SUNDAY, MAY 8, 2016
DOW17,733.00 QE 9,748.78 SENSEX 25,228.50 GOLD 1,290.10 CB hosts forum for CFOs, treasurers +72.29 PTS -106.07 PTS -33.71 PTS +1.40% of govt firms PAGE 22 PRICE PERCENTAGE PRICE PERCENTAGE 17.49 BRENT 45.44 +0.96 % WTI 44.72 +0.90% SILVER +0.94%
QUICK READ BUY GROCERIES ONLINE US oil drillers cut Enel offers to buy majority stake in rigs for 7th week to Metroweb ITALIAN utility Enel has presented Oct 2009 lows an informal offer to buy a majority stake in fibre network company Metroweb as part of its plans Drillers cut 4 oil rigs in week to May 6, to roll out a high-speed Internet bringing total rig count down to 328. network, a source familiar with the matter said on Saturday. The REUTERS month high around $47 last offer would see Enel acquire the NEW YORK week, US crude futures this 54 percent stake in Metroweb week were heading for their currently owned by infrastructure US oil drillers cut rigs for a first weekly loss in four fund F2i for around 400 mil- seventh week in a row to the weeks, trading around $45 as lion euros, valuing the whole of lowest level since October investors cash in on the prior Metroweb at 776 million euros. 2009, oil services company month’s gains. The preliminary, informal bid Baker Hughes Inc said on US crude futures were was presented to state-owned Friday, although as analysts fetching about $46 for the Cassa Depositi e Prestiti, which see an end to the nearly two- balance of 2016 and about owns the rest of Metroweb and a year slump in drilling for $48 for calendar 2017. minority stake in F2i. (REUTERS) new wells. With prices expected to rise Drillers cut in the future, at four oil rigs in the least one com- Indian insurers plan week to May 6, pany announced to raise over $1 bn bringing the total plans to return to in two IPOs rig count down to the pad as soon as The launch of the online supermarket was announced at a ceremony hosted by Doha Bank in Doha. 328, that com- this month. TWO of India’s leading private- pares with the Concho Re- sector insurers are looking 668 rigs operat- sources Inc this to raise over $1 billion this ing a year ago, week said will financial year in the sector’s Baker Hughes add two rigs in first initial public offerings, as Doha Sooq ties up with said in its closely the Midland Ba- insurance companies rush to followed report. sin in West Texas take advantage of a change in In 2015, drill- in May. ownership rules. ICICI Prudential ers cut on aver- Analysts at Life Insurance and HDFC Stand- Grand Mart to launch age 18 oil rigs per Cowen & Co said ard Life Insurance will likely be week for a total of In 2015, drillers in a note that followed by SBI Life Insurance 963 for the year, cut on average 18 Concho planned in reacting to a relaxation in the biggest annu- oil rigs per week to add two more foreign investment regulation al decline since at for a total of 963 rigs in June. last year that made share sales online supermarket least 1988 amid In the Permi- more feasible. (REUTERS) the biggest rout for the year, the an basin in West in crude prices biggest annual Texas and east- O in a generation. decline since at ern New Mexico, PAI to purchase Doha Sooq-Grand Mart Online Supermarket to be 1st such market in Qatar Before this week, least 1988 amid drillers this week Ethypharm from drillers cut on av- the biggest rout in added five oil rigs, Astorg for $855 mn TRIBUNE NEWS NETWORK ket were shared with the media. now be able to buy just about experience. People are changing erage 12 oil rigs crude prices in a the first weekly DOHA “As Qatar’s most popular everything they need at one their buying habits. From retail per week for a generation. increase so far EUROPEAN private equity fund e-commerce site, Doha Sooq place – at great prices and with- stores to online shopping carts, total of 204 so far this year. PAI Partners is to buy French DOHA Sooq, the award-win- is renowned for offering the out leaving their home.” it’s only a matter of time before this year. The US rig count Cowen said drugmaker Ethypharm for about ning e-commerce portal hosted best deals in town and, in join- the online shopping store be- The US rig may finally be bot- it expect US oil $855 million from fellow private by Doha Bank, has partnered ing hands with Grand Mart to comes a popular option among count may finally and gas land rigs equity firm Astorg, two sources with leading supermarket chain launch the country’s first on- Customers shopping at consumers in Qatar,” said Mo- be bottoming out toming out as com- to bottom near with knowledge of the matter Grand Mart to launch the first line supermarket, we add a new the Doha Sooq-Grand hamed Intiqab Rawoof, Man- as companies panies look for oil current levels be- said on Friday. PAI has trumped online supermarket in Qatar. chapter to our success story,” Mart Online Supermarket ager Group IT of Grand Mart look for oil prices prices to rally just tween 375 and rival bids from Bain Capital and The move will see Grand said Dr R Seetharaman, Group will get free shipping on Group. to rally just a bit a bit more, a signal 400 sometime European pharmaceutical firm Mart offer groceries and a wide CEO of Doha Bank. orders of QR50 or more. Customers shopping at the more, a signal that the time has in the second Mundipharma, the sources said. variety of consumer products “The Doha Sooq-Grand Doha Sooq-Grand Mart Online that the time has come to deploy quarter before The sale, led by Rothschild, via Doha Sooq, providing cus- Mart Online Supermarket will Supermarket will receive free come to deploy increasing in the values the business at more tomers across the country the offer a wide selection of prod- “The online shopping trend shipping on orders of QR50 or more capital and more capital and fourth quarter. than 12 times its 2015 earnings opportunity to make everyday ucts under a number of dif- is fast catching on in Qatar and more. get production get production The total land before interest, taxes. (REUTERS) purchases from the conven- ferent categories, from fresh having our products available Qatar’s first and only e-mall, moving again, moving again, ana- rig count fell by ience of their home and have food, home care and station- on Doha Sooq – the runaway Doha Sooq was launched with analysts say. lysts say. three this week to them delivered right at their ery to health and beauty, fash- leader in Qatar’s e-commerce the aim of making shopping Energy firms 388, according to EXCHANGE RATE doorstep. ion and electronics, making space – will allow us to reach a a hassle-free and customer- have sharply re- Baker Hughes. The launch of the online su- everyday shopping a seamless larger audience and thereby in- friendly experience. duced oil and gas The service Currency buy QR sell QR permarket was announced at a and convenient experience for crease our revenue,” he added. It offers shoppers the most drilling since the collapse in companies like Baker Hugh- US 3.6315 3.6495 ceremony hosted by Doha Bank customers.” “People always shop. It competitive prices and features crude markets began in mid- es and Halliburton Co, how- in Doha. Members of Doha Shaukath Ali Chakarath, doesn’t stop. We are here to an exhaustive product suite as 2014 when US crude futures ever, are still cutting costs Euro 4.1451 4.2289 Sooq’s executive team were CEO of Grand Mart Group of make their experience better well as a number of the latest e- fell from over $107 a barrel to right-size their busi- Pound Sterling 5.2558 5.3325 present at the ceremony, during Companies, said, “With the and the online supermarket is commerce features that appeal to hit a near 13-year low at nesses after crude suffered which details of the Doha Sooq- launch of this new online super- designed and implemented to to shoppers and merchants around $26 in February. its biggest price rout in a Indian Rupee 0.0539 0.0551 Grand Mart Online Supermar- market, residents in Qatar will provide a seamless shopping alike. After climbing to a six- generation. Pakistani Rupee 00000 0.0350 Philippine Peso 0.0758 0.0782 Sri Lankan Rupee 00000 0.0256 Bangladeshi Taka 00000 0.0467 Moody’s affirms QIIB’s rating at A2 with a ‘stable’ outlook Nepalese Rupee 00000 0.0348 TRIBUNE NEWS NETWORK after Fitch’s affirmation of Islamic banks in Qatar and ed the bank’s high-quality same category. Japanese Yen 0.0335 0.0344 DOHA the Bank’s rating at ‘A+’ with that it provides distinguished Moody’s affirmation was financing portfolio, and Moreover, the govern- based on many considera- Kuwaiti Dinar 11.919 12.148 a ‘stable’ outlook and Capital services, particularly in retail said QIIB’s bad debt ratio ment support, when neces- QIIB has announced that Intelligence’s affirmation of banking. tions including the fact remained within the limit sary, can help improve the Saudi Riyal 0.9570 0.9742 leading international credit the bank’s rating at ‘A-‘ with The bank also maintains that the bank is among the set for such non-performing rating, along with Qatar’s Omani Riyal 9.2560 9.4960 rating agency Moody’s has a ‘positive’ outlook. good liquidity position, high oldest Islamic banks in debts within the Qatar’s strong economy and the on- affirmed the bank’s rating at Moody’s affirmation was quality assets that exceed $11 Qatar and that it provides banking system and lower going major infrastructure UAE Dirham 0.9770 0.9938 ‘A2’ with a ‘stable’ outlook. based on many considera- billion as well as a strong cap- than the globally prevail- projects that support the Moody’s affirmation of tions including the fact that ital and profitability. distinguished services, par- ing and prescribed ratios economic growth in general, Bahraini Dinar 9.5410 9.6960 ticularly in retail banking. Source: www.dohabank.com.qa QIIB’s rating came shortly the bank is among the oldest Moody’s also highlight- among banks within the Moody’s noted. Qatar-UAE trade set for big leap, says Qatar Chamber VC Q: What were the main itable projects, especially in Abu Dhabi Chamber of Com- Trade volume between two countries decisions taken during the emerging markets. We will merce and Industry First Dep- forum? Q&A evaluate the possibility of uty Chairman Ibrahim al Mah- crossed QR26 billion in 2015. A: The most important deci- establishing a joint invest- moud. Mohamed al Noaimi THE United Arab Emirates wari, who will head the com- sion was the formation of a joint ment fund to support such and Abdula al Marzoqi will be (UAE) has emerged as the big- mittee, spoke to Qatar Tribune’s investment committee repre- WITH projects. The modalities for their other two representatives.
