BUSINESS

Friday 19 October 2018 PAGE | 18 PAGE | 19 China not manipulating Spain banks tumble as currency but lacks court rules they must transparency says US pay mortgage tax

Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 20.08 QAR/PHP : 14.78 QAR/LKR : 46.75 QAR/BDT : 23.15 EUR/QAR : 4.30 GBP/QAR : 4. 87 CAD/QAR : 2.90 AUD/QAR : 2.72 CHF/QAR : 3.79 SGD/QAR : 2.74 KWD/QAR : 12.23 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 Global trade Woqod renews contract wars risk QSE investors’ ‘millions of wealth rises to with QP for next 5 years jobs’: WTO THE PENINSULA AFP QR569.12bn THE PENINSULA DOHA: Qatar Fuel (WOQOD), LONDON: Escalating trade Services sector accounted for the main distributor of retail wars “pose real risks” to the 25.08 percent. Industries sector petroleum products in Qatar, A new agreement global economy, potentially DOHA: Qatar Stock Exchange’s accounted for 15.74 percent and announced yesterday that it has has been recently threatening millions of jobs, (QSE) benchmark index gained Telecoms sector accounted extended the petroleum head of the World Trade 331.48 points, or 3.36 percent, 13.98 percent. products sale and purchase executed Organization (WTO) Roberto last week when the bourse Banking and Financial Services agreement with Qatar embodying the Azevedo warned yesterday. closed yesterday at 10,193.01 sector led traded number of trans- Petroleum (QP) for a further terms, conditions US President Donald Trump points. Trading value during last actions last week with 31.04 percent period of five years expiring on and arrangements is locked in a trade war with week increased by 33.80 of the total number of transactions. September 30, 2023. reached by the China, rolling out billions of percent to reach QR995.85m Industries sector accounted for A new agreement has been dollars in tariffs in a bid to compared to QR744.28m in the 21.10 percent. Real Estate sector recently executed embodying parties in this tackle its trade deficit and rein previous week. accounted for 19.35 percent and the terms, conditions and regard. in what Washington considers Trading volume increased Consumer Goods and Services arrangements reached by the unacceptable Chinese trade by 50.84 percent to reach 31.20 sector accounted for 10.05 percent. parties in this regard. practices. Trump has also tar- million shares, as against 20.69 From the 45 listed companies 35 Woqod Chief Executive Woqod in furtherance of ities, of petroleum products. geted the EU, and WTO director million shares, while the ended last week higher, while Officer Engineer Saad Rashid Woqod undertaking the distri- The supply will be con- general Azevedo told business number of transactions rose by nine fell and one remained Al-Muhannadi (pictured) said bution of petroleum products ducted in line with the highest heads at the Mansion House 59.97 percent, to reach 20,244 unchanged, reports QNA. Woqod is undertaking the sale and gas along with related security, safety, health and speech that there appeared to transactions as compared to QNB led trading value last purchase, marketing, distri- services. environment, and thus support be “no end in sight” to the tit- 12,655 transactions. week accounted for 18.71 bution and transportation of He went on to emphasize our beloved country’s compre- for-tat action, pleading with Market cap rose by 3.17 percent of the total traded value. petroleum products within the that, such confidence and hensive development world leaders to negotiate. percent to reach QR569.12bn as Industries Qatar accounted for local market pursuant to a con- support would certainly prompt endeavors. “A continued escalation of compared to QR551.66bn at the 10.33 percent and Qatar Fuel cession granted by the Gov- Woqod to exert more efforts Al Muhannadi said that tensions would pose real risks,” end of previous week. accounted for 8.55 percent. ernment of Qatar since the year and persistent work in fur- Woqod will fully liaise and he warned.WTO economists Banking and Financial When compared on daily 2003. therance of the provision of its cooperate with Qatar Petroleum calculate that “a complete Services sector led traded value basis, the QSE index gained 35.53 The extension of the services according to the to ensure consistent provision breakdown in international last week with 35.52 percent of points, 0.35 percent, yesterday agreement has been effected to