LIBYA WOES | Page 4 DATA PLANS | Page 12 NOC offi cial Wi-Fi begins warns of to fade from force majeure the limelight

Tuesday, March 14, 2017 Jumada II 15, 1438 AH SEMI-ANNUAL REVIEW: Page 16 Medicare Group GULF TIMES to replace Mazaya Qatar in QSE index BUSINESS revision on April 1 ‘We mean business’: QFC ropes in top leaders from industry

By Santhosh V Perumal Business Reporter

The Qatar Financial Center (QFC) has roped in leading industry leaders, including Omar Hussain Alfardan and Salah Mohamed al-Jaida, into the newly constituted five-member advisory board as it plans to scale up its operations and international profile. The new advisory board, which is the result of five- year roadmap (2017 to 2022), also has Abdulla Ghurab QFC off icials after unveiling the new roadmap and 2017 TV campaign yesterday. al-Marri, chairman of Qatar First Bank; Tamim Hamad al-Kuwari, chief executive of QInvest; Rashid al-Saad, chief executive of Al Sharq Global, as members. Alfardan is president of Alfardan Corporation and Salah Mohamed al-Jaida is the chairman of Deutsche Bank Middle East and North Africa region. “The newly appointed advisory board will work closely with the QFC management to support it in QFC eyes 5% of QSE m-cap achieving their objectives. The members of the board, who bring in expertise and knowledge of the private sector and financial services, will also represent the QFC at prestigious financial events throughout the year in Qatar and abroad,” QFC chief executive Yousuf Mohamed al-Jaida told reporters here after unveiling the roadmap and this year’s TV campaign (TVC). by listing its registered fi rms He said the QFC is confident that its new roadmap, coupled with the continuous enhancements to QInvest and SEIB closest to listing; At present, there is only one QFC ETFs has been fi xed at one-hundredth its platform, would successfully contribute to onshore centre plans to triple FDI registered entity, Qatar First Bank of the previous day’s close of the re- further driving Qatar’s economic development and flows to more than QR200bn in (QFB), which got listed on the QSE last spective indices, it is learnt. diversification in line with the Qatar National Vision five years year. Al-Jaida said there are credible evi- 2030. “I am confi dent that this milestone dences to show that QFC is an ideal “Our roadmap outlines the QFC’s progression from By Santhosh V Perumal will pave the way for more QFC fi rms platform, not only for international 2017 to 2022, when our nation will be the focus of Business Reporter to be listed in the near future,” he said, companies who want to expand their global attention as we host the 2022 FIFA World Cup,” adding seven to eight fi rms in the fi - business activities to Qatar, the Mid- he said, adding “today, more than ever, we are bigger, nancial services sector are interested dle East, Africa and South Asia; but bolder and stronger.” he Qatar Financial Center (QFC) in listings on the local bourse. “QIn- also for local businesses looking to The launch of the roadmap coincided with the is aiming to account for at least vest and SEIB are closest to the list- expand regionally and internationally. unveiling of the QFC’s 2017 local and global television T5% of the market capitalisation ing,” he said, without giving further Highlighting that Qatar’s real eco- campaign, ‘We mean business’, the one-minute of the Qatar Stock Exchange (QSE) details. nomic growth remained “healthy” long advertisement that portrays Qatar as the ideal through the listing of its entities on QSE chief executive Rashid bin Ali at 3.9% in 2016, a trend that is likely location for businesses to expand East to West, and the local bourse. The QFC also plans to al-Mansoori had earlier said the QFB to continue this year as well; he said West to East, through the QFC platform. triple foreign direct investments (FDI) listing would pave way for more QFC these statistics confi rm its belief that “Our 2017 TVC underlines our overall message that fl ows from its registered fi rms to more fi rms to seek listings in the bourse, es- there is no better time for interna- ‘we mean business’,” QFC Authority chief marketing than QR200bn in the next fi ve years, pecially after it introduced single win- tional and local companies to expand and corporate communications off icer, Yousef Abdulla according to its top offi cial. dow system to smoothen the process. through Qatar and make use of the Fakhroo said, adding it also serves as a reminder to As many as seven to eight QFC reg- On ETFs, which have been on Qa- country’s strong economic foothold. viewers of the unrivalled benefits the QFC platform istered fi rms have evinced interests in tar’s corporate radar for the last seven The QFC is eyeing to triple the as- provides to firms looking to grow and expand their seeking listings on the local bourse, years, al-Jaida said two listing are ex- sets (foreign direct investments) of business. QFC chief executive Yousuf Mohamed pected within two months. Masraf Al more than 300 QFC registered, which Al-Jaida highlighted the benefits of setting up at al-Jaida said, unveiling the 2017-22 Rayan and Doha Bank have already now stands at QR75bn, to more than the QFC including having its own legal, regulatory, roadmap, which also aims to have a to- disclosed their plans to launch ETFs. QR200bn, he said, adding QFC would tax and business environment, which allows 100% tal of 1,000 fi rms registered and create The Masraf Al Rayan ETF, which “very soon” introduce a new law gov- foreign ownership, 100% repatriation of profits, and 10,000 jobs in the private sector. will track the 17-stock Al Rayan Islam- erning to attract more foreign invest- a competitive 10% corporate tax on locally sourced Highlighting that the QFC would ic index, will be managed by Al Rayan ments. profits. allow more stock listings and fi nancial Investment Company, a subsidiary of The new roadmap also seeks to es- The new ad campaign would be aired locally and products on the bourse including ex- the bank; while Doha Bank ETF, which tablish a fi nancial city in Msheireb internationally on the world’s largest networks and change trade funds (ETFs), sukuk, real will track the 20-stock Qatar Index, Downtown Doha and the relocation broadcasters and can be viewed on the QFC off icial estate investment trusts and family- have Amwal and Group Securities as of the QFC and its fi rms would be un- website and YouTube channel and on QFC social owned companies, he said, “We aim fund manager and liquidity provider dertaken in three phases with the fi rst media platforms. Besides, the campaign would also be to achieve 5% QSE market capitalisa- respectively. phase to be completed by the fi rst half carried by Qatar Airways, the county’s national carrier. tion.” The indicative per unit value of of this year. Al-Jaida: More QFC firms on track for listing. UDC focuses on long-term growth opportunities: Al-Khater

Flagship The Pearl-Qatar sees number of residents jump to 24,000 in 2016 from 19,000 in 2015

nited Development Compa- ny (UDC) has “succeeded in Uachieving positive fi nancial re- sults and maximising value to its share- holders in 2016 by committing to the implementation of its growth strategy and focusing on real estate development as the fi rm’s core business,” said chair- man Turki bin Mohamed al-Khater. Addressing the shareholders at their annual ordinary general assembly meeting at Marsa Malaz Kempinski Hotel at The Pearl-Qatar, al-Khater said, “We should particularly remem- ber 2016 as a year that saw our fl agship project, The Pearl-Qatar, increasingly become a living, functional and dy- namic entity as UDC has pumped in- Al-Khater and al-Othman with UDC directors at the annual ordinary general assembly meeting at The Pearl-Qatar yesterday. PICTURE: TK Nasar vestments into accelerating the pace of construction works, laying the foun- where we look forward to executing leadership of His Highness the Emir, He said, “This was achieved through Bahriya and completed the sale trans- developing the infrastructure and ten dation for rewarding and sustainable community projects such as a school Sheikh Tamim bin Hamad al-Thani. the conclusion of a series of agree- action of The Pearl Tower 2. The resi- villas in Giardino Village. Also in 2017, returns for coming years. The positive and hospital in addition to many more “Our fi ve-year business plan is fo- ments to develop in The Pearl, attract dential leasing volume witnessed an UDC will particularly concentrate on fi nancial results for year 2016 therefore utilities, recreational facilities and cused on creating opportunities and more residents and retailers and pro- increase of 8%, while volume of leased retail operations and vital utilities in led the company to propose dividend other vital projects on the island,” al- partnerships, achieving growth, mini- mote investment opportunities. This retail properties during the year 2016 Qanat Quartier, which is increasingly distribution of QR1.25 per share”. Khater said. mising risks, rationalising costs and shows that The Pearl-Qatar consti- increased by 32% compared to 2015. being recognised as a distinct destina- The number of residents at The He said, “We are on the lookout for sustaining progress. This strategy af- tutes an integrated investment product The volume of residential sales in 2016 tion of The Pearl”. Pearl-Qatar increased to 24,000 last long-term opportunities, and will fords UDC with a stronger profi le go- for investors who are seeking to in- also increased by 81%, compared to In 2016, UDC achieved a net profi t of year compared to 19,000 in 2015. continue to seize them in line with ing forward.” crease their returns and diversify their 2015. QR681mn in addition to earnings per “There is no doubt that the out- Qatar’s National Vision, which aims UDC president and chief executive of- portfolios.” “We are looking forward to continu- share of QR1.76. Revenue increased by come of relentless work done by UDC to transform Qatar into an advanced fi cer Ibrahim al-Othman said 2016 wit- Al-Othman added, “In 2016, UDC ing the development of Al Mutahi- 66% compared to last year and oper- in 2016, will refl ect on the company’s country capable of achieving sustain- nessed the execution of the fi rst phase of sold two plots of land for the devel- dah Towers, with construction works ating profi t increased by 9% from last projects and investments during 2017, able development, under the wise the company’s fi ve-year business plan. opment of residential towers in Viva already launched in 2016, as well as year. Gulf Times 2 Tuesday, March 14, 2017 BUSINESS

Saudi Arabia’s billionaire Intel to buy Mobileye for Olayan family plans local asset sales

$15bn in car tech push Bloomberg Dubai Bloomberg Francisco Saudi Arabia’s billionaire Olayan family, Credit Suisse Group’s largest shareholder, ntel Corp plans to buy Israel’s is considering selling shares in some of Mobileye for about $15bn, its its local assets, according to a company Isecond-biggest acquisition and a spokesman. bold attempt to dominate technology Olayan Financing Co, which controls the for self-driving cars. family’s investments in the Middle East, The US chipmaker will pay $63.54 may off er shares in one or more of its op- per share in cash for Jerusalem-based erating companies to the public through Mobileye, according to a statement an initial public off ering, the spokesman yesterday from both companies. Mo- said by email. Olayan Financing manages bileye shares closed at $47.27 on Fri- more than 40 companies in the Middle day in New York. East, including the regional Burger King Intel is trying to accelerate a push franchise, according to its website. into what many chip companies The company is also considering setting view as the next big opportunity: up a holding company for some of its Self-driving cars and the data they assets and may IPO that, according to generate. With Mobileye, Intel gains people familiar with the plans. Olayan Fi- the ability to off er automakers a nancing is already in talks with potential larger package of all of the compo- financial advisers for the off ering, which nents they will need as vehicles be- could happen as early as 2018, the people come autonomous. Intel estimates said, asking not to be identified as talks the vehicle systems, data and serv- are private. Final decisions on which enti- ices market to be as much as $70bn ties may be listed haven’t been made and by 2030. the plans could change, they said. “Together, we can accelerate the Olayan Group, which manages the future of autonomous driving with family’s international business, is Credit improved performance in a cloud- Suisse’s largest shareholder with a 5.1% to-car solution at a lower cost for stake, according to data compiled by automakers,” Intel chief executive of- Bloomberg. Founded by Suliman Olayan fi cer Brian Krzanich said in the state- in 1947, the business was valued at more ment. The interior of the BMWi Inside Future concept vehicle is seen during a press event at the 2017 Consumer Electronics Show in Las Vegas, Nevada, US, on January than $10bn based on disclosed equity While Intel’s chips are dominant in 4. Bayerische Motoren Werke will dispatch a fleet of autonomous vehicles to US and European cities in this year’s second half, the next step in its partnership holdings, property investments and three personal computers and data centres, with Mobileye and Intel Corp to introduce fully self-driving vehicles by 2021. With Mobileye, Intel gains the ability to off er automakers a larger package of all of of its closely-held businesses, according the world’s largest semiconductor the components they will need as vehicles become autonomous. to the Bloomberg Billionaires Index in maker has struggled to spread the use 2015. of its products to other areas where tential to disrupt the auto industry, ing a fl eet of 40 self-driving 7-Series driving car project into a new unit could more than double by 2025 from The planned IPO would be the first time semiconductors based on ARM and carmakers and technology com- sedans this year to hone systems for called Waymo, plans to start a ride- $900mn, according to Frost & Sulli- Olayan Financing has sold shares in one Holdings designs have prevailed. panies are scrambling to stake out a complex urban traffi c. sharing service using semi-autono- van’s Sarwant Singh, a senior partner of its Saudi businesses since at least Under Krzanich, Intel has sought to leading market position. Intel’s chips Alphabet’s Google has clocked mous minivans made by Fiat Chrys- at the global market research com- 2000, according to data compiled by break into everything from drones are already in 30 vehicle models cur- 2mn self-driving miles on public ler Automobiles as soon as the end pany. In an interview earlier this year, Bloomberg. to cash registers. That’s generated a rently on the road and are being used roads, Tesla Motors, has gathered of 2017. Volkswagen is rolling out Singh attributed much of Mobileye’s The group also owns global real estate limited amount of new revenue that in hundreds of autonomous test ve- data from 1.3bn miles of data from Moia, a new division that will focus success to the fact that it was fi rst in assets including 550 Madison Avenue hasn’t yet fi red up Intel’s overall sales hicles, the company said in January. Autopilot-equipped vehicles, and on ride-sharing and other mobility its fi eld. in New York City, the Knightsbridge growth, and the company still re- Intel and Mobileye had already Mercedes-Benz parent Daimler services. Mercedes already off ers cars Intel’s off er represents an equity Estate in central London and residential mains reliant on PCs and servers for teamed up with BMW and plan to has partnered with Uber Tech- that can pilot themselves at highway value of about $15.3bn and an enter- buildings in Paris’s 8th arrondissement, its profi t. introduce fully autonomous cars by nologies. speeds. prise value of $14.7bn, according to according to its website. But self-driving vehicles have po- 2021. The companies are dispatch- Google, which separated its self- Digital services for automobiles the statement.

Gulf Times 4 Tuesday, March 14, 2017 BUSINESS Japan PM seeks Saudi support Libya’s NOC offi cial for Aramco listing in Tokyo

Reuters to Japanese investors being less warns of force Tokyo receptive to energy companies than some other sectors such as technology. Japan’s Prime Minister Shinzo Yen volatility is another factor. Abe asked Saudi Arabia’s King King Salman arrived in Japan Salman yesterday to support on Sunday after a visit to a listing of oil giant Aramco’s Malaysia and Indonesia that shares in Tokyo, as financial included a holiday stay in Bali. majeure at oil ports centres in Asia and elsewhere Energy Minister Khalid al-Falih step up eff orts to win the and Aramco executives were Reuters coveted $100bn listing. scheduled to travel with him Benghazi, Libya Abe made the request for to Japan, sources told Reuters support on the Aramco listing earlier. to King Salman, who responded Saudi off icials are keen to court senior offi cial at Libya’s National by saying the kingdom would Asian investors for the sale of Oil Corp (NOC) warned yesterday look into the request because the Aramco stake in 2018, and Aof a possible declaration of force he wants Japanese investors have solicited financial advice majeure at the Es Sider and Ras Lanuf oil to buy Aramco shares, Japan’s from banks with links to China. terminals, as air strikes continued and Deputy Chief Cabinet Secretary The IPO is the centrepiece rival forces mobilised fi ghters in the area. Kotaro Nogami told reporters. of the Saudi government’s NOC board member Jadalla Alaokali The two leaders met yesterday, ambitious plan, known as Vision said force majeure, a legal waiver for con- the second day of the king’s visit 2030, to diversify the economy tractual obligations, would “likely” be to Japan, part of a month-long away from oil. declared if violence continued, though Asian tour. Japanese and Asian banks and he gave no time-frame. Separately, the governments of companies are expected to play Libya’s eastern-based Libyan National Japan and Saudi Arabia said in major roles in the kingdom’s Army (LNA) lost control of Es Sider and a joint statement that Aramco plans to develop non-oil Ras Lanuf to a rival faction, the Benghazi and the Tokyo Stock Exchange industries and expand its Defence Brigades (BDB), 10 days ago. (TSE) are considering setting up international investments. Both sides have since been mobilising, a joint group to study a Japan Saudi Arabia is Japan’s biggest and the LNA has been conducting daily listing for the Saudi oil giant. oil supplier and Japanese air strikes in the area. Saudi authorities plan to list refineries and other oil Most workers have left the ports. up to 5% of the world’s largest importers bought about $2.2bn Es Sider and Ras Lanuf are two of oil producer on the Saudi worth of Saudi oil in January. Libya’s largest oil ports, but have been stock exchange in Riyadh, the The two countries yesterday operating at a fraction of their maximum Pipelines are seen at the industrial zone at the oil port of Brega, Libya. A senior off icial at National Oil Corp warned yesterday of a Tadawul, and also one or more also signed economic capacity because of damage in previous possible declaration of force majeure at the Es Sider and Ras Lanuf oil terminals as air strikes continued and rival forces mobilised international markets. cooperation agreements in rounds of fi ghting. fighters in the area. Besides Tokyo, markets in New industry, energy and finance Alaokali said Libya’s national oil out- York, London, Hong Kong, and on setting up a possible put stood at just over 615,000 barrels per Oil is no longer being pumped to Es men nearby and that air strikes had in- The violence in Libya’s Oil Crescent Singapore and Toronto, are special economic zone in Saudi day (bpd), down from around 700,000 Sider, forcing Waha Oil Co to halt pro- tensifi ed late on Sunday. “The noise of has raised concerns of a new escalation vying for what could be the Arabia. bpd before the confl ict around the oil duction and also aff ecting output by Ha- the planes was heard over Ras Lanuf of confl ict in Libya between eastern and world’s largest IPO, potentially They also agreed to start a ports broke out. rouge Oil Operations. town and the explosions were loud and western based factions that have been raising as much as $100bn. feasibility study on vehicle The BDB says it has handed control of Both companies are NOC joint ven- powerful,” he said. competing for power since 2014. While the Japanese government production in the Middle Es Sider and Ras Lanuf to a unit of Libya’s tures. Military offi cials said the strikes tar- The head of the UN-backed Govern- is keen to have Aramco shares Eastern country. Petroleum Facilities Guard aligned with a “It’s likely that force majeure will be geted four groups of BDB fi ghters, and ment of National Accord (GNA), Fayez trade in Tokyo, bankers and The Nikkei on Saturday UN-backed government in Tripoli, and declared at the two ports if clashes con- had infl icted casualties on the BDB and Seraj, has called for the withdrawal of lawyers say the Tokyo market is reported that Toyota Motor that the NOC can continue to operate tinue close to them,” Alaokali said. destroyed some of their vehicles. military forces from the area, and said unlikely to get the nod because Corp is looking into building a there. But it is unclear who is in control A witness in the Ras Lanuf area said The claim could not be independently the Petroleum Facilities Guard should be of strong competition and due plant in Saudi Arabia. on the ground. the LNA had mobilised thousands of verifi ed. brought under the control of the NOC.

