MUMBAI MEET | Page 2 India market ‘crucial’ for Qatar Airways

Thursday, January 17, 2019 Jumada I 11, 1440 AH GROWING TIES: Page 16 GULF TIMES Qatar-Turkey trade up 49% to BUSINESS QR7bn in 2018

GWC’s 2018 net profit surges 10% to QR237.5mn

Board recommends 19% cash bin Jassem bin Jabor al-Thani said, “Such nology services and solutions provider lence was recognised by Microsoft and dividend to shareholders an achievement reflects the success of our aiding local business transformation, and received the “Digital Transformation long-term strategy, while supporting the launched GWC Marine operations, off ering Award” for its outstanding achievements Driven by its long-term growth strategy, Qatar National Vision 2030 in becoming shipping agency services that meets the in leading the company’s digital transfor- Qatar’s leading logistics provider GWC a sustainable and diverse economy, and economy’s growing needs. mation. posted a net profit of QR237.5mn in 2018, ensuring the best possible returns to our Meanwhile, as the authorised service GWC was also recognised by the Qatar up 10% on the previous year. shareholders.” contractor for UPS in Qatar, and through Green Building Council for its eff orts at In 2017, GWC had registered a net profit of GWC witnessed a number of achieve- its massive logistical infrastructure and contributing to a greener lifestyle, sustain- QR215.4mn. ments within the company’s various human capital, GWC has been assigned able development, and environmental pro- GWC’s board of directors has recommend- departments in 2018. GWC’s contract the agent for UPS Supply Chain Solutions tection both in Qatar and internationally. ed 19% cash dividend to shareholders, logistics, forwarding, transport, records in Qatar. Established as a Qatari public shareholding which is subject for approval during the management and projects departments “Our purpose-driven values of innovation company in 2004, GWC off ers high-quality company’s Annual General Meeting to be have made major in-roads in developing and performance continue to propel us warehousing and distribution services, held on February 4. contracts with clients in the oil and gas, forward in 2018, maintaining and develop- hazmat logistics, freight forwarding, The company’s gross revenues reached government, FMCG, and retail sectors, ing our position as the preferred logistics project logistics, sports and event logistics, QR1.23bn in end-2018 in comparison with while relocations, fine art, equestrian provider in the State of Qatar, and thereby equestrian logistics, fine art logistics, QR981.3mn in 2017. EPS increased to logistics scored high with clients, locally ensuring the best possible returns for our supply chain consulting, transportation QR4.04 at the end of 2018, compared to and internationally. shareholders,” said Ranjeev Menon, GWC management, records management, QR3.68 at the end of 2017. The company also pursued new ventures Group CEO. and door-to-door moving and relocation GWC chairman Sheikh Abdulla bin Fahad by adding LEDD Technologies, a tech- The company’s commitment to excel- services. Sheikh Abdulla (right) and Menon: Success of long-term strategy.

Turkey central Ahlibank posts net profi t bank holds rates at 24% after of QR665.6mn in 2018 infl ation retreats Reuters hlibank has posted a net and 12.6% respectively, despite ogy has been important pillars to Istanbul profi t of QR665.6mn in an increase in balance sheet size our strategy. A2018, up 4% on the pre- and equity base. “As a testimony to our per- vious year. In 2017, Ahlibank had Ahlibank’s non-performing formance Moody’s has affi rmed urkey’s central bank left its benchmark earned a net profi t of QR639.7mn. loans ratio (NPL) stood at 1.69% Ahlibank’s A2/Prime-1 deposit interest rate unchanged yesterday as The bank’s balance sheet grew (as of December 2018) with a pro- ratings. Fitch Ratings has also Texpected, allaying investor fears that it to QR40.4bn, up 1.3% on Decem- visions coverage ratio of 134%, affi rmed Ahlibank’s Long Term could loosen policy after infl ation fell from a 15- ber 2017. refl ecting “strong” asset quality. Issuer Default Rating (IDR) at ‘A’. year high due to a rebound in the lira. Ahlibank’s liquid assets as a Loan loss provisions include Both rating agencies have revised The one-week repo rate was held at 24%, percentage to total assets im- IFRS 9 expected credit losses re- the outlook to Stable from Nega- having been raised 11.25 percentage points last proved signifi cantly to 30.6% in lated to Stage 1 and Stage II loan tive. These ratings make us proud year. December 2018 as against 25.8% portfolio. of what we have achieved.” Nineteen of 21 economists in a Reuters poll in December 2017, driven by Ahlibank’s total capital ad- Sheikh Faisal said, “On behalf had said they expected the rate to be kept steady. growth in liquid assets. equacy ratio as of December 2018 of the board of directors I would Two had forecast a rate cut. The bank’s stable funding con- stood at a healthy 16.9%, refl ect- like to thank our customers for There had been speculation the central bank sisting of medium-term loans ing its “strong” capital position, their loyalty, the shareholders for could cut rates given a recent easing in infl ation and debt notes as a percentage of the bank noted. their confi dence in our mission, — the rate declined to around 20% in December, total liabilities improved to 17.6% On the results, Ahlibank the management and staff for all after peaking at a 15-year high of 25.24% in Oc- in December 2018 compared with chairman and managing direc- their dedication and hard work, tober. 16.8% in the same period in 2017 tor Sheikh Faisal bin AbdulAziz and extend a special gratitude to Investors also see the potential for pressure as the bank focused on improving bin Jassem al-Thani said, “We Qatar Central Bank for their un- for lower rates before March local elections. the maturity profi le of liabilities. are pleased and proud with the interrupted guidance and sup- “Leaving the rates unchanged was what the Total operating income in- bank’s solid and steady fi nancial port.” markets wanted to see but the rhetoric is also creased by 5.4% to QR1.1bn on performance for the year ending The bank’s board of directors still about maintaining a hawkish stance,” said account of higher non-interest 2018. There are many parallels has proposed a cash dividend of Kaan Nazli, a senior economist at Neuberger income, driven by higher fee and between Qatar’s economic per- 10% (QR1 per share) and a bo- Berman. commission income and invest- formance and Ahlibank’s fi nan- nus share of 10% (10 new shares “They have not gone softer, given that infl a- ment income. cial performance, both proved for every 100 shares held) as the tion has been on a downward trajectory and this Ahlibank’s cost-to-income resilient, stable and made con- dividend distribution for 2018. is what markets wanted to see on both forward ratio last year improved to 28.1% sistent progress. The dividend proposal takes guidance and the rate decision. Now we are from 30.6% (in 2017) due to a “Ahlibank continues to re- into account maximisation of looking at March, and what will happen then.” 5.4% growth in total operating port steady and consistent in- shareholders’ wealth, the bank’s The lira fi rmed to 5.3825 against the dollar income and a 3.1% reduction in come growth, while maintaining internal capital requirements, li- following the decision, from 5.4169 beforehand. total operating expenses, refl ect- strong and diversifi ed funding quidity and balance sheet growth It was at 5.3900 at 1111 GMT. ing effi cient management of the and healthy asset quality. Ahl- projections. “While developments in import prices and bank’s operations. ibank is now looking to build on The results are subject to the domestic demand conditions have led to some The return on average assets the steady performance through fi nal approval of the Qatar Cen- improvement in the infl ation outlook, risks on (ROAA) and return on average eq- investment in new technologies. tral Bank and the General Assem- price stability continue to prevail,” the bank said uity (ROAE) stood solid at 1.73% Focus on innovation and technol- bly, Ahlibank noted. Sheikh Faisal: Solid and steady financial performance. in a statement.

UDC awards Parsons contract for Floresta Gardens masterplan, infrastructure design

United Development Company (UDC) Parsons scope of services includes the boost Qatar’s position as an attractive for the infrastructure works and the has selected Parsons to provide master design of masterplan, infrastructure, lifestyle destination.” construction works of the retail centre planning and infrastructure consultancy landscape, public realm, and retail Welch also said, “Our team is excited to in the Floresta Gardens will be shared services for the development of Floresta centre, as well as the schematic design create a high-quality residential com- with the contractors in March 2019, Gardens, which will have a distinctive of the precinct’s 10 mid-rise residential munity that off ers a diverse lifestyle, UDC added. architectural feature at The Pearl-Qatar. towers and utilities tie-in points for three with stunning waterfront and public UDC is one of the foremost luxury real UDC is one of the leading Qatari public gated villas. realm views.” estate development companies in Qatar shareholding companies in Qatar and Al-Othman said, “The distinguished UDC said Floresta Gardens will off er a with an expanding portfolio of projects, the master developer of The Pearl-Qatar Floresta Gardens’ development will play variety of community living options, which includes real estate development, and Gewan Islands. an important role in UDC’s future growth characterised by Haussmannian-style property management, and infrastruc- UDC president and CEO Ibrahim Jassim plans for The Pearl-Qatar. Through architecture. The precinct, which will ture and utilities. al-Othman and Parsons senior vice inspired designs and high-quality liv- be home to 5,000 residents, consists of The company focuses on identifying president and MEA Built Environment ing spaces, we are confident that the 145,967sq m of developable land and a and investing in long-term projects Division manager Gregg A Welch co- precinct will be a highly-sought after gross floor area of 267,471sq m. that contribute significantly to Qatar’s signed the contract yesterday at the investment opportunity for both local The project will be home to 10 mid-rise growth and development. The Pearl- Oyster building, The Pearl-Qatar in the and external investors. This distinctive residential towers and 114 villas within Qatar Island remains one of the iconic presence of senior off icials from both project reflects UDC’s commitment to three gated villa compounds and a mixed-use urban development projects Al-Othman and Welch shaking hands after signing the agreement yesterday. companies. off er integrated real estate projects that 2,452sq m retail centre. The tenders developed by UDC. Gulf Times 2 Thursday, January 17, 2019 BUSINESS

Qatar shares tread flat path despite buying interests at transport, banking counters

By Santhosh V Perumal continued to remain at a near two-year high als, banking and realty sectors together ac- red with major losers being Aamal Com- Gulf individual investors’ net selling ex- shares, value by 29% to QR378.08mn and Business Reporter of 10,762 points. Gulf institutions were seen counted for about 80% of the total volume. pany, Doha Insurance, Ahlibank, QNB, Qatar panded marginally to QR0.45mn compared transactions by 10% to 7,056. bullish in the market, whose sensitive index The Total Return Index was down 0.01% to Islamic Bank, Doha Bank, Qatar First Bank, to QR0.44mn on Tuesday. The transport sector’s trade volume more settled 4.49% higher year-to-date. 18,961.08 points, the Al Rayan Islamic Index Ezdan, Barwa and Qatari Investors Group; Non-Qatari institutions’ net buying de- than tripled to 1.2mn equities and value also Strong buying interests at the transport Market capitalisation however shed more (Price) by 0.01% to 2,524.32 points and the even as Nakilat, Alijarah Holding, Zad Hold- clined influentially to QR65.33mn against more than tripled to QR34.23mn on more- and banking counters notwithstanding, the than QR1bn, or 0.18%, to QR614.73bn mainly All Share Index by 0.13% to 3,226.75 points. ing, Medicare Group and Qatar National QR93.15mn on January 15. than-doubled deals to 562. Qatar Stock Exchange yesterday largely owing to micro and small cap segments. The real estate index declined 0.55%, Cement were among the gainers. However, domestic funds turned net buyers The banks and financial services sector’s treaded a flat path. Islamic equities were seen making followed by banks and financial services Local individuals’ net selling strengthened to the tune of QR32.02mn compared with trade volume almost doubled to 3.74mn Increased selling pressure from local retail equivalent declines in the market, where (0.38%), telecom (0.29%), insurance (0.13%) significantly to QR91.46mn compared to net sellers of QR0.03mn the previous day. stocks, value soared 57% to QR159.82mn investors and weakened buying interests non-Qatari retail investors were increasingly and industrials (0.09%); while transport and QR85.11mn on January 15. Gulf institutions were also net buyers to the and transactions by 60% to 1,321. of foreign funds was to a great extend con- profit takers. consumer goods gained 1.76% and 1.24% Non-Qatari individuals’ net profit booking extent of QR1.32mn against net profit takers The real estate sector reported a 37% surge tained by the bullish outlook of domestic Trade turnover and volumes were on the respectively. grew considerably to QR6.77mn against of QR5.09mn on Tuesday. in trade volume to 1.98mn shares, 21% in institutions as the 20-stock Qatar Index increase in the bourse, where the industri- About 55% of the traded stocks were in the QR2.44mn the previous day. Total trade volume rose 22% to 12.08mn value to QR33.65mn and 8% in deals to 973. Al-Baker: India ‘crucial’ for Qatar Airways plans High-level Qatari delegation led by HE the Minister of Transport Jassim Seif Ahmed al-Sulaiti attends Global Aviation Summit in Mumbai

ndia, which is now the fourth largest civil aviation market in the world, is a crucial mar- Iket for Qatar Airways, said the airline’s group chief executive HE Akbar al-Baker. “With the Indian government planning to in- vest in developing more than 20 major airports and several smaller airports over the next fi ve years, it’s a very exciting time for the aviation in- dustry in India, and we look forward to discuss- ing these topics this week in Mumbai. I am very pleased to be in India once again to be able to HE al-Baker addressing key leaders of the aviation industry, including senior airline and airport participate in this important panel discussion,” executives as well as government off icials and senior dignitaries in a panel discussion in Mumbai. al-Baker said at the Global Aviation Summit in Mumbai. of aviation. The session focused on the need for laiti, which also included the chairman of Qatar’s India has become the fourth largest civil avia- development and modernisation of aviation in- Civil Aviation Authority, Abdullah bin Nasser tion market after the US, China and Japan. frastructure in India, as well as identifying fi - Turki al-Subaey besides al-Baker attended the Al-Baker addressed key leaders of the aviation nancial opportunities by governments globally two-day Global Aviation Summit. industry, including senior airline and airport ex- and introducing new policy innovation that can Qatar Airways currently operates 102 weekly ecutives as well as government offi cials and sen- increase the fi nancial sustainability of low-traffi c fl ights between Doha and 13 destinations in In- ior dignitaries in a panel discussion titled “Air- airports. dia, including Ahmedabad, Amritsar, Bengaluru, ports of the Future and Building Great Aviation The panel discussed these challenges, as well as Chennai, Delhi, Goa, Hyderabad, Kochi, Kolkata, Business.” how to build great aviation businesses that meet Kozhikode, Mumbai, Nagpur and Thiruvanan- Alongside al-Baker on the panel were key in- customer expectations while still delivering re- thapuram. dustry infl uencers, including director general of turn on investment. The airline’s cargo division, Qatar Airways International Air Transport Association, Alexan- A high-level Qatari delegation led by HE the Cargo, currently operates a total of 26 weekly dre de Juniac and speakers from around the world Minister of Transport Jassim Seif Ahmed al-Su- freighters to seven destinations in India.

Gulf Times 4 Thursday, January 17, 2019 BUSINESS

Oil majors Chevron, Even more LNG set for Total and Reliance join Europe? Gas market is blockchain venture

Bloomberg already under pressure Geneva il majors Chevron Corp, Total Bloomberg SA and Reliance Industries Ltd London Oare investing in blockchain- backed digital trading platform Vakt Holdings Ltd, signalling more indus- urope’s natural gas market is try buy-in for the technology. tanking and it’s hard to see why The addition of the US, French and Eprices should stop falling now. Indian oil companies means that Vakt Storage levels are above average for has won investments and participa- the time of year because of the mild tion from half of the world’s 10 biggest winter – curbing demand at a time oil and gas fi rms by market capitalisa- sales should delight the region’s utili- tion, the London-based technology ties. And with liquefi ed natural gas startup said in a statement. cargoes arriving at Europe’s ports in Widespread adoption of a uniform record numbers, the market looks sat- system will be key to the success of urated, according to Julius Baer Group any digital trading platform using Ltd. blockchain – a digital ledger process The mild winter in the Northern that has the potential to reduce trad- Hemisphere has not only hit Europe’s ing costs by cutting down on paper energy markets. Asian LNG prices work, and increasing the security of have slumped for eight straight weeks transactions. as buyers haven’t felt much of a need “Total has been supporting indus- to top up buying done ahead of the try initiatives to digitise cargo post- winter. That has reduced incentives trade processes for some time,” said for exporters from Russia to the US to Thomas Waymel, president of trading send tankers to Asia, instead leaving and shipping at Total’s trading arm northwest Europe as their preferred Totsa SA. “We view them as a major destination. step forward towards safer, faster and “Europe has become the dump- cheaper logistical operations,” he said. ing ground for LNG,” said Norbert The oil trading units of BP Plc, Ruecker, head of macro and commod- Equinor ASA, Royal Dutch Shell ity research at Julius Baer, who expects Plc, as well as trading houses Gun- prices could fall another 20%, without vor Group Ltd and Mercuria Energy giving a time frame. Group Ltd were among the fi rst inves- Northwest Europe imported a tors in Vakt. The platform went live record 32.5 cargoes in December, ac- in November, trading crude cargoes cording to data compiled by Bloomb- underpinning North Sea Brent, one of erg. And purchases are strong this the world’s most important crude oil month too. benchmarks. To some extent, LNG has for now In addition to oil majors and trading supplanted the need for huge storage houses, Vakt’s other investors include sites. trade fi nance banks ABN Amro Group, “Storage has just been building ING Groep NV and Societe Generale and building,” Ruecker said. “Given SA. that this trend could continue, it An LNG tanker sits moored at the Gate LNG terminal in the Port of Rotterdam in Rotterdam, Netherlands (file). With liquefied natural gas cargoes arriving at Europe’s The three largest independent trad- will put pressure on European gas ports in record numbers, the market looks saturated, according to Julius Baer Group. ing houses Vitol Group, Glencore Plc prices.” and Trafi gura Group haven’t joined Another bearish factor is that de- mal by the end of the month, versus “The market balance is the key fun- Dutch front-month gas is trading at level is at a strike price of €18, accord- Vakt nor a similar blockchain-driven mand this month may be much lower forecasts last week for temperatures damental prices follow and somehow about €22 a megawatt hour on the ICE ing to data from the bourse. Last year, digital trade fi nance platform based than traders earlier expected. Tem- about 6 degrees Celsius below the it does not seem to be really mirrored Endex exchange. The option to sell prices dropped as low as €16.78, while in Geneva called Komgo SA, that has peratures are now forecast near nor- usual level. in the price,” Ruecker said. with the most open interest below that in 2017 the low was €14.43. many of the same backers as Vakt.