highest specifications and of the requirements of the state trade cooperation would see a the total traded value. Industries compared to Wednesday’s enable Woqod further carry out modern techniques, through the and the local market of sharp rise in tariffs, knocking sector accounted for 24.02 closing. The volume of shares the scope of work entrusted to it. establishment of a modern dis- petroleum products, and other up to 17 percent off global trade percent. Real Estate sector traded decreased to 4.58 million Al Muhannadi expressed his tribution sector comprising sta- accompanying services, in growth, and 1.9 percent off accounted for 13.18 percent and from 7.90 million on Wednesday profound thanks and appreci- tions, distribution and transport accordance with the set pol- overall global economic growth. Consumer Goods and Services and the value of shares decreased ation for the great confidence network and integrated infra- icies, plans and programs, in “These effects would cause sector accounted 13.10 percent. to QR180.62m from QR309.03m reposed on Woqod by the state structure facilities covering and furtherance of the public significant disruptions for Real Estate sector led traded on Wednesday. of Qatar and Qatar Petroleum, supplying the increasing sus- interest, as well as the interest workers, firms, and commu- volume last week with 33.65 From the 47 companies and for the continuous unfailing tainable requirement of the of the company and its nities as they adjust to this new percent of the total traded listed on QSE, shares of 45 support they are providing to state land, air and marine facil- shareholders. reality,” said Azevedo. volume. Banking and Financial saw trading yesterday. Oil falls below $79 on US inventories REUTERS a continuous trend. Week after week, it does start to LONDON: Oil fell more than add up.” Oil had been rising $1 a barrel to below $79 this week on concern about yesterday as the fourth a decline in Iranian exports weekly increase in US crude due to US sanctions and inventories suggested ample tension between the United supply, while Saudi-US States and Saudi Arabia tension and falling Iranian after the disappearance of exports lent support. Saudi journalist Jamal US crude inventories Khashoggi.US lawmakers rose 6.5 million barrels last pointed the finger at the week, the Energy Infor- Saudi leadership over the mation Administration said disappearance of the Saudi on Wednesday, the fourth critic, suggesting sanctions straight weekly increase could be possible. Saudi and almost three times Arabia denies that it had what analysts had forecast. any role in Khashoggi’s Brent crude, the global disappearance. benchmark, was down But President Donald $1.07 at $78.98 a barrel at Trump on Wednesday gave 1330 GMT. It has dropped Saudi Arabia the benefit of almost $8 since reaching the doubt in the journalist’s $86.74, the highest since disappearance, suggesting late 2014, on October 3. US the White House may not crude was down $1.07 at take additional action $68.68. against Saudi Arabia. “Stocks are building,” Signs that Iranian oil said Olivier Jakob, oil exports have been falling analyst at Petromatrix. “It’s more steeply. 18 BUSINESS FRIDAY 19 OCTOBER 2018 China not manipulating currency MarketWatch but lacks transparency, says US QSE FTSE100 DOW BRENT AFP 10,193.01 7,041.88 25,573.32 $69.01 of China.” In Wednesday’s been limited this year,” it added, report, the Treasury also said with net interventions by the +35.53 PTS -12.72 PTS -133.36 PTS -0.74 WASHINGTON: The United Germany, , Japan, South People’s Bank of China “effec- 0.35% 0.18% 0.52% Dow & Brent before going to press States has again declined to call Korea and Switzerland remained tively neutral.” During the World China a currency manipulator on a “monitoring list” of coun- Bank-International Monetary but said the yuan’s fall and tries whose currency practices Fund’s annual meetings last ’s exchange practices required “close attention.” week, Mnuchin said he had held Further US rate were of “particular concern.” In Washington has long argued constructive talks with PBOC putting Beijing and five other US Beijing keeps its currency arti- Governor Yi Gang. trading partners on notice, the ficially low to make its exports A growing US economy and hikes ‘most likely’ US Treasury once more more competitive. falling unemployment have also weaken its currency. refrained