gest trading partner of Qatar Satyendra Pathak about the sented by the private sectors of MOHAMMED the joint fund will be decided in the GCC region with the issues discussed and the idea the two countries. A proposal later. To begin with, we will Q: What other initiatives trade volume between the two behind the formation of the to establish an ‘electronic gate’ BIN AHMED BIN focus mainly on areas like are being taken to boost countries crossing QR26 billion joint committee. Excerpts: to link Qatar Chamber with all TOWAR AL KUWARI food security, information trade ties between the two in 2015. There are 1,074 UAE the chambers of the UAE was technology and industries. countries? companies operating in Qatar, Q: What were the major also made during the forum. A: Given the low energy prices and 4,200 Qatari firms in the issues discussed during QC Vice-Chairman Mohammed in which we can invest joint- Q: Who will be the mem- in the global market currently, UAE. Business leaders from the Qatar-UAE Business bin Ahmed bin Towar al Kuwari. Q: What is the idea behind ly. The joint committee will bers of the committee? the two countries have joined the two countries held series Forum? the formation of the joint scout for such opportunities. A: The committee will com- hands to achieve our common of meetings during the Qatar- A: Trade between Qatar and to sort out regulatory issues investment committee? prise six members with three goal of diversifying our econo- UAE Business Forum in Doha the UAE is rising at a decent that are affecting business be- A: Both Qatar and the UAE are Q: When will the com- members from the each side. mies. Qatar is giving preference recently to explore new areas pace. That is reflected in the tween the two countries. Ways tweaking their economic poli- mittee start functioning From the Qatari side, the com- to UAE firms in projects related of cooperation. They formed fact that the UAE is our biggest to simplify the complicated cies to diversify and find new and how will you fund the mittee will be represented by to the 2022 Fifa World Cup. a joint investment committee trading partner in the GCC re- legal issues were discussed sources of income away from projects? me and two board members The fact that a large number of to invest in projects across the gion. There is immense scope during technical sessions. The the hydrocarbon sector. There A: The committee will start of Qatar Chamber Ali Abdul- Qatari companies are operating globe. Qatar Chamber Vice- to improve upon this trade forum also discussed the avail- are many profitable invest- functioning very soon. A high- latif al Misnad and Mohamed in the UAE highlights the mu- Chairman Mohammed bin volume if we remove certain able business and investment ment opportunities in the Gulf level team of professionals is Ahmed al Obaidly. The UAE tual respect and understanding Ahmed bin Towar al Ku- hurdles. Discussions were held opportunities on both sides. region and across the globe being formed to look for prof- side will be represented by between the two countries. 22 Sunday, May 8, 2016 Economy & Business EDF among CB hosts forum for CFOs, bidders for stake in Galp’s gas treasurers of govt firms distribution unit Qatar better positioned than most other energy exporting countries: Dr Abdulaziz al Ghorairi REUTERS shares to be sold and is con- MADRID/LONDON sidering bids for anything ranging from 25 to 49 per- PORTUGAL’S Galp Energia cent of the gas distribution has asked EDF’s investment holding company, one of arm and other infrastruc- the sources said. ture funds to submit tenta- Galp declined to com- tive bids for a stake in its gas ment while EDF Invest, distribution business, four First State Investments sources familiar with the and Goldman Sachs Infra- matter said on Friday. structure Partners were not Galp is working with immediately available for Bank of America to shortlist comment. bidders for the sale of a mi- Galp is one of Europe’s nority stake of up to 49 per- fastest-growing oil compa- cent, the sources said. nies thanks to its minority The Portuguese firm, stakes in various oil fields in whose domestic gas net- Brazil. works transport 1.5 billion It said it expects to in- cubic metres of gas a year vest 1 billion to 1.2 billion along 12,159 km of pipeline, euros a year, 90 percent of wants to raise fresh funds which is destined for oil ex- and ensure its free cash flow ploration and production in breaks even in 2018. Brazil. EDF Invest, the invest- It is also gradually re- ment unit of French utility ducing its exposure to gas giant EDF, is among infra- distribution. structure investors who Last year it sold its natu- submitted non-binding ral gas distribution busi- offers for the stake ahead ness in the Madrid region of Friday’s deadline, the to Endesa for 24.1 million sources said. euros. A handful of investment EDF is looking to grow firms including First State its presence in Europe’s gas The event was organised and hosted by the government and public sector unit within Commercial Bank’s Wholesale Banking Department Investments and Goldman distribution market and last Sachs Infrastructure Part- year it bought Spanish gas TRIBUNE NEWS NETWORK ment, the bank said in a re- ment could lead the world management that could be ernmental companies and we ners had also expressed distributor Madrilena Red DOHA lease on Saturday. economy to grow at only a considered towards manag- are always looking to provide interest in the asset, the de Gas as part of a consor- Commercial Bank’s Sen- modest pace. ing market risk and becoming our customers with added sources said, cautioning no tium led by Dutch pension COMMERCIAL Bank recently ior Vice-President and Group “Qatar - while not insu- more integral to a company’s value products and services deal was certain. fund manager PGGM. hosted a breakfast forum for Chief Economist & Head of lated - was better positioned financial strategy. to help them meet their busi- A recent note by Hai- The French utility treasurers and chief financial Asset management Dr Ab- than most other energy ex- Rajbhushan Buddhiraju, ness objectives. tong Securities estimated clinched one of the biggest officers of government and dulaziz al Ghorairi delivered porting countries to weather EGM & Head of Wholesale “Through Commercial the enterprise value of gas deals in Europe when semi-governmental compa- an introduction with a global the current hydrocarbon Banking, also delivered a Bank breakfast forums, we Galp’s gas distribution busi- it teamed up with Italy’s nies to share risk manage- economic outlook presenta- price environment supported presentation about current hope to build a strong com- ness at 1.357 billion euros Snam and Singapore’s GIC ment strategies in the current tion examining global GDP, by robust macroeconomic local market developments. munity of knowledge-sharing ($1.55 billion). to buy Total’s gas transport macroeconomic environment. levels of trade, and drivers fundamentals,” he said. Commercial Bank EGM between us by discussing in- The Portuguese utility and storage business for 2.4 The event was organised influencing oil prices and li- Parvez Khan, Commer- for Government & Public Sec- dustry insights and best prac- is flexible on the amount of billion euros in 2013. and hosted by the govern- quidity. cial Bank EGM Investments tor Khalifa Al Rayes said: tice which is especially im- ment and public sector unit Ghorairi stated that slug- & Strategy, moderated an “Commercial Bank enjoys portant in light of the current within Commercial Bank’s gish trade and a more de- interactive session touching strong relationships with oil price and other factors in- Wholesale Banking Depart- manding liquidity environ- upon best practices in risk government and semi-gov- fluencing the GCC.” QP participates in OTC expo in Houston
TRIBUNE NEWS NETWORK in the OTC 2016 exhibition, ers, OTC 2016 attracted the DOHA thus giving the corporation participation of more than an excellent opportunity to 90,000 professionals from QATAR Petroleum (QP) showcase its offshore opera- over 120 countries world- joined a large gathering of tions and projects. wide. By taking part in the major oil & gas companies QP has existing produc- four-day event, QP was able from all over the world at tion sharing agreements to further raise its profile in the Offshore Technology (PSAs) with various interna- the global offshore energy Conference and Exhibition tional oil & gas companies industry while drawing the (OTC 2016) in Houston, US for the development of Qa- attention of the participants recently. tar’s offshore fields, namely to Qatar’s achievements and OTC is the premier event Al Shaheen, Idd El Shargi, latest projects related to off- for the world’s offshore ener- Al Khalij, Al Rayyan, Al shore exploration and pro- gy industry, providing a ven- Karkara and A-Structures, duction. ue for industry professionals and El Bunduq fields. In ad- First held in 1969, the an- to share ideas and experi- dition, the corporation has nual event is supported by a ences and to discuss the lat- signed agreements with a few total of 13 industry organi- est scientific knowledge and other companies for the ex- sations and societies which technical innovations related ploration of specific offshore work together to develop EDF’s headquarter building in Paris. (AFP) to offshore resources. blocks in Qatar. its comprehensive technical People visit Qatar Petroleum’s booth at the OTC exhibition in Houston QP had a strong presence According to the organis- programme. recently.