CORPORATE RESULTS BofA loan growth powers better-than-expected profit

Net income applicable to common shareholders items, the company earned $6.08 per share, Goldman Sachs fell to $832mn, or 84 cents per share, in the compared with $6.19 per share, a year ago. quarter ended December31, from $1.13bn, or BlackRock cut expenses, but not as fast as Goldman Sachs topped analysts’ revenue $1.08 per share, a year earlier, when it took a its revenues fell. The company last week estimates yesterday as strength in its equities one-time gain of $181mn due to US corporate announced cutting about 500 jobs, or 3% of its desk and M&A advisory cushioned losses from tax cuts. workforce and booked a $60mn restructuring bond trading, making it the only Wall Street On an adjusted basis, the company earned charge. bank so far to show growth in fourth-quarter $987mn or 99 cents per share. Analysts on Investors now face the prospect that what they trading revenue. average had expected earnings of 92 cents per saw as one of the few big growth stocks in the Heightened market volatility and widening share, according to IBES data from Refinitiv. asset management business could report lower credit spreads in the fourth quarter reduced BNY Mellon expects first-quarter expenses to earnings per share this year. bond revenue for JPMorgan Chase and rise up to 2%, largely due to investments in United Airlines Citigroup. But equity traders remained busy as improving technology, Chief Financial Off icer investors changed positions in a choppy market. Michael Santomassimo said in a call with United Airlines has reported a fourth-quarter Goldman, which is more sensitive to market analysts. profit that easily beat Wall Street forecasts, fluctuations than its peers, said overall trading The bank also expects first-quarter investment sending shares higher, as the No 3 US carrier revenue rose 2% in the three months ended management fees to be impacted by outflows in scheduled more flights out of its hubs and won December. Equities trading revenue jumped 17% the fourth quarter of 2018. back customers after a series of public relations to $1.60bn, while bond trading revenue slid 18% BNY, as a custodian bank, gets most of its disasters. to $822mn, far from its peak of more than $6bn. revenue from managing money of customers Shares of United Continental Holdings Inc Citi’s bond trading revenue fell 21%, JPMorgan which include big banks and hedge funds, as jumped 6% to $86.11 in extended trading, lifting saw a 16% fall, while Bank of America, which well as managing investments for clients. the airline sector and investor confidence reported earlier in the day, posted a 15% drop. Non-interest expenses fell 1% to $2.99bn in the after the carrier reported a 5% rise in revenue Investment banking, a business Goldman is three months ended Dec.31 per mile flown, a closely watched industry trying to bolster to lower its dependence on BlackRock measurement. market sensitive trading, fell 5% to $2.04bn. Bank of America Corp’s quarterly profit topped remain strong. Markets-related revenue fell as That growth was at the top end of United’s Revenue in its financial advisory business analyst estimates yesterday as its growing market turbulence pushed some customers BlackRock Inc, the world’s largest asset forecast and outpaced growth reported by rival surged 56%, boosted by higher fees from loan book helped it ride out year-end market to the sidelines, but a plunge in bond trading manager, reported lower-than-expected Delta Air Lines earlier on Tuesday. dealmaking. Revenue from equity and debt volatility. was cushioned by higher equity trading quarterly profits yesterday, as price cuts and Airline shares had fallen this month after both underwriting fell. Under chief executive off icer Brian Moynihan, revenue. Fee income in the investment bank market turmoil overshadowed strong sales of Delta and American Airlines Group Inc lowered Goldman’s net earnings attributable to common the Charlotte-based lender has slashed costs fell 5% because of lower debt underwriting and relatively low-cost funds. estimates for fourth-quarter unit revenue, shareholders reached $2.32bn, or $6.04 per while tightening risk controls, which has advisory fees. Sinking markets in late 2018 led investors to pull raising concerns about the industry’s ability to share, in the quarter, compared with a loss of boosted profitability but also weighed on some BofA’s adjusted sales and trading revenue fell cash from the company’s typically higher fee raise fares in an uncertain global economy. $2.14bn, or $5.51 per share, a year earlier. of businesses like investment banking. 6%, with a 15% fall in bond trading revenue actively managed funds even as they delivered Chicago-based United attributed its revenue Analysts were looking for a profit of $4.45 per The second-biggest US bank benefited from 4% overshadowing an 11% rise in equity trading. record cash to the company’s relatively low-cost growth to a strategy launched last January to share, according to IBES data from Refinitiv, growth in loans to consumers and 2% growth Non-interest expenses fell 1% to $13.13bn as exchange traded funds (ETFs). expand its domestic network by adding flights although it was not clear if the numbers were in loans to businesses in the fourth quarter, Moynihan works to streamline the lender’s Overall, the company sold $43.6bn in stock, and more options for connections through its comparable. allowing it to capture more revenue from higher sprawling operations. Two years ago he pledged bond and other long-term investment funds, seven main hubs, with a particular focus on The year-ago results included a one-off charge US interest rates. to cut expenses to $53bn by the end of 2018 and more than the $10.6bn sold the quarter prior. Chicago, Denver and Houston. related to a change in US tax laws. Revenue rose in three of the lender’s four main stick to that level until 2020. But market declines and the company’s own Adjusted earnings per share rose to $2.41 from businesses. Global markets, which includes Net income applicable to common shareholders price cuts took a bite out of the fees the $1.99 a year earlier, topping analysts’ average trading, recorded a fall in revenue during the rose to $7.04bn, or 70 cents per share, in the company earns as a percentage of assets under forecast by 37 cents, according to IBES data turbulent quarter for markets that mirrored fourth quarter ended Dec. 31 from $2.08bn, or management. Fees the company collects for from Refinitiv. declines at rivals. 20 cents per share, a year earlier, when it took hitting certain performance targets and lending For 2019, United said it expects adjusted BofA, with its large deposit pool and rate- a nearly $3bn charge related to changes in US out shares to people betting against stocks were earnings of $10to $12per share. sensitive mortgage securities, relies heavily on tax law. also lower than the year prior. Assets under United posted fourth-quarter net income of higher interest rates to maximise profits. Revenue, net of interest expense, rose 11% to management were just under $6tn, down from $462mn, or $1.70 per share, compared with a Its total net interest income, the diff erence $22.7bn. $6.44tn in the preceding quarter. profit of $579mn, or $1.98 per share, a year ago. between what a lender earns on loans and BNY Mellon Net income attributable to BlackRock fell to The airline said it planned to boost its flight pays on deposits, rose 7.3% to $12.3bn. Average $927mn, or $5.78 per share, in the quarter ended network by another 4% to 6% next year, and deposits rose nearly 2% to $1.34tn from the Bank of New York Mellon Corp beat Wall Street December 31, from $2.30bn, or $14.01 per share, said it had placed orders for four Boeing 777- preceding quarter. estimates for fourth-quarter profit yesterday, as a year earlier, when it took a one-time gain due 300ER aircraft and 24 737 MAX planes. Results were buoyed by four Federal Reserve it earned more in fees from servicing assets that to US corporate tax cuts. However, the ability of airlines to introduce new interest rate hikes in 2018 and a US strong clients keep with the bank and kept a tight lid on Analysts on average expected BlackRock to aircraft into their fleets is being hampered by job market that kept bad loans in check expenses. report $6.27 per share, according to IBES data a partial US government shutdown, which is and borrowing healthy. The bank predicted A 10% rise in total fee revenue to $3.15bn lifted from Refinitiv. delaying federal certification for new airplanes economic growth would slow in 2019 but still overall revenue by 7.5% to $4bn. Excluding the restructuring charges and other to fly commercially. Gulf Times Thursday, January 17, 2019 5 BUSINESS

China’s growth data PBoC’s record $83bn may mask economic risks: Research group

AFP commodity price defl ation cy- Shanghai cle. The Conference Board esti- injection heightens mates 2015 growth fell to 3.8%, from 6.3% the previous year. hina’s GDP growth may Offi cial numbers, however, be significantly slower show a relatively small dip to Cthan official estimates 6.9%, from 7.3%. suggest and its economy more Economic growth is a sensi- vulnerable to external shocks tive topic for the Communist ailing economy’s woes than widely believed, a glo- Party, which has based its ruling bal business think tank has legitimacy largely on delivering Reuters warned. constant expansion and rising Shanghai Data due next week is expect- living standards. ed to show the world’s number- Hoff man said if the Board’s two economy expanded around numbers are correct, “it makes hina’s central bank injected a 6.5% last year, its slowest rate in the case for substantive eco- record $83bn into the country’s almost three decades as a global nomic reforms (by China) all Cfi nancial system yesterday, seek- slowdown and the US trade war the more urgent, especially in ing to avoid a cash crunch that would bite. the face of intensifying exter- put further pressure on the weakening But even that is well above the nal factors such as trade confl ict economy. 4.1% the US-based Conference and slowing global demand”. China’s policymakers are pledging Board, which provides research Some believe China’s growth to step up stimulus measures this year to member-businesses and or- may be even lower. and do more to protect jobs as economic ganisations worldwide, says its Xiang Songzuo, a fi nance growth cools to 28-year lows. methodology indicates. professor at Beijing’s Renmin But a raft of measures last year from big Economists in China and University and former chief rail projects to tax cuts seem to have had abroad have long suspected data economist of China Agricul- little impact so far, with recent data sug- is massaged upward, often not- ture Bank, said in a lecture last gesting activity is cooling more quickly ing that full-year gross domestic month that 2018 growth may than expected. “The news is clear – the product hits Beijing’s pre-set have been as low as 1.67%, or economy needs help,” said Trinh Nguyen, targets with suspicious regular- even contracted. senior economist for emerging Asia at ity. Video of Xiang’s lecture was Natixis in Hong Kong. The governor of northeastern widely circulated online until Yesterday’s open-market operation, Liaoning admitted in 2017 that government censors moved to the bank’s largest net single-day injec- the industrial province had falsi- block it. tion on record, came a day after China’s fi ed data for years. The NBS did not respond to state planner, central bank and fi nance Even current Premier Li Ke- a request for comment but ac- ministry all off ered reassurances to in- qiang said in 2007, when he was knowledges the data problem. vestors, signalling more spending and Liaoning’s top political offi cial, Last week it said it would other types of policy support. that results were often “man- launch a “fi rst-ever” crack- But shockingly weak December trade made” and he used his own cal- down on falsifi cation this year data released earlier this week, along with culations to guide provincial and implement a “unifi ed” na- shrinking factory activity, are stirring policymaking, according to a tionwide system of calculating speculation over whether more rapid and confi dential memo released by growth. aggressive policy measures are needed to WikiLeaks. It may not like what it fi nds turn the world’s second-largest economy The Conference Board, whose in 2019. Last year, the China- around. research is widely tracked by US trade battle may actually Authorities now agree the economy Headquarters of the People’s Bank of China is seen in Beijing. The PBoC said yesterday’s record $83bn injection is aimed at ensuring investors and policymakers, be- have boosted Chinese exports needs more decisive support “and to- there are ample funds in the financial system, which is facing strains as tax payments peak in mid-January, and as demand for cash gan making its alternative China temporarily as manufacturers day’s large injection refl ects that,” Nguy- picks up ahead of the Lunar New Year holidays starting in early February. fi gures public in 2014. rushed out shipments ahead of en added. David Hoff man, its senior the onset of US tariff s. The People’s Bank of China (PBoC) While authorities have urged banks to “I have never seen such huge amounts provals of more infrastructure projects. vice president for the Asia-Pa- But that has ended – De- said yesterday’s injection was aimed at keep lending to struggling fi rms and even of reverse repos... the central bank is But analysts agree steps so far will cifi c, said Chinese data report- cember exports fell 4.4% year- ensuring there are ample funds in the fi - dangled incentives, banks are wary of bad making its attitude known,” said a trader take some time to percolate through the ing problems do not factor into on-year – and The Conference nancial system, which is facing strains as loans after a long regulatory crackdown at a brokerage house in Shanghai. broader economy, with most not expect- the Board’s calculations. Board’s senior economist Gao tax payments peak in mid-January, and on riskier lending. “It’s saying, ‘don’t question my deter- ing activity to convincingly bottom out Its numbers diff er mainly be- Yuan said external pressures as demand for cash picks up ahead of the Many businesses, facing slowing sales, mination’” to stabilise market expecta- until summer. cause it looks at industrial out- on China’s economy “are likely Lunar New Year holidays starting in early are in no mood to make the fresh invest- tions, the trader said. Markets appear to On Monday, China is expected to re- put and service-sector growth to show up more signifi cantly” February. ments that Beijing is counting on. agree that policymakers will stick with port the economy grew 6.6% in 2018, using diff erent methodologies over the next 12 months. “The banking system’s overall liquidity New medium- and long-term cor- modest measures for some time yet. cooling from 6.9% the previous year and intended to reduce distortions That further complicates is falling rapidly,” it said in a statement. porate loans last month fell to less than Chinese stocks and money market the slowest rate of expansion the country in offi cial pricing mechanisms. Beijing’s eff orts to address its While sizeable injections are common half of average December levels, Nomura rates, sensitive to hints of policy shifts, has seen in 28 years. Its data indicates growth in economic slowdown, clean up this time of year ahead of the long holi- noted. were little changed yesterday. The pace is expected to slow further China, now a vital component worrying debt levels, and the days, the addition was much heftier than Chinese offi cials have repeatedly The seven-day repo rate, a close- to around 6.2% this year. Some analysts’ of the world economy, may have larger goal of transitioning away usual and follows a large cut in banks’ pledged more support for the economy ly watched measure of liquidity, was in-house models suggesting activity is been more volatile and vulner- from an economic model based reserve ratios announced this month, while vowing they will not resort to 2.6142% yesterday afternoon, slightly already much weaker than offi cial data able to outside factors than of- on exports, manufacturing and which will free up a total of $116bn for “fl ood-like” stimulus that Beijing has lower than the previous day’s close. suggests. Darkening the picture further, fi cial readings let on. investment to one more reliant new bank lending. unleashed in the past, which quickly “While the (PBoC’s) net injection is hopes are dimming once again that China For example, the National on domestic consumption. The fi rst stage, a 50-basis-point cut, juiced growth rates but left a mountain big, it’s little versus what a rate cut would will be able to reach a trade deal with the Bureau of Statistics (NBS) says Such priorities require a came into eff ect on Tuesday. of debt. release, which is what people in the mar- United States in current negotiations. growth dipped to 7.8% in 1998 cushion of solid growth to ex- An equal-sized cut is scheduled for Asked if the PBoC needed to cut bench- ket are watching for,” said Ken Cheung, US tariff s have increasingly weighed on during the Asian fi nancial crisis, ecute, economists say, but The January 25. mark interest rates, a PBoC deputy said senior Asian FX strategist at Mizuho in Chinese exports in recent months, dis- from 9.2% in 1997. Conference Board sees China’s The move also came a day after money on Tuesday that existing policy measures Hong Kong. In a rare encouraging sign, rupting its supply chains and dragging But The Conference Board’s growth slowing further to an supply data showed several of China’s should be improved. home prices remained buoyant in De- down business and consumer confi dence. calculations show 1998 growth average 3.8 % for 2019-2023, key credit gauges continue to languish Analysts at OCBC said the comments cember, suggesting that at least some of US Trade Representative Robert Light- may actually have been 2.3%, and 3.4% in 2024-2028. around record lows, despite government suggest the PBoC is willing to give exist- Beijing’s eff orts at support are beginning hizer did not see any progress made on half that of the previous year. China’s economy is “slowly eff orts to channel more funds to cash- ing measures time to work, and is in no to have an eff ect. structural issues during US talks with Subsequent shocks may also decelerating, similar to the of- starved companies and lower their fi - rush to switch to more aggressive tactics Construction also appears to be slowly China last week, Republican US Senator have been smoothed over, most fi cial data, but at a lower level of nancing costs. at this point. picking up as regulators fast-track ap- Chuck Grassley said on Tuesday. recently the 2014-2015 oil and growth”, Gao said.

BoJ will lower infl ation From sizzle to fizzle: HK’s red-hot property market cools AFP forecasts, say sources Hong Kong For young Hong Kongers like Wilson Leung Reuters cal year beginning in April and 1.5% getting a foothold on the city’s property Tokyo the following year. The BoJ’s nine- ladder has long been a near impossible task member board is expected to slightly but with the notoriously overpriced housing trim these forecasts to refl ect recent market facing a downturn, they now have a he Bank of Japan is expected declines in oil prices and the po- chance of realising their dream. to cut its inflation forecasts tential fallout from slowing global The crammed financial hub regularly Tat next week’s rate review, growth, the sources said. tops the list of cities with the least aff ord- sources say, a sign slumping oil The inflation forecast for fiscal able housing in the world, with even cheap prices and a darkening global eco- 2019 may be cut to around 1%, the apartments out of the reach of most regular nomic outlook are heightening sources said, still above a 0.7% pro- workers. challenges for hitting its ambitious jection made by analysts polled by However, after a decade of near con- 2% target. Reuters. tinual growth Hong Kong is about to join a But the BoJ is likely to maintain The BoJ is likely to roughly main- global downturn that is buff eting markets its upbeat assessment that Japan’s tain their economic growth projec- including London, Vancouver, Sydney and economy will keep expanding mod- tions, as lower energy costs and gov- Shanghai. erately as global growth is expected ernment spending to mitigate the And the good news for first-time buyers to emerge from a soft patch later this impact of a scheduled sales tax hike like Leung, who works in sales and lives with year, the sources familiar with the in October off set some of the pain his parents, most analysts believe the trend Newly constructed apartment buildings in Hong Kong. The crammed financial hub regularly tops the list of cities with the central bank’s thinking, told Reuters. from external headwinds, they said. will continue into 2019 as the China-US least aff ordable housing in the world, with even cheap apartments out of the reach of most regular workers. “Oil prices have fallen signifi- “Overseas risks are heighten- trade dispute rumbles on and the Chinese cantly since the BoJ’s previous pro- ing. But they are not huge enough economy stutters. “Now the price range is since 2008 at the height of the global truce,” she told AFP, predicting a further September report said a “skilled worker” jections in October and that will af- to undermine the BoJ’s forecast of OK for me,” Leung, 30, tells AFP, a sentiment financial crisis. 10%-15% drop in prices in 2019. needed 22 years of income to aff ord a 60 fect its upcoming forecasts,” one of a moderate economic expansion,” not often heard in a city where many young Demand from buyers in mainland China Until recently, the financial hub’s property square metre (645 square feet) flat, up from the sources said. one of the sources said. people save for years under their parents’ – a cash-rich demographic that has been has provided handsome returns for the 12 years a decade ago, with salaries staying “But the underlying trend in- As part of efforts to prevent fi- roofs in cramped flats well into their thirties. a key driver of the bubble, much to the wealthy – prices have doubled since 2008. largely the same since 2008. flation remains solid,” the source nancial institutions from sitting on “I am not waiting for the market to drop frustration of Hong Kongers – has also been The city became notorious for selling But many analysts are wary of predicting added, a view echoed by three more their huge pile of cash, the BoJ will even more, but waiting for a wider selection negative for the past four months. parking space-sized “micro-flats” for around a burst bubble because of Hong Kong’s sources. also extend the March deadline for to show up. “Against this backdrop, expectations HK$2.85mn ($360,000). unique situation – the densely populated The central bank is widely expect- a lending scheme aimed at encour- Once I find an ideal place, I’ll spring into for prices and sales volumes remain firmly The only time prices dipped was during city of seven million has a massive housing ed to keep monetary settings un- aging financial institutions to boost action.” Leung, who plans to marry later this rooted in negative territory over the next a brief period in 2015-16 when moves to shortage, which means huge demand. changed at its two-day rate review lending, the sources said. year, might do well to wait some more on three months and 12 months,” RICS wrote. discourage mainland buyers snapping up “You would need a pretty strong exog- ending on January 23, maintaining a Stubbornly low inflation has the property hunt. Iris Pang, ING’s Greater China economist, multiple properties coincided with a brief enous shock to the market to really send pledge to guide short-term interest forced the BoJ to maintain a radi- Many analysts are predicting further said residential prices have fallen by as stock market plunge. it lower,” said Ellison, who predicts a less rates at minus 0.1% and long-term cal stimulus programme despite dips, fuelled by the fallout of the US-China much as 15% in some areas. But it didn’t last long. RICS senior econo- dramatic 5% fall in prices over the next year. bond yields around 0%. the rising costs, such as the hit to trade war, the slowing mainland economy, a She said jitters over the trade war were mist Sean Ellison said the current drop looks Historical examples he gives that have It will also issue a quarterly re- financial institutions’ profits from weakening yuan and the prospect of further having the most significant eff ect given more long term as the trade war bites. sent the market plunging are the 1997 Asian port analysing Japan’s economy years of low rates. interest rate rises. the “potential impact on the Hong Kong “This time feels diff erent because there’s financial crash and the 2003 SARS outbreak. that will include fresh growth and Many BoJ policymakers are wary The Royal Institute of Chartered Survey- economy, including job security, wage multiple catalysts,” he told AFP. One potential alarm bell is if Washington inflation forecasts through the fis- of ramping up stimulus, though ex- ors (RICS) last month said property prices growth and asset price trend in general”. least aff ordable property market headed and Beijing fail to make a breakthrough in cal year ending in March 2021. ternal shocks could force the cen- declined for two consecutive months while “This makes the market sentiment negative for a crash? UBS ranked Hong Kong at the their trade talks by their March deadline – Under the current forecasts made tral bank to pull the trigger if the sales volumes have been down for four currently, and will continue to be so unless top of its league table for being the most triggering a massive increase in tariff s from in October, the BoJ expects core con- economy is at risk of sliding into months straight, the longest losing streak we see significant progress from the trade overpriced and most at risk of a bubble. The the Trump administration. sumer infl ation to hit 1.4% in the fi s- recession, analysts say. Gulf Times 6 Thursday, January 17, 2019 BUSINESS