Hyundai Engineering signs $3.2bn worth investment deal for major Iran oil project

AFP a new assembly line for the company’s (with) full support from the Hyundai Tehran Elantra car. Engineering Company in securing The report said Hyundai was part- those funds,” Arefi told Shana. nering with Kerman Khodro for the However, a Hyundai Engineer- yundai has signed a deal worth new car factory, without giving fur- ing spokesman told AFP that 85% of €3bn ($3.2bn) to invest in a ther details. the funding would come from Korean Hmajor Iranian oil project, the The South Korean company will lenders, including Export-Import South Korean fi rm confi rmed yester- have nine months to secure financ- Bank of Korea and the Korea Trade In- day. ing for the oil project — a potential surance Corp. Hyundai Engineering plans to in- obstacle due to continued reluc- The second phase of the deal, in- vest €3.1bn in the second phase of the tance of international banks to en- volving the construction of four pro- Kangan oil production and refi nery gage with Iran. duction plants at the Kangan site, is project in southwest Iran, it said in a Securing the funds through Korean expected to take four years. statement. banks will be “the most important Iran has signed initial oil deals with The agreement marks one of the and most diffi cult step”, said Asghar European fi rms Total and Shell in re- biggest investments since a 2015 nu- Arefi , head of Iran’s Ahdaf Invest- cent months, potentially worth bil- clear accord between Tehran and ment Company which is partnering on lions of euros. world powers lifted global sanctions the project, according to Shana news But doubts persist over how these on Iran. agency which is linked to Iran’s oil deals will be financed given the re- Iranian media said the deal was ministry. luctance of global banks to return signed in Tehran by Hyundai Engi- “The start and execution of this to Iran, and fears that the US may neering CEO Sang Ruk Sang, who then project relies on 95% of the project’s reimpose sanctions lifted under the headed south to oversee the launch of fi nancing coming from Korean banks nuclear deal.

Kuwait says willing to extend oil cut Turkey auto output hits deal beyond June record high in Jan-Feb Reuters Doha on robust exports Kuwait will support the extension of a global deal to cut oil supply beyond Reuters ship between Turkey’s Koc Hold- June, the country’s oil minister said Ankara ing and Fiat Chrysler, and Ford yesterday as the market needs more Otosan. time to rebalance. In January, Turkey’s overall ex- “Kuwait supports the extension of the urkey’s automotive produc- ports showed the biggest monthly deal beyond June...as it will speed up tion surged to a record high jump in more than four years with rebalancing of the market and will help Tin the fi rst two months of a rise of 15 %, according to data bring prices to acceptable levels for oil- the year, data from the Automo- from exporters association TIM. producing nations and the industry in tive Industry Association (OSD) The rise in the fi rst two months general,” Essam al-Marzouq was quoted showed, propelled by strong car was 11.2%. The export and output as saying by state news agency KUNA. exports. surge come after Turkey’s eco- Marzouq said Kuwait would discuss The number of vehicles pro- nomic output declined in the third with other oil ministers the possibility of duced during the two month rose quarter of 2016 for the fi rst time in extending the deal as “the rebalancing to 266,490, up 22% from the seven years, as the once promising process is not easy and requires more same period last year, as factories emerging market was hit by politi- eff ort and time.” ramped up production of export- cal uncertainty, security risks and Preliminary data was “very positive”, focused car models. a tumbling currency. Marzouq said and showed that Car output alone jumped by Automotive sales to the do- compliance in February had increased 46%, OSD said. Total automotive mestic market fell in the fi rst two to 95 from 91%. exports in January and Febru- months of the year — a seasonally “There is a cut of 1.2mn barrels per day ary rose to 219,434, up more than weak period for market. according to secondary sources,” he 20%, while car exports leapt 60%, Total vehicle sales in February said. the association said in a release on shrank 11% and car sales dropped Marzouq said he was confident about Sunday. by 15%, OSD said. the commitment to compliance by all Output last month climbed 15% The head of another industry countries that had agreed to the deal, to 138,369, it added. association, the Automotive Dis- which he said would “pay off in the next The European Union is Turkey’s tributors Association (ODD), earli- few months.” main market for car sales. er this year said Turkey’s automo- He blamed the rise of US oil stocks for a Major producers include Oyak tive sales were expected to shrink drop in prices last week. Renault, a joint venture with slightly more than 10% in 2017 to France’s Renault, Tofas, a partner- around 875,000 vehicles. Gulf Times Tuesday, March 14, 2017 5 BUSINESS

Modi win spurs jump in India stock futures, rupee forwards

Bloomberg race in India’s largest state were seen forms” and will be treated “very pos- India’s economic growth has been for more reforms and should lead to the Singapore-based Southeast Asian Singapore as a litmus test of Modi’s popularity itively,” by markets, he said. India’s 7% or more in each of the last four more infl ows, supporting the rupee head of global markets research at Bank and reforms, including opening up the SGX Nifty 50 Index Futures rose 2.5% quarters, which has helped lured and asset prices, said Khoon Goh, the of Tokyo-Mitsubishi UFJ. “This is very country to more foreign investment in Singapore. $3.4bn of foreign funds into the na- Singapore-based head of Asia research positive for India because the theme of ndia’s stock futures and curren- and seeking to introduce a goods and The contracts advanced as much as tion’s stocks and bonds this year. at Australia & New Zealand Banking the demonetisation move is part of the cy forwards jumped after Prime services tax, ahead of general elections 2.6% to 9,198 earlier, suggesting the The benchmark S&P BSE Sensex In- Group. Bond yields are likely to drift attempt to curb corruption.” IMinister Narendra Modi’s bigger- in 2019. Nifty 50 Index will reach a record when dex has advanced 8.7% in 2017 and the lower, although this will be off set by Indian stocks should do well, than-expected win in state elections “Though markets expected the BJP onshore markets open today after a rupee has strengthened 2% against the the potential Fed hike and rising euro while rupee NDFs are reflecting the increased expectations for a continua- to do well in polls, the ultimate result public holiday yesterday. dollar. area yields, said Nagaraj Kulkarni, a dollar’s decline on Friday as well as tion of his reform agenda. surpassed even the most optimistic as- One-month non-deliverable for- The yield on the country’s 10-year senior Asia rates strategist at Standard the election results, said Leong. The Modi’s Bharatiya Janata Party (BJP) sumptions,” said Vivek Rajpal, a rates wards strengthened 0.6%, the most sovereign bonds has risen 39 basis Chartered in Singapore. rupee will probably be “relatively won 312 seats in the 403-member as- strategist at Nomura Holdings in Sin- since November 8, to 66.36 a dollar. points to 6.90% as investors position It’s clear that Modi has very high rangebound” around 66 a dollar sembly of Uttar Pradesh, according gapore. They reached 66.32 earlier, the strong- for a likely Federal Reserve interest- popularity and credibility, which today and is unlikely to strengthen to the Election Commission of India, “These election results increase est intraday level since April 4, 2016. rate increase this week. means the BJP is “certain to be re- to 65 because of the probable Fed up from 47 in 2012. The results of the the expectation towards further re- The rupee closed at 66.605 on Friday. The election result paves the way elected” in 2019, said Sook Mei Leong, tightening, she said.