8\HSP[`.YV\WKLJSHYLK[OLPY HSBC to tap dollar sweet spot for AT1 REUTERS ficer at Spectrum Asset Manage- banker. “Markets have swayed NEW YORK ment, a buyer of bank capital. towards the UK staying (in the LU[Y`PU[VVMMZOVYLÄLSK “It’s a good time to issue pa- EU).” HSBC could bring a large Addi- per; there are buyers everywhere.” HSBC said it would be “pretty tional Tier 1 trade as early as next Barclays took advantage of busy” with new issuance every '2+$ 4XDOLW\JURXS,QWHUQDWLRQDO week, potentially following Bar- tighter spreads on Thursday to quarter for the next three years GHFODUHG WKHLU HQWU\ LQ WR WKH R̆ clays into the US dollar market print the year’s second US dol- as it faces having to print up to VKRUH 7HFKQLFDO ¿HOG &KDLUPDQ after its successful subordinated lar subordinated bond from a UK $70bn of debt to meet new capital 6KDPVXGKHHQ 2ODNDUD XQYHLOHG bond, market sources told IFR. bank. adequacy requirements. QHZSURMHFWVDQGSODQVRIWKHFRP If HSBC chooses to issue in It built a $2.7 billion book for The dollar market is an attrac- SDQ\ DW 27& R̆VKRUH 7HFK dollars, the deal would be the the $1.25 billion 10-year deal and tive proposition for that issuance, year’s first AT1 issue from a UK the issue was 4 basis points (bp) particularly following Barclays’ QLFDO &RQIHUHQFH RUJDQL]HG DW bank in that currency. tighter than its reoffer spread of success in sub debt earlier this +RXVWRQFLW\E\86FRPPHUFLDOVHU With the UK set to vote on 345 bp over Treasuries on Friday. week, said bankers. YLFHV³,PSRUWRIWKHQRQVSDUNLQJ whether or not to leave the Euro- Lloyds Banking Group’s 4.65 Market participants put some “It would give the safety net of VDIHW\WRROV2̆VKRUH0DLQWHQDQFH pean Union in June, bankers and percent March 2026 Tier 2, the of the recent tightening in sub- the Asian retail bid and the ability +HDY\ +\GUDXOLFV DQG )DEULFD investors said a trade next week only other US dollar sub bond ordinated debt down to receding to make a global offering,” said a WLRQZRUNVZLOOEHWKHDUHDVRIWKH would be well timed. from a UK bank this year, was concerns about Britain’s potential DCM banker. 4XDOLW\*URXSLQWKHR̆VKRUH¿HOG´ “Bonds are back up at their trading at 272 bp on Friday, hav- exit from the EU. “They have to hit any window 6KDPVXGKHHQVDLGDW+RXVWRQ highs for the range, and spreads ing widened to as much as 310 bp “It definitely feels like the as they come, especially as con- have come in materially,” said mid-April. It priced at T+278 bp market is pretty relaxed around ditions can become volatile very $OO WKH R̆VKRUH WHFKQLFDO SUR Phil Jacoby, chief investment of- in March. the outcome,” said a syndicate quickly.” MHFWVRIWKH4XDOLW\*URXS,QWHUQD WLRQDO ZLOO EH LQ DVVRFLDWLRQ ZLWK VSHFLDOL]HG $PHULFDQ FRPSDQLHV 0U 6KDPVXGKHHQ 2ODNDUD GLV FXVVHGDERXWWKHQHZYHQWXUHVZLWK Weak US dollar to guide rupee’s movement /RUD7DLORU.DOH$VVW6HFUHWDU\RI IANS 86FRPPHUFLDOVHUYLFHV6WHYH0LO (consumer price index) inflation Besides, the global macro-eco- “From US, they will keep MUMBAI and IIP (index of industrial pro- nomic data on the US retail sales a close eye on the retail sales, ODU ,QWHUQDWLRQDO ,QYHVWPHQW DQG duction) numbers along with glo- and consumer sentiment, along JOLTS jobs data and consumer 7UDGH6SHFLDOLVWRI86FRPPHUFLDO A weak US dollar, coupled with bal data points like China’s infla- with inflation figure from China sentiment. Along with that mar- VHUYLFHV*ROGD$JQD]DWD86&RP foreign capital inflows and pas- tion for April.” and Eurozone GDP (gross domes- ket will also pay attention to the PHUFLDOVHUYLFHVDVVLVWDQW4DWDU EHXQGHU4XDOLW\(QJLQHHULQJ VHU sage of key economic legislation, According to Madhavani, the tic product) numbers will influ- Chinese inflation and European µ¶'HVLJQHG R̆VKRUH RSHUDWLRQV YLFHV DQG 4XDOLW\ +\GUDXOLFV WZR are expected to guide the Indian Indian rupee is likely to stay on a ence the currency markets. GDP data.” RIWKHFRPSDQ\ZLOOEHLQ4DWDULQ PDMRU WHFKQLFDO GLYLVLRQ LQ 4DWDU rupee’s movement during the up- consolidation mode over the com- “Next, the rupee could react On a weekly basis, the Indian DVVRFLDWLRQ ZLWK ZHOOHVWDEOLVKHG $URXQGFRPSDQ\UHSUHVHQW coming week. ing week. “Investors will remain to a whole host of economic data rupee weakened by 21 paise to “The persistent weakness in sensitive to shifts in global risk to be released from India and $PHULFDQ ¿UPV 2XU GLVFXVVLRQV DWLYHV IURP FRXQWULHV DWWHQG 66.54-55 (May 6) against a US dollar is expected to support the preferences, keeping the flows to abroad. From India, the CPI and dollar from its previous close of ZLWK FRPSDQLHV OLNH 6FRUSLRQ HGWKH27&6KDPVXGKHHQ rupee’s trajectory, going forward,” Indian markets defensive,” Mad- industrial production data will be 66.33 (April 29). Market observ- 8QLWHFK1HXYDWHFKHWFDUHLQSUR 2ODNDUDDOVRDWWHQGHGWKH86$UDE Bansi Madhavani, analyst, India havani informed. keenly watched,” said Anindya ers attributed the Indian rupee’s JUHVV¶¶ 6KDPVXGKHHQ DGGHG 2̆ FKDPEHURIFRPPHUFHPHHWLQJKHOG Ratings and Research, told IANS. “The rupee, consequently, Banerjee, associate vice president fall on the increased outflows of VKRUHSURMHFWVRIWKHFRPSDQ\ZLOO DW7KH:HVWLQ*DOOHULDKRWHO 35 “Critical data to watch this may extend its consolidation over for currency derivatives with Ko- foreign funds from the equity week would be the domestic CPI the coming week.” tak Securities said. markets. Economy & Business Sunday, May 8, 2016 23 JOBLESS FIGURES GO UP Major oil firms issue force majeures on Canadian crude
REUTERS in months and boosted US fu- NEW YORK/TORONTO tures this week. BP produces oil in Canada THREE major oil firms have via a partnership with Husky warned they will not be able Energy Inc. to deliver on some contracts Husky said earlier this for Canadian crude, a further week it cut production at its sign that output cuts due to Sunrise oil sands project to wildfires are curbing supplies 10,000 bpd from 30,000 bpd from the Alberta oil sands re- after a pipeline that supplies gion. the project with diluent was British oil firm BP Plc said shut down. it had alerted customers to a BP also buys oil from oth- “force majeure event” at one er producers to sell to refiners of its suppliers, which means or other traders. several grades of Canadian A person familiar with crude oil will not be as read- BP’s US refining operations ily available to its customers said supplies to its US plants through the rest of May. - Whiting, Cherry Point and Suncor Energy, Canada’s Toledo - have not been af- largest oil producer, said it fected. had issued various force ma- The United States imports jeure notifications to custom- about 3.5 million barrels per ers, service providers and day of Canadian crude, the other third party contractors largest supplier to one of the A woman sweeps the floor at Rockefeller Centre in New York on Friday. (AFP) that will be affected by re- world’s biggest energy mar- duced operations in the re- kets. gion. Record US inventories Trading sources said US and plentiful supplies in stor- Wall St gives up on June rate refiner Phillips 66 had is- age in Western Canada will sued notice of force majeure offset some of the shutdown, on Canadian crude deliveries but prolonged outages in the due to interruptions in third- region, which has the world’s party oil production in Cana- third-largest oil reserves, hike after weak jobs data da’s oil sands. could roil producers and The moves are likely traders’ contracts and order to deepen concerns about books. more data before hiking rates level of 0.25 percent to 0.50 in December.” tightening supplies of crude “There is a cushion be- US employers added 160,000 jobs in further.” percent at the end of the sec- Most dealers said their to US refiners as the nearly cause we have a lot of oil in TD Securities’ economists ond quarter. In April, 10 of 16 conviction about a rate hike week-long blaze rages on. A storage,” said Tim Pickering, April, the fewest in seven months. were among those shifting dealers expected the Fed to by the end of June had de- force majeure event is an un- founder and CIO at Auspice their view on the next rate raise rates by the end of June. creased since last month, and foreseen event that prevents Capital Advisors in Calgary. REUTERS among primary dealers that hike to September in Fri- Thirteen of the 18 ex- the median probability as- a party from fulfilling a con- “When that cushion is NEW YORK the Fed would pull off more day’s survey from June in a pect the Fed to lift rates by signed by them to a June in- tract. gone, if this lasts a month, the than one hike in 2016 is similar poll taken one month a quarter percentage point crease fell to 18 percent from The companies acted af- price of oil on a global basis WALL Street’s top banks have quickly eroding as well, with to a range of 0.50 percent to 50 percent in April. ter a fire this week forced the will react.” all but abandoned any expec- the soft employment data 0.75 percent by the end of the The dealers also length- evacuation of 88,000 people According to Genscape, tation that the Federal Re- standing as only the latest Just nine of 17 respond- third quarter. ened their estimated timeline from Fort McMurray, located which monitors key crude serve will raise interest rates indicator that US economic ents see a second rate Meanwhile, just nine of 17 before the Fed would start re- in the heartland of Alberta’s storage terminals in Western in June, and most now see the growth is far from robust. hike later in 2016 to a respondents see a second rate ducing its $4.45 trillion bal- energy region, and resulted Canada, including the critical US central bank’s next rate US employers added range of 0.75 percent to hike later in 2016 to a range ance sheet. The median fore- in the shutdown of about 1 locations at Edmonton and hike coming in September, 160,000 jobs in April, the 1.00 percent. of 0.75 percent to 1.00 per- cast indicates no reduction million barrels per day in Hardisty, total inventories according to a Reuters survey fewest in seven months. cent. A month ago, 12 of 16 before 2018 compared with production, nearly half of were 26.5 million barrels at conducted on Friday. Economists had anticipated had forecast at least two rate mid-2017 in April’s survey. Canada’s oil sands output. the end of April, equivalent to Friday’s weaker-than- more than 200,000 jobs had ago. Reuters surveyed the 23 hikes this year. Dealers continue to see At least 10 oil sands op- less than a month of output expected payrolls report for been added last month. primary dealers, the largest “They need more time very little probability that erators have reduced pro- currently offline. April acted as the catalyst for “This report did very little banks authorized to trade di- to be sure that the weakness the Fed will employ negative duction as a result of the Canadian crude is partic- several economists at prima- to make the case for a June rectly with the Fed, following in the first quarter is tem- interest rates as several of its evacuations and emergency ularly important for refiners ry dealers to back away from rate hike,” said Gennadiy Friday morning’s release of porary,” said Dana Saporta, peer central banks have done measures have complicated in the US Midwest ranging their previous predictions Goldberg, an interest rate the monthly US payrolls re- economist at Credit Suisse. around the world. Respond- delivery of oil via rail, pipe- from Ohio to the Dakotas. US for an interest rate increase strategist at TD Securities in port, and had input from 18. “The first rate hike will likely ents see just a 10 percent line and highways. refiners interviewed by Reu- at the Fed’s next meeting in New York. “The data today Fifteen of those 18 fore- come in the second half (of probability of the Fed follow- The production cuts ters in the last few days have June. really underscores our view cast the federal funds rate the year), starting with one in ing suit, unchanged from the caused key Canadian crude so far not said it was affecting Moreover, conviction that the Fed will want to see will remain at its current September, followed by one April survey. prices to rally to their highest their operations. Gucci quits US anti-counterfeiting group Indian domestic gold
