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Friday, November 23, 2018 Rabia I 15, 1440 AH TELECOM LIFT: Page 12 QSE climbs for GULF TIMES second straight session to cross BUSINESS 10,300 levels Iran oil exports drop sharply on sanctions, Qatar forex reserves rise says Petro-Logistics

Reuters London

Iran’s oil exports have dropped by several hundred 1.7% to reach $46.5bn in thousand barrels per day this month, a leading tanker-tracking company said yesterday, suggesting US sanctions that kicked in this month have scared off many buyers. Geneva-based Petro-Logistics, which tracks oil supply from Opec members and other major exporters, said shipments dropped steeply in early November September, says QNB as customers awaited clarity on whether the US administration would issue waivers. By Pratap John account surplus “widened” “Iranian crude exports so far in November are down Chief Business Reporter while net capital and fi nancial several hundred thousand barrels per day from fl ows were “positive”. October levels,” Petro-Logistics chief executive Daniel Exports grew 30.2% y-o-y in Gerber told Reuters. “The low volumes we saw in the atar’s foreign exchange September as a result of higher beginning of the month were due to buyer reluctance reserves gained 1.7% oil prices, while imports grew to schedule loadings while awaiting clarity on Qmonth-on-month (m- 37.0%, QNB said. sanctions waivers.” o-m) to reach $46.5bn in Sep- Broad money supply grew Petro-Logistics did not provide a precise figure on tember, QNB has said in its latest marginally by 0.1% in Septem- November exports, conceding that shipments have ‘Qatar Monthly Monitor.’ ber. become more opaque since the sanctions took eff ect The Qatar Central Bank’s fo- Brent crude prices rose to an this month. rex reserves in end-September average of $80.6 for a barrelin Two other companies that also track the exports equated to seven months of im- October; Qatar’s oil production declined to give November figures. port cover, QNB said. fell to 570,000 bpd in Septem- However, a drop of several hundred thousand barrels According to QNB, Qatari ber from 612,000 bpd in Au- would bring Iranian crude exports this month closer banks’ asset growth was 5% gust. to 1mn bpd, based on industry estimates of October year-on-year (y-o-y) in Octo- In terms of Qatar’s economic exports. ber. activity, QNB said, the country’s Iran exported 1.85mn bpd in October according to Bank deposit growth was 1.5% real GDP growth picked up in Q2. Kpler, a data intelligence company, and 1.5mn bpd y-o-y while credit growth was Non-hydrocarbon GDP according to another firm that monitors Iranian 2.7% in October. growth was a solid 6.1% y-o-y. shipments. Private sector deposits grew Booming construction out- Other estimates of exports this month are even lower. 1.2% m-o-m in October, while put, up 15.3% y-o-y, remained According to Refinitiv Eikon data, shipments have the public sector and non-resi- the key driver of activity in the plunged to about 100,000 bpd to date in November. dent deposits declined 4.5% and non-hydrocarbon sector. Manu- Another source estimated 340,000 bpd in the first 1.7% respectively. facturing gained 14.1%. half of the month. Inter-bank rates went slightly CPI infl ation was broadly fl at Such figures, however, are probably not counting up in September following glo- at -0.4% in September; housing all the tankers that switch off their AIS signal, an bal monetary tightening, QNB infl ation slightly picked up. automatic tracking system used on ships, making noted. Industrial Production rose them eff ectively “off radar”. Qatar Inter-bank Off ered 4.7% in August from 1.4% the “It is incredibly opaque and the majority of the trade Rates (QIBOR) and London In- previous month, ‘Qatar Monthly is hidden,” Gerber said. “We believe that volumes have ter-bank Off ered Rate (Libor) Monitor’ said. been picking up in the past week.” three-month interest rates con- The real estate price index is Exports could start to rise after November due to the verged further, it said. signalling prices are stabilising, US sanctions exemptions granted to eight buyers, Qatar Sovereign fi ve-year QNB said. The 5-star and 4-star allowing them to import at least some oil for another credit default swap (CDS) hotel occupancy rates stabilised 180 days. spreads remained stable at in September to stand at 54% Shipments have fallen significantly from at least around 75 bps. and 60% respectively, QNB said. 2.5mn bpd in April, before US President Donald Trump Qatar’s fi scal account surplus Qatar’s population increased in May withdrew the US from a 2015 nuclear deal with widened to 3.5% of GDP in the 2.8% y-o-y to stand at 2.74mn Iran and reimposed sanctions. second quarter (Q2) due to high- in October; women made up Iran has vowed to keep exporting oil despite the US er oil prices. close to 25.5% of the population, The Qatar Central Bank’s forex reserves in end-September equated to seven months of import eff ort to reduce its shipments to zero. Page 2 In Q2, the country’s current QNB said. cover, according to QNB

QDB honours Sigma Industries with ‘SME Excellence Award’

Sigma Metal Industries has been presented ‘SME Excellence Award’ by HE the Qatar Central Bank Governor Sheikh Abdullah bin Saoud al-Thani, also QDB chairman, at a function organised by Qatar Development Bank recently. Established in 2008, Sigma is the leading manufactures of traff ic signs, directional signs, gantries and cantilevers, internal and exter- nal way finding signage. The company is promoted by Nass- er Sulaiman H M al-Haider, a promi- nent businessman and a member of the advisory council (Shura Council) for His Highness the Amir HE al-Kuwari with other ministers of commerce and industry for the GCC Trade Co-operation Committee and Industrial Co-operation of Qatar. Al-Haider is also a board Committee meetings in Kuwait. member of Qatar Chamber. In a statement Doha bank said it “is honoured that Sigma Metal Indus- HE Sheikh Abdullah (centre) hands over the ‘SME Excellence tries got recognition by getting an Award’ to al-Haider at a function organised by QDB in Doha award, which is given to only TOP recently. Al-Kuwari chairs Qatar delegation at GCC 50 performing SMEs in Qatar.” Al-Haider said, “We are delighted to to our product and service excel- being played by SMEs in the develop- receive this award, which definitely lence. The company aims to excel ment of Qatar economy, he said. trade, industrial co-operation meetings is a recognition of contribution in the challenges ahead and pro- Doha Bank was the first bank to to Qatar economy. We believe vide commitment to performance, launch ‘Tatweer’, a dedicated our forte is customer satisfaction, reliability and quality excellence.” SME unit in 2008. Through this E Ali bin Ahmed al-Kuwari, Minis- eral issues relating to developments and relating to the amendment of industrial laws state-of-the- art machinery and Doha Bank CEO Dr R Seetharaman initiative, the bank said it “would ter of Commerce and Industry, yes- amendments to commercial laws and regu- and regulations, including the adoption of continuous development of techni- appreciated the eff orts of Sigma continue to participate in Qatar’s Hterday chaired Qatar’s delegation at lations, including the unifi ed law to com- the rules of exemption of industry inputs. cal capabilities. and congratulated al-Haider and diversification story by encourag- the GCC’s Trade Cooperation Committee bat commercial fraud, and laws regulating The participants also discussed the Anti- “Our credible semi-government the management of Sigma for ing the SME Sector.” 56th meeting and the Industrial Coopera- trademarks and competition. Dumping Ministerial Committee’s deci- customer base such as Ashghal, their excellent performance in the Doha Bank is also one of the key tion Committee 44th meeting. Discussions also touched on small and sion-making mechanisms, and examined Qatar Petroleum, Hamad Interna- Qatari market by forming a viable partners in QDB’s ‘Al-Dhameen’ The meetings were held in Kuwait with medium enterprises-related entrepreneur- the Gulf Organisation for Industrial Con- tional Airport, Aspire Zone, Qatar business model and making an credit guarantee programme, the participation of ministers of commerce ial initiatives, the recommendations of the sulting’s reports and activities during 2017. Foundation, ASTAD, Hamad Port impact on Qatar’s economy. which cover startups also, particu- and industry from other Gulf Cooperation WTO Committee of GCC countries, and the The committee stressed the importance Project and Manateq Economic Doha Bank was pioneer in appreciat- larly in manufacturing and service Council countries. responsibilities of the GCC Patent Offi ce. of the role that Gulf industries play in terms Zones Company is an attestation ing the importance of the critical role segments. The meeting of the Committee on Trade The meeting of the Industrial Cooperation of supporting the economies of GCC coun- Cooperation featured discussions on sev- Committee featured discussions on topics tries. Gulf Times 2 Friday, November 23, 2018 BUSINESS Trump sanctions are proving a bitter pill for Iran’s sick

Bloomberg Tehran/Dubai

Leila Koochaki’s health has become collateral damage as the US extends its economic off ensive against Iran. The 47-year-old had to contact 15 pharmacies across Tehran before she finally secured the anti-fatigue medication she takes to cope with multiple sclerosis. “I found a small drugstore that could give me a little, just two strips of 10 tablets each,” Koochaki said. “I begged them to keep it for me until I got there.” On paper, US sanctions permit Iranian purchases of humanitarian goods like medicines. To avoid accidentally triggering penalties, however, foreign drug companies and international banks are taking extra precautions even when dealing with permitted business. The new legal complications, along with panic buying and hoarding, mean some drugs are increasingly diff icult to find. Making things worse, a collapse in the rial had already pushed up prices of imported medicines and active ingredients used in locally-made generics. The scarcities are forcing patients to make potentially life-altering decisions. “I might start taking halves or skipping doses so I don’t run out,” Koochaki said of the Modafinil tablets that keep her going. When the US increased pressure on Iran on November 5, it was sanctions on critical oil exports that dominated headlines. But the penalties went much further. The Treasury sanctioned more than 700 individuals, entities, aircraft and vessels, including Iran’s central bank and many of its commercial lenders. Some of those banks lost access to the Iranians take a selfie on the sea front during sun set in Iran’s southern resort island of Kish (file). On paper, US sanctions permit Iranian purchases of humanitarian goods like medicines. To avoid accidentally Swift international payment system triggering penalties, foreign drug companies and international banks are taking extra precautions even when dealing with permitted business. The new legal complications, along with panic buying and – rendering them even more toxic to hoarding, mean some drugs are increasingly diff icult to find. overseas counterparts. Doug Jacobson, a sanctions attorney at But Iran won’t be able to import drugs Iran’s Medical Council also appealed to as the best way to prevent Iran as the sanctions and currency crisis minister acquired fake trading licences Jacobson Burton Kelley in Washington, at pre-sanctions levels if it can’t pay for UN Secretary General Antonio Guterres producing a nuclear weapon, and are hit profits at local pharmaceutical and stockpiled pills to drive up prices, said it’s becoming diff icult to find them. to take action. US sanctions had seeking to maintain channels for trade companies, said Seyed Abdolreza Mehr news agency said. foreign banks willing to do even Until recently, four private banks “seriously aff ected our ability to access and investment. Hejazi Farahmand, chief executive “Iranian off icials are overlooking the permitted business with Iran. facilitated nearly all of Iran’s drugs, healthcare services, treatments The main medication Koochaki of two Tehran-based companies that many impediments they themselves US off icials say they’re “not going to humanitarian trade: Parsian Bank, and necessary medical care,” the takes now is an Iranian version of produce plasma-derived haemophilia have been putting on these sanction humanitarian payments, but Middle East Bank, Saman Bank and council said, according to a copy of the MS treatment Avonex, and a Health treatments. importations for years whether it’s banks have to make a risk-based, cost- Pasargad Bank. letter published on its website. Ministry helpline assists her in finding Five Tehran pharmacies surveyed said through legal obstacles or corruption,” benefit decision on whether it’s worth All four are now targeted with primary Brian Hook, the State Department’s supplies. For some illnesses, however, the imported anticoagulant Warfarin, said Farhad Alavi, a managing it for them and many are taking the US sanctions that bar American firms special representative for Iran policy, patients rely on foreign medication as used in post-operative treatments partner at the Akrivis Law Group in position that it’s not worth it,” he said. and citizens from doing business with told reporters after the latest measures local alternatives don’t exist or aren’t as for heart conditions, is now virtually Washington. European drug companies contacted them. Parsian also faces secondary were announced that the US has eff ective. impossible to find and there’s no In Iran, though, blame is increasingly for this story said they continued to penalties which pressure foreign never targeted medicine or medical “The eff icacy of Iranian medicines is reliable locally-made alternative. falling on the US. Iranians are using deal with Iran. A spokesperson for companies to comply by threatening to devices. The “regime’s attempts to inadequate,” said Maziar Mostafavi, Iran’s Health Ministry has vowed to social media hashtags such as French drugmaker Sanofi, the only sever access to the US financial system. mis-characterise these humanitarian a family physician and former help domestic drugmakers produce #SanctionsTargetMe to draw attention global pharmaceuticals firm with In a recent tweet, Iranian Foreign exemptions are a pathetic eff ort to emergency-ward doctor. That’s partly medicines equal to those sold by to what they say is a growing crisis. a production plant in the Islamic Minister Mohammad Javad Zarif distract from its own corruption and because diff iculties obtaining active multinationals, and off icials have “What are people supposed to do?” Republic, said sanctions changes attached two letters he said were mismanagement.” ingredients over the years led some cracked down on hoarding, which has asked cancer suff erer Mehdi Shadmani didn’t aff ect its ability to sell medicines sent by European drug suppliers to Under President Donald Trump, the US manufacturers to lower dosages, exacerbated the situation. on Twitter. “Who has tens of millions there. Roche said in a statement it’s Iranian importers terminating trade has sought to curb Iran’s influence in especially with antibiotics, he said. Etemaad newspaper in August reported of rials to pay each month and from “continuously assessing” the eff ect of due to sanctions. Attempts to confirm the Middle East, withdrawing in May “Failures in treatment have increased.” medicines worth $300,000 had been where? They have to sit and watch penalties and remains committed to the contents of the letters weren’t from the 2015 nuclear deal. European Medicines used to treat critical or rare found stashed in warehouses. In their children, fathers and mothers just serving Iranians. successful. and other signatories back the accord illnesses are most likely to be aff ected another case, the daughter of a former waste away?”

Bloomberg QuickTake Q&A Why US-Iran divide is widening again under Trump

By Bill Faries 2. How do sanctions factor Washington in? Sanctions that banned most trade Few things in Donald Trump’s foreign and investing with Iran were credited policy have been more consistent with forcing Iran to the negotiating than his opposition to the Iran nuclear table, then were relaxed when the deal the US reached with that country nuclear deal was signed. So far, Trump and five other nations in 2015. He has reinstated sanctions that include campaigned against it while running prohibitions on purchasing Iranian for president, complained about it debt and pistachios, and a bar on the regularly during his first year in off ice planned sale of commercial aircraft by and finally pulled the US out of it in Boeing Co and Airbus SE. Sanctions May 2018. Now, Trump is gradually that returned on November 5 are aimed reimposing sanctions that were at Iran’s port operators, insurance and frozen by the agreement, threatening reinsurance businesses and – most to penalise even close allies if they importantly – foreign purchases of keep doing business with Iran. That’s Iranian oil. Iran currently exports undermining Iran’s economy and hydrocarbons to countries around the raising the pressure on President world, including China and India, as Hassan Rouhani, who pushed hard for well as US allies Japan, South Korea and the nuclear accord. Iraq. US off icials have sent out teams 1. Why did Trump abandon of diplomats in an eff ort to persuade the nuclear deal with Iran? nations to cut Iranian oil purchases to as close to zero as possible. neared. But Iran’s dependence on risks of doing so. Within hours of ensure Iran keeps reaping the benefits administration has proved that it Despite broad international support Countries that don’t do so will find their oil exports means the planned US Washington unveiling its first round of of the deal, though the reaction from cannot be trusted. The US president for the accord, Trump and his allies companies under sanctions. sanctions in November will strike a sanctions, German carmaker Daimler companies is making that job harder. has said he’d meet Rouhani “without said the agreement – which eased 3. What eff ect will sanctions serious blow against the economy. AG froze a plan to make Mercedes-Benz The US says it isn’t seeking regime preconditions,” citing his summit with economic sanctions on the Islamic have on Iran? 4. What are the possible trucks in Iran. Companies from Total change. North Korean leader Kim Jong-un in Republic in exchange for restrictions consequences? SA to Renault SA and PSA Group have 5. Would a Trump-Rouhani June 2018 as a precedent. That kind of on its nuclear programme – never Even without US sanctions, Iran’s said they’ll backtrack on Iran plans. summit help? get-together would be tough for Iran’s addressed what they see as Iran’s economy had been struggling with The economic consequences are Politically, tougher US sanctions put current leadership to stomach. Rouhani malign behaviour in the Middle East, slow growth and inflation, with already playing out. While a range of a harsh spotlight on Rouhani, who Supreme Leader Ayatollah Ali said he’d be open to negotiations if the its alleged support for terrorism or its allegations of corruption spawning companies have had an interest in staked his credibility on securing the Khamenei, who has the final say on US is “sincere,” but he added that such ballistic missile programme. Trump public protests. The rial weakened doing business in Iran, the reimposition 2015 nuclear deal. He’s been imploring state aff airs, has rejected talks “at any talks would be meaningless while his wants a new, tougher deal. further as the August sanctions of US sanctions has increased the other partners in the agreement to level” with the US, saying the Trump nation is being hit with sanctions. Gulf Times Friday, November 23, 2018 3 BUSINESS Oil-natural gas trade reappears, roiling US energy markets

Bloomberg trade based on a correlation between incredibly bearish because of the natural gas link reached an inflection New York natural gas and crude oil markets. record production numbers. Then, all point in 2008, and have since Crude’s decline from its high turned the analysts on the Street were calling decoupled. into a rout and a cold-weather rally in for $100 oil.” That all reversed last week in a hurry, Last week’s stunning reversal in oil gas grew into the biggest surge in nine A relative value trade bets on a with crude dropping 7.1% November and natural gas markets brought out years as large energy traders raced price relationship between two 13, the biggest one-day decline in more of the shadows a trade that used to to unwind bullish crude and bearish commodities, rather than taking an than three years, the culmination of a be commonplace – a so-called relative natural gas bets, market participants outright position on a single one. In record slide. The same day, natural gas value trade the two commodities. said. The rush to the exits pushed the theory, it might be less risky. jumped 8.3% to exceed $4 per million Oil reached a four-year high in early price ratio between the commodities While crude and natural gas were British thermal units for the first time October on speculation prices could to the narrowest since the financial fairly well correlated in the middle of in almost four years, followed by a reach $100 a barrel as Iranian exports crisis. the previous decade, due to direct spike of 18% on November 14. dried up. Meanwhile, natural gas burst “The crude-natural gas trade hasn’t competition for drilling resources at “It’s not a fundamentally driven rally,” out of its doldrums earlier this month, been a thing in a very long time, I’d say the wellhead, that has faded in recent said Stephen Schork, president of but the rally was being threatened by maybe a decade,” said John Kilduff , a years due to the US shale gas boom Schork Group Inc, a consulting group record US production. While it may partner at Again Capital. “It appears and subsequent oil boom. Earlier this in Villanova, Pennsylvania. “This rally is not have been intentional, investors to be inadvertent. The sentiment year, the CME Group Inc wrote in a driven by someone large who had the recreated what was once a popular around the natural gas market got post on its website that the crude and wrong position.”