EM currencies remain firm as dollar slips Majority of bitcoin miners Reuters rupee near term,” Commerzbank London analysts told clients. The laggards of the day were the Russian rouble and Turkish lira, Emerging market currencies the former pushed down by an oil firmed as the dollar and US yields price retreat and the latter hit by signal rebellion amid slipped from multi-week highs. tensions between Ankara and vari- Markets have priced in an US ous European governments. interest rate rise when the Federal The lira slipped 0.3% and Turk- Reserve meets this Wednesday, a ish stocks fell half a per cent as view cemented by robust US jobs the government summoned the data on Friday. Netherlands’ envoy to complain sluggish ‘blockchain’ MSCI’s main emerging equity about what it called a “dispropor- index rose 1% to one-month highs, tionate” Dutch police response to Bloomberg tracking world stocks which pro-Turkey protests in Rotterdam. Tokyo cheered signs of a stronger US Earlier President Tayyip economy. Erdogan called the Netherlands “The run-up to the Fed in terms a “banana republic”, stepping up ou may not know it by looking at of emerging market reaction is anti-European rhetoric before bitcoin’s recent price surge, but not dramatic anymore given that an April referendum on increas- Ythe infrastructure underpinning the market is basically pricing in ing his powers. The political row the world’s most popular virtual cur- a near 100% probability of a hike overshadowed data showing a rency is teetering. in March, so the market is already narrowing of Turkey’s current ac- While speculators continue to push positioned for the outcome,” count deficit and attention now is the value of the digital money to record said Cristian Maggio, head of EM on Thursday’s central bank meet- highs against the US dollar, the sys- strategy at TD Securities. ing after it signalled it may tighten tem that verifi es bitcoin transactions Many emerging currencies policy further if needed. – known as the blockchain – is more firmed as the dollar slipped to Its main funding rate currently backlogged than at any point in the cur- two-week lows against a currency stands at 10.8%, the highest since rency’s eight-year history. The number basket. The Indian rupee was 2012. “The (central bank) has to of transactions awaiting verifi cation is boosted by a weekend regional be very mindful how the market is up more than fi ve-fold from a year ago, election win for Prime Minister trading the lira, there is still a big and the jam is forcing users to pay in- Narendra Modi’s pro-business net short position from the cor- creasingly high fees to speed up confi r- ruling party, with many seeing the porate sector against the dollar,” mations, which in some cases is making result as providing a green light Maggio said. bitcoin more expensive to use than Visa for more reform. Eastern European markets or PayPal Holdings. While Indian markets were shut were broadly weaker, continu- Now, after more than two years of bit- for a holiday, the rupee climbed to ing to price in a potential rise in ter infi ghting among the global bitcoin four-month highs in off shore trade eurozone interest rates from 2018, community about how to fi x the prob- while it rose around 0.5% in non- as signalled by the European lem, some of its most infl uential mem- deliverable forward markets (NDF) Central Bank last week. The Polish bers are giving up on reaching consen- with three-month NDFs hitting zloty slipped to six-week lows to sus. Instead, they’ve begun backing a 15-month highs. the euro. controversial solution known as Bitcoin “This will strengthen PM Modi’s In bond news, Kuwait kicked Unlimited. If the gamble pays off , it could A collection of bitcoin tokens are displayed in London. While speculators continue to push the value of the digital money to record position and give him the po- off pricing on its long-awaited ease congestion and may help bring the highs against the US dollar, the system that verifies bitcoin transactions, known as the blockchain, is more backlogged than at any litical capital to press ahead with five- and 10-year benchmark deal community back together. If it fails, the point in the currency’s eight-year history. reforms. The results should be at 100 and 120 bps over Treasuries digital currency could face a hard fork positive for Indian assets and the respectively. into separate variants, eff ectively split- that slowed down the network, it was seen lack of support is evidence that SegWit if it gains more traction. What happens ting bitcoin into two currencies. as a necessary safety measure against po- doesn’t address the actual problem: “Say after that is unclear, but a precedent “We will switch our entire pool to Bit- tential attackers who could overload the you haven’t had any water to drink for a exists in ethereum, the world’s second- coin Unlimited,” Wu Jihan, founder of system. Now, Unlimited supporters say the day and a half, and you also need a hair- most popular digital currency. Last year, the world’s largest mining organisation blockchain is robust enough that it doesn’t cut. Do you drink some water or go to the a disagreement caused one side of the Antpool, said in an interview on March need any limit at all. barber shop? SegWit is like going to the ethereum community to back one ver- 10. His group accounts for 15% of block- While most agree the blockchain is barber shop.” sion of the software, and the other side chain activity and is hugely infl uential in stronger, critics such as Peter Todd, a key Wu added that miners like him have re- to adopt another version. That resulted the community. “We can’t tell how the coding contributor to bitcoin, say that fused to adopt SegWit because he doesn’t in ethereum being divided in to two dif- hard fork will play out. We will only know removing the data cap is a risky move see his economic interests aligning with ferent currencies, each with its own in- by the time we get there.” which will leave bitcoin vulnerable to what is proposed by the technology. dividual price. Both versions tumbled in Wu is joining Roger Ver, an early evan- governments and global banks. Without While the rift over bitcoin’s future has the months after the split. gelist who amassed a fortune. He opened a limit, large organisations would use gone on for more than two years, Todd’s Samson Mow, former chief operat- his own mining collective to the public their resources to out-muscle smaller group have mostly held the upper hand ing offi cer at exchange BTCC, said even last week. Relying on his high profi le in miners and eff ectively take control of the and received support from the majority in the event of a hard fork, it would be the community and an aggressive pricing blockchain and bitcoin itself. of miners who prefer to wait for a consen- up to the market to decide which ver- scheme, Ver said he’s already attracted “Bitcoin Unlimited is simply irre- sus-based solution instead of rocking the sion would hold the upper hand and that about 3% of global miners and convinced deemably broken,” Todd said in an in- boat. That’s helped pave the way for spec- many wouldn’t deem the new currency them to back Unlimited. terview on March 11. “Large miners have ulators to bid the digital currency higher, as bitcoin. “We need to get to 60 or 70% of miners every reason to vote the size up to push to total market value of about $20bn. “Bitcoin Unlimited is not bitcoin be- on board to activate Bitcoin Unlimited,” their competition out of business.” But with Wu and Ver last week striking cause its rules are diff erent,” said Mow. Ver said in an interview at his offi ce in Todd contends that a better approach out in support of Unlimited, the ques- “If BU splintered, it would create an al- Tokyo on March 9. “Combined with oth- to easing the congestion is to make the tion now is whether other major miners tcoin and there are hundreds of altcoins. ers, I’d say we’re already close to halfway blockchain more effi cient. Last fall, the will follow suit. Ver says he plans to step Those altcoins have little value.” to our goal at this point.” group released their own solution, called up lobbying eff orts, especially in China Ver says it’s worth taking the risk be- Bitcoin Unlimited is essentially a soft- SegWit, which uses a diff erent method which is home to the majority of bitcoin cause inaction will only worsen the crip- ware upgrade to the blockchain. Years ago, to verify transactions. Todd says adop- mining. Further adoption of Unlimited pling backlog: “If bitcoin is more expen- bitcoin’s early developers imposed a cap on tion has been slow due to resistance won’t necessarily lead to a hard fork, sive or slower than traditional fi nancial the amount of data it could process. While from Unlimited supporters. Ver said the though the likelihoods could increase systems, people aren’t going to use it.” Asia bourses up after US jobs report China to make domestic bond market global Bloomberg tion and push the market closer Governor Pan Gongsheng said that Hong Kong toward broad index inclusion,” said China will steadily encourage over- AFP Andrew Sullivan, managing director Bryan Collins, a fixed-income portfo- seas institutions to issue onshore and Hong Kong for sales trading at Haitong Interna- lio manager at Fidelity International to invest in the domestic market. tional Securities Group in Hong Kong, The tide may slowly be turning for in Hong Kong. “I see great invest- “The PBoC will definitely improve told Bloomberg News. Chinese bonds. ment opportunities as the Chinese arrangements of related regulations, sian markets mostly rose yester- Tokyo closed up 0.2%, while Hong Citigroup said it will include bond market is rapidly growing and such as law, accounting, auditing, tax day following last week’s forecast- Kong added 1.1% and Shanghai gained onshore Chinese debt in some of the yields are attractive.” and credit rating, and create a more Abusting US jobs report but the dollar 0.8%. Seoul jumped 1% and Singapore its gauges, while the central bank The move to allow overseas convenient and friendly environment weakened against most other currencies, put on 0.4%, with Wellington, Manila pledged to create a “more conven- investors access to China’s foreign for overseas investors,” Pan said. with this week’s expected Federal Reserve and Taipei also well up. ient and friendly environment” for exchange derivatives market was “We’ll need to communicate more interest rate hike already accounted for. Oil prices continued to suff er follow- foreign investors. This follows a bolder than expected and may result with overseas investors in this proc- Friday’s employment report rein- ing last week’s losses of about 9% in both recent measure to allow currency in strong capital inflows, according to ess. I don’t think this is urgent. We’ll forced a long-running belief the world’s Pedestrians walk past an electronic stock main contracts, hit by a surprisingly big hedging for bonds, a move seen as Standard Chartered. do it step by step.” top economy was on a strong growth quotation board in Tokyo. The Nikkei jump in US stockpiles, increased US shale one of many eff orts needed to lower Still, policymakers need to take ad- Deutsche Bank estimates China’s track and focus is now on the conclusion 225 edged up 0.2% to 19,633.75 points production and concerns about an Opec- barriers. ditional steps in areas such as market bond market will expand by 27% of the central bank’s policy meeting on yesterday. Russia led deal to cut output. The world’s third-largest debt access, liquidity, and reporting rules this year, making it as large as the Wednesday, hoping for clues about the “For all the somewhat hopeful talk market needs the money, with to address concerns, Goldman Sachs nation’s gross domestic product. next increase. “Markets are already fully priced for a from industry experts about oil inven- investors still smarting from the Group analysts said in a research Bloomberg Barclays Indices, owned The Japanese and British central banks Fed rate hike on Wednesday,” Janu Chan, tories running down later in the year, biggest slump in six years in Janu- note last month. by Bloomberg, included Chinese also meet this week. a senior economist at St George Bank in the fact remains that US shale has come ary. Foreign ownership of Chinese At the moment, onshore foreign domestic bonds in some indexes The dollar edged up but was un- Sydney, said. back harder, faster and cheaper than any- onshore bonds fell to 1.3% last year exchange hedging tools, including on March 1. The onshore yuan has able to hold above the 115-yen mark Most stock markets in Asia started the one could have imagined,” Jeff rey Halley, even as outstanding notes surged foreign-exchange and cross currency gained about 0.5% against the dollar breached briefly last week, while the week on a high — tracking all three main senior market analyst at OANDA, said in 32% to 64tn yuan ($9.3tn), accord- swaps for bonds with a tenor over this year to Friday. euro benefited from speculation the Wall Street indexes — after the Labor a note.”Talk is cheap, and oil is getting ing to a Deutsche Bank report last one year, aren’t that liquid, resulting “There are a lot of developments European Central Bank (ECB) could Department said the economy created cheaper as well.” month. Inflows would help stabilise in large pricing diff erences, accord- in recent weeks for hedging,” said start tightening monetary policy as 235,000 new jobs in February, much more In Tokyo, the Nikkei 225 edged up the yuan, and buttress the na- ing to David Qu, markets economist Chia-Liang Lian, head of emerging- the region’s economy shows signs of than estimated. 0.2% to 19,633.75 points; Hong Kong — tion’s dwindling foreign-exchange at Australia & New Zealand Banking market debt at Western Asset improvement. The greenback was also “There’s some initial upside from Hang Seng ended up 1.1% to 23,829.67 reserves. Group in Shanghai. Management. “It makes it very con- down against most high-yielding units the jobs report but most people are points and Shanghai — Composite edged “Further developing hedging tools Speaking at a briefing in Beijing on structive in terms of the outlook for with South Korea’s won 1.2% higher waiting and watching to see what the up 0.8% to 3,237.02 points at the close would help spur investor participa- Friday, People’s Bank of China Deputy onshore investments in China.” and the Australian dollar 0.5% up. central banks say later in the week,” yesterday. Gulf Times 6 Tuesday, March 14, 2017 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 7.51 -1.96 847,667 Boubyan Intl Industries Hold 23.50 -2.08 3,544,400 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 19.46 -1.77 1,400,974 Gulf Investment House Ksc 41.00 -2.38 8,363,825 Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 19.75 -1.35 2,986,317 Boubyan Bank K.S.C 415.00 -1.19 142,553 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 13.94 -2.45 215,384 Ahli United Bank B.S.C 248.00 -0.80 7,924,287 Bankmuscat Saog 0.44 -2.22 2,155,632 Saudi Printing & Packaging C 16.25 -3.39 1,262,486 Osos Holding Group Co 164.00 3.80 406,671 Bank Sohar 0.15 -1.32 197,000 Sanad Cooperative Insurance 15.23 0.00 - Al-Eid Food Ksc 86.00 0.00 20 Bank Nizwa 0.09 0.00 909,703 Saudi Paper Manufacturing Co 9.66 -1.63 1,150,135 Qurain Petrochemical Industr 350.00 -1.41 2,170,851 Bank Dhofar Saog 0.25 -0.40 404,000 Alinma Bank 14.32 -0.42 31,200,807 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils Saoc 4.05 0.00 - Almarai Co 70.00 0.92 116,516 Ekttitab Holding Co Sak 41.00 -4.65 909,569 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 27.00 -0.74 164,280 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.29 0.00 - QATAR United International Transpo 26.12 -1.69 1,481,567 Real Estate Trade Centers Co 42.50 0.00 131,147 Al-Hassan Engineering Co 0.05 0.00 - Hsbc Amanah Saudi 20 Etf 27.70 0.00 1 Acico Industries Co Kscc 300.00 -1.64 275,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 17.45 -1.08 58,535 Kipco Asset Management Co 85.00 0.00 14,300 Al-Anwar Ceramic Tiles Co 0.16 -0.62 57,145 Falcom Petrochemical Etf 26.70 0.00 - National Petroleum Services 1,200.00 -1.64 34,890 Al Suwadi Power 0.19 0.00 - Zad Holding Co 85.20 0.00 - Saudi United Cooperative Ins 23.84 -3.83 872,886 Alimtiaz Investment Co Kscc 188.00 -3.09 11,019,577 Al Shurooq Inv Ser 1.04 0.00 - Widam Food Co 65.50 -1.06 6,376 Bank Al-Jazira 14.00 -3.45 10,566,102 Ras Al Khaimah White Cement 100.00 0.00 16,583 Al Sharqiya Invest Holding 0.13 0.00 613 Vodafone Qatar 8.97 -0.99 2,592,391 Al Rajhi Bank 62.83 0.08 2,168,005 Kuwait Reinsurance Co Ksc 186.00 0.00 4,793 Al Maha Petroleum Products M 1.57 0.00 2,000 United Development Co 21.15 0.00 - Samba Financial Group 20.49 -3.44 798,653 Kuwait & Gulf Link Transport 66.00 -1.49 2,000 Al Maha Ceramics Co Saoc 0.48 0.00 - Salam International Investme 10.45 0.10 104,224 United Electronics Co 31.70 9.95 954,255 Human Soft Holding Co Ksc 3,020.00 -0.66 12,312 Al Madina Takaful Co Saoc 0.10 -1.04 356,309 Qatar & Oman Investment Co 9.55 0.00 14,806 Allied Cooperative Insurance 15.14 -1.88 323,064 Automated Systems Co Kscc 305.00 3.39 2,206 Al Madina Investment Co 0.07 -1.49 585,000 Qatar Navigation 81.00 -0.49 117,297 Malath Cooperative & Reinsur 8.21 -2.15 2,450,271 Metal & Recycling Co 76.00 -1.30 2,000 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 79.00 -1.25 43,275 Alinma Tokio Marine 16.63 -4.70 272,941 Gulf Franchising Holding Co 58.00 0.00 5,900 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 144.50 -2.69 652,861 Arabian Shield Cooperative 59.02 -2.85 213,372 Al-Enma’a Real Estate Co 42.50 -1.16 268,441 Al Jazeera Steel Products Co 0.24 0.00 4,000 Qatar Islamic Insurance 65.40 0.31 7,488 Savola 37.90 1.07 295,917 National Mobile Telecommuni 1,240.00 1.64 14,679 Al Jazeera Services 0.19 -1.03 47,800 Qatar Industrial Manufactur 43.50 1.52 2,826 Wafrah For Industry And Deve 21.95 -3.13 463,877 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 0.00 5,000 Qatar International Islamic 68.70 -0.43 22,373 Fitaihi Holding Group 12.53 -0.87 102,510 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 59.80 -1.97 84,778 Tourism Enterprise Co/ Shams 28.46 -4.18 275,281 Al Salam Group Holding Co 50.00 -3.85 2,245,500 Al Batinah Power 0.20 0.00 - Qatar Islamic Bank 101.00 -0.98 144,423 Sahara Petrochemical Co 14.32 -1.85 453,042 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 21.63 -3.95 916,419 Herfy Food Services Co 75.87 -4.10 71,967 Al Aman Investment Company 51.00 -1.92 611,010 Al Batinah Dev & Inv 0.09 -2.22 20,000 Qatar General Insurance & Re 42.90 0.00 - Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.20 -1.47 838,899 Qatar German Co For Medical 9.67 -0.72 6,817 Manazel Holding 