AP encouraging and profiting prices hit 2-year high SHANGHAI from the sale of counterfeit goods on its e-commerce plat- PTI 1,287.70 an ounce and silver GUCCI America has quit the forms. Alibaba has dismissed NEW DELHI by 0.75 per cent to USD 17.44 International Anti-Counter- the suit as “wasteful litiga- an ounce in Friday’s trade. feiting Coalition, the second tion.” SURGING for the second day, Moreover, persistent buy- defection since the Washing- By Saturday, Gucci’s name gold prices shot up by Rs 225 ing by jewellers, an offshoot ton, D.C.-based group allowed had been struck from the to Rs 30,350 per 10 grams, its of ongoing wedding season Chinese e-commerce giant Ali- IACC’s website. “They were highest since May 10, 2014, at demand, fuelled the uptrend, baba to become a member in not happy about Alibaba join- the bullion market on Satur- they said. April. ing,” said IACC vice-president day, tracking a firming trend In the national capital, Michael Kors walked out Candice Li-Uzoigwe. She said overseas and helped by jewel- gold of 99.9 percent and 99.5 of the IACC last month, calling that Gucci informed the group lers’ buying to meet wedding percent purity climbed by Rs Alibaba “our most dangerous of its decision to leave on season demand. 225 each to Rs 30,350 and Rs and damaging adversary.” Wednesday. Silver also zoomed Rs 510 30,200 per 10 grams, respec- The outrage over Aliba- “The IACC stands by its to Rs 41,550 per kg due to in- tively, its highest level in al- ba’s membership raises fresh decision and is committed to creased off-take by industrial most two years. questions about how effective lean into the future and lead units and coin makers. Trad- The precious metal had Alibaba has been in fighting a coalition of the willing,” ers said sentiment was bol- edged up by Rs 25 on Friday. fakes as it pushes to take its e- IACC president Robert Bar- stered as gold had the biggest Sovereign, however, held commerce juggernaut global. chiesi said by email Saturday. gain in a week after a report steady at Rs 23,300 per piece It has also allowed the deep “Whether it’s payment proces- showing slow jobs growth of eight grams. Silver ready loathing some harbor for one sors or online marketplaces, weakened the case for the too soared Rs 510 to Rs 41,550 of China’s global champions to the choice is clear, they must People walk in a Gucci brand shop in Shanghai. (File photo) (AP) US Federal Reserve to raise per kg and weekly-based de- burst into view. be an integral part of the solu- interest rates, increasing ap- livery by Rs 400 to Rs 41,730 Gucci, along with other tion.” out leadership positions and join the coalition. enforce intellectual property peal for precious metals. per kg. Silver coins, however, Kering Group brands like Ba- Gucci declined to com- voting rights. Barchiesi said Alibaba said IACC mem- rights. Gold in New York, which continued to be traded at lenciaga, is suing Alibaba in ment. that it was created in response bership would allow it to work The IACC has over 250 mostly determines the price previous level of Rs 69,000 New York federal court. They Alibaba’s membership falls to eBay’s request for member- more closely and effectively members, including Apple, trend in the Indian market, for buying and Rs 70,000 for accuse Alibaba of knowingly into a special category, with- ship. eBay ultimately did not with brands to proactively Cisco Systems and Chanel. climbed 0.79 per cent to USD selling of 100 pieces. Sales of new Ram pickup to begin by Jan 2018, says Fiat CEO
compact Dodge Dart sedan. wheel drive Chrysler 300 is Cherokee SUV by the end of The Windsor plant has been making Marchionne was at the made at FCA’s plant in Bramp- next year. It is now made in To- Windsor plant to thank its ton, Ontario. ledo, Ohio. The Belvidere plant minivans since 1983 5,700 hourly and 300 white- “This plant and this archi- will be losing the Dodge Dart, collar workers for the launch tecture is capable of making which like the Chrysler 200 REUTERS quarter profit. of the 2017 Chrysler Pacifica the 300 successor, the front- is light-selling and not highly WINDSOR Speaking to reporters at minivan, which went into pro- wheel, all-wheel drive succes- profitable, and FCA plans to the FCA plant in Windsor, On- duction on Feb. 29. The Pacifi- sor,” Marchionne said. stop making it. FIAT Chrysler Automobiles tario, Marchionne also said the ca takes the place of two mini- Marchionne was asked if The Windsor plant has next-generation Ram pickup company will cease production vans, one of which, the Dodge that meant the Chrysler 300 been making minivans since truck will go on sale by Janu- of the Chrysler 200 midsize se- Grand Caravan, is still pro- would no longer be made as 1983. ary 2018, Chief Executive Of- dan by the end of this year or in duced. Marchionne did not say a rear-wheel drive sedan. He FCA says it spent $2.6 bil- ficer Sergio Marchionne said early 2017. Previously he had how much longer the Dodge said he had not said that, but lion to design and develop the on Friday. said the company would stop minivan would be made. only that the Windsor plant is Pacifica, including $744 mil- “We will be in market by making the light-selling sedan, The underpinning archi- “capable” of making the sedan. lion to upgrade the Windsor January of ‘18,” said Mar- but not when. tecture of the Pacifica could be “It’s capable. It’s not a commit- plant. Of the 14.3 million mini- chionne of the new version of Marchionne said FCA is used for the next-generation ment.” vans sold by Chrysler and its FCA’s top-selling vehicle in still looking for a manufactur- Chrysler 300 large sedan, He also said that FCA’s successor Fiat Chrysler, about Fiat Chrysler Chairman and CEO Sergio Marchionne (left) in front of a North America, where it made ing partner to continue to build Marchionne said, and perhaps plant in Belvidere, Illinois will 10 million were produced at 2017 Pacifica minivan in Windsor, Ontario on Friday. (AP) nearly 90 percent of its first- the Chrysler 200 as well as the at Windsor. The current rear- get production of the Jeep Windsor. 24 Sunday, May 8, 2016 Economy & Business Mitsubishi grabs a shiny sliver of US market NYT “I think they are very com- ANN ARBOR, MICHIGAN mitted,” Swearingen said. “We add tremendous value to the IN Japan, the automaker Mit- company.” subishi Motors is mired in a Mitsubishi recently re- heap of trouble. ported that its North American Last month, it acknowl- business generated $58 million edged cheating for the last 25 in operating profit in 2015, the years on gas-mileage tests for second annual profit in a row in cars in Japan, embarrassing the region after seven years of top executives and tarnishing a losses. name that has been dented by Still, in the highly com- scandal before. Since then, its petitive US market, Mitsubishi stock price has plunged, and it struggles to measure up. Its has had to halt production of brand is not a household name the tiny models at the centre of like Ford, Chevrolet, Honda or the scandal. Toyota, and it trails in quality. But in the United States, it Last year in JD Power’s closely is a brighter picture. watched initial quality study, Although Mitsubishi is a bit Mitsubishi ranked well below player, it is increasing new-car average. sales faster than most other au- Automakers also increas- tomakers and is expanding its ingly push dealers in the Unit- sliver of the US market. Help- ed States to build mega-show- ing the surge are a few afford- rooms offering coffee bars and ably priced models that can other plush amenities. Mit- appeal to consumers on tight subishi showrooms are often budgets, a group other car small and spartan. companies often ignore. Not so long ago, Mitsubi- The company says the vehi- shi’s future in the United States cles it sells in the United States was uncertain. — like the Outlander sport util- To turn around its North ity vehicle and the Lancer com- American business, Mitsubishi pact — are not affected by the trimmed its model line, ending fuel-economy deception that production of one of its most took place in Japan. American popular cars, the Galant, and customers and dealers seem unfazed. The company says the “I read about it; it doesn’t vehicles it sells in the change my mind a bit,” said United States — like Timothy Harig, a retired fac- tory worker in Canton, Ohio, the Outlander sport util- who bought a metallic brown ity vehicle and the Outlander last month for about Lancer compact — are $24,000, a few thousand less not affected by the fuel- than competing models from economy deception that Honda and Nissan. “I track my took place in Japan. gas mileage on every tank and I’m happy with what I have.” American customers There are others like Harig. and dealers seem In April, while the gas-mileage unfazed. scandal was making headlines in Japan, Mitsubishi’s sales in the United States rose 18 per- leaving itself without a midsize cent. Its performance stands in sedan. It also decided to close Visitors at an Apple store handle new iPhones in Beijing. (NYT) contrast to that of Volkswagen, its lone US plant, in Normal, which has been mired in an Illinois. Production ended in emissions scandal of its own. November. Last month, Volkswagen sales At the same time, Mitsubi- fell 9 percent, continuing a shi redesigned the Outlander steady decline since the disclo- sport utility vehicle, just in CHINESE CONSUMERS sure in September. time to catch the wave of con- If anything, Mitsubishi’s sumers moving out of cars and low profile has helped it weath- into SUVs. The company also er the storm in the United added a small car, the Mirage, States. “With Mitsubishi, it’s that could travel 40 miles or a very small number of people more on a gallon of gas. FALL OUT OF LOVE who even possibly care” about Both vehicles are aggres- its troubles at home, said Karl sively priced. The Mirage, for Brauer, an analyst with the example, starts under $15,000. auto research firm Kelley Blue In the last two months, Mit- Book. He added that Mitsubi- subishi offered rebates of WITH IPHONES shi enjoyed the continuing sup- $3,500 that brought prices on port of its parent company, the 2015 Mirages down further, Mitsubishi Corp., Japan’s larg- said Doug Waikem, owner of a Apple’s second-quarter earnings report recently showed how hard it can be to keep the attention of est trading company with hold- Mitsubishi dealership in Mas- ings in electronics, finance, sillon, Ohio. China’s fickle and increasingly hard-to-impress consumers. machinery and chemicals. “I like the brand,” he said. “They still think there’s po- “It’s not huge volume but I can NYT the market. ket, Apple cannot fight off so many tential in the US market and so take someone who’s looking at HONG KONG Apple also faces other obstacles in competitors, like Samsung and local they stick with it,” Brauer said. a used car and say, ‘Hey, I can China. Recently, the company’s iBooks brands like Huawei and Oppo,” he