Argentina UK looks to hydrogen as source set to become of green energy to make heat exporter of

Bloomberg LNG with London fl oating n infl uential panel of lawmakers in Parliament Ais encouraging the gov- platform ernment to develop hydrogen as a way to provide a green form of heat for industry and homes. deal The Committee on Cli- mate Change, which advises the government on energy and Bloomberg environmental policies, said London ministers should write a strat- egy for removing carbon emis- sions from heat in the next three rgentina will soon join the years, starting with a roll out of ranks of nations export- hybrid heat pumps. Aing liquefi ed natural gas Heat is seen as one of the and benefi t from surging global most diffi cult and expensive demand for the fuel. elements of the energy mix to YPF SA, the state-run oil and wean off fossil fuels. It accounts gas producer, has signed a 10- for almost half of the UK’s en- year contract with Belgium’s Ex- ergy use and a third of its car- mar NV to deploy a barge-based bon emissions, according to a fl oating LNG, or FLNG, unit to government estimate. While re- produce and export the fuel. newables such as wind and solar Exmar shares soared as much as are spreading rapidly to generate 16%, the most in eight years. electricity, those energy sources The deal helps Argentina tap are less adept than oil, natural a boom in domestic shale gas gas and coal in providing heat. production and turn one of Latin “Hydrogen has the potential America’s biggest LNG import- to contribute to near-zero car- ers into an exporter. The initial bon energy emissions if used plan is to ship 500,000 tonnes of strategically,” said John Gum- LNG per year, feeding the fastest mer, chairman of the Commit- growing fossil-fuel market led tee on Climate Change. “The by demand from China. government must now decide The barge will start operations whether it wishes to develop in the second quarter of 2019 and a UK hydrogen option, taking produce as many as eight cargoes decisions now that will see the per year from the Vaca Muerta fi rst deployment in the 2020s.” source at the Neuquen Basin, ac- Heat pumps combine an cording to Exmar. “We are now electric pump with a natural able to add value to the resources gas boiler. They can reduce a extracted from Vaca Muerta, and building’s gas use by 80%, the take full advantage of the seasonal committee said in a report pub- opportunity with Asian markets lished yesterday. Eventually the and our unique location to serve gas boiler could burn hydrogen Pedestrians walk past fountains in view of a residential development in the Nine Elms district of London (file). An influential panel of lawmakers in Parliament is encouraging the demand centres,” said Miguel instead, achieving zero carbon government to develop hydrogen as a way to provide a green form of heat for industry and homes. Gutierrez, president of YPF. heat. So long as the hydrogen is Argentina follows the path of made without emissions, it can ing the lightest element doesn’t promote the use of the gas. The 25% of heat for buildings with by clean energy. The country is mending that hydrogen be used other nations, such as Egypt, be counted as clean energy. produce any carbon emissions, organisation currently has over the remainder covered by elec- on track to meet its electricity in trucks and heavy industry. which recently resumed exports Hydrogen is emerging as a so it could potentially displace 50 members, including Engie tric pumps. target, but unlikely to succeed “It’s particularly useful for after domestic output surged. solution to diffi cult questions gas and other fossil fuels both in SA, Royal Dutch Shell Plc and The UK is aiming to meet 15% on heat and transport unless sectors of economy that’s not The Tango FLNG, the new in the energy transition, such power generation and transport. General Motors Co. of its overall energy needs with major changes are enacted, a possible to electrify or emis- name of the vessel currently as how to plug the gaps be- Large energy and transport The UK’s Committee on Cli- renewables by 2020 with 30% Parliament committee said in sions are diffi cult to reduce,” known as the Caribbean FLNG, tween wind and solar genera- companies have formed the Hy- mate Change expects that by of electricity, 12% of heating 2016. said Chris Stark, CEO of the will be located in the port of Ba- tion without fossil fuels. Burn- drogen Council to try to jointly 2050, hydrogen could provide and 10% of transport powered The committee is also recom- committee, by phone. hia Blanca.

US Justice Department said to be reviewing Reliance said to expand world’s anti-Opec legislation

Bloomberg largest oil refi ning complex Washington

Bloomberg tonne refi nery complex on India’s west The US Department of Justice is formally reviewing antitrust New Delhi coast while Rosneft and partners ac- legislation aimed at reining in Opec’s power over oil markets, quired the country’s second-largest pri- according to a department off icial. vate oil processor. While the study is ongoing, there is an understanding that the illionaire Mukesh Ambani-owned Shell has restarted retailing gasoline oil group’s eff orts to aff ect crude prices through production Reliance Industries Ltd is consid- and diesel in the country, while Total quotas has raised costs for American consumers, said Bering a plan to boost its oil-refi n- partnered the Adani Group to set up liq- the off icial, who spoke on condition of anonymity. That’s ing capacity by about half, people with uefi ed natural gas import terminals and traditionally the type of conduct the Justice Department would knowledge of the matter said. fuel retailing business. Last year, BP Plc frown upon, the person said. The proposed plant, to come up at expanded its partnership with Reliance to Bipartisan, anti-Opec bills have been introduced in both the the world’s biggest refining complex retail auto fuels. House and Senate, though neither chamber has voted on the in Jamnagar, will be able to process as Demand for fuel in India and the Mid- measures yet. much as 30mn tonnes of crude a year, dle East will make the two regions bigger The House Judiciary Committee in June approved the “No Oil the people said asking not to be iden- oil consumers than the European Un- Producing and Exporting Cartels Act,” or NOpec bill, which tified because the discussions are pri- ion by 2030, driven mainly by diesel for would give the attorney general the authority to file a suit vate. trucks and petrochemicals feedstock, ac- against Opec for trying to control oil production or to aff ect Asia’s richest man seeks to cement cording to the IEA. crude prices. It would amend the Sherman Antitrust Act of Reliance’s dominance in the world’s Reliance is looking to process the dirti- 1890, the law used more than a century ago to break up the oil fastest-growing major oil consuming est and heaviest crude and may focus on empire of John Rockefeller. A similar Senate bill hasn’t seen any nation as rivals including Saudi Aramco, producing feedstock for petrochemicals, action yet. Abu Dhabi National Oil Co, and Russia’s the people said. Although past presidents have threatened to use their veto Rosneft PJSC acquire plants in India. To- The expansion plan is still under dis- power to prevent similar bills from becoming law, President tal SA and Royal Dutch Shell are also ex- Vehicles travel on the Western Express Highway as a train travels across the cussion and hasn’t been fi nalised, the Donald Trump has repeatedly attacked Opec over high prices. panding into fuel retailing in India. Inter- cable-stayed Metro Bridge on Line 1 in Mumbai. Reliance is looking to cement its people said. A feasibility report is likely to Opec is scheduled to meet next month in Vienna amid a national Energy Agency expects India’s dominance in the world’s fastest-growing major oil consuming nation. be prepared by the end of next year, once collapse in oil prices that’s spurred calls for the group to curb energy demand to more than double by the recently-expanded petrochemicals output in 2019. Saudi Arabia has already signalled it supports 2040, making it the single largest source equipment vendors for the new refi ning A Reliance spokesman didn’t reply to an capacities stabilise, and Reliance is ex- a deep cut and as a first step will reduce its shipments by of global growth. train at the Jamnagar complex, the peo- email seeking comment. pected to make the fi nal investment de- 500,000 bpd in December. Reliance has begun discussions with ple said. The plant of the size planned by Saudi Aramco and ADNOC signed cision with an aim to start work in 2020, global refi nery process licencors and the company may cost $10bn, they said. agreements to invest in a proposed 60mn the people said. Gulf Times 4 Friday, November 23, 2018 BUSINESS

Singapore braces for slower growth in 2019 as trade war hits China denies political intentions behind investment in Europe

Bloomberg from threatening national Frankfurt security. The move echoes growing unease globally – most notably in the US – over China said investments Chinese corporate expansion in Europe by the nation’s overseas. companies aren’t part of The deal comes after 14 a political strategy, in its months of deliberations over first off icial reaction to new an initiative that for years had European Union rules on been deemed too controversial screening of foreign capital. to take as a result of opposition “Investment is based on in the bloc’s national capitals. business-oriented activities, The EU has said the new rules and the direction of investment aren’t meant to discourage depends on factors such as the foreign investment in Europe company’s own advantages and aren’t aimed at any single and market conditions,” country outside the bloc. the Mission of China to the “China hopes the EU can stick European Union said in an to the basic rules of the World emailed response to Bloomberg Trade Organisation, especially queries. “There is no such thing the non-discrimination rule, as strategic considerations or and steer clear of trade political intentions.” protectionism,” the Mission Negotiators for EU said. “We are watching that governments and the European whether the EU is striding Parliament agreed this week toward openness, inclusiveness on draft legislation aimed at and multilateralism – or the preventing foreign investments reverse.”

The ArtScience Museum (foreground left) and the Singapore Flyer (centre) stand in Singapore (file). Trade-reliant Singapore is forecasting weaker demand from key markets in Asia next year, hurting the outlook for economic growth in the city state as the US-China tariff war starts to bite, according to Bloomberg. Growth is seen easing to 1.5% to 3.5% in 2019 from a projected range of 3% to 3.5% in 2018, the Ministry of Trade and Industry said in a statement yesterday. Gross domestic product for the third quarter disappointed, rising an annualised 3% from the second quarter and 2.2% from a year ago, lower than the government initially forecast. As one of the most export-reliant nations in Asia, Singapore’s growth prospects are closely tied to the outlook for the global economy and trade. Authorities in the city state have been fairly upbeat this year about the growth outlook despite rising US-China trade tensions, but they expect the tariff wars to hit growth in the region. The government said the “external demand outlook for the Singapore economy in 2019 is slightly weaker as compared to 2018” and “risks to the global economy are tilted to the downside.” China said Weaker growth complicates the outlook for monetary policy. to eye steel RBI autonomy is safe, mega deal as Baowu chief says Fitch Ratings joins rival Bloomberg December, with a slowdown in New Delhi infl ation giving it reason to stay on hold. Bloomberg Sasac didn’t respond to a A marginal deviation in the Beijing fax seeking further comment. he autonomy of India’s budget defi cit goal of 3.3% of Shanghai-based Baoshan and central bank remains in- gross domestic product is not Anshan, Liaoning-based An- Ttact despite a public spat going to change the rating com- hina has named the gang Steel Co, the listed unit with the Finance Ministry over pany’s view on India. “There’s a former chairman of Ba- of Ansteel, said they and their its role, according to Fitch Rat- lot of market focus on the pre- Coshan Iron & Steel Co as parents hadn’t been notified ings. cise number right at the deci- president of rival Ansteel Group of a merger by the government, “Governments have a right to mal. Our focus is more on the Corp, signalling its intention to and hadn’t discussed the mat- have a view and voice that. We medium-term fi scal profi le and merge the two parent compa- ter with each other, according don’t see it as having threatened overall public fi nances,” he said. nies and create a steel giant that to statements from the compa- the independence or autonomy “We still see a relatively weak would top ArcelorMittal as the nies. of the central bank,” James Mc- fi scal position for India. The world’s largest producer, ac- Ansteel is China’s third-big- Cormack, Fitch’s managing di- improvement at the federal level cording to people familiar with gest mill, while Baowu itself is rector and global head of sover- has been off set by a deteriora- the matter. Shares in the groups’ the product of a mega-merger eign ratings, said in an interview tion in the states”. listed units surged. two years ago. Together, the in New Delhi yesterday. With general elections due Combining the two would two group companies produced After sparring over capital early next year, authorities will help Baoshan’s parent and the 101mn tonnes of steel in 2017, reserves and liquidity in bank- have the temptation to spend. nation’s biggest producer, China according to the World Steel ing system, the Reserve Bank “Electoral cycles can aff ect Baowu Steel Group Corp, hit its Association, about 4mn tonnes of India (RBI) and the Finance public fi nances so we need to be target of 100mn metric tonnes more than Arcelor. At the end Ministry found middle ground mindful of that,” McCormack of annual output by 2021, and of last year, their combined rev- this week, helping to ease some said. the government meet its goal of enue was 493bn yuan, or $71bn, of the tension that’s been wor- “There are some weaknesses concentrating 60% of produc- just ahead of Arcelor’s $69bn. rying investors. The issue is on in India’s banking sector. It tion in the hands of its top 10 China, the world’s largest the radar of investors globally, might hinder growth prospects mills by 2020, said the people, steelmaker, has a broad goal of McCormack said, predicting if banks aren’t able to provide who declined to be identifi ed improving the sector by reining more of these kinds of debates the lending required,” he said. as the information isn’t public. in capacity, consolidating pro- in 2019 as central banks around If Prime Minister Narendra They didn’t give a time-line for duction and cutting pollution. the world tighten monetary The RBI seal is pictured on a gate outside its headquarters in Mumbai (file). After sparring over capital Modi fails to return to power the deal and said the plan could Speculation over which compa- policy and governments push reserves and liquidity in banking system, the central and India’s Finance Ministry found middle ground next year, it may not necessar- yet be subject to change. nies could merge is rife, with one back against that. this week, helping to ease some of the tension that’s been worrying investors. ily aff ect investor sentiment Baoshan announced on Mon- report in September saying that Fitch hasn’t moved India’s as many fear. “I’m not sure it’s day that chairman Dai Zhihao Baowu was in talks to acquire credit rating from BBB-, the though the economy is facing exchange rate, we see less ex- year as it has to look at “infl a- personifi ed to the same degree had resigned. The State-Owned Magang Group Holding Co. lowest investment grade level, lower external risks compared ternal pressures compared with tion expectations and where in- as sometimes suggested,” Mc- Assets Supervision and Adminis- Shares in the listed units both in more than a decade. Moody’s to peers. other emerging markets,” he terest rates are going in future,” Cormack said. “Issues inves- tration Commission, which over- surged on Wednesday, reversing Investors Service raised its rat- “Even though there’s a cur- said. McCormack said. The central tors focus on are always the sees the two companies, said on from earlier losses, with Baoshan ing one notch higher last year. rent-account defi cit and peo- The Reserve Bank of India bank, which has raised rates same - predictable policy- its Weibo account on Wednesday rising as much as 3.4% in Shang- McCormack said a strong- ple get concerned about capital will probably increase rates twice this year, is scheduled to making and fewer economic that Dai would take up the top ex- hai and Angang by as much as er fi scal position would help, fl ows and the direction of the further this year and again next make its next policy decision in imbalances.” ecutive position at Ansteel. 8.4% in Shenzhen. Nissan votes to fire chairman Ghosn, ending 2-decade reign

