01-05 DECEMbER 2020 | 16-20 RAbi Ul AKHiR 1442 HiJRi | VOlUME NO. 08 | iSSUE 95 /emiratesbusiness.ae @emi_business emirates-business.ae

OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0357 B r e n t Crude $47.70/bbl buLLION the Joe biden era will be neither normal nor boring Abu Dhabi - ADX 4,964.94 EuRo 4.4155 CHF 4.1087 WTI Crude $45.32 /bbl Under new president, the White House will no longer generate a cacophony of incompetence. Tweet tantrums will yield to process GBP 4.9178 CAD 2.8566 N a t u r a l G as $2.99 /MMBtu Dubai - DFM 2,419.60 and predictability, writes Francis Wilkinson PRECIOUS METALS AmEricAs PAGE 07 New york - NYA 14,198.50 EXCHANGE RATE Sri Lankan Rs 50.26 Gold $1,773.30/t oz Apple suppliers’ China exodus not to slow down under biden Indian Rs 20.02 Philippine Peso 12.85 Gold-Dubai AED215.25/gm Buy for London - UKX 6,350.37 Bangladesh Taka 22.32 (AED) 25,106.76 The iPhonemaker, the largest of the many tech giants that rely on Pakistani Rs 42.57 Silver $22.23/t oz Chinese factories , will move some production to Vietnam

Tuesday— Saturday

Price UAE: AED 2

UN lauds UAE support to airlift aid MohAMMed AttendS ‘CoMMeMorAtion dAy’ CereMony to Ethiopian refugees in Sudan The Emirates has allocated AED18.4m to help refugees

GENEVA / WAM The cargo included 5,000 blankets, 4,500 solar lamps, The UN refugee Agency has 2,900 mosquito nets, 200 plastic sheets and 200 plastic commended the UAE for sup - porting humanitarian efforts rolls. A second airlift will carry 1,275 family tents and 10 to airlift emergency aid and prefabricated warehouses. This aid will meet the supplies to Ethiopian immediate shelter needs of more than 16,000 people refugees in Sudan. Spokesperson of the United Nations High Commis - IHC. ''In total, we plan to send ously covered by the Govern - sioner for Refugees (UNHCR) four airlifts,'' he added. ment of United Arab Emi - Babar Baloch, told a news The cargo included 5,000 rates,'' he said. briefing in Geneva that a blankets, 4,500 solar lamps, The United Arab Emirates plane carrying 32 tons of 2,900 mosquito nets, 200 announced last week allocat - UNHCR emergency aid from plastic sheets and 200 plastic ing AED 18.4 million ($5.0 global stockpile in Dubai rolls. A second airlift will million) in support of the re - landed in Khartoum. Another carry 1,275 family tents and cently arrived Ethiopian airlift was scheduled to leave 10 prefabricated ware - refugees in Sudan. Since the Dubai on Monday with 100 houses. This aid will meet the start of fighting in Ethiopia’s tons of additional relief items. immediate shelter needs of northern Tigray region in His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, attended the ‘Commemoration UNHCR’s global stockpile is more than 16,000 people. early November, he noted, Day’ ceremony at Wahat Al Karama in Abu Dhabi, on Monday. HH Sheikh Mohammed bin Rashid honoured the families of several martyrs hosted by the International ''The transportation costs more than 43,000 refugees and presented them with the ‘Martyr’s Medal’ to honour their sacrifices for the nation —WAM Humanitarian City in Dubai, of both flights were gener - have crossed into Sudan.

Abu dhAbi department of economic development (Added) releases reports on emirate’s exports and re-exports Khalifa orders setting up of Fallen Frontline Heroes Order Abu DhAbi / WAM Covid-19. The award is based on a proposal by HH Abu Dhabi’s non-oil exports, HH Sheikh Khalifa bin Zayed Sheikh Mohamed bin Zayed Al Nahyan, President of the Al Nahyan, Crown Prince of UAE, has ordered the award Abu Dhabi, Deputy Supreme of the Fallen Frontline He - Commander of the Armed re-exports jump 62.5 pct roes Order to those who Forces and Head of the Fakhr have lost their lives on the Al Watan Office (Frontline The impressive growth has been attributed to the UAE capital’s economic frontlines while tackling Heroes Office). and trade relations with countries in the Middle East and around the world