Although it is growing in get you into something new for SINCE 2010, Yu Kai has followed the Store and iTunes Movies services said. “They’re all trying to raise the the United States, Mitsubishi about the same price.’” same ritual every year: When a new were shut down by a Chinese regu- China’s young, average selling price, and that will still faces hurdles. The gas- That is just the deal Steven Apple iPhone comes out, he gets rid lator, just six months after they bleed into Apple’s sales flow.” mileage controversy has caught Sanders made at Waikem’s of his old one and heads to a store in started operating there. The middle-class consum- Despite the pressure, Cook the eye of US regulators, and dealership last month. Sand- Beijing to buy the latest model. rare about-face by China sug- ers are increasingly willing, said in the earnings call that the Environmental Protection ers, a YMCA teacher and col- This year, however, he held back. gests that Apple could face Apple was “optimistic” about Agency has asked the company lege student, was looking to Instead of buying the iPhone 6s, further pressure as the Chi- analysts say, to try phones China, even if it was losing to provide more information trade in his beaten-up minivan he has been waiting to see what the nese government increases ground. about its vehicles and to repeat for a used Honda Civic. New next iPhone looks like, and he said he its scrutiny of US companies’ from the many competitors — There is even a precedent one test that is used to deter- Civics, which sell for $18,000 might even switch to a model by a dif- operations within its borders. for an Apple recovery: In 2012 mine a car’s official fuel-econ- and up, were out of his price ferent maker. In the past four years, to including Huawei, Meizu and and 2013, the company’s sales omy rating. range. In China, where Apple has been meet strong demand in China growth in China slowed as Don Swearingen, chief op- But then his wife ran across a signifier of wealth and fashion, and for its products, Apple in- Xiaomi — that seek to com- competitors like Samsung of- erating officer of Mitsubishi the Mirage and fell in love with where many Chinese update their creased the number of stores pete with Apple on techni- fered phones with larger screens, Motors North America, said it, Sanders said. With his trade- smartphones each year, Yu is not an there to 35 from just a handful, which are very popular in China. the company was complying in and the rebate, his total cost outlier. and Cook said recently that there cal specifications and When Apple finally released a and was confident there were came in at $11,000. Apple’s second-quarter earnings would be 40 by the end of June. phone with a similar screen size in no irregularities with the fuel- As for Mitsubishi’s troubles report recently showed how hard it The company has also been able to aesthetics. 2014, its market share rebounded. economy ratings of its US mod- in Japan, he didn’t put much can be to keep the attention of China’s tap into the enormous customer base In many ways, the company is els. He added that he had no stock in it. “I read a lot of re- fickle and increasingly hard-to-im- of China’s largest wireless carrier, in a similar position today. Sam- concerns that the scandal in Ja- views,” he said. “I have a friend press consumers. Tim Cook, the com- China Mobile, after years of talks re- sung’s Edge phones stand out with pan could hamper Mitsubishi’s who has a Mitsubishi.” He add- pany’s chief executive, said in an earn- sulted in an agreement in 2013 that On a recent Wednesday after- screens that have rounded edges on push to grow in North America. ed, “I feel good about it.” ings call that sales in mainland China brought the iPhone to the carrier. noon, the mall where he works was one side, and many in China say the had fallen 11 percent compared with The deal contributed to Chinese largely empty. camera on Huawei’s flagship model is the same period a year ago. consumers spending $59 billion on “None of the brands do really better than Apple’s camera. That puts Cook noted that sales had dropped Apple products in the latest fiscal great,” he said. “But while I might more pressure on Apple to pack new from a high level: In the first quarter year. sell one or two Huawei phones in 10 features into the next iPhone, which is of 2015, sales were 80 percent higher But one challenge for Apple this days, I may not even sell one iPhone expected to come out this autumn. than in the same period in 2014. But year is that its most recent models 6s.” For Mo Chen, a 26-year-old public the decline announced recently is a do not represent a big leap from the For years, smugglers have done relations professional who owns an setback for one of the most beloved previous generation. a brisk business taking iPhones to iPhone 5, the next Apple smartphone brands in China. “Everyone bought a 6 series,” Ste- mainland China from Hong Kong, will have to do much more than her China’s young, middle-class con- ven C Pelayo, a technology analyst at where they cost less. current model for her to be tempted. sumers are increasingly willing, ana- HSBC in Hong Kong, said by email, But even the illegal sellers are She was blunt in her criticism: lysts say, to try phones from the many referring to models introduced in feeling the pressure. In interviews, “The iPhone 6 and 6s are really ugly.” competitors — including Huawei, Mei- late 2014. They “were less inclined to four smugglers who did well a year Many of Mo’s co-workers and zu and Xiaomi — that seek to compete upgrade to a 6s, which only had very ago said they had quit the trade. former classmates use Android with Apple on technical specifications minor changes,” he added. The iPhone’s weaker sales also phones, she said, and she is consider- and aesthetics but offer their models Qu Dewei, who has been sell- reflect the broader slowdown in ing switching to a device by Samsung for a few hundred dollars less. ing smartphones for four years in a growth in China’s enormous smart- of South Korea or to a Chinese phone Many customers like Yu, who is technology mall in eastern Beijing, phone market. Jason Low, an analyst made by ZTE or OnePlus. 29 and self-employed, consider the said it had been tough to sell iPhones in Shanghai with the research group “I like Apple a lot,” she said. “I phone they use part of their identity, since September, when the iPhone 6s Canalys, said he expected the Chinese use an Apple computer. But in re- leading them to look at a broad range came out. smartphone market to grow only 4.7 cent years, especially after I tried my of available models. That being the “It’s been bad since then; it’s been percent in 2016. As recently as 2013, friends’ Android phones, I realised case, Apple will have to fight to main- really bad,” Qu said as he leaned on it was growing 50 percent annually. that the brand has lost a bit of its tain its dominance of the high end of the counter at his stall. “If you look at the entire mar- charm.” Timothy Harig sits in his Mitsubishi Outlander in Canton, Ohio. (NYT) Sunday, May 8, 2016 25 Economy & Business SAUDI FIRMS COPE WITH AUSTERITY BUT MORE PAIN LIES AHEAD The world’s largest oil exporting country is in the grip of a protracted adjustment to low crude prices, which have caused a state budget deficit of nearly $100 billion and forced the government into spending cuts. REUTERS DUBAI
AUDI Arabian companies are faring better in an era of austerity than many in- Svestors feared, but they face more pain in the coming months as gains from cost-cutting and efforts to improve efficiency be- come more difficult. The world’s largest oil exporting country is in the grip of a protract- ed adjustment to low crude prices, which have caused a state budget deficit of nearly $100 billion and forced the government into spend- ing cuts. For decades, almost every cor- ner of the economy has depended on lavish flows of petrodollars, so the austerity is bad news for Saudi corporate earnings. Last December, the government announced its harshest set of meas- ures so far, in the form of subsidy cuts that raised domestic prices of gasoline, electricity, water and the natural gas feedstock used by the petrochemicals industry. The first-quarter earnings of listed Saudi companies, released over the last few weeks, show that many are managing to avoid a steep slide in profits. The combined net profits of the 50 biggest companies by capitalisa- tion, which account for the vast bulk of all earnings in the stock market, fell only 3.0 percent from a year ago to 19.88 billion riyals ($5.4 billion), Reuters calculations show. That was much better than the expectations of many analysts, who had believed profits might drop at least as steeply as they did in full- year 2015, when earnings shrank 13.9 percent. Nevertheless, there were big dif- ferences in first-quarter perform- ance between individual sectors, with industries directly exposed to consumer demand, such as retail- ing, hit hard. Statements by the companies at- tributed much of their better-than- expected earnings to cost-cutting and gains in operational efficiency - processes that cannot continue in- definitely if they want to grow. That suggests the decline in profits could accelerate later this year or next. “Companies were able to ben- efit from the easy wins of cutting back on excess spending this time around,” said Jassim al-Jubran, senior analyst at Aljazira Capital in Riyadh. Foreign engineers work at a construction site of a section of the Saudi Arabia’s $22.5 billion metro system in Riyadh recently. (AFP) “But the next several quarters will prove companies will be scav- struction company Saudi Binladin named because he is not authorised cast of 2.84 billion. rent prices of feedstock, which some brands including Mango, Zara and enging for top-line growth and Group, for example, has been laying to speak to media. “In general, gross margins were players continue to use at discount- Banana Republic, barely broke even undergoing massive restructuring off thousands of workers and bank- “In coming quarters you will able to come ahead of expectations ed prices, increase then margins in the January-March quarter with as they face further pressure from ers believe a restructuring of some start to see defaults increasing and because producers were able to will compress in future quarters.” its net profit plunging 98 percent. austerity.” of its debt is possible. banks getting into a mess, so results control costs, both operational and The earnings of retailers reveal This drop was partly due to un- Most of Saudi Arabia’s 12 listed Another concern for banks is will worsen.” general,” said Jubran. the effect of austerity on consumer usually strong sales in the year-ago banks beat analysts’ expectations in slowing deposit growth because of Earnings of the top 10 petro- So far, the impact of the subsidy demand