Reuters despite strong reservations at the minister and France’s finance minister that he represented Ghosn and said no Yokohama, Japan/Paris Japanese firm. were due to meet in Paris yesterday to one was available for comment. Japanese prosecutors said Ghosn and seek ways to stabilise it. The Asahi Shimbun said yesterday, Kelly conspired to understate Ghosn’s “For me, the future of the alliance is the quoting unnamed sources, that Nissan Motor Co’s board voted compensation at Nissan over five years bigger deal,” a senior Nissan off icial told Ghosn had given Kelly orders by unanimously to oust chairman Carlos from 2010, saying it was about half the reporters on Wednesday, when asked email to make false statements on his Ghosn yesterday after the shock arrest actual ¥10bn ($88mn). about Ghosn’s arrest. “It’s obvious remuneration. of the industry heavyweight, ushering Shin Kukimoto, deputy public that in this age, we need to do things Tokyo prosecutors likely seized the in a period of uncertainty for its 19-year prosecutor at the Tokyo District Public together. To part would be impossible.” related emails and may use them as alliance with Renault. Prosecutors Off ice, said yesterday that Nissan said on Monday an internal evidence, the report said. The Japanese firm said its board also court approval was received a day investigation triggered by a tip-off from The Yomiuri, Japan’s biggest-circulation voted to remove Greg Kelly — who earlier to detain Ghosn for 10 days but an informant had revealed that Ghosn daily, cited unnamed sources as saying like Ghosn has been arrested after he could not comment on whether he engaged in wrongdoing including Nissan’s internal investigation found allegations of financial misconduct — had admitted to the allegations. personal use of company money and that Ghosn had since 2002 instructed from his post as representative director. Nissan executives have five seats under-reporting of his earnings for that about $100,000 a year be paid to The moves, which leave the chairman on the nine-member board, Renault years. his elder sister as remuneration for a position vacant, came despite Renault loyalists have two seats and the Ghosn and Kelly have not commented non-existent advisory role. urging Nissan’s board before its remaining two are held by unaff iliated on the accusations and Reuters has not The paper said Nissan had found meeting to delay removing Ghosn, outside directors, a former bureaucrat been able to reach them. through the investigation that Ghosn’s sources close to the matter told and a race driver. Prosecutors said Ghosn is being held sister had in fact been living in and Reuters. With Ghosn and Kelly still in detention, at the Tokyo detention centre, which is managing a luxury apartment in Rio de The Franco-Japanese alliance, enlarged neither of the men were able to vote or known for its austere regime, a far cry Pedestrians look at a screen showing a news programme featuring Nissan Janeiro that the company had bought in 2016 to include Japan’s Mitsubishi defend themselves at the meeting. from his usual luxury lifestyle, including chairman Carlos Ghosn in Tokyo yesterday. Nissan board yesterday voted through an overseas subsidiary, but Motors, has been rattled to its core by Renault has refrained from firing Ghosn restrictions on sleeping during the unanimously to oust chairman Carlos Ghosn after the shock arrest of the had done no advisory work for the car the arrest of the 64-year-old Ghosn in as chairman and CEO. day and a requirement to wear a mask industry heavyweight, ushering in a period of uncertainty for its 19-year alliance maker. Japan on Monday. But Mitsubishi Motors plans to remove when meeting with visitors to prevent with Renault. Nissan has shared the information with Ghosn had shaped the alliance and was Ghosn from his post of chairman at a the spread of disease. prosecutors, Yomiuri said. pushing for a deeper tie-up, including board meeting next week. The detention house “is pretty cold at Horie told his followers on Twitter. overseeing the case against Horie, was Shares in Nissan closed up 0.8%, in line potentially a full Renault-Nissan merger Amid growing uncertainty over the this of time year,” internet entrepreneur Motonari Otsuru, a former public hired as Ghosn’s lawyer, NHK reported. with a broader market, ahead of the at the French government’s urging, future of the alliance, Japan’s industry and convicted fraudster Takufumi prosecutor who is known for Otsuru’s law off ice declined to confirm board meeting. Gulf Times Friday, November 23, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 127,971 Specialities Group Holding C 69.00 -0.14 443,600 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 2,469,091 Abyaar Real Eastate Developm 17.00 0.00 601,610 Al-Omaniya Financial Service 0.16 -9.71 710,355 Alabdullatif Industrial Inv 132,079 Kgl Logistics Company Kscc 40.90 -0.73 2,062,286 Al-Hassan Engineering Co 0.03 0.00 20,000 Saudi Printing & Packaging C 1,834,389 Combined Group Contracting 308.00 -10.72 50,190 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 683,602 Jiyad Holding Co Ksc 80.00 0.38 249,599 Al-Anwar Ceramic Tiles Co 0.08 0.00 70,321 Alinma Bank 19,802,478 Boubyan Intl Industries Hold 20.60 -1.44 375,515 Al Suwadi Power 0.11 0.00 - Almarai Co 135,033 Gulf Investment House Ksc 19.20 -1.54 27,500 Al Sharqiya Invest Holding 0.09 0.00 121,880 Falcom Saudi Equity Etf 394,590 Boubyan Bank K.S.C 527.00 0.19 436,603 Al Maha Petroleum Products M 0.90 0.00 - United International Transpo 259,740 Ahli United Bank B.S.C 209.00 1.95 24,751,622 Al Maha Ceramics Co Saoc 0.21 0.00 - Hsbc Amanah Saudi 20 Etf - Osos Holding Group Co 100.00 1.01 40,050 Al Madina Takaful Co Saoc 0.10 -1.96 2,751,292 QATAR Saudi International Petroche 399,935 Al-Eid Food Ksc 65.00 0.00 7,920 Al Madina Investment Co 0.04 0.00 42,805 Falcom Petrochemical Etf 2 Qurain Petrochemical Industr 367.00 -2.13 449,582 Al Kamil Power Co 0.38 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 84,219 Ekttitab Holding Co Sak 22.00 2.80 400,025 Al Jazerah Services -Pfd 0.55 0.00 - Bank Al-Jazira 2,429,493 Real Estate Trade Centers Co 22.80 -0.87 32,700 Al Jazeera Steel Products Co 0.28 0.00 - Zad Holding Co 99.00 -2.94 1,020 Al Rajhi Bank 1,767,447 Acico Industries Co Kscc 176.00 -1.12 28,000 Al Jazeera Services 0.12 0.00 - Widam Food Co 68.45 0.07 2,907 Samba Financial Group 575,525 Kipco Asset Management Co 74.00 8.03 65,400 Al Izz Islamic Bank 0.09 0.00 104,000 Vodafone Qatar 8.20 1.11 887,869 United Electronics Co 135,537 National Petroleum Services 850.00 -0.58 12,246 Al Buraimi Hotel 0.88 0.00 - United Development Co 14.10 -0.63 184,400 Allied Cooperative Insurance 74,843 Alimtiaz Investment Group 127.00 0.00 159,888 Al Batinah Power 0.11 0.00 - Salam International Investme 4.33 0.23 75,151 Malath Insurance 370,394 Ras Al Khaimah White Cement 77.00 0.00 15,679 Al Batinah Hotels 1.13 0.00 - Qatar & Oman Investment Co 5.93 2.24 3,323 Alinma Tokio Marine 371,203 Kuwait Reinsurance Co Ksc 195.00 0.00 4,400 Al Batinah Dev & Inv 0.09 0.00 15,220 Qatar Navigation 68.11 0.16 4,314 Arabian Shield Cooperative 263,740 Kuwait & Gulf Link Transport 93.00 0.11 378,010 Al Anwar Holdings Saog 0.10 0.00 181,764 Qatar National Cement Co 57.01 -1.35 7,714 Savola 428,675 Humansoft Holding Co Ksc 3,370.00 0.60 105,464 Al Ahlia Insurance Co Saoc 0.35 -1.12 100,000 Qatar National Bank 197.99 0.60 158,331 Wafrah For Industry And Deve 906,464 Automated Systems Co Kscc 110.00 0.00 30,000 Ahli Bank 0.15 0.00 179 Qatar Islamic Insurance 54.45 0.00 - Fitaihi Holding Group 51,832 Metal & Recycling Co 65.00 441.67 60 Acwa Power Barka Saog 0.72 0.00 - Qatar Industrial Manufactur 43.20 -0.67 6,607 Tourism Enterprise Co/ Shams 586,288 Gulf Franchising Holding Co 100.00 0.00 185 Abrasives Manufacturing Co S 0.05 0.00 - Qatar International Islamic 63.97 -0.64 87,319 Sahara Petrochemical Co 1,017,925 Al-Enma’a Real Estate Co 32.20 -2.72 876,959 A’saff a Foods Saog 0.60 0.00 - Qatari Investors Group 28.79 -0.72 7,974 Herfy Food Services Co 19,458 National Mobile Telecommuni 740.00 2.07 8,877 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Islamic Bank 151.99 0.06 59,278 Saudi Ind Investment Group 1,007,804 Unicap Investment And Financ 63.90 0.00 133,650 #N/A Invalid Security 0.00 0.00 - Qatar Gas Transport(Nakilat) 17.90 0.34 264,561 Salama Cooperative Insurance 921,727 Al Salam Group Holding Co 32.60 1.24 115,110 #N/A Invalid Security 0.00 0.00 - Qatar General Insurance & Re 44.05 -4.22 70 Emaar Economic City 1,530,633 Al Aman Investment Company 47.30 0.21 15,438 #N/A Invalid Security 0.00 0.00 - Qatar German Co For Medical 4.40 0.00 2,085 Alahli Takaful Co 110,767 Mashaer Holding Co Ksc 42.80 0.00 5,000 #N/A Invalid Security 0.00 0.00 - Qatar Fuel Qsc 167.30 0.11 45,797 Anaam International Holding 4,683,574 Manazel Holding 28.20 -4.41 298,321 #N/A Invalid Security 0.00 0.00 - Qatar First Bank 4.25 0.24 326,895 Saudi Telecom Co 182,776 Tijara And Real Estate Inves 51.00 9.44 50,020 #N/A Invalid Security 0.00 0.00 - Qatar Electricity & Water Co 183.60 -0.76 6,174 Al Alamiya Cooperative Insur 269,006 Jazeera Airways Co Ksc 749.00 -0.13 40,700 #N/A Invalid Security 0.00 0.00 - Qatar Exchange Index Etf 102.40 0.89 350 Saudi Industrial Services Co 130,936 Commercial Real Estate Co 84.00 0.00 964,500 Qatar Cinema & Film Distrib 21.77 9.95 1,455 Al-Ahsa Development Co. 135,881 National International Co 58.00 -3.17 158,791 Al Rayan Qatar Etf 24.00 0.08 722 National Co For Glass In/The 118,592 Taameer Real Estate Invest C 27.50 -1.08 630,300 Qatar Insurance Co 36.13 0.11 38,183 Dur Hospitality Co 163,724 Gulf Cement Co 68.00 -4.90 12,750 Ooredoo Qpsc 75.30 2.74 57,900 Tabuk Cement Co 344,247 Heavy Engineering And Ship B 425.00 -1.85 267,404 UAE National Leasing 8.78 -0.45 26,205 Sasco 3,326,699 National Real Estate Co 93.30 0.32 88,622 Mazaya Qatar Real Estate Dev 7.57 0.26 66,653 Saudi Cement 43,859 Al Safat Energy Holding Comp 29.00 0.00 7,550 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 16.41 0.06 74,811 Aseer Trading Tourism & Manu 348,026 Kuwait National Cinema Co 980.00 6.52 25,231 Al Meera Consumer Goods Co 148.00 -0.66 31,643 Nama Chemicals Co 158,408 Danah Alsafat Foodstuff Co 38.00 -2.56 574,763 Waha Capital Pjsc 1.87 -3.11 617,258 Medicare Group 63.20 0.64 55,581 Saudi Arabian Mining Co 595,694 Independent Petroleum Group 414.00 0.00 100 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 57.99 0.00 - Yanbu Cement Co 91,663 Kuwait Real Estate Co Ksc 53.00 -1.49 987,533 United Arab Bank Pjsc 1.25 0.00 - Masraf Al Rayan 39.74 0.91 391,487 Saudi Fisheries 1,102,906 Salhia Real Estate Co Ksc 330.00 0.00 122,200 Union National Bank/Abu Dhab 4.80 -0.62 1,063,809 Al Khalij Commercial Bank 11.05 0.09 9,941 Ash-Sharqiyah Development Co 143,039 Gulf Cable & Electrical Ind 373.00 -0.53 27,260 Union Insurance Co 1.07 0.00 - Industries Qatar 136.00 0.37 28,927 Makkah Construction & Devepl 13,256 Kuwait Finance House 0.00 0.00 - Union Cement Co 0.00 0.00 - Islamic Holding Group 22.71 0.49 2,494 Al Jouf Cement 583,782 Gulf North Africa Holding Co 46.80 1.08 50,100 Umm Al Qaiwain General Inves 0.85 0.00 - Investment Holding Group 5.35 0.00 19,692 Abdullah A.M. Al-Khodari Son - Hilal Cement Co 0.00 0.00 - Sudan Telecommunications Gro 0.42 -0.24 150,000 Gulf Warehousing Company 41.00 0.00 8,140 Knowledge Economic City 843,568 Osoul Investment Kscc 57.00 7.34 40,000 Sharjah Islamic Bank 1.17 -0.85 156,954 Gulf International Services 18.25 0.27 247,564 Al-Ahlia Cooperative Insuran 324,892 Gulf Insurance Group Ksc 625.00 0.00 6,980 Sharjah Insurance Company 2.84 0.00 - Ezdan Holding Group 11.98 0.67 119,771 Al Rajhi Co For Co-Operative 330,264 Umm Al Qaiwain General Inves 65.00 7.44 148 Sharjah Group 1.20 0.00 - Doha Insurance Co 12.58 0.00 - Alkhodar Ab Equity 238,284 Aayan Leasing & Investment 37.20 -0.80 1,372,232 Sharjah Cement & Indus Devel 1.00 0.00 - Doha Bank Qpsc 20.30 0.54 290,725 Kec Ab Equity 166,702 Alrai Media Group Co Ksc 70.10 -3.84 278,000 Ras Al-Khaimah National Insu 2.90 0.00 - Dlala Holding 10.10 2.12 10,000 Alahlia Ab Equity 33,165 National Investments Co 83.60 -0.59 585,000 Ras Al Khaimah White Cement 0.95 0.00 - Commercial Bank Pqsc 41.25 0.12 112,292 Arcci Ab Equity 1,484,558 Commercial Facilities Co 171.00 0.00 10,000 Ras Al Khaimah Ceramics 2.03 0.00 - Barwa Real Estate Co 39.08 -0.56 562,102 Appc Ab Equity 576,733 Yiaco Medical Co. K.S.C.C 128.00 0.00 2,258 Ras Al Khaimah Cement Co Psc 0.67 9.30 546 Al Khaleej Takaful Group 8.20 0.00 - Albabtai Ab Equity 615,208 Munshaat Real Estate Project 106.00 -1.85 198,075 Ras Al Khaima Poultry 1.89 0.00 - Aamal Co 9.02 -1.31 8,192 Noor Financial Investment Co 60.40 -0.98 1,201,384 Rak Properties 0.55 0.73 2,325,821 Al Tamdeen Investment Co 0.00 0.00 - Ooredoo Qpsc 70.00 0.00 - KUWAIT Credit Rating & Collection 22.40 0.00 5 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 96.80 0.00 1,000 National Takaful Company 0.60 9.09 397,124 SAUDI ARABIA National Marine Dredging Co 3.45 0.00 - Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 42.50 0.00 90,100 Warba Bank Kscp 217.00 -2.25 810,522 National Investor Co/The 0.58 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 51.90 -0.57 168,200 Viva Kuwait Telecom Co 800.00 1.27 196,161 National Corp Tourism & Hote 1.98 0.00 - Kuwait Foundry Co Sak 184.00 0.00 20,000 Mezzan Holding Co Kscc 550.00 -1.79 155,344 National Bank Of Umm Al Qaiw 2.50 0.00 - United Wire Factories Compan 46.90 1.30 25,822 Kuwait Financial Centre Sak 92.00 1.10 16,105 National Bank Of Ras Al-Khai 4.16 0.00 - Etihad Etisalat Co 29.60 0.34 1,195,414 Ajial Real Estate Entmt 143.00 0.00 95,962 National Bank Of Fujairah 3.40 0.00 - Dar Al Arkan Real Estate Dev 26.15 -0.19 6,520,901 Kuwait Finance & Investment 34.50 0.00 403,460 Methaq Takaful Insurance 0.75 0.00 - Alawwal Bank 32.30 0.00 234,734 National Industries Co Ksc 168.00 0.00 107,500 OMAN Manazel Real Estate Pjsc 0.43 -0.23 976,301 Rabigh Refining And Petroche 20.06 1.62 669,346 Kuwait Real Estate Holding C 23.70 -0.84 17,100 Invest Bank 2.49 0.00 - Banque Saudi Fransi 31.10 0.00 88,951 Company Name Lt Price % Chg Volume Securities House/The 51.50 -0.19 564,912 Intl Holdings Co Pjsc 1.20 2.56 75,000 Saudi Enaya Cooperative Insu 20.56 -0.10 845,524 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 999.00 -2.44 1,579,232 0.27 - Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 14.04 1.15 1,028,542 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 295.00 2.08 22,150 0.14 - Gulf Pharmaceutical Ind Psc 2.10 0.00 - Saudi British Bank 85.40 2.28 116,719 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 290.00 1.05 181,170 1.00 - Gulf Medical Projects 1.90 0.00 - Red Sea International Co 29.50 1.20 107,441 United Power Co Saog 0.00 National Bank Of Kuwait 826.00 0.24 1,061,612 3.44 - Gulf Cement Co 0.85 0.00 - Takween Advanced Industries 60.00 0.00 205,023 United Finance Co 0.00 Commercial Bank Of Kuwait 499.00 0.00 110,000 0.09 - Fujairah Cement Industries 1.25 0.00 - Sabb Takaful 17.20 -1.15 86,313 Ubar Hotels & Resorts 0.00 Kuwait International Bank 255.00 1.59 8,231,454 0.13 - Fujairah Building Industries 1.41 0.00 - Saudi Arabian Fertilizer Co 11.56 0.87 96,064 Takaful Oman 0.00 Gulf Bank 263.00 0.00 8,368,678 0.13 - Foodco Holding Pjsc 3.35 0.00 - National Gypsum 16.64 0.48 60,770 Taageer Finance 0.00 Al-Massaleh Real Estate Co 42.40 0.00 20,000 0.10 - First Abu Dhabi Bank Pjsc 14.48 0.98 6,857,205 Saudi Ceramic Co 17.40 0.12 162,699 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 31.00 -0.32 95,395 0.55 - Finance House 1.68 0.00 - National Gas & Industrializa 26.45 0.76 16,332 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 36.40 0.83 120,900 0.12 - Eshraq Properties Co Pjsc 0.59 -0.68 885,398 Saudi Pharmaceutical Industr 16.60 1.47 66,881 Sohar Poultry 0.00 A’ayan Real Estate Co Sak 60.90 -1.77 20,050 0.00 - Emirates Telecom Group Co 17.00 0.35 1,231,627 Thimar 10.84 0.37 - Smn Power Holding Saog 0.00 Investors Holding Group Co.K 12.90 0.00 840,001 0.54 - Emirates Insurance Co. (Psc) 6.80 -1.45 10,000 National Industrialization C 32.90 -0.60 1,124,722 Shell Oman Marketing - Pref 0.00 Al-Mazaya Holding Co 74.90 -0.53 275,021 1.05 - Emirates Driving Company 6.90 0.00 - Batic Investments And Logist 15.60 0.65 47,668 Shell Oman Marketing 0.00 Al-Madar Finance & Invt Co 174.00 1.16 1,111,514 1.49 - Dana Gas 1.03 -1.90 12,228,091 Saudi Electricity Co 45.50 2.02 800,624 Sharqiyah Desalination Co Sa 0.00 Gulf Petroleum Investment 29.00 -1.36 14,160,733 3.08 - Commercial Bank Internationa 0.73 0.00 - Saudi Arabia Refineries Co 24.20 0.75 194,335 Sembcorp Salalah Power & Wat 0.00 Mabanee Co Sakc 635.00 -0.16 340,229 0.19 - Bank Of Sharjah 1.08 0.00 - Arriyadh Development Company 14.98 1.63 82,611 Salalah Port Services 0.00 Inovest Co Bsc 85.80 1.18 98 0.60 - Axa Green Crescent Insurance 0.45 -10.00 267 Al-Baha Development & Invest 8.13 2.65 1,397,512 Salalah Mills Co 0.00 Al-Deera Holding Co 21.50 -0.46 134,374 0.77 - Arkan Building Materials Co 0.50 0.00 93,000 Saudi Research And Marketing 26.00 0.00 52,234 Salalah Beach Resort Saog 0.00 Mena Real Estate Co 31.40 2.28 348,010 1.38 - Alkhaleej Investment 1.75 0.00 - Aldrees Petroleum And Transp 13.86 10.00 184,117 Sahara Hospitality 0.00 Amar Finance & Leasing Co 39.00 0.00 3,200 2.38 - Aldar Properties Pjsc 1.68 -1.18 1,750,212 Saudi Vitrified Clay Pipe Co 81.50 0.62 120,826 Renaissance Services Saog 0.00 United Projects For Aviation 640.00 0.00 10 0.38 - Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co 34.70 2.06 84,921 Raysut Cement Co 0.98 National Consumer Holding Co 0.00 0.00 - 0.41 36,220 Al Qudra Holding Pjsc 0.90 0.11 200,000 Arab National Bank 11.66 0.52 138,903 Phoenix Power Co Saoc -1.87 Amwal International Investme 62.00 0.00 100 0.11 100,832 Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 10.08 0.90 291,149 Packaging Co Ltd 0.00 Equipment Holding Co K.S.C.C 26.70 -0.37 41,500 2.21 - Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 18.62 1.53 76,456 Ooredoo 0.00 Arkan Al Kuwait Real Estate 81.00 0.00 24,700 0.56 108,507 Al Dhafra Insurance Co. P.S. 3.60 0.00 - Middle East Specialized Cabl 19.70 0.82 370,784 Ominvest 0.00 Gfh Financial Group Bsc 97.50 -0.51 246,405 0.35 - Al Buhaira National Insuranc 1.99 -9.95 500,000 Al Khaleej Training And Educ 11.66 0.34 353,718 Oman United Insurance Co 0.00 Energy House Holding Co Kscp 37.50 0.00 107,050 0.30 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran 17.02 1.31 281,514 Oman Telecommunications Co 0.00 Kuwait Co For Process Plant 240.00 0.00 300,560 0.84 8,565 Agthia Group Pjsc 3.95 0.00 102,480 Trade Union Cooperative Insu 45.10 1.69 299,479 Oman Refreshment Co 0.00 Al Maidan Dental Clinic Co K 0.00 0.00 - 1.75 - Abu Dhabi Ship Building Co 1.14 0.00 381 Arabia Insurance Cooperative 9.13 2.01 243,554 Oman Qatar Insurance Co 0.00 National Shooting Company 16.40 -5.75 205 0.12 - Abu Dhabi Natl Co For Buildi 0.48 0.00 - Saudi Chemical Company 29.05 -0.85 113,227 Oman Packaging 0.00 Al-Ahleia Insurance Co Sakp 420.00 0.00 32,800 0.28 - Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C 47.70 -0.10 800,837 Oman Oil Marketing Company 0.00 Wethaq Takaful Insurance Co 26.00 0.00 87,000 1.13 - Abu Dhabi National Oil Co Fo 2.31 -0.86 1,505,042 Bupa Arabia For Cooperative 24.74 1.81 127,693 Oman National Engineering An 0.00 Salbookh Trading Co Kscp 38.70 -1.28 95,500 0.17 - Abu Dhabi National Insurance 3.60 -6.74 41,193 Wafa Insurance 27.10 -0.73 - Oman Investment & Finance 0.00 Aqar Real Estate Investments 61.10 0.00 8,300 0.09 50,000 Abu Dhabi National Hotels 3.10 -9.88 81,683 Jabal Omar Development Co 45.80 -0.33 501,276 Oman Intl Marketing 0.00 Hayat Communications 0.00 0.00 - 0.52 - Abu Dhabi National Energy Co 0.98 -4.85 2,580,861 Saudi Basic Industries Corp 81.70 0.62 3,280,973 Oman Flour Mills 0.00 Soor Fuel Marketing Co Ksc 117.00 0.00 39,809 0.69 - Saudi Kayan Petrochemical Co 7.94 0.63 6,902,187 Oman Fisheries Co 0.00 Tamkeen Holding Co 10.00 0.00 39,000 0.07 33,308 Etihad Atheeb Telecommunicat 7.24 0.00 - Oman Europe Foods Industries 0.00 Burgan Co For Well Drilling 110.00 0.00 250 1.00 - Co For Cooperative Insurance 9.80 2.08 459,908 Oman Education & Training In 0.00 BAHRAIN Kuwait Resorts Co Kscc 56.70 -0.70 569,450 0.22 - National Petrochemical Co 11.38 1.61 1,093,597 Oman Chromite 0.00 Oula Fuel Marketing Co 120.00 2.56 21,884 3.64 - Gulf Union Cooperative Insur 62.70 0.80 112,216 Oman Chlorine 0.00 Palms Agro Production Co 0.00 0.00 - 0.29 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 50.10 0.20 58,407 Oman Ceramic Company 0.00 Mubarrad Holding Co Ksc 59.10 -4.52 890 0.42 - Basic Chemical Industries 20.36 -1.17 21,186 Oman Cement Co 0.00 Zain Bahrain Bscc 0.08 0.00 20,100 Shuaiba Industrial Co 197.00 0.00 36,533 0.30 1,600 Saudi Steel Pipe Co 24.44 0.00 209,946 Oman Cables Industry 0.00 United Paper Industries Bsc 0.30 0.00 297,244 Aan Digital Services Co 18.40 -1.60 560,810 1.03 - Buruj Cooperative Insurance 8.53 0.95 79,120 Oman & Emirates Inv(Om)50% 0.00 United Gulf Holding Bsc 1.13 8.65 1,350 First Takaful Insurance Co 47.00 0.00 1,000 0.12 - Mouwasat Medical Services Co 20.64 0.19 218,314 Natl Aluminium Products 0.00 Trafco Group Bsc 0.00 0.00 - Kuwaiti Syrian Holding Co 39.50 -2.47 3,520,788 0.38 - Southern Province Cement Co 43.30 2.49 68,840 Celebrity National Financial 0.00 Takaful International Co 0.00 0.00 - National Cleaning Company 60.00 5.26 2,392,587 0.00 - Maadaniyah 85.60 0.47 457,677 National Real Estate Develop 0.00 Seef Properties 0.21 1.92 21,250 United Real Estate Company 61.50 -1.60 140,100 5.00 - Yamama Cement Co 9.49 0.64 164,215 National Pharmaceutical 0.00 National Bank Of Bahrain Bsc 0.60 0.00 50,000 Agility 798.00 -1.36 4,003,059 0.19 - Jazan Energy And Development 59.30 4.04 386,771 National Mineral Water 0.00 Nass Corp Bsc 0.10 0.00 60,000 Kuwait & Middle East Fin Inv 29.00 -6.45 25,003 0.10 - Zamil Industrial Investment 8.65 2.98 41,818 National Life & General Insu 0.00 Khaleeji Commercial Bank 0.08 3.80 40,392 Fujairah Cement Industries 64.90 0.00 394,386 0.32 - Alujain Corporation (Alco) 42.50 1.80 443,502 National Gas Co -2.00 Ithmaar Holding Bsc 0.10 0.00 80,000 Livestock Transport & Tradng 185.00 0.00 300 0.29 94,000 Tabuk Agricultural Developme 17.70 -0.23 1,400,471 National Finance Co 0.00 Investcorp Bank -$Us 9.30 0.00 10,000 International Resorts Co 22.00 -1.35 579,400 0.14 - United Co-Operative Assuranc 20.58 1.28 130,253 National Detergent Co Saog 0.00 Inovest Co Bsc 0.00 0.00 - National Industries Grp Hold 159.00 0.63 833,593 0.70 - Qassim Cement/The 13.52 0.60 93,121 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.43 0.00 20,000 Warba Insurance Co 71.00 7.41 100,173 3.90 - Saudi Advanced Industries 16.62 0.97 144,983 National Bank Of Oman Saog 0.00 Gfh Financial Group Bsc 0.34 1.49 400,000 First Dubai Real Estate Deve 40.50 -1.22 120,050 0.19 99,946 Kingdom Holding Co 11.42 0.18 193,905 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.11 0.00 3,057,560 Al Arabi Group Holding Co 68.00 -1.45 40,000 0.08 - Saudi Arabian Amiantit Co 17.06 0.59 1,284,672 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.09 0.00 10,000 Mobile Telecommunications Co 455.00 -0.22 2,004,019 0.80 - Al Jouf Agriculture Developm 23.40 1.47 109,237 Muscat Gases Company Saog 0.00 Delmon Poultry Co 0.00 0.00 - Eff ect Real