bank’s edginess has also from adding to its monetary policy stance and trades at 15.7 times 12-month pro- central bank to unveil fresh meas- fuelled worries that it is running and local monthly derivative contracts jected earnings versus 11.9 for the MSCI ures to shore up the world’s number out of ideas on how to ramp up lapsed. Emerging Markets Index. three economy after this month’s economic growth and spur price Cigarette maker ITC slid the most in Meanwhile the rupee yesterday closed deadly earthquakes in southern rises, with January’s negative nearly three months. Bharat Heavy Elec- weaker against the US dollar, after lo- Japan and a string of weak data. rate move blasted as a desperate tricals, a power-equipment maker, re- cal equity market fell over 460 points. But it decided to stand pat, say- throw of the dice. treated for a second day. Maruti Suzuki The currency closed at 66.52, down 0.1% ing it wanted to gauge the eff ects The news cast a pall over the India and Mahindra & Mahindra were from its previous close of 66.45. The ru- of a negative interest rate policy region’s trading floors after a among the top losers on the S&P BSE pee opened at 66.38 a dollar and touched a introduced in January. bright start that came in response Sensex. HCL Technologies plunged the high and a low of 66.38 and 66.55, respec- It also pushed back its timeline to Federal Reserve’s positive out- most in 11 weeks after its earnings report. tively in intraday trade. for hitting a 2.0% inflation target look on the global economy. The Sensex tumbled 1.8% or 461.02 Most Asian currencies closed higher and once again lowered its fore- Shanghai ended down 0.3%, points to 25,603.10 yesterday. The gauge against the US dollar. Japanese yen was casts for economic growth, citing Seoul lost 0.7% and Taipei shed has still risen 12% from a February low as up 3.2%, South Korean won 0.9%, Ma- weakness in overseas markets more than 1%. Sydney added 0.7% the risk-on sentiment returned to Asia. laysian ringgit 0.46%, China off shore and the impact of two deadly and Hong Kong closed up 0.1% There’s concern that fl ows into equi- spot 0.33%, China renminbi 0.32%, Sin- earthquakes this month. but its gains were sharply down ties may slow after the BoJ held off from gapore dollar 0.28%, Thai baht 0.21%, “It’s a total shock,” said Nader from mid-morning levels. adding to its bond-buying program or its Taiwan dollar 0.13%, Indonesian rupiah Naeimi, Sydney-based head of In early European trade, Lon- budget for exchange-traded stock funds. The Bombay Stock Exchange building is seen in Mumbai. The Sensex closed down 1.8% 0.09%. However, Philippines peso was dynamic markets at AMP Capital don and Frankfurt each fell 0.8% Earlier, the US Federal Reserve kept its to 25,603.10 points yesterday. down 0.17%. Investors, said. “From currencies to and Paris retreated 0.9%. benchmark rate unchanged following a The US Federal Reserve kept inter- equities to everything—you can see After a much-anticipated policy two-day meeting. though not completely reassured - about ty 50 Index futures contracts to the May est rates unchanged on Wednesday but the reaction in the markets. I can’t meeting, the Fed decided against “If a global risk-off trade gets under- risks posed by global economic weakness series that starts today, equal to the six- signalled confi dence in the US economic believe this. It’s very disappointing.” hiking interest rates and stood way, then this rally can be cut short as it and fi nancial-market turbulence. month average, data show. The monthly outlook, leaving the door open to a hike The greenback plunged to by its stance that any further has been fueled by liquidity,” DK Aggarw- “After eight years of monetary easing derivatives futures expire on last Thurs- in June. ¥108.09 at one point in the after- rises would be slow and small al, chairman of SMC Investments in New and trillions of dollars thrown around the day of every month. The Nifty 50 index India’s 10-year bond yield closed at noon, sharply down from ¥111.78 as economic growth remained Delhi, said by phone. world, we’ve still not seen growth. That is plunged 1.7%, retreating from its highest 7.441%, as compared with its Wednes- earlier in the day, while the Nikkei relatively weak. Foreigners have bought $486mn of the worrying part,” Andrew Holland, chief level since November 5. day’s close of 7.461%. stock index closed down 3.6%, However, its post-meeting Indian shares this month, adding to last executive offi cer of Mumbai-based Ambit ITC tumbled 3.2%, the most since Feb. So far this year, the rupee has gained having gone into the lunch break statement suggested it was less month’s infl ow of $4.1bn, which was the Investment Advisors in Mumbai, said in 11. Bharat Heavy decreased 2.2% to its 0.55%, while foreign institutional inves- 1.4% higher. concerned about the global most in three years. an interview with Bloomberg TV India. lowest level since April 8. Maruti Suzuki tors has bought $1.78bn from the local Speculation had grown that economic outlook than it was US central bankers skipped an inter- Investors are also focused on the on- and Mahindra both retreated 2.9% each. equity market and sold $372.01mn in debt the BoJ will act after the double at the start of the year when it est-rate hike for the third straight meet- going quarterly earnings season. So far, HCL Technologies tumbled the most markets. earthquake in southern Japan, cited turmoil in world markets ing since kicking off the tightening cycle four out of eight Sensex companies that since February 9. While the revenue of The dollar index, which measures the which led to the temporary for lowering its forecasts for rate in December. Their statement suggested have ported March-quarter results beat or Rs107bn in the March quarter exceeded US currency’s strength against major closure of several factories and hikes in 2016. they remain positive about the underpin- matched analyst estimates. the Rs106.7bn estimate, growth of 1.7% currencies, was trading at 93.877, down nings of US growth and are less worried - Traders rolled over 70% of the NSE Nif- in constant currency term was lower than 0.54% from its previous close of 94.387. Gulf Times Friday, April 29, 2016 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume

Saudi Re For Cooperative Rei 7.59 -3.31 3,460,100 Boubyan Intl Industries Hold 30.00 -3.23 7,872,711 Areej Vegetable Oils 3.68 0.00 - Solidarity Saudi Takaful Co 9.27 -8.22 6,784,984 Gulf Investment House Ksc 28.50 -5.00 3,113,406 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 11.19 -2.86 2,960,511 Boubyan Bank K.S.C 415.00 2.47 464,058 Al-Omaniya Financial Service 0.30 0.00 - Alabdullatif Industrial Inv 19.22 -0.21 1,210,941 Ahli United Bank B.S.C 182.00 -1.09 1,420,000 Al-Hassan Engineering Co 0.10 1.03 725,000 Saudi Printing & Packaging C 20.72 -0.67 1,236,902 Osos Holding Group Co 110.00 -3.51 229,200 Al-Fajar Al-Alamia Co 0.75 0.00 - Sanad Cooperative Insurance 15.23 0.00 - Al-Eid Food Ksc 0.00 0.00 - Al-Anwar Ceramic Tiles Co 0.27 0.00 - Saudi Paper Manufacturing Co 14.23 -0.35 720,449 Qurain Petrochemical Industr 212.00 1.92 1,004,672 Al Suwadi Power 0.22 0.00 - Alinma Bank 14.42 -0.07 39,937,148 Advanced Technology Co 920.00 0.00 7,328,354 Al Shurooq Inv Ser 1.04 0.00 - Almarai Co 56.13 -0.23 332,819 Ekttitab Holding Co Sak 34.00 -1.45 647,177 Al Sharqiya Invest Holding 0.13 -1.48 192,570 Falcom Saudi Equity Etf 25.90 0.00 110,740 Kout Food Group Ksc 0.00 0.00 - Al Maha Petroleum Products M 1.60 0.00 - QATAR United International Transpo 44.11 0.18 267,261 Real Estate Trade Centers Co 24.00 -9.43 5,900 Al Maha Ceramics Co Saoc 0.41 0.00 2,420 Hsbc Amanah Saudi 20 Etf 25.70 9.83 19,049 Acico Industries Co Kscc 285.00 0.00 25,010 Al Madina Takaful Co Saoc 0.08 0.00 154,324 Company Name Lt Price % Chg Volume Saudi International Petroche 14.44 -0.96 400,808 Kipco Asset Management Co 91.00 0.00 7,524 Al Madina Investment Co 0.06 3.23 197,400 Falcom Petrochemical Etf 22.30 0.00 - National Petroleum Services 720.00 0.00 1,000 Al Kamil Power Co 0.31 0.00 - Zad Holding Co 85.00 0.00 594 Saudi United Cooperative Ins 13.07 -4.25 1,908,036 Alimtiaz Investment Co Kscc 77.00 1.32 2,973,552 Al Jazerah Services -Pfd 0.55 0.00 - Widam Food Co 63.90 1.27 360,360 Bank Al-Jazira 14.25 -0.42 7,094,340 Ras Al Khaimah White Cement 92.00 1.10 62,500 Al Jazeera Steel Products Co 0.20 2.63 517,900 Vodafone Qatar 12.00 0.93 420,942 Al Rajhi Bank 60.35 -0.41 1,570,493 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Jazeera Services 0.24 -1.67 107,034 United Development Co 19.29 0.31 106,447 Samba Financial Group 22.94 1.55 640,103 Kuwait & Gulf Link Transport 47.50 -1.04 321,208 Al Izz Islamic Bank 0.06 1.72 365,000 Salam International Investme 11.27 1.35 413,788 United Electronics Co 27.14 1.00 1,485,396 Human Soft Holding Co Ksc 930.00 0.00 24,875 Al Buraimi Hotel 0.88 0.00 - Qatar & Oman Investment Co 11.50 2.13 65,142 Allied Cooperative Insurance 16.19 -1.94 1,229,327 Automated Systems Co Kscc 325.00 -2.99 200 Al Batinah Power 0.21 -0.47 152,548 Qatar Navigation 90.50 0.89 36,987 Malath Cooperative & Reinsur 16.74 1.03 3,428,928 Metal & Recycling Co 64.00 0.00 10,000 Al Batinah Hotels 1.13 0.00 - Qatar National Cement Co 87.80 1.62 1,961 Alinma Tokio Marine 20.35 -1.64 1,472,701 Gulf Franchising Holding Co 32.00 -3.03 34,699 Al Batinah Dev & Inv 0.10 -1.00 16,786 Qatar National Bank 144.00 0.21 230,231 Arabian Shield Cooperative 25.08 -0.48 281,225 Al-Enma’a Real Estate Co 57.00 1.79 1,387,135 Al Anwar Holdings Saog 0.23 -0.43 910,782 Qatar Islamic Insurance 61.50 -2.23 30,900 Savola 40.01 -0.40 736,696 National Mobile Telecommuni 1,140.00 7.55 12,105 Ahli Bank 0.18 0.00 150,100 Qatar Industrial Manufactur 39.00 0.00 6,617 Wafrah For Industry And Deve 28.09 -7.14 2,799,954 Al Bareeq Holding Co Kscc 100.00 0.00 80,000 Acwa Power Barka Saog 0.68 0.00 - Qatar International Islamic 63.20 -1.10 6,541 Fitaihi Holding Group 15.31 0.92 930,035 Housing Finance Co Sak 31.00 -3.13 2,169,660 Abrasives Manufacturing Co S 0.05 0.00 - Qatari Investors Group 52.90 -0.56 62,498 Tourism Enterprise Co/ Shams 37.91 0.82 1,432,641 Al Salam Group Holding Co 37.50 -3.85 3,592,000 A’saff a Foods Saog 0.86 0.00 - Qatar Islamic Bank 98.20 -1.31 51,804 Sahara Petrochemical Co 10.60 -0.47 3,456,831 United Foodstuff Industries 140.00 0.00 2 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Gas Transport(Nakilat) 23.15 -0.26 327,674 Herfy Food Services Co 70.86 1.55 182,433 Al Aman Investment Company 52.00 -1.89 528,035 Qatar General Insurance & Re 48.85 0.00 - Mashaer Holdings Co Ksc 84.00 5.00 200 Qatar German Co For Medical 12.28 2.33 26,214 Manazel Holding 17.00 0.00 159,549 Qatar Fuel Qsc 157.40 0.51 10,690 Mushrif Trading & Contractin 77.00 -1.28 46,690 Qatar Electricity & Water Co 208.80 -0.29 53,738 KUWAIT Tijara And Real Estate Inves 36.50 0.00 788,020 Qatar Cinema & Film Distrib 36.15 0.00 - Kuwait Building Materials 0.00 0.00 - Qatar Insurance Co 79.90 1.01 98,704 Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 890.00 1.14 360,282 Ooredoo Qsc 91.70 0.55 288,361 Commercial Real Estate Co 75.00 -2.60 1,711,722 National Leasing 17.30 2.91 590,713 Securities Group Co 82.00 0.00 42 Future Communications Co 99.00 0.00 106,000 Mazaya Qatar Real Estate Dev 14.45 0.77 215,039 Sultan Center Food Products 62.00 -1.59 50,500 National International Co 61.00 8.93 1,766,672 Mesaieed Petrochemical Holdi 19.76 0.51 184,651 Kuwait Foundry Co Sak 190.00 0.00 281,945 Taameer Real Estate Invest C 23.50 0.00 989,066 UAE Al Meera Consumer Goods Co 207.20 -0.62 22,078 Kuwait Financial Centre Sak 88.00 0.00 9,227 Gulf Cement Co 85.00 0.00 2,200 Medicare Group 92.70 -1.07 19,889 Ajial Real Estate Entmt 138.00 0.00 1,000 Heavy Engineering And Ship B 144.00 0.00 10,050 Company Name Lt Price % Chg Volume Mannai Corporation Qsc 89.60 -0.99 2,703 Gulf Glass Manuf Co -Kscc 450.00 0.00 3,254 Refrigeration Industries & S 305.00 0.00 100,000 Masraf Al Rayan 34.20 -0.15 314,176 Kuwait Finance & Investment 35.50 1.43 17,500 National Real Estate Co 92.00 1.10 2,613,670 Waha Capital Pjsc 2.05 -0.49 616,993 Al Khalij Commercial Bank 17.20 0.23 1,070 National Industries Co Ksc 255.00 0.00 131 Al Safat Energy Holding Comp 13.00 0.00 11,177,010 United Insurance Company 2.00 0.00 - Industries Qatar 105.00 0.19 113,409 Kuwait Real Estate Holding C 23.00 -4.17 654,478 Kuwait National Cinema Co 990.00 0.00 4,000 United Arab Bank Pjsc 2.65 0.00 - Islamic Holding Group 68.50 0.74 132,410 Securities House/The 45.50 -5.21 6,878,301 Danah Alsafat Foodstuff Co 77.00 2.67 5,752,066 Union National Bank/Abu Dhab 3.57 0.00 13,780 Gulf Warehousing Company 63.00 2.11 136,046 Boubyan Petrochemicals Co 520.00 0.00 80,964 Independent Petroleum Group 350.00 4.48 300 Union Insurance Co 1.39 0.00 - Gulf International Services 34.75 2.21 1,013,980 Al Ahli Bank Of Kuwait 335.00 0.00 5,944 Kuwait Real Estate Co Ksc 52.00 -3.70 2,964,448 Union Cement Co 1.10 0.00 - Ezdan Holding Group 18.40 -0.22 501,225 Ahli United Bank (Almutahed) 420.00 0.00 65,393 Salhia Real Estate Co Ksc 360.00 0.00 70,000 Umm Al Qaiwain Cement Indust 0.86 0.00 - Doha Insurance Co 19.80 -2.70 5,715 National Bank Of Kuwait 670.00 1.52 1,905,837 Gulf Cable & Electrical Ind 370.00 -1.33 297,200 Sharjah Islamic Bank 1.45 0.00 380,750 Doha Bank Qsc 36.85 -0.27 85,855 Commercial Bank Of Kuwait 445.00 -2.20 610,483 Al Nawadi Holding Co Ksc 75.00 0.00 50,000 Sharjah Insurance Company 3.85 0.00 - Dlala Holding 20.55 0.29 45,507 Kuwait International Bank 196.00 -2.00 540,000 Kuwait Finance House 490.00 1.03 2,349,779 Sharjah Group 1.35 0.00 - Commercial Bank Qsc 38.30 0.00 180,579 Gulf Bank 240.00 -4.00 1,904,530 Gulf North Africa Holding Co 36.00 -4.00 1,644,226 Sharjah Cement & Indus Devel 1.05 0.00 10,000 Barwa Real Estate Co 33.80 4.97 551,643 Al-Massaleh Real Estate Co 42.50 -5.56 4,698 Hilal Cement Co 134.00 0.00 24,000 Ras Al-Khaimah National Insu 4.10 0.00 - Al Khaleej Takaful Group 25.55 -0.20 804 Al Arabiya Real Estate Co 35.00 -2.78 1,598,011 Osoul Investment Kscc 43.50 0.00 12,000 Ras Al Khaimah White Cement 1.16 0.00 - Aamal Co 13.08 0.85 197,120 Kuwait Remal Real Estate Co 36.50 -1.35 2,608,100 Gulf Insurance Group Ksc 660.00 0.00 110,250 Ras Al Khaimah Ceramics 3.35 0.00 31,249 Alkout Industrial Projects C 0.00 0.00 - Kuwait Food Co (Americana) 2,420.00 -3.20 22,991 Ras Al Khaimah Cement Co Psc 0.88 0.00 - A’ayan Real Estate Co Sak 68.00 0.00 65,000 Umm Al Qaiwain Cement Indust 68.00 0.00 100,000 Ras Al Khaima Poultry 2.55 0.00 - Investors Holding Group Co.K 23.00 0.00 5,323,335 Aayan Leasing & Investment 39.50 0.00 805,651 Rak Properties 0.56 0.00 3,126,581 Al-Mazaya Holding Co 122.00 -4.69 2,115,027 Ooredoo Qsc 90.00 9.09 12,209 SAUDI ARABIA Al-Madar Finance & Invt Co 16.50 3.13 645,885 Oman & Emirates Inv(Emir)50% 1.13 0.00 - Gulf Petroleum Investment 42.50 1.19 5,245,642 Nbad Oneshare Msci Uae Etf 6.26 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 860.00 1.18 237,831 OMAN 1.08 - City Group 500.00 0.00 57 National Marine Dredging Co 6.40 0.00 - National Investor Co/The 0.71 0.00 - United Wire Factories Compan 24.52 0.62 174,026 Inovest Co Bsc 53.00 -3.64 2,448 Company Name Lt Price % Chg Volume Etihad Etisalat Co 29.71 -0.17 996,433 Kuwait Gypsum Manufacturing 0.00 0.00 - National Corp Tourism & Hote 5.00 0.00 - Dar Al Arkan Real Estate Dev 5.66 -0.88 13,159,885 Al-Deera Holding Co 39.50 -2.47 423,160 Voltamp Energy Saog 0.42 0.00 2,055 National Bank Of Umm Al Qaiw 3.30 0.00 - Saudi Hollandi Bank 26.68 0.98 539,287 Alshamel International Hold 0.00 0.00 - United Power/Energy Co- Pref 1.00 0.00 - National Bank Of Ras Al-Khai 5.31 0.19 97,479 Rabigh Refining And Petroche 12.63 -1.33 1,973,611 Mena Real Estate Co 23.00 0.00 682,500 United Power Co Saog 3.40 0.00 - National Bank Of Fujairah 4.79 7.40 110 Banque Saudi Fransi 25.83 -1.41 210,406 National Slaughter House 64.00 0.00 820 United Finance Co 0.14 0.00 - National Bank Of Abu Dhabi 8.88 -1.33 737,469 Saudi Enaya Cooperative Insu 12.13 -4.11 1,473,808 Amar Finance & Leasing Co 50.00 0.00 330 Ubar Hotels & Resorts 0.13 0.00 - Methaq Takaful Insurance 0.85 0.00 1,104,020 Mediterranean & Gulf Insuran 24.10 -1.75 2,683,733 United Projects Group Kscc 670.00 -6.94 1,501 Takaful Oman 0.13 0.00 - Manazel Real Estate Pjsc 0.59 -1.67 18,882,645 Saudi British Bank 23.00 -0.86 241,731 National Consumer Holding Co 0.00 0.00 - Taageer Finance 0.14 0.00 121 Invest Bank 2.16 -1.82 50,000 Mohammad Al Mojil Group Co 12.55 0.00 - Amwal International Investme 20.00 0.00 190,000 Sweets Of Oman 1.34 0.00 - Intl Fish Farming Co Pjsc 7.57 -1.17 3,300 Red Sea Housing Services Co 27.42 1.41 1,238,079 Jeeran Holdings 73.00 1.39 57,318 Sohar Power Co 0.35 0.00 - Insurance House 0.81 0.00 - Takween Advanced Industries 25.72 -1.79 2,475,363 Equipment Holding Co K.S.C.C 58.00 -1.69 645,560 Sohar Poultry 0.21 0.00 - Gulf Pharmaceutical Industri 2.47 0.00 - Sabb Takaful 27.73 -1.67 530,754 Nafais Holding 144.00 -6.49 12,840 Smn Power Holding Saog 0.72 0.00 - Gulf Medical Projects 2.40 0.00 - Saudi Arabian Fertilizer Co 65.87 0.15 229,449 Safwan Trading & Contracting 280.00 0.00 895,000 Shell Oman Marketing - Pref 1.05 0.00 - Gulf Cement Co 0.93 -7.92 146,271 National Gypsum 15.55 -0.13 231,361 Arkan Al Kuwait Real Estate 89.00 0.00 136,511 Shell Oman Marketing 1.91 0.00 90 Fujairah Cement Industries 1.13 0.00 - Saudi Ceramic Co 41.89 -4.97 763,208 Gfh Financial Group Bsc 74.00 0.00 3,040,318 Sharqiyah Desalination Co Sa 4.73 -0.11 1,000 Fujairah Building Industries 1.20 0.00 - National Gas & Industrializa 22.61 -0.88 207,295 Energy House Holding Co Kscp 43.00 -2.27 1,600 Sembcorp Salalah Power & Wat 0.25 -0.39 37,100 Foodco Holding Pjsc 3.55 0.00 6,349 Saudi Pharmaceutical Industr 36.99 1.87 492,403 Kuwait Slaughter House Co 166.00 0.00 6,000 Salalah Port Services 0.65 0.00 - First Gulf Bank 12.95 -1.15 2,303,009 Thimar 33.95 -1.74 1,096,948 Kuwait Co For Process Plant 206.00 -4.63 1,500 Salalah Mills Co 1.42 0.00 - Finance House 2.12 0.00 - National Industrialization C 12.02 -0.74 1,231,682 Al Maidan Dental Clinic Co K 0.00 0.00 - Salalah Beach Resort Saog 1.38 0.00 - Eshraq Properties Co Pjsc 0.86 3.61 104,047,255 Saudi Transport And Investme 53.13 -1.63 794,154 National Ranges Company 23.00 -6.12 2,836,813 Sahara Hospitality 2.50 0.00 - Emirates Telecom Group Co 18.90 0.53 2,164,791 Saudi Electricity Co 16.11 -0.25 1,676,255 Al-Themar Real International 90.00 0.00 1,183 Renaissance Services Saog 0.24 0.00 8,450,000 Emirates Insurance Co. (Psc) 6.05 0.00 - Saudi Arabia Refineries Co 35.42 -1.23 485,543 Al-Ahleia Insurance Co Sakp 465.00 2.20 10 Raysut Cement Co 1.17 0.43 88,000 Emirates Driving Company 6.00 0.00 - Arriyadh Development Company 21.43 0.23 1,641,873 Wethaq Takaful Insurance Co 38.00 -6.17 66,150 Port Service Corporation 0.27 -1.10 573,111 Dana Gas 0.57 0.00 7,619,117 Al-Baha Development & Invest 13.50 0.00 - Salbookh Trading Co Kscp 80.00 -3.61 1,023,189 Phoenix Power Co Saoc 0.15 0.00 483,213 Commercial Bank Internationa 2.02 0.00 - Saudi Research And Marketing 40.80 -0.80 338,272 Aqar Real Estate Investments 60.00 0.00 14,236 Packaging Co Ltd 0.52 0.00 - Bank Of Sharjah 1.32 -0.75 200,000 Aldrees Petroleum And Transp 36.03 0.42 590,414 Hayat Communications 54.00 1.89 345,997 Ooredoo 0.76 0.00 531,268 Axa Green Crescent Insurance 0.75 0.00 - Saudi Vitrified Clay Pipe Co 88.50 -0.56 13,967 Kuwait Packing Materials Mfg 280.00 0.00 122,513 Ominvest 0.55 0.00 760,600 Arkan Building Materials Co 0.93 0.00 279,010 Jarir Marketing Co 121.85 -1.88 150,483 Soor Fuel Marketing Co Ksc 108.00 1.89 58,922 Oman United Insurance Co 0.27 0.74 349,491 Alkhaleej Investment 2.22 0.00 - Arab National Bank 20.45 0.00 425,960 Alargan International Real 170.00 3.66 12,890 Oman Textile Holding Co Saog 0.33 0.00 - Aldar Properties Pjsc 2.72 1.12 9,570,470 Yanbu National Petrochemical 42.25 -1.01 265,428 Burgan Co For Well Drilling 100.00 0.00 500 Oman Telecommunications Co 1.60 0.00 287,537 Al Wathba National Insurance 4.46 7.47 25,000 Arabian Cement 56.19 0.34 501,586 Kuwait Resorts Co Kscc 80.00 -1.23 200,100 Oman Refreshment Co 2.20 0.00 - Al Khazna Insurance Co 0.43 7.50 86,224 Middle East Specialized Cabl 8.31 -4.70 6,530,202 Oula Fuel Marketing Co 110.00 0.00 79,236 Oman Packaging 0.30 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 26.82 2.41 892,869 Palms Agro Production Co 102.00 -7.27 19,600 Oman Orix Leasing Co. 0.12 0.00 - Al Dhafra Insurance Co. P.S. 5.00 0.00 - Al Sagr Co-Operative Insuran 34.63 -3.48 1,750,660 Ikarus Petroleum Industries 45.00 -1.10 800,532 Oman Oil Marketing Company 1.90 0.00 - Al Buhaira National Insuranc 2.34 0.00 - Trade Union Cooperative Insu 15.84 0.44 2,437,556 Mubarrad Transport Co 65.00 0.00 100,000 Oman National Engineering An 0.19 0.00 - Al Ain Ahlia Ins. Co. 60.00 0.00 - Arabia Insurance Cooperative 9.94 -8.81 11,330,541 Al Mowasat Health Care Co 210.00 0.00 9,186 Oman Investment & Finance 0.21 -2.75 115,925 Agthia Group Pjsc 7.80 0.13 413,843 Saudi Chemical Company 49.22 4.08 566,246 Shuaiba Industrial Co 300.00 0.00 65 Oman Intl Marketing 0.52 0.00 - Abu Dhabi Ship Building Co 2.81 0.00 1,666 Fawaz Abdulaziz Alhokair & C 38.73 1.87 1,783,707 Hits Telecom Holding 36.50 -5.19 3,095,086 Oman Hotels & Tourism Co 0.24 0.00 - Abu Dhabi Natl Co For Buildi 0.50 0.00 - Bupa Arabia For Cooperative 127.78 -0.49 81,962 First Takaful Insurance Co 48.00 -4.00 4,000 Oman Foods International 0.00 0.00 - Abu Dhabi National Takaful C 5.05 0.00 - Wafa Insurance 19.83 -5.57 6,908,293 Kuwaiti Syrian Holding Co 33.50 -2.90 1,135,545 Oman Flour Mills 0.58 0.00 - Abu Dhabi National Insurance 2.20 0.00 - Jabal Omar Development Co 64.50 -1.54 495,675 National Cleaning Company 42.00 1.20 288,027 Oman Fisheries Co 0.07 -1.47 114,750 Abu Dhabi National Hotels 2.70 -10.00 20,000 Saudi Basic Industries Corp 84.99 0.21 6,083,555 Eyas For High & Technical Ed 385.00 0.00 130 Oman Fiber Optics 4.57 0.00 - Abu Dhabi National Energy Co 0.63 0.00 9,547,057 Saudi Kayan Petrochemical Co 7.05 0.43 24,616,025 United Real Estate Company 93.00 5.68 162,000 Oman Europe Foods Industries 1.00 0.00 - Abu Dhabi Islamic Bank 4.05 -6.68 2,198,434 Etihad Atheeb Telecommunicat 4.50 9.76 22,776,225 Agility 510.00 2.00 1,044,860 Oman Education & Training In 0.16 0.00 - Co For Cooperative Insurance 84.75 0.11 162,015 Kuwait & Middle East Fin Inv 26.50 0.00 589 Oman Chromite 3.64 0.00 - National Petrochemical Co 17.40 -0.29 222,202 Fujairah Cement Industries 75.00 0.00 998,500 Oman Chlorine 0.49 0.00 - BAHRAIN Gulf Union Cooperative Insur 12.96 0.47 1,982,812 Livestock Transport & Tradng 138.00 0.00 50,184 Oman Ceramic Com 0.45 0.00 - Gulf General Cooperative Ins 17.13 -0.87 1,051,068 International Resorts Co 31.50 3.28 710,000 Oman Cement Co 0.50 0.00 - Basic Chemical Industries 26.01 -0.23 226,553 National Industries Grp Hold 134.00 -4.29 2,596,945 Oman Cables Industry 1.78 0.28 25,000 Company Name Lt Price % Chg Volume Saudi Steel Pipe Co -0.78 Marine Services Co Ksc 4.00 19.20 265,929 104.00 100 Oman Agricultural Dev 1.75 0.00 - Zain Bahrain Bscc 0.15 0.00 1,600,000 Buruj Cooperative Insurance 0.05 Warba Insurance Co 0.00 20.31 1,911,972 102.00 23,392 Oman & Emirates Inv(Om)50% 0.13 0.00 602,735 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 3.79 Kuwait United Poultry Co 0.00 133.37 20,876 176.00 10,881 Natl Aluminium Products 0.24 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co -1.18 First Dubai Real Estate Deve -3.17 79.25 17,526 61.00 1,690,554 National Securities 0.17 0.00 - United Gulf Bank 0.00 0.00 - Maadaniyah -1.00 Al Arabi Group Holding Co -3.08 26.80 1,791,537 63.00 70,900 National Real Estate Develop 5.00 0.00 - Trafco Group Bsc 0.23 0.00 9,000 Yamama Cement Co -0.31 Kuwait Hotels Sak 0.00 28.75 677,783 0.00 - National Pharmaceutical 0.11 0.00 - Takaful International Co 0.00 0.00 - Jazan Development Co 0.72 Mobile Telecommunications Co -1.41 13.95 5,452,827 350.00 3,621,841 National Mineral Water 0.06 0.00 - Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment 0.98 Al Safat Real Estate Co 0.00 30.97 1,014,208 0.00 - National Hospitality Institu 0.53 0.00 - Seef Properties 0.18 -2.73 160,162 Alujain Corporation (Alco) -1.02 Tamdeen Real Estate Co Ksc 0.00 15.45 1,857,624 560.00 25,000 National Gas Co 0.35 0.00 - Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme 1.45 Al Mudon Intl Real Estate Co 0.00 11.89 3,791,972 32.50 4,151,409 National Finance Co 0.14 0.00 - National Hotels Co 0.00 0.00 - United Co-Operative Assuranc 2.92 Kuwait Cement Co Ksc 0.00 12.70 2,821,021 380.00 10,000 National Detergent Co Saog 0.64 0.00 - National Bank Of Bahrain Bsc 0.59 0.00 89,724 Qassim Cement/The 0.16 Sharjah Cement & Indus Devel 0.00 62.96 157,403 81.00 10,000 National Biscuit Industries 3.75 0.00 - Nass Corp Bsc 0.10 0.00 758,800 Saudi Advanced Industries 6.98 Kuwait Portland Cement Co 0.00 12.26 9,139,376 1,020.00 144,389 National Bank Of Oman Saog 0.26 0.00 - Khaleeji Commercial Bank 0.06 -1.67 145,097 Kingdom Holding Co 0.00 Educational Holding Group 0.00 12.51 633,260 194.00 10,635 Muscat Thread Mills Co 0.13 0.00 - Ithmaar Bank Bsc 0.13 0.00 200,000 Saudi Arabian Amiantit Co -0.80 Bahrain Kuwait Insurance 0.00 8.63 1,314,892 0.00 - Muscat National Holding 1.86 0.00 - Investcorp Bank -$Us 6.00 0.00 5,600 Al Jouf Agriculture Developm -1.05 Asiya Capital Investments Co 0.00 29.20 179,564 39.00 210,000 Muscat Gases Company Saog 0.83 0.00 - Inovest Co Bsc 0.16 0.00 21,986 Saudi Industrial Development 1.67 Kuwait Investment Co -1.14 10.99 4,450,405 87.00 9,800 Muscat Finance 0.12 0.00 127 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank 2.99 69.75 - 345.00 367,522 Majan Glass Company 0.19 0.00 - Gulf Hotel Group B.S.C 0.71 0.00 8,828 Riyad Bank -0.98 Kuwait Projects Co Holdings 1.85 11.14 2,042,403 550.00 268,166 Majan College 0.52 0.00 - Gfh Financial Group Bsc 0.25 0.00 40,000 The National Agriculture Dev -0.23 Al Madina For Finance And In -1.28 22.13 1,855,531 38.50 1,267,950 Hsbc Bank Oman 0.12 1.64 2,645,419 Esterad Investment Co B.S.C. 0.00 0.00 - Halwani Bros Co -0.58 Kuwait Insurance Co -3.33 61.47 190,157 290.00 10,000 Hotels Management Co Interna 1.25 0.00 - Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.36 Al Masaken Intl Real Estate 2.94 10.94 2,330,273 70.00 500 Gulf Stone 0.11 0.00 - Bmmi Bsc 0.80 0.00 8,858 Eastern Province Cement Co 0.09 Intl Financial Advisors 0.00 31.86 214,779 30.50 872,300 Gulf Plastic Industries Co 0.39 0.00 - Bmb Investment Bank 0.00 0.00 - Al Qassim Agricultural Co -1.25 First Investment Co Kscc -3.77 11.07 5,182,840 51.00 2,883,050 Gulf Mushroom Company 0.34 0.00 - Bbk Bsc 0.33 0.00 100,000 Filing & Packing Materials M -0.25 Al Mal In -6.15 35.65 504,795 vestment Company 30.50 9,211,288 Gulf Investments Services 0.13 -3.08 340,800 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co -0.43 0.00 7.00 2,339,716 Bayan Investment Co Kscc 36.00 2,383,975 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Banader Hotels Co 0.00 0.00 - Tihama Advertising & Public -2.07 0.00 37.33 2,589,742 Egypt Kuwait Holding Co Sae 134.00 15,000 Gulf International Chemicals 0.26 0.77 193,014 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 0.00 -5.05 13.05 609,150 Coast Investment Development 47.00 8,098,520 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - Bahrain Telecom Co 0.30 0.00 40,611 Astra Industrial Group 0.84 -5.88 16.78 2,360,446 Privatization Holding Compan 48.00 2,177,157 Global Fin Investment 0.14 0.00 - Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 2.92 0.00 13.73 5,999,107 Kuwait Medical Services Co 33.50 4,000 Galfar Engineering&Contract 0.12 2.61 11,557,962 Bahrain National Holding 0.00 0.00 - Taiba Holding Co -0.83 1.32 35.94 177,456 Injazzat Real State Company 77.00 157,439 Galfar Engineering -Prefer 0.39 0.00 - Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co 0.05 0.00 43.48 777,517 Kuwait Cable Vision Sak 30.50 3,700 Financial Services Co. 0.17 0.00 - Bahrain Islamic Bank 0.00 0.00 - Saudi Real Estate Co -0.36 1.39 19.49 1,936,008 Sanam Real Estate Co Kscc 36.50 14,001 Financial Corp/The 0.11 0.00 - Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co -0.72 -2.53 137.00 11,068 Ithmaar Bank Bsc 38.50 8,950,825 Dhofar University 1.49 0.00 - Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The -0.49 1.92 46.67 2,575,572 Aviation Lease And Finance C 212.00 900 Dhofar Tourism 0.49 0.00 - Bahrain Duty Free Complex 0.81 0.00 9,000 Methanol Chemicals Co -0.96 0.00 7.23 3,143,341 Arzan Financial Group For Fi 32.50 1,809,250 Dhofar Poultry 0.18 0.00 - Bahrain Commercial Facilitie 0.72 -4.67 14,526 Ace Arabia Cooperative Insur -1.21 -1.72 43.29 186,220 Ajwan Gulf Real Estate Co 28.50 195,500 Dhofar Intl Development 0.42 0.00 - Bahrain Cinema Co 1.14 -0.87 4,800 Mobile Telecommunications Co 0.00 -1.16 8.99 9,093,803 Kuwait Business Town Real Es 42.50 4,003,420 Dhofar Insurance 0.21 0.00 - Bahrain Car Park Co 0.15 0.00 44,167 Saudi Arabian Coop Ins Co 0.24 0.00 16.79 2,114,761 Future Kid Entertainment And 95.00 49,718 Dhofar Fisheries & Food Indu 1.28 0.00 - Arab Insurance Group(Bsc)-$ 0.35 0.00 50,000 Axa Cooperative Insurance 2.73 -1.30 18.07 2,331,832 Specialities Group Holding C 76.00 790,000 Dhofar Cattlefeed 0.22 0.00 - Arab Banking Corp Bsc-$Us 0.00 0.00 - Alsorayai Group -0.87 -3.92 12.49 753,920 Abyaar Real Eastate Developm 24.50 4,139,267 Dhofar Beverages Co 0.26 0.00 - Aluminium Bahrain Bsc 0.28 0.00 37,200 Weqaya For Takaful Insurance 0.00 0.00 19.39 - Dar Al Thuraya Real Estate C 0.00 - Construction Materials Ind 0.04 -2.78 63,153 Albaraka Banking Group 0.48 0.00 21,971 Bank Albilad 1.78 3.45 20.64 1,716,605 Al-Dar National Real Estate 15.00 3,738,300 Computer Stationery Inds 0.26 0.00 - Al-Salam Bank 0.10 0.00 76,194 Al-Hassan G.I. Shaker Co 1.59 -1.28 26.77 557,066 Kgl Logistics Company Kscc 77.00 1,610,187 Bankmuscat Saog 0.41 0.00 2,037,269 Al-Ahlia Insurance Co 0.29 0.00 143,988 Wataniya Insurance Co -2.43 0.00 51.45 165,914 Combined Group Contracting 790.00 10,000 Bank Sohar 0.18 0.56 1,677,129 Ahli United Bank B.S.C 0.60 0.00 1,555,450 Abdullah Al Othaim Markets 95.09 -1.21 114,924 Zima Holding Co Ksc 45.00 0.00 942,500 Bank Nizwa 0.08 0.00 609,389 Hail Cement 13.01 0.08 827,166 Qurain Holding Co 0.00 0.00 - Bank Dhofar Saog 0.26 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Friday, April 29, 2016 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 17,997.51 -44.04 Apple Inc 97.35 -0.48 23,876,710 S&P 500 Index 2,098.21 +3.06 Microsoft Corp 50.59 -0.70 11,248,831 Nasdaq Composite Index 4,878.63 +15.49 Exxon Mobil Corp 88.19 -0.31 3,311,214 S&P/Tsx Composite Index 13,952.48 +64.82 Johnson & Johnson 112.42 -0.31 2,644,313 Mexico Bolsa Index 45,674.46 -267.06 General Electric Co 31.17 0.76 9,617,913 Brazil Bovespa Stock Idx 54,768.51 +290.73 Procter & Gamble Co/The 79.80 -0.11 3,143,903 Ftse 100 Index 6,322.40 +2.49 Jpmorgan Chase & Co 64.26 0.23 4,575,098 Cac 40 Index 4,557.36 -2.04 Wal-Mart Stores Inc 69.46 0.06 1,494,828 Dax Index 10,321.15 +21.32 Verizon Communications Inc 51.14 -1.06 4,956,862 Ibex 35 Tr 9,269.00 -63.60 Coca-Cola Co/The 44.81 0.29 4,587,372 Nikkei 225 16,666.05 -624.44 Pfizer Inc 33.10 0.30 12,182,322 Japan Topix 1,340.55 -43.75 Chevron Corp 103.50 -0.34 2,644,042 Hang Seng Index 21,388.03 +26.43 Visa Inc-Class A Shares 78.94 0.23 2,831,105 All Ordinaries Indx 5,289.38 +38.44 Home Depot Inc 134.16 -1.17 1,546,394 Nzx All Index 1,292.20 +8.00 Walt Disney Co/The 105.21 -0.07 2,237,143 Bse Sensex 30 Index 25,603.10 -461.02 Intel Corp 31.65 -0.32 9,509,005 Nse S&P Cnx Nifty Index 7,847.25 -132.65 Merck & Co. Inc. 55.94 -0.66 3,303,723 Straits Times Index 2,862.30 -12.42 Cisco Systems Inc 28.40 -0.84 8,494,648 Karachi All Share Index 23,809.97 +166.27 Intl Business Machines Corp 148.57 -1.26 1,056,827 Jakarta Composite Index 4,848.39 +2.73 Unitedhealth Group Inc 133.35 0.41 1,140,189 Mcdonald’s Corp 128.43 0.10 1,358,639 Nike Inc -Cl B 59.51 0.40 2,126,815 3M Co 168.40 0.38 646,561 TOKYO Boeing Co/The 136.53 -0.40 1,947,239 United Technologies Corp 105.18 -0.67 1,923,098 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 167.02 0.06 875,591 Rakuten Inc 1,220.50 -5.20 8,426,900 American Express Co 66.24 0.02 1,410,979 Kyocera Corp 5,473.00 -0.45 3,656,600 Du Pont (E.I.) De Nemours 66.91 -0.83 1,481,887 Nissan Motor Co Ltd 1,000.00 -4.31 18,273,100 Caterpillar Inc 78.61 -0.09 1,814,086 Hitachi Ltd 515.60 -3.95 36,683,000 Travelers Cos Inc/The 109.65 0.11 459,982 Takeda Pharmaceutical Co Ltd 5,262.00 -3.02 2,456,800 Jfe Holdings Inc 1,579.50 -6.87 10,151,300 A logo is displayed on an interactive sculpture in the main atrium of the London Stock Exchange headquarters. The FTSE Ana Holdings Inc 308.00 -1.09 17,535,000 100 closed down 0.2% to 6,309.42 points yesterday. FTSE 100 Mitsubishi Electric Corp 1,198.00 -2.12 15,343,000 Sumitomo Mitsui Financial Gr 3,413.00 -6.00 15,373,000 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 2,992.50 -4.18 6,548,200 Fast Retailing Co Ltd 29,185.00 -5.79 1,499,200 Wpp Plc 1,628.00 0.74 5,361,661 Ms&Ad Insurance Group Holdin 2,968.50 -5.73 2,190,600 Worldpay Group Plc 270.80 0.52 7,615,627 Kubota Corp 1,659.50 -4.19 6,579,800 Wolseley Plc 3,915.00 -0.51 390,421 Seven & I Holdings Co Ltd 4,543.00 -1.67 3,560,400 Wm Morrison Supermarkets 192.80 1.85 9,166,138 Inpex Corp 888.20 -3.02 7,419,100 Europe markets fall after BoJ Whitbread Plc 4,012.00 -1.33 895,232 Resona Holdings Inc 393.20 -6.60 24,806,800 Vodafone Group Plc 223.90 -0.42 45,735,407 Asahi Kasei Corp 759.70 -3.63 5,682,000 United Utilities Group Plc 937.50 -0.48 1,463,688 Kirin Holdings Co Ltd 1,591.50 -5.72 4,171,900 Unilever Plc 3,107.00 -0.77 2,553,565 Marubeni Corp 586.10 -3.43 11,646,400 Tui Ag-Di 1,024.00 0.10 1,394,462 Mitsubishi Ufj Financial Gro 520.10 -5.95 149,428,600 shock and weak US growth Travis Perkins Plc 1,867.00 -1.16 730,059 Mitsubishi Chemical Holdings 581.80 -3.21 8,464,000 Tesco Plc 173.30 -0.86 21,830,458 Fanuc Corp 16,505.00 -9.93 3,608,600 Taylor Wimpey Plc 187.10 0.00 13,564,910 ry picture of the country’s economy rything—you can see the reaction in Daito Trust Construct Co Ltd 15,495.00 -2.21 588,600 AFP Standard Life Plc 331.80 -0.18 8,733,462 ahead of Spain’s second general elec- the markets. I can’t believe this. It’s Otsuka Holdings Co Ltd 4,296.00 -2.21 1,159,600 London Standard Chartered Plc 570.60 0.99 9,475,275 Oriental Land Co Ltd 7,600.00 -1.80 1,760,600 tion” in June. very disappointing.” St James’s Place Plc 881.00 -2.97 2,166,029 Sekisui House Ltd 1,931.50 -4.12 4,302,200 In the US, the Dow Jones Industrial Weak data yesterday—including Sse Plc 1,523.00 -0.85 2,362,054 Secom Co Ltd 8,445.00 -2.73 1,169,500 uropean and US stock markets Average was slightly lower after the the biggest fall in Japanese consumer Smith & Nephew Plc 1,169.00 1.74 3,222,730 Tokio Marine Holdings Inc 3,689.00 -5.00 2,851,300 Sky Plc 944.00 -0.94 4,585,204 slipped yesterday, taking their US Commerce Department estimated prices for three years—reinforced the Aeon Co Ltd 1,643.50 -1.29 3,878,700 Shire Plc 4,187.00 0.34 2,152,078 lead from Tokyo which fell heav- fi rst-quarter economic growth at a challenge facing authorities in kick- Mitsui & Co Ltd 1,341.50 -2.72 10,271,400 E Severn Trent Plc 2,230.00 0.09 653,498 ily as the Bank of Japan (BoJ) shocked feeble 0.5%, lagging expectations. starting growth and igniting infl ation Kao Corp 6,116.00 2.46 3,913,200 Schroders Plc 2,568.00 -0.54 353,096 traders by deciding against fresh stim- Tokyo’s Nikkei index plunged more in the country. Dai-Ichi Life Insurance 1,369.00 -5.78 9,991,300 Sainsbury (J) Plc 291.80 0.52 9,973,399 Mazda Motor Corp 1,744.50 -3.75 17,899,200 ulus measures. than 3.5% yesterday as the Bank of Ja- Meanwhile after a much-anticipated Sage Group Plc/The 592.50 -1.17 2,403,984 Komatsu Ltd 1,906.50 -0.65 9,220,600 The surprise move by the BoJ came pan shocked markets by holding fi re policy meeting in the US, the Fed on Sabmiller Plc 4,205.00 0.30 2,011,029 West Japan Railway Co 6,678.00 -1.27 1,388,500 a day after the US Federal Reserve pro- on a fresh round of widely expected Wednesday decided against hiking in- Rsa Insurance Group Plc 459.60 -0.65 1,831,883 Murata Manufacturing Co Ltd 14,795.00 0.71 2,135,900 Royal Mail Plc 489.50 0.53 1,641,378 vided a positive outlook on the global stimulus measures, sparking questions terest rates and stood by its stance that Kansai Electric Power Co Inc 977.20 -1.32 6,795,000 Royal Dutch Shell Plc-B Shs 1,820.50 0.25 5,956,533 economy, highlighting mixed signals about whether it had anything left in any further rises would be slow and Denso Corp 4,251.00 -5.85 4,894,300 Royal Dutch Shell Plc-A Shs 1,812.50 0.14 5,647,710 from the world’s leading central banks. its arsenal to kick start the stuttering small as economic growth remained Sompo Japan Nipponkoa Holdin 2,940.50 -5.75 1,608,800 Royal Bank Of Scotland Group 244.80 -2.90 29,940,547 relatively weak. Daiwa House Industry Co Ltd 2,963.00 -4.42 2,510,900 Weak US economic growth data for Japanese economy. Rolls-Royce Holdings Plc 694.00 3.12 5,464,965 Jx Holdings Inc 470.60 -2.18 13,125,100 the fi rst quarter released Thursday and “Both foreign exchange and equity However, its post-meeting state- Rio Tinto Plc 2,329.50 4.27 6,514,520 Nippon Steel & Sumitomo Meta 2,339.00 -4.39 5,424,400 bleak data in Spain, including bloat- markets have given the Bank of Japan’s ment suggested it was less concerned Rexam Plc 632.00 -0.39 3,374,536 Suzuki Motor Corp 3,075.00 -2.35 4,701,100 about the global economic outlook Relx Plc 1,215.00 -0.57 4,882,462 ing unemployment fi gures, seemed to unchanged policy decision the thumbs Nippon Telegraph & Telephone 4,864.00 -1.32 5,471,700 Reckitt Benckiser Group Plc 6,755.00 0.63 1,284,708 weigh on market sentiment. down, with the yen rising as much as than it was at the start of the year when Ajinomoto Co Inc 2,555.00 -3.26 2,325,900 Randgold Resources Ltd 6,525.00 2.27 561,333 London’s benchmark FTSE 100 in- 2.0% against the US dollar,” said Jer- it cited turmoil in world markets for Mitsui Fudosan Co Ltd 2,725.00 -4.82 7,239,000 Prudential Plc 1,375.00 -0.72 4,824,687 dex was 0.2% lower compared with emy Cook, chief economist at foreign lowering its forecasts for rate hikes in Ono Pharmaceutical Co Ltd 4,978.00 -2.26 5,147,600 Provident Financial Plc 2,918.00 -1.59 239,466 Daikin Industries Ltd 8,884.00 -2.99 1,796,000 Wednesday’s closing level. exchange group World First. 2016. Persimmon Plc 1,999.00 -0.05 864,444 Bank Of Yokohama Ltd/The 520.00 0.00 25,746,000 In the eurozone, Frankfurt’s DAX 30 Traders had widely expected the While analysts argued over what the Pearson Plc 814.50 1.24 2,333,128 Toray Industries Inc 926.70 -3.24 5,826,000 index drifted 0.3% and the Paris CAC BoJ to unveil fresh measures to shore Fed’s comments meant for the timing Paddy Power Betfair Plc 8,995.00 -0.11 111,747 Astellas Pharma Inc 1,497.00 -3.51 7,667,100 Old Mutual Plc 188.10 0.37 12,106,962 40 was down 0.7% in value. up the world’s number three economy of its next rate rise, investors welcomed Bridgestone Corp 4,116.00 -3.27 3,507,200 Next Plc 5,150.00 0.78 906,853 The eurozone “was dealt another after this month’s deadly earthquakes the prospect that they will stay low Sony Corp 2,778.00 -2.08 10,730,200 National Grid Plc 975.00 -0.55 5,421,329 infl ation blow as Spain’s latest CPI in southern Japan and a string of weak well into the second half of the year. Hoya Corp 4,261.00 -2.14 1,443,500 Mondi Plc 1,328.00 1.45 942,834 (infl ation) reading came in at far worse data. In London, the FTSE 100 down 0.2% Sumitomo Mitsui Trust Holdin 344.60 -7.86 36,705,000 Merlin Entertainment 435.30 -2.40 1,280,917 Japan Tobacco Inc 4,530.00 -3.86 3,640,400 than expected”, said Connor Campbell, “It’s a total shock,” said Nader Nae- to 6,309.42 points; Frankfurt - DAX Mediclinic International Plc 908.50 0.11 540,682 Osaka Gas Co Ltd 396.80 -3.62 11,567,000 analyst at Spreadex trading group. imi, Sydney-based head of dynamic 30 down 0.3% at 10,268.01 points and Marks & Spencer Group Plc 432.40 -1.23 4,481,381 Sumitomo Electric Industries 1,345.00 -4.13 4,274,700 “On top of that its unemployment markets at AMP Capital Investors. Paris - CAC 40 down 0.7% at 4,529.25 London Stock Exchange Group 2,747.00 -0.65 478,307 Daiwa Securities Group Inc 646.20 -7.53 14,381,000 Lloyds Banking Group Plc 68.11 -1.65 230,067,904 rate ticked up to 21%, painting a sor- “From currencies to equities to eve- points. Softbank Group Corp 5,988.00 -3.47 7,526,900 Legal & General Group Plc 227.20 -4.42 19,441,554 Mizuho Financial Group Inc 167.80 -6.47 310,502,600 Land Securities Group Plc 1,140.00 -0.35 2,205,829 Nomura Holdings Inc 478.90 -10.05 55,466,400 Kingfisher Plc 370.10 -0.05 6,997,739 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,601.00 -2.18 3,425,000 Johnson Matthey Plc 2,900.00 -0.14 465,054 Fuji Heavy Industries Ltd 3,716.00 -3.61 7,769,900 Itv Plc 225.60 -3.51 25,814,514 Ntt Docomo Inc 2,597.00 -1.63 5,979,100 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 311.40 1.76 4,356,229 Sumitomo Realty & Developmen 3,245.00 -6.67 4,179,000 Intl Consolidated Airline-Di 551.00 -0.72 7,108,499 Aluminum Corp Of China Ltd-H 2.67 -0.74 19,899,386 Hong Kong & China Gas 14.66 0.83 11,081,100 Sumitomo Metal Mining Co Ltd 1,252.00 -1.92 5,351,000 Intertek Group Plc 3,295.00 -0.18 300,648 Bank Of East Asia Ltd 28.95 -0.17 2,736,688 Hong Kong Exchanges & Clear 198.20 -0.50 4,867,846 Orix Corp 1,586.50 -3.85 8,006,900 Intercontinental Hotels Grou 2,785.00 0.58 795,673 Bank Of China Ltd-H 3.23 0.94 256,988,842 Hsbc Holdings Plc 52.20 -0.85 30,671,689 Asahi Group Holdings Ltd 3,509.00 -4.65 1,844,000 Inmarsat Plc 923.50 -0.65 1,036,601 Bank Of Communications Co-H 5.06 0.00 24,040,267 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 67,160.00 2.25 353,600 Informa Plc 654.50 -1.73 2,042,040 Belle International Holdings 4.74 0.00 14,880,867 Ind & Comm Bk Of China-H 4.27 0.95 187,007,176 Nidec Corp 8,185.00 -0.74 2,469,300 Imperial Brands Plc 3,687.50 0.66 2,513,191 Boc Hong Kong Holdings Ltd 23.50 -1.26 17,312,657 Li & Fung Ltd 4.99 1.22 19,356,555 Isuzu Motors Ltd 1,195.50 -5.49 6,906,900 Hsbc Holdings Plc 467.35 0.16 24,366,838 Cathay Pacific Airways 12.20 -4.84 16,428,486 Mtr Corp 38.80 1.31 3,352,785 Unicharm Corp 2,292.50 -3.33 4,682,500 Hargreaves Lansdown Plc 1,293.00 0.54 561,296 Ck Hutchison Holdings Ltd 94.20 -0.37 9,132,062 New World Development 7.88 0.77 15,617,719 Shin-Etsu Chemical Co Ltd 6,203.00 -4.83 2,388,700 Hammerson Plc 591.00 0.17 1,822,743 China Coal Energy Co-H 3.69 -0.27 6,934,678 Petrochina Co Ltd-H 5.92 1.89 223,154,680 Smc Corp 27,345.00 -4.65 385,200 Glencore Plc 156.45 2.25 50,602,100 China Construction Bank-H 5.07 0.60 249,054,051 Ping An Insurance Group Co-H 37.00 -1.07 26,450,800 Mitsubishi Corp 1,863.00 -3.17 7,843,700 Glaxosmithkline Plc 1,489.00 0.03 7,513,081 China Life Insurance Co-H 18.42 -0.54 40,805,139 Power Assets Holdings Ltd 74.50 -0.93 9,526,121 Nintendo Co Ltd 15,155.00 -8.26 2,191,000 Gkn Plc 286.80 -0.62 5,979,687 China Merchants Hldgs Intl 23.50 0.64 4,000,666 Sino Land Co 12.48 1.79 6,726,650 Eisai Co Ltd 6,835.00 -4.67 1,199,500 Fresnillo Plc 1,095.00 2.05 989,867 China Mobile Ltd 91.45 -0.16 17,163,483 Sun Hung Kai Properties 99.00 0.05 5,268,371 Sumitomo Corp 1,170.00 -3.47 6,378,200 Experian Plc 1,271.00 0.39 1,569,605 China Overseas Land & Invest 25.00 0.60 19,121,958 Swire Pacific Ltd - Cl A 85.40 0.83 1,957,823 Canon Inc 3,112.00 -2.84 8,687,900 Easyjet Plc 1,515.00 0.13 1,872,883 China Petroleum & Chemical-H 5.60 1.82 122,704,051 Tencent Holdings Ltd 161.00 0.94 18,658,830 Japan Airlines Co Ltd 3,953.00 -2.03 2,339,800 Dixons Carphone Plc 436.30 -0.73 2,513,108 China Resources Beer Holdin 17.40 0.46 9,947,767 Wharf Holdings Ltd 43.25 0.93 6,237,177 Direct Line Insurance Group 359.10 1.96 5,668,852 China Resources Land Ltd 18.98 -1.45 18,270,680 China Resources Power Holdin 13.32 0.45 10,880,558 Diageo Plc 1,876.50 0.19 4,207,309 SENSEX Dcc Plc 6,140.00 0.33 208,520 China Shenhua Energy Co-H 13.14 0.46 18,894,082 GCC INDICES Crh Plc 2,032.00 -0.49 1,468,441 China Unicom Hong Kong Ltd 9.24 -1.49 28,983,000 Compass Group Plc 1,232.00 -0.88 2,428,616 Company Name Lt Price % Chg Volume Citic Ltd 11.54 0.00 19,475,388 Indices Lt Price Change Coca-Cola Hbc Ag-Di 1,409.00 -0.07 314,537 Clp Holdings Ltd 73.10 1.39 4,022,271 Doha Securities Market Zee Entertainment Enterprise 405.00 -0.70 2,776,531 10,186.18 +26.66 Centrica Plc 238.90 -0.50 11,136,525 Cnooc Ltd 9.89 -0.60 82,026,979 Saudi Tadawul Yes Bank Ltd 945.55 3.28 14,634,978 6,805.84 -14.46 Carnival Plc 3,455.00 -0.78 915,915 Cosco Pacific Ltd 8.65 -3.78 14,777,455 Kuwait Stocks Exchange Wipro Ltd 553.10 -1.23 2,815,003 5,391.81 -37.59 Capita Plc 1,010.00 1.00 1,572,670 Esprit Holdings Ltd 6.76 -1.60 1,252,919 Bahrain Stock Exchage Vedanta Ltd 99.80 -4.82 22,698,666 1,110.53 -1.64 Burberry Group Plc 1,213.00 0.25 1,616,669 Fih Mobile Ltd 3.38 1.50 5,632,718 Oman Stock Market Ultratech Cement Ltd 3,169.25 -0.71 361,475 5,942.72 +3.62 Bunzl Plc 2,052.00 -0.34 471,201 Hang Lung Properties Ltd 15.76 0.64 11,862,738 Abudhabi Stock Market Tech Mahindra Ltd 480.15 0.19 4,456,398 4,543.53 -44.67 Bt Group Plc 434.25 -0.81 11,869,130 Hang Seng Bank Ltd 144.30 1.48 2,141,752 Dubai Financial Market Tata Steel Ltd 347.60 -2.56 11,290,122 3,491.91 -15.04 British Land Co Plc 724.50 0.00 3,639,238 Henderson Land Development 50.00 0.50 3,477,222 Tata Power Co Ltd 69.25 -2.12 4,761,340 British American Tobacco Plc 4,186.00 0.58 2,615,204 Tata Motors Ltd 411.35 -1.72 8,371,230 Bp Plc 382.30 -0.04 33,039,770 Tata Consultancy Svcs Ltd 2,527.75 0.66 2,570,443 Bhp Billiton Plc 945.70 2.11 15,260,321 Sun Pharmaceutical Indus 801.95 -1.47 5,491,636 Berkeley Group Holdings 3,066.00 -1.67 905,933 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 192.05 -2.09 27,146,661 Barratt Developments Plc 539.50 -1.10 3,193,113 Reliance Industries Ltd 996.70 -2.23 14,837,416 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 174.40 -0.23 47,744,798 Punjab National Bank 88.20 -2.11 7,282,120 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 484.00 -0.84 5,516,689 Power Grid Corp Of India Ltd 141.85 -1.73 6,541,065 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 955.50 0.05 844,877 Oil & Natural Gas Corp Ltd 216.85 -2.23 8,228,039 this data.” Aviva Plc 437.10 -0.05 8,340,726 Ntpc Ltd 137.15 -2.52 7,452,172 Astrazeneca Plc 3,959.50 -0.93 2,496,571 Maruti Suzuki India Ltd 3,747.95 -2.89 1,914,094 Associated British Foods Plc 3,068.00 -2.88 1,096,602 Mahindra & Mahindra Ltd 1,344.50 -2.91 2,243,894 Ashtead Group Plc 924.50 -0.05 1,579,544 Lupin Ltd 1,576.30 0.41 1,848,741 CURRENCIES Arm Holdings Plc 965.00 1.90 6,051,747 Larsen & Toubro Ltd 1,259.55 -1.32 2,091,337 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 476.00 -0.58 4,764,331 DINAR DINAR Kotak Mahindra Bank Ltd 701.45 -1.55 1,546,479 Anglo American Plc 753.20 8.08 11,851,606 Itc Ltd 322.90 -3.19 13,239,269 Admiral Group Plc 1,866.00 0.65 507,367 Infosys Ltd 1,209.15 -2.50 6,600,243 3I Group Plc 481.60 -0.72 1,584,852 Indusind Bank Ltd 1,035.00 -0.48 1,955,385 #N/A! 0.00 0.00 - Idea Cellular Ltd 126.50 1.20 9,029,068 Icici Bank Ltd 240.10 -1.84 39,421,209 TOKYO Housing Development Finance 1,085.55 -3.21 5,871,926 Hindustan Unilever Ltd 876.25 -1.79 2,762,669 Hindalco Industries Ltd 96.90 -4.77 20,717,520 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 2,899.65 -1.70 618,173 East Japan Railway Co 9,824.00 -2.25 1,437,100 Hdfc Bank Limited 1,113.95 -0.91 2,084,025 Itochu Corp 1,415.00 -2.45 8,596,100 Hcl Technologies Ltd 799.90 -4.50 9,602,063 Fujifilm Holdings Corp 4,569.00 1.17 4,873,100 Grasim Industries Ltd 4,117.70 -0.33 76,635 Yamato Holdings Co Ltd 2,229.00 -3.94 1,782,300 Gail India Ltd 363.20 -2.68 2,715,018 Chubu Electric Power Co Inc 1,450.50 -1.49 2,394,000 Dr. Reddy’s Laboratories 3,083.35 -1.51 338,568 Mitsubishi Estate Co Ltd 2,121.00 -5.02 7,811,000 Coal India Ltd 285.05 -2.01 5,989,982 Mitsubishi Heavy Industries 397.50 -3.17 26,529,000 Cipla Ltd 528.25 -2.21 3,421,136 Toshiba Corp 235.00 -3.81 60,918,000 Cairn India Ltd 142.95 -2.85 6,361,770 Shiseido Co Ltd 2,485.00 -2.11 2,050,400 Bosch Ltd 19,948.90 -1.38 14,617 Shionogi & Co Ltd 5,643.00 -2.37 1,578,700 Bharti Airtel Ltd 372.70 -0.09 9,458,618 Tokyo Gas Co Ltd 485.10 -2.49 14,665,000 Bharat Petroleum Corp Ltd 962.75 -2.00 1,247,892 Tokyo Electron Ltd 7,411.00 -0.64 1,852,800 Bharat Heavy Electricals 125.00 -2.15 8,633,895 Panasonic Corp 994.40 -3.60 10,678,800 Bank Of Baroda 160.55 -0.31 11,550,600 Fujitsu Ltd 390.80 -3.74 16,837,000 Bajaj Auto Ltd 2,487.50 -2.38 297,830 Central Japan Railway Co 19,435.00 -3.16 665,800 Axis Bank Ltd 468.05 0.55 17,609,159 T&D Holdings Inc 1,081.50 -6.89 5,000,700 Asian Paints Ltd 873.10 -1.88 1,056,633 Toyota Motor Corp 5,654.00 -3.27 14,674,200 Ambuja Cements Ltd 219.85 -2.42 2,589,097 Kddi Corp 3,169.00 -1.77 8,738,800 Adani Ports And Special Econ 235.45 -2.40 6,062,209 Nitto Denko Corp 6,036.00 -1.74 2,414,300 Acc Ltd 1,437.85 0.58 869,647