42.00 -2.33 8,048,880 Ahli Bank 0.20 0.00 - Qatar Fuel Qsc 135.70 0.00 48,380 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.73 0.00 - Qatar First Bank 9.16 -0.43 827,147 KUWAIT Tijara And Real Estate Inves 61.00 -1.61 890,670 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 220.10 -2.18 30,905 Kuwait Building Materials 100.00 -9.09 7,000 A’saff a Foods Saog 0.66 0.00 - Qatar Cinema & Film Distrib 24.40 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 570.00 0.00 94 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 72.90 -1.22 35,927 Commercial Real Estate Co 85.00 0.00 576,421 Ooredoo Qsc 100.50 -0.50 237,900 Securities Group Co 99.00 4.21 50 Future Communications Co 0.00 0.00 - National Leasing 17.79 4.96 2,596,747 Sultan Center Food Products 67.00 -2.90 144,479 National International Co 74.00 -3.90 294,100 Mazaya Qatar Real Estate Dev 13.81 0.07 553,837 Kuwait Foundry Co Sak 295.00 -1.67 5,892 Taameer Real Estate Invest C 30.00 -3.23 2,576,415 UAE Mesaieed Petrochemical Holdi 14.61 -1.28 207,055 Kuwait Financial Centre Sak 100.00 1.01 20,000 Gulf Cement Co 87.00 0.00 358,750 Al Meera Consumer Goods Co 174.90 0.81 131,647 Ajial Real Estate Entmt 182.00 0.00 1,000 Heavy Engineering And Ship B 210.00 -2.78 2,030 Company Name Lt Price % Chg Volume Medicare Group 100.90 7.68 811,257 Gulf Glass Manuf Co -Kscc 325.00 0.00 25,302 Refrigeration Industries & S 300.00 0.00 1,040,798 Mannai Corporation Qsc 84.00 1.20 446 Kuwait Finance & Investment 43.50 -3.33 47,813 National Real Estate Co 104.00 0.00 2,000,250 Waha Capital Pjsc 2.20 -0.45 165,661 Masraf Al Rayan 41.55 0.85 851,050 National Industries Co Ksc 212.00 0.00 1,000 Al Safat Energy Holding Comp 51.00 0.00 950,690 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 14.16 -0.70 25,104 Kuwait Real Estate Holding C 40.00 1.27 54,293 Kuwait National Cinema Co 1,580.00 0.00 1,010 United Arab Bank Pjsc 1.91 0.00 - Industries Qatar 113.30 -0.70 122,169 Securities House/The 49.50 -4.81 1,925,188 Danah Alsafat Foodstuff Co 96.00 -1.03 5,063,124 Union National Bank/Abu Dhab 4.24 2.17 35,631 Islamic Holding Group 65.00 1.56 167,039 Boubyan Petrochemicals Co 560.00 -1.75 136,791 Independent Petroleum Group 400.00 -3.61 111,192 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 52.40 0.77 49,783 Al Ahli Bank Of Kuwait 305.00 0.00 5 Kuwait Real Estate Co Ksc 73.00 -1.35 1,233,000 Union Cement Co 1.30 1.56 48,536 Gulf International Services 28.40 2.34 732,429 Ahli United Bank (Almutahed) 445.00 0.00 9,405 Salhia Real Estate Co Ksc 380.00 0.00 40 Umm Al Qaiwain Cement Indust 0.95 0.00 - Ezdan Holding Group 15.34 -0.65 1,136,946 National Bank Of Kuwait 730.00 0.00 427,614 Gulf Cable & Electrical Ind 495.00 0.00 33,809 Sharjah Islamic Bank 1.58 2.60 637,385 Doha Insurance Co 18.28 5.06 345 Commercial Bank Of Kuwait 465.00 5.68 5 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 31.90 -3.04 1,103,749 Kuwait International Bank 238.00 -1.65 898,671 Kuwait Finance House 610.00 0.00 1,566,553 Sharjah Group 1.50 0.00 - Dlala Holding 22.63 -1.18 125,698 Gulf Bank 244.00 -0.81 78,872 Gulf North Africa Holding Co 39.00 -3.70 859,089 Sharjah Cement & Indus Devel 1.03 0.00 - Commercial Bank Qsc 30.50 -4.69 604,222 Al-Massaleh Real Estate Co 48.00 1.05 9,788 Hilal Cement Co 206.00 0.00 17,050 Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 34.80 -0.71 634,134 Al Arabiya Real Estate Co 38.50 -2.53 2,574,515 Osoul Investment Kscc 69.00 2.99 7,781 Ras Al Khaimah White Cement 1.20 0.00 - Al Khaleej Takaful Group 20.40 4.35 2,050 Kuwait Remal Real Estate Co 72.00 1.41 7,612,180 Gulf Insurance Group Ksc 550.00 0.00 17 Ras Al Khaimah Ceramics 2.27 -1.30 251,046 Aamal Co 14.45 -1.37 349,219 Alkout Industrial Projects C 700.00 0.00 3,800 Kuwait Food Co (Americana) 2,600.00 0.00 2,000 Ras Al Khaimah Cement Co Psc 0.82 0.00 - A’ayan Real Estate Co Sak 81.00 0.00 565,801 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.22 0.00 - Investors Holding Group Co.K 28.00 1.82 18,951,251 Aayan Leasing & Investment 45.50 0.00 33,336,396 Rak Properties 0.72 -1.37 3,315,639 Al-Mazaya Holding Co 126.00 0.00 688,005 Alrai Media Group Co Ksc 174.00 0.00 54,000 Ooredoo Qsc 104.00 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 0.00 0.00 - National Investments Co 116.00 -1.69 1,122,484 Oman & Emirates Inv(Emir)50% 0.95 -9.52 728 Gulf Petroleum Investment 45.00 -3.23 6,494,434 Commercial Facilities Co 180.00 0.00 10,000 Nbad Oneshare Msci Uae Ucits 6.26 0.00 - National Takaful Company 4.69 Company Name Lt Price % Chg Volume Mabanee Co Sakc 860.00 1.18 223,707 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.67 270,000 City Group 600.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 4.50 0.00 - United Wire Factories Compan 22.29 -2.28 120,279 Inovest Co Bsc 97.00 1.04 719,018 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.52 0.00 - Etihad Etisalat Co 21.01 -0.90 669,321 Kuwait Gypsum Manufacturing 0.00 0.00 - Yiaco Medical Co. K.S.C.C 285.00 0.00 25 National Corp Tourism & Hote 3.33 0.00 - Dar Al Arkan Real Estate Dev 5.91 -1.34 22,716,281 Al-Deera Holding Co 36.50 0.00 5,001 National Bank Of Umm Al Qaiw 2.90 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 385.00 0.00 10 National Bank Of Ras Al-Khai 4.80 0.00 10,000 Rabigh Refining And Petroche 12.18 -2.09 3,655,530 Mena Real Estate Co 32.00 0.00 2,090,693 National Bank Of Fujairah 3.50 0.00 - Banque Saudi Fransi 23.30 -1.27 488,656 National Slaughter House 59.00 0.00 20 National Bank Of Abu Dhabi 10.00 -1.96 1,537,044 Saudi Enaya Cooperative Insu 15.98 -2.74 769,561 Amar Finance & Leasing Co 45.00 0.00 3,000 OMAN Methaq Takaful Insurance 0.86 -3.37 1,807,379 Manazel Real Estate Pjsc 0.57 -1.72 2,787,341 Mediterranean & Gulf Insuran 22.72 -4.94 429,495 United Projects For Aviation 870.00 -5.43 600 Company Name Lt Price % Chg Volume Saudi British Bank 20.58 -0.34 80,941 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.30 -4.17 8,957 Mohammad Al Mojil Group Co 12.55 0.00 - Amwal International Investme 63.00 8.62 2,629,429 Voltamp Energy Saog 0.56 1.46 62,960 Intl Fish Farming Co Pjsc 1.97 -0.51 3,330,862 Red Sea International Co 24.35 -2.64 61,784 Jeeran Holdings 64.00 0.00 109,200 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.83 0.00 - Takween Advanced Industries 12.13 -2.10 787,000 Equipment Holding Co K.S.C.C 58.00 9.43 3,462,085 United Power Co Saog 3.40 0.00 - Gulf Pharmaceutical Ind Psc 2.18 0.00 - Sabb Takaful 25.45 -2.49 505,110 Nafais Holding 230.00 0.00 1,000 United Finance Co 0.16 0.00 - Gulf Medical Projects 3.02 -5.63 10,000 Saudi Arabian Fertilizer Co 68.81 0.69 93,737 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 1.10 0.92 20,000 National Gypsum 13.22 -2.58 501,637 Arkan Al Kuwait Real Estate 85.00 1.19 275,464 Takaful Oman 0.17 -1.71 5,033 Fujairah Cement Industries 0.99 0.00 - Saudi Ceramic Co 28.22 -2.69 107,387 Gfh Financial Group Bsc 226.00 4.63 502,498 Taageer Finance 0.13 0.00 - Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 34.64 -0.83 37,880 Energy House Holding Co Kscp 39.50 1.28 5,261 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 6.40 0.00 - Saudi Pharmaceutical Industr 35.58 -1.52 72,413 Kuwait Slaughter House Co 184.00 0.00 995 Sohar Power Co 0.22 -2.71 45,161 First Gulf Bank 12.05 -3.60 3,389,945 Thimar 35.85 0.00 292,002 Kuwait Co For Process Plant 184.00 3.37 4,630 Sohar Poultry 0.21 0.00 - Finance House 1.74 0.00 - National Industrialization C 16.25 -0.91 655,491 Al Maidan Dental Clinic Co K 1,220.00 0.00 10 Smn Power Holding Saog 0.70 0.00 - Eshraq Properties Co Pjsc 1.18 3.51 89,444,954 Saudi Transport And Investme 55.04 -1.20 72,226 National Ranges Company 29.00 -3.33 2,316,232 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.70 -0.28 14,955,665 Saudi Electricity Co 22.55 -2.63 2,768,544 Al-Themar Real International 91.00 1.11 84,809 Shell Oman Marketing 2.00 0.50 23,000 Emirates Insurance Co. (Psc) 5.98 0.00 - Saudi Arabia Refineries Co 34.80 -9.77 1,848,469 Al-Ahleia Insurance Co Sakp 490.00 0.00 153 Sharqiyah Desalination Co Sa 4.50 0.00 - Emirates Driving Company 8.50 0.00 - Arriyadh Development Company 20.54 -0.77 97,481 Wethaq Takaful Insurance Co 56.00 0.00 39,511 Sembcorp Salalah Power & Wat 0.25 0.00 - Dana Gas 0.44 0.00 17,263,119 Al-Baha Development & Invest 13.50 0.00 - Salbookh Trading Co Kscp 81.00 6.58 3,873,420 Salalah Port Services 0.63 0.00 - Commercial Bank Internationa 1.98 0.00 - Saudi Research And Marketing 27.36 -2.91 473,629 Aqar Real Estate Investments 81.00 6.58 20,000 Salalah Mills Co 1.48 0.00 - Bank Of Sharjah 1.40 0.00 69,638 Aldrees Petroleum And Transp 27.34 -7.96 658,839 Hayat Communications 98.00 -7.55 3,756,047 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.72 0.00 - Saudi Vitrified Clay Pipe Co 54.53 -1.91 53,118 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.76 -1.30 1,698,906 Jarir Marketing Co 124.50 0.40 47,812 Soor Fuel Marketing Co Ksc 130.00 1.56 219,931 Renaissance Services Saog 0.24 -2.42 140,000 Alkhaleej Investment 1.15 0.00 - Arab National Bank 19.79 -1.05 27,699 Alargan International Real 160.00 -2.44 1,228 Raysut Cement Co 1.44 0.00 - Aldar Properties Pjsc 2.33 -0.43 14,257,934 Yanbu National Petrochemical 57.82 0.00 99,927 Burgan Co For Well Drilling 92.00 4.55 1,000 Port Service Corporation 0.30 -1.32 235,780 Al Wathba National Insurance 12.75 0.00 - Arabian Cement 37.05 -0.56 174,909 Kuwait Resorts Co Kscc 85.00 0.00 426,000 Phoenix Power Co Saoc 0.14 0.00 - Al Khazna Insurance Co 0.41 0.00 81,000 Middle East Specialized Cabl 7.70 -1.91 922,095 Oula Fuel Marketing Co 128.00 3.23 210,777 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 18.59 -2.05 281,656 Palms Agro Production Co 97.00 -13.39 12,716 Ooredoo 0.58 -0.34 2,152,100 Al Dhafra Insurance Co. P.S. 3.95 0.00 - Al Sagr Co-Operative Insuran 36.35 -3.43 484,506 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.53 0.00 - Al Buhaira National Insuranc 2.16 0.00 - Trade Union Cooperative Insu 16.61 -7.15 1,210,569 Mubarrad Transport Co 79.00 2.60 5,648,204 Oman United Insurance Co 0.41 0.00 5,000 Al Ain Ahlia Ins. Co. 55.00 0.00 - Arabia Insurance Cooperative 12.18 -1.69 1,425,084 Al Mowasat Health Care Co 375.00 0.00 1,000 Oman Textile Holding Co Saog 0.76 1.06 1,000 Agthia Group Pjsc 6.47 2.21 39,819 Saudi Chemical Company 32.91 -0.33 177,055 Shuaiba Industrial Co 375.00 7.14 69,799 Oman Telecommunications Co 1.37 0.00 994,615 Abu Dhabi Ship Building Co 2.70 0.00 - Fawaz Abdulaziz Alhokair & C 29.23 -1.75 508,013 Hits Telecom Holding 48.50 -1.02 1,680,300 Oman Refreshment Co 2.16 0.00 - Abu Dhabi Natl Co For Buildi 0.56 0.00 - Bupa Arabia For Cooperative 122.99 0.61 79,309 First Takaful Insurance Co 60.00 -3.23 286,222 Oman Packaging 0.30 0.00 - Abu Dhabi National Takaful C 4.45 0.00 - Wafa Insurance 17.08 -5.32 776,772 Kuwaiti Syrian Holding Co 41.50 0.00 13,920 Oman Orix Leasing Co. 0.14 0.00 - Abu Dhabi National Insurance 2.80 0.00 - Jabal Omar Development Co 66.75 -0.07 87,545 National Cleaning Company 50.00 -5.66 777,800 Oman Oil Marketing Company 1.85 0.00 - Abu Dhabi National Hotels 3.00 0.00 - Saudi Basic Industries Corp 95.51 0.06 4,236,150 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.15 -9.26 120,746 Abu Dhabi National Energy Co 0.46 -2.13 640,871 Saudi Kayan Petrochemical Co 7.63 -2.55 4,296,563 United Real Estate Company 95.00 2.15 28,640 Oman Investment & Finance 0.22 -1.33 399,803 Abu Dhabi Islamic Bank 3.92 0.51 318,633 Etihad Atheeb Telecommunicat 3.62 -1.36 302,342 Agility 580.00 0.00 518,243 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 117.94 0.69 37,149 Kuwait & Middle East Fin Inv 32.00 -3.03 30,418 Oman Hotels & Tourism Co 0.40 0.00 - National Petrochemical Co 19.80 -1.00 13,766 Fujairah Cement Industries 88.00 -1.12 760,000 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 12.05 -2.19 399,308 Livestock Transport & Tradng 230.00 -4.17 5,000 Oman Flour Mills 0.86 0.00 - BAHRAIN Gulf General Cooperative Ins 16.85 -4.91 472,681 International Resorts Co 38.00 0.00 142,439 Oman Fisheries Co 0.18 -1.10 1,464,118 Basic Chemical Industries 23.49 -1.01 176,607 National Industries Grp Hold 128.00 -1.54 1,767,838 Oman Fiber Optics 4.57 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 0.52 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 17.38 30,559 65.00 100 Zain Bahrain Bscc 0.10 0.00 326,097 Buruj Cooperative Insurance -4.72 Warba Insurance Co 5.88 Oman Education & Training In 0.13 0.00 - 30.30 1,071,272 108.00 20,289 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co -0.18 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 141.77 20,936 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 0.01 First Dubai Real Estate Deve -1.69 Oman Chlorine 0.49 0.00 - 68.01 11,319 58.00 612,395 United Gulf Bank 0.39 0.00 38,013 Maadaniyah -0.32 Al Arabi Group Holding Co -2.17 Oman Ceramic Company 0.42 0.00 - 21.95 189,703 90.00 788,000 Trafco Group Bsc 0.23 0.00 16,322 Yamama Cement Co -0.17 Kuwait Hotels Sak 0.00 Oman Cement Co 0.49 0.82 899,811 17.85 218,337 250.00 14,205 Takaful International Co 0.00 0.00 - Jazan Development Co -2.99 Mobile Telecommunications Co -5.26 Oman Cables Industry 1.63 0.00 60,000 13.00 702,655 450.00 1,297,188 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -1.35 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 28.48 26,614 0.00 - Seef Properties 0.22 0.00 83,000 Alujain Corporation (Alco) 1.95 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.14 4.58 202,901 19.36 1,750,926 450.00 19 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -2.23 Al Mudon Intl Real Estate Co -2.20 Natl Aluminium Products 0.18 0.00 15,000 11.42 1,551,917 44.50 14,756,885 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -3.64 Kuwait Cement Co Ksc 0.00 National Securities 0.10 0.00 - 13.49 591,336 490.00 10,000 National Bank Of Bahrain Bsc 0.70 0.00 15,641 Qassim Cement/The -0.46 Sharjah Cement & Indus Devel 1.18 National Real Estate Develop 5.00 0.00 - 54.00 31,699 86.00 235,502 Nass Corp Bsc 0.12 -1.69 13,000 Saudi Advanced Industries -4.09 Kuwait Portland Cement Co -1.85 National Pharmaceutical 0.11 0.00 - 12.18 413,763 1,060.00 526 Khaleeji Commercial Bank 0.11 0.00 33,565 Kingdom Holding Co -0.56 Educational Holding Group 1.00 National Mineral Water 0.05 0.00 - 10.70 93,052 202.00 350 Ithmaar Holding Bsc 0.16 -6.06 65,380 Saudi Arabian Amiantit Co -0.58 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 6.80 314,701 0.00 - Investcorp Bank -$Us 8.50 0.00 16,000 Al Jouf Agriculture Developm -0.94 Asiya Capital Investments Co -3.95 National Gas Co 0.52 -1.15 26,108 31.66 18,593 36.50 255,083 Inovest Co Bsc 0.28 0.00 1,203,896 Saudi Industrial Development -3.07 Kuwait Investment Co 1.06 National Finance Co 0.16 0.00 - 11.68 971,186 95.00 40,397 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -1.52 National Detergent Co Saog 0.70 0.00 - 69.75 - 325.00 1,243,151 Gulf Hotel Group B.S.C 0.61 0.00 39,845 Riyad Bank 0.19 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 10.33 465,474 490.00 10,000 Gfh Financial Group Bsc 0.74 9.70 51,880 The National Agriculture Dev 0.21 Al Madina For Finance And In -5.66 National Bank Of Oman Saog 0.25 -1.21 603,832 23.45 57,291 50.00 1,569,750 Esterad Investment Co B.S.C. 0.15 0.00 22,442 Halwani Bros Co -1.60 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.09 0.00 962 50.94 33,351 290.00 8,264 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co 0.06 Al Masaken Intl Real Estate 0.00 Muscat National Holding 1.77 0.00 - 16.56 427,550 74.00 26,500 Bmmi Bsc 0.82 0.00 101,000 Eastern Province Cement Co 0.49 Intl Financial Advisors -3.61 Muscat Gases Company Saog 0.58 0.00 - 28.93 27,511 40.00 5,298,775 Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 0.00 Muscat Finance 0.14 0.00 - 0.00 - 51.00 1,074,650 Bbk Bsc 0.39 0.52 263,254 Filing & Packing Materials M -0.87 Al Mal In -2.27 Majan Glass Company 0.19 0.00 - 32.91 115,284 vestment Company 21.50 8,158,155 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.00 -1.09 Majan College 0.51 0.00 - 5.75 - Bayan Investment Co Kscc 45.50 1,153,795 Banader Hotels Co 0.00 0.00 - Tihama Advertising & Public -1.90 0.00 Hsbc Bank Oman 0.13 0.78 100,300 22.18 527,597 Egypt Kuwait Holding Co Sae 190.00 8,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The -2.41 -2.11 Hotels Management Co Interna 1.25 0.00 - 13.37 178,398 Coast Investment Development 46.50 1,969,901 Bahrain Telecom Co 0.28 0.00 75,000 Astra Industrial Group -2.69 -1.96 Gulf Stone 0.12 0.00 - 15.17 126,186 Privatization Holding Compan 50.00 1,002,650 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 0.07 0.00 Gulf Plastic Industries Co 0.00 0.00 - 14.42 903,233 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.42 0.00 24,442 Taiba Holding Co 0.00 -3.13 Gulf Mushroom Company 0.34 0.00 - 40.00 38,725 Injazzat Real State Company 93.00 1,007,240 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co -1.83 -10.00 Gulf Investments Services 0.12 0.00 436,000 31.03 774,726 Kuwait Cable Vision Sak 22.50 101,176 Bahrain Islamic Bank 0.13 0.00 20,000 Saudi Real Estate Co -2.20 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 19.55 805,581 Sanam Real Estate Co Kscc 56.00 80,100 Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co 0.00 -4.00 Gulf International Chemicals 0.29 0.34 165,056 124.00 58,221 Ithmaar Holding Bsc 48.00 40,257,484 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The -0.92 0.00 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 34.53 428,214 Aviation Lease And Finance C 244.00 36,024 Bahrain Duty Free Complex 0.84 0.00 51,194 Methanol Chemicals Co -1.43 1.33 Global Fin Investment 0.17 0.00 1,150,500 6.87 1,204,736 Arzan Financial Group For Fi 38.00 628,155 Bahrain Commercial Facilitie 0.73 0.00 13,500 Ace Arabia Cooperative Insur -2.12 -1.43 Galfar Engineering&Contract 0.09 -1.14 331,240 46.24 107,860 Ajwan Gulf Real Estate Co 69.00 144,500 Bahrain Cinema Co 1.35 0.00 5,000 Mobile Telecommunications Co -1.05 0.00 Galfar Engineering -Prefer 0.39 0.00 - 8.50 1,836,208 Kuwait Business Town Real Es 53.00 1,370,100 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co -4.27 0.00 Financial Services Co. 0.17 0.00 - 19.07 462,359 Future Kid Entertainment And 120.00 100 Arab Insurance Group(Bsc)-$ 0.41 0.00 5,634 Axa Cooperative Insurance 1.38 4.49 Financial Corp/The 0.09 0.00 - 19.14 862,181 Specialities Group Holding C 93.00 1,510,678 Arab Banking Corp Bsc-$Us 0.37 0.00 405,630 Alsorayai Group -3.51 -1.61 Dhofar University 1.49 0.00 - 10.18 666,930 Abyaar Real Eastate Developm 30.50 11,434,126 Aluminium Bahrain Bsc 0.38 1.08 608,625 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 19.39 - Dar Al Thuraya Real Estate C 150.00 20 Albaraka Banking Group 0.50 0.00 56,952 Bank Albilad -2.35 0.00 Dhofar Poultry 0.18 0.00 - 17.49 250,821 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.11 -0.94 100,000 Al-Hassan G.I. Shaker Co -1.74 0.00 Dhofar Intl Development 0.36 0.00 - 14.12 375,881 Kgl Logistics Company Kscc 70.00 497,208 Al-Ahlia Insurance Co 0.00 0.00 - Wataniya Insurance Co -6.81 -1.96 Dhofar Insurance 0.21 0.00 - 27.11 868,967 Combined Group Contracting 500.00 133,050 Ahli United Bank B.S.C 0.80 -1.23 1,340,965 Abdullah Al Othaim Markets 104.50 0.11 89,051 Zima Holding Co Ksc 54.00 0.00 3,180,970 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 11.22 -1.06 329,465 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.22 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Tuesday, March 14, 2017 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 20,885.48 -17.50 Apple Inc 139.00 -0.10 6,754,168 S&P 500 Index 2,370.69 -1.91 Microsoft Corp 64.77 -0.25 5,300,976 Nasdaq Composite Index 5,871.39 +9.67 Exxon Mobil Corp 81.38 -0.28 3,783,291 S&P/Tsx Composite Index 15,537.56 +30.88 Johnson & Johnson 126.79 0.46 2,682,558 Mexico Bolsa Index 46,984.96 -117.35 General Electric Co 29.97 -1.04 11,032,068 Brazil Bovespa Stock Idx 65,216.52 +541.06 Jpmorgan Chase & Co 91.41 0.14 4,241,416 Ftse 100 Index 7,372.48 +29.40 Procter & Gamble Co/The 91.47 0.44 2,446,193 Cac 40 Index 5,000.66 +7.34 Wal-Mart Stores Inc 70.02 -0.11 2,585,182 Dax Index 11,993.87 +30.69 Verizon Communications Inc 49.36 0.01 3,004,102 Ibex 35 Tr 9,985.30 -21.10 Pfizer Inc 34.00 -0.32 6,291,642 Nikkei 225 19,633.75 +29.14 Visa Inc-Class A Shares 89.98 0.28 2,213,446 Japan Topix 1,577.40 +3.39 Chevron Corp 109.67 -0.85 2,308,971 Hang Seng Index 23,829.67 +261.00 Coca-Cola Co/The 42.11 -0.44 5,551,756 All Ordinaries Indx 5,794.64 -16.53 Intel Corp 35.09 -2.30 24,254,842 Nzx All Index 1,333.39 +3.34 Merck & Co. Inc. 64.35 -1.91 4,679,360 Bse Sensex 30 Index 28,946.23 +17.10 Cisco Systems Inc 34.12 -0.42 5,223,342 Nse S&P Cnx Nifty Index 8,934.55 +7.55 Home Depot Inc 147.36 0.35 923,448 Straits Times Index 3,147.15 +13.80 Intl Business Machines Corp 177.41 -0.24 1,295,562 Karachi All Share Index 32,832.16 -335.83 Walt Disney Co/The 111.17 0.22 1,731,607 Jakarta Composite Index 5,409.37 +18.70 Unitedhealth Group Inc 170.91 0.55 1,071,793 3M Co 191.12 -0.05 725,305 Mcdonald’s Corp 127.74 -0.19 1,106,542 Nike Inc -Cl B 56.50 0.12 2,223,656 TOKYO United Technologies Corp 112.19 0.04 1,043,427 Boeing Co/The 178.55 -0.08 1,500,479 Company Name Lt Price % Chg Goldman Sachs Group Inc 248.37 0.00 895,428 Rakuten Inc 1,101.00 0.46 5,604,200 American Express Co 79.28 -0.13 855,478 Kyocera Corp 6,433.00 -0.06 617,800 Du Pont (E.I.) De Nemours 80.94 0.10 587,966 Nissan Motor Co Ltd 1,157.50 -0.04 9,035,200 Caterpillar Inc 92.70 0.42 1,795,243 Hitachi Ltd 633.70 0.59 15,270,000 Travelers Cos Inc/The 122.03 -0.65 331,152 Takeda Pharmaceutical Co Ltd 5,344.00 0.87 1,355,400 Jfe Holdings Inc 2,053.00 -0.87 3,389,900 Ana Holdings Inc 351.60 0.77 15,358,000 FTSE 100 Mitsubishi Electric Corp 1,692.50 -0.21 2,901,600 Sumitomo Mitsui Financial Gr 4,362.00 -0.75 8,621,700 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,554.00 -1.14 3,852,300 Traders monitor data at the Frankfurt Stock Exchange. The DAX 30 closed up 0.2% to 11,990.03 points yesterday. Fast Retailing Co Ltd 36,620.00 -0.60 377,800 Wpp Plc 1,711.00 0.59 3,594,794 Ms&Ad Insurance Group Holdin 3,894.00 0.54 959,500 Worldpay Group Plc 293.60 1.77 4,072,848 Kubota Corp 1,791.00 -0.47 2,154,900 Wolseley Plc 5,010.00 0.32 152,947 Seven & I Holdings Co Ltd 4,380.00 0.23 2,249,400 Wm Morrison Supermarkets 234.40 0.09 3,506,883 Inpex Corp 1,109.00 -0.31 4,458,500 Whitbread Plc 3,887.00 -0.10 267,106 Resona Holdings Inc 658.30 -0.45 6,340,300 Vodafone Group Plc 203.15 -0.34 16,592,609 Asahi Kasei Corp 1,094.00 0.97 2,168,000 United Utilities Group Plc 977.00 0.51 724,031 European markets end Kirin Holdings Co Ltd 2,085.00 -0.24 2,086,000 Unilever Plc 3,989.00 -1.15 1,644,370 Marubeni Corp 726.60 0.12 5,272,200 Tui Ag-Di 1,156.00 0.52 222,116 Mitsubishi Ufj Financial Gro 767.90 -0.22 40,630,100 Travis Perkins Plc 1,489.00 0.27 627,835 Mitsubishi Chemical Holdings 896.60 -0.04 4,719,100 Tesco Plc 190.85 1.09 16,070,342 Fanuc Corp 22,320.00 0.00 634,800 Taylor Wimpey Plc 194.30 0.94 13,214,610 Daito Trust Construct Co Ltd 15,715.00 0.19 274,700 Standard Life Plc 372.60 -1.95 5,208,181 higher on Fed focus Otsuka Holdings Co Ltd 5,300.00 -0.36 1,251,900 Standard Chartered Plc 744.50 0.43 2,522,715 Oriental Land Co Ltd 6,523.00 1.08 660,300 St James’s Place Plc 1,097.00 1.29 373,557 Sekisui House Ltd 1,919.00 1.80 3,757,600 ket Analyst at London Capital Group. Labor Department said the US econo- Sse Plc 1,511.00 0.53 1,354,716 AFP Secom Co Ltd 8,384.00 0.66 320,100 Sterling held onto its gains despite my created 235,000 new jobs in Febru- Smith & Nephew Plc 1,236.00 -0.24 1,037,306 London Tokio Marine Holdings Inc 5,096.00 0.41 1,366,900 Sky Plc 991.50 -0.15 2,130,421 the announcement by Scotland’s na- ary, much more than estimated. Aeon Co Ltd 1,659.00 0.67 1,214,800 Shire Plc 4,941.50 1.04 892,356 tionalist government of plans for an- Wall Street was a touch easier, hav- Mitsui & Co Ltd 1,697.00 0.12 4,273,400 Severn Trent Plc 2,338.00 0.17 351,989 orld stock markets mostly other independence vote. ing opened unchanged.”US stocks are Kao Corp 6,015.00 0.62 981,200 Schroders Plc 3,131.00 0.10 166,435 rose yesterday as investors In the United States, Friday’s em- hovering around the fl atline in early Dai-Ichi Life Holdings Inc 2,312.50 -1.30 4,657,900 Sainsbury (J) Plc 268.80 0.90 4,205,930 Mazda Motor Corp 1,666.50 -0.45 5,296,300 priced in the near-certainty ployment report reinforced a long- action...amid heightened Fed rate Sage Group Plc/The 652.50 1.01 836,204 W Komatsu Ltd 2,899.00 -0.38 3,284,000 of a US rate rise this week following a running belief the world’s top economy hike expectations for Wednesday and Sabmiller Plc 0.00 0.00 - West Japan Railway Co 7,597.00 0.53 376,300 forecast-busting US jobs report. was on a strong growth track and focus ramped up political uncertainty in Rsa Insurance Group Plc 593.00 0.17 1,012,968 Murata Manufacturing Co Ltd 16,340.00 -0.24 402,000 Royal Mail Plc 407.30 0.44 1,116,125 But enthusiasm was muted by un- is now on the conclusion of the central Europe,” said analysts at US brokerage Kansai Electric Power Co Inc 1,285.00 1.06 2,478,300 Royal Dutch Shell Plc-B Shs 2,220.00 0.48 2,946,654 certainty surrounding a Dutch election bank’s policy meeting tomorrow. Charles Schwab. Denso Corp 5,276.00 1.23 1,551,600 Royal Dutch Shell Plc-A Shs 2,122.50 0.43 2,652,769 this week and the shape of Britain’s exit In a busy week for global monetary Oil prices continued under pressure, Sompo Holdings Inc 4,365.00 0.81 989,500 Royal Bank Of Scotland Group 242.50 -1.02 7,170,690 with the main US futures contract low- Daiwa House Industry Co Ltd 3,265.00 2.06 1,475,900 from the EU. policy, the Japanese and British central Rolls-Royce Holdings Plc 765.50 1.46 4,522,340 Jx Holdings Inc 553.80 -0.52 8,849,000 The pound advanced amid specula- banks also meet this week. ing ground again, extending last week’s Rio Tinto Plc 3,304.00 3.95 2,494,032 Nippon Steel & Sumitomo Meta 2,733.00 -0.27 3,027,600 tion that Britain could trigger as soon “Another rate hike could be just days losses of about 9%. Investors are nerv- Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 4,787.00 0.55 1,246,100 ous because of a surprisingly big jump Relx Plc 1,540.00 0.33 1,497,326 as today the formal process for exiting away, indeed, given the way the Fed’s Nippon Telegraph & Telephone 4,963.00 1.35 2,571,700 Reckitt Benckiser Group Plc 7,279.00 -0.57 352,885 the European Union. policymakers have been talking, it is in US stockpiles, increased US shale Ajinomoto Co Inc 2,268.50 -0.55 1,547,400 Randgold Resources Ltd 6,960.00 1.68 388,156 In London, the FTSE 100 edged up practically a certainty at this point,” production and concerns about imple- Mitsui Fudosan Co Ltd 2,582.00 0.39 2,089,000 Prudential Plc 1,665.00 1.31 4,111,849 0.3% to 7,367.08 points; Frankfurt — said Chris Beauchamp, chief market mentation of a Opec-Russia led deal to Ono Pharmaceutical Co Ltd 2,495.00 0.77 1,715,700 Provident Financial Plc 2,955.00 -0.14 83,286 Daikin Industries Ltd 11,105.00 0.32 574,700 DAX 30 ended up 0.2% to 11,990.03 analyst at IG trading group. cut output. Persimmon Plc 2,118.00 0.47 698,738 Bank Of Yokohama Ltd/The 0.00 0.00 - points and Paris — CAC 40 rose 0.1% The dollar wobbled Monday as some “For all the somewhat hopeful talk Pearson Plc 671.00 -0.81 2,179,966 Toray Industries Inc 1,004.50 0.35 2,681,000 to 4,999.60 points at the close yester- traders took out their profi ts before the from industry experts about oil in- Paddy Power Betfair Plc 8,840.00 0.28 48,154 Astellas Pharma Inc 1,554.50 -0.38 5,714,200 Old Mutual Plc 225.90 0.94 6,499,460 day. Fed meeting. ventories running down later in the Bridgestone Corp 4,691.00 -0.15 1,787,600 Next Plc 3,986.00 0.50 226,577 “The anticipation of a busy week “Markets are already fully priced year, the fact remains that US shale has Sony Corp 3,659.00 -0.05 5,237,600 National Grid Plc 978.00 -0.07 2,336,084 ahead including the possible trigger- for a Fed rate hike on Wednesday,” said come back harder, faster and cheaper Hoya Corp 5,456.00 -0.80 875,200 Mondi Plc 1,894.00 0.80 670,447 ing of Article 50, a potential populist Janu Chan, a senior economist at St than anyone could have imagined,” Sumitomo Mitsui Trust Holdin 4,135.00 -0.36 1,127,800 Merlin Entertainment 495.40 -0.30 926,042 Japan Tobacco Inc 3,845.00 1.08 3,734,200 revolt in the Dutch national elec- George Bank in Sydney. said Jeff rey Halley, senior market ana- Mediclinic International Plc 752.00 0.94 800,348 Osaka Gas Co Ltd 440.70 0.64 5,115,000 tion and a likely US interest rate hike Most stock markets in Asia started lyst at Oanda trading group. Marks & Spencer Group Plc 338.40 -0.12 2,326,092 Sumitomo Electric Industries 1,928.00 -0.28 2,461,800 meant there was a slow burn in mar- the week on a high — tracking all three “Talk is cheap, and oil is getting London Stock Exchange Group 3,059.00 -0.03 153,505 Daiwa Securities Group Inc 740.60 -0.43 5,796,000 Lloyds Banking Group Plc 68.65 -0.16 95,093,508 kets,” said Jasper Lawler, Senior Mar- main Wall Street indices — after the cheaper as well.” Softbank Group Corp 8,413.00 0.57 3,797,100 Legal & General Group Plc 249.50 0.28 10,036,182 Mizuho Financial Group Inc 213.90 -0.09 80,663,400 Land Securities Group Plc 1,044.00 0.38 711,441 Nomura Holdings Inc 761.10 -0.77 13,523,700 Kingfisher Plc 336.70 0.36 2,876,774 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,652.50 0.34 996,300 Johnson Matthey Plc 2,954.00 1.48 512,597 Fuji Heavy Industries Ltd 4,453.00 0.86 3,527,500 Itv Plc 207.80 0.05 5,213,899 Ntt Docomo Inc 2,733.50 2.07 5,013,300 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 279.20 0.61 1,780,982 Sumitomo Realty & Developmen 3,090.00 -0.03 1,361,000 Intl Consolidated Airline-Di 564.00 -0.44 4,126,787 Aluminum Corp Of China Ltd-H 3.98 0.76 27,574,641 Hong Kong & China Gas 14.98 0.67 9,791,147 Sumitomo Metal Mining Co Ltd 1,572.00 -0.13 2,192,000 Intertek Group Plc 3,884.00 0.75 327,455 Bank Of East Asia Ltd 31.85 1.11 959,106 Hong Kong Exchanges & Clear 191.80 0.89 3,552,083 Orix Corp 1,739.50 -0.32 5,441,500 Intercontinental Hotels Grou 3,858.00 0.21 189,224 Bank Of China Ltd-H 3.90 3.17 395,820,312 Hsbc Holdings Plc 64.35 2.14 38,625,363 Asahi Group Holdings Ltd 4,146.00 0.22 867,700 Inmarsat Plc 774.50 1.51 1,632,851 Bank Of Communications Co-H 6.06 2.02 29,087,274 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 45,550.00 1.02 283,500 Informa Plc 649.00 0.46 1,391,628 Belle International Holdings 5.28 2.52 25,216,778 Ind & Comm Bk Of China-H 5.06 3.05 302,530,332 Nidec Corp 10,730.00 0.09 475,300 Imperial Brands Plc 3,853.50 0.16 425,778 Boc Hong Kong Holdings Ltd 31.60 2.43 12,872,540 Li & Fung Ltd 3.60 0.00 25,637,762 Isuzu Motors Ltd 1,585.50 -1.00 2,523,800 Hsbc Holdings Plc 674.10 1.11 21,580,261 Cathay Pacific Airways 11.50 0.00 4,486,240 Mtr Corp 41.65 -0.24 5,497,444 Unicharm Corp 2,623.50 0.00 1,273,300 Hargreaves Lansdown Plc 1,325.00 0.45 358,504 Ck Hutchison Holdings Ltd 95.90 0.26 3,254,015 New World Development 9.96 1.01 24,076,059 Shin-Etsu Chemical Co Ltd 9,728.00 0.53 731,300 Hammerson Plc 583.00 0.34 1,051,198 China Coal Energy Co-H 3.92 2.08 7,565,116 Petrochina Co Ltd-H 5.70 0.35 82,073,903 Smc Corp 33,140.00 -0.42 188,200 Glencore Plc 316.00 1.75 21,769,141 China Construction Bank-H 6.25 3.31 400,333,279 Ping An Insurance Group Co-H 41.75 0.72 25,686,104 Mitsubishi Corp 2,510.50 0.16 4,764,200 Glaxosmithkline Plc 1,677.00 0.27 2,853,309 China Life Insurance Co-H 24.00 2.35 38,837,534 Power Assets Holdings Ltd 67.60 -0.15 2,410,372 Nintendo Co Ltd 25,000.00 1.07 1,423,100 Gkn Plc 370.80 -0.19 2,414,650 China Merchants Port Holding 21.35 0.95 1,891,171 Sino Land Co 13.24 0.15 3,031,658 Eisai Co Ltd 6,216.00 -0.16 508,100 Fresnillo Plc 1,439.00 5.81 1,172,868 China Mobile Ltd 84.50 0.12 11,369,980 Sun Hung Kai Properties 113.30 -0.18 3,823,581 Sumitomo Corp 1,518.00 0.46 3,311,700 Experian Plc 1,637.00 0.68 592,070 China Overseas Land & Invest 24.60 2.29 23,146,042 Swire Pacific Ltd - Cl A 79.70 1.21 1,273,424 Canon Inc 3,487.00 0.40 3,070,100 Easyjet Plc 981.50 0.46 2,756,260 China Petroleum & Chemical-H 5.84 0.69 64,077,993 Tencent Holdings Ltd 215.40 1.41 20,012,750 Japan Airlines Co Ltd 3,761.00 1.10 1,514,600 Dixons Carphone Plc 305.20 0.13 1,024,493 China Resources Beer Holdin 17.68 0.11 1,982,855 Wharf Holdings Ltd 67.35 -0.44 8,914,814 Direct Line Insurance Group 348.00 0.87 3,210,829 China Resources Land Ltd 21.40 3.38 28,091,581 China Resources Power Holdin 14.36 1.41 4,028,654 Diageo Plc 2,280.50 0.51 1,204,861 SENSEX Dcc Plc 7,020.00 0.29 87,504 China Shenhua Energy Co-H 15.66 1.42 16,140,701 GCC INDICES Crh Plc 2,862.00 -0.76 811,031 China Unicom Hong Kong Ltd 9.59 0.42 38,793,765 Compass Group Plc 1,515.00 0.33 1,194,680 Company Name Lt Price % Chg Citic Ltd 11.10 1.46 13,286,097 Indices Lt Price Change Coca-Cola Hbc Ag-Di 1,970.00 1.13 144,622 Clp Holdings Ltd 77.00 -0.96 3,993,494 Doha Securities Market Zee Entertainment Enterprise 514.80 -0.50 1,316,699 10,361.43 -129.72 Centrica Plc 221.10 -0.76 14,679,127 Cnooc Ltd 8.92 1.02 72,111,089 Saudi Tadawul Yes Bank Ltd 1,481.35 1.10 1,909,442 6,787.80 -46.26 Carnival Plc 4,542.00 -0.42 267,729 Cosco Shipping Ports Ltd 8.50 0.95 902,795 Kuwait Stocks Exchange Wipro Ltd 487.05 0.53 567,849 6,711.57 -30.45 Capita Plc 568.50 4.41 2,476,100 Esprit Holdings Ltd 6.92 1.32 2,412,894 Bahrain Stock Exchage Vedanta Ltd 248.50 -1.62 11,368,007 1,370.84 +4.84 Burberry Group Plc 1,815.00 0.61 679,208 Fih Mobile Ltd 3.18 -1.24 12,434,787 Oman Stock Market Ultratech Cement Ltd 3,852.45 0.77 156,037 5,715.82 -25.39 Bunzl Plc 2,307.00 0.00 224,830 Hang Lung Properties Ltd 20.40 2.41 14,931,053 Abudhabi Stock Market Tech Mahindra Ltd 475.80 -2.69 4,094,000 4,382.32 -54.11 Bt Group Plc 331.80 -3.11 12,109,521 Hang Seng Bank Ltd 159.90 0.76 990,775 Dubai Financial Market Tata Steel Ltd 467.75 -0.36 5,156,181 3,501.18 +20.26 British Land Co Plc 611.00 -0.24 2,474,184 Henderson Land Development 45.65 0.55 2,298,787 Tata Power Co Ltd 81.95 -0.30 2,132,196 British American Tobacco Plc 5,135.00 0.53 1,110,089 Tata Motors Ltd 469.10 0.32 6,174,523 Bp Plc 463.25 -1.58 34,127,458 Tata Consultancy Svcs Ltd 2,542.25 0.89 652,739 Bhp Billiton Plc 1,278.00 2.69 4,727,093 Sun Pharmaceutical Indus 682.95 -0.32 2,193,893 Berkeley Group Holdings/The 2,980.00 -0.03 410,049 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 272.05 -0.44 11,907,161 Barratt Developments Plc 536.50 -0.09 1,846,426 Reliance Industries Ltd 1,281.65 -0.40 6,026,058 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 230.90 -0.41 20,579,780 Punjab National Bank 141.70 0.39 4,581,641 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 636.50 -0.08 3,700,175 Power Grid Corp Of India Ltd 192.55 -0.98 10,345,432 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 900.50 0.73 556,543 Oil & Natural Gas Corp Ltd 191.60 1.03 8,311,847 this data.” Aviva Plc 543.00 0.37 5,144,888 Ntpc Ltd 157.10 -0.76 2,614,851 Astrazeneca Plc 4,815.00 1.17 1,176,459 Maruti Suzuki India Ltd 5,955.60 -0.15 478,065 Associated British Foods Plc 2,645.00 0.53 348,260 Mahindra & Mahindra Ltd 1,302.75 -0.09 482,380 Ashtead Group Plc 1,700.00 1.31 507,977 Lupin Ltd 1,447.10 -0.44 400,332 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,491.60 1.00 1,381,130 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 786.50 5.15 1,984,177 DINAR DINAR Kotak Mahindra Bank Ltd 828.90 0.42 1,992,501 Anglo American Plc 1,193.00 4.60 4,319,273 Itc Ltd 263.45 -0.57 8,745,902 Admiral Group Plc 1,903.00 -0.05 427,722 Infosys Ltd 1,021.85 1.02 2,444,837 3I Group Plc 730.50 0.76 571,180 Indusind Bank Ltd 1,335.75 0.71 1,652,610 #N/A 0.00 0.00 - Idea Cellular Ltd 104.25 0.29 15,345,705 Icici Bank Ltd 270.55 -1.08 15,541,734 TOKYO Housing Development Finance 1,373.80 0.17 1,748,327 Hindustan Unilever Ltd 875.20 0.56 1,573,798 Hindalco Industries Ltd 187.60 -0.85 10,435,060 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,311.05 0.67 329,078 East Japan Railway Co 10,170.00 1.35 649,300 Hdfc Bank Limited 1,400.10 0.42 1,567,299 Itochu Corp 1,656.00 0.79 3,798,800 Hcl Technologies Ltd 846.35 0.24 747,282 Fujifilm Holdings Corp 4,505.00 0.36 1,018,300 Grasim Industries Ltd 999.05 -1.04 670,055 Yamato Holdings Co Ltd 2,478.00 0.04 1,243,900 Gail India Ltd 378.25 -0.26 6,750,839 Chubu Electric Power Co Inc 1,499.50 2.29 1,624,700 Dr. Reddy’s Laboratories 2,715.85 0.41 615,291 Mitsubishi Estate Co Ltd 2,219.00 0.23 1,866,000 Coal India Ltd 316.30 -0.57 5,763,060 Mitsubishi Heavy Industries 448.80 0.90 12,280,000 Cipla Ltd 589.10 -0.02 641,581 Toshiba Corp 204.50 -1.82 148,565,000 Cairn India Ltd 277.95 -1.75 1,575,469 Shiseido Co Ltd 3,007.00 0.77 1,121,800 Bosch Ltd 22,761.15 3.33 35,664 Shionogi & Co Ltd 5,681.00 -0.05 699,500 Bharti Airtel Ltd 364.90 1.30 5,145,306 Tokyo Gas Co Ltd 522.60 0.25 5,328,000 Bharat Petroleum Corp Ltd 623.35 -1.37 2,598,241 Tokyo Electron Ltd 11,750.00 -1.34 734,700 Bharat Heavy Electricals 158.10 0.38 3,779,177 Panasonic Corp 1,292.50 0.62 6,369,600 Bank Of Baroda 159.00 -0.28 5,941,654 Fujitsu Ltd 669.70 0.25 8,418,000 Bajaj Auto Ltd 2,864.55 -0.21 121,296 Central Japan Railway Co 18,695.00 1.30 268,200 Axis Bank Ltd 515.90 -0.10 5,887,021 T&D Holdings Inc 1,882.50 -2.16 3,813,000 Asian Paints Ltd 1,030.25 -0.08 824,988 Toyota Motor Corp 6,530.00 0.15 4,737,800 Ambuja Cements Ltd 229.05 0.84 1,172,840 Kddi Corp 3,029.00 1.46 6,018,900 Adani Ports And Special Econ 298.80 -0.70 2,864,374 Nitto Denko Corp 9,137.00 0.01 626,400 Acc Ltd 1,400.00 -0.14 298,789 Gulf Times 12 Tuesday, March 14, 2017 BUSINESS