Estate Co 14.00 0.00 34,355 0.23 19,788 Saudi Industrial Development 17.00 0.00 1,548,904 Muscat Finance 0.00 Bmmi Bsc 0.75 0.00 40,000 Tamdeen Real Estate Co Ksc 328.00 0.00 49 0.09 52,082 Riyad Bank 20.68 -0.48 607,007 Muscat City Desalination Co 4.00 Bbk Bsc 0.44 0.00 15,000 Al Mudon Intl Real Estate Co 30.00 0.00 55,010 0.13 189,407 The National Agriculture Dev 89.50 -1.76 100,089 Majan Glass Company 0.00 Bahrain Telecom Co 0.26 0.00 80,200 Kuwait Cement Co Ksc 360.00 0.00 10 0.18 - Halwani Bros Co 31.40 0.64 16,343 Majan College 2.47 Bahrain National Holding 0.00 0.00 - Sharjah Cement & Indus Devel 75.00 0.00 1,000 0.66 5,500 Arabian Pipes Co 14.44 -0.41 277,213 Hsbc Bank Oman 0.00 Bahrain Kuwait Insurance 0.32 0.00 14,680 Kuwait Portland Cement Co 1,054.00 0.76 2,590 0.12 - Eastern Province Cement Co 33.20 2.47 16,448 Hotels Management Co Interna 0.00 Bahrain Islamic Bank 0.12 -6.25 100 Educational Holding Group 310.00 0.65 10,000 1.25 - Al Gassim Investment Holding 15.10 1.07 2,118,698 Gulf Stone 0.00 Bahrain Flour Mills Co 0.00 0.00 - Asiya Capital Investments Co 33.60 0.90 73,938 0.12 - Filing & Packing Materials M 16.56 0.24 55,273 Gulf Mushroom Company 0.00 Bahrain Duty Free Complex 0.72 0.00 32,000 Kuwait Investment Co 126.00 0.00 50,001 0.31 111 Saudi Cable Co 7.89 0.51 446,380 Gulf Investments Services -2.56 Bahrain Commercial Facilitie 0.78 0.00 2,560 Burgan Bank 280.00 -0.36 1,808,718 0.08 609,823 Tihama Advertising & Public 718,010 Gulf Invest. Serv. Pref-Shar 0.00 Bahrain Cinema Co ` 0.00 - Kuwait Projects Co Holdings 210.00 0.00 249,596 0.11 - Saudi Investment Bank/The 512,687 Gulf International Chemicals 0.00 Arab Banking Corp Bsc-$Us 0.40 0.00 120,240 Al Madina For Finance And In 23.50 -1.26 470,300 0.19 - Astra Industrial Group 96,275 Gulf Hotels (Oman) Co Ltd 0.00 Aluminium Bahrain Bsc 0.59 0.85 80,783 Kuwait Insurance Co 334.00 0.00 1,801 9.50 - Saudi Public Transport Co 356,188 Global Fin Investment 0.00 Albaraka Banking Group 0.30 0.00 111,867 Al Masaken Intl Real Estate 41.80 0.00 5,050 0.09 - Taiba Holding Co 312,945 Galfar Engineering&Contract 0.00 Al-Salam Bank 0.09 -1.06 473,974 Intl Financial Advisors 34.90 -1.69 2,133,753 0.10 778,873 Saudi Industrial Export Co 78,854 Galfar Engineering -Prefer 0.00 Ahli United Bank B.S.C 0.67 0.00 5,195,000 First Investment Co Kscc 39.70 -2.93 121,710 0.39 - Saudi Real Estate Co 181,631 Financial Services Co. 0.00 #N/A Invalid Security 0.00 0.00 - Al Mal Investment Company 23.30 1.75 800,002 0.18 - Saudia Dairy & Foodstuff Co 50,145 Financial Corp/The 0.00 #N/A Invalid Security 0.00 0.00 - Bayan Investment Co Kscc 49.00 0.20 150,979 0.10 - National Shipping Co Of/The 693,007 Dhofar Tourism 0.00 #N/A Invalid Security 0.00 0.00 - Egypt Kuwait Holding Co Sae 340.00 0.00 300 0.49 - Methanol Chemicals Co 1,441,302 Dhofar Poultry 0.00 #N/A Invalid Security 0.00 0.00 - Coast Investment Development 32.10 -0.31 88,050 0.18 - Chubb Arabia Cooperative Ins 28,377 Dhofar Intl Development 0.00 #N/A Invalid Security 0.00 0.00 - Privatization Holding Compan 53.50 2.88 18,416 0.26 - Mobile Telecommunications Co 2,097,015 Dhofar Insurance 0.00 #N/A Invalid Security 0.00 0.00 - Injazzat Real State Company 84.00 0.00 40,200 0.16 - Saudi Arabian Coop Ins Co 309,860 Dhofar Fisheries & Food Indu 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Cable Vision Sak 10.00 0.00 2 1.28 - Axa Cooperative Insurance 17,732 Dhofar Cattlefeed 0.00 #N/A Invalid Security 0.00 0.00 - Sanam Real Estate Co Kscc 38.50 0.00 2 0.17 - Alsorayai Group 2,119,030 Dhofar Beverages Co 0.00 #N/A Invalid Security 0.00 0.00 - Ithmaar Holding Bsc 29.30 -0.34 2,749,917 0.26 - Bank Albilad 321,779 Construction Materials Ind 0.00 #N/A Invalid Security 0.00 0.00 - Aviation Lease And Finance C 369.00 2.50 42,100 0.03 617 Al-Hassan G.I. Shaker Co 497,685 Computer Stationery Inds 0.00 #N/A Invalid Security 0.00 0.00 - Arzan Financial Group For Fi 29.70 -3.57 100,000 0.26 - Wataniya Insurance Co 23,814 Bankmuscat Saog 0.95 #N/A Invalid Security 0.00 0.00 - Ajwan Gulf Real Estate Co 20.20 -0.98 1,231,929 0.42 1,183,595 Abdullah Al Othaim Markets 113,465 Bank Sohar -0.79 #N/A Invalid Security 0.00 0.00 - Kuwait Business Town Real Es 47.40 -0.21 109,026 0.13 121,380 Hail Cement 127,253 Bank Nizwa 1.16 Future Kid Entertainment And 95.00 0.00 30,000 0.09 99,978 Saudi Re For Cooperative Rei 427,446 Bank Dhofar Saog 0.16 0.00 18,770 LATEST MARKET CLOSING FIGURES Gulf Times 6 Friday, November 23, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,464.69 -0.95 Apple Inc 176.78 -0.11 31,124,210 S&P 500 Index 2,649.93 +8.04 Microsoft Corp 103.11 1.38 28,130,621 Nasdaq Composite Index 6,972.25 +63.43 Johnson & Johnson 141.99 -3.05 10,275,810 S&P/Tsx Composite Index 15,095.02 +218.02 Jpmorgan Chase & Co 107.64 -0.75 10,619,625 Mexico Bolsa Index 41,499.93 -297.44 Exxon Mobil Corp 77.56 0.77 9,685,726 Brazil Bovespa Stock Idx 87,415.95 +147.15 Walmart Inc 94.17 0.01 9,350,945 Ftse 100 Index 6,973.07 -77.16 Visa Inc-Class A Shares 134.42 0.79 7,416,670 Cac 40 Index 4,943.90 -31.60 Unitedhealth Group Inc 260.55 -0.36 3,234,298 Dax Index 11,161.09 -83.08 Pfizer Inc 43.10 -0.99 18,658,355 Ibex 35 Tr 8,922.30 -38.30 Verizon Communications Inc 59.16 -0.50 18,482,233 Nikkei 225 21,646.55 +139.01 Chevron Corp 117.57 1.27 5,624,408 Japan Topix 1,628.96 +13.07 Procter & Gamble Co/The 91.41 -0.75 8,912,177 Hang Seng Index 26,019.41 +47.94 Intel Corp 47.03 -0.76 19,011,435 All Ordinaries Indx 5,770.31 +48.19 Cisco Systems Inc 44.89 0.90 20,117,418 Nzx All Index 1,520.21 +3.66 Home Depot Inc 169.30 0.15 5,752,238 Bse Sensex 30 Index 34,981.02 -218.78 Boeing Co/The 317.32 -0.12 4,401,044 Nse S&P Cnx Nifty Index 10,526.75 -73.30 Coca-Cola Co/The 48.73 -1.32 13,559,346 Straits Times Index 3,041.38 +2.73 Merck & Co. Inc. 74.79 0.01 9,054,477 Karachi All Share Index 29,546.16 -382.41 Walt Disney Co/The 113.03 1.04 7,242,467 Jakarta Composite Index 5,990.81 +42.76 Mcdonald’s Corp 182.72 -0.54 3,410,745 Dowdupont Inc 56.97 1.06 9,070,154 Nike Inc -Cl B 72.37 1.76 7,326,182 3M Co 198.69 -0.91 1,832,769 TOKYO Intl Business Machines Corp 118.57 1.17 5,335,842 United Technologies Corp 125.71 -0.23 2,728,688 Company Name Lt Price % Chg Volume American Express Co 106.50 0.39 2,790,977 Sumitomo Realty & Developmen 4,139.00 0.49 1,231,800 Goldman Sachs Group Inc 192.60 0.66 4,111,653 Sumitomo Metal Mining Co Ltd 3,149.00 -0.51 1,159,800 79.76 -0.04 6,396,940 Orix Corp 1,797.00 1.10 2,579,500 British ten pound sterling notes are arranged for a photograph in London (file). The pound jumped yesterday after Britain Caterpillar Inc 123.87 1.31 4,759,707 Daiwa Securities Group Inc 619.10 0.08 4,173,000 and the European Union struck a crucial draft deal on post-Brexit ties. Travelers Cos Inc/The 127.76 -0.48 1,503,249 Softbank Group Corp 8,787.00 -0.88 6,718,700 Mizuho Financial Group Inc 189.10 -0.05 86,769,000 Central Japan Railway Co 22,930.00 2.83 243,400 FTSE 100 Nitori Holdings Co Ltd 14,275.00 2.55 310,600 T&D Holdings Inc 1,631.50 -0.31 2,304,600 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,821.00 1.58 7,695,300 Hoya Corp 6,813.00 0.44 765,800 Wpp Plc 830.80 -3.73 1,502,451 Sumitomo Mitsui Trust Holdin 4,525.00 1.09 859,400 Pound jumps on Brexit Wood Group (John) Plc 623.20 -1.70 655,228 Japan Tobacco Inc 2,838.00 0.78 3,907,300 Wm Morrison Supermarkets 248.45 -1.08 1,398,725 Osaka Gas Co Ltd 2,103.00 1.01 692,800 Whitbread Plc 4,645.00 0.69 101,937 Sumitomo Electric Industries 1,566.50 0.80 1,664,800 Vodafone Group Plc 153.52 -2.86 30,324,571 Ono Pharmaceutical Co Ltd 2,708.00 1.94 1,365,600 United Utilities Group Plc 776.00 -0.26 1,073,457 Ajinomoto Co Inc 1,916.00 1.46 2,628,100 Unilever Plc 4,242.50 -0.86 1,321,045 deal, but stocks falter Mitsui Fudosan Co Ltd 2,728.50 1.37 2,579,800 Tui Ag-Di 1,225.00 -2.04 429,586 Daikin Industries Ltd 11,590.00 0.30 626,900 Tesco Plc 202.90 -2.08 9,076,140 Toray Industries Inc 899.60 -0.37 5,221,400 somewhat after analysts concluded yesterday told parliament that Brexit Taylor Wimpey Plc 151.55 2.40 6,835,757 AFP Bridgestone Corp 4,405.00 1.38 1,847,300 Standard Life Aberdeen Plc 261.35 0.58 4,376,331 that the draft agreement, although negotiations were at a “critical mo- Sony Corp 5,690.00 0.07 3,905,500 London Standard Chartered Plc 596.00 0.12 2,326,397 welcome, contained little to justify a ment” ahead of an EU summit. Astellas Pharma Inc 1,699.00 2.44 4,776,100 St James’s Place Plc 1,011.50 1.56 1,420,132 sustained upward move for the cur- Elsewhere yesterday, Asian equities Jxtg Holdings Inc 677.30 2.22 10,932,200 Sse Plc 1,123.00 -0.58 2,643,096 Nippon Steel & Sumitomo Meta 2,087.50 -0.71 2,592,500 he pound jumped yesterday af- rency, said Joshua Roberts at the JCRA chalked up modest gains in light trad- Smurfit Kappa Group Plc 2,128.00 -7.07 270,839 Suzuki Motor Corp 5,345.00 1.33 1,128,000 ter Britain and the European risk management consultancy. ing ahead of the US Thanksgiving holi- Smiths Group Plc 1,383.00 -1.39 516,204 Nippon Telegraph & Telephone 4,705.00 1.84 3,193,500 Union struck a crucial draft deal “Despite the positive language, it is day, following a rebound in energy and Smith & Nephew Plc 1,382.50 -0.82 786,962 T Sompo Holdings Inc 4,342.00 0.18 1,038,300 Shire Plc 4,571.00 -0.28 671,311 on post-Brexit ties. diffi cult to fi nd much in the text that tech stocks on Wall Street on Wednes- Daiwa House Industry Co Ltd 3,489.00 1.54 1,976,200 Severn Trent Plc 1,907.00 -0.37 376,588 Sterling’s advance however weighed we didn’t know already,” he said. day. Komatsu Ltd 2,870.50 -0.09 4,158,200 Segro Plc 604.00 -0.23 423,449 on London’s benchmark FTSE 100 But in the meantime currency trad- But analysts cautioned that the tepid West Japan Railway Co 8,038.00 1.37 440,800 Scottish Mortgage Inv Tr Plc 468.10 -1.99 950,581 index which numbers many multina- ers were having a busy day — and a recovery in New York should not be in- Murata Manufacturing Co Ltd 16,010.00 -0.19 667,600 Schroders Plc 2,500.00 0.16 73,892 Kansai Electric Power Co Inc 1,768.50 -0.51 2,970,300 tionals whose reported earnings fall on profi table one thanks to rapid moves in terpreted as an end to recent carnage Sainsbury (J) Plc 308.50 -1.15 2,152,262 Denso Corp 5,137.00 1.12 1,093,900 conversion when the pound is strong. the pound’s value. seen across global stock markets. Sage Group Plc/The 556.60 1.53 2,152,628 Dai-Ichi Life Holdings Inc 1,960.00 -0.81 5,092,900 Across Europe, London’s FTSE 100 “For traders who love higher volatil- “Markets have been remarkably Rsa Insurance Group Plc 535.80 -0.56 783,956 Mazda Motor Corp 1,178.00 1.29 3,363,000 Royal Mail Plc 325.10 2.59 2,704,920 fell 1.3% to close at 6,960.32 points; ity, this is like Christmas coming early,” muted, even by holiday standards,” Mitsui & Co Ltd 1,765.50 0.68 3,305,500 Royal Dutch Shell Plc-B Shs 2,424.50 -1.04 963,509 Frankfurt’s DAX 30 was down 0.9% said Naeem Aslam, chief market ana- said Stephen Innes, head of Asia-Pa- Kao Corp 8,114.00 2.19 1,339,300 Royal Dutch Shell Plc-A Shs 2,384.00 -1.10 1,980,118 at 11,138.49, while Paris’ CAC 40 fell lyst at Think Markets. “The fact is that cifi c trade at trading group Oanda. Sekisui House Ltd 1,701.50 1.49 2,656,200 Royal Bank Of Scotland Group 223.50 3.23 17,196,096 He added that the post-Thanksgiv- Oriental Land Co Ltd 10,985.00 1.62 311,000 0.8% at 4,938.14. on Thanksgiving day, traders have to Rolls-Royce Holdings Plc 803.40 -1.35 960,721 Secom Co Ltd 9,206.00 1.93 476,000 Further reasons for the FTSE’s fall, stick to their terminals because Brexit ing Black Friday shopping spree would Rio Tinto Plc 3,763.50 -2.25 1,019,523 Tokio Marine Holdings Inc 5,536.00 1.04 1,044,200 as well as that of eurozone stock mar- related news is bringing mammoth be “the ultimate litmus test of US con- Rightmove Plc 430.40 0.97 954,867 Aeon Co Ltd 2,714.50 1.40 2,024,100 sumer confi dence heading into the Rentokil Initial Plc 317.20 -0.56 987,973 kets, were sharp oil price swings, trade moves for the currency.” Fanuc Corp 18,560.00 -0.08 862,600 Relx Plc 1,621.00 -0.25 2,139,160 war fears and Italian budget woes, By the end of the European session, holiday season”. Daito Trust Construct Co Ltd 14,700.00 3.01 379,300 Reckitt Benckiser Group Plc 6,632.00 -1.06 451,708 dealers said. the pound stood more than half 1% high- Investor sentiment remains frag- Otsuka Holdings Co Ltd 5,217.00 3.59 1,127,900 Randgold Resources Ltd 6,530.00 -1.15 150,160 US markets were closed for Thanks- er against both the dollar and the euro. ile following the volatility that has Resona Holdings Inc 580.00 0.35 8,538,400 Prudential Plc 1,512.50 -2.76 1,945,312 Asahi Kasei Corp 1,214.50 0.25 2,634,500 giving, depriving European equities of Despite the bounce, “the currency is swept markets since October, while the Persimmon Plc 2,148.00 2.24 1,000,732 Kirin Holdings Co Ltd 2,687.00 1.97 2,172,900 afternoon guidance and sapping trad- still much weaker than it was eight days OECD this week warned that the world Pearson Plc 948.60 -0.50 1,218,806 Mitsubishi Ufj Financial Gro 626.70 -1.43 96,168,900 ing volumes. That took the focus of ac- ago” before the resignation of Britain’s economy has peaked and faces a slow- Paddy Power Betfair Plc 7,100.00 -0.84 46,790 Marubeni Corp 852.30 0.82 4,769,200 Ocado Group Plc 748.80 -1.34 624,198 tion fi rmly into the foreign exchanges, Brexit minister Dominic Raab, noted down as it confronts trade war issues Mitsubishi Chemical Holdings 925.10 -0.22 3,202,900 Nmc Health Plc 3,606.00 -1.96 129,334 especially sterling trades. OFX currency analyst Hamish Muress. and higher US interest rates. Fast Retailing Co Ltd 56,780.00 -1.17 748,200 Next Plc 5,244.00 0.85 137,976 The pound, which had already been Raab last week quit in opposition to But analysts saw a silver lining, say- Ms&Ad Insurance Group Holdin 3,409.00 -0.18 886,900 National Grid Plc 832.20 -2.47 4,456,309 rising slightly ahead of the Brexit deal a separate draft deal struck between ing weaker growth could well translate Kubota Corp 1,878.00 1.43 2,227,800 Mondi Plc 1,745.50 -2.81 586,410 Seven & I Holdings Co Ltd 4,989.00 0.97 1,397,200 announcement, accelerated on the London and Brussels on the UK’s up- into less strident interest rate hikes, Micro Focus International 1,493.50 0.17 586,536 Inpex Corp 1,187.00 -2.55 7,391,900 news to rise by more than 1% against coming withdrawal from the EU on especially by the US Federal Reserve, Melrose Industries Plc 178.75 0.93 5,871,204 Sumitomo Mitsui Financial Gr 4,147.00 -0.22 5,358,800 the dollar on the day. March 29. than previously forecast — a positive Marks & Spencer Group Plc 304.30 1.37 2,065,094 Ana Holdings Inc 4,074.00 0.59 758,400 London Stock Exchange Group 3,997.00 -0.08 456,801 But the pound later pulled back British Prime Minister Theresa May prospect for stock markets. Mitsubishi Electric Corp 1,407.50 -0.85 5,080,200 Lloyds Banking Group Plc 56.31 0.14 144,862,389 Honda Motor Co Ltd 3,158.00 0.38 2,728,400 Legal & General Group Plc 238.80 -0.71 10,354,809 Tokyo Gas Co Ltd 2,911.00 1.75 1,299,000 Land Securities Group Plc 856.60 -0.37 2,020,640 HONG KONG HONG KONG Tokyo Electron Ltd 15,530.00 1.14 1,599,200 Kingfisher Plc 232.10 -2.81 6,193,756 Panasonic Corp 1,108.00 0.50 5,046,700 Just Eat Plc 592.80 3.17 1,385,755 Fujitsu Ltd 6,920.00 0.98 414,100 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Johnson Matthey Plc 3,002.00 -4.43 362,517 East Japan Railway Co 10,310.00 1.53 558,700 Itv Plc 150.90 0.53 6,619,554 Aluminum Corp Of China Ltd-H 2.91 0.34 10,855,975 Hong Kong & China Gas 15.48 1.18 12,626,446 Itochu Corp 2,021.00 0.60 3,719,900 Intl Consolidated Airline-Di 640.40 -0.09 1,536,554 Bank Of East Asia Ltd 26.15 0.77 525,679 Hong Kong Exchanges & Clear 226.40 0.62 3,124,021 Fujifilm Holdings Corp 4,377.00 -0.50 1,179,400 Intertek Group Plc 4,540.00 -0.35 129,636 Bank Of China Ltd-H 3.38 0.00 116,413,589 Hsbc Holdings Plc 65.95 1.00 13,596,819 Yamato Holdings Co Ltd 2,905.00 -0.07 1,244,700 Intercontinental Hotels Grou 4,175.00 -1.14 240,655 Bank Of Communications Co-H 5.89 -0.51 16,350,225 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,744.50 1.25 1,463,100 Informa Plc 713.20 -1.33 564,279 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 5.42 -0.18 104,159,913 Mitsubishi Estate Co Ltd 1,773.50 1.81 3,561,800 Imperial Brands Plc 2,462.50 -4.35 586,135 Boc Hong Kong Holdings Ltd 29.65 -0.17 5,711,910 Li & Fung Ltd 1.68 1.82 10,571,870 Mitsubishi Heavy Industries 4,322.00 0.21 883,700 Hsbc Holdings Plc 651.00 -1.38 7,128,337 Cathay Pacific Airways 10.76 -1.10 715,117 Mtr Corp 39.90 1.66 2,195,107 Shiseido Co Ltd 7,464.00 3.67 3,308,100 Hargreaves Lansdown Plc 1,838.50 0.77 346,088 Ck Hutchison Holdings Ltd 81.20 0.43 2,594,663 New World Development 10.32 -3.01 5,706,016 Shionogi & Co Ltd 7,760.00 1.76 1,104,400 Halma Plc 1,300.00 -3.70 1,144,260 China Coal Energy Co-H 3.32 -2.06 8,894,398 Petrochina Co Ltd-H 5.42 -0.18 81,639,000 Recruit Holdings Co Ltd 2,921.00 2.08 2,991,700 Gvc Holdings Plc 789.50 1.81 631,603 China Construction Bank-H 6.48 -0.31 113,144,569 Ping An Insurance Group Co-H 74.90 -0.53 28,283,986 Japan Airlines Co Ltd 4,210.00 0.53 805,100 Glencore Plc 290.50 -1.87 15,382,234 China Life Insurance Co-H 16.40 -0.61 17,170,351 Power Assets Holdings Ltd 53.65 0.85 1,131,425 Nitto Denko Corp 5,917.00 -0.44 974,200 Glaxosmithkline Plc 1,566.40 -0.62 2,195,153 China Merchants Port Holding 14.34 -0.55 1,282,537 Sino Land Co 12.84 -0.31 4,187,006 Kddi Corp 2,605.50 1.80 5,631,400 Fresnillo Plc 813.60 -10.85 3,674,625 China Mobile Ltd 74.90 -0.79 10,253,661 Sun Hung Kai Properties 109.30 0.00 3,031,240 Rakuten Inc 919.00 0.11 5,971,900 Ferguson Plc 4,755.00 0.13 419,935 China Overseas Land & Invest 26.30 -1.31 8,723,317 Swire Pacific Ltd - Cl A 86.60 -1.25 1,592,488 Kyocera Corp 5,895.00 0.17 809,400 Experian Plc 1,832.00 0.22 572,119 China Petroleum & Chemical-H 6.55 -0.61 56,499,947 Tencent Holdings Ltd 295.00 1.86 19,959,478 Nissan Motor Co Ltd 961.50 0.78 31,501,300 Evraz Plc 488.60 -6.47 1,623,607 China Resources Beer Holding 28.00 -2.61 5,565,484 Wharf Holdings Ltd 20.85 2.21 2,220,245 Easyjet Plc 1,160.50 2.29 1,115,643 China Resources Land Ltd 29.70 1.37 10,506,885 China Resources Power Holdin 14.86 0.41 8,667,262 Ds Smith Plc 334.30 -2.19 5,192,538 SENSEX Direct Line Insurance Group 315.60 -0.66 2,208,011 China Shenhua Energy Co-H 17.96 -4.16 25,527,692 GCC INDICES Diageo Plc 2,803.00 -0.78 1,478,976 China Unicom Hong Kong Ltd 8.66 -0.35 18,315,186 Dcc Plc 5,655.00 -1.57 161,635 Company Name Lt Price % Chg Volume Citic Ltd 12.36 -0.16 5,831,994 Indices Lt Price Change Croda International Plc 4,705.00 -1.98 113,329 Clp Holdings Ltd 88.70 0.06 2,102,374 Doha Securities Market Zee Entertainment Enterprise 458.85 4.59 8,288,818 10,328.48 +35.66 Crh Plc 2,127.00 -1.21 652,433 Cnooc Ltd 12.82 0.79 39,120,988 Saudi Tadawul Yes Bank Ltd 195.55 -1.31 48,508,959 7,607.32 +92.96 Compass Group Plc 1,691.00 -0.35 1,929,250 Cosco Shipping Ports Ltd 8.00 1.52 5,628,436 Kuwait Stocks Exchange Wipro Ltd 307.10 -2.24 3,367,422 4,748.96 +13.79 Coca-Cola Hbc Ag-Di 2,286.00 -0.52 245,829 Esprit Holdings Ltd 2.09 1.95 2,111,506 Bahrain Stock Exchage Vedanta Ltd 199.60 -1.14 13,401,421 1,323.21 +8.82 Centrica Plc 136.35 -6.45 40,917,842 Fih Mobile Ltd 0.92 -4.17 9,500,531 Oman Stock Market Upl Ltd 778.30 -0.12 1,263,770 4,453.30 +1.18 Carnival Plc 4,533.00 -1.54 221,041 Hang Lung Properties Ltd 15.42 -0.39 1,135,718 Abudhabi Stock Market Ultratech Cement Ltd 3,950.40 -2.31 246,757 4,984.75 +13.87 Burberry Group Plc 1,811.00 3.22 890,862 Hang Seng Bank Ltd 177.80 0.34 1,535,529 Dubai Financial Market Titan Co Ltd 915.75 -1.17 1,681,676 2,754.91 -1.78 Bunzl Plc 2,310.00 -0.65 264,976 Henderson Land Development 38.60 0.52 1,418,761 Tech Mahindra Ltd 690.80 0.02 4,184,979 Bt Group Plc 255.80 -0.66 5,013,156 Tata Steel Ltd 539.65 -2.13 9,267,914 British Land Co Plc 594.40 0.30 3,198,175 Tata Motors Ltd 182.55 -0.87 9,762,600 British American Tobacco Plc 2,700.00 -0.84 2,465,295 Tata Consultancy Svcs Ltd 1,812.55 0.03 3,351,920 Bp Plc 525.80 -0.92 9,795,838 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Sun Pharmaceutical Indus 525.95 -1.29 2,387,088 Bhp Billiton Plc 1,570.40 -1.97 1,720,664 State Bank Of India 282.70 -1.52 12,560,331 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Berkeley Group Holdings/The 3,513.00 3.05 357,461 Reliance Industries Ltd 1,102.85 -0.90 6,153,560 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Barratt Developments Plc 507.00 2.55 3,209,493 Power Grid Corp Of India Ltd 179.80 -1.26 3,619,176 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Barclays Plc 166.50 -0.08 16,346,312 Oil & Natural Gas Corp Ltd 152.25 0.33 4,791,902 this data.” Bae Systems Plc 510.00 -1.20 2,517,340 Ntpc Ltd 146.00 -1.25 3,185,791 Aviva Plc 410.60 -0.32 3,774,348 Maruti Suzuki India Ltd 7,411.10 -0.18 718,207 Astrazeneca Plc 6,084.00 -1.87 709,815 Mahindra & Mahindra Ltd 746.10 -2.99 3,168,534 Associated British Foods Plc 2,525.00 0.80 290,930 Larsen & Toubro Ltd 1,410.15 0.57 1,833,230 CURRENCIES Ashtead Group Plc 1,731.50 -1.20 567,342 Kotak Mahindra Bank Ltd 1,170.60 -0.52 1,324,046 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 801.40 -2.77 438,338 DINAR DINAR Jsw Steel Ltd 319.90 -1.89 3,889,964 Anglo American Plc 1,630.40 -4.00 1,755,070 Itc Ltd 280.50 -0.44 7,019,519 Admiral Group Plc 1,978.50 -1.22 235,703 Infosys Ltd 620.75 0.27 7,110,874 3I Group Plc 839.40 -1.13 811,130 Indusind Bank Ltd 1,528.85 -1.15 1,082,298 #N/A 0.00 0.00 - Indian Oil Corp Ltd 138.25 -2.37 9,621,960 Indiabulls Housing Finance L 705.70 0.05 10,511,000 TOKYO Icici Bank Ltd 352.05 -1.32 13,842,395 Housing Development Finance 1,873.70 0.30 1,670,028 Hindustan Unilever Ltd 1,675.10 -0.88 849,290 Company Name Lt Price % Chg Volume Hindustan Petroleum Corp 242.85 -1.26 8,266,815 Hitachi Ltd 3,264.00 0.12 2,041,100 Hindalco Industries Ltd 218.10 -2.26 10,180,871 Takeda Pharmaceutical Co Ltd 4,304.00 -0.35 6,350,200 Hero Motocorp Ltd 2,917.75 0.20 363,794 Jfe Holdings Inc 2,039.50 -0.73 2,213,000 Hdfc Bank Limited 2,005.50 -0.66 3,340,260 Sumitomo Corp 1,693.50 -0.06 2,639,200 Hcl Technologies Ltd 979.05 -0.62 1,609,200 Canon Inc 3,189.00 0.25 2,533,200 Grasim Industries Ltd 843.35 -2.36 673,079 Nintendo Co Ltd 31,410.00 1.26 2,193,100 Gail India Ltd 344.75 -0.09 4,483,906 Eisai Co Ltd 9,817.00 -0.39 794,300 Eicher Motors Ltd 24,109.05 -0.44 70,236 Isuzu Motors Ltd 1,568.50 -1.07 1,830,800 Dr. Reddy’s Laboratories 2,608.70 0.27 1,060,162 Unicharm Corp 3,397.00 1.95 1,753,700 Coal India Ltd 256.65 -1.65 2,878,125 Shin-Etsu Chemical Co Ltd 9,785.00 -0.60 1,005,800 Cipla Ltd 517.95 -0.80 2,141,592 Smc Corp 37,400.00 -1.32 258,300 Bharti Infratel Ltd 258.10 -0.29 2,934,035 Mitsubishi Corp 3,023.00 1.26 2,868,900 Bharti Airtel Ltd 327.85 -1.46 9,982,438 Asahi Group Holdings Ltd 4,832.00 -0.43 1,579,500 Bharat Petroleum Corp Ltd 320.10 -1.99 3,865,472 Keyence Corp 61,460.00 -0.19 361,200 Bajaj Finserv Ltd 5,723.05 -2.20 209,354 Nidec Corp 13,990.00 1.34 716,100 Bajaj Finance Ltd 2,381.50 -2.02 1,681,089 Nomura Holdings Inc 510.70 0.31 9,964,900 Bajaj Auto Ltd 2,590.35 -0.55 400,378 Daiichi Sankyo Co Ltd 4,001.00 1.19 1,419,700 Axis Bank Ltd 614.55 -1.96 7,723,686 Subaru Corp 2,611.00 1.14 3,481,100 Asian Paints Ltd 1,314.40 -0.74 803,629 Ntt Docomo Inc 2,597.00 0.58 2,794,700 Adani Ports And Special Econ 368.15 1.91 4,688,426