Abu DhAbi / WAM The positive results Banks waive AED869.85m Abu Dhabi’s non-oil exports and re-exports reached AED32.8 bil - showcase the growth debts of 1,607 Emiratis lion between June and August in Abu Dhabi’s non-oil 2020, up 62.5 percent compared exports and re-exports Abu DhAbi / WAM to AED20.2 billion recorded be - despite the global tween March and May this year, a The Non-performing Debt report issued by the Abu Dhabi repercussions of the Relief Fund announced on Department of Economic Devel - Covid-19 pandemic, which Monday that 12 banks had opment (ADDED) showed. led to the current economic waived the debts of 1,607 The report reveals the emi - crisis that has negatively Emirati citizens, with a total rate’s exports and re-exports of value of more than non-oil goods amid the coron - affected all countries AED869.85 million. avirus pandemic, particularly be - Mohammed Ali Al Shorafa, The banks that partici - tween March and August 2020. pated included First Abu The waiver of debts is Mohammed Ali Al Shorafa, Chairman of ADDED Dhabi Bank, Abu Dhabi Com - part of the UAE's wise Chairman of ADDED, said, "The According to ADDED’s report, Saudi Arabia was the number one destination of Abu Dhabi’s mercial Bank, Al Hilal Bank, leadership's keenness to recent results showcase the non-oil goods between March and August 2020 enhance the global competitive - Mashreq Bank, Emirates growth in Abu Dhabi’s non-oil ex - ness of the national products. He NBD, Abu Dhabi Islamic ensure a decent life for all ports and re-exports despite the rising demand for Abu Dhabi’s crisis. The government has also assured that ADDED will con - Bank, Standard Chartered, Emiratis and the highest global repercussions of the Covid- non-oil products. He added that been proactive in implementing tinue to support the local econ - RAKBANK, Commercial Bank possible standard of 19 pandemic, which led to the the latest numbers have proved precautionary measures to en - omy and preserve the emirate’s of Dubai, Dubai Islamic Bank, social stability current economic crisis that has the regional and global competi - sure business continuity in the economic gains in line with the Emirates Islamic, NBQ, and negatively affected all countries." tiveness of local goods. emirate and ease the impact of vision and directives of the Abu the Arab Bank for Investment Al Shorafa attributed the ADDED Chairman also reaf - the global pandemic on the pri - Dhabi Government’s leadership. & Foreign Trade (Al Masraf). Crown Prince of Abu Dhabi growth to the UAE capital’s eco - firmed the Abu Dhabi Govern - vate sector. For his part, Rashed Abdul The move was imple - and Deputy Supreme Com - nomic and trade relations with ment’s commitment to help ADDED’s Chairman noted that Karim Al Balooshi, Under-Secre - mented as per the directives mander of the UAE Armed countries in the Middle East and sustain the performance of the the Department will further work tary of ADDED, highlighted the of President His Highness Forces; and the follow-up of around the world. He added that private companies that benefited towards strengthening Abu vital role of the Department and Sheikh Khalifa bin Zayed Al HH Sheikh Mansour bin these well-established ties from its economic stimulus Dhabi’s exports of various prod - its government partners in in - Nahyan; and the support of Zayed Al Nahyan, Deputy demonstrate the confidence of package that was issued earlier ucts and commodities to achieve creasing the local non-oil exports His Highness Sheikh Mo - Prime Minister and Minister the global community in and the for businesses affected by the tangible economic returns and and re-exports. hamed bin Zayed Al Nahyan, of Presidential Affairs.