Gulf Times 8 Friday, April 29, 2016 BUSINESS Inside Google’s quest to shape the rules of the driverless road

The tech giant, one of the first companies vehicles should be deployed. Scorning the Mary Cummings, director of Duke University’s shaped prototype, is designed to have neither.) by human drivers. In the event of a serious to launch a development eff ort, has gradualist approach, Google is pushing for fully Humans and Robotics Laboratory, told a US The Google Lexus was trying to get around self-driving car failure, Foxx said, there could be emerged as the most visible and assertive autonomous vehicles. Senate Committee in March. sandbags in a construction zone, with a bus a “huge reaction.” Americans, he added, need lobbyist for autonomous cars, with the The company won an important early victory Google, though, is “definitely an L4 company,” approaching from behind on the left. to have “reasonably set ideas about what’s most ambitious view of how self-driving in February when the National Highway Traff ic one executive says. The company maintains that The Google car assumed the bus would give possible here.” vehicles should be deployed Safety Administration (NHTSA) ruled that the requiring human controls makes driverless cars way, but the bus driver didn’t yield. The car’s left It’s possible NHTSA’s new guidelines will artificial intelligence system piloting a self- useless for elderly, blind and disabled people front fender hit the bus’s right front corner, and allow several paths to automotive autonomy, Reuters driving car could be considered the driver under who can’t operate a vehicle, and even makes the the car slid back alongside until it reached the including L3, L4 and the “guardian angel,” Austin, Texas federal law. That paves the way for regulators cars dangerous. bus’s midsection. on the theory that diff erent types of vehicles to make subsequent rulings that autonomous “Developing a car that can shoulder the entire Google acknowledged “some responsibility” might best suit diff erent people and diff erent vehicles don’t need steering wheels, brake burden of driving is crucial to safety,” Urmson instead of full fault because the situation was conditions. Already, on Teslas and some The Alamo Drafthouse Cinema Plaza here is a pedals, accelerator pedals or other things that told the same Senate panel. “Human drivers ambiguous, Urmson told Reuters. Because other upscale cars, drivers can switch into strip mall with a pet-accessories store, a Thai humans use to control motor vehicles. can’t always be trusted to dip in and out of the the car was going just two miles an hour and autonomous mode in traff ic jams but switch out restaurant and a yogurt shop, an unlikely venue On Tuesday, Google and four allies - Ford, Lyft, task of driving when the car is encouraging nobody got hurt, there was no police report to of it for leisurely weekend drives. Foxx says the to display the high-tech future. Uber and Volvo Cars - said they were forming them to sit back and relax.” aff ix blame off icially. And the bus driver won’t government needs to protect public safety and But one Saturday morning in March, Google “the Self-Driving Coalition for Safer Streets.” Google concluded that in 2012, when it asked discuss the incident. also encourage innovation, but he won’t say did just that. A small convoy of its driverless The group will push for “one clear set of employee volunteers to test its driverless cars. However, Toyota off icials have analysed how the NHTSA guidelines are shaping up. cars cruised into the fading asphalt parking federal standards” for autonomous vehicles The volunteers agreed to watch the road at all video footage of the accident in detail. Their The debate over the proper path to automotive lot to give test drives - test rides, actually - to and try to build support for the technology times and be ready to retake control if needed. conclusion: “The car made a prediction about autonomy is heating up because the stakes are American mayors visiting Austin’s annual South among businesses and local governments. The Google filmed them in action in the car. what the bus driver was going to do, and that huge. Autonomous vehicles combine the two by Southwest tech-and-culture festival. coalition’s public face will be David Strickland - The technology lulled many volunteers into prediction was wrong,” says Gill Pratt, the transformative inventions that bracketed the Mayor Richard J Berry of Albuquerque, New the former head of NHTSA. “silly behaviour,” as Google put it. One turned scientist who is CEO of the Toyota Research 20th Century, the automobile and the Internet, Mexico, was impressed with how the cars NHTSA has promised to issue driverless-car around to search for his laptop in the back seat Institute, a new $1bn investment in artificial- both of which left the world far diff erent than dodged pedestrians and fallen tree limbs. Sam it was before them. Their combination in the Liccardo, mayor of San Jose, California, right in early years of the 21st Century could be equally Google’s backyard, was impressed that he got momentous. to see the cars at all. “These things are crawling That tech trend is converging with a related all over my city” in tests, “but I had to come to one: the rise of the electric car. Automakers Austin to ride in one,” said Liccardo. “This is - everyone from upstart electric specialist going to change cities.” Tesla to legacy giants Nissan and General But before that happens, Google needs to Motors - are pouring billions of dollars into the change regulations - the federal, state and local creation of battery-powered vehicles that would edicts that cover everything from whether cars emit far less climate-warming carbon into the must have steering wheels to who’s at fault if atmosphere than petroleum-powered cars do. a driverless car hits another vehicle. And so Autonomy advocates foresee an enormous behind the technology display here in Austin reduction in automotive fatalities - now was something as formidable as the technology numbering 1.25mn globally every year, far more but far less noticed: Google is mounting a people than are killed in wars. That’s because lobbying and public-relations campaign across computers, unlike human drivers, won’t get America to win acceptance for “autonomous distracted, fatigued or drunk. Human error is a vehicles,” as they’re formally known, and to major contributor to 94% of traff ic accidents, shape the rules of the driverless road. NHTSA studies show. The agency also found Last year, Google made Austin the first site that in 2014, 6.1mn auto accidents were reported outside Silicon Valley where it tests its driverless to police in America (many more, mostly minor, cars on public streets. This year, it has added weren’t), causing more than 32,000 deaths, Kirkland, Washington, and Phoenix, Arizona. 2.3mn injuries and $836bn in economic loss. The proliferation of cities is aimed at gaining “Self-driving cars surely will make a huge public acceptance for driverless cars, Google contribution to society,” Jen-Hsun Huang, executives acknowledge, in addition to testing chief executive off icer of Nvidia Corp, said in them in diff erent driving conditions. The test January when unveiling the company’s newest cars all have company-trained drivers, and none autonomous-car brain, which packs the power yet off er rides to the public. But in each city of 150 MacBook Pro computers into a panel the Google does “public outreach,” in its words, such size of a car’s license plate. as town-hall meetings to explain the technology “We’ll be able to redesign the urban and tout its safety. environment so that parks will replace parking In Washington, Google has enlisted four former lots,” Huang added. “Think of the money senior off icials of America’s federal traff ic- we’ll save, the reduction in accidents and the safety agency in the company’s eff orts to incredible freedom this will provide people who convince their former government colleagues A Lexus version of a Google Self Driving car is shown in Moutain View, California on April 8. Self-driving technology has developed far faster than can’t drive today.” of the company’s preferred path from here to experts envisioned when Google started developing it in 2009. Incredible riches, meanwhile, could accrue to autonomy. companies that control self-driving technology. Self-driving technology has developed far guidelines by July. “The mission I have is we’ve while travelling 65 miles an hour. Google gave intelligence and robotics research. “Their model So tech companies, automakers, components faster than experts envisioned when Google got a clock ticking,” Transportation Secretary up on L3. was incorrect.” suppliers and a host of startups are investing big started developing it in 2009. Cars with partial Anthony Foxx, who oversees NHTSA, told The Google philosophy got some confirmation Google declined to comment on the Toyota in artificial intelligence, the key to autonomous autonomy, such as Tesla’s Model S, are on the Reuters. “This technology is coming. Ready or last fall when Tesla launched an L3 technology analysis of the accident. driving. road now, and limited trials of fully self-driving not, it’s coming.” called Autopilot. Soon after, online videos After the fender-bender, Google temporarily Seven American cities are finalists in a “Smart vehicles are popping up. They could appear in But in California, Google’s home state, off icials posted by Tesla drivers showed near misses, pulled its 56 test vehicles off public roads and Cities” contest for $40mn in federal money urban transit systems within a few years, though want all autonomous vehicles to have steering prompting CEO Elon Musk to warn owners developed 300,000 new driving scenarios for and at least $10mn in private funding to the transition in the broad consumer market wheels, brake pedals and accelerator pedals - against doing “crazy things.” its self-driving software to digest. But perfection provide driverless shuttle buses in contained could take far longer. which amounts to ensuring that driverless cars Toyota, meanwhile, is pushing for another remains elusive, even impossible, Google environments. The winner, to be announced “I’ve gone from hoping this would happen can have drivers. California’s regulators believe alternative. In its proposed “guardian angel” executives acknowledge, and at some point in June, must deploy them within three years. to thinking it might happen to knowing it there’s no substitute, at least not for some years, system, as the company calls it, humans would a driverless vehicle will cause a more serious, Among the finalists is Austin, whose proposal will happen,” Chris Urmson, the 39-year-old for autonomous vehicles to be designed with a do most of the driving, but the car would take perhaps fatal, accident. includes driverless shuttles at its airport. Canadian who’s director of Google’s driverless- “handoff ” system that allows a driver to retake over automatically when it senses a collision is When that day comes, society will begin facing “To me, the most exciting applications are buses car programme, told Reuters in an interview. control in an emergency. But California hasn’t imminent. a diff icult moral choice. On the whole, machine- and mass transit,” Steve Adler, Austin’s mayor, Other companies, ranging from global yet finalized its regulations. That system, say Toyota off icials, could have driven cars will almost certainly kill fewer people told Reuters. The biggest transit-budget cost, he automotive giants to Silicon Valley startups, also In the US government’s lexicon, California’s avoided the well-publicised collision between than human drivers do. But will the public says, is salaries for bus drivers, which prevents are developing driverless cars. And they, too, are incrementalist approach is called Level Three a Google car and a bus in Mountain View, accept any human traff ic deaths at the hands of the city from expanding bus service to ease lobbying state and federal regulators in eff ort to autonomy, or “L3,” on a scale running from California, Google’s headquarters city, in mid- an automaton? traff ic congestion, some of America’s worst. massage the rules to their liking. L0, where a driver does everything, to a fully February. Regulators already recognize the dilemma. A Austin’s traff ic fatalities topped 100 last year, But Google, one of the first companies to autonomous L4 vehicle that needs no human The car was a Lexus RX 450h hybrid SUV key question, Transportation Secretary Foxx surpassing the prior record of 82. launch a development eff ort, has emerged as intervention. L3 advocates are “certainly not modified for autonomous driving, though it said, is whether the public might judge a few Driverless technology “isn’t perfect, but you the most visible and assertive lobbyist, with ready for humans to be completely taken does have a steering wheel and control pedals. traff ic deaths caused by driverless cars more can’t be afraid,” the mayor says. “Great cities do the most ambitious view of how self-driving out of the driver’s seat,” as one L3 champion, (Google’s latest driverless car, a bubble- harshly than the many more fatalities caused big things.” Gulf Times Friday, April 29, 2016 9 BUSINESS