from escalating a fight In recent years, however, whipped up demand among US Labelling China a manipu- over China’s currency as US the yuan or (RMB) has consumers for imported goods, lator would be a fresh sign of needed, says Fed President Donald Trump had strengthened and economists with 2017’s record US-China confrontation from Washington AFP once pledged to do on the now say it is more in line with trade deficit continuing to widen but any actual repercussions Further rate hikes “would campaign trail. China’s economic funda- this year — swelling 3.2 percent would be gradual. most likely be consistent” with “Of particular concern are mentals. Still, as US interest to $390bn in the 12 months These include starting talks WASHINGTON: US central the current period of firming China’s lack of currency trans- rates have risen, the US dollar ending in June. Washington and while limiting export finance for bankers see no reason to pause inflation and historically low parency and the recent has strengthened further, which Beijing are locked in battle over US-China trade, halting gov- the current course of gradual unemployment, according to the weakness in its currency,” US makes American exports more the yawning US-China trade ernment purchases, blocking rate hikes that have infuriated minutes. On the other hand, Treasury Secretary Steven expensive. The dollar this year deficit, which Trump describes any potential trade agreement President Donald Trump and while risks were “roughly bal- Mnuchin (pictured) said in is up 6.6 percent against the as a job killer. and directing the International some even say the Federal anced,” some Fed members releasing a twice-yearly report RMB, which began to weaken Washington has slapped Monetary Fund to carry out Reserve may soon need to slow said instability in emerging to Congress on how countries substantially in June. punishing tariffs on about half “additional rigorous surveil- the economy, according to economies — many of which manage exchange rates and “Recent movements in of all China’s goods exports to lance.” In rewriting the North meeting minutes released are heavily indebted and vul- trade. China’s currency have not been the United States, with talks to American trade pact this year, yesterday. nerable when US rates rise — “These pose major chal- in a direction that will help resolve the matter at an Washington, Ottawa and Mexico But, amid brisk American could “spread more broadly lenges to achieving fairer and reduce China’s large trade apparent impasse. Trump in City agreed any member could expansion, some Fed policy- through the global economy more balanced trade and we will surplus,” the report released April 2017 dropped his cam- withdraw from the new treaty if makers also warned of looming and financial markets”. continue to monitor and review Wednesday said. paign pledge to label Beijing a any other member moved to dangers to the world economy, Unemployment fell last China’s currency practices, “Treasury staff estimate that currency manipulator, telling enter a trade agreement with a such as the potential for a month to 3.7 percent, its lowest including through ongoing dis- China’s direct intervention in the The Wall Street Journal that “non-market” economy, a thinly strengthening US dollar and level since 1969, and econo- cussions with the People’s Bank foreign exchange market to have Beijing was not intervening to veiled reference to China. possible contagion from sput- mists say the central bank is tering emerging markets, unlikely to be pushed off course according to minutes from the by Wall Street selloffs or other Fed’s most recent meeting three noise. The central bank expects weeks ago. to raise its key lending rate China to keep minting new millionaires faster than US The Federal Reserve’s again in December — its ninth steady increases in benchmark increase since 2015 — and three BLOOMBERG This is the ninth edition of the Global China’s surge, with UBS Group AG estimating lending rates have enraged the more times next year. Wealth Report from Credit Suisse’s Research a new billionaire is minted in China every president, who has called the This would move US LONDON: The US capped its 10th straight year Institute, an in-house think tank set up after two days and Asia now home to around a bank “crazy,” “loco” and his interest rates slightly above of household wealth growth and