Gulf Times 8 Friday, November 23, 2018 BUSINESS

Softer dollar and cheaper oil prop up emerging market currencies

Currencies of crude debate in the coming weeks and importers up as oil dips; the topic to dominate the mar- South Africa’s rand steady ket until the December (central before central bank bank) meeting,” he said. meeting; stocks of Apple The US Federal Reserve has suppliers in Asia fall signalled it still expects to raise interest rates, but it has indi- Reuters cated it’s concerned about a Tokyo potential global slowdown. That and sharp declines by US stocks have convinced in- weaker dollar and lower vestors its monetary tightening oil prices limited losses may soon peter out. Ain emerging-market Among other major emerg- currencies yesterday, with ing-market currencies, the South Africa’s rand steady be- Chinese yuan edged lower and fore a central bank policy meet- Turkey’s lira, down around 30% ing. this year, dipped half a percent. Stocks were little changed The Russian rouble climbed as global growth worries per- 0.2%. sisted. The South African rand The currencies of crude im- slipped against the dollar be- porters led gains, with the In- fore a central bank meeting dian rupee and the Indonesian later in the day. rupiah strengthening as oil Analysts were split over the prices dipped on a rise in US chances it would raise rates or crude stockpiles. leave them unchanged as infl a- Losses for other currencies tion pressures mount. were limited by a cautious re- “There is also an unspoken turn of risk appetite that weak- suggestion that political will may Employees work at the Tokyo Stock Exchange, operated by Japan Exchange Group. Ahead of a Friday holiday in Japan, the Nikkei rose 0.7% to at 21,646.55 points yesterday, as ened the US dollar in a market infl uence a decision to keep rates investors took heart from the weakening yen. thinned out the US Thanksgiv- low as we move into the election ing holiday. period,” said Shaun Murison, a “We see quite a signifi cant senior market analyst at IG Mar- rally for currencies of India and kets in Johannesburg. Indonesia on account of falling The MSCI index of emerging oil prices and for the Indonesia markets stocks inched lower. rupiah the cancellation of their Tech stocks weighed on in- bond auctions for the rest of the dexes in Taiwan and South Ko- year seems to have helped,” said rea following Apple’s decline Hao Zhou, a senior EM Asia this week. Asian markets see economist at Commerzbank. Trade tensions kept main- “The biggest issue right now land China stocks under pres- is the diff erent views surround- sure. ing the rate hike process in the Stocks in Russia fell 0.3%. US We don’t know which one Turkey’s BIST stock index modest gains as will be right, but expect a big declined 0.7%. US takes a break