China’s HNA Group agrees Japan central bank holds to acquire Carlson Hotels policy, cuts GDP outlook Reuters Shanghai/Hong Kong AFP Tokyo division of Chinese aviation and ship- ping conglomerate HNA Group has Aagreed to buy the owner of the Radisson he Bank of Japan shocked markets yes- hotel chain in a deal that will nearly quadruple terday as it held fi re on fresh stimulus the number of its hotels around the world. Tmeasures, sparking questions about HNA Tourism Group, part of HNA Group whether there is anything left in its policy ar- Co, will buy 100% of US-based Carlson Hotels senal to kickstart a sliding economy. for an undisclosed sum, including its 51.3% Dealers were caught off guard by the deci- stake in Rezidor Hotel Group, the companies sion, which sent the yen skyrocketing, espe- said late on Wednesday. cially after another set of weak economic data The deal will give HNA hotel brands in- in the morning had turned up the heat on poli- cluding Radisson, Park Plaza, Country Inns & cymakers to ignite stalling growth. Suites and 1,400 hotels in 115 countries, add- The BoJ also cut its GDP outlook and pushed ing to HNA’s current portfolio of 500 hotels. back a timeline for its ambitious 2% infl ation The companies did not disclose the deal target – now expected before early 2018 rather value, though Bloomberg said last month than by September 2017. Carlson could fetch about $2bn. The move underscored the challenges Chinese companies have been on a buying of conquering years of defl ation that have spree this year, targeting assets from hotels to weighed on growth. chipmakers to chemicals fi rms as they diver- The central bank’s consumer price target sify out of their slowing home market. is a cornerstone of Tokyo’s broader drive to reignite the world’s number three economy. The deal will give HNA hotel brands “This is the last chance for BoJ governor including Radisson, Park Plaza, Haruhiko Kuroda,” said Hideo Kumano, chief Country Inns & Suites and 1,400 hotels economist at Dai-ichi Life Research Institute. in 115 countries, adding to HNA’s “But the reality is that achieving the infl a- current portfolio of 500 hotels tion target is going to be extremely diffi cult.” Kuroda yesterday repeated that he “won’t Announced outbound Chinese mergers hesitate” to pull the trigger on new stimulus, and acquisitions (M&A) have already reached but said he wanted to see how a negative-rate $94.8bn this year, compared with the record policy announced in January was taking hold. $103.6bn for 2015, according to Thomson Re- “I don’t think our ability to ease further has uters data. become limited,” Kuroda told reporters. Prior to HNA’s deal, Fosun International The rate move – which aims to encourage bought France’s Club Mediterranee while An- lending by essentially charging banks for stor- bang Insurance Group acquired the famous ing some excess reserves in BoJ vaults – was Waldorf Astoria in New York. widely panned as a desperate move to save HNA Tourism CEO Bai Haibo said the com- Prime Minister Shinzo Abe’s faltering growth pany would build on the well-known Radisson drive, dubbed Abenomics. Bank of Japan governor Haruhiko Kuroda gestures during a news conference in Tokyo. The BoJ shocked markets yesterday as it held fire on fresh brand to help “establish our presence in the US Markets had expected the BoJ would tinker stimulus measures, sparking questions about whether there is anything left in its policy arsenal to kickstart a sliding economy. market and expand our footprint in hospitality with the new policy or expand its massive internationally”. ¥80tn ($740bn) annual asset-buying plan. weakness in overseas markets and the impact turn to Japan. tain amid worries about corporate earnings, Carlson Hotels employs about 90,000 peo- The yen soared on the decision to stay put, of deadly earthquakes in southern Japan this Japan probably narrowly escaped recession overseas demand is weak and the yen remains ple worldwide. with the dollar plunging to ¥108.31 in the af- month, which led to factory shutdowns, for in the fi rst quarter but weak domestic and ex- strong. So there are no economic factors to After the deal HNA will have to decide ternoon, from ¥111.78 before the announce- scaling back its economic growth projections. ternal demand and a strong yen will keep a lid help the growth.” whether to sell down its holding in Rezidor ment. The economy shrank 0.3% in the last quar- on any recovery, a Reuters poll showed. Three of the 12 analysts surveyed believed Hotel Group to below 30% or launch a manda- Tokyo’s Nikkei stock index plunged more ter of 2015 and there are concerns that the Jan- Gross domestic product (GDP) likely ex- the economy shrank in the fi rst quarter, which tory public tender for the remaining 48.7% of than 3%, with exporters hit by the yen surge. uary-March GDP data will also come in weak. panded at an annualised 0.6% in January- would mean a second straight quarter of con- the company, the fi rms said in the statement. “Markets now think the impact of any more Abe swept to power more than three years March, the median forecast of 12 analysts traction – the defi nition of a technical reces- Rezidor shares were up 6.2% at 1210 GMT BoJ easing measures is limited,” said Minori ago vowing to revive the country’s fortunes showed, after the world’s third-largest econ- sion – after a 1.1% decline in the fi nal quarter yesterday. Uchida, head of Tokyo global markets research with a mix of policies centred on central bank omy contracted in the fourth quarter of 2015, last year. Under the stewardship of co-founder and at Bank of Tokyo-Mitsubishi UFJ. monetary easing, targeted government spend- hurt by weak private consumption and hous- On a quarter-on-quarter basis, GDP was chairman Chen Feng, HNA has grown into a Offi cial fi gures earlier yesterday showed ing and deregulation. ing investment. expected to grow 0.1% in the fi rst quarter af- group with nearly $100bn in assets. consumer prices fell the most in three years. But his attempts to power infl ation has been But many analysts said even that meagre ter a 0.3% contraction in October-December Founded in 1993, it operates more than a The worse-than-expected fall – 0.3% in hit by falling energy prices, coupled with re- growth level is largely due to having an extra 2015. dozen airlines including fl agship Hainan Air- March from a year ago – came as separate data cent robustness in the yen driving down the Leap Year day in the quarter, and believe eco- Private consumption, which accounts for lines and has launched at least $8bn of over- showed household spending remains weak, cost of imports. nomic growth was likely around zero or even roughly 60% of GDP, was expected to show a seas M&A so far this year. although factory output rebounded and the This month, the International Monetary contracted slightly if adjusted for that factor. quarterly gain of 0.2% following a 0.9% slide The Carlson Hotels transaction is subject to labour market was tight. Fund this month cut its growth forecast for the “The overall economic elements are not in the previous quarter. regulatory approvals and is expected to close Japan’s economy has largely defi ed several country, saying GDP would shrink next year good, especially consumer spending has been The poll found capital spending declined during 2016. years of central bank and government reme- as a planned sales tax rise tightens consumer crawling to the bottom after a sales tax hike (in 0.8% after rising 1.5% and an external demand Morgan Stanley was the fi nancial adviser to dies aimed at boosting prices as well as broad- spending. April 2014),” said Yoshiki Shinke, chief econo- likely contributed 0.1% point to GDP growth. Carlson Hotels, while JP Morgan advised HNA er activity. It also warned that defl ation – a persistent mist at Dai-ichi Research Institute. The government will announce GDP for the Tourism Group. Yesterday, the central bank pointed to and debilitating decline in prices – could re- “The outlook for capital spending is uncer- fi rst quarter on May 18.