Japan’s Modi govt wants expansionary machinery orders stall in worrying economic policy ahead of poll sign over Reuters business New Delhi spending ndian Prime Minister Narendra Modi’s ruling party is in favour of Ian expansionary economic policy Reuters and does not consider the government’s Tokyo plan to keep the fi scal defi cit to 3.3% of GDP as “sacrosanct”, a party spokesman told Reuters. apan’s core machinery orders Ahead of a general election that slowed sharply in November must be held by May and after a string Jin a sign corporate capital ex- of losses in recent state polls, the gov- penditure could lose momentum ernment run by Modi’s Bharatiya Ja- as a bruising US-China trade war nata Party (BJP) has announced several spills into the global economy. stimulus measures for the countryside The slight 0.02% decline where millions of farmers are grappling month-on-month in core ma- with low crop prices. chinery orders, considered a Other fi scal moves have been aimed leading indicator of capital ex- at helping small businesses. penditure, was well below the The measures are likely to be a drain median estimate for a 3.5% in- on fi nances in Asia’s third-biggest crease and marked a slowdown economy, though the Modi adminis- from a 7.6% expansion in Octo- tration is expected to get the Reserve ber. Bank of India to agree to transfer an in- A trade war between the Unit- terim dividend of Rs300bn-Rs400bn ed States and China is weigh- ($4.32bn-$5.8bn) to the government ing on growth in the world’s by March, Reuters reported last week two largest economies, which quoting sources. threatens Japan’s growth be- Weak consumer spending and the cause its exporters could delay fragile farm sector have already been investment and hiring due to a drag on economic growth, creating worries about corporate profi ts. a headache for Modi as he struggles to The potential slowdown in meet ambitious job creation targets. business spending comes at a India lost 11mn jobs last year, with diffi cult time for Japan because around 83% in rural areas, according to the government is preparing to independent think tank the Centre for raise the nationwide sales tax Monitoring Indian Economy, as opera- in October, which is expected tional costs surged for small businesses. to curb consumer spending. Those costs were boosted by the “Companies are delaying capex launch of a national sales tax in 2017 plans because they’re worried and the economic impact of an earlier about the trade war, so Japan’s ban on high value currency notes. economic growth is likely to fall “There’s a demand, there’s a debate A worker stacks steel pipes in the western Indian city of Ahmedabad. Indian Prime Minister Narendra Modi’s ruling party is in favour of an expansionary economic policy below its potential rate,” said Hi- – all my colleagues are saying what’s and does not consider the government’s plan to keep the fiscal deficit to 3.3% of GDP as “sacrosanct”, a party spokesman said yesterday. roaki Muto, economist at Tokai the need of keeping the fi scal defi cit Tokyo Research Center. “This in check when there is a distress in a to the dollar from its previous close of Agarwal said the government un- clude life insurance coverage. private sector. The economy will grow means less infl ationary pressure. particular sector,” said Gopal Krishna 71.03. derstands that farmers are in distress Agarwal said Modi and many fi nan- only when demand will be created.”He The government should not Agarwal, the economic aff airs spokes- Agarwal, a chartered accountant and that directly transferring money cial institutions were not in favour of said increasing the income tax exemp- hesitate to delay the sales tax man for the Hindu nationalist BJP, re- who is a director at state-run Bank of to their bank accounts was an option to waiving farm loans, as done by states tion limit for individuals was also being hike. ferring to the farm sector. Baroda and a member of a government help them out. recently won by the main opposition considered for the interim budget to be The Bank of Japan may even “Even think tanks associated with us committee on small and medium-sized He said the government was, how- Congress party, because doing so main- presented on February 1 by Jaitley. have to buy exchange-traded are talking in this sense. businesses, said Modi was aware of his ever, trying to fi gure out how to dis- ly helps banks and not so much farmers William Foster, vice president at funds in support.” Orders from Very few people domestically are party colleagues’ thinking but that no tribute funds to landless tillers to make in duress. Moody’s Investors Service, said that manufacturers fell 6.4% in No- talking about fi scal prudence. fi nal decision had been taken. sure any such transfer programme was “There’s defi nitely a suggestion to it expects the country’s fi scal defi cit vember from October after a Only foreign think tanks are talking DS Malik, a spokesman for the Min- eff ective and didn’t just benefi t those give interest-free loans to farmers. to slip to 3.4% of GDP this fi scal year 12.3% increase in October due to fi scal prudence, fi scal prudence. istry of Finance, did not respond to calls with land. Banks won’t have to pay, it has to be in- ending March 31 due to revenue short- a decline in orders from manu- I strongly believe an expansionary and e-mails seeking comment. The government is studying a pro- corporated into the budget,” he said. falls from goods and services tax, lower factures of electronics and steel, policy can benefi t the party,” he said in Finance Minister Arun Jaitley, who gramme launched by the eastern state “And what’s the so sacrosanct issue excise duty and below-target receipts data from the Cabinet Offi ce an interview on Tuesday night. is in the United States for a medical of Odisha under which farmers with about keeping the fi scal defi cit at less from sale of government assets. showed yesterday. India’s 10-year benchmark bond check-up, said in a Facebook post on landholdings of up to 5 acres would get than 3.5%? If you don’t adopt an expan- “Increased expenditure on income Service-sector orders rose yield rose 4 basis points to 7.53% after Tuesday that India’s “fi scal discipline cash assistance to buy seeds, pesticides, sionary economic policy, then the gov- transfers, farm loan waivers or other 2.5%, slower than a 4.5% in- the news, its highest since January 8 on during the past fi ve years has been fertilisers and pay for labour. ernment alone can’t create demand by forms of subsidies would weigh further crease the previous month. worries about the fi scal defi cit. amongst the best as compared to any Sharecroppers, who cultivate rented just spending on infrastructure. on government fi nances,” Foster told Orders from parcel delivery The rupee also weakened to 71.23 preceding period”. land will also get the benefi ts, which in- It has to come from both public and the Reuters. and logistics companies rose in November. However, a decline in orders from construction and telecom- munications companies dragged on growth in orders from the services sector. “Core” ma- Pakistan likely to phase out super tax on companies chinery orders exclude those for ships and from electricity utili- ties. Internews met with offi cials the other day. “Initial- discouraging new investment. Secondly, Addressing this issue is a must to en- many fi nished goods are lower than the Japan’s policymakers have Karachi ly, the tax had to be phased out over the the rehabilitation process has come to an courage new companies to get listed at intermediate goods and raw material. long argued that an increase in next two years (by FY21).” end now. the PSX and become part of the docu- The practice has discouraged manu- business investment will con- The government, through the Fi- Malik said the government had also mented economy. facturing and made the country a trading tribute to economic growth as he Pakistan Tehreek-e-Insaf nance Act 2015, had imposed 4% super agreed with the businessmen that it Besides, the government is also ex- economy. companies replace old manufac- (PTI) government’s second mini- tax on the banking companies earning would address the issue of double taxa- pected to remove 10% additional tax on In addition to this, the government turing equipment and invest in Tbudget, which will be announced Rs500mn or more whereas for others the tion on the disbursement of dividends by retaining over 60% of profi t for the pur- has also agreed to remove the condition new technology. on January 23, may bring many surprises tax rate was 3% for fi scal year 2016. holding companies. pose of re-investment. of paying minimum turnover tax during However, the chance of a as it is not yet known what it will off er to The collection of super tax was to be At present, subsidiary fi rms pay 15% At present, it is compulsory for the the tax holidays granted to new entrants growth spurt this year driven businesses and the overall economy. spent on the rehabilitation of internally tax when they disburse dividend to their companies to distribute 40% of profi t in diff erent sectors. “New entrants are by corporate investment has However, discussions with industry displaced persons (IDPs) because of the parent companies and then the parent among the shareholders. liable to pay the tax whether they are in dimmed because international people and reports of research houses war against terrorism at that time in Pa- companies pay another 15% tax when Otherwise, they will have to pay the profi t or loss. The tax is discouraging in- trade tensions and slowing glo- suggest the government is considering kistan. they disburse dividend to the sharehold- additional 10% tax, which is discourag- vestment,” he said. bal growth could hurt Japan’s removing the super tax earlier than the According to tax documents, the rate ers. ing re-investment. “Broadly speaking, it will be a pro- export-oriented economy. deadline. of super tax will go down by 1% every The practice has made the payment The government has also agreed to investment budget, encouraging capital Japan is scheduled to raise the “The government has agreed to con- year, until it becomes zero by FY21. of dividends expensive for the holding rationalise taxes on the import of raw formation, capital investment and con- nationwide sales tax to 10% from sider phasing out the super tax swiftly in Industrialists and businessmen were companies and has resulted in a halt to material, intermediate and value-added solidation. 8% in October, because it needs the budget,” revealed Pakistan Business of the view that the additional tax had the listing of new holding fi rms at the goods for diff erent sectors. They (government offi cials) have con- extra tax revenue for rising wel- Council (PBC) CEO Ehsan Malik, who increased their production cost and was Pakistan Stock Exchange (PSX). At present, taxes on the import of sented to remove the tax.” fare costs.

On the autofarm: China turns to driverless tractors to overhaul agriculture

Reuters drive to automate agriculture. “Automated vester used in the Xinghua trial along with rival to the US Global Positioning System Xinghua, China farming is the way ahead and demand for Jiangsu University. (GPS). Beijing has included agricultural it here is huge,” said Cheng Yue, general The next trials are slated for the north- machinery in its ‘Made in China 2025’ manager of tractor maker Changzhou eastern province of Heilongjiang and for campaign, meaning the vast majority of A brand new combine harvester buzzes up Dongfeng CVT Co Ltd, which provided an the hills around the southwestern city of its farm equipment should be produced at and down a field in eastern China without autonomous vehicle that was also used Chongqing in the first half of this year. home by that time. a driver on board, chopping golden rice at the trial in the rice field in Xinghua, a Those come after a string of automated Semi-automated technology is already stalks and off ering a glimpse of what au- county in the eastern province of Jiangsu. developments in the sector. fairly common on farms in places such thorities say is the automated future of the However, the road to automation is long YTO developed its first driverless tractor as the United States, but fully-automated nation’s mammoth agricultural sector. and littered with obstacles such as high in 2017 and is aiming to start mass produc- tractors and combines have yet to be The bright green prototype was operat- costs, the nation’s varied terrain and the tion soon, depending on market demand, mass-produced anywhere. ing last autumn during a trial of driverless small size of many of its farms. said Lei Jun, an executive at the firm’s But with many Chinese farms still too farm equipment as the government pushes “I have heard of driverless tractors. But I technology centre, without giving a more small for a regular tractor, driverless ones firms to develop within 7 years fully- don’t think they are practical, especially the detailed timeline. that could be as high as four times more automated machinery capable of planting, really large ones,” said Li Guoyong, a wheat Lovol Heavy Industry Co Ltd signed a expensive at around $90,000 will be a fertilising and harvesting each of China’s farmer in China’s northern Hebei province. deal with Baidu in April to apply the tech long way out of reach for many in the staple crops – rice, wheat and corn. Most farms in his area are only a few giant’s Apollo automated driving system to short-term. That shift to automation is key to hectares in size, he said by phone. its agricultural machinery. More than 90% of farms in China are the farming sector in the world’s No 2 To try to achieve its ambitious 7-year “China is expected to climb the au- less than 1 hectare, while in the United economy as it grapples with an ageing goal, Beijing is supporting trials of local tonomous technology ladder very quickly, States nearly 90% are larger than 5 hec- A brand new combine harvester buzzes up and down a field in eastern rural workforce and a dearth of young peo- technology across the country organised mainly because Chinese companies can tares. “It is not about whether you have China without a driver on board, chopping golden rice stalks and off ering ple willing to endure the hardships many by industry group Telematics Industry Ap- access the local navigation satellite system, the product. It is about the entire system. a glimpse of what authorities say is the automated future of the nation’s associate with toiling on the land. plication Alliance (TIAA). which gives them an advantage over their It is about commercialising agriculture,” mammoth agricultural sector. The bright green prototype was operating Other countries like Australia and the Members include state-owned tractor international peers,” said Alexious Lee, said Lee. Although analysts and industry last autumn during a trial of driverless farm equipment as the government United States are taking similar steps in the maker YTO Group, navigation systems Head of China Industrial Research at Hong off icials said that the underlying trend pushes firms to develop within 7 years fully-automated machinery capable face of such demographic pressures, but producer Hwa Create and Zoomlion Heavy Kong brokerage CLSA. would be for farms to get larger as ongoing of planting, fertilising and harvesting each of China’s staple crops – rice, the sheer scale of China’s farming industry Industry Science & Technology Co Ltd, He was referring to China’s ‘Beidou’ reforms to land rights should allow farmers wheat and corn. means the stakes are particularly high in its which helped develop the combine har- homegrown satellite navigation system, a to lease more space. Gulf Times Thursday, January 17, 2019 7 BUSINESS

Indian Diverging Brexit scenarios stocks fl at; rupee dips

Bloomberg send pound down in Asia Mumbai

Bloomberg ndian equities were little London changed, giving up gains in Iearly trade, as investors as- sessed local companies’ earnings. he pound fell in Asian trading Four of the top 50 companies as investors started to weigh a have reported quarterly results Tworst-case Brexit after Prime so far and two of them have beat- Minister Theresa May’s plan was en estimates. roundly defeated by UK lawmakers. The benchmark S&P BSE Sterling weakened against most its Sensex climbed less than 0.1% Group-of-10 counterparts, while trad- to 36,321.29 at the 3:30pm close ers said fl ows were thin as most inves- in Mumbai, giving up gains of as tors were staying on the sideline after much as 0.4% in the day. Tuesday’s whipsaw session. The NSE Nifty 50 Index was While May is expected to survive little changed at 10,890.30. a vote of no confi dence that will take A national election, along place later yesterday, uncertainty over with a shrinking pool of cash as how she will put together a new deal is central banks across the world spurring risk aversion. trim balance sheets, suggests “Tuesday night’s vote may have 2019 will be challenging for In- increased the chances of a second dian equities. referendum but it also increased the Local fl ows are also showing chances of a no deal Brexit,” said Sue signs of fatigue as stock funds Trinh, head of Asia foreign-exchange received the smallest infl ows in strategy at Royal Bank of Canada in 23 months through December. Hong Kong. “Both tails are now a bit Some analysts expect Indian fatter and GBP volatility has risen ac- equity gauges to remain in the cordingly.” doldrums until the poll results The pound dropped 0.1% to $1.2848 become clear, around May. as of 12:50pm in Tokyo after sliding as “Markets have been trading much as much as 1.5% on Tuesday be- in a narrow range, reflecting fore erasing all those losses. indecisiveness ahead of In- Sterling was little changed at 88.73 dian elections,” said Jagannad- pence per euro. ham Thunuguntla, senior vice The UK currency’s volatility is rising president and head of research again as traders brace for later yester- for wealth at Centrum Broking day’s confi dence vote that was tabled by Pvt in Mumbai. “The ongoing Labour leader Jeremy Corbyn. earnings season is keeping in- One-week implied volatility climbed since the day before the UK voted to lead to a quicker pace of interest-rate That would be the best case for ster- as a tactical buy for the pound, politi- vestors busy with stock-spe- 0.76 to 14.6450 after dropping the most leave the European Union in June 2016 increases to control infl ation. ling, boosting the currency to $1.35, ac- cians in the UK and the EU are not un- cific action.” in almost month on Tuesday. amid concern the departure would hurt The opposition Labour party says all cording to a survey of analysts. derestimating the risk for a disorderly Better-than-expected earn- One-month volatility increased 0.17 its economy. options, including campaigning for a Leaving with no deal would see the Brexit”, Philip Wee, a foreign-exchange ings growth will cushion the vol to 13.025. Bank of England governor Mark Car- second referendum, remain on the table pound drop to $1.15. strategist in Singapore, wrote in a re- market, while challenges will The pound has weakened almost 14% ney has said a no-deal outcome may if there isn’t a general election. “While markets see a delay to Brexit search note. arise with any weakening of the rupee against the dollar or a re- bound of crude oil prices. He advises investors to pick shares of companies with low debt, wider profi t margins and highest return ratios. “Keep dry powder ready to take advantage of any volatility.” Italian bonds shine on solid debt sale Eleven of the 19 sector in- dexes compiled by BSE Ltd Reuters for a softer Brexit, weighed on the eu- well and the good performance of Ital- around 140 bps. For broader eurozone no confi dence vote in parliament later advanced, paced by a gauge of London rozone’s higher-rated bond markets. ian bonds gives a lot of confi dence for markets, the Brexit vote weighed as the yesterday. oil and gas shares. Indo Rama In Italy, bonds yields fell as much as investors to come back to the market,” potential for a softer Brexit would re- Still, Goldman Sachs strategists said Synthetics India Ltd climbed seven bps, with 10-year yields hitting said Ciaran O’Hagan, rates strategist duce demand for safe-haven eurozone in a note that Tuesday’s defeat sig- 5.7% to its highest since Feb- taly’s bond yields tumbled yester- almost two-week lows at 2.80%. at Société Générale. “Brexit is a side- bonds. nals the prospect of a disorderly “no ruary 2018, after a unit of In- day after record demand for a new Italy raised 10 bn euros ($11.4 bn) in show.” German 10-year bond yields for in- deal” Brexit has receded with a greater dorama Ventures said it plans I15-year bond a day earlier, while its biggest ever syndicated bond sale on Italy’s solid debt deal, its fi rst bond stance rose 3 bps on the day to 0.24%. probability of an extension to the end- to buy a stake. Speciality Res- a selloff in UK gilts after a hefty par- Tuesday, drawing total investor orders sale via a syndicate of banks in a year, “Clearly there was a lot of pessi- March deadline. taurants Ltd surged by its daily liamentary defeat for Prime Minister of more than €35.5bn, according to a also lifted sentiment towards southern mism in the market ahead of the Brexit Analysts said eurozone bond mar- limit of 20%, a record, after Theresa May’s Brexit plans hurt broad- lead manager at one of the banks that European bond markets. deal vote, so after the vote I did expect kets also drew some support from do- its October to December sales er eurozone debt markets. helped sell the debt. Spain’s 10-year bond yield fell 2 bps gilt yields to move higher,” said Pooja vish comments on Tuesday by Euro- jumped 24% from a year earlier Lawmakers rejected May’s Brexit di- Demand for the new bond was bu- to 1.37%, pushing the gap over bench- Kumra, European rates strategist at TD pean Central Bank chief Mario Draghi. and its net income rose nearly vorce deal late on Tuesday by a crush- oyed by the resolution last month of mark German bond yields to 113.40 bps Securities in London. The eurozone’s economy is not 13 times. ing margin, pushing Britain’s gilt yields a protracted row between Rome and – its tightest in almost three weeks. “But there is still a lot of uncertain- heading for a recession but still needs Meanwhile, the Indian rupee up seven basis points to 1.32%. the European Commission over Italy’s The Portuguese/German 10-year ty and this move in gilts is likely to be support from the ECB as its slow- lost 20 paise to settle at 71.24 per The sharp rise in gilt yields, which budget. bond yield gap was also at its tight- short-lived.” down could last longer than expected, US dollar against the previous analysts said may refl ect expectations “The Italian syndication went very est since late December, narrowing to Theresa May’s government faces a Draghi said. close of 71.04. EM currencies gain as Turkish lira firms Asian equity markets mostly rise