AFP The dollar slipped against ably muted, even by holiday ited impact. Late last month, Shanghai closed slightly down, Hong Kong the euro, the pound and the yen standards.” the Bank of Japan again revised while Sydney was the stand- amid reports the Federal Reserve He added the post-Thanks- down infl ation forecasts, in the out regional performer, gaining may pause future interest-rate giving Black Friday shopping latest sign it had failed to make 0.9%. sian equities chalked up hikes. spree would be “the ultimate headway towards its two-per- Shares in Singapore were up modest gains yesterday in Crude prices resumed their litmus test of US consumer con- cent target despite years of mas- even as the trade-reliant city- Alight trading ahead of the downward trajectory yester- fi dence heading into the holiday sive monetary easing. state braces for slower economic US Thanksgiving holiday, fol- day, after a brief recovery on season”. Shares in Nissan rose 0.77% growth next year as demand in lowing a rebound in energy and Wednesday. Ahead of a Friday holiday in ahead of its board meeting key markets in Asia weakens. tech stocks on Wall Street. The commodity has fallen Japan, the Nikkei rose 0.7% to that will propose the sacking In early trade in Europe But analysts cautioned the by almost 30% from four-year at 21,646.55 points as investors of disgraced chairman Carlos Thursday, London dropped tepid uplift in New York on highs touched at the start of Oc- took heart from the weakening Ghosn, after his spectacular 0.2% while both Paris and Wednesday should not be in- tober. yen. arrest for financial misconduct Frankfurt slid 0.3%. terpreted as a sign of the start Oil analysts attribute the pull- However, fresh data suggested sent shockwaves through the Bourses had staged a sharp of a recovery from the recent back to high supply as well as a the world’s third-largest econ- car industry and the business recovery on Wednesday even as carnage on global stock mar- weakening global growth out- omy is continuing to struggle in world. the EU, as expected, offi cially kets. look. its years-long battle with defl a- The scandal has sparked ques- rejected Italy’s big-spending Investor sentiment remains “This half-hearted recovery tion. tions over whether the alliance budget, clearing the path for fragile following the volatil- eff ort should not be confused Infl ation in Japan stood at 1% of Nissan, Renault and Mitsubi- unprecedented sanctions and ity that has swept markets since with anything other than pre- in October, unchanged from the shi Motors can survive without deepening a bitter row with October, while the OECD has holiday scramble doing little previous month, according to Ghosn, seen as the glue holding Rome’s populist government. warned that the world economy more than what amounted to government data. together his fractious creation, However, reports said Italy’s has peaked and faces a slow- chasing oil prices,” said Stephen Japan has battled defl ation which globally employs around government may be open to down as it confronts the Trump Innes, head of Asia-Pacifi c trade for many years and the central 450,000 people. budget revisions as the Europe- administration’s trade war and at OANDA. bank’s ultra-loose monetary Elsewhere, Hong Kong ended an Union took a fi rst step toward tighter monetary conditions. “Markets have been remark- policy appears to have had lim- the day with modest gains and imposing fi nes on the country.

India shares cap weekly drop amid uncertainty about poll outcome Goldman Asset says buy Bloomberg EM as volatility normal Mumbai

Bloomberg ity erupted from New York to Indian equities declined, reversing gains Singapore Athens. While global equities earlier yesterday. Key indexes capped their have recouped some of their first weekly fall in four as investors continued losses in recent days, markets to assess possible outcomes of elections in oldman Sachs As- such as China, Hong Kong and five states, an indicator of voter mood toward set Management says South Korea have all dropped the Narendra Modi-led Bharatiya Janata Gthe volatility saturat- into bear territory due to con- Party’s national government. ing global stock markets this cern over slowing economic The benchmark S&P BSE Sensex fell 0.6% year isn’t unusual and pro- growth, sliding oil prices and a to 34,981.02 at the 3:30pm close in Mumbai, vides a window to buy selective US-China trade war. while the NSE Nifty 50 Index retreated 0.7%. emerging-market assets. Goldman Asset is “modestly The gauges wiped out gains of at least 0.4% “This is the return to nor- overweight” China and favours earlier. mality,” James Ashley, head of Indian and Indonesian equities, Markets are closed for a holiday today. international market strategy, London-based Ashley said. Eighteen of the 19 sector indexes compiled said at in Singapore. “We think “The key message for 2019 by BSE Ltd dropped, led by the S&P BSE emerging markets are being is we prefer equities to credit, Metal Index’s 1.8% retreat, while a gauge oversold. We would see this as we prefer credit to developed- of engineering and construction firms was an attractive entry opportu- market fi xed income, and we the only one to rise. Automaker Mahindra & nity.” prefer emerging markets to de- Mahindra Ltd’s 3% fall was the steepest among The money manager isn’t veloped markets,” he said. the Sensex members, extending its slide from alone in saying it may be time Others are less optimistic. a record high close on August 29 to 24%. Votes to buy. Aberdeen Standard In- JPMorgan Chase & Co’s multi- for the phased polling that has begun in five vestments purchased US stocks asset team has boosted cash lev- Indian states will be counted on December 11. earlier this month, while Al- els and Treasury holdings at the “Markets will remain volatile in the next six lianz Global Investors is snap- expense of shares to reduce risk. to nine months — either up or down — and ping up emerging-market debt This isn’t the time to go de- investors will have to play the volatility to and selective UK, Chinese and fensive, Goldman Asset’s Ash- their advantage,” said Avinash Gorakshakar, European equities. Northcape ley said. “The environment head of research at Joindre Capital Services Capital also sees buying oppor- over the next couple of years Ltd in Mumbai. “Oil price is a crucial factor for tunities. will be more challenging than it Indian equities and politics is a wild card and A challenging year for fi nan- has been in the recent past, but they will decide the direction of stocks near cial markets took a turn for the that doesn’t mean it’s the time term,” he said. worse in November as volatil- to go into cash.” Gulf Times Friday, November 23, 2018 9 BUSINESS Zinc extends gains on tight supply; copper yields to macro headwinds

Reuters rejected fresh US accusations of per- London petuating “unfair” trade practices and urged Washington to stop mak- ing provocations, showing little sign inc extended gains yesterday of backing down days ahead a high- on persistent supply tightness stakes meeting between leaders from Zwhile bellwether copper dipped both countries. on worries over a looming global PRICES: Zinc traded up 0.5% at growth slowdown and escalating trade $2,580 a tonne at 1125 GMT, clocking tensions between Washington and up gains of 3.5% this months, while Beijing. copper dipped 0.1% to $6,225 a tonne, The premium for the zinc cash con- clocking up gains of 4% so far this tract over the three-month contract month. Spot gold was 0.1% higher at $1,227.11 per ounce at 0344 GMT yesterday. hit a 21-year high of $97 a tonne on TECHNICALS: Zinc faces ma- Tuesday due to falling stocks in Lon- jor resistance at the November high don Metal Exchange (LME) ware- of $2,647, while copper faces major houses. resistance at the November high of It was trading at $94.50 yesterday. $6,315, broker Marex Spectron said in At 123,500 tonnes, LME stocks have a note. roughly halved since mid-August. POSITIONS: Traders are keeping “There’s clearly not a lot of metal in a close eye on positions holding large the system so the price is responding amounts of LME copper warrants and Gold steady as to those signals of extreme tightness,” cash contracts, which is fuelling nerv- said Vivienne Lloyd, analyst at Mac- ousness about nearby availability. quarie. ALUMINIUM SUPPLY: Xinfa “We’re friendly towards zinc, have Group, one of China’s top aluminium been for a while. Its got an underly- smelters, will not have to cut metal ing bearish case but on a two, three, production in its home city of Liao- four month basis its quite a tight metal cheng this winter and will only have to market. I wouldn’t say that’s entirely reduce alumina output by 10% for two risk-on sentiment priced in at this stage.” months. Capping upside in zinc and weighing STEEL: China’s steel sector is toy- on copper, global equities fell as inves- ing with falling into a bear market, with tor worries mounted about slowing prices almost down 20% in the past global growth in the face of rising US three months as the industry’s run of interest rates and trade tensions. record production meets the reality of weighs on dollar China, the world’s top metals user, a slowing economy and trade disputes. Reuters The dollar was broadly lower as four-month high and new orders for war and an unconvincing stock mar- Bengaluru demand for safe haven currencies US-made capital goods were unex- ket, said Brian Lan, managing director declined after a rebound in global eq- pectedly fl at in October. at Singapore dealer GoldSilver Cen- SQM’s lithium sales uities and the euro strengthened on “We are seeing some impact of the tral. old prices held fi rm yesterday hopes for a resolution of Italy’s budget weaker than expected durable goods Spot gold may end its bounce after hitting the highest in two dispute. number, which has reinforced inves- around a resistance at $1,231 and then volumes drop 27% Gweeks in the previous session, Meanwhile, Asian shares stepped tors to question their expectations of test a support at $1,211 per ounce, ac- with improved risk appetite weighing ahead cautiously, though rising US rate hikes in 2019 and weaker dollar cording to Reuters technical analyst on the US dollar. interest rates and escalating trade followed,” Hynes added. Wang Tao. after output delay Spot gold was 0.1% higher at tensions kept fi nancial markets on A fourth rate hike for this year is ex- Indicative of investor sentiment $1,227.11 per ounce at 0344 GMT. edge amid signs of slackening global pected next month and policymakers toward bullion, holdings of SPDR Prices on Wednesday marked growth. had earlier indicated two more by June Gold Trust, the world’s largest gold- Reuters 70,000 tonnes. “We are working their strongest since November 11 at The dollar has been under pressure 2019. backed exchange-traded fund, rose Santiago diligently to resolve these issues $1,230.07 per ounce. this week as cautious comments by Prospects of higher US interest 0.27% to 762.92 tonnes on Wednes- as soon as possible,” Solminihac US gold futures were down 0.2% at Fed offi cials about a potential global rates are negative for dollar-priced day. said. $1,226.1 per ounce. slowdown raised doubts on the pace gold as they raise the opportunity cost Among other precious metals, sil- Chilean miner SQM said yesterday “The ramp-up delay will likely “Weakness in the dollar has sup- of interest rate hikes. of holding bullion. ver fell 0.4% to $14.44 per ounce. that delays in a project to boost impact our fourth-quarter lithium ported investor appetite in the gold The doubts were heightened by Gold has been holding up well amid Platinum was fl at at $840.50 per output of lithium from salt flat and derivative sales volumes, space,” said ANZ analyst Daniel data on Wednesday showing weekly a weaker dollar, geopolitical tensions ounce, while palladium was up 0.1% Salar de Atacama slashed sales delaying part of these volumes to Hynes. jobless claims rose to a more than like Brexit and the U.S.-China trade to $1,149.50. volumes of the ultralight battery the first quarter of 2019.” metal by 27% in the third quarter. Revenues for lithium and SQM, the world’s No 2 producer derivatives during the third quarter of lithium, said the previously dropped 8.9% from the third announced delays were partly quarter of 2017 amid the production offset by high prices and 25% delays, the company said. Copper eases amid worries over Sino-US trade tensions growth in demand in 2018 on sales Total lithium sales volumes this year to producers of electric vehicles. should be around 45,000 tonnes, “These two factors have Solminihac said. Reuters elected is higher than it was (before on Wednesday, but were still near a contributed to market prices The company earlier this year Singapore the US mid-term election), then it three-month high. remaining high during the third targeted sales volumes in the does increase the incentives for the However, nickel stockpiles in LME quarter,” chief executive off icer lithium business line of 55,000 Chinese to agree to a deal (on trade),” warehouse remained at their lowest in Patricio de Solminihac said after tonnes in 2018. opper prices slid and other base said Guy Wolf, global head of market fi ve years. the company reported that third- SQM reported earnings of $83.5mn metals traded in narrow ranges analytics at Marex Spectron. PRICES: The most traded ShFE quarter profit fell. “It is expected in the quarter, down 26% from Cyesterday, with festering Sino- COPPER: Three-month copper on nickel contract fell 1.7 % to 90,780 that prices will remain at these $112.9mn in 2017. US trade tensions stoking worries the London Metal Exchange had eased yuan a tonne, trading around an levels for the remainder of the China’s Tianqi Lithium Corp has over the outlook for global economic 0.1 % to $6,232 a tonne by 0327 GMT, 11-month low, while London’s three- year.” cleared regulatory hurdles in Chile growth. while Shanghai’s most-traded cop- month nickel contract edged down 0.1 Prices so far this year have to purchase nearly one-quarter of Trade confl ict and higher inter- per contract edged up 0.3 % to 49,530 %. averaged $16,5000 per tonne, up SQM for $4.1bn from Canada-based est rates are slowing the international Three-month copper on the London yuan ($7,148.11) a tonne. US DOLLAR: The dollar was from $13,500 in 2017, according fertilizer company Nutrien Ltd. economy, though there are no signs Metal Exchange eased 0.1 % to $6,232 NICKEL OUTLOOK: Expecta- broadly lower in Asian trade yesterday to the company’s earnings SQM has said it will overtake of a sharp downturn for now, said the a tonne by 0327 GMT yesterday. tions of a supply avalanche hitting the as demand for safe-haven currencies statement. competitor Albemarle Corp as the Organisation for Economic Coopera- nickel market next year due to new declined after a rebound in global eq- SQM said in October it was facing world’s top producer of lithium by tion and Development. ington that was fl outing the rulebook. capacity in Indonesia have been drag- uities and the euro strengthened on delays in upgrading its lithium 2022. The United States and China clashed Base metals traded in tight ranges ging on prices, but analysts doubt the hopes for a resolution of Italy’s budget carbonate plant, which processes Both SQM and Albemarle are on Wednesday at a World Trade Or- yesterday, although the price outlook plans spearheaded by Chinese fi rms dispute. lithium from Salar de Atacama. preparing to ramp up production in ganisation meeting, with a US envoy could improve going into year-end if can be carried out so quickly. A weaker dollar makes greenback- The project, first announced in Salar de Atacama, one of the world’s accusing Beijing of using the WTO to any signs emerge of a potential thaw- NICKEL SUPPLY: Nickel stock- denominated commodities cheaper to 2017, was designed to upgrade richest source of lithium, amid the pause “non-market” policies and a ing in the trade confl ict. piles on the Shanghai Futures Ex- import into countries that use other lithium production capacity to sharp spike in global demand. Chinese offi cial saying it was Wash- “The prospect of Trump being re- change edged down to 14,911 tonnes currencies.