A world without Wi-Fi looks possible as unlimited data plans catch on

Unlimited mobile data plans, incentives favour Wi-Fi, customers use towers and home wireless routers – competing systems pose threats; more Wi-Fi. When pricing incentives risks congesting the spectrum upon “You could see a big switch” in shift, so does behaviour.” which Wi-Fi relies. In decades past, consumer behaviour: analyst The erosion of Wi-Fi’s influence is likely the nation’s unlicensed airwaves were to be slow and uneven. While unlimited mostly known for their use by garage Bloomberg data plans make the technology less door openers, cordless phones, and the Portland necessary for phones, many home occasional baby monitor. Now they’re devices, from a MacBook to an Amazon full of traff ic from Wi-Fi networks that Echo, still use Wi-Fi to connect to the connect smartphones, laptops, set-top The Wi-Fi icon – a dot with radio waves Internet. Wi-Fi also helps fill in gaps in boxes, game consoles, and a whole radiating outward – glows on nearly some off ice buildings and homes that host of smart devices to the Internet. As every Internet-connected device, from have spotty cellphone coverage. LTE-U moves in, Wi-Fi may get drowned the iPhone to thermostats to TVs. But Some wireless carriers also still rely out. it’s starting to fade from the limelight. on Wi-Fi networks to handle a large “Places where operators have With every major US wireless carrier portion of the growing volume of traditionally looked to Wi-Fi, they’ll now off ering unlimited data plans, Internet traff ic. Putting all of that leverage LTE-U,” said Kyung Mun, an consumers don’t need to log on to a Netflix-binging and Spotify-listening on analyst at researcher Mobile Experts. Wi-Fi network to avoid costly overage cellular networks could strain capacity. Developed by cellular carriers charges anymore. That’s a critical “Wi-Fi has consistently stayed ahead and their vendors, LTE-U may act change that threatens to render Wi-Fi in terms of performance and its as a disincentive for companies obsolete. And with new competitive ability to move large amounts of experimenting with Wi-Fi calling, technologies crowding in, the future data,” said Kevin Robinson, vice including Comcast, and those dabbling looks even dimmer. president of marketing for the Wi-Fi in fibre networks, like Alphabet Inc’s “You could see a big switch,” said Tim Alliance, a consortium of more than Google. In an all-data-you-can-eat world, consumers’ use of Wi-Fi at public places like stadiums and airports is Farrar, founder of Telecom Media 700 companies, including Apple, But LTE-U also benefits users. seen by some experts as dropping to a third of all mobile data traffi c from about half Finance Associates Inc. “Your coff ee Samsung Electronics Co, LG Electronics, Consumers don’t have to type in shops may be less compelled to Intel Corp, Qualcomm and Comcast passwords and sign in to every Annual shipments of LTE-U/LTE-LAA- technology group at Cisco. “LTE has an to Michael Peeters, head of innovation provide Wi-Fi for you now.” Corp. “The market is going to decide network like they do for public Wi-Fi capable access points will increase to advantage, but there’ll still be a place portfolio management at Nokia and In an all-data-you-can-eat world, which technology provides the best hot spots. They can seamlessly move about 1.1mn units globally by 2020, for Wi-Fi.” The company’s goal is to president of CBRS Alliance, whose consumers’ use of Wi-Fi at public places capabilities for the end user. To displace between their carriers’ cellular network up from tens of thousands in 2016, ensure its Wi-Fi portfolio evolves to membership includes AT&T Inc, Charter like stadiums and airports will drop to a technology like Wi-Fi is likely very and LTE-U, and not really know the according to Mobile Experts. meet the needs of customers, he said. Communications Inc and Comcast. The a third of all mobile data traff ic from optimistic.” diff erence. “You could see LTE in the house, in Another technology that risks making first CBRS devices should be certified about half, Farrar estimates. This means Unlimited plans aren’t the only threat. LTE-U – and a related cellular the enterprise, and the role of Wi-Fi Wi-Fi outmoded is something called for use in mid-2017, he said. businesses not upgrading public access Wi-Fi has survived 20 years and advancement, LTE-LAA – will morphing into something diff erent: a CBRS, short for Citizens Broadband On top of all these threats to Wi-Fi is the Wi-Fi as often. Smartphone users might spurred a roughly $20bn industry of also require less equipment. A legacy technology,” said independent Radio Service. The new system coming spread of 5G, which promises not even turn on their Wi-Fi capability, gear, service providers and chipmakers 180,000-square-foot building would wireless analyst Chetan Sharma. lets anyone share a huge swath of to let consumers download a high- according to Barry Gilbert, an analyst at – mainly because its technology is open need 24 new access points instead of Companies like Cisco Systems Inc, spectrum currently being used by the definition movie in less than a second. researcher Strategy Analytics in Boston. to innovation and it operates freely in about 80 Wi-Fi hot spots, according to the No 1 manufacturer of Wi-Fi access US Navy. In February, Nokia, Alphabet By using CBRS, wireless carriers can “At Sprint Corp, where unlimited the nation’s unlicensed airwaves. Wi-Fi Amit Jain, vice president of marketing points, are already considering and Qualcomm tested LTE technology deploy 5G faster and easier, using the plans are the norm, customers aren’t now faces competition from other and product management at hardware developing new gear that can on the airwaves to broadcast a live shared airwaves instead of trying to waiting until they get to a Wi-Fi hot technologies that also run in those maker SpiderCloud Wireless, which accommodate both Wi-Fi and LTE-U high-definition video of cars racing on a acquire spectrum licenses at auction or spot to watch the latest video. They are same frequencies. plans to ship LTE-U and LTE-LAA technologies. track in Las Vegas. through deals. staying on cellular,” said Craig Moff ett, A new system called LTE in Unlicensed equipment in the second quarter. “It’s too early to say what will win More reliable than Wi-Fi, CBRS may In the nearer term, Wi-Fi is already an analyst at Moff ettNathanson. Spectrum – or LTE-U, which depends However, the total cost of deployment out,” said Mike Iandolo, vice president ultimately be a better option for starting to disappear from people’s “Customers are rational. When pricing on a combination of new small-cell will be similar to Wi-Fi, Jain said. and general manager at the mobile factories, airports and ports, according daily routines. Gulf Times Tuesday, March 14, 2017 13 BUSINESS

Lincoln plans to produce ‘Market opening to let luxury SUV in money fl ow in and out’ China Bloomberg by 2019 Beijing hina’s policymakers support opening fi nancial markets for Reuters Ccapital and investment to fl ow Beijing both in and out of the country, accord- ing to central bank deputy governor Pan Gongsheng. ord Motor Co’s luxury China will push ahead on oversight unit Lincoln plans to pro- and enforce existing regulations on Fduce luxury SUVs in Chi- foreign exchange, Pan said in an inter- na by late 2019, as it steps up its view on Sunday with Bloomberg News move into the world’s largest and Caixin Magazine. Scrutiny of auto market and aims to catch foreign companies transferring prof- up with German and US rivals its out is “not excessive,” he added. who already manufacture in the A healthy foreign-exchange market Asian nation. helps all participants, said Pan, who The plan is to build an all- also heads the State Administration new sports utility vehicle (SUV) of Foreign Exchange, which executes to suit Chinese tastes, Lincoln currency policy. China said in a statement. With US tightening looming and the Ford plans to use an exist- People’s Bank of China interest rate at ing assembly plant it jointly a record low, China’s capital outfl ow operates with Chongqing pressures are poised to intensify this Changan Automobile Co Ltd year. The central bank has stepped up to produce the Lincoln ve- scrutiny of requests to move money hicles, a Ford spokesman in out of the country since last year, and Shanghai said. it’s also speeding reforms to open up Lincoln vehicles are current- the domestic bond market to lure more ly imported into China, and foreign investors. “China has always their sales have jumped nearly had these reviews, and those meet- 180% in 2016, the statement ing requirements can transfer money said. freely,” he said. “Companies can lodge “The move to local produc- a complaint with the foreign-exchange Pan Gongsheng, deputy governor of the People’s Bank of China, attends a news conference in Beijing. China will push ahead on oversight and enforce existing regulations tion is a key next step in Lin- authority if they have any problems.” on foreign exchange, Pan said yesterday. coln’s evolution in China and Funds in yuan aren’t fully convert- will complement continued ible to other currencies under current sive capital fl owed in after developed thing” and that the central bank sup- necessary for regulators to give guid- “The central bank’s main task this imports from North America,” capital account rules. Companies must economies rolled out stimulus amid the ports qualifi ed companies conducting ance on those investments, Pan said. year is to give foreign investors better it said. provide supporting documentation in- global fi nancial crisis, and a considera- “orderly, steadily” overseas investment. While it can be diffi cult to distinguish access to the domestic bond market, The statement gave no other cluding tax records and audit reports ble amount of capital will fl ow out as the Companies that move too fast in whether foreign investments are legiti- not tightening capital controls to keep details about the plans. when they plan to transfer profi t out of global economy stabilises. He said Chi- making overseas investments don’t mate or not, Pan said, some scenarios the yuan stable,” said Tommy Xie, an The Ford spokesman de- the country. China also has a $50,000 na is improving some capital fl ow poli- necessarily have good experiences, he deserve special attention from regula- economist for OCBC in Singapore. Al- clined to give the model’s an- cap on how much foreign currency indi- cies that haven’t been strictly enforced said, and “only those who have travelled tors, including companies investing lowing more overseas investors to ac- ticipated production volume or viduals are allowed to convert each year. in the past. Pan said in the interview in steadily can have a good trip.” outside of their main business areas and cess the bond market can increase in- describe the model other than PBoC governor Zhou Xiaochuan said Beijing that more domestic companies There has been “irrational and ab- small domestic parent companies set- fl ows, which will help China’s fi nancial to say it is an SUV. at a rare briefi ng on Friday that exces- investing overseas is “generally a good normal” investment activity, and it’s ting up large foreign subsidiaries. markets, he said. The Changan-Ford joint venture is in the process of get- ting approval for this move to produce Lincoln vehicles lo- cally in China, said the spokes- man. Lincoln China President Adani applies to Australia fund for fi nancing Amy Marentic told Reuters in October that the brand was studying whether to produce Reuters not participate in the controversial coal ian commodities, said Adani had not state and federal government approvals with the Queensland state government cars locally in China. Tokyo project. Since starting work on the Car- yet asked for fi nancing for parts of the it needs for Carmichael, has still to an- to hire local workers. Lincoln was accelerating its michael development over fi ve years project other than the rail line. nounce funding for the project. Comprising six open-cut pits, fi ve entry into China with plans to ago, Adani has battled opposition from He did not disclose how much fund- Environmentalists have lob- underground collieries and the rail line, have 65 Lincoln stores by the ndia’s Adani Enterprises has applied green groups who say it will contribute ing Adani had requested. bied banks not to provide loans and a to the Queensland coast, environmen- end of 2016, instead of pre- for fi nancing from an Australian in- to global warning. Adani’s Australian unit was not im- number, including Germany’s Deutsche talists also fear the mine will produce so vious plans of 60, with 80 Ifrastructure fund to build a rail line “NAIF is considering Adani’s pro- mediately available for comment. Bank and Commonwealth Bank of Aus- much coal for export to India that it will planned for year-end 2017, that is part of a $16bn coal project in posal at the moment,” Matthew Cana- NAIF was set up by the Australian tralia, have stated they will not partici- require a mega-port expansion into the she said. the state of Queensland, Australia’s re- van told Reuters in an interview in To- government last year to promote the pate in the project. Great Barrier Reef World Heritage Area. Marentic said the compa- sources minister said yesterday. kyo yesterday, when asked if the Indian economic development of Australia’s The Indian company wants to start Adani has said the project would not ny would also open five to 10 Financing from the A$5bn North- company had approached the infra- north by off ering loans for infrastruc- construction in the middle of this year, threaten the reef, while creating thou- smaller sales branches to tap ern Australian Infrastructure Facility structure fund. ture projects including airports, ports Adani Australia chief executive Jeyaku- sands of jobs and providing India with into fast-growing auto sales in (NAIF) would off er a boost to Adani af- Canavan, visiting the Japanese capi- and railroads. mar Janakaraj told reporters in Decem- cleaner burning coal only found in Aus- lower-tier Chinese cities. ter some major banks said they would tal to meet with buyers of Austral- Adani, which has secured the major ber, when he announced an agreement tralia. Tough Tucker takes Asian growth formula to ailing HSBC

Reuters profi ts in Asia, and it sought to strength- Hong Kong/London en its regional pivot by announcing in 2015 that it would invest in China’s Pearl River Delta (PRD) region to reinvigorate SBC’s new chairman Mark Tuck- growth after years of restructuring. er is known in Asia as one of the Slowing economic growth in the Hregion’s most successful fi nance world’s second-largest economy, how- executives for taking insurer AIA through ever, has delayed HSBC’s plans to hire a stock market listing and then more than 4,000 new staff and do more business doubling its market value through a re- in the country’s southern PRD region, at lentless focus on new business. the heart of the bank’s strategy to grow in Tucker proved his mettle to investors China. who during the 2010 IPO questioned “Given HSBC’s core markets and prof- AIA’s ability to expand in a region where its are increasingly coming from Asia, not many insurers have been able to build having someone with deep experience a pan-regional footprint, constraining in Asia is highly valuable,” Keith Pogson, their ability to pay dividends. senior partner in Asia Pacifi c fi nancial This focus on growth, and a deep services at consultant EY, said. knowledge of and love for Asia, will be Tucker will also have to identify a suc- vital for Tucker, who HSBC named as cessor to HSBC chief executive Stuart successor to Douglas Flint as chairman Gulliver, a process expected to conclude yesterday. in 2018 and which is likely to prove “chal- HSBC’s return on equity has sunk be- lenging”, said Lomax. low 1%, with a tough global economic Tucker is no stranger to banking after environment taking a much heavier toll serving on the board of US investment on big global banks than fast-growing bank Goldman Sachs and from 2004- Asian insurance companies. 2005 as group fi nance director of HBOS, Straight-talking, detail-focused and the failed British mortgage lender that thorough, London-raised Tucker is not was rescued by rival Lloyds Banking known for his small talk, but those who Group in 2008. have worked with him say he is friendly Described as a hands-on and very de- and approachable. manding boss by some of his current and The 59-year-old has held several lead- former AIA colleagues, Tucker gave a lot ership roles, including running Britain’s of autonomy to each country offi ce in Prudential, and will take over as HSBC Asia. group chairman designate from Septem- But he also held them strictly account- ber 1. able, said a person who has worked with “Mark ticks the most important boxes him. for us,” Rachel Lomax, a senior inde- Before AIA, Tucker worked as chief ex- pendent director at HBSC told Reuters AIA executive director and group CEO Mark Tucker talks to the media in Hong Kong. Tucker will take over as HSBC group chairman from September 1. ecutive offi cer of Prudential’s Asia busi- yesterday. “First of all deep knowledge ness, Prudential Corp Asia, for nine years of Asia, which is a must for HSBC at this fi nancial regulation had sealed the deal, Wolverhampton Wanderers. And the with Tucker, previously told Reuters. His Asia expertise will be crucial at from 1994 and led its expansion from stage in its history, and secondly he has a Lomax said. insurance executive celebrated his 50th “He is a very eff ective, no-nonsense guy HSBC as pressure to turn around its three to 12 markets in the region. fi nancial services background — leader- Tucker honed his competitive in- birthday with a broken nose and two and he knows his business inside out,” performance amid growing regulatory “He’s practical, has done a great job ship in an international fi nancial services stincts during an early career as a pro- black eyes from a clash on the pitch, Jim Linda Sun-Mattison, a London-based challenges and fl agging revenues drives a at AIA,” Hugh Young, Aberdeen Asset group — which is pretty hard to come by.” fessional soccer player, with stints at Sutcliff e, a former CEO of Anglo-South senior equity analyst for Asian insur- shift away from Europe to Asia. Management, a major investor in HSBC Tucker’s grasp of increasingly complex English clubs Barnet, Rochdale and African insurer Old Mutual who worked ance at Bernstein, said. The bank makes more than half its said. Gulf Times 14 Tuesday, March 14, 2017 BUSINESS

Toshiba seeking to extend deadline Westinghouse seen best for Q3 disclosure

Reuters fi t for Asian ambitions Tokyo Bloomberg Tokyo Japan’s Toshiba Corp is seeking to extend its today deadline for submitting off icial third-quarter f Japan’s Toshiba Corp parts ways earnings due to disagreements with its embattled US nuclear unit, with auditors over issues at its IWestinghouse Electric Co, the likely US nuclear unit Westinghouse, buyer may be a regional neighbour with sources familiar with the matter global ambitions. said. Westinghouse would be a strategic fi t The extension would be its in China or South Korea, which are de- second for the earnings after veloping their own reactors for export, Toshiba postponed a month ago according to analysts and academics. to probe potential problems at The region is also home to about half the Westinghouse. world’s nuclear units under construc- It has flagged a $6.3bn tion, while China is forecast to have the writedown for the nuclear unit in largest fl eet of reactors by the middle of preliminary estimates. next decade. A second extension would Toshiba, which is suff ering from a only underscore deepening ¥712.5bn ($6.2bn) writedown on its nu- woes for the deeply troubled clear division and selling assets to stabi- TVs-to-construction conglomer- lise its balance sheet, has said it will con- ate. sider selling Westinghouse to the right Plagued by cost overruns partner. The Tokyo-based electronics at US projects in Georgia and maker has a deadline of today to release South Carolina, Westinghouse results for the period ended December has hired bankruptcy lawyers as 31. an exploratory move, sources “South Korea and China are probably have said – an option that could best placed,” said Matthew Cottee, a help Toshiba limit future losses. research associate in the non-prolifer- To off set the upcoming writ- ation and nuclear policy programme at edown, Toshiba is also rushing the International Institute for Strategic to sell most or even all its prized Studies. “There has been a notable shift memory chip business, which it in the civil nuclear landscape recently. values at at least $13bn. Former nuclear brands from France and Toshiba is in talks with finan- Japan, such as Areva and Toshiba, are in cial regulators for an extension, decline.” one of the sources told Reuters While Westinghouse is shackled by yesterday. risks from delayed projects in the US, the The sources declined to be company may off er a treasure trove of identified as they are not author- intellectual property and expertise. Half ised to speak to media. of the world’s nuclear reactors incorpo- Toshiba declined to com- rate Westinghouse technology, while the ment. Off icials at the arm of the company’s AP1000 reactor is being con- Finance Ministry which oversees sidered for orders in a number of grow- the filing of quarterly earnings ing markets. The logo of Toshiba is seen at the company’s facility in Kawasaki. If the Japanese firm parts ways with its embattled US nuclear unit, Westinghouse Electric, the likely buyer statements could not be imme- Westinghouse has hired PJT Part- may be a regional neighbour with global ambitions. diately reached for comment. ners Inc to help advise to its business, It was not immediately clear Bloomberg reported Friday. would be free of any liabilities aris- III+ reactor, designed to be easier and ing costs. Takase said by e-mail. what the disagreements with Pittsburgh-based Westinghouse has ing from the current new build projects less expensive to install and operate and While Toshiba doesn’t plan to sell a Toshiba’s shares rose 3.2% in Tokyo auditors were. also brought in bankruptcy attorneys that Westinghouse is constructing,” said with enhanced safety features to avoid Westinghouse stake at the moment, it trading yesterday. “Nuclear will likely A Toshiba executive said from Weil Gotshal & Manges LLP, Reu- George Borovas, the global head of the the kind of disaster Japan suff ered dur- will consider it if it fi nds a partner com- come back in the future and the West- last week that Westinghouse ters reported earlier. nuclear group at Shearman & Sterling ing the triple meltdown at Fukushima mitted to maintaining and developing inghouse value should increase,” Lake and lawyers were fussing over “Any sale would likely be preceded LLP, a New York-based multinational in 2011. But the new reactors run into the business in a way acceptable to its Barrett, a former offi cial at the US Nu- details. by a restructuring of Westinghouse so law fi rm. tighter regulations and complex designs, customers and governments where it clear Regulatory Commission, said by that the ‘new Westinghouse’ being sold The AP1000 is a so-called generation resulting in construction delays and ris- operates, company spokeswoman Yuu e-mail.