is set to the credit crisis to study long-term economic quarter of the people on the Bloomberg Bil- “biggest threat,” in contrast to what policymakers say is remain as the world’s biggest hub for rich indi- trends. Based on data from adults in 200 lionaires Index, a ranking of the world’s 500 previous presidents who in “neutral” — that is, neither viduals even as China starts to close the gap, countries, the organization’s latest research richest. recent decades refrained from slowing nor speeding the according to Credit Suisse Group AG. provides perspective on the factors driving China’s total wealth has risen 1,300 comment on decisions of the economy — but some partici- North America led worldwide gains for wealth changes across rich and poor percent this century to $51.9 trillion, more independent Fed. pants said the Fed would need average growth in household wealth per countries. than double the rate of any other nation. Still, the minutes showed to go even further than that. adult, rising 5.5 percent to $391,690 in the 12 The US Federal Reserve’s quantitative Although the US will remain a world leader that, for the moment at least, The Fed also took notice of months through mid-year, the Zurich-based easing program, low interest rates and tax in the number of millionaires, reaching as American policymakers were clouds forming on the horizon. bank said yesterday in its Global Wealth cuts introduced under President Trump’s many as 20.5 million over the next five largely in agreement about the Markets fear currency crises in Report. The US, meanwhile, contributed most administration have all helped to drive the years, Credit Suisse forecasts that China will near future -- despite the and Argentina and other to global wealth during that period by adding country’s household wealth since 2008, mint new seven-figure fortunes at more increasing heat from the pres- emerging market economies $6.3 trillion, and topped the report’s rankings according to the report. The US’s position as than three times the rate over the same ident, who fears higher rates could spread beyond their for minting new millionaires. global leader in wealth growth comes despite period. will derail his economic agenda. borders. FRIDAY 19 OCTOBER 2018 BUSINESS 19 Low-cost carrier Cobalt Air goes bust Spain banks tumble as AFP island’s biggest carrier after state- present”. “We sincerely apologise airline of its liabilities towards court rules they must owned Cyprus Airways went once again and would like to customers. “The cost of the tickets LARNACA: Cyprus said bankrupt in January 2015. thank our very loyal customers will be covered by the state for pay mortgage tax yesterday it will pay to ensure Employing many pilots from for their support over the last two repatriation purposes only,” the hundreds of Cobalt Air the defunct national carrier, it years of Cobalt operations.” Nine minister told reporters. BLOOMBERG passengers stranded on the went on to operate 13-15 flights flights had been scheduled to “We... feel the need to help holiday island can return home daily, taking up to 3,000 pas- arrive and nine to depart from passengers trapped either in MADRID: Spanish lenders safely after the sudden collapse sengers to 23 destinations Larnaca airport on Thursday. Cyprus or abroad who want to tumbled yesterday after the of the low-cost carrier. including Athens, Beirut, Hea- Hundreds of passengers were return to their place of resi- nation’s Supreme Court ruled In a surprise announcement throw, Paris and Tel Aviv. left stranded, although it was not dence.” Two travel operators on they must pay a one-time tax posted on its website late on But late on Wednesday night, immediately clear exactly how the island had been instructed to of about 1 percent on mortgage Wednesday, the airline said it was its website was abruptly replaced many. Airport authorities said manage the repatriations and loans that traditionally was cancelling all flights from shortly with a single-page statement there was no panic in the depar- issue tickets on other airlines. passed to their clients. before midnight “due to indef- announcing the cancellation of tures hall, with passengers Anastassiadou described the Declines ranged from 6.3 inite suspension of Cobalt’s all of its flights from 23:50pm. appearing to have stayed away situation as “regrettable” as it percent at Banco de Sabadell operations”. Its