Angola eyes investments Japan buys Opec seeks compromise on from UAE to spur growth 21.85 mmb DubAi / WAM of crude oil plan to delay output hike The UAE has been identified as a key market where Angola from UAE The cartel that pumps half the world’s crude is debating is looking to attract foreign di - whether to maintain supply at current levels or increase it rect investment in a wide vari - TOKYO / WAM ety of economic sectors, such blooMberg egates, and so far there’s been no as agriculture and agroindus - The UAE can play a vital role Japan imported from the opposition. But delegates said it try, fisheries, and manufactur - United Arab Emirates Opec ministers started hashing was likely a final decision would - ing, government and business in Angola’s economic 21.850 million barrels of out the size of the cartel’s oil-pro - n’t be reached until Tuesday. leaders have revealed. Their growth and development crude oil in October 2020, duction cuts for next year, as the “We must be aware today that comments came during the through portfolio investment data released by the group’s president called for cau - the market conditions of 2020 recent "Expand Your Business and government is working Agency of Energy and Nat - tion in a fragile market. are likely to continue during the to Angola" webinar organised ural Resource in Tokyo The coalition that pumps half first quarter of 2021,” Algerian by Dubai Chamber of Com - to open capital on its stock showed. the world’s crude is debating Energy Minister Abdelmadjid merce and Industry’s Mozam - exchange, said Vera Daves, This accounts for 31.2 whether to maintain supply at We must be aware Attar, who holds Opec’s rotating bique office in cooperation Minister of Finance of percent of Japan's total current levels or increase it as that the market presidency, said at the start of with the Angola-UAE Chamber Angola crude imports, the agency planned in January. Some mem - talks. “We must be cautious.” of Commerce and Angola’s that belong to the Ministry bers are concerned that global conditions of 2020 are likely Indicating a preference for a Agency for Investment and of Economy, Trade and In - markets remain too weak to ab - to continue during the first delay, he was then quoted by Al - Exports Promotion. remains largely untapped. The dustry, said. sorb more barrels while others quarter of 2021. We must be geria’s state news agency saying Addressing participants UAE can play a vital role in An - Saudi Arabia provided want to sell more crude as cautious there was consensus, and he during her keynote, Vera gola’s economic growth and 29.761 mmb, or 42.4 per - prices surge amid hopes for was optimistic there would be Daves, Minister of Finance of development through portfo - cent of the total, while virus vaccines. Abdelmadjid Attar, an agreement on a first-quarter the Republic of Angola, noted lio investment, the minister Kuwait provided 5.363 Market-watchers have been Algerian Energy Minister extension. the importance that Angola at - explained, pointing out that mmb or 7.6 percent. expecting the cartel to agree on Other options that have been taches to economic and com - the government is working Japan Imported from a three-month delay—and that of options under discussion pro - floated are a two-month delay, mercial relations with the UAE with state-owned and private Russia 2.931 mmb or 4.2 also has bolstered oil prices. But liferated. A couple of hours into and the possibility of gradually and said there is vast invest - companies to open capital on percent. as the meeting grew closer and the call, the three-month delay increasing output over a three or ment potential in Angola that its stock exchange. divisions emerged, the number was proposed, according to del - four month period. tuesDAY-sAturDAY 01-05 DecemBer 2020 02 news

RAK RuleR MeetS CzeCh AMbASSADoR Sheikha Fatima salutes mothers, families of martyrs