Nearing a bear market, China steel sector weighs record output, softer economy

By Clyde Russell, Reuters have come close to wiping out the gains the same period last year, according to China’s real estate sector, a key separates expansion from contraction months is what will be the exact impact Launceston, Australia for the year. the data. consumer of steel, saw growth in and the lowest reading since July 2016. of winter anti-pollution measures Sentiment appears to have swung in Production growth had been investment cool to a 10-month low of Steel exports have also slipped, across China. the industry, which had been buoyed encouraged by robust profit margins, 7.7% in October, down from 8.9% in dropping 9.3% in the first 10 months of Several output restrictions have been China’s steel sector is toying with falling in the middle two quarters of 2018 by which were reaching close to 1,000 September. the year compared to the same period announced and implemented as part into a bear market, with prices almost strong profitability amid the ongoing yuan a tonne as steel prices hit their Automobile sales dropped 11.7% in in 2017, most likely hit by the imposition of measures to lessen air pollution down 20% in the past three months as closure of older and less eff icient steel highs for the year in August. October, taking sales for the first 10 of tariff s and other measures by the over winter. However, despite similar the industry’s run of record production mills. However, with prices retreating, months of the year into negative United States and other countries. measures last winter, steel output meets the reality of a slowing economy China has been chalking up record after margins will be coming under pressure territory, down 0.1% from the same While these economic numbers actually increased as mills in areas not and trade disputes. record monthly steel production this and steel mills are likely to be focusing period last year. certainly look worrying for the steel subject to restrictions were able to Shanghai steel rebar futures, the year, with output reaching new highs on the demand outlook for their Vehicle sales in the world’s biggest car sector, the market is expecting that boost production to more than off set benchmark price, fell 18.8% from the in every month since April, with the products. market may contract this year for the Beijing will boost stimulus spending on lost output elsewhere. highest so far this year at 4,418 yuan exception of August. It’s here that there may be something first time since at least 1990, which infrastructure to shore up economic The expectation this winter is that the ($637.52) a tonne on August 22 to a low Output hit 82.55mn tonnes in October, of a disconnect between reality and would be a bearish signal for steel growth. restrictions will be more widespread, of 3,586 yuan on Wednesday. up from 80.85mn in September, hopes for the future, as the drivers of demand. However, it may take some time for even if slightly less onerous, resulting It’s worth noting that steel futures still according to off icial statistics released steel demand in the Chinese economy The Purchasing Managers’ Index (PMI), stimulus spending to kick in, meaning in a loss of output. This may serve to remain higher than at the end of last on Nov.14. appear to be under downward pressure, an indicator of the health of the broad steel demand and prices may struggle put a floor under steel prices while the year, when they closed at 3,431 yuan Output over the first 10 months of the although there are hopes government manufacturing sector, fell to 50.2 points to mount a convincing recovery. market assesses the impact of Beijing’s a tonne, although the recent declines year was 782.46mn tonnes, up 6.4% on stimulus measures will boost demand. in October, just above the 50-level that The unknown factor for the next few policy measures to boost the economy. Gulf Times 10 Friday, November 23, 2018 BUSINESS

UK fails to secure improvements to future EU financial services access

Reuters does not cover basic banking London like lending, or swathes of insurance activities, and it can be withdrawn by Brussels at a Britain has failed to secure month’s notice. improvements to its proposed Prime Minister Theresa May future trading relations in finan- told parliament the agreement cial services with the European would mean that financial serv- Union after Brexit, according to ices market access to the EU a draft document, disappointing cannot be withdrawn at a whim. some executives who expected John McFarlane, chair of TheC- concessions. ityUK, a financial sector lobby The three paragraphs on future that has called for enhanced relations in financial services, equivalence, said Britain was one of its most important ex- always unlikely to get a deal port sectors, are little changed outside equivalence. from an initial draft released last “What we’d really like to see [in week, the document seen by the final trade deal] is a situation Reuters showed. that allows wholesale and fund As long indicated by the EU, management that can be cross Britain, Europe’s biggest border,” McFarlane, who also financial centre, is off ered EU chairs Barclays, told Reuters. market access based on the This was possible under existing bloc’s “equivalence” system, equivalence rules, but it carried which is used by non-EU states some risk, McFarlane said. like the United States, Japan and The EU has begun to toughen Singapore. up equivalence conditions, A worker dusts a Hyundai Sonata hybrid vehicle during the Chicago Auto Show on February 8. Hyundai Motor and Kia Motors, together the world’s No 5 automaker, recalled Access is granted by Brussels given that a global financial cen- nearly 1.7mn vehicles in 2015 and 2017 in the US in one of their biggest recalls in the country, citing an engine failure that increases the risk of a crash. if a foreign bank’s home rules tre will now be on its doorstep remain closely aligned with to compete with Frankfurt, Paris those in the bloc. and Amsterdam. Britain has said that equivalence Yesterday’s document, a non- is too patchy and unpredictable binding declaration of intent on compared with the current un- future UK-EU trading relations, fettered EU “passporting” of all reiterates that Britain and the cross-border financial activities. EU would “endeavour” to con- It proposed an “enhanced” or clude equivalence assessments US prosecutors probe more accommodative version before the end of June 2020. of equivalence, but the latest The anticipated “standstill” draft only says that both transition period from Brexit sides will keep their respec- next March to end 2020 would tive equivalence frameworks be followed by the future trad- Hyundai, Kia vehicle “under review”. Equivalence ing terms. ECB waits for 2021 recalls; shares slump projections while US Attorney’s Off ice for SDNY the risk of a crash. The US At- ties surrounding the US investi- In 2017, a US judge dismissed have been reached,” it added. probes Hyundai, Kia, says torney’s Offi ce for the Southern gations. a criminal charge against Toyota Hyundai declined to comment source; the probe comes on District of New York (SDNY), If charges are fi led, this would after it completed three years of on the SDNY probe. noting fragilities top of NHTSA investigation; part of the US Department of not only lead to fi nes, but also monitoring under a $1.2bn set- Hyundai and Kia have al- NHTSA says “active” probe Justice (DoJ), has launched a hurt their brand image and tlement in which it admitted ready set aside roughly 1tn won under way over Hyundai criminal investigation, the per- sales,” Nomura analyst Angela to misleading the public about ($885mn) in 2017 and 2018 to cov- Bloomberg ing Council eventually opted to engine issues; Hyundai son, who had knowledge of the Hong said. sudden unintended acceleration er costs mainly stemming from Frankfurt stick with its language describ- shares slide, near 9-year-low matter, told Reuters. The DoJ is coordinating with in its vehicles. recalls over engine problems. ing the risks as “broadly bal- It remains to be seen whether the US transport regulator, Na- The settlement comprised In the United States, Hyundai anced.” Reuters the probe will lead to charges, tional Highway Traffi c Safety the largest penalty levied by the recalled 470,000 Sonata se- uropean Central Bank While acknowledging con- Seoul/Washington the person added. Administration (NHTSA), on the United States on an auto compa- dans in 2015 due to the failure of offi cials acknowledged cerns over the risks from trade If criminal charges are fi led, it investigation, the person said, ny until Volkswagen admitted to “Theta II” engines. E“uncertainties and fra- protectionism, the Governing could lead to hefty fi nes for Hy- asking not to be identifi ed as the diesel emissions fraud and paid In 2017, it expanded its US re- gilities” aff ecting the economy Council also said the adverse yundai Motor and affi li- undai and Kia. matter is confi dential. $4.3bn in fi nes in 2017. call to 572,000 Sonata and Santa at their latest policy meet- impact on “more open” econo- ate Kia Motors are being An investigation by US pros- Nicole Navas Oxman, a DoJ Apart from the SDNY probe, Fe sport utility vehicles, cit- ing, while agreeing that they mies might be being off set by Hinvestigated by US pros- ecutors adds to Hyundai’s and spokeswoman, declined to com- Hyundai and Kia are also the ing the same engine issue, the weren’t enough to weaken con- “presently more buoyant im- ecutors over whether vehicle re- Kia’s woes at a time when they ment. subject of an investigation by NHTSA said. fi dence that the eurozone’s do- ports, particularly in the US.” calls were conducted properly, are grappling with sluggish sales “The Justice Department gen- NHTSA into whether their re- Kia also recalled 618,160 Op- mestic strength will prevail. The Governing Council a source said and documents in the United States and China. erally does not confi rm, deny or calls covered enough vehicles tima, Sorento and Sportage ve- “It needed to be emphasised noted that companies have reviewed by Reuters showed, The duo’s shares fell on otherwise comment on the ex- and were conducted in a timely hicles which use the same en- that the incoming data, while so far absorbed higher wages sending their shares sliding. Thursday after the news, with istence or non-existence of an manner. gine in the United States. somewhat weaker than expect- by reducing their markups, The South Korean fi rms, to- Hyundai down 3.2% to their investigation,” she said in an NHTSA has “active” inves- However, Kim Gwang-ho, ed, remained overall consistent so damping the transmission gether the world’s No 5 auto- lowest level in nearly nine years emailed statement to Reuters. tigations into engine issues re- an engineer at Hyundai and a with with an ongoing broad- to consumer-price infl ation, maker, recalled nearly 1.7mn and Kia losing 4.8%. Their parts The United States has previ- lated to certain Hyundai and company veteran of 26 years, based expansion,” the ECB said but also argued that markups vehicles in 2015 and 2017 in the affi liate, Hyundai Mobis, also ously investigated and imposed Kia vehicles, the regulator told told NHTSA that the companies in the record of its October 24- “could not be squeezed indefi - United States in one of their big- slid 6.5% in a wider market that strict penalties on other auto- Reuters. should have recalled more ve- 25 policy meeting published nitely.” gest recalls in the country, citing slipped 0.3%. makers such as Toyota Motor “These investigations are hicles in 2015, citing an internal Thursday. New forecasts in De- Get more: Absent from the an engine failure that increases “There are a lot of uncertain- and Volkswagen AG. ongoing — no fi nal conclusions report. cember — which will include an ECB account are any remarks outlook for 2021 for the fi rst — on the possibility of off ering a “would provide an occasion for new round of cheap funding to a more in-depth assessment.” banks. Draghi had mentioned Key insights: The publica- during his press conference EU sees global trade tensions dominating G20 summit tion comes three weeks before that these were brought up. the ECB holds its fi nal policy There’s also no mention of Reuters certain sectors that distort competition. the World Trade Organisation. The United commitments to keep markets open, meeting of the year, when it’s a discussion on how to rein- Brussels The European Union, Canada and Japan States is sceptical, saying the WTO is fight protectionism and to support the expected to confi rm it will cap vest maturing debt under the are also involved because of US tariff s on not equipped to deal with the new trade multilateral trading system, the off icial its bond-buying program, a key ECB’s asset-purchase program. steel and aluminium products imposed by challenges. said, adding the EU also wanted the issue step toward slowly normalising French Governor Francois Vil- Trade tensions between the United Washington earlier this year. “The aim of the EU is to really now engage of excess global steel capacity addressed. its policy. leroy de Galhau has said the States and China are likely to dominate “The success of the G20 summit this year in the reform of the WTO, to provide “We (also) want to have the fight against Offi cials agreed that “conti- ECB shouldn’t rush to spell out the G20 summit of the world’s 20 biggest will be measured by its capacity to de- political impetus through the G20 for the climate change recognised in the nuity and steadiness with re- the reinvestment strategy. economies next week, according to a escalate the current trade tensions,” the reform and get an update on progress declaration as we have done last year,” spect to monetary policy were These are the key events that senior European Union off icial who said EU off icial, involved in preparations for at next year’s G20 summit under the he said. particularly warranted in an will inform ECB policy until the the EU was keen to act as a bridge- the talks, said. Japanese presidency,” the off icial said. “There is one particular country, the environment that was still sub- Governing Council’s next deci- builder. The off icial said the EU shared many of He said G20 leaders would not negotiate United States, which has a diff erent ject to a number of uncertain- sion on December 13. The United States and China have been the United States’ concerns over China’s the new WTO rules, but should show their approach on this. ties and fragilities.” Economic growth weakened imposing tariff s on each others goods in trade practices, but favoured a diff erent ministers and negotiators the topics and We will maintain our commitment in “A remark” was made that considerably from Germany an escalating dispute over market access, approach. direction where change was needed. order to have a strong paragraph on this there were a number of reasons to Italy. While the trend might forced technology transfer, intellectual While Washington pursued unilateral The EU will push for the G20 final and an eff ective implementation of these to describe the risks to euro- be temporary, it could also be a property rights and state subsidies to actions, the EU wants to deal with them in communique to uphold previous agreements.” area economic growth as tilted sign that the euro area’s expan- to the downside. The Govern- sion is running into trouble.

Top AI conference swaps acronym after sexism, misconduct protest

Bloomberg colour jokes and innuendo-laced ban- While some AI researchers had long within the AI research fi eld generally. the problematic acronym. No clear ganically” and the board would now London ter on Twitter and in conversations at thought the acronym sexist, the issue Lum’s blog was widely shared among consensus emerged from the survey, offi cially embrace it, including the new the event. took on increased prominence after last AI experts. Eventually, two men whose the board said, and in October it re- acronym on conference signs and ma- The conference began about 30 years year’s conference in Long Beach, Cali- conduct Lum singled out in her blog leased a statement that it was sticking terials and hiring a designer to create a ne of the world’s most impor- ago as a sleepy academic event and fornia. Some attendees at the event ex- lost their jobs. with NIPS and focusing instead “on new logo. tant conferences for researchers as recently as 2013 was attended by pressed discomfort with a performance The board of the foundation that more tangible steps to promote inclu- The move at least partly satisfi ed Oworking on artifi cial intelligence fewer than 2,000 machine-learning by a female contortionist at a private runs the conference expressed regret sion and diversity.” Anima Anandkumar, a professor at has changed the acronym used for the researchers and statisticians. It has party held by a conference sponsor and in a statement that events had failed to In response, the hashtag #protest- the California Institute of Technology event following complaints the former grown into one of the most important others complained about an inappro- create “an inclusive and welcoming en- NIPS began trending on Twitter and and director of research at chipmaker one contributed to a sexist atmosphere. annual confabs and recruiting grounds priate joke related to sexual harassment vironment for everyone in the fi elds of an online petition asking the board to Nvidia Corp, who had helped promul- The conference on Neural Informa- for university labs and technology that a researcher made while his ama- AI and machine learning.” It recruited reconsider its decision and rename the gate the #protestNIPS hashtag and the tion Processing Systems, which takes companies working on one of today’s teur band performed during the offi cial two people to oversee diversity and conference garnered more than 2,000 petition. “I wish we could have started place annually in early December, had most hyped technologies: artifi cial in- closing night party. inclusion eff orts. And it strengthened signatures. with a clean slate and done away with been commonly known by the acro- telligence. Last year’s conference was The events inspired a blog post by its code of conduct, which is now dis- Two weeks later, the foundation’s the problematic legacy, but this is a nym NIPS. The foundation that runs attended by 8,000 people and the fi rst data scientist Kristian Lum, posted played prominently on the conference’s board said it would reverse course. It compromise,” she wrote on Twitter. the conference said it will now use the 2,000 tickets for this year’s conference shortly after the conference, alleging registration page. It also surveyed con- said in a statement Nov. 16 that while “I hope we can all continue to work acronym NeurIPS instead. sold out in about 10 minutes when they a culture of sexual harassment at NIPS ference attendees about whether the the name would remain the same, the toward better inclusion” in machine The former acronym inspired off - were released in September. and other AI-related conferences, and event should change its name to avoid acronym NeurIPS had “sprung up or- learning. Gulf Times Friday, November 23, 2018 11 BUSINESS UK shell companies forced into Danske laundromat limelight

Bloomberg Wilkinson singled out one country in transparency the bank can’t say for euros, and placed in western accounts. across government to restrict the ability has also pointed to shell companies Brussels particular for allowing shell companies, sure. UK shell companies were routinely of criminals to use them in this way,” it registered in the UK as a vehicle or limited liability partnerships, to For Danske to say “that their screening used by clients that Danske has since said at the time. routinely used to launder money. flourish. hasn’t detected anything,” and at identified as the main sources of A spokesperson for the UK Browder has previously said that his A setup long acknowledged as dubious “One has to be slightly polite when the same time acknowledge that suspicious transactions. A majority government’s Department for Business, efforts to report the suspicious flows but tolerated in many countries just got it comes to an institution like this,” “they may not have collected all of of the 177 customers alleged to have Energy and Industrial Strategy said to the UK authorities led nowhere. thrown into the limelight. Wilkinson said as he addressed the ultimate beneficial ownership tried to launder money through on Thursday that the “vast majority of Wilkinson says the dirty money Shell companies — constructions often lawmakers in the European Parliament information is a little bit of a what became known as the Russian the UK’s four million companies and that flowed through the Danske used to hide the identity of investors on Wednesday. “But one doesn’t have contradiction in terms,” said Carol Laundromat were limited partnerships, partnerships are law-abiding.” laundromat ultimately made its keen to dodge authorities — played to be polite about one’s own country. Beaumier, a financial crime expert many from the UK, according to the Companies House, which incorporates way into the rest of the European a key role in Europe’s dirty money The role of the United Kingdom is an at the consulting firm Protiviti who Danske report. and dissolves limited companies, Union and the US He pointed to machine as billions of dollars flowed absolute disgrace. Limited liability advises companies on designing anti- Two-thirds of the 75 clients tied to a “works closely with law enforcement three correspondent banks — since from Russia into the west. Danske Bank partnerships and Scottish Liability money laundering programs. similar scheme that funnelled Azeri agencies to identify suspicious identified by Bloomberg and A/S was allegedly at the center of the Partnerships have been abused for Danske has already admitted that much funds were UK limited partnerships or behaviour and report such actions to other media as Deutsche Bank AG, laundromat, but it was far from alone. years.” of about $230bn that flowed through limited liability partnerships. the relevant enforcement body,” the JPMorgan Chase & Co and Bank of That’s according to Howard Wilkinson, Part of the risk with shell companies is an Estonian unit between 2007 and In September, the National Crime spokesperson said. Companies House America Corp — that he says funnelled a 47-year-old Briton who ran Danske’s that they can be used to conceal the 2015 was probably illicit. In a September Authority of the UK said it would look is an executive agency sponsored by as much as 90% of the suspicious Baltic trading desk until 2014 before identities of criminals sanctioned by report examining what went wrong, the into the role of British companies. BEIS. flows into the global financial system. becoming a whistle-blower. He says the the US and other governments. Danske bank identified about 6,200 suspicious “The threat posed by the use of UK Bill Browder, the Hermitage Capital “In my view the countries where there Danske scandal is considerably broader reiterated this month that an internal accounts. Many of them were Russians company structures as a route for co-founder who has made a career of are shell companies involved in the in scale than previously thought, and probe didn’t uncover any sanctioned who flocked to Danske to get their money-laundering is widely recognised chasing money launderers tied to the scheme are just as culpable,” he said. that it involves numerous global banks. individuals, though given the lack of money converted into dollars and and the NCA is working with partners death of his lawyer, Sergei Magnitsky, “Clearly, the worst of all is the UK.”