Singapore bans Indonesian automakers seeking former Goldman tax cut on sedans to spur sales banker linked to Malaysian fund Bloomberg the discussions with the fi nance ministry,” tifi cation to that? What’s the diff erence? centive for the automotive industry since Jakarta said I Gusti Putu Suryawirawan, director 30% tax simply because it has a trunk at the the introduction of the policy for low cost general at Indonesia’s Industry Ministry. back.” cars” in 2013, John Teja, a director at PT AFP The auto group, also known as Gaikindo, Local deliveries of passenger vehicles Ciptadana Securities, wrote in a text mes- Singapore ndonesia’s automakers group, which is working on a research paper with the peaked in 2014, with volumes in each of last sage. “The overall impact for Astra will be counts Toyota Motor Corp and Hon- University of Indonesia to show how the two years being lower. Sedan sales declined positive. It will boost demand for sedans Ida Motor Co among its members, has lower levy would boost demand for sedans at a steeper pace than other segments. Of in the market that has been dominated by ingapore yesterday banned a former Goldman sought a cut in the luxury tax levied on se- and will submit the fi ndings by the end of the 861,987 units sold in 2016, vans, mul- MPVs and SUVs.” Sachs banker from working in the city-state’s fi - dans to spur sales in Southeast Asia’s big- May, Sugiarto said. While models like the tipurpose vehicles and SUVs accounted for Sugiarto said the group’s internal surveys Snancial industry for 10 years after he was linked gest market and encourage companies to Mercedes-Benz A-Class compact hatch- 98% and sedans just 13,832 units. As in- show many customers ended up buying to a corruption scandal involving Malaysian state fund boost local production. back attract a levy of 10%, sedans such as comes rise, the auto market is forecast to a small seven-seat van, which they don’t 1MDB. Sales of sedans may rise to 20% of overall Toyota Corolla are taxed at 30%, he said. grow about 12% annually through 2021, ac- need, simply because the vehicles were The Monetary Authority of Singapore (MAS) also said market from about 1% if the levy is reduced “Indonesian people have been discour- cording to BMI Research. cheaper. The group is also seeking a cut in it planned to bar three more people, all ex-employees of to 10% from 30%, Jongkie Sugiarto, chair- aged to buy cars with a trunk as they are Shares of PT Astra International, which the levies on small SUVs with engine 1.5 two Swiss banks alleged to have used the island’s fi nan- man for market development at the Associ- considered a more luxurious option com- distributes cars made by Toyota and liters and smaller, he said. “Many of them cial system to facilitate illicit money transfers to 1MDB. ation of Indonesia Automotive Industries, pared with a multipurpose vehicle,” Su- Daihatsu Motor Co, rose as much as 0.9% don’t need a car with seven seats and pre- Allegations that huge sums were misappropriated said without specifying a time-frame. The giarto, who is also the vice chairman of to 8,225 rupiah, set for the first gain in fer the comfort off ered by sedans,” he said. from 1MDB triggered a scandal which has embroiled government is waiting for the complete Hyundai Motor Co’s Indonesia unit, said five days. “If the government accepts this “But they can’t aff ord them because of the Malaysian Prime Minister Najib Razak, though he has proposal and the outcome will “depend on in an interview in Jakarta. “What’s the jus- proposal, it could become the biggest in- higher price.” denied any wrongdoing. The MAS, which serves as Singapore’s central bank, said Tim Leissner, a former director of Goldman Sachs in the city-state, will be banned from “performing any regulated activity under the Securities and Futures Act”. He will also be barred from “taking part, directly or in- directly, in the management of any capital market serv- China may roll back electric car quotas ices fi rm” on the island, a regional fi nancial centre. Leissner had issued an unauthorised reference letter saying that due diligence had been carried out on Ma- Reuters ing options for lowering the requirements. laysian fi nancier Low Taek Jho, a close family friend of Beijing One idea was to reduce the quota require- Najib who had helped the Malaysian leader set up 1MDB, ment by 2% each year, cutting the 2018 re- and that no money-laundering concerns were detected. quirement to 6%, said a China-based gov- MAS said the letter was unauthorised by Goldman hina is considering easing proposed ernment relations offi cial at a major global Sachs and its contents were false. quotas aimed at producing more automaker. Low has denied any wrongdoing. Celectric vehicles, as Beijing gets It would then be 8% in 2019 and 10% in Leissner resigned from the bank in February 2016. pushback from the automotive industry over 2020. Another option would be to push back “MAS will not tolerate conduct by any fi nance profes- the scale and pace of the plans. each target by a year, with the 8% quota sional that threatens to undermine trust and confi dence If adopted, proposed changes under dis- starting from 2019, an executive at a Japa- in Singapore’s fi nancial system,” Ong Chong Tee, a MAS cussion could see a target of new energy ve- nese car maker said. deputy managing director, said in a statement. hicles (NEV) making up 8% of sales next year Both asked not to be named due to the “It is imperative that industry professionals and rep- pushed to 2019, two auto executives said. sensitivity of the matter and because the resentatives of fi nancial institutions are fi t and proper The changes would lower targets from a draft was still under consideration. persons. They must be worthy of the trust that people draft policy released in September requiring New energy vehicles last year accounted for just 1.8% of sales in China, the world’s biggest The overall policy includes quotas for place in them and their institutions.” 8% of automakers’ sales to be battery elec- autos market, and it would then be 8% in 2019 and 10% in 2020, off icial data showed. plug-in cars, targets for average fuel econ- MAS said it had served notices to three other people tric or plug-in hybrid vehicles by 2018, ris- omy requirements, and a credit trading sys- linked to the 1MDB investigation who it intends to ban ing to 10% in 2019 and 12% in 2020. autos market, according to Reuters calcula- after the discussions,” he said. tem to promote green energy cars while pe- as well. Any loosening of NEV targets would mark tions based on offi cial data. “Whether the whole market can hit this nalising petrol cars. Among them is Swiss banker Jens Fred Sturzenegger, a pull back by Beijing, which has faced op- “It’s normal to make revisions as it’s a quota by 2018 depends a lot on the strength The two people said the quota stand- who headed the Singapore branch of Swiss lender Falcon position to the planned targets as it looks draft plan,” An Jin, chairman of Anhui Jiang- of government policy. If it’s strong then we off was tied to a disagreement between the Private Bank. Sturzenegger, who will be banned for life, to drive its domestic carmakers to overtake huai Automobile Group (JAC Motor), said on should be able to surpass the targets,” An Ministry of Industry and Information Tech- was jailed for seven months in January for money laun- global rivals in the ‘green’ vehicle sector. the sidelines of the National People’s Con- said, “(But) if you consider China’s infra- nology (MIIT) and China’s top state plan- dering and other off ences related to 1MDB. Automakers and industry bodies have gress in Beijing. He said he was aware of talks structure and the transformation of China’s ner, the National Development and Reform MAS said it also intends to ban Yak Yew Chee for life said the targets are too tough and could hurt to revise the quota targets, but said nothing auto sector, then perhaps the pace will have Commission (NDRC). and Yvonne Seah for 15 years. Both Singaporeans are manufacturers’ interests. was set in stone. “JAC hasn’t been told what to slow.” MIIT, which regulates manufacturers, former private bankers with the local branch of Swit- New energy vehicles last year accounted revisions might be made to the draft, but I Two executives familiar with the plans supports a more fl exible credit trading sys- zerland’s BSI bank and were jailed for fraud in relation to for just 1.8% of sales in the world’s biggest think it is possible the draft will be changed told Reuters the government was consider- tem favoured by automakers. 1MDB. Gulf Times Tuesday, March 14, 2017 15 BUSINESS

Fed, economists and investors show rare harmony on rate outlook

Bloomberg now matches the median number stream of positive economic data a quarter point, bringing those in an abrupt tightening of financial uncertainty. Some economists also policies are likely to be a net posi- Washington of increases that Fed policy makers and a flurry of remarks from central line with Fed expectations as well. conditions as riskier propositions made clear they saw major risks tive to the economy, there is a risk forecast in December. bankers. Chair Janet Yellen capped Economists said they expect the than the spectre of an overshoot on despite the potential for Trump to that trade protectionism and the Investors also raised their sights off a hawkish week of Fed talk with upper bound of the benchmark rate inflation caused either by declining deliver higher growth. curtailment of immigration lead to a A year ago, the Federal Reserve recently. The probability of three a speech on March 3 in which she to peak in this tightening cycle at unemployment or an expansionary “Over the next two years, Trump weaker economy,” he said. “The net was forced to back away from its or more increases this year implied said a hike “would likely be appro- 3% in the second quarter of 2019. fiscal policy. economic polices are expected to positive only holds if we do not end earlier projection for four interest- by pricing on contracts in fed funds priate” at the March 14-15 meeting As part of the shift among econo- Regarding prospective policies boost US growth prospects, but up in a trade war.” rate increases in 2016. This year, futures surged above 50% for the if the economy stays on track. mists, there’s growing concern that under President Donald Trump, 62% the side eff ects on the fiscal deficit, Respondents said there’s a 15% everyone’s coming around to the first time on March 1. Policy makers will also submit new economic growth and inflation of respondents said they expect the inflation, health care and trade and chance that Trump will reappoint Fed’s view. “The Fed is a happy camper,” said forecasts and rate projections at the could go higher than expected, net economic impact of govern- immigration policies could do real Yellen for another four years as A Bloomberg survey of 45 Thomas Costerg, senior US econo- March meeting of the Federal Open with 55% saying risks now fall more ment programmes — including fis- damage to our country’s longer- chair when her term expires next economists conducted on March mist at Standard Chartered Bank. Market Committee. heavily on the upside. Just 13% cal, trade, immigration, health care term growth potential,” wrote Scott February. Trump early last year 7-8 produced a median estimate for “For once, the Fed and the Street See which Fed off icials give the rated downside risks as more seri- and others — to be positive. Twenty- Anderson, chief economist at Bank praised Yellen and extolled the three quarter-point hikes in 2017, seem to be aligned. That’s good best policy signals. ous, while a third of respondents three percent foresee a negative of the West in San Francisco. value of keeping interest rates low. with moves expected in March, news because it means volatility The Bloomberg survey also agreed with the Fed’s assessment impact and 15% a neutral eff ect. Kurt Karl, chief economist at Swiss Later in the campaign he criticised June and December. That’s up from can remain low. There’s no need to showed economists lifting their av- that risks are roughly balanced. In additional comments pro- Re, was similarly divided over the her, saying she was providing two hikes that respondents pre- alter market expectations.” erage projections for the fed funds Economists also rated a potential vided by respondents, fiscal policy promises and perils under Trump. stimulus to benefit then-president dicted in a survey in February and The shifts followed a steady rate at the end of 2018 and 2019 by external shock to the economy and presented the biggest source of “Though the administration’s Barack Obama.

Europe to tell G20 BoE’s Hogg may face it will resist protectionism

Reuters duced to prevent another fi - pressure to quit as Brussels nancial sector crisis like that one in 2008. “Avoiding a rollback in the uropean Union fi nance fi nancial regulation agenda is ministers will tell a G20 necessary,” the document says. Emeeting this week that The document also appears they will resist protectionism to address remarks by Patrick and that fi nancial rules in- McHenry, the vice-chair of UK lawmakers meet troduced after the 2008 crisis the House of Representatives’ must be kept in place. Financial Services Committee, Bloomberg A document prepared by the in letter to Fed chairman Janet London EU ministers, which appears Yellen about the international aimed at the United States, sets role of the Fed. out the position of all European McHenry wrote that the US ank of England deputy delegations for the G20 gath- central bank should stop “ne- governor Charlotte Hogg ering of ministers and central gotiating international regula- Bmay come under pres- bankers in Baden Baden in Ger- tory standards among global sure to resign this week as Par- many on March 17-18. bureaucrats in foreign lands liament’s Treasury Committee “We reaffi rm our commit- without transparency, ac- prepares to pass judgement on ment to keep the global econ- countability, or the authority to her appointment. omy open, resist protection- do so”. Lawmakers were scheduled ism and keep global economic The European document to convene later yesterday to cooperation on track,” says the says: “International coordina- discuss Hogg’s role as head of paper, seen by Reuters. tion and continued partici- markets and banking, which An early draft communique pation of all G20 members in she started this month. They’re for the G20 meeting suggested international fora on fi nancial reviewing her position after she on March 7 that the world’s fi - regulation is of fundamental admitted she didn’t disclose to nancial leaders might no longer importance.” the central bank that her brother explicitly reject protectionism, European Commission vice- works at Barclays, which it regu- breaking with a decade-old president Valdis Dombrovskis lates. tradition. said in February that while the Hogg, who has also been chief Instead, following the change United States had every right operating offi cer at the BoE since of administration in Washing- to redefi ne its national inter- 2013, is set to cast her fi rst vote ton, they might promise only to est, Europe was entitled to say on monetary policy this week. keep an “open and fair interna- that international cooperation Lawmakers can’t block the ap- tional trading system”, wording on fi nancial governance was in pointment, but they can recom- which some offi cials see as a everyone’s interest. mend against it. Hogg, while not way to accommodate the pro- “We are sensitive to talk of chiefl y in charge of regulating tectionist views of President unpicking fi nancial legislation banks, sits on a committee with Donald Trump. which applies carefully nego- responsibilities for supervision. Bank of England deputy governor Charlotte Hogg poses for a photograph following an interview inside the central bank’s off ices in London. The draft communique, tiated international standards The issue also casts a shad- Hogg, who has also been chief operating off icer at the BoE since 2013, is set to cast her first vote on monetary policy this week. Lawmakers however, could change sub- and rules,” Dombrovskis said. ow over the BoE’s governance can’t block her appointment, but they can recommend against it. stantially, following discus- “It is diffi cult not to notice structure, at a time when policy sions on March 17-18, G20 of- when the chair of the Federal makers under Governor Mark issues to the central bank, and “Pressure on Charlotte Hogg to ternal member with a massive the BoE’s code of conduct at the fi cials said. Reserve is criticised for her Carney are already being criti- lawmakers approved her ap- resign as Bank of England no 2 mandate. It doesn’t look great.” time. The European Union minis- approach to negotiating inter- cised by politicians — including pointment on March 2, while is increasing not diminishing.” The Treasury Commit- In Hogg’s case, there may be ters’ document also appears to national rules and standards, some members of the Treasury saying steps would need to be The Sunday Times reported that tee has recommended against even more at stake because she argue against Trump’s plans to or when an American Presi- Committee — for comments and taken to address possible con- some commercial bankers have BoE appointments in the past. is seen as being close to Car- roll back US legislation, called dent talks about ‘doing a big forecasts made around the UK’s fl icts of interest. said if Hogg remains in her post, It advised against Christopher ney and has played a prominent the Dodd-Frank Act, intro- number’ on Dodd-Frank.” vote to leave the European Un- On March 7, lawmakers pub- they will use that as an argument Allsopp in 2000, arguing that role at the central bank in recent ion. lished a letter from Hogg say- that they should also be treated his responses to its questions years, including leading a strate- A man rides a scooter Committee member Jacob ing that, in fact, she hadn’t more leniently in similar cir- suggested he may not be able to gic overhaul, according to Grant past signage for the Rees-Mogg, who has frequently disclosed the potential confl ict cumstances. stand up to senior members of Lewis, an economist at Daiwa Group of 20 summit in sparred with Carney, said last when she started as COO, nor in A BoE spokesman declined to the bank. Then-Chancellor of Capital Markets and a former Hangzhou, China, on week that “we’ve gone from be- her application for deputy gov- comment. the Exchequer Gordon Brown Treasury offi cial. September 5, 2016. A ing concerned about Hogg’s er- ernor, and it only came to light “It’s a bit of headache,” said stood by him and he went on to “It’d be a great shame if she document prepared by ror, to being concerned about when she completed a question- Alan Clarke, an economist at serve a full term. did have to go because clearly for the EU ministers sets the bank’s response.” naire for the committee. She Scotiabank in London, noting In July 2015, policy maker the management, strategy role, out the position of all Hogg’s brother Quintin Hogg apologised in the letter, saying that until now all the questions Gertjan Vlieghe was pressured she’s highly regarded,” Lewis European delegations works as a director at Barclays that she takes “full responsibil- about Hogg’s appointment were to sever ties with Brevan Howard said in a telephone interview. for this year’s G20 Investment Bank. She told a ity for this oversight.” whether she was going to be a Asset Management to avoid the “She’s had a high-achieving ca- summit in Baden hearing on February 28 that she Committee member John hawk or a dove on interest rates. impression of a confl ict of inter- reer and is the sort of person I’m Baden in Germany on had always declared potential Mann tweeted on Sunday that She is a “pretty important in- est. Lawmakers also criticised sure the bank wants to attract.” March 17-18. Europe’s bank lobby fi nds new lease on life as Basel deal stalls