last flight was reportedly after learning about the airline’s comes at time Cyprus is enjoying SA to 1.8 percent at Banco It warned customers its in the air on the way back to fate and the flight cancellations. a surge in its vital tourism sector Bilbao Vizcaya Argentaria SA, offices would no longer be staffed Larnaca from London at the time. Yesterday, the Cypriot with arrivals in 2018 expected to which has a much larger inter- and urged them to seek refunds “As a result, future flights or transport minister emerged from exceed last year’s high of 3.6 national business that cushions under pressure from low through their credit card services provided by Cobalt will be an emergency meeting on the sit- million. the impact of the ruling. Even interest rates and this adds to company or travel agent. cancelled and will no longer uation to say everything would The minister confirmed the as uncertainty shrouded the all the negative sentiment Cobalt’s grounding comes operate,” the statement said, be done to minimise the incon- airline was struggling but had issue of whether banks would toward banks.” just two weeks after Latvia-based without elaborating on the reasons. venience for those stuck in informed authorities it was be required to pay retroactively, While the ruling doesn’t Primera Air filed for bankruptcy The airline advised pas- Cyprus and abroad. looking for funding. lenders were the biggest losers specifically talk about its effects and a month since Belgian airline sengers with tickets against going Vassiliki Anastassiadou said “It seems they were not able on the IBEX 35 index. being retroactive, tax refunds Skyworks took the same course. to Larnaca International Airport Cyprus would cover the cost for to do this, but we had also given The court altered an earlier can be claimed for the previous The airline was launched only or attempting to contact its offices passengers to return home up Cobalt a deadline of October 22 ruling, deciding now that the four years, a court spokesman two years ago, filling the void to “as no Cobalt flights will operate until October 24, while adding to present its financial situation,” levy on documenting mortgage said by phone. New home loans become the Mediterranean and no Cobalt staff will be that this did not absolve the she said. loans must be paid by the total more than €160bn since lenders. Mortgages are one of the start of 2014, according to the biggest businesses for Bank of Spain data. domestic banks. Daragh Quinn, an analyst The sentence is one of a at Keefe, Bruyette and Woods, string from Spanish and said Spain’s domestic banks Higher Treasury yields boost dollar European Union courts in would face a €1.7bn impact, recent years in favor of home assuming a 66 percent claim REUTERS supporting a higher dollar. “The Treasury per dollar, after a semiannual report by the buyers and at the expense of ratio. The worst affected would market leaked higher in yield yesterday fol- US Treasury refrained from naming China banks.Banks have always be CaixaBank SA, that may face LONDON: The US dollar index traded near lowing the FOMC minutes, and that got a a currency manipulator but showed concern abided by rules that have been a €227m impact if three one-week highs yesterday as Treasury yields bit of attention,” said Brian Daingerfield, a about yuan depreciation. in force for more than 20 years quarters of eligible clients win edged higher, after minutes from the macro strategist at NatWest Markets in “Of particular concern are China’s lack of and haven’t collected any a claim, Quinn said in a report Federal Reserve’s September meeting Stamford, Connecticut. currency transparency and the recent money from clients for the levy, yesterday. showed that Fed policy makers are largely “For the broader dollar, the interplay is weakness in its currency,” said Treasury Sec- the Spanish banking associa- “We believe that the provi- united on the need to raise borrowing costs how does the dollar trade relative to what’s retary Steven Mnuchin. tions AEB and CECA said in a sions needed could be relatively further. going on interest rates and what’s going on By stating that the Treasury will monitor statement after the ruling. moderate,” he said. That came despite US President Donald in the broader risk environment?” Dainger- and review the yuan’s moves over the “This is one more negative Citigroup analysts said