before rate decision AFP pummelling many had predicted, and Friend at National Australia Bank. in the US over the government shutdown, Hong Kong analysts say the positive news is that the But he added: “I don’t see the pound which is now in its fourth week, with options for the future are narrowing. rallying much until markets are sure the both sides digging their heels in. Reuters recession, higher inflation, and With May expected to win a vote of no (ruling) Conservatives have seen off the Tokyo ended off 0.6% at 20,442.75, London macro destabilisation,” Ash he pound edged down yesterday confi dence called by the opposition La- confi dence motion.” but Hong Kong rose 0.2% to 26,980.43 to said. after the record defeat of Brit- bour Party yesterday, talk will move to Meanwhile, London may still leave the build on Tuesday’s 2% rally while Shang- Neither the central bank nor Tish Prime Minister Theresa May’s what happens next. bloc without a backup. hai was fl at at 2,570.42 points at close Most emerging market Turkish President Tayyip Brexit plan but mostly held its ground as Analysts say May could ask to delay “We cannot ignore the fact that it takes yesterday. currencies firmed against the Erdogan’s AKP party would investors consider the next likely devel- Britain’s March 29 exit from the bloc as very little eff ort for no-deal, whilst it Sydney and Seoul each rose 0.4%, dollar yesterday, with Turkey’s want a repeat of those opments in the long-running saga. she looks for a more palatable agreement takes a vast amount of eff ort to avoid it,” while Singapore added 0.3% and Wel- lira strengthening ahead of conditions in the run-up to The sterling tanked to a near two-year from her EU peers, while there is growing warned Neil Wilson, chief market analyst lington put on 0.7% with Mumbai 0.2% a central bank rate decision, local elections, he added. low soon after the government’s pro- speculation of a general election and even at Markets.com. higher. while stocks in the developing Turkish stocks were up half posal on leaving the European Union was another referendum. Asian equity markets mostly rose after Investors are now gearing up for the world notched a six-week a per cent, aided by gains soundly beaten Tuesday evening, but it “Momentum is shifting away from the Tuesday’s rally that was fuelled by Chi- start of the corporate earnings season and peak. among financial shares. soon bounced back as traders bet there harder Brexit route and towards a number nese plans to cut taxes in a bid to support some are concerned that the eff ects of re- Turkey’s central bank sets MSCI’s index of emerging would not be a “no-deal” exit. of options ranging from postponement the stuttering economy. cent soft economic data globally – as well borrowing costs later in market stocks rose 0.2%. And while it was slightly lower in Asia, and second referendum. However, traders are growing increas- as the China-US trade war – will begin to the day, with a Reuters poll A half-per cent rise in Russia’s the pound managed to avoid the sort of That is pound supportive,” said Gavin ingly worried about the lack of movement show up in accounts. predicting the key rate will rouble was underpinned by an remain at a formidable 24% increase in the price of oil, the despite moderating inflation. country’s main export. The lira was 0.8% firmer after Gains in Russian stocks were Crypto’s billion-dollar theft problem prompts safer way to trade hitting its strongest level tempered by a drop in the against the dollar in more than Moscow-listed shares of a week. Rusal after the US Senate Bloomberg Moro said. Trading coins in cold storage could Tim Ash, emerging markets voted to advance a resolution Los Angeles reduce another problem for investors: the senior sovereign strategist at disapproving of a Trump risk that prices move against them during the BlueBay Asset Management, administration plan to ease day or two it currently takes to load the coins said he did not think the bank sanctions on Russian firms tied Big investors who’ve soured on cryptocurren- into an exchange’s hot wallet so they can be would be “that naïve as to to oligarch Oleg Deripaska. cies because of the industry’s billion-dollar traded. “Hot wallets are online, so hackers pre-emptively cut rates at this South Africa’s rand was 0.6% theft problem will soon have a new way to can do whatever they do to get the coins,” stage”. firmer. trade that’s touted as a safer solution. Moro said. A diplomatic row with the Market participants awaited By the end of the month, BitGo Inc’s cus- Genesis will make money from the deal by United States, a spike in oil local retail sales data for clues tomers will be able to buy or sell Bitcoin, Ether keeping the diff erence in prices to buy and prices to multi-year peaks on the health of Africa’s most and other digital assets without the coins sell, what’s known as the bid-off er spread, and doubts investors had industrialised economy. ever leaving cold storage – in other words, he said. about the central bank’s South African stocks edged they’ll stay on devices not connected to After seeing cryptocurrency prices soar to independence hammered the 0.1% higher. the Internet, making them harder to steal. records in late 2017 and early 2018 – Bitcoin lira in 2018. Following the parliamentary BitGo is off ering this through a partnership peaked near $20,000 and Ether traded over It ended the year more than rejection of British Prime with Genesis Global Trading Inc, a trading $1,300 – the market had a disastrous time last 28% weaker, its worst annual Minister Theresa May’s Brexit firm. Hacking is a major problem. year, crashing by as much as 90%. showing in 17 years. proposal, currencies softened Almost $1bn worth of cryptocurrencies Besides security concerns, institutional “Cutting too early would risk in central and eastern Europe was stolen in the first nine months of last year, investors may also be staying away from the more carnage for the (lira), — a region exposed to Brexit according to blockchain security firm Cipher- BitGo wants to “introduce market structure means coins aren’t sent to exchanges, cutting asset class due to such extreme volatility, and putting the currency ructions. Trace. Crypto prices have plunged over the to crypto that’s never existed before,” chief the risk of theft, human error or running afoul Belshe said. back into the death spiral Hungary’s forint hit a more past year, and the big, institutional clients executive off icer Mike Balshe said in an of compliance requirements, he added. He noted that global market jitters are also which threatened back in the than one-month low against BitGo wants to lure in could bring enough interview. Genesis Trading will match BitGo cus- likely aff ecting investment decisions as inves- summer – meaning deeper the euro. trading firepower to fuel a rebound. Being able to buy or sell in off line-mode tomer’s buy and sell orders, CEO Michael tors look for safe places to keep their cash. Gulf Times 8 Thursday, January 17, 2019 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 16.02 2.04 246,082 Coast Investment Development 34.10 -2.57 379,200 Dhofar Intl Development 0.28 0.00 300,088 Amana Cooperative Insurance 23.00 3.05 1,103,532 Privatization Holding Compan 60.00 0.17 385,810 Dhofar Insurance 0.17 0.00 - Alabdullatif Industrial Inv 11.38 0.35 24,014 Injazzat Real State Company 86.00 1.18 7,497 Dhofar Generating Co Saoc 0.22 0.00 - Saudi Printing & Packaging C 16.38 0.37 299,696 Kuwait Cable Vision Sak 20.00 0.00 3,500 Dhofar Fisheries & Food Indu 1.28 0.00 - Saudi Paper Manufacturing Co 13.08 -0.15 350,092 Sanam Real Estate Co Kscc 38.00 0.00 40,043 Dhofar Cattlefeed 0.15 0.00 - Alinma Bank 24.00 -0.25 8,134,748 Ithmaar Holding Bsc 28.50 -1.72 543,700 Dhofar Beverages Co 0.26 0.00 - Almarai Co 56.50 0.89 912,363 Aviation Lease And Finance C 347.00 0.58 202,840 Construction Materials Ind 0.03 0.00 - Falcom Saudi Equity Etf 32.80 1.23 180,717 Arzan Financial Group For Fi 29.70 0.00 5,730 Computer Stationery Inds 0.26 0.00 - United International Transpo 28.40 2.53 448,349 Ajwan Gulf Real Estate Co 19.10 0.53 1,270,398 Bankmuscat Saog 0.40 -0.99 1,149,533 Hsbc Amanah Saudi 20 Etf 30.60 0.00 1 Kuwait Business Town Real Es 47.40 1.28 76,010 Bank Sohar 0.12 0.00 3,499,025 QATAR Saudi International Petroche 19.34 -0.62 409,675 Future Kid Entertainment And 90.00 0.00 6,000 Bank Nizwa 0.09 -1.09 1,551,234 Falcom Petrochemical Etf 31.60 0.00 42 Specialities Group Holding C 70.90 2.75 91,830 Bank Dhofar Saog-Rts 0.00 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 24.56 -1.29 511,322 Abyaar Real Eastate Developm 17.80 -0.56 2,794,209 Bank Dhofar Saog 0.16 0.00 218,875 Bank Al-Jazira 16.28 2.01 7,219,199 Kgl Logistics Company Kscc 43.00 0.47 1,166,700 Arabia Falcon Insurance Co 0.12 0.00 - Zad Holding Co 129.50 9.76 82,121 Al Rajhi Bank 100.00 0.10 2,114,123 Combined Group Contracting 305.00 -0.33 63,800 Aloula Co 0.53 0.00 - Widam Food Co 77.02 0.75 66,674 Samba Financial Group 36.00 2.27 928,620 Jiyad Holding Co Ksc 69.50 2.21 782,203 Al-Omaniya Financial Service 0.20 0.00 - Vodafone Qatar 8.33 -0.36 241,910 United Electronics Co 61.40 -0.16 336,951 Boubyan Intl Industries Hold 37.00 1.09 10,402 Al-Hassan Engineering Co 0.03 0.00 - United Development Co 16.10 0.19 1,612,168 Allied Cooperative Insurance 19.58 -0.10 161,039 Gulf Investment House Ksc 17.40 1.75 200,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Salam International Investme 5.09 -0.78 127,188 Malath Insurance 11.90 -1.00 750,462 Boubyan Bank K.S.C 579.00 -0.69 211,740 Al-Anwar Ceramic Tiles Co 0.08 -2.41 214,443 Qatar & Oman Investment Co 5.63 -0.35 434 Alinma Tokio Marine 16.28 0.25 96,012 Ahli United Bank B.S.C 217.00 -0.91 8,184,411 Al Suwadi Power 0.10 0.00 557,000 Qatar Navigation 70.00 0.57 180,544 Arabian Shield Cooperative 18.64 -0.32 263,727 Osos Holding Group Co 100.00 0.00 103,000 Al Sharqiya Invest Holding 0.09 -1.16 93,024 Qatar National Cement Co 63.51 0.81 19,317 Savola 31.85 2.25 766,910 Al-Eid Food Ksc 66.00 0.00 11 Al Maha Petroleum Products M 0.94 0.00 - Qatar National Bank 199.00 -0.50 411,732 Wafrah For Industry And Deve 15.80 -1.86 243,846 Qurain Petrochemical Industr 370.00 -0.54 112,805 Al Maha Ceramics Co Saoc 0.20 -4.76 9,000 Qatar Islamic Insurance 56.50 0.89 13,060 Fitaihi Holding Group 10.88 -0.18 34,458 Ekttitab Holding Co Sak 21.60 0.47 3,568,914 Al Madina Takaful Co Saoc 0.09 0.00 410,436 Qatar Industrial Manufactur 43.20 1.53 31,036 Tourism Enterprise Co/ Shams 32.05 0.16 106,068 Real Estate Trade Centers Co 25.50 0.79 7,128 Al Madina Investment Co 0.03 0.00 30,596 Qatar International Islamic 69.40 0.65 75,599 Sahara Petrochemical Co 16.02 0.00 1,235,766 Acico Industries Co Kscc 163.00 0.00 259 Al Kamil Power Co 0.38 0.00 - Qatari Investors Group 28.55 -1.52 11,563 Herfy Food Services Co 47.35 0.11 49,983 Kipco Asset Management Co 72.00 -2.70 16,020 Al Jazerah Services -Pfd 0.55 0.00 - Qatar Islamic Bank 159.00 -0.69 131,287 Saudi Ind Investment Group 23.62 -0.59 383,077 National Petroleum Services 915.00 -1.08 21,600 Al Jazeera Steel Products Co 0.28 0.00 - Qatar Gas Transport(Nakilat) 19.20 2.89 927,854 Salama Cooperative Insurance 16.08 -0.25 207,632 Alimtiaz Investment Group 133.00 0.00 197,600 Al Jazeera Services 0.11 0.00 - Qatar General Insurance & Re 47.95 0.00 - Emaar Economic City 8.15 0.49 1,472,127 Ras Al Khaimah White Cement 81.00 0.00 5,100 Al Izz Islamic Bank 0.09 0.00 300,000 Qatar German Co For Medical 6.22 -1.74 183,477 Alahli Takaful Co 27.80 -0.71 71,028 Kuwait Reinsurance Co Ksc 198.00 0.00 1,500 Al Buraimi Hotel 0.88 0.00 - Qatar Fuel Qsc 177.78 1.01 133,974 Anaam International Holding 13.34 -1.19 216,947 Kuwait & Gulf Link Transport 95.10 0.32 821,400 Al Batinah Power 0.10 0.00 50,700 Qatar First Bank 4.20 -3.00 1,631,964 Saudi Telecom Co 98.20 0.20 431,819 Humansoft Holding Co Ksc 3,201.00 -1.02 224,574 Al Batinah Hotels 1.13 0.00 - Qatar Electricity & Water Co 188.00 0.00 49,686 Al Alamiya Cooperative Insur 34.95 0.72 116,419 Automated Systems Co Kscc 105.00 0.00 6,751 Al Batinah Dev & Inv 0.09 0.00 - Qatar Exchange Index Etf 106.35 0.52 3,250 Saudi Industrial Services Co 11.02 0.55 342,580 Metal & Recycling Co 61.90 0.00 75 Al Anwar Holdings Saog 0.09 -2.17 1,522,452 Qatar Cinema & Film Distrib 19.02 0.00 - Al-Ahsa Development Co. 9.97 0.00 55,114 Gulf Franchising Holding Co 70.00 0.00 2,845 Al Ahlia Insurance Co Saoc 0.36 0.00 - Al Rayan Qatar Etf 25.10 -0.79 18,865 National Co For Glass In/The 18.10 0.11 11,613 Al-Enma’a Real Estate Co 35.00 2.34 1,234,793 Ahli Bank 0.15 0.00 600,000 Qatar Insurance Co 38.80 -0.13 64,281 Dur Hospitality Co 18.70 1.30 14,191 National Mobile Telecommuni 700.00 0.00 10,064 Acwa Power Barka Saog 0.70 0.00 - Ooredoo Qpsc 76.43 -0.25 110,152 Tabuk Cement Co 11.74 4.82 5,283,162 Unicap Investment And Financ 79.90 -0.13 76,057 Abrasives Manufacturing Co S 0.05 0.00 - National Leasing 9.48 3.61 274,614 Sasco 16.32 0.12 148,348 Al Salam Group Holding Co 33.90 0.30 451,306 A’saff a Foods Saog 0.60 0.00 - Mazaya Qatar Real Estate Dev 7.86 0.38 79,368 Saudi Cement 53.50 4.09 634,412 Al Aman Investment Company 50.30 0.00 17,000 0Man Oil Marketing Co-Pref 0.25 0.00 - Mesaieed Petrochemical Holdi 15.44 0.98 547,900 Aseer Trading Tourism & Manu 9.30 0.11 88,952 Mashaer Holding Co Ksc 77.00 1.99 6,884,666 Al Meera Consumer Goods Co 153.00 0.10 79,769 Nama Chemicals Co 27.10 0.56 147,741 Manazel Holding 27.00 -0.74 132,200 Medicare Group 66.00 2.33 49,932 Saudi Arabian Mining Co 55.40 0.73 484,884 Tijara And Real Estate Inves 50.50 0.00 116,600 Mannai Corporation Qsc 56.50 -1.65 1,100 Yanbu Cement Co 24.02 2.91 832,000 Jazeera Airways Co Ksc 719.00 0.00 110,480 UAE Masraf Al Rayan 41.90 -0.10 681,573 Saudi Fisheries 63.80 -2.00 1,097,451 Commercial Real Estate Co 90.50 0.00 300,280 Al Khalij Commercial Bank 11.87 1.45 114,545 Ash-Sharqiyah Development Co 50.70 -0.39 137,335 National International Co 62.00 0.00 100 Company Name Lt Price % Chg Volume Industries Qatar 148.00 0.00 150,095 Makkah Construction & Devepl 78.40 0.26 15,600 Taameer Real Estate Invest C 29.20 0.34 8,303,890 Islamic Holding Group 22.50 -1.32 8,614 Waha Capital Pjsc 1.82 0.00 147,811 Al Jouf Cement 7.86 2.08 2,656,681 Gulf Cement Co 67.90 4.46 5,500 Investment Holding Group 5.38 -1.65 392,785 United Insurance Company 2.00 0.00 - Abdullah A.M. Al-Khodari Son 6.91 -0.43 822,076 Heavy Engineering And Ship B 419.00 -0.24 150 Gulf Warehousing Company 41.74 0.58 93,353 United Arab Bank Pjsc 1.20 0.00 - Knowledge Economic City 9.22 0.22 325,190 National Real Estate Co 90.90 -0.33 72,577 Gulf International Services 16.93 -0.12 350,877 Union National Bank/Abu Dhab 4.88 0.00 300,000 Al-Ahlia Cooperative Insuran 11.20 -0.53 308,513 Al Safat Energy Holding Comp 32.80 2.50 348,878 Ezdan Holding Group 14.10 -0.77 176,285 Union Insurance Co 0.90 0.00 - Al Rajhi Co For Co-Operative 70.40 -0.98 178,403 Kuwait National Cinema Co 1,030.00 0.00 1,000 Doha Insurance Co 12.35 -3.36 14,998 Union Cement Co 0.00 0.00 - Advanced Petrochemicals Co 54.80 -0.18 256,155 Danah Alsafat Foodstuff Co 38.50 0.26 49,300 Doha Bank Qpsc 21.90 -0.45 224,751 Umm Al Qaiwain General Inves 0.97 0.00 - Al Babtain Power & Telecommu 19.44 -0.31 301,305 Independent Petroleum Group 428.00 0.00 300 Dlala Holding 9.97 -1.09 9,729 Sudatel Telecome Group Ltd 0.37 -0.54 31,626 Allianz Saudi Fransi Coopera 30.00 -0.83 75,659 Kuwait Real Estate Co Ksc 57.90 0.35 1,146,500 Commercial Bank Pqsc 41.75 -0.36 165,517 Sharjah Islamic Bank 1.22 1.67 14,000 Najran Cement Co 8.28 0.98 5,543,851 Salhia Real Estate Co Ksc 330.00 0.00 500 Barwa Real Estate Co 39.86 -0.33 113,439 Sharjah Insurance Company 2.84 0.00 - Al Tayyar Travel Group 21.10 -0.47 467,042 Gulf Cable & Electrical Ind 388.00 -0.26 50,110 Al Khaleej Takaful Group 9.00 3.45 90,161 Sharjah Group 1.00 0.00 - National Commercial Bank 51.60 -0.39 1,261,626 Kuwait Finance House 0.00 0.00 - Aamal Co 10.14 -2.03 465,445 Sharjah Cement & Indus Devel 0.93 0.00 - Saudi Airlines Catering Co 85.50 0.35 57,318 Gulf North Africa Holding Co 49.50 0.00 185,300 Al Ahli Bank 27.43 -1.33 5,988 Ras Al-Khaimah National Insu 2.90 0.00 - City Cement Co 9.33 1.41 1,675,920 Hilal Cement Co 80.00 -8.99 3,500 Ras Al Khaimah White Cement 1.08 0.00 - Dallah Healthcare Co 63.80 -1.09 162,619 Osoul Investment Kscc 58.00 0.00 433 Ras Al Khaimah Ceramics 1.80 0.00 - Northern Region Cement Co 8.28 0.85 1,068,589 Gulf Insurance Group Ksc 640.00 0.00 1,000 SAUDI ARABIA Ras Al Khaimah Cement Co Psc 0.60 -5.51 30,000 National Medical Care Co 45.85 -2.24 453,460 Umm Al Qaiwain General Inves 71.50 3.47 155,151 Ras Al Khaima Poultry 1.90 0.00 - Aljazira Takaful Ta’awuni Co 17.70 0.57 182,380 Aayan Leasing & Investment 40.80 0.74 2,443,166 Rak Properties 0.47 0.00 314,000 Company Name Lt Price % Chg Volume Metlife Aig Anb Cooperative 21.72 -1.27 81,127 Alrai Media Group Co Ksc 62.00 -0.80 120,121 Ooredoo Qpsc 70.00 0.00 1,092 United Wire Factories Compan -0.82 Bawan Co 13.38 0.75 126,040 National Investments Co 92.60 -0.64 336,771 14.50 53,159 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Etihad Etisalat Co 3.31 Saudi Marketing Co 16.32 0.25 91,992 Commercial Facilities Co 180.00 0.00 345,937 17.46 4,247,788 National Takaful Company 0.62 0.00 - Dar Al Arkan Real Estate Dev 0.11 Umm Al-Qura Cement Co 11.60 3.57 1,196,104 Yiaco Medical Co. K.S.C.C 107.00 0.00 100 9.49 14,503,436 National Marine Dredging Co 3.45 0.00 - Alawwal Bank 1.11 Abdul Mohsen Al-Hokair Touri 17.38 -1.03 154,103 Munshaat Real Estate Project 100.00 0.00 108,010 16.40 729,756 National Investor Co/The 0.58 0.00 - Rabigh Refining And Petroche 0.10 Noor Financial Investment Co 72.50 -2.03 852,890 20.54 576,365 National Corp Tourism & Hote 1.68 0.00 - Banque Saudi Fransi 5.19 Al Tamdeen Investment Co 255.00 -1.92 2,736 37.50 814,739 National Bank Of Umm Al Qaiw 2.96 0.00 - Saudi Enaya Cooperative Insu 7.63 Credit Rating & Collection 24.00 0.00 10 15.52 6,063,135 KUWAIT National Bank Of Ras Al-Khai 4.11 0.00 - Mediterranean & Gulf Insuran -2.55 Ifa Hotels & Resorts Co. K.S 70.60 2.32 5,842 15.30 450,999 National Bank Of Fujairah 4.80 0.00 - Saudi British Bank 2.22 Sokouk Holding Co Sak 45.10 -0.88 1,858,268 36.85 505,660 Company Name Lt Price % Chg Volume Methaq Takaful Insurance 0.70 -4.63 50,000 Red Sea International Co -1.48 Warba Bank Kscp 221.00 0.00 2,946,449 14.68 128,044 Manazel Real Estate Pjsc 0.39 0.79 63,500 Takween Advanced Industries -0.21 Sultan Center Food Products 54.00 2.27 258,250 Viva Kuwait Telecom Co 861.00 -2.05 12,412 9.66 174,287 Invest Bank 2.49 0.00 - Sabb Takaful 0.00 Kuwait Foundry Co Sak 262.00 1.16 1,531,883 Mezzan Holding Co Kscc 491.00 0.61 192,145 17.30 60,362 Intl Holdings Co Pjsc 0.89 2.30 332,682 Saudi Arabian Fertilizer Co 0.00 Kuwait Financial Centre Sak 100.00 0.00 5,020 81.00 277,458 Insurance House 0.85 0.00 - National Gypsum -0.52 Ajial Real Estate Entmt 147.00 0.00 200 11.50 195,986 Gulf Pharmaceutical Ind Psc 2.08 0.00 - Saudi Ceramic Co 0.21 Kuwait Finance & Investment 35.00 1.45 20,500 19.22 132,007 Gulf Medical Projects 1.75 0.00 - National Gas & Industrializa 0.17 National Industries Co Ksc 185.00 0.00 3,824 29.15 125,593 OMAN Gulf Cement Co 0.78 0.00 - Saudi Pharmaceutical Industr -0.51 Kuwait Real Estate Holding C 28.70 -9.75 2,000 29.20 107,650 Fujairah Cement Industries 1.25 0.00 - Thimar -0.95 Securities House/The 53.90 -0.55 356,591 26.05 134,609 Company Name Lt Price % Chg Volume Fujairah Building Industries 1.15 0.00 - National Industrialization C 15.84 0.25 1,549,392 Boubyan Petrochemicals Co 955.00 -0.21 137,644 Voltamp Energy Saog 0.22 0.00 822 Foodco Holding Pjsc 3.71 0.00 - Batic Investments And Logist 38.55 -0.13 63,416 Al Ahli Bank Of Kuwait 305.00 -1.61 100,100 Vision Insurance Saoc 0.14 0.00 - First Abu Dhabi Bank Pjsc 14.60 -0.41 5,105,221 Saudi Electricity Co 15.98 0.63 1,857,972 Ahli United Bank (Almutahed) 301.00 -1.63 1,758,415 United Power/Energy Co- Pref 1.00 0.00 - Finance House 1.64 0.00 - Saudi Arabia Refineries Co 43.30 -1.25 237,337 National Bank Of Kuwait 880.00 -0.11 5,557,425 United Power Co Saog 3.44 0.00 - Eshraq Properties Co Pjsc 0.47 -0.85 1,684,907 Arriyadh Development Company 17.68 -0.79 71,712 Commercial Bank Of Kuwait 500.00 -0.20 57,050 United Finance Co 0.09 0.00 - Emirates Telecom Group Co 16.90 0.00 1,850,111 Al-Baha Development & Invest 21.32 -0.37 101,546 Kuwait International Bank 283.00 1.07 1,626,540 Ubar Hotels & Resorts 0.13 0.00 - Emirates Insurance Co. (Psc) 6.75 0.00 - Saudi Research And Marketing 84.00 0.72 66,677 Gulf Bank 268.00 1.90 22,308,043 Takaful Oman 0.13 0.00 - Emirates Driving Company 6.90 0.00 - Aldrees Petroleum And Transp 34.00 0.00 551,778 Al-Massaleh Real Estate Co 39.90 0.00 2,030 Taageer Finance 0.09 -1.05 30,000 Dana Gas 0.95 4.99 1,507,993 Saudi Vitrified Clay Pipe Co 50.40 0.40 6,887 Al Arabiya Real Estate Co 31.70 -3.06 277,321 Sweets Of Oman 0.55 0.00 - Commercial Bank Internationa 0.87 0.00 - Jarir Marketing Co 155.00 -0.77 139,159 Kuwait Remal Real Estate Co 43.50 1.16 4,150 Sohar Power Co 0.11 0.00 2,400 Bank Of Sharjah 1.00 0.00 38,942 Arab National Bank 35.70 0.85 367,302 A’ayan Real Estate Co Sak 61.80 3.34 390,675 Smn Power Holding Saog 0.26 0.00 1,500 Axa Green Crescent Insurance 0.50 0.00 - Yanbu National Petrochemical 66.20 0.61 542,514 Investors Holding Group Co.K 12.70 -0.78 9,940,000 Shell Oman Marketing - Pref 1.05 0.00 - Arkan Building Materials Co 0.49 0.00 - Arabian Cement 21.30 -0.19 617,780 Al-Mazaya Holding Co 72.90 0.97 342,603 Shell Oman Marketing 1.49 0.00 - Alkhaleej Investment 1.65 0.00 - Middle East Specialized Cabl 12.04 0.33 237,939 Al-Madar Finance & Invt Co 158.00 0.64 494,509 Sharqiyah Desalination Co Sa 0.31 0.00 - Aldar Properties Pjsc 1.53 1.32 5,861,513 Al Khaleej Training And Educ 13.38 0.15 254,188 Gulf Petroleum Investment 29.90 0.67 341,726 Sembcorp Salalah Power & Wat 0.17 0.00 119 Al Wathba National Insurance 12.76 0.00 - Al Sagr Co-Operative Insuran 12.40 -0.16 239,093 Mabanee Co Sakc 617.00 0.33 79,875 Salalah Port Services 0.60 0.00 - Al Qudra Holding Pjsc 0.70 -3.84 190,000 Trade Union Cooperative Insu 0.00 0.00 - Inovest Co Bsc 87.70 0.00 260 Salalah Mills Co 0.73 0.00 - Al Khazna Insurance Co 0.25 0.00 - Arabia Insurance Cooperative 16.00 -0.87 189,466 Al-Deera Holding Co 18.70 -4.10 48,457 Salalah Beach Resort Saog 1.38 0.00 - Al Fujairah National Insuran 300.00 0.00 - Saudi Chemical Company 31.60 -0.32 11,460 Mena Real Estate Co 39.50 -1.25 865,625 Sahara Hospitality 3.09 0.00 - Al Dhafra Insurance Co. P.S. 3.60 0.00 - Fawaz Abdulaziz Alhokair & C 21.74 -1.27 275,694 Amar Finance & Leasing Co 40.60 0.00 500 Renaissance Services Saog 0.35 -1.70 385,277 Al Buhaira National Insuranc 1.99 0.00 - Bupa Arabia For Cooperative 83.70 -1.53 250,336 United Projects For Aviation 605.00 0.00 10 Raysut Cement Co 0.39 -2.97 10,772 Al Ain Ahlia Ins. Co. 37.00 0.00 - Wafa Insurance 9.50 0.00 - National Consumer Holding Co 0.00 0.00 - Phoenix Power Co Saoc 0.10 -2.97 29,750 Agthia Group Pjsc 3.89 -2.51 162,273 Jabal Omar Development Co 32.90 1.23 805,601 Amwal International Investme 62.00 0.00 2,000 Packaging Co Ltd 2.21 0.00 - Abu Dhabi Ship Building Co 1.00 0.00 - Saudi Basic Industries Corp 122.60 0.49 2,699,248 Equipment Holding Co K.S.C.C 30.00 -1.64 1,185,125 Ooredoo 0.55 -0.36 170,718 Abu Dhabi Natl Co For Buildi 0.44 0.00 - Saudi Kayan Petrochemical Co 13.98 0.14 6,047,674 Arkan Al Kuwait Real Estate 88.00 0.00 1,900 Ominvest 0.38 0.00 - Abu Dhabi National Takaful C 4.40 0.00 - Etihad Atheeb Telecommunicat 5.35 0.00 - Gfh Financial Group Bsc 74.50 0.95 2,244,963 Oman United Insurance Co 0.30 0.00 - Abu Dhabi National Oil Co Fo 2.30 0.00 712,069 Co For Cooperative Insurance 62.40 0.16 159,074 Energy House Holding Co Kscp 38.50 0.00 100 Oman Telecommunications Co 0.70 0.00 117,820 Abu Dhabi National Insurance 3.90 0.00 - National Petrochemical Co 26.10 -1.51 414,480 Kuwait Co For Process Plant 235.00 3.07 20,005 Oman Refreshment Co 1.70 0.00 4,870 Abu Dhabi National Hotels 3.00 0.00 - Gulf Union Cooperative Insur 14.20 -0.42 63,030 Al Maidan Dental Clinic Co K 1,200.00 0.00 199,505 Oman Qatar Insurance Co 0.11 0.00 - Abu Dhabi National Energy Co 1.00 0.00 35,497 Gulf General Cooperative Ins 13.24 0.30 171,395 National Shooting Company 17.00 -1.73 248,156 Oman Packaging 0.27 0.00 - Abu Dhabi Islamic Bank 4.17 -0.95 2,177,995 Basic Chemical Industries 22.58 -0.53 28,553 Al-Ahleia Insurance Co Sakp 415.00 0.00 73,007 Oman Oil Marketing Company 1.13 0.00 - Abu Dhabi Commercial Bank 8.45 0.72 778,367 Saudi Steel Pipe Co 18.08 0.56 104,828 Wethaq Takaful Insurance Co 31.70 0.00 100,500 Oman National Engineering An 0.16 0.00 - Abu Dhabi Aviation Co 3.39 0.00 - Buruj Cooperative Insurance 23.80 -2.06 455,909 Salbookh Trading Co Kscp 49.40 2.70 193,356 Oman Investment & Finance 0.08 -2.33 91,713 Mouwasat Medical Services Co 78.00 -1.27 78,221 Aqar Real Estate Investments 65.00 0.00 10,000 Oman Intl Marketing 0.52 0.00 - Southern Province Cement Co 37.00 -0.67 237,648 Hayat Communications 69.00 0.00 14,750 Oman Flour Mills 0.65 -1.81 10,000 Maadaniyah 17.22 -0.23 84,597 Soor Fuel Marketing Co Ksc 117.00 -0.85 15,827 Oman Fisheries Co 0.06 1.82 109,660 Yamama Cement Co 