Bloomberg the fi nancial market, they will be left models many big banks use to calculate to return to levels that preceded the fi - fell apart, the two sides hardened their “European banks’ capital is still Brussels without an umbrella,” Sven Giegold, a loan risks would require hundreds of nancial crisis. positions and have struggled to over- relatively low,” said Isabel Schnabel, a German member of the European Par- billions of dollars in additional capital. Momentum started building after come their diff erences since, according professor of fi nancial economics at the liament who advocates greater over- While regulators say the proposed two key players in the campaign, So- to three people with knowledge of the University of Bonn and one of German hen global banking regula- sight of lenders. “Unfortunately, the curbs on banks’ ability to game the ciete Generale chief executive offi cer matter. Chancellor Angela Merkel’s economic tors met in secret in a Lon- banking lobby has succeeded in linking rules by using their own complex mod- Frederic Oudea and the head of Germa- Lenders in Europe are more avid us- advisers. “They have convinced people Wdon conference room to try weak economic growth with banking els to reduce capital requirements is ny’s banking federation, Hans-Walter ers of in-house models to assess loan that higher bank capital inhibits bank to clinch a deal on capital rules, Euro- regulation.” just a backstop for Basel III, bankers Peters, lobbied German and French fi - risk than their US peers. The concern is lending, although the opposite may be pean industry lobbyists were nowhere It’s been almost 10 years since the nicknamed it Basel IV because they saw nance ministers in June and July. they might manipulate results to make true.” in sight. They didn’t have to be. crisis unfolded and EU banks still aren’t it as a back-door way to instigate an- Europe’s fi nance ministers then is- their portfolios look safer than they The industry’s uproar did, in the European Union offi cials at the out of the woods. While loan growth is other round of capital-raising. sued a statement in July pushing back actually are, leaving them with insuf- end, help persuade the Basel Commit- meeting in December doubled down near the fastest this decade and bank- Lobbyists inundated politicians and against the proposals, saying the com- fi cient capital to weather losses in the tee to soften the cap, known as an out- on their call to soften rules pushed by ing stocks are rallying, lenders are still lawmakers with PowerPoint presenta- mittee was under instructions to avoid event of another shock. put fl oor, on the extent a bank’s inter- the US, concerned they would penal- shouldering more than €1tn ($1.1tn) of tions and impact studies warning credit any further signifi cant increases in The lenders that failed or were res- nal risk assessment can digress from a ise the bloc’s banks and cripple lend- bad debt and grappling with sluggish to Corps, small businesses and real es- capital requirements and introducing cued in the fi nancial crisis had claimed regulatory appraisal of the same loans. ing to the economy — arguments big profi tability as interest rates hover near tate would suff er. That, in turn, would a new demand to shield EU banks: no on the eve of their collapse that they The most recent proposal stipulates banks had repeated for months. The zero. hurt the real economy since European region should suff er more than others. exceeded the Basel Committee’s risk- modelled results can’t drop below 75% talks collapsed, and with them perhaps For years, the continent’s bankers companies rely on bank credit more In September, European negotiators at weighted capital requirements, Bank of of the standard formula. Previously a regulators’ best chance to stiff en global struggled to get their way, the near- than the US and some other regions. the Basel Committee threatened a re- England Governor Mark Carney said in stricter level as high as 90% was being standards to police banks. ly €2tn of taxpayer money deployed The European Banking Federation, volt over the proposals. Over the next 2014. considered. Donald Trump’s vow to tear up US to rescue them fresh in the minds of an advocacy group with about 4,500 two months, top EU and German policy European bankers insist a one- With Trump opposing policies that regulations imposed after the 2008 policy makers. As the Basel Commit- members, even circulated a cartoon makers demanded sweeping changes. size-fi ts-all approach to assessing encroach too much on banks’ freedom, crash has already made reaching an tee on Banking Supervision installed for those less versed in fi nancial regu- “The Franco-German alignment risk doesn’t take into account national Oudea put the odds for the fi nal chang- agreement more diffi cult, and only worldwide standards known as Basel lation. It portrayed bankers as runners has been remarkable,” Oudea, also EBF diff erences in, for instance, how loan es to Basel III getting done at 50-50. stands to increase the resolve among III to ensure banks could withstand fu- struggling to complete a marathon as president, recounted at a meeting with default rates vary. A real estate loan That’s a victory for the lobbying eff ort industry leaders in Frankfurt, Paris and ture shocks, European lenders boosted Basel regulators move the fi nish line analysts last month. in Germany may be less liable to non- he helped conceive. London to resist more regulation. The capital tenfold in some cases. farther into the distance. European regulators are pitted payment than one in, say, Greece. “I’ve been working for a long time on result: banks could end up with more But memories of the crash faded in The campaign found willing ears against US negotiators who want stiff er Critics, though, argue lenders in Eu- regulation at the international level and freedom to repeat the mistakes of the time for bank bosses to rally against among government leaders. For a few oversight of internal models to ensure rope need more capital, and bank ex- it’s the fi rst time that I see European past. a revision of Basel III. They worried a years, growth has been their top worry banks aren’t underestimating their ecutives could free up cash for lending authorities” come together “with such “When the next thunderstorm hits plan to allow regulators to rein in the because while accelerating, it’s failed capital needs. After the December talks if they slashed dividends. unity,” Oudea said last month. Tuesday, March 14, 2017 GULF TIMES BUSINESS Qatar’s inflation rises a marginal 0.1% month-on-month in February

By Santhosh V Perumal goods and services, said the figures Miscellaneous Goods and Services, 0.4% and 0.2% month-on-month and year- basket — registered 0.6% month-on-month whereas the index shrank 2.5% on a yearly Business Reporter released by the Ministry of Development which have 5.69% weightage, also wit- on-year respectively in February 2017. dip in its index in February this year and basis. Planning and Statistics (MDPS). nessed 1.8% expansion both month-on- Furniture and household equipment, 0.4% year-on-year. Health, which carries 1.79% weightage, International Monetary Fund recently month and year-on-year in February this which have 7.7% weightage in the CPI The CPI of January 2017, excluding saw its index tread a flat course month- Qatar’s cost of living, based on consumer said during 2017–18, subsidy cuts, increase year. basket, recorded 0.1% rise in February “housing, water, electricity, gas and other month in February this year but it showed price index (CPI), rose by a marginal 0.1% in public fees, a moderate recovery in glo- Transport, which has 14.59% weight- this year compared to the previous fuels” showed an increase of 1.6% on a a yearly 0.2% decline. month-on-month in February this year bal commodity prices and the implemen- age, saw its group index expand 0.8% this month. It had reported 1.4% increase yearly basis and 0.3% on a monthly basis. Communication, which carries 5.87% as faster expansion in expenses towards tation of a value added tax are expected February against January 2017 level and year-on-year. Although Education, with 5.75% weight- weight, also saw its group index stay food, beverages and transport was to a to moderate Qatar’s inflation over the it reported a huge 5.9% surge on a yearly However, Recreation and Culture, which age, saw its index unchanged in February unchanged in February 2017 on a monthly greater extent contained by fall in hous- medium term. basis. have 12.68% weightage in the CPI basket, 2017 compared to that in January 2017, basis, while it was down 0.1% year-on-year. ing and recreation, according to off icial Food and beverages, which has a The sector has the direct linkage to the saw its index shed 1.5% month-on-month overall its index reported 3% increase on a Tobacco, which has 0.27% weight, stood estimates. weight of 12.58% in the CPI basket, saw its dismantling of the administered prices in in February this year and 1.7% on a yearly yearly basis. unchanged both annually and monthly in The CPI inflation was up 0.7% year-on- group index rise 1.8% this February against petrol and diesel. basis. The index of Restaurants and hotels, February this year; even as there are reports year (y-o-y), mainly on costlier transport, the previous month’s level; while it was Clothing and footwear, which carry Housing, water, electricity and other which have 6.08% weight, was also seen that Gulf countries, including Qatar, may im- education, furniture and miscellaneous down 0.5% on a yearly basis. 5.11% weight, saw its group index gain fuels – with a weight of 21.89% in the CPI flat month-on-month this February, pose heavy taxes on tobacco and soft drinks.

First Finance Medicare Group to replace named 2016’s Mazaya Qatar in QSE’s key ‘Most innovative fi nance company’

irst Finance Company index revision from April 1 (FFC), a subsidiary of FBarwa Bank Group, has By Santhosh V Perumal been named the ‘Most in- Business Reporter novative finance company’ in Qatar 2016, at the Inter- national Finance Magazine edicare Group will re- (IFM) Awards, which was held place Mazaya Qatar in at the JW Marriott Marquis Mthe Qatar Stock Ex- Hotel in Dubai. change’s main barometer, eff ec- FFC claimed the sought-af- tive from April 1, 2017. ter title in honour of its leading In its semi-annual review of role in providing specialised the indices, the bourse also an- fi nancial services, as well as nounced that Qatar First Bank the innovation it continued to (QFB) will fi gure both in Al Rayan demonstrate, while position- Islamic Index and All Share Index. ing the company as a market The main barometer 20-stock leader in Qatar and across the Qatar Index will continue to region. have QNB, Industries Qatar In recognition of this award, (IQ), Ooredoo, Masraf Al Rayan, FFC said, “Taking home the Commercial Bank, Qatar Islamic highly regarded title at the 2016 Bank (QIB), Qatar Electricity IFM Awards is a testament to the and Water, Doha Bank, Nakilat, relentless eff orts that FFC has Barwa, Ezdan, Milaha, Qatar In- continued to make this year in surance, Qatari Investors Group, service of its clients, as well as a United Development Company tribute to the creative minds be- (UDC), Gulf International Serv- hind the company’s operations. ices, QIIB, Aamal Company and We are truly honoured to be rec- Vodafone Qatar. ognised by the world-renowned Apart from QFB, the other authority in fi nance awards. If constituents of Al Rayan Islamic anything, this cherished ac- Index are IQ, Masraf Al Rayan, colade only propels us to take Barwa, QIB, UDC, QIIB, Qa- our innovation to the next level, tari Investors Group, Vodafone which acts as the catalyst in tak- Qatar, Aamal Company, Ezdan, ing the business and the success Gulf Warehousing, Al Meera, The maximum weight a single stock can hold within Qatar index is 15%. If during the index review any stock is found to exceed this weight, of our clients.” FFC claimed the title in honour Qatar National Cement, Medi- then the stock’s market value is capped and any excess weight is distributed proportionately among the remaining index constituents. The IFM awards celebrate of its leading role in providing care Group, Mazaya Qatar, Qatar excellence through an event specialised financial services, Industrial Manufacturing Com- goods and services (nine) in the the purpose of the index. The index constituents. Recently, odology of QSE Index following a that recognises and honours as well as the innovation it pany and Widam Food (formerly ‘All Share Index’, which com- maximum weight a single stock QSE revised its key benchmark decision by QSE Index Commit- individuals and organisations continues to demonstrate. Mawashi). prises listed stocks with annual can hold within Qatar index is methodology, stipulating that tee and the approval of the Qatar in the international fi nance The bourse has seven sectors share velocity greater than 1%. 15%. If during the index review at least 80% of the trading days Financial Markets Authority. The industry that make a signifi - tivities of note, as well as mak- — banks and fi nancial services Under the new index prac- any stock is found to exceed this and a minimum of 5% annu- decision by the index committee cant diff erence and add value. ing a concerted eff ort to shine (with 13 constituents), insurance tices, a review is carried out weight, then the stock’s market alised velocity during the fi nal is designed to enhance the trada- The awards shine a spotlight a spotlight on organisations in (fi ve), industrials (eight), real es- twice a year to ensure that the value is capped and any excess quarter of the 12-month review bility of the index and ensure that on those who make a contri- niche segments and those that tate (four), telecom (two), trans- selection and weighting of the weight is distributed propor- period. consistent liquidity is a determi- bution to raising the bar in the exhibit brilliance in the vigilant portation (three) and consumer constituents continues to refl ect tionately among the remaining The changes to the index meth- nant of index inclusion. fi nancial industry through ac- corners of the fi nance industry.

Dubai’s Shuaa, GFH jump on merger hopes; insurance, banks hit Saudi QSE snaps two-day bull run

Reuters as much as 8.0% earlier in the day. Yesterday it said its Dubai accumulated losses had been reduced below 50% of its to settle below 10,400 levels capital. Industry experts say there are too many players in the Speculation over a possible merger between Dubai-based market and the top five insurance firms control more than By Santhosh V Perumal 17,099.03 points and All Share Index by The GCC retail investors’ net buying Shuaa Capital and Bahrain’s GFH Financial spurred heavy three-quarters of the industry’s market share. Business Reporter 0.91% to 2,908.37 points, while Al Ray- rose marginally to QR0.85mn against turnover in their shares yesterday, while the banking and Small-sized Sanad Cooperative Insurance said at an Islamic Index rose 0.18% to 4,102.93 QR0.65mn on Sunday. insurance sectors dragged the Saudi Arabian stock index the end of last week that it was planning voluntary points. Total trade volume rose 68% to 16.1mn lower. liquidation. napping two days of bullish run, The banks and fi nancial services sec- shares, value by 57% to QR567.86mn Shuaa climbed 3.2% to a seven-year closing high of 1.93 “In my opinion consolidation in the industry would make the Qatar Stock Exchange yester- tor saw its index shrank 1.58%, indus- and deals by 58% to 6,035. dirhams, bringing its gains to 18.4% since Sunday. more sense than for companies to dilute or shut down, Sday lost a sizeable 130 points to trials (1%), insurance (0.69%), telecom The consumer goods sector’s trade The Dubai-listed shares of GFH, the market’s most heavily and so we may see more mergers and acquisitions settle below 10,400 levels and capitali- (0.58%) and realty (0.57%); whereas volume grew more than eight-fold to traded stock, surged 7% while its less liquid Bahrain-listed happening in the near future,” said Joseph Bahou, sation erode more than QR7bn. consumer goods and transport shot up 1.11mm equities and value by about 24- shares jumped 9.7%. managing director at Jeddah-based Insurance Brokerage Banks and industrial counters were 1.44% and 0.18% respectively. fold to QR111.25mn on almost 10-fold On Sunday Shuaa announced it had agreed to acquire House. hit the most as the 20-stock Qatar In- About 59% of the stocks were in jump in transactions to 1,190. Integrated Capital and Abu-Dhabi based brokerage Medical supplier Al Hammadi Co jumped 3.6% despite dex plunged 1.24% to 10,361.43 points, the red with major losers being QNB, The transport sector’s trade vol- Integrated Securities, both controlled by Abu Dhabi saying it plans not to distribute a cash dividend for 2016, refl ecting the bearish sentiments in the Commercial Bank, Doha Bank, Dlala, ume rose more than six-fold to 1.08 Financial Group (ADFG), which last November bought intending instead to use the retained earnings to expand global energy markets where oil prices Nakilat, Qatar Electricity and Water, stocks and value more than doubled to 48.36% of Shuaa. its operations. remained depressed at three-month Aamal Holding, Mesaieed Petrochemi- QR32.01mn on more than doubled deals In December Shuaa bought a 14.01% stake in Bahrain’s Abu Dhabi’s index also closed 1.2% down to 4,382 points low. cal Holding, Qatar Insurance, Vodafone to 323. Khaleeji Commercial Bank, in which GFH owns 47%. as heavyweight First Gulf Bank dropped 3.6%. Weakened buying support from for- Qatar, Ooredoo, Qatar National Ce- The banks and fi nancial services Meanwhile Integrated Capital has 11.74% of GFH, But Eshraq Properties, a small-sized real-estate developer, eign institutions and local retail inves- ment, Industries Qatar, Qatari Investors sector saw 87% surge in trade vol- according to Thomson Reuters’ data, and one asset added 3.5%; Integrated Capital has a 9.47% stake in tors was a major drag in the bourse, Group, Barwa and Ezdan. ume to 7.14mn shares, 47% in value to manager said its stake was as much as 20% counting Eshraq. which reported year-to-date losses of Nevertheless, Masraf Al Rayan, Alija- QR268.5mn and 69% in transactions to indirect holdings through investment funds. Egypt’s index edged up 0.1% to 12,929 points, with 0.72%. rah Holding, Medicare Group, Gulf In- 2,480. The conclusion reached by many investors is that GFH declining shares outnumbering advancing ones by 21 to Islamic stocks rather witnessed gains ternational Services, Gulf Warehousing The industrials sector’s trade volume and Shuaa may be preparing a merger, particularly since eight. vis-à-vis decline in the main index and and Islamic Holding Group were among soared 67% to 1.57mn equities, value by both have said they plan to expand regionally through Financial firm Pioneers Holding jumped 4.1% in unusually other indices in the market, where do- the gainers. 19% to QR58.17mn and deals by 31% to acquisitions. heavy trade after the board approved converting up to mestic and Gulf institutions’ net profi t Non-Qatari institutions’ net buying 1,058. Local news provider MEED quoted ADFG chief executive one third of its capital into global depository receipts booking, however, weakened. fell signifi cantly to QR26.24mn com- The market witnessed 50% increase Jassim Alseddiqi this week as saying Shuaa was in talks in London, allowing international investors to trade the Selling was rather skewed towards pared to QR102.68mn the previous day. in the telecom sector’s trade volume with a larger regional financial institution over a potential shares of the company in US large cap segments in the bourse, where Local retail investors’ net buying also to 2.83mn stocks and 2% in value to merger in a deal that could be worth billions of dirhams. dollars. buying support from non-Qatari and declined considerably top QR15.11mn QR47.35mn but on 1% fall in transac- He gave no details. Telecom Egypt fell 3.1% after swinging to a fourth-quarter Gulf individual investors were on the against QR26.66mn on March 12. tions to 441. Off icials at Shuaa, GFH and ADFG did not respond to net loss of 513mn Egyptian pounds ($29mn), compared rise. However, the GCC (Gulf Coopera- However, the insurance sector’s trade requests for comment. with a net profit of 868mn pounds in the prior-year Trade turnover and volumes ex- tion Council) institutions’ net selling volume plummeted 50% to 0.05mn Dubai’s index rose 0.6% to 3,501 points yesterday, with period. panded in the bourse, where banking, plummeted to QR3.63mn compared to shares, value by 57% to QR3.18mn and gainers narrowly outnumbering losers 16 to 14. Consolidated revenue for the period rose 28.9% and telecom and real estate sectors together QR44.2mn on Sunday. deals by 9% to 75. The Saudi index, which traded briefly in positive territory, management said profitability during the period was accounted for more than 76% of the to- Domestic institutions’ net prof- The market witnessed 9% decline closed 0.7% lower to 6,788 points. impacted by “prudent accounting treatment”. The board tal volumes. it booking also fell substantially to in the real estate sector’s trade volume Banks were weak, with all but two of the 12 listed lenders recommended a cash dividend of 1 pound per share, Market capitalisation eroded 1.25% to QR41.68mn against QR88.75mn the to 2.32mn equities, 20% in value to declining; Samba Financial Group dropped 3.3%. higher than last year’s 0.675 pound. QR556.73bn as large and midcap scrips previous day. QR47.39mn and 38% in transactions to Insurance shares traded higher for most of the session Elsewhere in the Gulf, the Kuwait index declined 0.5% to melted 1.58% and 0.78%; whereas micro Non-Qatari individual investors’ 468. before falling steeply. 6,712 points, the Oman index lost 0.4% to 5,716 points and and small caps gained 1.21% and 0.81% net buying increased perceptibly to In the debt market, there was no trad- Amana Cooperative Insurance Co lost 2% after surging the Bahrain index added 0.4% to 1,371 points. respectively. QR3.12mn compared to QR2.99mn on ing of treasury bills and government The Total Return Index shed 1.07% to March 12. bonds.