the Trump’s view that interest rate hikes have field said. The dollar index measuring the coming six months, “the US explicitly noted piece of news for banks, but the impact of the ruling could range already gone too far. Benchmark 10-year greenback against a basket of currencies that it stands ready to name China in its market is over-reacting as it is between 1.3 billion euros to 4.5 Treasury yields have jumped to 3.21 gained 0.14 percent on the day to 95.711, just April 2019 report,” Citigroup analyst Calvin very difficult to calculate the billion euros but further clarity percent, from around 3.17 percent before below a one-week high of 95.775 reached in Tse said in a report. real impact the ruling will on how far the payments may the minutes of the US central bank’s overnight trading. Deutsche Bank strategists termed the have,” Renta 4 banking analyst have to go back “is key,” Stefan Federal Open Market Committee (FOMC) China’s currency traded near a three- Treasury report “as a bit of an escalation Nuria Alvarez (pictured) said Nedialkov and Anand Demble meeting were released on Wednesday, month low against the dollar at 6.9490 yuan without being too dramatic.” by phone. “Margins are already said in a note. BREAK TIME CROSSWORD MALL ROYAL PLAZA VILLAGGIO & CITY CENTER

Hello Guru Prema Kosame (2D/Telugu) 2:00pm; Goosebumps2: Hello Guru Prema Kosame (2D/Telugu) 2:30pm; Goosebumps2: Haunted Halloween (2D/Comedy) 2:30 & 5:30pm; Vada Haunted Halloween (2D/Comedy) 3:00pm; Badaai Ho (2D/ Chennai (2D/Tamil) 2:30 & 11:30pm; Legend of A Rabbit The Hindi) 5:00pm; Sandakozhi (2D/Tamil) 5:00pm; Namaste England (2D/Hindi) 8:00pm; The Old Man And The Gun (2D/ Martial of Fire (2D/Action) 4:15pm; Sandakozhi (2D/Tamil) Comedy) 7:15pm; First Man (2D/Drama) 9:00pm; Vada Chennai 6:00pm; First Man (2D/History) 7:15pm; Namaste England (2D/ (2D/Tamil) 10:45pm; Mandy (2D/Action) 11:30pm. Hindi) 4:45 & 8:45pm; The Old Man And The Gun (2D/Comedy) 9:45pm; Badaai Ho (2D/Hindi) 7:30pm; Mandy (2D/Action) ASIAN TOWN 9:45pm; Kayamkulam Kochunni (2D/Malayalam) 11:30pm; Kayamkulam Kochunni (Malayalam) 1:00, 4:00, 7:00, 10:00, Accident (2D/Action) 11:30pm 11:30pm, 1:0am & 2:30am; Sandakozhi (2D/Tamil) 12:00, 12:30, 3:00, 6:00, 9:00pm, 12:00midnight & 2:45am; Hello Guru Prema LANDMARK Kosame (2D/Telugu) 3:30pm; Vada Chennai (2D/Tamil) 12:00, 3:00, 6:00, 9:00pm & 12:00 midnight; Namaste England Vada Chennai (2D/Tamil) 2:15 & 8:00pm; Legend of A Rabbit (2D/Hindi) 6:15pm; 96 (Tamil) 8:45pm The Martial of Fire (2D/Action) 2:30pm;Hello Guru Prema ROXY Kosame (2D/Telugu) 2:30pm; Kayamkulam Kochunni (2D/ Malayalam) 5:15pm; Goosebumps2: Haunted Halloween (2D/ Badaai Ho (2D/Hindi) 10:40 & 11:10pm; First Man (2D/Drama) Comedy) 4:30 & 6:30pm; Badaai Ho (2D/Hindi) 5:00 & 10:30am, 1:20, 4:10, 9:15, 6:30 & 11:40pm; Goosebumps2: Haunted Halloween (2D/Comedy) 10:30am, 2:30, 6:40 & 11:15pm; Mandy (2D/Action) 7:15pm; Namaste England (2D/ 12:30pm; Kayamkulam Kochunni (2D/Malayalam) 10:30am, Hindi) 8:30pm; Sandakozhi (2D/Tamil) 11:00pm; Masrycany 1:45pm & 12;20am Mandy (2D/Action) 4:10, 7:00, 9:20 & 11:15pm; (Arabic) 9:00pm; First Man (2D/Drama) 11:00pm Sandakozhi (2D/Tamil) 6:00 & 9:10pm; Small Foot 4:30pm; Vada Chennai (2D/Tamil) 10:30am, 1:50, 5:15, 8:30 & 11:50pm

FLIK Mirqab AL KHOR

Sandakozhi (2D/Tamil) A Star Is Born 12:15, 5:40, & 7:50pm; Bad Times At The El 12:00, 6:00pm & 12:00 midnight Namaste England (2D/Hindi) 11:30am, 5:30 & 11:30pm Royale 2:55pm; First Man (2D/Drama) 3:40, 6:30, 7:10, 8:20, Masrycany (Arabic) 10;30am, 3:45 & 9:00pm 9:20,10:30 & 0:15am Vada Chennai (2D/Tamil) 3:00 & 9:00pm Yesterday’s answer Goosebumps2: Haunted Halloween (2D/Comedy) 10:30, Kayamkulam Kochunni (Malayalam) 2:30 & 8:30pm 11:40am, 12:25, 1:35, 2:20, 4:15, 5:156:10, 8:05, 10:00 & First Man (2D/Drama) 12:45, 6:00 & 11:15pm 11:55pm; Legend of A Rabbit The Martial of Fire (2D/Action) Note: Programme is subject to change without prior notice. 12:55 3:25 & 6:00pm; My Giraffe 11:25am, 2:50 & 7:05 Namaste England (2D/Hindi) 9:55 & 11:05pm Small Foot 10:40, 1:10 & 4:45pm Vada Chennai (2D/Tamil) 3:30, 6:55 & 10:20pm Venom 2D 11:15am, 12:20, 2:40, 1:30, 3:45, 9:00, 11:15pm & 12:00am 3D 5:00, 7:20 & 9:40pm

NAMASTE ENGLAND

An insufferably infantile drama about a married couple separated in the silliest of ways owing to the woman’s desire to settle in London and get started there as a jewellery designer.