13.40 1.21 578,480 Tamkeen Holding Co 9.90 0.00 400 Oman Europe Foods Industries 1.00 0.00 - Jazan Energy And Development 13.96 0.43 147,333 Burgan Co For Well Drilling 104.00 0.00 400 Oman Education & Training In 0.24 0.00 - Zamil Industrial Investment 17.70 0.00 61,573 Kuwait Resorts Co Kscc 62.00 0.00 720,727 Oman Chromite 3.64 0.00 - Alujain Corporation (Alco) 20.62 0.49 494,879 Oula Fuel Marketing Co 116.00 -0.85 14,196 Oman Chlorine 0.31 0.00 - Tabuk Agricultural Developme 10.30 0.39 211,608 Palms Agro Production Co 47.00 0.00 10,000 BAHRAIN Oman Ceramic Company 0.42 0.00 - United Co-Operative Assuranc 11.60 0.00 83,507 Mubarrad Holding Co Ksc 69.70 4.81 304,819 Oman Cement Co 0.30 -0.67 7,000 Qassim Cement/The 33.00 1.23 187,756 Shuaiba Industrial Co 187.00 10.00 1,250 Oman Cables Industry 0.98 0.00 - Saudi Advanced Industries 13.52 -0.73 562,366 Aan Digital Services Co 19.40 0.52 394,382 Company Name Lt Price % Chg Volume Oman & Emirates Inv(Om)50% 0.11 0.00 - Kingdom Holding Co 7.85 0.38 118,833 First Takaful Insurance Co 48.40 0.00 300 Zain Bahrain Bscc 0.07 -1.33 80,000 Natl Aluminium Products 0.35 0.00 - Saudi Arabian Amiantit Co 5.94 -1.00 1,254,640 Kuwaiti Syrian Holding Co 39.80 -0.25 69,770 United Paper Industries Bsc 0.00 0.00 - National Real Estate Develop 5.00 0.00 - Al Jouf Agriculture Developm 21.82 0.46 26,045 National Cleaning Company 57.00 -1.55 10,000 United Gulf Holding Bsc 1.24 0.00 32,860,631 National Pharmaceutical 0.19 0.00 - Saudi Industrial Development 8.23 0.37 218,700 United Real Estate Company 60.00 -1.64 11,836 Solidarity Bahrain Bsc 0.00 0.00 - National Mineral Water 0.10 0.00 - Riyad Bank 20.88 4.50 1,787,260 Agility 787.00 -0.51 522,913 Seef Properties 0.21 0.00 14,591 National Life & General Insu 0.32 0.00 - The National Agriculture Dev 28.25 0.36 203,387 Kuwait & Middle East Fin Inv 38.80 10.86 695,815 National Bank Of Bahrain Bsc 0.61 0.00 43,700 National Gas Co 0.26 -0.38 141,280 Halwani Bros Co 45.35 1.68 62,552 Fujairah Cement Industries 60.90 -1.77 1,740 Nass Corp Bsc 0.00 0.00 - National Finance Co 0.14 0.00 - Arabian Pipes Co 9.88 0.30 1,729,968 Livestock Transport & Tradng 184.00 1.10 50,005 Khaleeji Commercial Bank 0.07 -2.82 200,000 National Detergent Co Saog 0.70 0.00 - Eastern Province Cement Co 22.46 3.12 1,124,856 International Resorts Co 21.90 0.46 50,806 Ithmaar Holding Bsc 0.10 0.00 55,000 National Biscuit Industries 3.92 0.00 - Al Gassim Investment Holding 10.62 0.00 242,292 National Industries Grp Hold 164.00 -1.20 3,010,579 Investcorp Bank -$Us 9.60 0.00 35,000 National Bank Of Oman Saog 0.18 0.00 790,371 Filing & Packing Materials M 34.45 0.44 19,917 Warba Insurance Co 70.00 -2.78 24,639 Gulf Hotel Group B.S.C 0.00 0.00 - Muscat Thread Mills Co 0.08 0.00 - Saudi Cable Co 44.45 1.95 3,225,370 First Dubai Real Estate Deve 40.40 0.25 190,402 Gfh Financial Group Bsc 0.24 0.00 130,000 Muscat Insurance Co Saog 0.80 0.00 - Tihama Advertising & Public 43.90 2.93 789,568 Al Arabi Group Holding Co 66.00 -2.94 6,250 Esterad Investment Co B.S.C. 0.11 0.00 106,804 Muscat Gases Company Saog 0.21 0.00 5,740 Saudi Investment Bank/The 18.62 0.32 1,111,201 Mobile Telecommunications Co 466.00 -0.21 213,400 Eskan Bank Realty Income Tr 0.00 0.00 - Muscat Finance 0.09 3.49 833,902 Astra Industrial Group 16.04 -0.25 17,457 Eff ect Real Estate Co 18.90 0.00 40 Bmmi Bsc 0.75 0.00 20,000 Muscat City Desalination Co 0.13 0.78 36,000 Saudi Public Transport Co 14.50 0.55 961,193 Tamdeen Real Estate Co Ksc 340.00 -2.86 24,441 Bbk Bsc 0.45 -0.44 30,239 Majan Glass Company 0.18 0.00 - Taiba Holding Co 28.95 -0.34 145,240 Al Mudon Intl Real Estate Co 29.40 0.00 199,890 Bahrain Telecom Co 0.28 0.00 53,892 Majan College 0.20 0.00 150 Saudi Industrial Export Co 84.50 -1.17 357,512 Kuwait Cement Co Ksc 349.00 -0.57 50,075 Bahrain National Holding 0.36 0.00 119,428 Hsbc Bank Oman 0.12 -0.84 109,369 Saudi Real Estate Co 12.20 -0.33 513,400 Sharjah Cement & Indus Devel 86.90 0.00 921,000 Bahrain Kuwait Insurance 0.00 0.00 - Hotels Management Co Interna 1.25 0.00 - Saudia Dairy & Foodstuff Co 104.60 1.16 101,937 Kuwait Portland Cement Co 1,135.00 1.34 108 Bahrain Islamic Bank 0.13 0.00 42,726 Gulf Stone 0.12 0.00 - National Shipping Co Of/The 33.30 0.60 398,022 Educational Holding Group 323.00 0.00 408,662 Bahrain Duty Free Complex 0.74 0.00 4,100 Gulf Mushroom Company 0.31 0.00 - Methanol Chemicals Co 9.56 0.31 772,437 Asiya Capital Investments Co 34.50 1.17 1,143,645 Bahrain Commercial Facilitie 0.77 0.00 50,000 Gulf Investments Services 0.06 0.00 14,596 Chubb Arabia Cooperative Ins 18.60 -1.80 62,749 Kuwait Investment Co 134.00 -0.74 908,668 Arab Banking Corp Bsc-$Us 0.42 0.00 500,000 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Mobile Telecommunications Co 8.85 0.91 3,560,162 Burgan Bank 288.00 0.35 1,538,791 Aluminium Bahrain Bsc 0.59 0.00 10,000 Gulf International Chemicals 0.16 0.00 - Saudi Arabian Coop Ins Co 11.34 -1.22 233,685 Kuwait Projects Co Holdings 208.00 0.00 467,942 Albaraka Banking Group 0.31 0.00 80,000 Gulf Hotels (Oman) Co Ltd 9.50 0.00 - Axa Cooperative Insurance 24.10 0.50 254,423 Al Madina For Finance And In 24.90 -3.86 18,866,147 Al-Salam Bank 0.09 1.10 630,779 Global Fin Investment 0.08 0.00 - Alsorayai Group 13.66 -1.16 1,200,843 Kuwait Insurance Co 360.00 0.00 500 Ahli United Bank B.S.C 0.71 0.00 6,272,500 Galfar Engineering&Contract 0.08 -1.23 316,924 Bank Albilad 29.80 -0.17 794,309 Al Masaken Intl Real Estate 65.00 0.00 123,595 Galfar Engineering -Prefer 0.39 0.00 - Al-Hassan G.I. Shaker Co 8.50 -0.47 235,675 Intl Financial Advisors 26.40 0.38 2,261,227 Financial Services Co. 0.18 0.00 - Wataniya Insurance Co 23.72 0.08 91,844 First Investment Co Kscc 39.00 -0.76 354,914 Financial Corp/The 0.10 0.00 - Abdullah Al Othaim Markets 71.00 -0.28 223,066 Al Mal Investment Company 21.00 -3.67 749,848 Dhofar Tourism 0.49 0.00 - Hail Cement 8.00 0.76 629,714 Bayan Investment Co Kscc 48.50 -0.61 94,585 Dhofar Poultry 0.18 0.00 - Saudi Re For Cooperative Rei 7.85 -1.51 372,500 Egypt Kuwait Holding Co Sae 335.00 0.60 190,595 LATEST MARKET CLOSING FIGURES Gulf Times Thursday, January 17, 2019 9 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,175.16 +109.57 Apple Inc 154.57 0.98 2,445,664 S&P 500 Index 2,615.45 +5.15 American Express Co 98.81 0.84 211,138 Nasdaq Composite Index 7,041.11 +17.28 Boeing Co/The 352.48 0.07 143,057 S&P/Tsx Composite Index 15,074.23 +27.95 Caterpillar Inc 131.11 0.32 147,229 Mexico Bolsa Index 43,801.68 +198.06 Cisco Systems Inc 43.88 -0.32 1,434,272 Brazil Bovespa Stock Idx 93,995.59 -60.13 Chevron Corp 111.61 -0.45 351,838 Ftse 100 Index 6,859.71 -35.31 Walt Disney Co/The 111.39 -0.33 322,744 Cac 40 Index 4,805.47 +19.30 Dowdupont Inc 55.62 1.11 398,775 Dax Index 10,917.30 +25.51 Goldman Sachs Group Inc 192.21 6.84 697,348 Ibex 35 Tr 8,881.30 +31.20 Home Depot Inc 177.31 0.48 186,550 Nikkei 225 20,442.75 -112.54 Intl Business Machines Corp 121.33 -0.33 256,485 Japan Topix 1,537.77 -4.95 Intel Corp 48.57 -0.06 966,115 Hang Seng Index 26,902.10 +71.81 Johnson & Johnson 128.06 -1.00 307,281 All Ordinaries Indx 5,893.71 +21.95 Jpmorgan Chase & Co 102.45 0.76 1,493,797 Nzx All Index 1,566.28 +10.08 Coca-Cola Co/The 47.15 -0.88 611,712 Bse Sensex 30 Index 36,321.29 +2.96 Mcdonald’s Corp 180.68 -0.19 117,563 Nse S&P Cnx Nifty Index 10,890.30 +3.50 3M Co 189.24 0.16 119,963 Straits Times Index 3,229.11 +16.81 Merck & Co. Inc. 75.13 0.85 966,664 Karachi All Share Index 28,819.17 -187.55 Microsoft Corp 105.22 0.20 2,505,715 Jakarta Composite Index 6,413.36 +4.58 Nike Inc -Cl B 77.70 -0.23 311,432 Pfizer Inc 42.63 -0.23 1,921,455 Procter & Gamble Co/The 91.15 -0.93 552,431 Travelers Cos Inc/The 121.42 -0.33 54,697 TOKYO Unitedhealth Group Inc 259.76 1.13 295,041 United Technologies Corp 111.06 0.00 104,706 Company Name Lt Price % Chg Volume Visa Inc-Class A Shares 137.51 0.12 442,453 Sumitomo Realty & Developmen 4,098.00 0.94 1,638,200 Verizon Communications Inc 57.28 -1.41 765,062 Sumitomo Metal Mining Co Ltd 3,013.00 -2.14 1,135,300 Walgreens Boots Alliance Inc 72.23 0.61 245,708 Orix Corp 1,676.00 -0.48 3,435,000 British five pound banknotes are seen in this picture illustration (file). The currency rose yesterday as analysts considered Walmart Inc 96.00 -0.26 282,920 Daiwa Securities Group Inc 584.20 -0.10 5,463,600 the possibility that a stinging defeat for Prime Minister Theresa May’s Brexit deal in parliament may somehow lead to Britain Exxon Mobil Corp 71.83 0.22 699,448 Softbank Group Corp 7,699.00 -0.13 6,697,700 remaining in the EU. Mizuho Financial Group Inc 175.00 0.06 140,757,100 Central Japan Railway Co 23,260.00 -0.68 405,800 FTSE 100 Nitori Holdings Co Ltd 14,310.00 -0.97 351,500 T&D Holdings Inc 1,358.00 -0.69 2,388,200 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,844.00 -0.70 6,633,800 Hoya Corp 6,389.00 1.54 1,115,300 Anglo American Plc 1,777.60 -0.97 1,366,575 Sumitomo Mitsui Trust Holdin 4,127.00 -1.85 1,312,600 Associated British Foods Plc 2,178.00 -2.38 597,268 Pound fi rms as markets weigh Japan Tobacco Inc 2,690.50 0.09 3,934,800 Admiral Group Plc 2,062.00 -0.10 203,990 Osaka Gas Co Ltd 2,143.00 1.13 898,500 Ashtead Group Plc 1,899.00 0.21 1,382,895 Sumitomo Electric Industries 1,494.50 -0.63 1,733,800 Antofagasta Plc 821.40 -0.58 950,967 Ono Pharmaceutical Co Ltd 2,298.00 1.39 1,606,800 Auto Trader Group Plc 448.80 1.58 2,371,481 Ajinomoto Co Inc 1,905.50 2.69 4,095,100 chance of ‘no Brexit at all’ Aviva Plc 411.90 2.64 7,688,564 Mitsui Fudosan Co Ltd 2,570.00 0.35 2,803,700 Astrazeneca Plc 5,502.00 -0.99 1,353,472 Daikin Industries Ltd 12,475.00 0.65 766,500 Bae Systems Plc 504.80 -0.20 2,968,877 Toray Industries Inc 796.40 0.37 4,506,700 earning much of their income in dol- on Tuesday, but it soon bounced back Barclays Plc 161.20 1.32 24,671,233 AFP Bridgestone Corp 4,280.00 -1.13 2,520,100 British American Tobacco Plc 2,488.00 -0.64 1,888,725 lars and euros. as traders bet there would not be a no- Sony Corp 5,356.00 -1.67 4,434,800 London Barratt Developments Plc 519.20 4.15 2,879,787 Across Europe, London’s FTSE deal exit. Astellas Pharma Inc 1,536.50 -0.42 5,615,200 Bhp Group Plc 1,592.80 -1.25 3,066,391 100 fell 0.5% to close at 6,858.16; With May yesterday expected to Jxtg Holdings Inc 583.40 -3.65 11,621,500 Berkeley Group Holdings/The 3,810.00 2.28 449,492 Nippon Steel & Sumitomo Meta 1,940.00 -1.02 2,580,100 he British pound rose yesterday Frankfurt’s DAX 30 was up 0.4% at win a vote of no confi dence called by British Land Co Plc 561.00 1.12 2,358,966 Suzuki Motor Corp 5,664.00 0.60 1,185,900 as analysts considered the pos- 10,931.24, while Paris’ CAC 40 was up the opposition Labour Party, talk will Bunzl Plc 2,402.00 -1.19 504,473 Nippon Telegraph & Telephone 4,598.00 0.52 2,120,600 sibility that a stinging defeat for 0.5% at 4,810.74. move to what happens next. Bp Plc 514.50 -1.57 15,205,433 T Sompo Holdings Inc 3,883.00 -1.07 1,018,200 Burberry Group Plc 1,765.50 0.11 485,063 Prime Minister Theresa May’s Brexit London’s second tier FTSE 250 was “If we see May win out, which I Daiwa House Industry Co Ltd 3,583.00 0.39 1,094,700 Bt Group Plc 228.15 -0.78 9,107,215 deal in parliament may somehow lead up slightly. think we probably will, then the pound Komatsu Ltd 2,645.00 -1.80 5,846,100 Coca-Cola Hbc Ag-Di 2,508.00 -0.99 400,209 to Britain remaining in the European Featuring mostly companies oper- is probably likely to stay as it is, with a West Japan Railway Co 8,010.00 -0.17 574,100 Carnival Plc 4,035.00 -0.88 486,979 Union. ating in the UK, the 250 index is along lack of direction,” said IG’s Mahony. Murata Manufacturing Co Ltd 13,675.00 -2.95 2,398,800 Centrica Plc 135.55 0.63 7,021,747 Kansai Electric Power Co Inc 1,693.50 -0.15 2,718,300 Perhaps somewhat paradoxically, with the pound seen as a clearer in- “If she was to lose it, there would be Compass Group Plc 1,637.00 -1.18 1,577,692 Denso Corp 5,118.00 -0.47 904,900 May’s defeat prompted talk that “we dicator of Britain’s future economic a lot of volatility and uncertainty com- Croda International Plc 4,845.00 -1.28 117,129 Dai-Ichi Life Holdings Inc 1,759.00 -0.42 2,912,200 might not see a Brexit at all down the health. ing into play and that would be very Crh Plc 2,194.00 0.14 625,888 Mazda Motor Corp 1,166.00 -0.09 4,626,700 Dcc Plc 6,440.00 0.55 63,723 line”, said market analyst Joshua Ma- Many people may be surprised that negative for the pound.” Mitsui & Co Ltd 1,744.00 -0.43 3,639,400 Diageo Plc 2,720.50 -1.20 1,575,445 hony at trading platform IG. the pound is holding fi rm and the UK- Analysts said May could ask to delay Kao Corp 7,503.00 0.50 1,458,400 Direct Line Insurance Group 325.10 0.03 2,210,327 “The fact that we saw this heavy heavy FTSE 250 index is rising off the Britain’s March 29 exit from the bloc as Sekisui House Ltd 1,640.50 -0.21 2,108,100 Evraz Plc 457.50 -4.11 1,211,133 she looks for a more palatable agree- Oriental Land Co Ltd 11,090.00 1.32 479,500 defeat means that Theresa May now back of Theresa May’s Brexit vote de- Experian Plc 1,874.50 -0.16 862,697 Secom Co Ltd 9,099.00 -0.20 634,300 needs to come back with some sort of feat,” noted Russ Mould, investment ment from her EU peers, while there is Easyjet Plc 1,204.50 2.95 1,380,756 Tokio Marine Holdings Inc 5,228.00 0.17 1,708,700 new plan, and one of those plans might director at stockbroker AJ Bell. growing speculation of a general elec- Ferguson Plc 5,259.00 0.10 252,381 Aeon Co Ltd 2,174.50 1.71 3,210,000 tion and even another referendum. Fresnillo Plc 885.80 -3.65 535,176 be a new referendum,” he told AFP. “In essence the market believes we Fanuc Corp 17,920.00 -0.44 1,012,500 Glencore Plc 289.65 -0.72 15,113,014 Analysts said the British people are going to get more time for negotia- Momentum is shifting away from Daito Trust Construct Co Ltd 14,990.00 1.39 265,100 Glaxosmithkline Plc 1,481.60 -1.79 3,936,480 might not vote in favour of Brexit again tions, we’re less likely to have a hard, the harder Brexit route and towards a Otsuka Holdings Co Ltd 4,384.00 0.64 1,247,700 Gvc Holdings Plc 680.00 0.67 1,548,010 if they were given another chance. economically-damaging Brexit, or number of options ranging from post- Resona Holdings Inc 544.00 -1.52 9,088,300 Hikma Pharmaceuticals Plc 1,567.00 0.61 264,119 Asahi Kasei Corp 1,135.50 0.04 2,985,300 May later yesterday faced a no-con- Brexit won’t happen at all. ponement and second referendum. Hargreaves Lansdown Plc 1,813.00 -1.79 683,724 Kirin Holdings Co Ltd 2,439.50 0.49 1,533,100 fi dence vote in parliament which she “It seems inevitable that both the That is pound supportive,” said Halma Plc 1,409.00 -0.21 308,743 Mitsubishi Ufj Financial Gro 565.90 -0.95 49,847,600 was widely expected to win. pound and the stock market will be Gavin Friend at National Australia Hsbc Holdings Plc 647.10 0.83 6,495,354 Marubeni Corp 792.20 -1.02 5,737,200 Hiscox Ltd 1,539.00 -0.45 296,545 Bank of England governor Mark volatile for weeks or months to come Bank. Mitsubishi Chemical Holdings 883.20 -0.35 4,512,800 Intl Consolidated Airline-Di 612.20 2.86 3,681,475 Carney meanwhile said the pound’s until we have a defi nitive answer as to But he added: “I don’t see the pound Fast Retailing Co Ltd 52,100.00 -2.31 1,090,600 Intercontinental Hotels Grou 4,361.00 -0.41 267,010 rise “would appear to refl ect some the exact direction of travel for Brexit,” rallying much until markets are sure Ms&Ad Insurance Group Holdin 3,221.00 0.47 830,200 3I Group Plc 834.20 -0.19 817,899 expectation that...the prospect of no- Mould added. the (ruling) Conservatives have seen Kubota Corp 1,638.00 -0.94 3,400,800 Imperial Brands Plc 2,391.00 -1.30 645,818 Seven & I Holdings Co Ltd 4,727.00 0.13 1,985,600 deal may have been diminished”. Sterling had tanked to a near two- off the confi dence motion.” Informa Plc 653.20 1.02 1,148,143 Inpex Corp 990.90 -2.66 6,323,800 The rising pound weighed on Lon- year low soon after the government’s In Brussels EU chief negotiator Intertek Group Plc 4,929.00 0.41 156,841 Sumitomo Mitsui Financial Gr 3,852.00 -0.77 4,773,600 don’s benchmark FTSE 100 index proposal on leaving the European Un- Michel Barnier warned “the risk of a no Itv Plc 137.25 -0.04 8,370,378 Ana Holdings Inc 3,944.00 -0.20 565,000 Johnson Matthey Plc 2,941.00 -0.03 226,457 which features many multinationals ion was soundly beaten late in London deal has never seemed so high.” Mitsubishi Electric Corp 1,304.50 1.44 9,163,000 Kingfisher Plc 224.00 1.22 2,404,767 Honda Motor Co Ltd 3,210.00 -0.28 3,390,200 Land Securities Group Plc 863.20 -0.44 1,411,338 Tokyo Gas Co Ltd 2,907.00 1.27 1,058,200 Legal & General Group Plc 254.30 3.92 13,720,826 HONG KONG HONG KONG Tokyo Electron Ltd 13,910.00 -0.36 1,392,500 Lloyds Banking Group Plc 56.07 0.95 135,613,187 Panasonic Corp 1,045.50 0.29 8,446,800 London Stock Exchange Group 4,431.00 -0.85 521,771 Fujitsu Ltd 6,864.00 -0.16 1,070,500 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Micro Focus International 1,499.50 0.07 446,962 East Japan Railway Co 9,982.00 0.30 643,800 Marks & Spencer Group Plc 284.40 3.08 2,869,801 Ck Hutchison Holdings Ltd 78.55 0.38 4,603,116 Citic Ltd 12.20 -0.65 23,683,113 Itochu Corp 1,927.00 -0.54 3,032,900 Mondi Plc 1,815.50 1.45 798,046 Hang Lung Properties Ltd 15.74 0.77 2,010,050 Galaxy Entertainment Group L 47.70 1.17 10,270,605 Fujifilm Holdings Corp 4,520.00 -0.99 1,516,700 Melrose Industries Plc 165.35 -2.25 6,646,622 Ck Infrastructure Holdings L 61.30 0.57 1,593,288 Wh Group Ltd 6.81 1.34 33,486,143 Yamato Holdings Co Ltd 3,073.00 2.79 1,089,200 Wm Morrison Supermarkets 220.75 0.41 2,486,317 Hengan Intl Group Co Ltd 58.40 2.82 17,963,963 Hong Kong & China Gas 16.72 -0.24 14,703,281 Chubu Electric Power Co Inc 1,731.00 -0.40 2,425,000 National Grid Plc 798.30 0.08 3,157,091 China Shenhua Energy Co-H 18.60 -0.53 9,738,529 Bank Of Communications Co-H 6.43 -0.16 33,311,759 Mitsubishi Estate Co Ltd 1,826.00 0.03 2,744,200 Nmc Health Plc 2,766.00 -0.07 215,722 Cspc Pharmaceutical Group Lt 12.56 5.37 53,491,077 China Petroleum & Chemical-H 6.19 1.31 100,925,182 Mitsubishi Heavy Industries 4,179.00 0.92 1,249,300 Next Plc 4,688.00 0.60 328,563 Hang Seng Bank Ltd 175.50 0.29 1,159,732 Hong Kong Exchanges & Clear 238.60 0.68 3,005,275 Shiseido Co Ltd 6,082.00 -2.39 4,793,700 Ocado Group Plc 892.00 -0.45 601,444 China Resources Land Ltd 30.95 -1.90 13,918,244 Bank Of China Ltd-H 3.44 0.29 285,432,596 Shionogi & Co Ltd 6,440.00 1.05 1,057,000 Paddy Power Betfair Plc 6,240.00 0.48 127,245 Ck Asset Holdings Ltd 62.80 -0.87 5,638,594 Hsbc Holdings Plc 65.15 0.08 13,220,098 Recruit Holdings Co Ltd 2,874.50 0.12 2,548,500 Prudential Plc 1,467.50 1.28 2,045,433 Sino Biopharmaceutical 5.85 7.14 129,035,493 Power Assets Holdings Ltd 54.45 0.37 2,701,677 Japan Airlines Co Ltd 3,950.00 0.25 1,220,200 Persimmon Plc 2,319.00 5.36 1,657,119 Henderson Land Development 43.10 0.23 3,709,720 Mtr Corp 42.25 0.24 2,599,382 Nitto Denko Corp 5,680.00 -0.96 912,000 Pearson Plc 912.40 -6.57 7,165,269 Aia Group Ltd 69.70 0.14 21,794,363 China Overseas Land & Invest 28.05 0.36 17,384,179 Kddi Corp 2,711.50 0.20 4,927,700 Reckitt Benckiser Group Plc 5,976.00 -4.41 1,439,519 Ind & Comm Bk Of China-H 5.71 0.18 164,493,733 Tencent Holdings Ltd 331.00 0.30 16,392,202 Rakuten Inc 846.00 0.12 5,069,000 Royal Bank Of Scotland Group 234.10 1.83 8,580,395 Want Want China Holdings Ltd 6.23 -0.64 10,078,164 China Unicom Hong Kong Ltd 8.77 0.92 25,185,983 Kyocera Corp 5,818.00 -0.99 854,900 Royal Dutch Shell Plc-A Shs 2,327.00 -1.69 3,704,581 Sun Hung Kai Properties 123.50 -0.16 3,242,405 Link Reit 80.05 -0.44 4,689,483 Nissan Motor Co Ltd 906.30 0.29 10,453,900 Royal Dutch Shell Plc-B Shs 2,351.00 -1.92 2,404,177 New World Development 11.62 1.04 14,020,702 Sino Land Co 14.40 -0.41 4,601,923 Relx Plc 1,636.50 0.28 2,403,263 Geely Automobile Holdings Lt 11.52 2.31 70,490,188 Swire Pacific Ltd - Cl A 89.60 1.59 1,697,787 Rio Tinto Plc 3,863.00 -1.00 1,268,881 SENSEX Rightmove Plc 469.65 0.05 1,277,707 Sands China Ltd 36.00 0.70 10,519,028 GCC INDICES Rolls-Royce Holdings Plc 880.40 -0.63 1,654,601 Wharf Real Estate Investment 48.55 -0.61 3,428,330 Rsa Insurance Group Plc 533.80 -0.22 765,331 Company Name Lt Price % Chg Volume Clp Holdings Ltd 91.30 -0.27 2,017,635 Indices Lt Price Change Rentokil Initial Plc 344.90 0.79 1,782,767 Country Garden Holdings Co 9.78 3.49 72,066,416 Doha Securities Market Adani Ports And Special Econ 389.30 1.08 2,847,403 10,761.79 -1.20 Sainsbury (J) Plc 273.20 -0.47 3,252,958 Aac Technologies Holdings In 46.35 -3.44 6,967,362 Saudi Tadawul Asian Paints Ltd 1,389.75 -1.15 1,189,597 8,406.47 +59.22 Schroders Plc 2,579.00 0.59 167,850 Shenzhou International Group 90.00 -1.42 3,585,200 Kuwait Stocks Exchange Axis Bank Ltd 664.00 0.51 6,598,151 4,783.41 -15.55 Sage Group Plc/The 597.20 -1.13 2,032,000 Ping An Insurance Group Co-H 70.95 0.92 24,208,932 Bahrain Stock Exchage Bajaj Finance Ltd 2,569.85 -1.32 952,597 1,339.72 -0.41 Segro Plc 623.80 0.22 640,182 China Mengniu Dairy Co 25.50 0.39 7,625,360 Oman Stock Market Bharti Airtel Ltd 333.95 -1.13 6,944,533 4,258.10 -21.77 Smurfit Kappa Group Plc 2,180.00 -0.09 165,615 Sunny Optical Tech 68.00 -2.16 7,685,347 Abudhabi Stock Market Bharti Infratel Ltd 275.85 -1.39 3,605,390 4,982.62 -0.80 Standard Life Aberdeen Plc 269.65 2.16 4,374,731 Boc Hong Kong Holdings Ltd 29.60 0.00 10,739,239 Dubai Financial Market Bajaj Auto Ltd 2,717.45 -0.31 218,357 2,500.76 +10.21 Ds Smith Plc 329.80 0.98 1,537,140 China Life Insurance Co-H 18.44 4.77 104,430,538 Bajaj Finserv Ltd 6,464.85 -0.69 119,680 Smiths Group Plc 1,424.50 -0.77 535,959 Bharat Petroleum Corp Ltd 347.25 1.62 4,781,001 Scottish Mortgage Inv Tr Plc 484.10 0.25 921,425 Cipla Ltd 511.50 -0.67 1,446,921 Smith & Nephew Plc 1,446.50 0.28 903,189 Coal India Ltd 232.05 -0.26 2,050,899 Spirax-Sarco Engineering Plc 6,305.00 -0.32 51,793 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Dr. Reddy’s Laboratories 2,616.95 0.85 946,148 Sse Plc 1,162.50 0.65 2,029,820 Eicher Motors Ltd 20,735.70 0.47 67,468 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Standard Chartered Plc 608.40 -0.90 2,363,344 Gail India Ltd 325.50 0.29 5,083,489 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank St James’s Place Plc 975.00 0.52 885,965 Grasim Industries Ltd 826.30 1.32 1,926,154 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Severn Trent Plc 1,900.50 2.48 448,197 Hcl Technologies Ltd 938.25 -1.00 850,621 this data.” Tesco Plc 220.90 1.28 11,380,404 Housing Development Finance 1,975.00 -0.86 1,878,811 Tui Ag-Di 1,164.00 0.47 523,665 Hdfc Bank Limited 2,120.20 -0.08 1,313,113 Taylor Wimpey Plc 162.80 4.86 16,513,036 Hero Motocorp Ltd 2,879.85 -1.07 261,721 Unilever Plc 4,007.50 -1.74 1,502,725 Hindalco Industries Ltd 208.40 -0.05 8,209,760 CURRENCIES United Utilities Group Plc 793.00 2.27 1,053,321 Hindustan Petroleum Corp 240.60 -0.39 2,721,203 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Vodafone Group Plc 147.62 -0.69 33,625,177 DINAR DINAR Hindustan Unilever Ltd 1,772.55 -0.97 2,054,033 Wood Group (John) Plc 562.60 -1.30 934,949 Icici Bank Ltd 375.30 0.68 15,106,484 Wpp Plc 877.60 -0.34 1,278,604 Indiabulls Housing Finance L 829.60 2.57 5,907,953 Whitbread Plc 4,762.00 -1.51 231,162 Indusind Bank Ltd 1,526.70 2.11 2,188,162 Infosys Ltd 736.80 1.40 9,658,944 Indian Oil Corp Ltd 135.80 0.93 6,605,251 TOKYO Itc Ltd 294.05 -0.84 7,784,035 Jsw Steel Ltd 286.45 -1.93 3,752,082 Kotak Mahindra Bank Ltd 1,202.75 -0.88 2,374,649 Company Name Lt Price % Chg Volume Larsen & Toubro Ltd 1,342.15 0.09 2,454,470 Hitachi Ltd 3,489.00 -2.62 7,732,800 Mahindra & Mahindra Ltd 726.25 -0.09 1,288,969 Takeda Pharmaceutical Co Ltd 4,321.00 -1.10 13,438,400 Maruti Suzuki India Ltd 7,310.25 -0.61 424,769 Jfe Holdings Inc 1,826.50 -1.88 2,737,200 Ntpc Ltd 146.35 0.38 4,732,815 Sumitomo Corp 1,618.00 -0.12 2,669,600 Oil & Natural Gas Corp Ltd 146.35 0.83 3,667,241 Canon Inc 3,048.00 0.20 3,265,800 Power Grid Corp Of India Ltd 192.00 -0.23 4,789,937 Nintendo Co Ltd 31,940.00 0.66 1,813,100 Reliance Industries Ltd 1,135.90 0.55 6,382,777 Eisai Co Ltd 8,574.00 0.16 739,400 State Bank Of India 303.15 0.50 12,111,480 Isuzu Motors Ltd 1,633.00 -1.51 2,377,400 Sun Pharmaceutical Indus 453.80 0.30 5,879,148 Unicharm Corp 3,359.00 3.42 1,464,700 Tata Steel Ltd 474.55 -0.11 5,280,293 Shin-Etsu Chemical Co Ltd 8,648.00 -1.69 1,099,500 Tata Consultancy Svcs Ltd 1,870.15 0.13 2,359,280 Smc Corp 36,320.00 -0.57 265,000 Tech Mahindra Ltd 699.90 -0.90 1,922,647 Mitsubishi Corp 3,102.00 -0.61 2,948,000 Titan Co Ltd 961.20 -0.73 1,118,736 Asahi Group Holdings Ltd 4,319.00 1.10 1,015,200 Tata Motors Ltd 185.45 0.05 11,874,245 Keyence Corp 55,300.00 0.80 366,300 Upl Ltd 766.10 -1.27 2,584,090 Nidec Corp 12,335.00 0.78 1,204,600 Ultratech Cement Ltd 3,887.00 1.55 201,711 Nomura Holdings Inc 437.70 -2.73 16,844,900 Vedanta Ltd 196.30 -1.31 12,554,389 Daiichi Sankyo Co Ltd 3,609.00 -0.25 1,496,500 Wipro Ltd 336.55 2.05 9,896,290 Subaru Corp 2,497.00 2.06 3,206,700 Yes Bank Ltd 208.35 2.64 58,015,710 Ntt Docomo Inc 2,575.50 0.94 3,020,400 Zee Entertainment Enterprise 452.10 -1.03 19,555,435 Gulf Times 14 Thursday, January 17, 2019 BUSINESS Companies cry out for Brexit clarity, warn of chaos