Myanmar’s Mr Clean says he Philippine central takes ‘red tape road’ to profit bank says foiled

Reuters lease extensions or explain why it had yet to be attempts to Yangon granted. It remains a crucial issue for the project. “The lease extensions have a significant impact hack its website Scaff olding around the 139-year old Burma on the project’s financial viability both from a Railway Headquarters, a red-brick colonial relic debt and equity perspective,” said Vikram Kumar, at the centre of a half billion dollar property IFC’s Myanmar manager. Reuters development in central Yangon, hasn’t seen much For investors keen to break into the frontier Manila action since the project was announced four market, Pun serves as a go-to partner to help years ago. navigate local complexities, notably international Serge Pun, the 63-year-old project developer and sanctions still in place on many Myanmar he Philippine central bank has foiled attempts to one of Myanmar’s richest men, says his Landmark nationals and businesses. hack its website, its governor said yesterday amid development – which includes off ice, residential Pun built his conglomerate, Yoma Strategic Ta warning from global fi nancial network SWIFT and hotel space – has been strangled by red tape Holdings, from scratch and his business empire about recent multiple cyber fraud incidents targeting its and costly delays all because of his adherence to includes real estate, banking, aviation and cars. system. clean business. Over three decades, he has become one of Asia’s SWIFT’s disclosure came as law enforcement author- It’s a frustrating contrast to the luxury and richest men while cultivating a reputation as “Mr ities in Bangladesh and elsewhere investigated the Feb- high-end property boom in other parts of the Clean” in a country long known as anything but. US models compliant: ruary cyber theft of $81mn from the Bangladesh central Myanmar’s commercial capital. Neither he nor his companies have been subject bank account at the New York Federal Reserve Bank. “It has been a very long and arduous red tape to international sanctions. “There were attempts, and I think this is a fact of road,” Pun said in an interview. Companies from American fast-food chain KFC Mitsubishi Motors life, but we have been able to turn them back,” Amando “Good governance always has a price to pay and to Indonesian healthcare operator Lippo Group Tetangco told reporters. “Attempts are always there.” the price we are paying is a delay.” have partnered with him. Tetangco stressed the hacking only involved its web- Companies and international agencies have long However, the business reality in Myanmar Reuters site and that it has been updating its cyber security identified corruption and a lack of transparency means some otherwise straightforward business Tokyo/Washington systems. He did not say when the hacking attempts oc- as major obstacles to doing business in Myanmar. ventures run through blacklisted companies. curred. Pun’s grievances underscore the challenges the One of KFC’s Myanmar outlets, for example, is “We continue to update the fi rewalls, the security fea- newly-elected National League for Democracy at the new Yangon airport terminal, which was itsubishi Motors Corp said its vehicles sold in the US from 2013 have tures as we move along. It is a continuing eff ort,” he said. (NLD) faces as it seeks global investment for built and run by businessman Steven Law, who accurate mileage readings, lowering the risk that its fuel economy “What is important is that these attempts should not be urgent development needs. is on the US sanctions list. Mcheating scandal in Japan may have a wider global impact. successful.” And despite his own clean credentials, Myanmar’s Pun said that the deal doesn’t violate sanctions Shares in the Japanese automaker surged 8% yesterday, the fi rst day of gains Philippine lawmakers and investigators are looking complicated business environment means Pun because it was done through Yoma, not KFC, and since the scandal erupted last week. But even so they have lost nearly half their into how $81mn hacked from the New York Fed account has at times dealt with internationally blacklisted that it complies with Yoma’s code of conduct. market value or about $3.7bn on fears of hefty compensation costs and fi nes. of Bangladesh’s central bank wound up with two casinos entities with key market positions. US-based Yum! Brands, which owns KFC, did not It has admitted to manipulating test data for four domestic mini-vehicle and a junket operator in the Philippines in one of the big- Landmark, a 10 acre development, was first respond to emailed requests for comment. models, including two it produced for Nissan Motor Co and has said that more gest cyber heists in history. announced in 2012 and is one of the country’s US Treasury said it doesn’t comment on the models may also be non-compliant with Japanese regulations. Bangladesh’s central bank was vulnerable to hackers most high-profile international investments. “existence or possibility of sanctions violations.” It compiled data for fuel economy tests using US standards, where higher- because it did not have a fi rewall and used second-hand, Despite prominent backers – including the The NLD is yet to release a plan addressing speed, highway driving is common, rather than Japanese standards, where $10 switches to network computers connected to the International Finance Corp, a branch of the remaining sanctions, but recently slapped curbs more prevalent city driving commonly consumes more fuel. SWIFT network, an investigator said. World Bank that finances private ventures; Asia on the value of gifts off icials can accept, a small Mitsubishi’s North American unit said in a statement that it had re-tested SWIFT, or the Society for Worldwide Interbank Fi- Development Bank and Mitsubishi Corp – the step to fulfilling its pledge to eliminate graft. vehicles for the model years 2013 to 2017 and found that their fuel economy nancial Telecommunication, is a cooperative owned by project hasn’t yet broken ground. For now, US sanctions still create headaches, readings were accurate. 3,000 fi nancial institutions. The latest deadline for lease extensions from the often indirectly tying up Myanmar-related bank While North America is one of Mitsubishi’s smaller markets, accounting Despite the bank heist controversy, the Philippine Ministry of Rail Transport, which owns the land, transfers, even if they don’t involve blacklisted for roughly 13% of the automaker’s annual global sales, the potential for hefty central bank believes the country’s banking system re- was missed at the end of March. entities. fi nes and compensation if rules were broken is seen as much greater than in mains strong. But it has directed banks and fi nancial A senior ministry off icial said refurbishment of “When you actually try to do business, other countries. institutions in the Philippines to strengthen their know- the old building is in progress but needed to everybody doesn’t understand whether you In Japan, Mitsubishi may have to reimburse customers for fuel costs and the your-customer practices following a separate website be carried out “without aff ecting the heritage are a jade miner or not – they just say it is too government for “eco car” tax breaks. hacking incident involving the country’s poll body. values.” troublesome to transact your fund remittance,” It is also taking a large hit to sales, saying this week that its domestic orders The hackers had posted online voters’ personal infor- The off icial didn’t comment on the status of the Pun said. have halved since the scandal broke. The automaker has halted sales of the mation from the poll body, raising concerns about the four aff ected mini-vehicles. possibility of identity theft. Gulf Times 10 Friday, April 29, 2016 BUSINESS $51bn bonanza for Malaysian builders attracts top fund

Bloomberg could be as much as 200bn ringgit of jobs coalition bids to retain Sarawak – a state government will set aside 260bn ringgit Sarawak polls drawing near, the rollout of Nasional coalition retain power, with 25 of Kuala Lumpur out there,” said Wong, the chief executive held since 1963 – in polls on May 7. for development expenditure from 2016 more infrastructure jobs is expected to 133 parliamentary seats. It won 133 of 222 off icer of Areca Capital, who correctly The Bursa Malaysia Construction Index to 2020, the culmination of a strategy benefit Gamuda and IJM Corp, while rivals seats at the 2013 general election. predicted this year’s slump in technology has risen 21% from an August low and is to achieve high-income status. Other based in the state including Hock Seng While construction stocks will continue With as much as 200bn ringgit ($51bn) shares and a rebound in energy com- priced at 1.2 times net assets, near the projects being planned include the Kuala Lee, Naim Holdings, Zecon and Cahya Mata to be in favour as job flows remain buoy- of building jobs in play, Danny Wong panies. “We can’t ignore them. Sarawak most expensive level in almost a year. It’s Lumpur-Singapore high-speed line and Sarawak are potential winners, according to ant, prices could retreat before another Teck Meng says no investor can aff ord to stocks are in focus because of the Pan up 3.7% in 2016, beating the FTSE Bursa subway extensions around the capital. a JPMorgan Chase & Co report. rally happens, according to Tan Ming Han, ignore Malaysian construction stocks. Borneo highway and also the election, Malaysia KLCI Index that’s fallen 1.1%. The Major jobs totaling 24bn ringgit were “Sarawak construction companies are Kuala Lumpur-based senior investment The fund manager whose Areca where there are bound to be goodies.” biggest gainers in the building gauge this handed out in the first quarter, a good natural beneficiaries given the require- manager of Amundi Malaysia. EquityTrust Fund beat 98% of peers over Construction companies are trading at year are Ekovest Bhd and Kimlun Corp gauge of what’s in store for the rest of 2016, ment for 70% local participation,” Mak “There should be some profit-taking the past three years with a 13% return, has the highest level relative to the Malaysian which have jumped at least 29%. The Sharizan Rosely, a Kuala Lumpur-based ana- Hoy Kit, a Kuala Lumpur-based analyst at until construction companies book these been buying builders as the government equity benchmark in four years as a build- building gauge rose 0.6% at the close lyst at CIMB, who has an overweight rating JPMorgan, wrote in the report. contracts into profits,” said Tan, whose accelerates infrastructure spending ing boom takes hold. With an estimated yesterday, led by Gamuda Bhd., which on the industry, wrote in a report earlier this Hock Seng Lee, Sarawak’s largest KAF Vision Fund returned 20% over the across Malaysia. The latest hotspot is 136bn ringgit of jobs in the pipeline in jumped the most since March 1. month. “The construction sector is set for a builder, has surged 15% from its August past three years, beating 95% of its peers. Sarawak on Borneo island where a 28.9bn 2016 alone, a CIMB Group Holdings report Areca’s Wong owns shares of Gamuda, new boom phase for civil and infrastructure low, while Zecon has rallied 33% from the “News of these contract win have been ringgit, 1,796-kilometre toll-free highway predicts more gains as share prices the biggest builder by market value, works in 2016,” he said. This year “marks a lowest level in September. Najib touted built into the share prices.” Even after the linking the state and Sabah is being built haven’t fully priced in the earnings po- Sunway Construction, Mitrajaya Holdings big comeback of jobs for the sector as it is development of Sarawak and neighbour- rally by builders, Areca’s Wong still owns before a crucial state election in May. tential. The awards bonanza from rail to and Econpile Holdings. He sold Kimlun the first year of implementation of the 11th ing Sabah in October, pledging funds for some Sarawak stocks, saying there are still “The construction industry will be very roads also comes amid an “election play” because of its out- performance, as well Malaysia Plan, with major high-multiplier paddy fertilisers, longhouses and the Pan opportunities in construction companies. exciting as these jobs are expected to on some contractors as Prime Minister as some Sarawak stocks. and larger-value projects shifting to the Borneo road project. Sarawak played a “Big caps are not cheap, but they have be awarded in the next two years. There Najib Razak’s ruling Barisan Nasional Under the 11th Malaysia Plan, the long-awaited award phase.” With the crucial role in helping the ruling Barisan the potential to clinch very big jobs.” Apple, ANZ Asia’s Iran oil imports Bank strike surge 50% in March deal to bring

Reuters Tokyo Apple Pay sian imports of Iranian oil in March jumped 50% from a year earlier as Ashipments into India and South Korea have climbed since international sanctions were lifted on Iran’s disputed to Australia nuclear programme. The strong exports point to Iran’s suc- cess in regaining market share in Asia af- Reuters Pay, said in an interview. Ap- ter the sanctions were eased in January. Sydney ple has partnered with a bank Before 2012, Iran exported around 2mn widely seen as trailing its three bpd, with more than half going to Asia, bigger peers in digital tech- mainly China, South Korea, India and Ja- pple Inc expanded its Ap- nology, a situation ANZ’s new pan. Tehran has been banned from selling ple Pay digital wallet in chief executive Shayne Elliott oil to the US for decades. AAustralia yesterday after has set out to change with Ap- Iran’s oil fl ows to Europe have also be- ANZ became the country’s fi rst ple Pay, as well as by hiring gun to pick up after a slow start though bank to support the mobile pay- Google’s Australia managing the country has struggled to increase oil ment service, executives at the director. exports because many of its tankers are pair told Reuters. “It would be pretty hypo- tied up storing crude, some are not sea- Apple Pay allows users to reg- critical of me to ... do all this worthy, and foreign ship owners remain ister credit cards on devices such hoo-ha about digital banking reluctant to carry its cargoes. as iPhones, and pay for goods and then not be at the forefront Imports by Iran’s top four buyers – and services by swiping the of change,” Elliott said in an China, India, Japan and South Korea – devices over contactless pay- interview. Shares of ANZ rose came to 1.56mn bpd in March, up 49.9% ment terminals. Apple charges over 0.5% early yesterday, more from a year ago, government and tanker- card providers for transactions than other banks as well as the tracking data shows. via the service, which it intro- broader market. For Apple, the India’s imports last month totalled duced to Australia last year with partnership is a “coup” as it 506,100 bpd, the highest in fi ve years, the American Express Co. would increase pressure other data showed. The nation’s imports from The latest partnership extends banks to follow suit, said Foad Iran are set to surge to a seven-year high the service to ANZ customers Fadaghi, managing director of during the fi scal year of 2016-17, industry and represents the culmination technology researcher Telsyte. sources said. of months of talks with the bank “The similar forces that drove South Korea’s imports in March fell and three bigger peers. Of the other numerous banking Corps slightly from a two-year high in Febru- four, ANZ and Westpac Bank- in say the US or Europe to get ary to 264,452 bpd but were still 94.5% ing Corp have already agreed to onboard will probably start to higher than a year ago. Imports by China A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata. India’s imports of oil support rival Android Pay from also kick in in Australia as well,” and Japan fell from a year ago. from Iran last month totalled 506,100 bpd, the highest in five years, the data showed yesterday. Alphabet Inc unit Google. he said. Collectively, the four banks Analyst David Ellis at Morn- account for 80% of all credit ingstar said one partnership cards that consumers have does not automatically entail linked to mobile payment sys- success because the big four S Asia clothing industry can employ millions tems, in a country with a rela- banks have such dominance China Eastern tively high rate of contactless over payment systems. more women, boost growth: World Bank payment. The partnership also “It’s a diff erent market here in coincides with Apple’s fi rst- Australia to the US and to other orders 35 Thomson Reuters Foundation tend to have fewer young children on marriages, fewer children, better nutri- ever drop in iPhone sales during global economies ... but who Mumbai average,” it said. tion and school enrolment, and higher a quarter in which services such knows,” he said. Higher wages in China, the world’s gross domestic product, according to as apps, music and payment “iPhones have the high- wide-body jets largest clothing exporter, are driving glo- the World Bank. emerged as the fi rm’s second- est market share in Australia South Asia’s clothing and textiles indus- bal brands to seek cheaper alternatives “The apparel sector off ers a promising largest business. of smartphones, so the banks try can create millions of jobs for the in countries including Bangladesh, India, and realistic entry point for women into “Our customers ... are much won’t want their customers be- Reuters region’s working-age women, boosting Pakistan and Sri Lanka. the formal labour force, thanks to a high closer to being able to leave ing put at any disadvantage to Beijing economic growth and helping improve South Asia is best placed to lure these wage premium compared to agricul- their wallets at home,” Jennifer competitors within their peer children’s health and education, a World businesses with its lower wages and ex- ture,” the report said. Bailey, vice president of Apple group.” Bank report said. panding young population, even though “As apparel exports increase, the hina Eastern Airlines yesterday placed The industry is already the most recent industrial disasters have raised rising demand for female labour pulls an order for 35 wide-body jets from Boe- female-intensive in much of the region, questions about safety and the condi- women from agriculture and other Cing and Airbus, as the Shanghai-based women making up 71% of its workforce tions of workers in these countries. informal sectors.” carrier continues to build its long-haul fl eet in Sri Lanka, 35% in India and 34% in The industry employs about 4.7mn Average wages in the industry range amid the country’s outbound travel boom. Bangladesh. In Pakistan, its share of workers in the formal sector, and several from about $0.51 per hour in Bangladesh Chinese airlines are adding fl ights to New women workers is second to agriculture. million more informally, making up to about $1.06 in India, compared with York, Paris and Sydney from inland cities, while “South Asia needs to create jobs in about 40% of the region’s manufactur- $2.60 in China, according to 2012 data opening new routes to smaller cities in North labour-intensive industries where it ing employment. compiled by the World Bank. America, Europe and Australia. enjoys a comparative advantage – such Its ability to lure unskilled and semi- As output increases to meet higher China Eastern, which has an equity tie-up as apparel – to employ its burgeoning skilled women is particularly important, demand, a 1% increase in the expected with Delta Air Line, aims to increase its market youth and attract more women into as South Asia has one of the lowest wage raises the likelihood of women share this year on China-US routes to 17% of the workforce,” the report released female labour force participation rates in joining the labour force by between 16% total seats available, from 11% in 2015, accord- yesterday said. the world of about 32%, compared with in Pakistan and 89% in Sri Lanka, the ing to its president Ma Xunlun. “South Asian households with women East Asia’s 62%, the report said. World Bank estimates. Last year, 2.56mn Chinese people travelled working, especially in the textile and Countries with greater female labour Despite the large number of women to the US, while some 2.1mn Americans came apparel sector in India and Pakistan, force participation generally see later the industry employs, however, female to China, according to the US Department of workers lack a voice and representa- Commerce and China National Tourism Ad- tion in Bangladesh, the region’s largest ministration. This year, outbound Chinese exporter by value. people will exceed 3mn, as US government eas- Regulatory capacity is also weak in es its visa policies. Bangladesh, even though scrutiny has China Eastern, which fl ies to New York, Los increased in the wake of the Rana Plaza Angeles, Chicago and Hawaii, is attracting disaster. Three years after the disaster more and more transit customers from North that killed more than 1,100 factory Asia and South Eastern Asia who prefer to take workers, the rights and safety of workers China Eastern fl ights in Shanghai to North in the region are in greater focus, but America, according to Ma. progress in fixing problems in the supply Delivery of the 15 B787-9 and 20 A350-900 chain is slow, experts and activists say. jets will start from 2018, the Shanghai-based In India, compliance is limited in the carrier said. informal sector, where most workers are Air China, China Southern Airlines and employed. Overtime is a serious prob- Hainan Airlines are also placing large aircraft lem, and child labour is common, with orders. In October, China ordered 130 jets from reports also of exploitation and sexual Airbus during German Chancellor Angela Mer- harassment of women. kel’s China visit. In addition, the region faces growing A woman looks at her iPhone as she walks past a signboard China Eastern alone would have more than Workers sew garments at a factory in Dhaka. The textile industry is the most competition from Southeast Asian announcing a new branch of the Australia and New Zealand Banking 800 jets in its fl eet by 2020, up from around 561 female-intensive sector in Asia with women making up 71% of its workforce in countries including Cambodia, Indonesia Group in central Sydney. Apple expanded its Apple Pay digital wallet as of the end of last year, Ma told Reuters in an Sri Lanka, 35% in India and 34% in Bangladesh. and Vietnam. in Australia yesterday after ANZ became the country’s first bank to interview earlier this month. support the mobile payment service, executives said. Gulf Times Friday, April 29, 2016 11 BUSINESS US economy grew in first quarter at slowest pace in two years