Macquarie Big US banks get to keep $5bn said to close oldest Asia quant equity more a year thanks to FDIC hedge fund

Bloomberg Washington Bloomberg Hong Kong ig US banks that are already smashing profi t records will soon acquarie Group Ltd is Bget a $5bn windfall, courtesy of shutting Asia’s old- the federal government. Mest quantitative eq- The Federal Deposit Insurance Corp uity hedge fund after a poor per- announced on Tuesday that lenders formance in recent years, said will no longer have to pay quarterly a person with knowledge of the surcharges that cover some of the costs matter. of insuring their customers’ deposits. The Australian company told Megabanks such as JPMorgan Chase investors nearly three weeks ago & Co and Bank of America Corp shell that the 13-year-old Macquarie out the lion’s share of such payments, Asian Alpha Fund would close, which amount to about $5.2bn annu- said the person, who asked not to ally. be identifi ed because the infor- Large banks have been paying the mation is private. The fund, which charges for years to replenish an FDIC has Australian and US dollar ver- insurance fund that was wiped out by sions, posted losses for each of the the 2008 fi nancial crisis. But now that past three years, newsletters show. the regulator has hit a funding target Assets plummeted to $133mn in required by the Dodd-Frank Act, it’s September after peaking at about ending the extra assessments. Banks $2bn in 2015. will still have to pay quarterly fees, but Once one of Asia’s largest their costs will be much lower. and most successful funds of its The halt of the insurance surcharge type, Macquarie Asian Alpha ran comes after the industry posted a up against tougher conditions record $62bn in third-quarter profi t, for quant market-neutral eq- and the highest return on assets in the uity funds in recent years. Mac- 32-year history of the FDIC’s Quarterly quarie will retain similar hedge Banking Profi le. funds focused on Europe and the Key Details The FDIC’s latest report, Americas, as the fi rm believes released on Tuesday, showed industry those markets off er better pros- earnings for the three months ended in pects, said the person. September spiked 29% from the same This year, quant funds have period a year earlier. Return on assets struggled as their value invest- for the quarter was an unprecedented ments — bets on companies 1.41%. Wider margins helped lenders priced cheaply — have failed to post 7.5% more interest income than deliver returns. Bets on growth a year earlier. A big increase in serv- and momentum, such as wagers ice fees and investment-banking fees on high-fl ying tech stocks, triggered a 4% gain in non-interest in- haven’t generated enough to off - come. Revenue was a record $203.8bn. Megabanks such as JPMorgan Chase & Co and Bank of America Corp shell out the lion’s share of quarterly surcharges that cover some of the costs of insuring their set the losses. The industry continued to consolidate, customers’ deposits, which amount to about $5.2bn annually. A $2.6bn quant stock fund despite eff orts by President Donald that’s a joint venture between Trump-appointed regulators to en- ers with larger fi rms. The FDIC’s de- Leveraged Lending FDIC Chairman involved banks that are willing to lend “We’re continuing to monitor the Igor Tulchinsky’s WorldQuant courage new banks. One bank opened posit insurance fund now has a $100bn Jelena McWilliams noted that banks with fewer protections. But McWil- exposure our banks have to lever- LLC and Izzy Englander’s Millen- in the quarter, but the total number stockpile — much more than the $73bn need to “maintain their underwrit- liams said Tuesday that this market aged lending,” McWilliams said of the nium Management LLC, dropped of lenders fell by 65, the FDIC said. At that the regulator spent during the ing discipline and credit standards” hasn’t spurred her and other members FDIC. She said that the members of 9.5% in October and is down 2.9% the end of the third quarter, there were 2008 crisis. The size of the reserve to keep the positive results coming. of the Financial Stability Oversight the risk council haven’t discussed any since it started trading in May. 261 fewer banks in operation than there means FDIC quarterly charges on large Some of the most recent deals in the Council to take action beyond keeping formal policy response to changes in An equity market neutral mutual were a year ago — mostly due to merg- banks will fall by about 45%. $1.3tn leveraged-lending market have an eye on it. the market. fund overseen by AQR lost almost 15% this year as of Wednesday, according to data compiled by Bloomberg. AQR manages $226bn of assets globally and its founder Cliff Asness is seen by some as the Bearish bets on Italian banks pile up as budget turmoil weighs godfather of quant investing. The Australian dollar version Italian bank stocks down 30% in 2018 so yield spreads. Activity in Italy’s top banks Intesa of Macquarie Asian Alpha de- far; cabinet secretary calls for ban on short Sanpaolo and UniCredit has been more muted, clined about 6.3% in the fi rst nine selling; volume of bank shares on loan has the data showed. months, according to its news- jumped in past months The big banks have a smaller proportion of their letter. A Hedge Fund Research Inc shares outstanding on loan but have also seen index tracking equity market- Reuters short interest rise. neutral hedge funds gained 1.1% London/Milan The volume of Intesa shares on loan has risen in the same period. It didn’t break five-fold over the past month. out quant funds separately. For UniCredit and Intesa, loan volume has in fact Laura Bramwell, a Sydney- Investors have piled up bearish bets on Italian fallen from levels in May when the market sold based spokeswoman for Mac- banks in recent weeks, data shows, underscoring off sharply on worries about a budget showdown quarie, declined to comment. the lenders’ dim profit outlook and worries with Europe. The Macquarie fund used com- over the eurozone’s third-largest economy as This could show investors have become more puter models to analyse company Rome’s showdown with Brussels over its budget confident the two largest lenders are better fundamentals and pick stocks, escalates. placed than their peers to deal with the fallout of while letting humans sometimes Italian banks have lost €40bn in market cap since the budget showdown. intervene in decisions. May as budget concerns pushed bond yields to Goldman Sachs analyst Silvia Ardagna is sceptical In the decade after its October near five-year highs, eroding the value of their that the fiscal easing proposed by the government 2005 inception, the Australian large sovereign bond portfolios and raising the would stimulate growth. dollar version of the fund posted risk of capital shortfalls for the weaker lenders. “This is because the increase in interest rates and an annualised return of nearly 11% On Wednesday, the European Commission took the widening of spreads that occur on the back of and had a lone annual loss of 9.5% its first step towards disciplining Italy over its a fiscal expansion in high-debt countries leads to in 2008, according to the person expansionary 2019 budget after Rome refused to an increase in the banks’ cost of funding, which is and newsletters. But macro-eco- change it, paving the way for an excessive deficit passed on to consumers and firms,” she wrote in nomic concerns have dominated procedure. a note. markets since late 2015 and cor- Ahead of that move, investors have ramped up That may lead to a further fall in Italian assets, she relations between pairs of stocks their bets that Italian banks, which hold nearly said. have increased, hurting market- one-fifth of the country’s government bonds, will Ultimately a ban on short selling may not move neutral funds designed to profi t fall further. are on loan, while Mediobanca has 15% of its seen its cost to borrow shares — a measure of the the dial on Italian bank stocks if investors don’t from diff erences in returns by in- Short sellers have targeted medium-sized lenders shares outstanding on loan and has the highest demand to short shares — rise by 40% over the see an end to the budget showdown, said vesting in large numbers of equi- as well as adding shorts on investment bank possible borrowing activity rating, according to past three months, while UBI Banca and BPER Jeff eries’ Creelan-Sandford. ties. The remaining Europe and Mediobanca and asset manager and bank Banca the short interest data provider. Banca have seen a less pronounced but steady “There’s a school of thought that suggests short- Americas funds will be managed Mediolanum. “If you were to believe in the tail risk of a rerun rise in loan volumes. selling can exacerbate the pressure, but you by a 13-person team led by Nick The volume of those banks’ shares on loan — seen of a 2012 scenario, a more sovereign-style crisis, Some Italian politicians are seeking curbs on short expect over a longer period of time the share Bird and George Platt, who co- as a proxy measure for short interest — has shot obviously Italian banks will clearly be negatively selling of bank stocks. price reflects... the underlying fundamental value,” head quant hedge funds at Mac- to its highest in at least 15 months, according to impacted by that,” said Benjie Creelan-Sandford, a On Wednesday, cabinet secretary Giancarlo he told Reuters. quarie Investment Management, data from FIS Astec Analytics. banking analyst at Jeff eries. Giorgetti called for a ban on the practice in “From that point of view the ability to short sell or the person added. Andrew Alex- Some 8.7% of Mediolanum’s shares outstanding Italy’s third-largest lender Banco BPM has also an eff ort to protect banks from a rise in bond not shouldn’t really make a diff erence.” ander, a former team member, left in October. Friday, November 23, 2018 GULF TIMES BUSINESS QFC actively contributing to national fi ntech plan, says offi cial he adoption of fi ntech “As part of our commitment within Qatar’s fi nancial to developing a fi ntech hub, the Tsector will provide plen- QFC recently signed a memo- ty of opportunities in areas for randum of understanding with better fi nancial inclusion, ac- Europe’s leading Fintech plat- cording to the Qatar Financial form B-Hive, which will help Center (QFC). facilitate co-operation on sev- “About 80% of fi ntech is eral aspects based on the pro- non-regulated; so we can start motion of business opportuni- working on important themes ties and knowledge sharing,” he such as cybersecurity, data said. analytics, digital access and Hoogendoorn said there has a cashless FIFA 2022,” Henk J been a steady uptake of fin- Hoogendoorn, managing di- tech businesses in the Middle rector, Financial Sector Of- East, with the number of fin- fi ce, QFC, recently told the 5th tech startups soaring to 105, Annual Information Security from 46 between 2013 and Conference for the Financial 2015. Sector. He discussed the growth of fintech during a panel that brought to- gether speak- ers who in- cluded Simon Investors monitoring price movements at the Qatar Stock Exchange. The QSE’s market capitalisation rose more than QR2bn or 0.36% to QR583.82bn yesterday, mainly on account Ingham, SVP of large cap equities. Enterprise So- lutions, KYC Global; Dr Ja- ouad al-Kha- liki, Founder, 30Tech; Na- bil Ben Aissa, CEO QPAY; and Bora Gok- QSE climbs for second nar, Interna- tional Sales Manager, Cardtek. Earlier in his keynote ad- straight session to cross dress, HE the Finance Min- Hoogendoorn: Steady uptake. ister Ali Sherif al-Emadi had He said the QFC is already strongly pitched for unify- actively contributing to the na- ing the legislative framework 10,300 levels on telecoms tional fi ntech plan and will be a across the countries to protect platform for international Fin- electronic banking transac- Tech companies that want to be tions and prevent cyber crimi- By Santhosh V Perumal 0.05% to 2,399 points. The tel- QR0.29mn against QR0.02mn active in Qatar or nearby remit- nals take advantages of “gaps” Business Reporter ecom index soared 2.13%, banks the previous day. Total trade tance markets. in certain countries. and fi nancial services (0.46%), volume rose 3% to 4.3mn Most Gulf markets quiet transport (0.23%) and realty shares, while value fell 12% to he Qatar Stock Exchange (0.18%); whereas insurance de- QR147.36mn and transactions Reuters 200% since early October. The rose for the second clined 0.88%, consumer goods by 15% to 3,064. Dubai Egyptian blue-chip index lost Tstraight session by more (0.12%) and industrials (0.11%). The transport sector’s trade 0.4% at 13,675 points. Hyundai names all-new than 36 points to cross 10,300 About 63% of the traded volume grew almost six-fold to The country’s largest lender, levels, mainly led by telecom eq- stocks extended gains with 0.28mn equities and value more Saudi Arabia’s stock market Commercial International Bank, 2020 SUV ‘Palisade’ uities. major gainers being Ooredoo, than tripled to QR5.4mn on 72% rose sharply yesterday, boosted dropped for a third straight Local retail investors’ weak- Vodafone Qatar, Dlala, Qatar increase in deals to 141. by rebounding bank shares, session and was 1.9% lower. ened net selling pressure helped Oman Investment, QNB, Doha The telecom sector reported while most Gulf markets were Palm Hills Developments lost Hyundai has announced summer of 2019. “Hyundai is the 20-stock Qatar Index gain bank and Industries Qatar; 64% surge in trade volume to little changed in quiet trade. 1.9%, despite posting a much the name of its new 2020 committed to off ering new 0.35% to 10,328.48 points, while Qatar National Cement, 0.95mn stocks, 82% in value to The Saudi index rose 1.2% to higher third-quarter profit. flagship SUV — Hyundai vehicles that meet the needs amidst technical hitch that Zad Holding, Barwa, United QR11.58mn and 91% in transac- 7,607 points, with National But Juhayna Food Industries Palisade. The new SUV’s of more customers, and the truncated the trading session. Development Company, Aamal tions to 356. Commercial Bank, the largest continued to gain and rose name references a series all-new Palisade will off er However, there was higher Company, Qatar Electricity The consumer goods sector’s Saudi lender, adding 2.5% and 3.9% to 11.00 Egyptian pounds. of coastal cliffs and might quality and convenience selling pressure from domestic and Water and Qatari Investors trade volume soared 22% to Al Rajhi Bank gaining 2.3%. HSBC had raised its rating naturally be associated for large families,” said institutions and weakened buy- Group were among the losers. 0.22mn shares and value more Anaam International Holding on the stock to ‘hold’ from by many with the Pacific Mike Song, Hyundai’s head ing interests of foreign funds in Local individuals’ net sell- than doubled to QR16.56mn, Group surged to its 10% limit ‘reduce’, with a price target of Palisades, an affluent and (Operations — Africa and the the market, which is up 21.18% ing declined influentially while deals declined 12% to in heavy trade after it signed a 9.5 pounds. beautiful neighbourhood in Middle East). year-to-date. to QR7.9mn compared to 249. non-binding memorandum of The Abu Dhabi index was up Southern California. “We aim to launch the Market capitalisation rose QR37.05mn on November 21. However, the insurance sec- understanding to buy real estate 0.3% at 4,985 points after The future Palisade SUV will Palisade as a 2020 model more than QR2bn or 0.36% to However, non-Qatari insti- tor’s trade volume plummeted and commercial assets owned falling in the last two sessions. convey a bold exterior that in the region and anticipate QR583.82bn, mainly on account tutions’ net buying weakened 69% to 0.04mn equities, value by Abdullah Abbar & Sons Cold The United Arab Emirates’ commands attention and has that customers will find it a of large cap equities. Islamic significantly to QR42.51mn by 62% to QR1.38mn and trans- Stores and Dar Al Abbar Co largest lender, First Abu Dhabi strong inherent imagery of very exciting addition to the equities were however seen de- against QR60.76mn on actions by 63% to 33. Amana Cooperative Insurance Bank, rose 1.0% and Abu Dhabi safety and security, especially Hyundai range.” clining vis-à-vis gains in other Wednesday. There was 24% plunge in the added 1.2% after the Capital Commercial Bank gained 2%. important with parents with Pacific Palisades is home to indices in the market, where Domestic funds’ net prof- real estate sector’s trade volume Market Authority approved its Dubai’s index was flat at 2,755 growing families and active a collection of mid-century Gulf funds and individuals were it booking grew perceptibly to 0.93mn stocks and 22% in request to raise 100mn riyals points. Dubai Investments fell lifestyles. modern masterpiece homes increasingly bearish. to QR28.48mn compared to value to QR22.56mn but on 12% ($26.7mn) through a rights back 2.0% after snapping a five- Palisade styling will off er by architects such as Cliff Trade turnover shrank amidst QR21.05mn the previous day. jump in deals to 805. issue. day losing streak on Wednesday. dignity with style in May, Richard Netra, Charles higher volumes in the bourse, Non-Qatari individuals’ net The industrials sector’s Abdullah Saad Mohammed Shuaa Capital rose 2.9% after an understated theme and Ray Eames, and Eero where banking, telecom and real selling strengthened marginally trade volume tanked 21% to Abo Moati, a third-tier stock saying it had acquired a 4.8% that demonstrates clear Saarinen. The region boasts estate sectors together account- to QR3.2mn against QR2.2mn on 0.41mn shares, value by 48% to traded by local retail investors, stake in Ajman Bank for 100mn diff erentiation worthy of a of cool sea breezes, easy ed for more than 78% of the total November 21. QR11.96mn and transactions by jumped 9.2% in light trade after dirhams. The bank edged down flagship SUV. Global media access to the beach, and volume. The Gulf institutions’ net 49% to 356. reporting a rise in its third- 0.1%. will see the Palisade for the spectacular sunsets. It also The Total Return Index profi t booking grew impres- The banks and fi nancial serv- quarter profit. The Kuwait and Oman markets first time at the Los Angeles offers outdoor access of gained 0.35% to 18,197.63 points sively to QR2.62mn compared to ices sector saw 1% fall in trade But Saudi Industrial Export were closed for public holidays. Auto Show on November various kinds via three large and All Share Index by 0.28% to QR0.45mn on Wednesday. volume to 1.48mn equities, 19% fell 10%, its seventh day of In Bahrain, the index rose 0.7% 28, and it will begin sales parks and hiking and biking 3,070.63 points, while Al Rayan The Gulf individuals’ net in value to QR73.91mn and 27% losses after gaining more than at 1,323 points. internationally in the paths. Islamic Index (Price) was down selling increased marginally to in deals to 1,124.

GCC fertiliser production capacity to reach 38.9mn tonnes by end-2018: GPCA

Gulf Petrochemicals and of 5.7% between 2010 and 2017, Countries such as the US and India are availability of arable land and excessive “Fertiliser trade is global and has always Korea, Bangladesh, Laos and Sri Lanka, Chemicals Association says standing in 2017 at $5.93bn, albeit down targeting self-reliance in nitrogenous water usage, Kapur pointed out. been subject to some protectionist can impact fertiliser demand. region’s fertiliser industry from a peak of $7.22bn in 2014. fertilisers; together these account New emerging indoor farming models measures by various countries. Other countries are joining the continues to grow, both as a major GCC fertiliser exports in 2017 were for almost half of the GCC region’s such as greenhouse/polyhouse/vertical One of the most important protectionist retaliation and increasing the custom producer and exporter valued at $5.3bn, with volumes at a nitrogenous fertiliser exports. farming and micro-irrigation techniques measures that can aff ect the Middle duties on products from the US. If record level of 20.4mn tonnes, GPCA Also, oversupply of liquefied natural are appealing concepts that may give East as a fertiliser exporter is a potential governments resort to restrictive By Pratap John noted. gas (LNG) is helping countries like India, enormous potential for the region to increase in import tariff s in large import trade policies, especially in a tit- Chief Business Reporter According to Rakesh Kapur, president, Pakistan and Egypt to increase their increase its share of agriculture in its markets. for-tat process, it could lead to an International Fertiliser Association domestic production capabilities, Kapur GDP. The prevailing tariff and non-tariff unmanageable escalation, Kapur said. (IFA) and joint MD of India’s IFFCO, the noted. “Overall, we are witnessing maturity barriers for urea in Sub-Saharan Africa The recent EU/Japan trade agreement Fertiliser production capacity in the GCC region, with large reserves in the As such, new market segments in the fertiliser market, especially in results in Nigeria exporting 80% of total signed in July this year provides hope GCC region will reach 38.9mn tonnes nitrogenous and phosphatic fertiliser and geographies are required to be commodity fertilisers, but there are urea capacity to Brazil and Argentina, for endorsement of a global trading by the year-end, and is expected to segment, is mostly export-oriented with explored by the GCC producers to off set regional diff erences. In the mature which otherwise is suff icient to satisfy system that is under increasing threat increase to 47mn tonnes in 2025, a new over 90% of mainstream fertilisers sold the likely demand from GCC countries. markets, the challenges of soil most of the urea demand in Sub- from unilateralism and protectionism. report has shown. overseas. However, favourable policy initiatives, degradation, climate change and water Saharan Africa. The deal which covers 600mn people According to the Gulf Petrochemicals “Asia is the largest importer of GCC price aff ordability and improved scarcity have shifted the focus on to Protectionist measures on agriculture and almost a third of the global economy and Chemicals Association (GPCA), fertilisers followed by North and Latin infrastructure in the regions struggling fertilisers with improved nutrient use trade items can potentially impact is aimed at eliminating tariff s on nearly the GCC fertiliser industry continues America, respectively. However, over for fertiliser availability will present eff iciency (NUE) and the speciality demand for fertilizers and international all goods and access of European food to grow, both as a major producer and time, the prolonged period of low oil good export opportunities to GCC fertilisers segment,” Kapur said. trade. The current retaliatory tariff of an items to the Japanese market. exporter. and gas prices has helped the fertiliser producers. On protective trade policies and tariff s additional 25% by China on $12bn worth “This will potentially influence both Revenues have been growing at a industry,” Kapur is quoted in the latest The share of agriculture in the GDP of the becoming a growing problem for of soybeans from the US, and reduced agriculture items as well as fertilisers compound annual growth rate (CAGR) issue of ‘GPCA Insight’. Middle East region is low due to limited the fertiliser industry, Kapur noted, tariff s from 3% to zero from India, South trade,” Kapur said.