Reuters “The distortions would be too great for and had 450 customs specialists advising arrangements that could apply for trade John Allan, president of the Confederation find a compromise that would avoid a no- London trade, financing conditions and investor clients. with Britain. of British Industry and chairman of super- deal Brexit or consider another referen- confidence,” said Deutsche Bank chief It has spent 12 months planning for a LTO Nederland, which represents Dutch market group Tesco, told BBC Radio that dum on EU membership. executive Christian Sewing at an event in no-deal Brexit, but without any clarity farmers and agricultural producers who those thinking they could ditch the free The opposition Labour party’s finance Furious companies facing weeks more un- Berlin, predicting a disorderly Brexit would on Britain’s next steps cannot put any of export goods worth more than €8bn trade agreements Britain has with the EU minister-in-waiting, John McDonnell, said certainty over an ever closer Brexit lashed plunge Britain into recession for at least those plans in place, it said. ($9.1bn) annually, said unhindered trade and renegotiate from scratch were living May could eventually get a deal through out at politicians yesterday, and warned of two years and lop a half percentage point “We are relying on a decision by the was crucial. in “cloud cuckoo land”. parliament if she negotiated a compro- chaos at ports and catastrophic job losses off economic output for the remainder of United Kingdom,” said Deutsche Post, Its members were discussing with custom- Looking at the wider British economy, mise with his party. if Britain failed to secure a withdrawal deal the EU. which employs 54,000 people in Britain. ers and partners how best to prepare and Swiss ground services and cargo handling Share prices were spared heavy losses with the European Union. The imposition of customs checks on Germany’s chemical and pharmaceutical “spread the pain over the chain”. It urged business Swissport Group warned a disor- on Wednesday as analysts said the risks British lawmakers rejected on Tuesday a every truck crossing the English Channel industry association (VCI) called for in- the Dutch government to off er practical derly Brexit could further tighten the UK of further deadlock were already priced Brexit agreement that would have secured could lead to tailbacks stretching 80 miles terim solutions to avoid a chaotic Brexit, in solutions. labour market. in. tariff -free trade and safeguarded the (130km) from London to the port of Dover, particular measures to ensure the supply “Whether it be manufacturing, agriculture The pressure has ramped up since the Some UK bank stocks even gained slightly, just-in-time cross-border supply chains on Jens Bjorn Andersen, the head of Danish of medicines. or services, across the piste we rely on 2016 referendum, with fewer EU candi- suggesting optimism for a parliamentary which many manufacturers and retailers freight company DSV warned. “A disorderly Brexit would create such a trade. dates entering the UK job market. compromise over Brexit, according to depend, risking the country’s disorderly The port handles 17% of the United King- complex situation that it is impossible for We don’t have a massive domestic Executive vice-president EMEA Luzius some investors including David Roberts, departure from the bloc on March 29. dom’s goods trade. companies to prepare for all eventu- economy. Wirth said some airports were already co-manager on the Liontrust Strategic Companies ranging from Channel Tunnel Up to 10,000 trucks a day pass through alities,” said VCI Managing Director Utz The reason a no-deal Brexit is so scary is experiencing a workforce shortage, driv- Bond fund. operator Eurotunnel to Scotch whisky with everything from perishable food to Tillmann. because tariff s on everything are highly ing up labour costs by as much as 10% in “Global investors now believe the chances distillers were unanimous in calling for medicines. Belgium’s finance minister warned Belgian punitive under WTO (World Trade Organi- parts of the country, with workers able to of a ‘hard’ economically damaging Brexit urgent and decisive action by the British In case of problems at Dover, logistics companies yesterday to step up their sation) rules,” said Andrew Jackson, head negotiate higher salaries. have receded... There is still a long way government and warning of the conse- giant Deutsche Post said it had opened an plans for Brexit, with figures showing of fixed income at fund manager Hermes British Prime Minister Theresa May must to go, but hopes of a mutually beneficial quences of a no-deal Brexit. off ice in the English port of Southampton only one in five are ready for the customs Investment Management. now speak to senior parliamentarians to solution are growing,” he said.