Bloomberg business-investment slump in Economists’ projections for GDP, the worst quarter for consumption nualised pace, the biggest decline from abroad and a comeback in the the first-quarter softness. In 2015, Washington almost seven years, and house- the value of all goods and services for all of 2016,” said Jacob Oubina, since the second quarter of 2009. prices of oil and other commodities, GDP rose 0.6% before rebound- hold purchases climbed the least produced in the US, ranged from a senior US economist at RBC Last year’s slump in oil prices may keep investment from deterio- ing to a 3.9% pace in the second since early 2015, the data showed. gains of 0.1% to a 1.5%. This is the Capital Markets in New York. “With that extended into early 2016 led to rating further. quarter. A year earlier, the economy The US economy expanded in the While Federal Reserve off icials on government’s first of three esti- financial markets calming down an 86% annualised plunge in capital A dearth of eager overseas shrank at a 0.9% rate and then first quarter at the slowest pace in Wednesday acknowledged the mates for the quarter before annual and retracing all of their losses, spending on wells and shafts, the customers led to a drop in exports advanced 4.6% in the April-June two years as American consumers softness, they also indicated strong revisions in July. the fundamental factors that have most in records back to 1958. in the first quarter. Trade subtracted period. reined in spending and companies hiring and income gains have the Household purchases, which driven consumption will continue Investment is also languish- 0.34 percentage point from overall Fed policy makers, after skipping tightened their belts in response potential to reignite consumer account for almost 70% of the to do so.” ing as Corps struggle to boost growth, the most in a year. an interest-rate high for a third to weak global financial conditions spending and propel economic economy, rose at a 1.9% annual The GDP report showed dispos- profits against a backdrop of weak Stripping out unsold goods straight meeting on Wednesday, and a plunge in oil prices. growth. pace last quarter, compared with able income adjusted for inflation overseas demand and restrained and trade, the two most volatile suggested they remain upbeat Gross domestic product rose at “Even as there are lots of things 2.4% in the final three months of climbed 2.9% in the first quarter, domestic purchases. components of GDP, as well as gov- about the underpinnings of US a 0.5% annualised rate after a 1.4% still going for consumers, you look last year. an improvement from the 2.3% Customers in the US also limited ernment expenditures, so-called growth. Central bankers also said fourth-quarter advance, Com- at confidence and spending and Spending, while slightly better gain in final three months of 2015. orders as companies trim stock- final sales to private domestic they will continue to “closely moni- merce Department data showed it’s close to the lows of the past than the 1.7% median forecast, was The saving rate ticked up to 5.2% piles to bring them more in line purchasers increased at a 1.2% rate, tor” inflation. yesterday. The increase was less few quarters — it’s hard to explain,” a disappointment in light of the from 5%. with sales. Inventories subtracted the weakest advance since the third The GDP price index rose 0.7% than the 0.7% median projection in Millan Mulraine, deputy head of US consumer-friendly fundamentals in- The biggest factor weighing on 0.33 percentage point from growth quarter of 2012. in the first quarter. A measure of a Bloomberg survey and marked research and strategy at TD Securi- cluding low gasoline prices, cheap the economy last quarter came after a 0.22 percentage-point Government spending rose inflation tied to personal spending the third straight disappointing ties USA in New York, said before borrowing costs, increased hiring from companies. Nonresidential drag in the three months ended in at a 1.2% pace, led by states and and excluding volatile food and fuel start to a year. the report. “The headwinds will be and warmer-than-usual winter fixed investment, or spending on December. municipalities. costs climbed 2.1%, the most in four Shaky global markets and oil’s somewhat diminished for growth” weather. equipment, structures and intellec- Progress in trimming inventories, If the past two years are any years and in line with policy makers’ tumble resulted in the biggest in the next few quarters, he said. “The first quarter is going to be tual property, dropped at a 5.9% an- along with receding headwinds guide, the economy will shake off target.

Jobless claims in US hover around lowest level in four decades

Bloomberg in oil prices. Gross domestic Washington product rose at a 0.5% annual- ised rate after a 1.5% advance in the fourth quarter, according to obless claims last week hov- the Commerce Department. ered around four-decade No states estimated data last Jlows, showing the labour week and there was nothing market remains the strongest unusual in the data, according part of the US economy. to the Labour Department. Initial applications for un- The four-week moving av- employment benefi ts climbed erage of claims, a less volatile by 9,000 to 257,000 in the measure than the weekly fi g- week ended April 23, a report ures, decreased to 256,000, the from the Labour Department lowest since December 1973, showed yesterday in Washing- from 260,750. ton. The prior week’s revised The number of people con- 248,000 claims were the fewest tinuing to receive jobless ben- since 1973. efi ts fell by 5,000 to 2.13mn in The low level of fi rings indi- the week ended April 16, the cates companies are optimistic fewest since November 2000. about prospects for demand The unemployment rate among after a soft fi rst quarter. Con- people eligible for benefi ts held tinued progress in the labour at 1.6%. These data are report- market that’s accompanied ed with a one-week lag. Abbott Laboratories headquarters are seen in Abbott Park, Illinois. St Jude Medical shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock, by accelerating wage growth Initial jobless claims re- representing a total of approximately $85 per share, according to a statement yesterday. will be needed to help prop up fl ect weekly fi rings, and a sus- consumer spending, which ac- tained low level of applica- counts for 70% of the econo- tions has typically coincided my. with faster job gains. Layoff s “We’re seeing things in the can also refl ect company- or labour market hold up well,” industry-specifi c causes, such Sarah House, an economist at as cost-cutting or business re- Wells Fargo Securities in Char- structuring. Abbott Lab agrees to buy lotte, North Carolina, said be- Nordstrom said last week it fore the report. “Businesses is eliminating as many as 400 are feeling pretty comfortable jobs as it attempts to rein in with where the economy is go- expenses amid slowing mall ing, so they don’t feel like they traffi c. The cuts, which will have to make those cuts” in come mostly from the retailer’s headcount. corporate centre and regional St Jude Medical for $25bn The median forecast of support teams, will save about 50 economists surveyed by $60mn in the company’s cur- Bloomberg 0.8708 shares of Abbott com- pipeline of new medical device on the company’s earnings call. reshape Abbott, which split off Bloomberg called for claims rent fi scal year and will be com- Minneapolis mon stock, representing a total of products across cardiovascular, Alere hasn’t yet fi led its 10-K re- its brand name pharmaceuti- to rise to 259,000. Estimates plete by the company’s second approximately $85 per share, ac- diabetes, vision and neuromod- port with US regulators and has cal business to AbbVie in 2013. ranged from 240,000 to quarter, which runs through cording to a statement yesterday. ulation patient care, according been subpoenaed by the Justice Since then, the company has 281,000. The previous week’s July. bbott Laboratories agreed Medical devices makers are to the statement. Department. shied away from major acquisi- fi gure was revised from an ini- Federal Reserve policy mak- to buy St Jude Medical merging to get access to new Abbott said in the statement St Jude Medical closed yester- tions and pursued many smaller tially reported 247,000. ers noted the resilience of the Ain a deal that values the technology as hospitals push it has fi nancing for both St Jude day at $61.95, giving the company deals, even as the CEO talked Another report showed the labour market in a statement maker of heart devices at $25bn, for lower prices. St Jude last Medical and for its planned ac- a market value of about $17.6bn. often about his desire for larger economy expanded in the fi rst at the conclusion of a two-day making its biggest ever acquisi- year acquired Thoratec Corp for quisition of Alere for $5.8bn, The stock jumped to $78.66 purchases. quarter at the slowest pace in meeting in Washington. Cen- tion as the industry consolidates $3.4bn, adding left ventricular sending Alere shares higher in before the markets opened in Abbott has cash on hand, ob- two years as American con- tral bankers are weighing such to gain bargaining power with pump devices that take over for early trading. Abbott chief ex- New York. Abbott dropped 5% tained by selling its generic drug sumers reined in spending and data as they consider when fu- hospitals. a failing heart. ecutive offi cer Miles White de- to $41.65 in early trading, while business for medicines market- companies tightened their belts ture increases in their bench- St Jude Medical shareholders The combined Abbott-St Jude clined to reiterate his commit- Alere rose 3.5% to $44.35. ed in Europe and the developed in response to weak global fi - mark interest rate will be ap- will receive $46.75 in cash and medical company will have a ment to the Alere deal last week The acquisition will further world to Mylan. nancial conditions and a plunge propriate.

AbbVie to acquire Stemcentrx for $5.8bn

Bloomberg major platform play for us in solid tumors.” Sanofi launches $9.3bn fi ght San Francisco Sales of Humira were $3.58bn in the first quarter, beating analysts’ average estimate of $3.52bn. AbbVie’s “dependence on Humira may make the company AbbVie agreed to acquire cancer drug maker Stemcentrx a victim of its own success, like the iPhone for Apple,” for US cancer fi rm Medivation for $5.8bn as it seeks to lower dependence on its top drug wrote Sam Fazeli, an analyst at Bloomberg Intelligence, in a Humira. February note to clients. The injection “is at risk of biosimilar AbbVie will pay $2bn in cash and the remaining $3.8bn in copies from 2017, though patents may protect it to 2022.” Reuters Reuters reported last month that slipped 2% in a sharply weaker European stock for Stemcentrx, according to a statement yesterday. Abbvie has doubled down on oncology, gaining London/Paris Medivation had been working with in- market, said there was no certainty the Stemcentrx investors are eligible to receive an additional Imbruvica, a blood cancer treatment, in its acquisition vestment bank JP Morgan to handle in- deal would get done, but that if it did, it $4bn in cash if certain regulatory and clinical milestones of Pharmacyclics last year. On April 21, it entered a deal terest from companies regarding a po- would boost earnings immediately. are achieved. AbbVie also reported first-quarter earnings with cancer drug maker CytomX Therapeutics and rench drug maker Sanofi went tential acquisition, but it had no plans Deutsche Bank analysts said Sanofi that beat analysts’ estimates. simultaneously announced a partnership with Belgian public with a $9.3bn off er to buy to sell itself. likely had “signifi cant fl exibility” to Humira faces more competition as cheaper versions, drug maker Argenx to co-develop an oncology drug. FMedivation yesterday, setting up Bryan Garnier analyst Eric Le Ber- raise its off er, given the current low known as biosimilars, come on the market. The drug “We have a very strong and growing position” in blood what could be a lengthy takeover fi ght rigaud said Sanofi could now face a cost of debt, while Bernstein calculated accounted for 61% of AbbVie revenue in 2015, and cancers “and an expanding eff ort in solid tumors,” after the US cancer fi rm rebuff ed its prolonged takeover fi ght with other the deal would still lift earnings from its fourth-quarter sales narrowly missed analysts’ Michael Severino, executive vice president of research approaches. players potentially getting involved, 2017 even at $62.40 a share, or 20% expectations, causing shares to fall. and development, said by phone. The CytomX and The decision to target Medivation including Japan-based Astellas Phar- above Wednesday’s close. For the first quarter, AbbVie’s earnings per share excluding Argenx deals involve earlier-stage programmes, while the marks a return to the biotech takeover ma, Medivation’s partner on its pros- The premium to the unaff ected price one-time items were $1.15, the drug maker said yesterday Stemcentrx acquisition adds a “later-stage program which trail for Sanofi , which is looking to new tate cancer drug Xtandi. off ered by Sanofi is below other recent in a statement, beating the $1.13 average of analysts’ is derisked,” he said. cancer treatments to bolster its port- Britain’s AstraZeneca has also been large biotech deals, with Roche paying a estimates compiled by Bloomberg. First-quarter revenue was $5.96bn, matching the folio and help off set declining sales of reported to have looked at Medivation. 63% premium for Intermune in 2014 and Stemcentrx, a closely held biotech firm based in South San average estimate of analysts. More results from the mainstay diabetes drug Lantus. Offi cials at Astellas and AstraZeneca Alexion 140% for Synageva last year. Francisco, California, has five experimental drugs in human statement: Pak sales of $414mn, estimate was $514mn. Sanofi ’s non-binding proposal is to declined to comment, although one Stepping up acquisitions fi ts with trials. The leading candidate is for small cell lung cancer, The hepatitis C therapy is competing with Gilead buy Medivation for $52.50 per share person close to the British company said the strategy of Sanofi chief executive targeted at a protein called DLL3 that is expressed in 80% of Sciences and Merck & Co’s treatments. Imbruvica sales in cash, representing a 50% premium it was unlikely to enter a bidding war. Olivier Brandicourt, who took over a small cell lung cancer patients’ tumours and not in healthy of $381mn; average estimate was $367mn. Net income over the San Francisco-based fi rm’s Sanofi ’s move comes on the same year ago. He told Reuters in January tissue, according to a statement yesterday. Patients are of $1.35bn, or 83¢ a share, up from $1.02bn, or 63¢, a two-month volume-weighted average day that Abbott Laboratories agreed that he was looking for deals to broaden enrolling in a final-stage test of the company’s lead drug, year earlier. share price prior to takeover rumours. to buy medical device maker St. Jude its reach in areas such as oncology and called Rova-T, which could be on the market by 2018 if The company lowered its full-year forecast for profit It is, however, only modestly above Medical for $25bn and AbbVie an- could consider deals of up to $20bn. approved, chief executive off icer Rick Gonzalez said. excluding one-time items to $4.62 to $4.82 a share in Medivation’s Wednesday closing price nounced a $5.8bn deal for cancer fi rm France’s biggest drug maker is going “We have dedicated ourselves to oncology and we view light of the Stemcentrx acquisition. In March, AbbVie of $52.05 and investors signalled they Stemcentrx, highlighting a pattern through a tough patch, due to falling it as our second major growth platform,” he said in a had forecast $4.82 to $5.02 a share, and analysts have expected Sanofi to dig deeper, with the of healthcare companies snapping up sales of Lantus, prompting it to warn of telephone interview. “Stemcentrx in particular fits well as a predicted $4.96. shares trading at $56 before the open smaller rivals. no meaningful profi t growth over the yesterday. The French company, whose shares next two years. Friday, April 29, 2016 GULF TIMES BUSINESS