in the kingdom, as some of quarter, when public employees re- the first quarter as their combined reduced inflows of petrodollars. chemical companies shrank 8.9 cuts on petrochemical firms’ mar- its 10 million foreign workers are ceived a bonus of two months’ sal- earnings rose 0.6 percent to 10.01 Total bank deposits shrank 0.6 per- percent in the first quarter to 4.33 gins has been far lower than ana- laid off and sent back to their home ary to mark the accession of King billion riyals, a slowdown from 7.2 cent from a year earlier in March; billion riyals, but that was much lysts and even the companies them- countries. Salman, but it also reflected dete- percent growth in all of 2015. as recently as last year, they were better than in 2015, when low prod- selves had expected, said Jubran. While there have been no ma- riorating consumer sentiment. Provisions for bad loans, while growing at double-digit rates. uct prices due to cheap oil slashed But he warned that some firms were jor lay-offs of Saudi citizens so far, Mohammad al-Shammasi, head generally slightly greater than a “Many believe that 1Q16 results their profits 36.9 percent. still enjoying low feedstock prices their purchasing power has been of asset management at Derayah Fi- year earlier, were not as large as for banks in particular were a ‘lag- Saudi Basic Industries Corp, and these would eventually rise in curbed by less generous bonuses nancial, said domestic-focused Sau- feared. ging’ indicator, not forward-looking one of the world’s largest petro- an environment of austerity. and overtime payments, while eco- di companies would face more pres- Many analysts, however, think i.e. results are more reflective of chemical groups, reported a 13.2 “Part of the current strategy nomic uncertainty has made them sure on their margins as consumers provisions could rise in the com- pre-subsidy change days,” said one percent drop in first-quarter profit adopted by companies to improve more cautious about spending. became more price-conscious and ing quarters as austerity continues Saudi economist who works with to 3.41 billion riyals, but that was efficiency and slash costs may prove Retailing chain Fawaz Alhokair, firms offered discounts to attract to hurt the economy. Major con- the government, declining to be better than analysts’ average fore- to be unsustainable, because if cur- which owns franchise rights for them.
ArcelorMittal, world’s largest steel-maker, posts another loss
improve as future results re- of the world’s steel. Aditya Mittal, ArcelorMittal’s The company’s revenue fell more than flect a surge in steel prices As China’s economic chief financial officer, said - including a gain of more growth has slowed, it has that the trade actions were 20 percent, to $13.4 billion. than 50 percent in the United exported its surplus steel, supporting steel prices, es- States - since December. squeezing global prices until pecially in the United States, NYT sharply in recent weeks, al- But they note that the the recent rally. Over the past which has moved more quick- LONDON though it is not clear whether glut of steel-making capacity year, the steel industry has ly to protect the industry than the rise is sustainable or has around the globe is likely to become a focal point in Eu- Europe has. He also said that IN a sign that the global steel merely been fuelled by specu- limit profitability. “We do not rope and in the United States the problems posed by China industry’s troubles are not lation. think the industry is healthy; of concerns about competi- had not yet been resolved. over, ArcelorMittal, the world’s Mittal warned that ex- we don’t think it is sustainably tion from China. “The risks remain in Chi- largest steel-maker, said on cess capacity in China meant a high-return business,” Seth ArcelorMittal and other na because China has not yet Friday that it lost money in the the market “remains fragile, Rosenfeld, a London-based steel companies have had addressed” the issue of hav- first quarter of this year largely and we must continue to be analyst at Jefferies, a securi- some success in lobbying ing too much steel-making because of low prices resulting vigilant and active against the ties firm, said in an interview. both regions to impose tariffs capacity, he said. ArcelorMit- from global overcapacity, es- threat of unfair trade.” ArcelorMittal has strug- on steel imports from China tal’s stock price has soared in pecially in China. ArcelorMittal’s loss nar- gled in recent years. It lost and other low-cost producers. recent weeks, following the The company’s chairman rowed to $416 million, com- nearly $8 billion in 2015 and The recent announce- trend in steel prices. and chief executive, Lakshmi pared with the $728 million raised $3 billion in new capi- ment by Tata, the largest steel But it was down more N Mittal, said that despite the that the company lost in the tal from shareholders this producer in Britain, that it than 4 percent through early- loss, business conditions were first quarter of last year. Rev- year to reduce debt. The en- would either sell or close its afternoon trading in Europe improving. He said in a state- enue fell more than 20 per- tire steel industry has been British operations, threaten- on Friday, to 4.50 euros, or ment that he expected “im- cent, to $13.4 billion. under pressure in recent ing 15,000 jobs, has further about $5.15. That is but a proved results in the coming Analysts expect the per- years as a result of overca- drawn political attention to fraction of the stock’s high of ArcelorMittal’s loss narrowed to $416 million, compared with the quarters.” formance of ArcelorMittal pacity, particularly in China, the industry. more than 65 euros, which it $728 million that the company lost in the first quarter of last year. Steel prices have rallied and the wider industry to which produces around half On a call with reporters, reached in 2008. 26
Sunday, May 8, 2016
SITUATION AVAILABLE TEACHER / TUTORIAL SITUATION WANTED >P[O@,(9:,?7,90,5*,HZ:JPLUJL;LHJOLYMVY Autocad Operator Steel Detailer/Draftsmand and 1\UPVY:JOVVSHUK)PVSVN`[LHJOPUNMVY:LJVUKHY` IT Professional Sales and Marketing/Legal 7LYMVYT [OL WYLWHYH[PVU VM JP]PS JVUZ[Y\J[PVU :JOVVSHUKOH]PUNRUV^SLKNLPU*VTW\[LY >P[OTVYL[OHU `LHYZVML_WLYPLUJLPU[OLÄLSK Structural Designer 3HUN\HNL!-S\LU[PU,UNSPZOJHUJVTT\UPJH[L Assistant/HR Assistant KVJ\TLU[ZPURLLWPUN^P[O[OLÄYT»ZKLZPNUWOP- >LHYLJ\YYLU[S`PUULLKVMZ[LLSKL[HPSLYKYHM[Z- VM0; :VM[^HYLPUK\Z[Y`HSVUN^P[OH):J/VUZ -PSPWPUVMLTHSL^P[OTVYL[OHU `LHYZVML_WLYP- SVZVWO`;OH[WOPSVZVWO`PZ[VWYV]PKL[OLJSPLU[ (YHIPJL_WLYPLUJLPU;LHJOPUN9LZLHYJOMVY:[\KLU[ THUHUKZ[Y\J[\YHSKLZPNULY^P[OL_WLYPLUJLPU :LLRPUN[LHJOPUNYLZLHYJOPUZJPLUJLQVIZ 0UMVYTH[PVU;LJOUVSVN`/PNOLY5H[PVUHS+PWSVTH LUJLPU[OLHIV]LTLU[PVULKÄLSKJVTIPULKHUK UV[ VUS` ^OH[ PZ ULJLZZHY` MYVT H WLYTP[[PUN [OL ZHTL ÄLSK 6US` PU[LYLZ[LK HWWSPJHU[ TH` PU:VM[^HYL+L]LSVWTLU[HUK/PNOLY5H[PVUHS+P- HSZV^VYRLKHZ3LNHS(ZZPZ[HU[MVYV]LY`LHYZ Z[HUKWVPU[I\[HSZV[VWYV]PKL[OLJSPLU[^P[OH ZLUK[OLPY*=[VQHMJVOY'OV[THPSJVT CONTACT MOB# 31444708 WSVTHPU*VTW\[PUN :`Z[LT+LZPNUPUNSVVRPUN HUKOH]LILLUPU]VS]LKPU[OLKH`[VKH`VWLYH- ZL[VMKVJ\TLU[Z^OPJO^PSSHSSV^[OLZ\JJLZZ- MVYZ\P[HISLQVIHUKJHUQVPUPTTLKPH[LS`*VU[HJ[ [PVUZ]LY`NVVKPU[OL\ZLVM4PJYVZVM[6ɉJLHUK M\SIPKKLY[VJVUZ[Y\J[[OLWYVQLJ[LɉJPLU[S`HUK KL[HPSZ! LTHPS! PO\aHZUL[WVZ['NTHPS ^P[OTPUPTHSJOHUNLZPUZJVWLVM^VYR,THPS! BMS Operator WYVNYHTZ >VYK ,_JLS 77; 6\[SVVR *VU[HJ[ 3VVRPUNMVY)4:6WLYH[VYPTTLKPH[LS`:`Z- CONTROLLER AND com KL[HPSZ! LTHPS!LQSHYL]HSV'`HOVVJVT PUMV'[YPWSL[YLUKKLZPNUJVT [LT:PLTLUZ,_WLYPLUJLKJHUKPKH[LJHULTHPS FINANCIAL ANALYST TL'QVIZHYNVUNSVIHS'NTHPSJVT w/more than 15 years experience(5years in Admin Assistant/Secretary/ 9LJLW[PVUPZ[-YVU[6ɉJL Sr. Sales Engineer Qatar) Managing, Reporting, Analyzing all & Sales Executive Financial Statement/Budgeting & Business Executive Assistant Admin Assistant Marble Or Tile Fixer -PSPWPUV-LTHSL)HJOLSVYKLNYLL^P[O `LHYZVM [V`LHYZZHSLZL_WLYPLUJLPU8H[HY(U`5H- 0TTLKPH[LOPYPUN[PSLTHYISLJLYHTPJÄ_LYOH]L Plan/Cost Controlling Banking Operations. 0UKPHU SHK` ^P[O TVYL [OHU `LHYZ VM ^VYRPUN SKILLS::MS OFFICE/EXCEL POWER POINT. L_WLYPLUJLHZ,_LJ\[P]L(ZZPZ[HU[PU8H[HY/VSK- [PVUHSP[`JHUHWWS`)\PSKPUN4H[LYPHSZHUKJOLTP- [YHUZMLYYHISL]PZH^P[O56*SVJHSOPYLVUS`MVY L_WLYPLUJL SVVRPUN MVY Z\P[HISL QVI ^P[O [OYLL LANGUAGE: ARABIC & ENGLISH. Ready to join LY VM 8H[HYP SPJLUZL ;YHUZMLYHISL ^VYR ]PZH ^P[O JHSRUV^SLNKL2UV^Z[OL*VUZ[Y\J[PVU*VTWH- TVYLPUMV[L_[TLVU^OH[ZHWW TVU[OZI\ZPULZZ^VYR]PZHHUKJHUZ[HY[PT- immediately. Looking For Suitable Job. 56*HUKJHUZ[HY[PTTLKPH[LS`*VU[HJ[KL[HPSZ! UPLZ ^LSS .VVK JVTT\UPJH[PVU HUK WLYZ\HZP]L VɉJL! Please contact Mob#33936843 TLKPH[LS` *VU[HJ[ KL[HPSZ! ZLSSPUN ZRPSSZ 56* HUK [YHUZMLYHISL YLZPKLUJ` LTHPS![OLZZHZHUQVZL'NTHPSJVT LTHPS!ZOHS\]LU\NVWHS'NTHPSJVT WLYTP[/HZ8H[HYP+YP]PUN3PJLUZL*HUZ[HY[PT- Gypsum, Artist/Painter, Tile TLKPH[LS`:HSHY`HUKV[OLYILULÄ[Z^PSSILKPZ- Fixer Hiring Urgent System Administrator Software Developer J\ZZLKK\YPUNPU[LY]PL^7SLHZLZLUK`V\Y*=H[ 0UKPHUTHSLJVTWSL[LK4:*:VM[^HYL,UNPULLY- 0UKPHU THSL 4HZ[LY KLNYLL OVSKLY PU *VTW\[LY XH[HYQVIZ]HJHUJ`'`HOVVJVT >L HYL KLJVYH[PVU JVTWHU` HUK \YNLU[S[` PU ULLK [OL MVSSV^PUN ^VYRLYZ :2033,+ N`WZ\T PUN^P[O`LHYZOHUKZVUL_WLYPLUJLPU^PUKV^Z (WWSPJH[PVUZ OH]PUN TVYL [OHU VUL `LHY L_WLYP- IVHYKÄ_LYHY[PZ[WHPU[LYTHYISL[PSLZÄ_LYH[- Plenty of Jobs UL[^VYRPUNHUKTVUP[VYPUN[VVSZHUKHSZVOH]PUN LUJLPU:VM[^HYL0;ÄLSKHZ^LIHUKTVIPSLIHJR Sales Representatives [YHJ[P]L ZHSHY`HJJVTTVKH[PV[YHUZWV ZOV\SK L_WLYPLUJLPUVɉJLHKTPUPZ[YH[PVU^P[OL_JLSSLU[ LUK KL]LSVWLY NVVK L_WLYPLUJL PU J J J 7SLHZL HWWS` VUS` L_WLYPLUJLK JHUKPKH[LZ OH]L[YHUZMLYHISL]PZH^P[O56*^LHSZVWYV- JVTW\[LYZRPSSZHUK**5(JLY[PÄLK*VU[HJ[KL- WOW JVYL QH]H O[TS JZZ HQH_ QX\LY` 6U )\ZP- 0U[LYLZ[LK JHUKPKH[L ZLUK `V\Y *= ,THPS! ]PKL=PZHWSLHZLZLUK`V\Y*=PU[OPZLTHPSX[Y- [HPSZ! LTHPS!HTLLUFYHQLZO'`HOVVJVT ULZZ=PZP[=PZH[YHUZMLYHISLPZSVVRPUNMVYHZ\P[- TZHT 'NTHPSJVT WHPU[ZFZ[`SL'`HOVVJVT^OH[ZHWW! Register HISL WVZP[PVU HUK YLHK` [V QVPU *VU[HJ[ KL[HPSZ! VɉJL! Sales and Marketing LTHPS!ZOHRRLLYHOHTTHK['NTHPSJVT Secretary cum Receptionist 0UKPHUTHSL `LHYZVSK4)(4HYRL[PUNNYHK- >LHYLSVVRPUNMVYHUL_WLYPLUJLKMLTHSL:LJ- Ac Technicians (Maintenance) & Apply \H[LPU)HJOLSVYVM*VTTLYJL^P[O`LHYL_WL- Document Controller YL[HY` J\T 9LJLW[PVUZ[ ^P[O L_JLSSLU[ JVTT\- (3LHKPUN-HJPSP[`4HUHNTLU[*VTWHU`PU8H- YPLUJL PU 8H[HY HUK ]PZH [YHUZMLYHISL ^P[O 56* UPJH[PVU ZRPSSZ4\Z[ OH]L L_JLSSLU[ RUV^SLKNL -PSPWPUVTHSL^P[O `LHYZ.**L_WLYPLUJLPU[OL [HYPZ
We provide Daily & Weekly Pick up & Drop-off Laundry service at your Home or Wash & Fold, Ironing, Dry Cleaning, Office Carpet Cleaning, Other Laundry Services Pick Up & Drop Services Call Us: 55684535 Bin Omran Shop, Mob: 70290899, Tel: 40383554 Ain Khaled Shop, Mob. 33312697 Sat to Thu: 8am to 10pm, Friday 1pm to 10pm Email: [email protected] All laundry is processed in our privately owned laundry service facility & handled with the outmost care.