US import prices fall; y-o-y drop largest since 2016

Reuters give him $5.7bn this year to help Washington build a wall on the country’s border with Mexico. The longest government S import prices fell for a shutdown in history has de- second straight month layed the release of Decem- Uin December as the cost ber retail sales and November of petroleum products tum- business inventory data, which bled and a strong dollar curbed were scheduled for later yes- prices of other goods, leading to terday. the largest annual drop in more The publication of Novem- than two years. ber construction spending and The report from the Labor trade fi gures has also been de- Department yesterday added layed, and the December hous- to weak producer and consum- ing starts and building permits er prices data, strengthening report due today is likely to be economists’ expectations of a postponed. pause in interest rate increases Economists estimate the from the Federal Reserve in the shutdown is cutting at least near term. two-tenths of a percentage Fed Chairman Jerome Powell point from quarterly gross do- said last week that low infl ation mestic product growth every aff orded policymakers “the week. ability to be patient and watch Last month, prices for im- patiently and carefully” while ported fuels and lubricants fell they monitored economic data 9.2% after tumbling 13.3% in and fi nancial markets for risks November. to growth. Prices for imported petro- The US central bank has leum declined 11.6% after de- forecast two interest rate in- creasing 16.0% in November. creases this year. Imported food prices edged Import prices declined 1.0% up 0.1% in December after last month after a downwardly dropping 2.2% in the prior An employee passes bottles of fresh fruit juices at a Marks & Spencer Group store in London. As the Brexit chaos continued to tie the hands of BoE governor Mark Carney in the revised 1.9% drop in November. month. short term, a report yesterday showed inflation has slowed to close to the 2% target. Economists polled by Reu- There were decreases in the ters had forecast import prices cost of capital goods, but prices decreasing 1.3% in December for motor vehicles and con- after a previously reported sumer goods eked out small 1.6% decline in November. gains. In the 12 months through Excluding fuels and food, December, import prices fell import prices were unchanged 0.6%. That was the biggest last month after slipping 0.1% annual drop since September in November. Weaker infl ation joins 2016. It was also the fi rst year- The so-called core im- on-year decline since October port prices rose 0.6% in the 12 2016 and followed a 0.5% rise months through December. in November. Core import price readings Import prices fell 0.6% in are being held down by the 2018, the fi rst calendar year strong dollar, which gained drop since 2015, after increas- about 7.5% last year against the ing 3.2% in 2017. currencies of the United States’ Brexit fog as cause US fi nancial markets were main trade partners. little moved by the data. The cost of goods imported Against the backdrop of low from China was unchanged last infl ation and slowing growth in month. China and Europe, some econ- Prices for imported Chinese omists believe the Fed will not goods fell 0.2% in 2018 and hike interest rates in the fi rst have not increased on a calen- for BoE rate caution half of 2019. dar year basis since 2011. There are signs the US econ- The report also showed ex- Bloomberg cymakers forecast in November. be the certainty by that point. parture from the EU. That would of May’s bill seems to refl ect omy slowed at the end of 2018, port prices fell 0.6% in De- London The BoE will update its fore- Assuming that something does mean yet more uncertainty views that the prospect of a no- with consumer and business cember after declining 0.8% in casts at its Infl ation Report on get cobbled together ahead of weighing on an already bruised deal departure has diminished, sentiment surveys weakening November. February 7. After Prime Minister the May BoE meeting, we have a economy as well as a delay to the but cautioned against putting sharply in December. A 3.9% rise in prices of ag- ank of England governor Theresa May’s Brexit deal suf- May hike in.” next hike in interest rates,” said too much weight on short-term But an ongoing partial shut- ricultural exports was off set by Mark Carney’s list of rea- fered a landslide defeat on Tues- While the prime minister was Dan Hanson of Bloomberg Eco- fl uctuations. down of the federal government, a 1.1% drop in prices of non- Bsons to move slowly on day, there’s no guarantee that expected to survive a no-confi - nomics. Against such a backdrop, in- which has delayed the release agricultural goods, which have raising interest rates is getting the UK will have a fresh strategy dence vote later yesterday, the Speaking in Parliament yes- vestors are increasingly pessi- of data from the Bureau of Eco- a larger weighting. longer. — or even a government — at next steps in the Brexit process terday, Carney said the BoE mistic about the prospects for nomic Analysis and Census Bu- December’s increase in ag- As Brexit chaos continues to that point. are unclear, and there’s still the is in discussions with the UK future BoE action, and aren’t reau, is making it hard to get a ricultural goods prices was the tie his hands in the short term, “There is still a case for grad- prospect of a no-deal exit that Treasury about the powers it fully-pricing in a hike until ear- good read on the economy and biggest since August 2012 and a report yesterday showed infl a- ual and limited rate rises, but the BoE says will cause severe needs to smooth any financial ly 2020. could complicate policy deci- refl ected gains in soybeans and tion has slowed to close to their Brexit puts that on hold for the damage. ructions if the country leaves Still, the outlook for inter- sions. nuts. 2% target. time being,” said Victoria Clarke, “The scale of defeat for Prime without a new arrangement in est rates, and infl ation, could The government partially Export prices increased 1.1% Price growth in the fi nal quar- an economist at Investec. Minister Theresa May’s Brexit place. change quickly once the fi - shut on December 22 amid de- on a year-on-year basis in De- ter of 2018 was about 0.2 per- “We pencilled in February but deal yesterday raises the likeli- He added that a rebound in nal Brexit outcome becomes mands by President Donald cember after rising 1.8% in No- centage point lower than poli- now we think that there won’t hood of a delay to Britain’s de- the pound following the defeat known. Trump that the US Congress vember. At Detroit auto show, the future of cars is... in the future

AFP vehicle experience designers, sensor frustrate the laser eyes’ ability to see. Nearby, a contraption vaguely resem- consumers — and not just the millennial splatter from blinding autonomous Detroit makers and research universities all “As our customers get more involved bling a giant open-air golf cart sits in type. cars. competing with the glare from of those into the development, they find issues front of another giant screen. “We did have some grandmas,” said the “It’s a transition, right? So you can’t really shiny new cars. which seem obvious which were not part It is a simulator showing what the inside company’s Bassem Saad, global director immediately replace the entire market The Detroit auto show kicked off this At the booth of Velodyne LiDAR, which of our original specs, like rain, ice, rocks” of the car of the future might look like, of product management. with something like this. week with glitzy, high-production value makes laser scanning automotive eyes, — and yes, bugs, said Philippe Schricke brought to you by BCS Automotive “Some felt it’s very responsive,” he You have to phase it in. And you have to debuts of mostly sports cars, giant a giant monitor showed the surrounding of Velodyne. Interface Solutions. said of the joystick steering wheel in do it slowly,” Saad said. trucks and SUVs — new versions of age- environment just as an autonomous car Schricke said one of the challenges is Their vision? A joystick instead of a particular. In the meantime, BCS is preparing old themes. might see it: full of dots and circles. figuring out who is responsible for solv- wheel, sensors that measure the heat off “But it’s a matter of adapting to the tech- its “periscope” — a 180-degree video But tucked away in a corner of the show The technology helps cars see the world ing challenges. your skin and adjust the air conditioning, nology as well, like anything new.” monitor that acts as a high-tech rearview were the people and companies hoping in three dimensions. Does the car maker need to figure out and a swivelling driver’s seat that swings People will have plenty of time to adapt. mirror — for use in the cars of the near for at least a little bit of the attention: the But it is decidedly not ready to guide how to keep the car’s laser eyes clean? toward the large screen nearby when in The designer car of the future is not future. car of the future. self-driving systems. Or do the laser eyes need to work even autonomous driving mode. ready for prime time, either — not until “I would venture to guess that it will be They were the autonomous startups, the Something as simple as bug splatter can when they are dirty? It’s a bold vision, tested out recently on engineers figure out how to keep bug sooner than later,” Saad said. Gulf Times AVIATION Thursday, January 17, 2019 15 BUSINESS Room for trendy, foolproof travel Norwegian Air’s payment systems as consumer nightmare in payments landscape evolves Iran continues