Harrods provides unique showcase for Emaar’s Dubai Creek Harbour project

By Denise Marray serve as an architectural icon, ready for He added: “We are delighted to exclu- 250,000 people from across the world and Gulf-Times Correspondent the Dubai World Expo in 2020. sively showcase our exciting new develop- there is no other department store where London For a limited time on the ground floor ments at the famous Harrods department someone can come in and buy a property.” of Harrods there will also be a stunning store. Harrods is a globally recognised Harrods Estates, the luxury real estate window display to catch the attention of luxury brand synonymous with quality, arm of the Harrods Group, specialises in Harrods Estates, the exclusive estate the 75,000 people who pass by the store excellent service and an unrivalled reputa- the sale, letting, acquisition and manage- agency arm of the Qatar-owned store, each day. One of the windows showcases a tion, making it the perfect brand partner- ment of some of the most exclusive prop- has been appointed by Dubai developer scale model of Dubai Opera, the country’s ship for Emaar. Our showcase has an array erties in central London. The luxury agent Emaar Properties to launch and market first multi-format theatre. Two other off ers a discreet, bespoke, VIP service its the world’s tallest tower at their Dubai windows display the masterplans and clients with off ices based in Knightsbridge, Creek Harbour project. visual imagery of The Opera District whilst Mayfair, Chelsea and Kensington. Emaar’s Dubai Creek Harbour project a fourth artistically depicts ballerinas Gulf Times Supported by the strength of the Har- with its centrepiece, the Tower, can be performing on stage. rods brand, Harrods Estates has success- viewed in a spectacular new 2,000 sq ft Ahmad al-Matrooshi, managing direc- Exclusive fully developed strong brand awareness in marketing suite on the 2nd floor of the tor of Emaar Properties, said: “Just as key international markets, predominately world famous store. Burj Khalifa serves as the centerpiece of of properties which will appeal to diff erent Russia, the Middle East and Asia with the The Emaar showcase features large Downtown Dubai, The Tower will position types of buyers. From luxurious penthous- result that international clients now ac- scale-models of the flagship mega-develop- Dubai Creek Harbour as one of the most es and villas to one bedroom apartments, count for 75% of sales and lettings. Harrods ment, Downtown Dubai, as well as upcom- desired residential and leisure destina- Emaar is showcasing high-quality homes Estates is able to call upon its experienced ing developments Dubai Creek Harbour, tions in the city, providing residents and in Harrods to suit all needs.” professionals on the Russian and Middle Dubai Hills Estate and The Opera District. visitors with a modern and luxurious Simon Barry, head of New Residential Eastern desks, Mandarin speakers and the At over 2,716ft high, The Tower will environment in which to live, work and Developments at Harrods Estates, com- skills of the interpreters from all over the be taller than the Burj Khalifa by Emaar, entertain. We believe UK end user second mented: “Harrods Estates is delighted to world who are on hand in Harrods. currently the world’s tallest building since home purchasers, investors and tourists be undertaking this brand partnership The marketing suite will be in Harrods 2009. will be fascinated by the iconic tower and with Emaar, one of the top global property until mid-August 2016, providing a “must With a design inspired by the lily and drawn to this new Riviera we are creating developers and provider of premium life- see” attraction for visitors and a UK sales traditional minaret towers, The Tower will in Dubai.” styles. Each day, Harrods is visited by over campaign for Emaar. An artist’s impression of The Tower at Dubai Creek Harbour.

QSE gains 27 points on Siemens awarded long-term service foreign institutions’ agreement for Qatar’s planned Umm increased buy interests

By Santhosh V Perumal Non-Qatari institutions’ Business Reporter net buying strengthened to Al Houl combined cycle power plant QR30.36mn compared to QR23.77mn on Wednesday. he newly listed Qatar Domestic institutions iemens has been awarded a term vision and our understand- agreement for Umm Al Houl, First Bank (QFB), which turned net buyers to the tune of 25-year long-term service ing of the nation’s requirements. Siemens signed a long-term Tconstituted more than QR3.29mn against net sellers of Sagreement for the planned We have a long history in Qatar, service contract with Dolphin one-third of total trading vol- QR34.24mn the previous day. Umm Al Houl combined cycle and we are proud to be work- Energy, headquartered in Abu ume, witnessed decline in an The GCC (Gulf Coopera- power plant in Qatar. ing with our partners to support Dhabi, for the Dolphin Gas otherwise bullish Qatar Stock tion Council) institutions were The customer is Umm Al Houl sustainable economic growth,” Project in Qatar. Exchange, which gained 27 also net buyers to the extent of Power, a company established said Fatih Sakiz, CEO, Siemens Siemens is providing service points yesterday. QR4.44mn compared with net through a partnership among Qatar. and maintenance for nine aero- Foreign institutions’ in- sellers of QR33.22mn on April Qatar Electricity and Water The new power plant will be derivative gas turbines from creased buying interests and 27. Company (QWEC), Qatar Pe- located 15km south of Doha, ad- former Rolls-Royce Energy and the bullish outlook of their do- However, local retail inves- troleum (QP), Qatar Foundation jacent to Qatar Economic Zone. the associated nine Dresser- mestic and Gulf counterparts tors turned net sellers to the (QF) and K1 Energy (joint ven- The plant will consist of two Rand compressors over a con- helped the 20-stock Qatar In- tune of QR18.53mn against ture established by Mitsubishi power blocks, each in a 3+2 con- tract period of 18 years. dex gain 0.26% to 10,186.18 net buyers of QR23.67mn on Corporation and TEPCO Fuel & fi guration. Over the last several years, points, which is down 2.33% Wednesday. Power, Incorporated). Each block will consist of Siemens has been working with year-to-date. The GCC individual inves- The service agreement covers three gas turbines which will Qatar to power its ambitious Buying interests in the real tors’ net profi t taking increased the plant’s six SGT5-4000F gas be used to generate the steam growth aspirations across vari- estate, telecom, insurance and to QR11.27mn compared to turbines, four SST5-4000 steam to drive two downstream steam ous sectors. Siemens and Doosan transport counters rather lifted QR4.43mn the previous day. turbines, 10 SGen5-1200A gen- turbines. With a total electrical Heavy Industries & Construc- the bourse, where trading turn- Non-Qatari individual in- erators including instrumenta- output of 2.5 gigawatts, and up to tion Company formed a consor- over and volumes were on the vestors’ net buying weakened tion and controls service for a Siemens employees in the final assembly hall of the Berlin 136mn imperial gallons (618mn tium which in 2009 completed decline. considerably to QR0.56mn period of 25 years. It also pro- manufacturing plant while inserting a turbine rotor of the Siemens liters) of drinking water per day, the combined-cycle power plant The index that tracks Shari- against QR24.5mn on April 27. vides for an electrical and a gas turbine SGT5-4000F. the plant will deliver almost one unit Ras Laff an B. ah-principled stocks was seen Total trade volume fell 53% resident engineer to be located quarter of the nation’s installed This was followed by an or- gaining faster than the other to 10.49mn shares, value by on-site. portant new power plant will through preventative mainte- power generating capacity. It der in 2012 for turnkey supply indices in the market, where 33% to QR328.6mn and deals “Qatar is experiencing rapid operate reliably for many years nance, shortened lead times will ensure adequate power and of a streetcar system as well as banking, industrials and realty by 28% to 5,468. industrial, economic and popu- to come.” and on-site technical fi eld as- water supply to accommodate intelligent solutions for power stocks constituted more than The banks and fi nancial lation growth,” said Tim Holt, The long-term service agree- sistance. seasonal fl uctuations and major distribution. Siemens then re- 79% of the total trading vol- services sector saw 69% plunge CEO of Siemens Power Genera- ment is designed to improve “The Umm Al Houl com- events. Commissioning of the ceived an order from Qatar in ume. in trade volume to 5.28mn tion Services, Power and Gas. the operating capabilities, fl ex- bined-cycle power plant will fi rst phase is scheduled for 2017, 2013 for a sewage treatment However, local retail inves- equities, 59% in value to “Supported by our highly expe- ibility and profi tability of the be an essential part of Qatar’s with commissioning of the en- system. In August last year, the tors turned net profi t takers and QR129.9mn and 51% in trans- rienced technical experts, our Umm Al Houl power plant by infrastructure, delivering more tire complex scheduled for mid- company was awarded a ma- there was increased net selling actions to 2,362. strong presence in the region boosting effi ciency, reliability approximately a quarter of the 2018. jor order by the state-run Qa- by Gulf individual investors in The real estate sector’s trade and in close collaboration with and availability throughout its country’s installed power gener- Siemens has received two tar General Water & Electricity the bourse. volume declined 15% to 1.37mn our customer, our advanced entire lifecycle. The agreement ation capacity. This latest agree- major power generation service Corporation (Kahramaa) for the Market capitalisation was up stocks, while value rose 3% to services and maintenance solu- will enable implementation of ment is reiteration of Siemens’ orders from Qatar in the past turnkey supply of some 18 elec- 0.2% or more than QR1bn to Q32.93mn and deals by 15% to tions will help ensure this im- innovative service solutions commitment to Qatar’s long- six months. In addition to this trical substations. QR549.53bn with micro, mid 749. and large cap equities gaining There was 5% fall in the in- 0.52%, 0.51% and 0.01% re- dustrials sector’s trade volume spectively; even as small caps to 1.64mn shares, 3% in value to fell 0.07%. QR68.6mn and 23% in transac- Fujairah Crown Prince visits Qatari group’s major asset in the emirate The Total Return Index rose tions to 725. 0.26% to 16,480.55 points, However, the transport sec- Fujairah Crown Prince Sheikh Mohamed bin Hamad al-Sharqi paid a visit to All Share Index by 0.22% to tor’s trade volume soared 35% Oryx Industries in the emirate, whose major investors include Qatar-based 2,841.16 points and Al Rayan to 0.5mn equities, value by State Holding. Islamic Index by 0.32% to 46% to QR19.46mn and deals The Crown Prince was received by Sheikh Mohamed bin Suhaim al-Thani, 3,965.13 points. by 38% to 325. chairman of State Holding Group (Qatar) and the majority shareholders in Oryx Real estate equities gained The market witnessed 22% Industries. 0.86%, telecom (0.63%), in- surge in the telecom sector’s This is one of the biggest industrial assets for the State Holding Group, which surance (0.5%), transport trade volume to 0.71mn stocks has investments across sectors in the Mena region. (0.49%), industrials (0.29%) but on more than doubled value Abdullah al-Shaheen, Oryx Industries chairman and State Holding Group and consumer goods (0.22%); to QR31.64mn. Transactions (Qatar) deputy chairman and managing director of State Holding Group, while banks and fi nancial serv- gained 79% to 730. briefed the crown prince on the accomplishments made by the group and the ices fell 0.25%. The consumer goods sector’s new expansions achieved by its subsidiaries. About 55% of the traded trade volume expanded 21% to The Crown Prince visited the Group’s quarries while being briefed on its stocks extended gains with 0.85mn shares and value by 7% expansion projects that have contributed to boosting Fujairah’s ranking as major movers being Gulf Inter- to QR36.19mn; whereas deals a major exporter of quarry products and building materials among the GCC national Services, Barwa, Gulf shrank 11% to 422. countries. Qatar accounts for 90% of the emirate’s total export markets. Warehousing, Qatar Insurance, Although the insurance sec- Al Shaheen said, “The investor-friendly climate in Fujairah, the consistent and Mesaieed Petrochemical Hold- tor’s trade volume was fl at at stable legislative framework, the collaboration of stakeholders, the existing ing, QNB, Alijarah Holding, 0.14mn equities; there was 1% investment opportunities and the provision of infrastructure and logistics Aamal Company, Barwa, Ma- rise in value to QR9.89mn and facilities, have all served as the cornerstones for achievements made by the zaya Qatar, Vodafone Qatar and more than doubled transac- group, within a short span of time. The group is now considered as one of the Sheikh Mohamed bin Hamad al-Sharqi (second right) with Sheikh Mohamed bin Suhaim Ooredoo; even as Qatar Islamic tions to 155. top contributors to the emirate’s ongoing urban and commercial development, al-Thani (second left) among others during the recent visit of Fujairah Crown Prince to Bank, Ezdan, Nakilat, QFB, Qa- In the debt market, there was through its operations in quarry products and ready-mix concrete.” the Qatar-based group’s major asset in the emirate. tari Investors Group and Ahli no trading of treasury bills and Bank bucked the trend. government bonds.

Disappointing earnings hit UAE, Egypt; Saudi soft Disappointing quarterly earnings Nakilat holds Qatar Project Shipping Forum in London among big banks pulled down UAE stock markets yesterday, while Oras- com Telecom posted a big net loss akilat held a two-day Qatar Project Ship- training on advanced technologies that would that weighed on Egypt’s bourse. ping Forum (QPSF) in London recently. enhance safety and contribute to the reduction Abu Dhabi’s index lost 1.0%. In Dubai, N QPSF, Nakilat said, is an important of operational costs. the stock index pulled back 0.4% with platform, established and organised by Nakilat Nakilat managing director Abdullah al-Sulaiti Dubai Islamic Bank dropping 2.0%. in 2007, to address concerns covering a wide ar- commented on the importance of this forum say- Egypt’s Orascom Telecom retreated ray of topics including shipping safety, technical, ing: “We at Nakilat strive to ensure the continu- 1.3% after reporting a net loss of marine environment, logistics, and it gives an ation of our global growth, which contributes to 3.6bn Egyptian pounds ($405mn) in opportunity to exchange ideas related to ship- the creation of a safe competitive environment 2015 versus a net profit of 263.98mn ping operations. and effi ciently operations in the future. There- pounds a year earlier. Cairo’s main The semi-annual forum brings together many fore, it is essential to continuously exchange ex- stock index pulled back 1.2%. owners of leading international shipping compa- periences and ideas with our partners as owners, In Riyadh, the index edged down nies along with ship charterers such as Qatargas operators and charterers in the areas of maritime 0.2% as investors booked profits, and RasGas. industry and in particular gas shipping.” but still gained 3.3% over the Topics discussed are current issues of common Al-Sulaiti added, “As Nakilat organises and week.Elsewhere, the Kuwait index interest and relevant to safety, operations, envi- holds QPSF in its 19th cycle this year, we aim for declined 0.7% to 5,392 points, the ronmental laws, and maritime regulatory. Other the exchange of experiences and ideas to build Oman index added 0.1% to 5,943 topics discussed include operational matters, and strengthen the strategic partnership be- points and the Bahrain index fell exchange of expertise and relevant skills such tween all parties and the essential role played by Al-Sulaiti and other senior Nakilat executives with participants of the Qatar Project Shipping Forum (QPSF) 0.2% to 1,111 points. as marine personnel employment and maritime the Qatari companies.” in London recently.