MULTIPLE USED EXCAVATORS FOR SALE • 2011 Hyuandai Ropex 300 LC-7 Hydraulic Excavator • 2008 Komatsu PC400LC-7 Hydraulic Excavator • 2007 Komatsu PC400LC-6Z Hydraulic Excavator • 2004 CAT 320C Hydraulic Excavator • 2009 CAT 345 D LME Hydraulic Excavator • And many More Heavy Equipment Machines for sale (Loaders, Skid Steer, tele-handler, Loader Backhoe, Bobcats, Concrete Pumps etc … )
Equipment was serviced regularly, inspected, registered & Ready to Work. All the used models w/Various Attachments are still in perfect working order, top quality but priced affordably for a quick sale. So you are certainly getting value for money. Contact us to inquire about our affordable prices & come check the Equipment in our Yard - Doha, Qatar:
Mobile 1 : +974 5582 2760 • Mobile 2 : +974 5592 8115 E-Mail: [email protected] • E-Mail: [email protected]
Swiss Company FYTOFONTANA offers around the Be more charming, brilliant, and beautiful with FYTOFONTANA world in Europe, Australia, America, Canada and creams with stem cells from Switzerland Asia FYTOFONTANA. FYTOFONTANA Concerned with all parts of the face Rejuvenating magic elixir and neck to keep your beauty and freshness with extraordinary rich composition containing diamond powder
FYTOFONTANA )RUWKHÀUVWWLPHLQWKH Arab markets in Qatar
Biotechnology Serum Licenses no: 15/2014 to renovate the skin for Night & Day
Biotechnology Serum for tired skin and age groups above 45
Biotechnology Serum for deep wrinkles
• FS BOTU SERUM - Anti-wrinkle serum with stem cell • FS BOTU INTENSE - Deep anti-wrinkle serum with stem cell • FS PURE WRINKLE - Cleansing gel for wrinkle with stem cell • FS EYECONTOUR - Remade serum for the area around the eye with stem cell Biotechnology • FS EYEBAG - anti-swelling serum for the area around the eye with stem cell Serum to restore and • FS EYEDARK - Anti-black halos serum for the area around the eye with stem cell regenerate skin • FS COLLAGEN (PXOVLRQUHPDGHWR¿OOZULQNOHV )HOOHU ZLWKVWHPFHOO
Tel: 66421934 (Beauty and Care) We have a window for online sale and Instagram with delivery service Advertising Hotline : +974 4000 2155 27 Email : [email protected] Sunday, May 8, 2016
REAL ESTATE AUTOMOBILE WAREHOUSE FOR RENT Executive Bachelors [HJ[! 3VJH[PVU!(S Subaru XV 2014 VU20(,SLJ[YPJHS>PUKV^Z4PYYVYZ:[LLYPUN 4HUZV\YH)LOPUK/VSPKH`=PSSH Warehouse for Rent 250 Sq2 with >OLLS-\UJ[PVU)\[[VUZ Accommodation 7YPJL ! 8(9 ,_LJ\[P]L )HJOLSVYZ (JJVTTVKH[PVU)LK toilet. Free water & electricity. Near 4PSLHNL ! 24 :WHJLPU)YHUK5L^3\_\YPV\Z=PSSH'(S>HRYH Rooms available for Families Safari Mall, Abuhamour. Behind *VU[HJ[ ! 2009 SUZUKI SX4 7LHYS 9( ,_LJ\[P]L )LK :WHJL PU -\SS` -\Y- near Al Khor Barwa Commercial Avenue. >OP[LJVSVYH\[VTH[PJ[YHUZTPZZPVUWLYMLJ[ 7YPJL! UPZOLK =PSSH (]HPSHISL ]LY` ZWHJPV\Z *SLHU (]HPSHISLYVVTZPUHZ[HUKHSVUL]PSSHSVJH[LKIL- Contact: 55554123 JVUKP[PVUM\SSKLHSLYZLY]PJLOPZ[VY`VUS`V^ULK 4PSLHNL! 2T ULH[ ^P[O ]LY` NVVK ;YHUZWVY[ *VUULJ[P]P[` [^LLUS\ZHPSHUK(SROVYSVJH[PVUTHYRLKPU[OL for three months *VU[HJ[! )\Z ;H_P:[HUK:\WLY4HYRL[Z(S4LLYH,H[- 4(79VVT^P[OH[[HJOLKIH[OYVVT YVVTZ -\SS`H\[VTH[PJ(SSV`^OLLSZ[`YLZHYLUL^ HYPLZ:HSVVUZ;LH*VɈLL:OVWZHUK.LULYHS H]HPSHISL9LU[Z[HY[PUNMYVT8HY9VVT Renault Duster 2014 7PYLSSP(\KPVJVU[YVSZVUZ[LLYPUN^OLLS :[VYLZ^P[OPU:HTL3HUL3VJH[PVU!(S>HRYH ^P[OZOHYLKIH[OYVVT YVVTZH]HPSHISL9LU[ 7YPJL !8(9 0Z[LTHYH\U[PS(WYPS =LY`JSLHUPUZPKLHUK 7LHYS 9( )LOPUK 2-* VU 9VHK :PKL 6WW [V Z[HY[PUN MYVT 8HY 9LU[ PUJS\KPUN ^H[LY FAMILY MEDICAL V\[ZPKL 5PZZHU 7L[YVS :[H[PVU Z[ SLM[ SHUL =PSSH *HSS LSLJ[YPJP[`HUK^PÄP*HSS 4PSLHNL ! 24 *VU[HJ[ ! POLYCLINIC :PS]LYJVSVYPUL_JLSSLU[JVUKP[PVUPUZ\YLK Toyota Yaris 2007 3 Bhk Vill Apartment For Family [OYV\NO6J[VILY M\SSKLHSLYZLY]PJLOPZ[VY` 7YPJL! Specious Studio In Abuhamour In Ain Khaled Al Wukair Al Mashaaf WLYMLJ[JVUKP[PVU 4PSLHNL!24 6UL )LKYVVT 6UL )H[OYVVT 2PJOLU 9LU[ )LK9VVT)H[O9VVT/HSS2P[JOLU-VY-HT- *VU[HJ[! 8Y -LH[\YLZ (UK (TPUP[PLZ!^P[O (* 0U- PS`0U((WHY[TLU[:[`SL6M=PSSH0U(PU2OHSLK Tel. no.: 44113556/7/8 Hyundai Santafe 2012 0Z[LTHYHVUL`LHY\W[V4H` JS\KPUN>H[LY ,SLJ[YPJP[`6US`-VY-HTPS`-VY 7VY[PVU0U;OPZ=PSSH5V^(]HPSHISL-PYZ[-SVVY >OP[LJVSVY5VTHQVYHJJPKLU[ 4VYL+L[HPSZWSLHZLJHSS^H[ZHWW! 7VY[PVU=LY`5LH[5*SLHU+LS\_9VVTZ3VJH- 7YPJL ! 8(9 *65;(*; [PVU!(PU2OHSLK)LOPUK(S4HOH(JJHKLT`5LHY 4PSLHNL ! 24 ;V:HS^H9VHK4VU[OS`9LU[ 8Y0UJS>, *VU[HJ[ ! CHEVROLET MALIBU 2012 Room for rent Westbay lagoon /HSM4VU[O6M9LU[*VTTPZPVU*HSS! For Rent 0U]LY`NVVKJVUKP[PVUZUL^0Z[PTHYHHUKM\SSPU- 7YPJL! Villa pool and beach Z\YHUJLIV[OHYL]HSPKMVYTVU[OZ:P_J`SPUKLY 4PSLHNL! 24 = SP[LY SLH[OLYZLH[Z^P[OLSLJ[YPJZ\UYVVM *VU[HJ[! :OHYPUN ]PSSH ^P[O )YP[PZO OV\ZLTH[LZ YVVT PZ Studio For Single Exe-Batchlor At Industrial Area -\SS6W[PVUZ:PS]LY*VSV\Y(SSV`>OLLSZ:\UYVVM :[\KPV -VY :PUNSL ,_L)H[JOSVY 0U (PU 2OHSLK >OP[LJVSVYM\SSKLHSLYZLY]PJLOPZ[VY` VM TLKP\T ZPaL ^P[O X\LLU ZPaL ILK HUK [YPWSL 5V(JJPKLU[*Y\PZL*VU[YVS OPNOJLPSPUNZ^P[OZOHYLKIH[OYVVT=PSSHOHZ 4VU[OS`9LU[! 8Y/HSM4VU[O6M9LU[ Street No. 3 SP]PUN YVVTZ SHYNL RP[JOLU IHSJVU` WVVS NHY- *VTTPZPVU-VY4VYL+L[HPSZ*HSS! Ford Focus 2012 KLU^P[OHJJLZZ[VJVTT\UHSNHYKLUZ^OPJOPU- -\SS`M\YUPZOLKYVVTZ 7YPJL! Renault Clio 2006 JS\KLWSH`NYV\UK[LUUPZJV\Y[ZWPJUPJHYLHHUK Fully Furnished Room 4PSLHNL!24 7YPJL! ILHJO=PSSHOHZSP]LPUOV\ZLRLLWLY[VJSLHUHUK >,0U[LYUL[PUJS\KLK *VU[HJ[! 4PSLHNL! 24 Mansoura *VU[HJ[! THPU[HPU [OL JVTTVU HYLHZ KHPS`6UL TVU[OZ -PSPWPUV 6US` -\YUPZOLK 9VVT 9LU[ 8Y ^P[O^H[JOTHU (SSV`^OLLSZJY\PZLJVU[YVSM\SSH\[VTH[PJ KLWVZP[YLX\PYLKHUKVULTVU[OZUV[PJLULLKLK 8Y3PIYL>H[LY,SLJ[YPJP[`0U[LYUL[4HSPUPZ YLTV[LJVU[YVS():)YHRL:`Z[LT (\[VTH[PJ [YHUZTPZZPVU *LU[YHS 3VJR (* PZ \WVUSLH]PUN4VU[OS`YLU[HS XHY 5H-SH[+*YV^KLK4H`:HYPSPUN7HYRPUN(YLH -VY:[HɈHUK,UNPULLYZ >VYRPUN7LYMLJ[S`-\SS4HPU[LUHUJL9LJLU[S`+VUL >LZ[LYU,_WH[ZVUS`WSLHZL*HSS 4HSHWP[:H(STLLYH4HUZV\YH 9LUH\S[Å\LUJL *HYPU,_JLSSLU[JVUKP[PVU,Z[PTHYH
REGISTER NOW FOR FREE INSPECTION AND SERVICE All services available on hourly, daily, monthly and annually basis Pest Control Division Cleaning Division Our Services : Our Services : • &UDZOLQJLQVHFWVFRQWURO)O\LQJLQVHFWVFRQWURO • House cleaning services on hourly basis 5RGHQWFRQWURO*HOWUHDWPHQWV • Commercial, residential, Industrial, Villa, BioPro MV30 • Commercial, Residents, Industrial, Labor Compound & Buildings or call of basis Camp, Villa, Compounds & Buildings • SPECIAL RATES on Schools, Hotel & Hospital • Special service & rates for Hotels, Hospitals • SPECIAL TEAM for Shopping Malls & & Restaurants Individual shops • Agriculture, farm, & Fumigation for all • 2I¿FHER\VRI¿FHDVVLVWDQFHFOHDQLQJER\VIRU insecticide part time or full time • Experts in TERMITES Control work. • Manpower supports to Recreational service F18 For Free Inspection Call TOLL FREE # 8001211 44325111 (PDLO #¿UVWSHVWTD 74461942 :HE ZZZ¿UVWSHVWTD 74461944 BioPro MH20
S922
TS2022TS2022 28 Sunday, May 8, 2016 Economy & Business
ADB keen to CHINA MAY INTRODUCE CURRENCY TRADING TAX IMF urges raise lending eurozone to to India to start talks on $3 billion Greek debt PTI FRANKFURT relief: Report
ASIAN Development Bank REUTERS is keen to enhance its lend- BRUSSELS ing to India to $3 billion this year to support ‘robust THE head of the International growth’ in the country. Monetary Fund urged eurozone “We have started ex- finance ministers to start talks panding the pipelines. Dur- on Greece’s debt relief together ing the last visit in March, with discussions on Athens’ re- I discussed how we can in- form programme, according to crease lending to India. In- a letter published by the Finan- dia needs more infrastruc- cial Times on Friday. ture funding and we are The finance ministers of very happy to do this to sup- the eurozone’s 19 countries port more robust growth will gather on May 9 in Brus- in India,” ADB President sels for an extraordinary meet- Takehiko Nakao said at the ing on Greece. They are meant annual meet here. to discuss Greece’s reform pro- The bank plans to in- gramme and a new set of con- crease its lending to $3 tingency measures that Athens billion this year as against should adopt to ensure it will about $2.2 billion in 2015 achieve agreed fiscal targets in on sovereign side, he said. 2018. If private sector lending is Successful reforms imple- included it could go up to mentation in Athens would $3.5 billion, he said add- unlock bailout funds under a ing that lending will also financial programme agreed by increase to $4 billion in the Greece and eurozone countries subsequent year. in July and would pave the way Since 1986 when ADB for talks on Greece’s debt relief. started lending operations “We believe that specific in India, ADB has approved measures, debt restructuring, 197 sovereign loans total- and financing must now be dis- ling $33.1 billion. As on De- cussed simultaneously,” IMF’s cember 31, 2015, the port- folio included 84 ongoing sovereign loans amounting Successful reforms imple- to $11.4 billion. mentation in Athens would With regard to scal- Since December 2015, the People’s Bank of China has moved to curb currency speculation, including limiting yuan-based funds’ overseas investments and implementing a reserve unlock bailout funds ing up operations of the requirement ratio on offshore banks’ domestic yuan deposits. under a financial pro- ADB, Nakao said, “We also gramme agreed by Greece completed a strong replen- and eurozone countries. ishment of ADF 12 for the period 2017-20 earlier this week here in Frankfurt. I Christine Lagarde wrote to eu- take this opportunity to China FX reserves rise rozone ministers ahead of their thank the 32 donors for meeting next week. their generous contribu- Lagarde insisted that the tions, despite difficult fiscal IMF considered the bailout pro- situations in some of your gramme’s target of a Greek pri- countries.” to $3.22 trillion in April mary surplus of 3.5 percent of The contributions from gross domestic product in 2018 emerging Asian economies as very difficult to reach and have increased to 11.7 per- “possibly counterproductive”. cent, compared with 6.9 China’s reserves have declined steadily since June 2014 when they peaked at $3.99 trillion. Eurozone ministers, led by percent during the ADF Germany, have requested this REUTERS 11 period. The new ADF While China’s reserves Capital outflows from cant supply glut and sluggish bonds. target. The IMF would be satis- comes with a number of in- BEIJING have declined steadily since demand at home. With the first quarter of fied with a 1.5 percent primary novative features, including June 2014 when they peaked China have begun to While cooling expectations 2016 showing signs of mod- surplus, which