ABU DHABI / WAM

HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Moth - erhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF) sent a message of pride and gratitude to the mothers and families of martyrs on the occasion of the annual Commemoration Day on In her message, the November 30. In her message, the “'Mother of the UAE” “Mother of the UAE” ex - expressed her pride and pressed her pride and grat - gratitude to the Emirati itude to the Emirati heroes who sacrificed their lives to heroes who sacrificed HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, with Jirí Slavík, Ambassador of the Czech Republic to the UAE, who came to greet keep the country’s flag fly - their lives to keep the Sheikh Saud upon assuming his new position in Ras Al Khaimah on Monday. Sheikh Saud welcomed Slavík and wished him success in his new role, which will help reinforce the ing high, as an icon of country’s flag flying high, overall cooperation between the two countries strength, pride and loyalty. “The UAE will always re - as an icon of strength, main high like the moun - pride and loyalty tains, due to the great mothers who gave birth to the heroes who lost their in the nation’s history. Oh, AGthiA is a food and beverages company owned by Senaat — part of ADQ, one of the region’s largest holding companies lives in the battlefields mothers of martyrs, I salute while defending the nation. you all with much apprecia - Their names will always be tion, respect and gratitude,” Agthia set to become regional remembered and engraved Sheikha Fatima said. F&B leader after Al Foah deal Banks waive AED869m The combined group will have the scale across the value chain to support its debts of 1,607 Emiratis future expansion plans, as one of Mideast’s top 10 food and beverage firms ABU DHABI / WAM Since its ABU DHABI / WAM The Non-performing Debt Re - establishment in n Al Foah deal will fortify lief Fund announced on Mon - Agthia Group held its 15th day that 12 banks had waived 2011, under the directives General Assembly Meeting on Agthia’s position as a the debts of 1,607 Emirati citi - of President His Highness Monday, during which the national and regional zens, with a total value of more Sheikh Khalifa, the fund company’s shareholders ap - leader in four key F&B than AED869.85 million. proved the proposed strategic The banks that participated has undertaken many combination with Al Foah product lines, including included First Abu Dhabi Bank, important initiatives to Company LLC, the world’s water, dates, flour, and Abu Dhabi Commercial Bank, address the issues and largest date processing and animal feed Al Hilal Bank, Mashreq Bank, concerns of citizens and packaging company. Emirates NBD, Abu Dhabi Aghhia is a food and bever - Islamic Bank, Standard Char - provide them with the ages company owned by n U nder the terms of the tered, RAKBANK, Commercial means for a decent General Holding Corporation agreement, it will Bank of Dubai, Dubai Islamic standard of life, in (Senaat) — part of ADQ, one of Bank, Emirates Islamic, cooperation with national the region’s largest holding transfer entire issued NBQ, and the Arab Bank for companies with a broad port - share capital of its Investment & Foreign Trade banks and the Central Bank folio of major enterprises subsidiary Al Foah to (Al Masraf). Jaber Mohammed Ghanem spanning key sectors of Abu Agthia, in exchange for The move was implemented Dhabi’s economy, said a state - as per the directives of Presi - Al Suwaidi, Chairman mandatory convertible ment issued by the company Upon completion of the transaction with Al Foah, Agthia will immediately rise to become a dent His Highness Sheikh Khal - of the Supreme Committee on Monday. regional champion in the date market with substantial global prospects, diversifying its product instruments with a ifa bin Zayed Al Nahyan; and of Non-performing Debt The combined group will portfolio and expanding its international footprint, said Alan Smith, CEO of Agthia Group nominal value of AED1 the support of His Highness Relief Fund have the scale, ambition, and Sheikh Mohamed bin Zayed Al strong capabilities across the each in an aggregate Nahyan, Crown Prince of Abu value chain to support its fu - At Agthia, we continuously seek to diversify and principal amount of Dhabi and Deputy Supreme Prince Court of Abu Dhabi ture expansion plans, as one of AED450 million Commander of the UAE Armed and Chairman of the Supreme the top ten consumer food and enhance the value of our portfolio. Our transactions with Forces; and the follow-up of HH Committee of the Non-per - beverage groups in the Middle Al Foah and, as recently announced, Kuwait’s Al Faysal Bakery, Sheikh Mansour bin Zayed forming Debt Relief Fund, East. The deal will fortify will see us joining forces with two highly complementary future.” Al Nahyan, Deputy Prime Min - said that this gesture is part of Agthia’s position as a national companies. The shareholders’ approval of the combination Under the terms of the ister and Minister of Presiden - the UAE’s wise leadership’s and regional leader in four key agreement, it will transfer the tial Affairs. keenness to ensure a decent food and beverage product with Al Foah supports Agthia’s vision and our plans to expand entire issued share capital of On this occasion, Jaber Mo - life for all Emiratis and the lines, including water, dates, the offering of premium quality products in our portfolio its wholly-owned subsidiary hammed Ghanem Al Suwaidi, highest possible standard of flour, and animal feed. Al Foah to Agthia, in exchange Director-General of the Crown social stability. Khalifa Sultan Al Suwaidi, Khalifa Sultan Al Suwaidi, Chairman of Agthia Group for the issuance of mandatory Chairman of Agthia Group and convertible instruments with Chief Investment Officer of a nominal value of AED1 each ADQ, said, “At Agthia, we con - premium quality products in regional champion in the date in an aggregate principal tinuously seek to diversify and our portfolio.” market with substantial global amount of AED450 million. enhance the value of our port - “We embrace opportunities prospects, diversifying its These shall be convertible, im - folio. that allow us to strengthen the product portfolio and expand - mediately following comple - Our transactions with Al food and beverage sector in ing its international footprint. tion of the transaction, into Foah and, as recently an - the UAE and wider region, and Moreover, the combination 120 million ordinary shares of nounced, Kuwait’s Al Faysal also emphasise our commit - with Al Faysal gives us an im - par value AED 1 each in the Bakery, will see us joining ment to an outstanding cus - portant foothold in Kuwait via capital of Agthia. forces with two highly comple - tomer experience.” one of its leading bakery com - Agthia recently submitted a mentary companies. The In turn, Alan Smith, CEO of panies. We look forward to binding offer to fully acquire shareholders’ approval of the Agthia Group, said, “Upon creating further shareholder Al Faysal Bakery and Sweets combination with Al Foah sup - completion of the transaction value, building meaningful WLL, a Kuwait-owned bakery The banks that participated included FAB, ADCB, Al Hilal Bank, Mashreq Bank, Emirates ports Agthia’s vision and our with Al Foah, the Group will partnerships, and capturing company with a diverse range NBD, ADIB, Standard Chartered, RAKBANK, Commercial Bank of Dubai, Dubai Islamic Bank, plans to expand the offering of immediately rise to become a new opportunities in the near of consumer products. Emirates Islamic, NBQ, and the Arab Bank for Investment & Foreign Trade (Al Masraf) DP World, Jafza host webinar for Japanese companies in UAE Total value of non-oil trade between the two countries has surpassed AED534b in 11 years between 2009 and 2019