By Pratap John the airline “had never before dealt with regulations on the ground in Iran” and that “paperwork for anything from get- In 2015, ‘Millennials’ became the ting engineers to spare parts” was taking number-one source of global income, a very long time. spending, and wealth creation. However, the airline is in far more compli- In a recent research a vast majority cated waiting-games than just unfamiliar (76%) of Millennials were seen having Iranian paperwork procedures. In order their financial engagements on to carry out the necessary repairs to mobile devices. have the 737MAX leave Iran, Norwegian It also revealed that person-to- Air is now waiting on the US Treasury for person payments (P2P) were being special OFAC licences which will permit preferred by some 68% of Millennials the legal import of physical spare parts, or ‘Generation Y’, a term usually used and intelligence (engineers) into Iran. to describe individuals who reached When President Trump announced the adulthood around the turn of the 21st By Alex Macheras reinstatement of US sanctions against century. Iran, terms stated that “Specific licences Obviously, Millennials are the new may be issued on a case-by-case basis major customer segment and their In mid-December 2018, a new Norwegian for the exportation or exportation of expectations include mobile and Air Boeing 737 MAX 8 made perhaps goods, services, and technology to en- peer-to-peer instant payment. the costliest, and complex diversion/ sure the safety of civil aviation and safe Beginning in the ‘70s, airlines began emergency landing a Western airline operation of US-origin commercial pas- deploying mainframe computers could make — by landing a broken, brand senger aircraft” — a term being exercised and, in the mid-’90s, started using new, US-manufactured Boeing jet in the for the first time in recent history. the Internet to allow passengers to sanctions-hit Islamic Republic of Iran. To make matters worse for the airline, plan travel, purchase tickets and Like many brand new commercial air- delays from the US Treasury over the even to access their frequent flier craft, Boeing’s 737 MAX’s entry-into-serv- issuance of special licences are set to programmes. ice has been far from straightforward. continue, as America is in the midst of Now the industry is moving — at an On an inbound Norwegian Air flight from a national government shutdown, and uneven speed, to be clear — to a new Dubai (DXB) to Oslo (OSL), the flight negotiations to reopen a quarter of the generation of digital technology crew of the two-month-old Boeing 737 government have been frozen for three that allows for cross-function A customer inserts a credit card into a Square device while making a payment in San Francisco. Those entrenched in MAX 8 received an engine oil low-pres- weeks. The impact on aviation is being data sharing, increased process the digital payments industry are all positioning themselves and waging a war for dominance of this expanding and sure indication on engine #1, prompting felt across America, and Norwegian eff iciencies and better experiences rapidly growing sector. an engine shut-down, and an emergency Air’s stranded 737 MAX 8 clearly isn’t for passengers, Forbes said in a descent towards the closest available the top of the US Treasury’s priority list. recent report. consumer payments landscape is ticket sales between consumers and Leopold noted. But, he stressed, it airport at the time, Shiraz International — Norwegian Air isn’t the most financially The pace is picking up as Millennials changing rapidly. airlines, facilitating new payment also creates a “challenge” for airlines located in south-central Iran. sound carrier, and just being one aircraft and younger travellers increasingly Credit cards continue to be hugely methods, digital currency and airline that may operate in dozens of While the passengers were able to con- short will have a financial impact on its shape passenger demographics. popular in the developed world, but remittances through travel agents. diff erent markets, each with its own tinue the rest of their journey the following operations — although it’s lucky the carrier One survey indicated that nearly newer payment forms are emerging A new regulation in Europe, called payment forms. day, the same cannot be said for the crip- is currently in a quieter January period, as 40% spend more time with their as well, in the developed and PSD2, enables instant bank account- For example, if a foreign airline pled $117mn jet, which — nearly one month opposed to the summer months, in which smartphones than with family, developing worlds. to-bank account payment. The UK wants to sell tickets in China they since the original diversion — remains sat it operates an ambitious, high-frequency friends and co-workers. An IATA estimate said the global has taken a similar approach called need to accept cards like ‘Union Pay’ on the tarmac in a country under severe schedule, reliant on its entire fleet. Nearly two-thirds shop on airline industry’s payment processing ‘Open Banking’ and some other and mobile payment like ‘wechat’, economic sanctions by the US. For years, western sanctions limited Iran’s smartphones every day. A 2016 costs add up to $8bn a year, with countries are also reportedly moving while there may be entirely diff erent The complications surrounding the ability to purchase passenger planes. US Deloitte global mobile survey leading credit card companies usually in this direction. payment options in India they need grounding of this jet are both logistical Sanctions have now left all of Iran’s 14 headline said it all: “Life’s essentials: charging between 1% and 3% in fees. Responding to these developments, to be able to handle. and political. Crucially, this Norwegian air- registered commercial airlines operating Air, water, food, and smartphones.” The global trade body of airlines is he said IATA is developing a For this reason, IATA built a solution craft is in need of an engine repair, which ageing, fragile fleet of passenger jets. Two trends are noteworthy here. working on developing an industry- prototype to support instant for airlines to accept payment, multi- rules out any ‘quick-fix’ option, whereby Iranian airlines have only been able to Global smartphone users are wide payment solution that it says is payments when consumers purchase channel/worldwide coverage/along (if the aircraft was deemed fit-to-fly for fly aircraft they had purchased prior to expected to top 6bn by 2021. an “alternative to credit cards.” tickets directly off airline websites. all the customer journey. The product, around one hour) the jet may have been the restrictions, with the exception of And global mobile payments are The system being developed by The solution, called ‘IATA Pay’, will called ‘IFG’, went live last year. able to reach nearby aircraft maintenance few Airbus and ATR aircraft delivered projected to rise from the $620bn IATA in association with a leading potentially go-live this year. IFG connects, on one side with the facilities in Kuwait, for example. in between President Obama’s lifting reported in 2016 to more than $1tn European bank will charge a fixed For consumers, the benefit is a new airline, and on the other side with The complications multiply, as even the of sanctions, and President Trump’s over the next two years. fee, which will not be “substantial”, payment method that does not multiple forms of payment. It makes most basic form of repair will require reinstatement. The online, electronic payment IATA said recently. require a credit card and is more it easy for an airline to off er any form spare parts, as aircraft do not simply The complexities of this essential emer- industry is still considered by most The project is made possible by a secure than a traditional online of payment to a consumer who is carry a ‘spare set’ of anything on com- gency landing appear to be endless, thus to be a very diverse, constantly new EU’s payments regulation that card transaction, while airlines shopping on its website. mercial flights. However, with ‘the most far. With Norwegian Air waiting for special- evolving one fuelled by significant is forcing banks to give third parties benefit from increased security, and Obviously, trendy and foolproof severe’ (to quote President Trump) US issued licences in order to repair the jet consumer adoption on a global level. access to customer data and initiate also from a lower transaction cost payment systems are the need of the sanctions on to Iran reinstated in mid, during a time where the US government is Those entrenched in the digital payments. compared to a credit card. hour in global travel industry, if it is and late-2018, no US-manufactured shut down with no end in sight, this Boeing payments industry are all positioning At a presentation made at the “The proliferation of new forms of to meet the evolving customer needs content can be imported into the Islamic 737 MAX 8 could remain on the ground in themselves and waging a war for Global Media Day in Geneva in payment is a welcome development, and expectations. Republic. Importing spare parts for exist- Shiraz for much longer than the Scandina- dominance of this expanding and December 2018, IATA director (FDS particularly in emerging economies ing aircraft in Iran is also forbidden, as vian airline previously envisaged. rapidly growing sector. Transformation) Eric Leopold said the where large parts of the population Pratap John is Business Editor anything with 10% or more US technol- The global aviation industry is association’s payment activities this may lack access to credit cards and and Chief Business Reporter ogy content requires US licences. The author is an aviation analyst. among the first to notice that the year will focus on four areas — direct even traditional bank accounts,” at Gulf Times. Norwegian Air’s spokesperson admitted Twitter handle: @AlexInAir Airbus steps Vietnam’s crammed skies may get up pressure on suppliers over yet another startup airline soon

Canadian jet Bloomberg Hanoi

Reuters Montreal Vietnam is on course to have its sixth domestic airline after tour operator Vietravel said it plans to start a carrier as Europe’s Airbus is ratcheting up pressure on suppliers like potential rival Bamboo Airways began its United Technologies to cut costs for its Canadian-developed first flights in one of the world’s fastest- A220 jetliner as it expands factory facilities to cope with growing aviation markets. anticipated demand for the former Bombardier model. Vietravel Airlines would be based in the Long seen as low on the list of priorities for top suppli- central province of Thua Thien Hue and ers as Canada struggled to break into the main airliner compete in a market already served market, the A220 now has the clout of the world’s second by five domestic carriers, according to largest plane maker behind it after Airbus bought the Saigon Times, which cited Vietravel chief loss-making project last year. executive off icer Nguyen Quoc Ky. The Philippe Balducchi, head of an Airbus-led venture which inaugural flight of hotel and property took over production last July, said the plane maker was developer FLC Group JSC’s Bamboo looking for a “significant double-digit” percentage reduc- Airways took off yesterday. AirAsia Group tion in costs but played down suggestions that it could Bhd, meanwhile, plans to begin operations slash costs by half. Speaking at the Mirabel airplane plant of its Vietnam carrier with its local partner outside Montreal which Bombardier now shares with in August. Airbus, Balducchi indicated the bulk of the reduction in Vietnam’s swelling middle class and costs would come from the supply chain as Airbus uses population of about 100mn off ers continued its greater clout in negotiations for parts. growth in the domestic aviation market, Ky Other savings would come from more eff icient op- said in the newspaper report. And Vietnam’s erations as workers gain experience of building the booming tourism industry provides lightweight 110-130-seat jet, whose deliveries doubled to additional growth, he said. Last year, 33 aircraft last year. However, overall economies will go 15.5mn foreign tourists came to Vietnam, “way beyond” what Airbus can achieve internally on the a near 20% jump from 2017, according to assembly line, Balducchi said. government data. “Our focus is to sell, ramp up (production) and reduce The airline would operate only chartered costs on the A220,” Rob Dewar, head of engineering flights and make use of “available resources and customer support, added during a media briefing from current carriers for transport on the jet, which was known as the CSeries until Airbus services,” Ky said in a text message, without took control in July 2018. Cutting costs is key to lifting elaborating. the programme out of the red while avoiding a repeat of The nation’s economy, expanding at about reportedly low prices that fanned trade tensions between 7%, is giving Vietnamese more disposable Flight attendants stand on the tarmac next to an Airbus A321 Neo aircraft, operated by Bamboo Airways, at Noi Bai International the United States and Canada in 2017. income to fly. Vietnam’s airports in 2018 Airport in Hanoi, before its inaugural flight yesterday. Vietravel Airlines would be based in the central province of Thua Thien Hue and Airbus rival Boeing claimed Bombardier sold airplanes to handled 106mn passengers, a climb compete in a market already served by five domestic carriers. Delta at unfairly low prices but later lost its complaint. of about 13% over the previous year, Airbus declined to discuss individual suppliers but according to the Civil Aviation Authority competition from entrenched rivals: state- Qantas Airways Ltd holding the remaining top five fastest-growing air travel markets analysts have said it faces a showdown over costs with of Vietnam. Vietnamese carriers flew more owned Vietnam Airlines JSC and budget 30%. Vietnam Airlines also owns Vietnam in the next 20 years. The route between United Technologies, whose Pratt & Whitney unit supplies than 50mn passengers, a 14% surge from carrier VietJet Aviation JSC. The national Air Services Co, known as Vasco. Hanoi and Ho Chi Minh City is already the engines and whose other systems make it by far the larg- 2017. carrier owns 70% of low-cost operator The International Air Transport Association world’s sixth-busiest in terms of passenger est A220 supplier. Nonetheless, the newcomers will face stiff Jetstar Pacific Airlines Aviation JSC, with forecasts Vietnam will be among the world’s numbers last year, according to IATA. Thursday, January 17, 2019 GULF TIMES BUSINESS

Qatar banks’ domestic credit offtake rises about 4% to QR861.15bn in Nov ’18

By Santhosh V Perumal domestic credit during November witnessed a 2% year-on-year decline received QR328.34bn, followed by real Business Reporter previous year. to QR16.64bn. estate (QR152.02bn), consumption The general trade credit expanded The public sector credit off take (QR124.17bn), services (QR118.34bn), about 14% year-on-year to QR72.73bn, amounted to QR329.26bn, which general trade (QR66.2bn), contractors A robust expansion in loans — which accounted for more than 8% of accounted for more than 38% of the (QR33.53bn) and industrials especially to services, real estate the total domestic credit. total domestic credit. The public sector (QR19.36bn). and general trade — helped Doha’s The real estate sector credit grew credit, however, reported 6% decline Qatari traditional and Islamic lenders commercial banks’ domestic credit more than 5% year-on-year to year-on-year in the review period. had extended QR276.4bn and off take report about 4% year-on-year QR153.04bn, which contributed about Of the QR329.86bn credit, as much as QR51.94bn towards government; growth to QR861.15bn in November 18% of the domestic credit off take QR162.46bn or 49% went towards the QR95.61bn and QR56.41bn to real 2018, according to the Qatar Central in November last year; while in the government, another QR147.34bn or estate; QR67.21bn and QR56.96bn Bank. case of contracting, the credit off take 45% to government institutions and to consumption sector; QR101.52bn Of the QR861.15bn, the private sector saw more than 8% yearly decline to the remaining QR19.47bn or 6% to and QR14.12bn towards services; received as much as QR531.9bn with QR35.87bn, which constituted more semi-government entities. QR44.91bn and QR20.97bn for general bulk of them going towards real than 4% of the domestic loans. Qatari banks had extended trade; and QR10.21bn and QR5.95bn to estate and consumption, and the The consumption loans, which QR850.75bn credit in November, the industrials sector. remaining QR329.26bn to the public accounted for 15% of the total of which QR621.99bn came from In the case of non-Qatari banks, their sector. domestic credit, witnessed about 3% traditional lenders and QR222.54bn total credit stood at QR16.62bn with The services sector credit soared growth to QR126.45bn in November from Islamic lenders. non-Arab banks pitching in with more than 46% to QR118bn, which 2018. Of the QR850.75bn loans extended QR9.69bn and Arab lenders with Commercial banks’ public sector credit off take amounted to QR329.26bn in November accounted for about 14% of the total The credit to the industrial sector by domestic lenders, public sector QR6.93bn. 2018, which accounted for more than 38% of the total domestic credit. QIB net profi t jumps 14.5% to QR2.75bn y-o-y in 2018

Bank’s Board of Directors nancing assets to total fi nancing “This year’s fi nancial results proposes 50% cash assets at 1.2%, one of the lowest confi rm the bank’s strong po- dividends to shareholders in the industry, refl ecting the sition and refl ect the fi rmness, quality of the bank’s fi nancing resilience and stability of the IB has posted a net profi t assets portfolio and its eff ective Qatari banking sector and na- of QR2.75bn in 2018, up risk management framework. tional economy. We are dedicat- Q14.5% on the year be- QIB continues to pursue the ed in delivering value to all our fore. conservative impairment policy stakeholders and off ering our In 2017, the leading Islamic maintaining 100% coverage ra- customers modern, convenient bank had earned a net profi t of tio for non-performing fi nanc- and timely banking solutions QR2.4bn. ing assets as of December 2018. in full compliance with Shariah Basic earnings per share stood Total shareholders’ equity principles.” at QR10.79 in 2018 compared to reached QR15.4bn, an increase “As we enter into the new fi s- QR9.31 in December 2017. of 1% as compared to December cal year, we have affi rmed our QIB’s 2018 fi nancial results 2017. position as the leading Islamic Al-Khater inaugurating the third edition of Turkey Expo Qatar, as Fikret Ozer, Turkish ambassador to were announced by its chair- Sheikh Jassim: Remarkable year. As of December 2018, QIB’s bank locally while maintain- Qatar, looks on. man Sheikh Jassim bin Hamad total capital adequacy under ing the position as the second bin Jassim bin Jaber al-Thani having added QR743mn, rep- Basel III guidelines was 18.8%, largest Bank in the country. QIB yesterday. resenting a 2.4% growth over higher than the regulatory min- today has the means, resources QIB Board of Directors pro- 2017. Customer deposits of the imum requirements prescribed and qualifi cation to continue posed a dividend distribution to bank now stand at QR100.6bn. by Qatar Central Bank and Basel delivering premium banking shareholders of QR5 per share, Total income for the year that Committee. services to all QIB customers. Qatar-Turkey trade up which is 50% of the nominal ended in December was near- QIB chairman Sheikh Jassim “The bank’s future develop- share value, subject to approval ly QR6.9bn, registering 11.3% bin Hamad bin Jassim bin Jaber ment plans are in line with Qa- of Qatar Central Bank and QIB’s growth compared to QR6.2bn in al-Thani said, “I am pleased to tar National Vision 2030. QIB General Assembly. The bank’s 2017. announce that QIB has marked is committed to support the total assets increased by 2% Income from fi nancing and yet another remarkable year. diversifi cation of Qatar’s lo- 49% to QR7bn in 2018 compared to 2017 and stood at investing activities has grown In 2018 QIB witnessed several cal economy and the develop- QR153.2bn, driven by a growth by 10.2% to reach QR6bn at milestones in terms of intro- ment of its strong private sec- in the core banking activities. the end of 2018 compared to duction of new innovative prod- tor”. He added: “For 2019, we ilateral trade between Qa- al-Khater said, adding this will positions as regional focal points Financing activities stood at QR5.46bn in 2017, refl ecting a ucts and services and achieved remain dedicated to continu- tar and Turkey registered enable Qatari importers to dis- for economic co-operation by QR102.2bn in end-December, healthy growth in the Bank’s growth in its banking activities. ously improving our products, Ba 49% year-on-year in- cuss agreements with Turkish establishing mechanisms for 2018. core operating activities. This success is the result of the digital platforms and services crease to QR7bn in 2018, indicat- manufacturers to represent them joint investments and enhanc- Investment securities QIB was able to manage the successful implementation of and helping our customers and ing the growing economic ties in the local markets. ing bilateral co-operation in all reached QR31.1bn in end-2018, ratio of non-performing fi - our business strategy.” partners succeed”. between the two countries. The participation of 150 Turk- fi elds. This was announced by Sultan ish companies in the exhibition The expo, which seeks to at- bin Rashid al-Khater, Undersec- refl ects the keenness of both na- tract more than 10,000 visi- retary of Ministry of Commerce tions to expand co-operation in tors, will feature bilateral meet- and Industry, after inaugurating various fi elds, increase bilateral ings and gatherings aimed at the third edition of Turkey Expo trade, and explore new and inno- strengthening commercial part- Palmet Enerji beats SOCAR bid Qatar, featuring the participation vative horizons to promote joint nerships between the public and of more than 150 Turkish compa- investments in sectors that serve private sectors of both countries, nies. mutual economic aspirations. in addition to off ering Qatari to acquire EWE’s Turkey assets The expo has seen the pres- The Turkey Expo Qatar covers businessmen and companies the ence of senior Qatari and Turkish a number of key sectors includ- opportunity to learn about vari- offi cials, business leaders, inves- ing construction, real estate, ous Turkish industries. Bloomberg in eastern Turkey, and Gebze, an industrial local banks but we will probably borrow tors and representatives of com- technology, health, tourism, Turkey is one of Qatar’s top Istanbul town to the east of Istanbul. from two or three of them.” EWE Turkey panies from the two nations. It energy, environmental manage- customers for non-oil exports, “We held talks, and in the end decided doesn’t have any outstanding debt, he will conclude tomorrow. ment, infrastructure, furniture, Qatar Chamber had said in a re- not to buy EWE assets” in Turkey, Ibrahim said. “The Turkey Expo Qatar em- food, transportation and agri- port. In August 2018, His High- Turkish gas distributor Palmet Enerji AS Ahmadov, a spokesman for Socar in Baku, Germany’s EWE hired Barclays Plc to bodies the deep-rooted and culture. ness the Amir Sheikh Tamim bin agreed to buy all of EWE AG’s assets in the Azerbaijan, told Bloomberg. He didn’t manage the sale process, people with friendly Qatari-Turkish rela- The exhibition is aimed at ce- Hamad al-Thani had pledged to country for between €130mn ($148mn) and elaborate. knowledge of the matter said in March. The tionship across various fi elds,” menting both Qatar and Turkey’s invest $15bn in Turkey. €150mn. Palmet is in discussions with banks to finance agreed price is less than half the amount Palmet beat its only competitor, State Oil the acquisition, which is subject to approval people familiar with the process had Company of Azerbaijan Republic (SOCAR), by Turkish energy and antitrust regulators, estimated the assets were worth in October. to secure the assets of EWE Holding Turkey Samuray said. It may take “two or three EWE’s Turkey unit owns 80% stakes in AS, Palmet chairman Doganay Samuray months” to complete those talks. two gas grids in the provinces of Bursa said in a phone interview yesterday. The borrowing for the acquisition will and Kayseri, as well as a phone company, “We will have a stronger position in Turkey’s be in Turkish lira, which is the currency Millenicom. Its other assets include retail gas distribution market with this of EWE’s gas grid revenues in Turkey, electricity trader EWE Enerji and Enervis, a acquisition,” Samuray said. Palmet already Palmet chief financial officer Bora Kirac technology service provider for the energy operates gas grids in the Erzurum province said. “We are in talks with five or six industry.

Al-Kuwari: Promising opportunities. Woldegiorgis: Strengthening ties. Ethiopia offers investment opportunities to Qatar

Ahead of a business forum aimed opportunities in Ethiopia and in various sectors,” adding that at enhancing bilateral ties slated explore the economic and trade Qatar Chamber has hosted trade next year, Qatar’s ambassador to co-operation relations in the pri- delegations from Ethiopia to Ethiopia urged Qatari business- vate sector level, Qatar Chamber discuss with Qatari businessmen men yesterday to invest in a first vice-chairman Mohamed the possibility of establishing joint wide range of sectors in the East bin Towar al-Kuwari said, “It is projects and partnerships. African country. currently the right time to explore Woldegiorgis said he values Qatar At the ‘Invest in Ethiopia’ forum, the expansion of diversified co- Chamber’s eff orts to co-operate organised by the Ethiopian operation relations between the with Ethiopia and to support busi- Embassy at the Grand Hyatt Hotel, private sectors of both countries, ness relations, deepen the com- ambassador Metasebia Tadesse which enhances trade exchange.” munication between the business Woldegiorgis encouraged Qatari Al-Kuwari said Qatari business- communities in both countries, businessmen to explore invest- men are interested to know about and finding partnerships to pro- ment opportunities in the coun- investment opportunities found mote trade exchange. try’s agriculture, manufacturing, in African countries, particularly In a presentation, Woldegiorgis services, pharmaceuticals, and in Ethiopia, which, he said, “has said Ethiopia registered “great building materials sectors. many promising opportunities in growth” in the recent years, citing He noted that preparations are a number of sectors.” government support and facilities underway for the staging of the “Ethiopia enjoys a distinguished for investors, such as income tax ‘Qatar-Ethiopia Business Forum’ geographical location in the Horn exemption for more than 10 years next year to further enhance of Africa and a gateway to many and export tax exemptions. He co-operation ties between the two neighbouring countries such added that Ethiopia has developed countries, which Woldegiorgis said, as Sudan, Eretria, Kenya, and infrastructure, such as roads, trans- “own good relations in all fields.” Djibouti,” al-Kuwari explained. port, shipping, communications, Speaking at the forum, which Al-Kuwari also said Ethiopia off ers making it a promising investment aims to present the investment “many investment opportunities destination for foreign investors.