means a budget a doubling of the minimum CHINA’S foreign exchange re- at $3.99 trillion, the trend has ease, according to of US interest rate hikes have eration in capital outflows, surplus before debt payments. allocation for small coun- serves rose in April to $3.22 tril- since moderated, according to recent data from the recently eased pressures on the analysts are closely watching The IMF would not join the tries, strengthened support lion, central bank data showed recent official data. State Administration of yuan, a future US rate increase whether foreign reserve de- Greek bailout programme if for disaster risk manage- on Saturday, marking a second Capital outflows from China Foreign Exchange. still remains a big risk factor for clines will moderate this year in fiscal targets were not realistic ment, and regional health monthly rise this year and sug- have begun to ease, according triggering further disruption line with expectations that the and without a debt relief, La- security, he added. On the gesting the central bank is eas- to recent data from the State China’s reserves, which for the world’s second-largest yuan will stabilize. garde said. capital increase, he said, the ing off its interventions as capi- Administration of Foreign Ex- are the world’s largest, economy, economists have Concerns over China’s for- To bridge the gap between bank may need raising this tal outflows ease. change (SAFE), with net foreign fell $513 billion in 2015, said. Since December 2015, eign exchange rate policy flared the IMF and eurozone minis- in the future but there is Economists surveyed in a exchange sales by commercial the People’s Bank of China up last year following a sur- ters, lenders agreed in April to no concrete proposal at the Reuters poll had expected for- banks in March only slightly up marking the largest has moved to curb currency prise devaluation of the yuan ask Greece a set of contingency moment. eign exchange reserves to fall to at $36.4 billion, and consider- annual drop in history. speculation, including limiting in August and a sharp slide in measures that would apply “We should consider $3.2 trillion. ably lower than $54.4 billion in yuan-based funds’ overseas in- the yuan this year in January, only if Athens failed to reach a seeking a capital increase The central bank data also net sales earlier in January. Central bank data vestments and implementing fanning fears of an economic 3.5 percent primary surplus in in the medium term to comes after a surprise increase Central bank governor Zhou showed on Saturday that a reserve requirement ratio on slowdown. 2018. respond to the huge and in March when foreign ex- Xiaochuan said at a G20 confer- China’s gold reserves offshore banks’ domestic yuan China’s reserves, which are Lagarde insisted that these growing financing needs change reserves rose slightly to ence in April that the foreign ex- rose to $74.751 billion deposits. the world’s largest, fell $513 bil- measures should be legislated and to reflect changing eco- $3.21 trillion, the first monthly change market had stabilized, at the end of April, com- Chinese officials are also lion in 2015, marking the larg- upfront and include further re- nomic circumstances in the increase since November. with the yuan’s recent trend pared to $71.485 at end studying the introduction of est annual drop in history. forms of the Greek pension and region,” he said. Prior to that, foreign re- reflecting market supply and March. a currency trading tax to pe- Central bank data showed tax system. “Unfortunately, the Emphasising that the serves had dropped $28.57 demand and holding steady nalise speculators, as well as on Saturday that China’s gold contingency mechanism that bank will give priority to billion in February to $3.2 tril- against a basket of currencies. seeking to ease capital rules reserves rose to $74.751 billion Greece is proposing does not fragile and conflict af- lion, the lowest since December, Nevertheless, economists huge challenge of stabilizing the for foreign institutional inves- at the end of April, compared to include such reforms,” Lagarde fected countries, he said, 2011. believe that China still faces a yuan, especially amid a signifi- tors to buy onshore stocks and $71.485 at end March. wrote in her letter. ADB will continue to help create quality jobs, paying attention to good working conditions and core labour standards. Berkshire Hathaway’s first quarter profit rises 8 percent “We will further deepen our work on gender equal- ity in our operations. We REUTERS ing assets minus liabilities and ing to Thomson Reuters, before forced Berkshire to pay more quisitions in the quarter. are increasing our support NEW YORK Buffett’s preferred gauge of Berkshire released preliminary Net income for Berkshire on insurance claims. It acquired aeroplane parts for health and education growth, rose 1.2 percent from results at its annual meeting in rose to $5.59 billion, or Profit from insurance un- maker Precision Castparts for sectors. We will continue WARREN Buffett’s Berkshire year end. Omaha, Nebraska, on April 30. $3,401 per Class A share, derwriting fell 56 percent to about $32.1 billion, and ac- our work on social protec- Hathaway Inc on Friday con- Net income for Berkshire Results suffered as falling $213 million despite improve- quired battery maker Duracell tion, including effective firmed that its first-quarter rose to $5.59 billion, or $3,401 oil prices and lower demand from $5.16 billion, or ment at the Geico auto insurer, from Procter & Gamble Co in conditional cash transfers,” profit rose 8 percent, while per Class A share, from $5.16 for coal contributed to a 25 $3,143 per share. which boosted premium rates exchange for that company’s he said. operating results fell short of billion, or $3,143 per share. percent drop in profit at BNSF to offset rising accident claims. stock. The swap resulted in a With regard to climate analyst forecasts as its BNSF Operating profit fell 12 per- to $784 million, as overall vol- dustrywide fell “significantly” Book value per share rose $1.9 billion after-tax gain. change, he said, the bank railroad unit was hurt by fall- cent to $3.74 billion, or $2,274 ume fell 5.5 percent. Freight in the first quarter, and “almost to $157,369 per Class A share In Friday trading, Berkshire is committed to double fi- ing oil prices and coal demand. per Class A share, from $4.24 revenue from industrial prod- certainly will continue to be as of March 31 from $155,501 Class A shares closed up 0.5 nancing for this to $6 bil- The conglomerate, which billion, or $2,583 per share. ucts such as petroleum fell 18 down the balance of the year,” three months earlier, while rev- percent at $216,999.99, and lion by 2020 from the cur- operates roughly 90 busi- Analysts on average had percent, and from coal tum- Buffett said at the meeting. enue rose 8 percent from a year its Class B shares closed up 0.5 rent level of $3 billion. nesses, nonetheless said its expected operating profit of bled 39 percent. Buffett also said results suf- earlier to $52.4 billion. percent at $144.62, according book value per share, measur- about $2,759 per share, accord- Railroad carloadings in- fered as hailstorms in Texas Berkshire made two big ac- to Reuters data. US FCC confirms approval of Charter, Time Warner Cable merger
REUTERS Charter, said in a statement Fri- $10.4 billion. The US Justice nation due to new competition 2013 and early 2014 that ended WASHINGTON day that the transactions have Department gave antitrust ap- from over-the-web rivals like with Time Warner Cable reject- “significant benefits” including proval to the acquisitions with Netflix Inc and Hulu. ing unsolicited approaches by THE US Federal Communica- greater competition, broader conditions on April 25 and ear- The Justice Department Charter and instead finding a tions Commission confirmed access to affordable broadband, lier Charter and Time Warner said Charter agreed to refrain white knight in Comcast Corp, on Friday that it had voted to and new US jobs. The FCC- from telling its content provid- the No. 1 US cable services pro- approve Charter Communica- imposed conditions “are largely The deals, which would ers that they cannot also sell vider, which ultimately aban- tions Inc’s acquisitions of Time extensions of the longstand- shows online as part of the ap- doned the transaction. Warner Cable Inc and Bright ing consumer friendly values create the second-largest proval process. The FCC on Tuesday ap- House Networks. and practices of our company,” US broadband provider The conditions placed on proved European telecoms The deals, which would Rutledge said. and third-largest video FCC approval would require group Altice NV’s acquisition of create the second-largest US A majority of the five-mem- provider, now need approv- Charter to extend high-speed US cable company Cablevision broadband provider and third- ber FCC voted to approve the al from regulators in internet access to another two Systems Corp in a $17.7 billion largest video provider, now deals earlier this week. California. million customers within five deal that includes assumption need approval from regulators The FCC said in a statement years, with one million served of debt. The Dutch firm still in California. Friday that an “order detailing by a broadband competitor, needs approval from the state A state administrative judge the commission’s reasoning Cable shareholders approved FCC chairman Tom Wheeler of New York and New York City. last month recommended that and the conditions will be is- the companies’ deal. said. Charter, backed by bil- If the deal is approved, Altice California’s public utilities com- sued in the coming days.” The Justice Department’s lionaire John Malone’s Lib- would become the fourth larg- mission approve the deal. The Charter has valued its deal approval carried conditions de- erty Media Corp, had pursued est US cable provider. Cablevi- decision is expected at a May for Time Warner Cable at $56.7 signed to protect competition, Time Warner Cable as far back sion has 3.1 million subscribers, 12 hearing. Tom Rutledge, billion, excluding debt, and the coming at a time when the pay as 2013. The two companies mostly in New York, New Jer- Charter has valued its deal for Time Warner Cable at $56.7 billion, president and chief executive of acquisition of Bright House at television industry faces stag- had acrimonious exchanges in sey and Connecticut. excluding debt, and the acquisition of Bright House at $10.4 billion.