DUBAI / WAM strengthen Japan’s presence in tween the two countries are the region by attracting compa - growing at a steady rate.” DP World, UAE Region and Jebel nies from diverse sectors. Japan is one of Jafza’s key He added that reports state Ali Free Zone (Jafza), have or - Being in the leading trade lo - trade partners. In 2019, that the total value of non-oil ganised a webinar for Japanese gistics hub in the region, with Jafza’s total trade value trade between the two coun - companies operating in the worldwide investments in new with Japan stood at tries has surpassed AED534 bil - UAE. The webinar shed light technologies, infrastructure and lion in the 11 years between on the initiatives taken by them digital transformation, to enable around AED13.8 billion, 2009 and 2019, with more than to tackle the unforeseen chal - our customers global trade not making Japan Jafza’s 10,000 Japanese companies, lenges that arose due to only for the Mena region but eighth-largest partner agencies, and brands operating the Covid-19 pandemic, ensur - also beyond. in the UAE. ing business continuity and Speaking at the webinar, by trade value “The exchange of ideas and promoting the well-being and Noboru said, “The trade ties and knowledge at the webinar safety of the community. the mutual trust between DP helped us understand the The webinar also assessed World, Jafza and Japanese enter - tween DP World, Jafza and the emerging needs of our partners future opportunities that will prises have been strengthened Japanese business community." and assess the challenges they enable companies to grow re - Jafza is working with several Japanese trade promotion bodies and other institutions to over the years. Taking that into In turn, Mohammed Al are facing, enabling us to deliver gionally. The webinar was sup - strengthen Japan’s presence in the region by attracting companies from diverse sectors consideration, I hope the Japan - Muallem, CEO and Managing Di - added value to them,” Al ported by the Consulate General ese business community re - rector, DP World, UAE Region Muallem stated. of Japan in Dubai, Japan Busi - cial Officer at DP World UAE Re - trade partners. In 2019, Jafza’s ceives continued support from and CEO of Jafza, said, “As the Okuya said that the JBC-Jafza ness Council (JPC) and Japan gion; Naoyuki Okuya, Managing total trade value with Japan Jafza and the innovative climate gateway to the region, we are al - committee has been created External Trade Organisation Director of Denso Middle East stood at around AED13.8 bil - sustains despite the fast-chang - ways keen to enhance coopera - since 2011, “and we will con - (JETRO) Dubai. (JBC’s Jafza Committee Presi - lion, making Japan Jafza’s ing business environment due tion with our strategic partners tinue to collaborate with DP Key speakers included dent for 2020) and Masami eighth-largest partner by trade to the Covid-19 crisis. The Con - to improve trade flow. Jafza has World, UAE Region and Jafza to Sekiguchi Noboru, Consul-Gen - Ando, Managing Director of value. Jafza is working with sev - sulate-General of Japan in Dubai enjoyed a cordial relationship expand the business presence eral of Japan in Dubai; Abdulla JETRO Dubai. eral Japanese trade promotion will make the best endeavours with key Japanese business of Japanese and UAE companies Bin Damithan, Chief Commer - Japan is one of Jafza’s key bodies and other institutions to to facilitate the cooperation be - partners as the bilateral ties be - globally.” tuesday-saturday 01-05 deceMber 2020 energy 03

UK’s National Grid kendal is the world’s largest indirect dry-cooled power plant, according to eskom’s website to trial gas network with hydrogen Eskom set to face charges BloomBerg for misleading regulator National Grid Plc is starting a hydrogen research facility to test how Britain’s gas trans - The company’s Kendal utility produces almost all of South Africa’s electricity mission network can be used to transport hydrogen to heat BloomBerg homes or applied to industry. Eskom has in the past The 12.7 million-pound Eskom Holdings SOC Ltd, South argued that closing Kendal ($17 million) project will Africa’s biggest polluter, said it receive almost three quarters The 12.7 million-pound will be charged with supplying would add to South of its funding from Ofgem as ($17 million) project misleading information to a Africa’s power supply part of the energy regulator’s government air quality officer, woes. The utility produces Network Innovation Competi - will receive almost three exceeding emission limits at the tion, announced on Monday, quarters of its funding Kendal coal-fired power plant almost all of the country’s with the rest coming from pri - from Ofgem as part of and breaching its Atmospheric electricity and is vate partners. The test facility Emission License. intermittently unable to in Cumbria, northwest Eng - the energy regulator’s The 4,116-megawatt facility land, won’t be connected to Network Innovation had its pollution abatement meet demand, resulting in the live grid. Competition with the equipment damaged during a widespread power outages To reach net zero emissions rest coming from 2018 strike and has since been “we need to replace methane the subject of a series of orders with green alternatives like private partners from the environment depart - Kendal is the world’s largest hydrogen,” said Anthony ment mainly relating to the indirect dry-cooled power Green, project director for hy - emission of particulate matter, plant, according to Eskom’s drogen at National Grid. “Sec - Group Inc. National Grid oper - which causes respiratory dis - website. A dry-cooled facility tors such as heat are difficult ates the natural gas network ease. Eskom said the case will uses less water than conven - to decarbonise, and the impor - that carries the fuel to power be heard on January 28. Eskom accounts for two-fifths of South Africa’s greenhouse gas emissions and a host of tional wet-cooled coal-fired tance of the gas networks to stations and to local grids Kendal’s problems have other pollutants including sulfur dioxide power plant. the UK’s current energy sup - where it eventually reaches driven air pollution from the The case was earlier reported ply means projects like this homes. utility to a 20-year high. Eskom by the Daily Maverick news are crucial if we are to deliver Northern Gas Networks, one accounts for two-fifths of South n Eskom’s 4,116-megawatt facility had its pollution website, which said the supply low-carbon energy, reliably of the UK’s gas distribution Africa’s greenhouse gas emis - abatement equipment damaged during a 2018 strike and of misleading data is a criminal and safely to all consumers.” systems, is building a micro - sions and a host of other pollu - offense and that an Eskom in - The government is due to grid distribution network tants including sulfur dioxide. has since been the subject of a series of orders from the ternal probe found that Kendal deliver its hydrogen strategy alongside three terraced The department has already or - environment department mainly relating to the emission regularly emitted 10 times next year, setting out how it houses. The transmission dered the partial closure of the of particulate matter, which causes respiratory disease more particulate matter than it will support an industry that project will be connected to plant so that remedial action is permitted to. The environ - could be worth $12 trillion, these to test a complete hydro - can be taken. ment department didn’t imme - according to Goldman Sachs gen gas infrastructure. “If the court actually follows n South African government is subject to a legal challenge diately respond to a request for the law and punishes the com - that will be heard in May over its alleged failure to curb comment. pany for this violation, that While South Africa is a signa - would be a landmark,” said pollution by Eskom and petrochemical company Sasol tory to the Paris Agreement on Lauri Myllyvirta, lead analyst Climate Change, the govern - US targets China oil giant for the Centre for Research on step towards holding the com - supply woes. ment is already subject to a Energy and Clean Air, an inde - pany accountable would be a The utility produces almost legal challenge that will be after South China Sea row pendent research body. “Eskom significant step forward.” all of South Africa’s electricity heard in May over its alleged has violated and ignored emis - Eskom has in the past argued and is intermittently unable to failure to curb pollution by BloomBerg sion control requirements and that closing Kendal would meet demand, resulting in Eskom and petrochemical com - deadlines with impunity so any add to the country’s power widespread power outages. pany Sasol Ltd. China’s third-biggest oil com - pany faces a US blacklist, which could spur major outflows from the gulf time its Hong Kong-listed unit, after Date: 01-12-2020 years of involvement in offshore Nord Stream 2 pipeline drilling in disputed South China government of DubAi Sea waters. DubAi Courts China National Offshore Oil n China National Offshore construction to restart service by publication Judgement Corp (CNOOC), the nation’s on Case no 20/2017/22201 — Commercial — main deepwater explorer, is Oil Corp is among four BloomBerg full Jurisdiction among four companies to be companies to be added Details of the service of proceedings by publication to the Judgment Debtors: added to a list of firms owned or to a list of firms owned Construction work on the 1- Knights wood Joinery LLC represented by / paul King Davers 2- michael Dermot patrick mcgrever controlled by the Chinese mili - Nord Stream 2 gas unknown Addresses tary, Reuters reported. or controlled by the pipeline in the Baltic Sea Chinese military, Whereas the Judgement Creditor: manchester investments L.L.C The move comes as the will resume this week, represented by its manager/ michael Dermot patrick mcgrever Trump administration plans Reuters reported despite US sanctions de - We notify you that the court ruled in the hearing held on 06/06/2018 in the above indicated case in favor of Manchester Investment L.L.C — several new hard-line moves signed to end the Represented by its Manager / Michael Dermot Patrick McGrever for dissolving and liquidating "Knights wood Joinery LLC Company L.L.C" against Beijing in the final pipeline that will bring and appointing the previously assigned expert as the liquidator of the n CNOOC is the smallest company in order to inventory all assets of the company and the rights weeks of its term. Russian gas to Germany. due thereto and the liabilities and obligations due therefrom. The manager of the company must present all accounts, funds, properties, CNOOC hasn’t yet received of China’s so-called big Pipelaying on the 9.5 books and documents of the company to the liquidator. The latter shall issue a detailed list of the funds, properties, liabilities, obligations and any official notice or decision billion-euro ($11.2 bil - balance sheets and budgets thereof signed by him and the Manager three state-owned of the company and maintain a book for recording the liquidation from any relevant US govern - lion) link will restart on actions. The liquidator must carry out all necessary actions to preserve oil majors after China and maintain the funds and rights of the company and fulfill the funds ment agency, the firm’s listed December 5 after being of the company due from third parties and to deposit the amounts which he receives in one of the banks for the account of the company unit said in an exchange filing in National Petroleum halted for a year because Pipelaying on the $11.2b link will restart on December 5 after being halted for under liquidation immediately after being received and fulfill the debts due from the company and sell the movables or property in auction; Hong Kong. “The company is Corp and Sinopec of the sanctions, Nord a year because of the sanctions, Nord Stream 2 company spokesman said provided that the liquidator must not entirely sell all assets of the company in one time except upon the permission of the court. He must closely monitoring the develop - Stream 2 company notify all creditors of the company if any by registered letter with an acknowledgment of receipt for opening the liquidation and invite them ment of the situation,” it said. spokesman Jens Mueller to present their claims within forty-five days from the date of notice. The German companies and Chancellor Angela liquidator shall make the notice by publication in two daily local CNOOC is the smallest of which is deemed as so-called said by email. Work on newspapers issued in Arabic, if the creditors were unknown or their domicile was unknown. The debts shall be deposited in the Court China’s so-called big three state- military actions by the US,” said the 1,230-kilometre Merkel are bridling against America’s Treasury, if some creditors presented claims and requests, as well as deposit amounts sufficient to fulfill the disputed debts, except if the owned oil majors after China Lin Boqiang, dean of the China (764-mile) pipeline holders of these debts obtained sufficient guarantees or decide interference, and the Western companies set postponing the division of the funds of the company until the dispute is National Petroleum Corp and Energy Policy Research Insti - stopped last December adjudicated. He must divide the funds of the company resulting from to reap rewards once gas starts flowing have the liquidation to the partners equaling the share of the partner in the China Petrochemical Corp, also tute at Xiamen University in when the Trump admin - capital after repaying the debts of the company if any, as well as distribute the the loss according to the same method. He must present known as Sinopec. CNOOC’s op - southern China. istration added measures vowed to move ahead. US President Donald a temporary account for the liquidation works every six months and submit it to the partners. The liquidator, upon the end of liquidation, must erations in the South China Sea US investors held 16.5% of against companies work - Trump has opposed the project present a final account thereof. He must notarize this judgment in the commercial register. He must present application for deregistration of have run into controversy be - the shares in CNOOC’s Hong ing on the link. the company from the commercial register after liquidation. The court determined the amount of Ten Thousand dirhams as the fees of the cause China claims drilling Kong-listed unit, creating po - German companies liquidator to be added to the liquidation fees. The liquidator must complete and end the liquidation within nine months from the date of rights in waters far from its bor - tential for major outflows if and Chancellor Angela dent Donald Trump has ers have pulled out de - notarizing this judgment in the commercial register. He must present the issue to the Court, in the event that the liquidation has not ended during ders, and within 200 miles of they’re forced to divest, accord - Merkel are bridling opposed the project, spite escalating anger this period. The court charged the defendant with the expenses of the countries like Vietnam and the ing to Henik Fung, an analyst against America’s inter - which he says will in - from the US OMV along case and the amount of one Thousand dirhams for the attorney's fees. This judgment was issued as if in the presence of the defendant. This Philippines. with Bloomberg Intelligence. ference, and the Western crease European depend - with Royal Dutch Shell judgment is appealable within thirty days as of the day following the “My guess is it’s CNOOC that President Donald Trump signed companies set to reap re - ence on Russian energy Plc, Uniper SE, Engie publication of this notice. This judgment was issued by the name of His Highness Sheikh got targeted, and not CNPC or an order barring US invest - wards once gas starts supplies. SA and Wintershall Mohammed bin Rashid bin Saeed Al Maktoum, the Ruler of Dubai, and Sinopec, because of its drilling ments in Chinese firms owned flowing have vowed to So far, none of Nord AG helped finance the recited publicly. in the South China Sea area, or controlled by the military. move ahead. US Presi - Stream 2’s financial back - project. /stamped by Abdelaziz Alhanaee Advocates & Legal Consultancy/

expert meeting expert meeting expert meeting LiQuiDAtion notiCe

the gulf time — Date: 01-12-2020 the gulf time — Date: 01-12-2020 the gulf time — Date: 01-12-2020 the gulf time — Date: 01-12-2020

An invitation to Attend the notice by publication for an expert session Accounting expert / Ahmed Kamal al-Din L’eto brand Holding Ltd. a private Company Accounting expert at the ministry of Justice register no.549 first Accounting expertise meeting in the case no. 2020 / 2718 partial civil Ajman whose office is at Dubai International Dubai 2020/11/29 Financial Centre (DIFC) and holding Notified Party /Appellee: To the defendant, taifwa Alwafimi Acantula , as the plaintiff/ Invitation to the expert meeting In Arabic and English Mr./Ms.: roDneY gArrY giLboDY Arabia taxi Ajman LLC has brought against you the above- Commercial License number CL3366 , mentioned case, and the court ruled that we appointed as the Notice to attend a meeting of accounting expertise hereby gives notice that its DIFC Company Case no. 562/2019, real estate Appeal expert to decide on the ease, and whereas you did not attend Mr. Ahmed Kamal al-Din Abdul Halim who was assigned by Limited by Shares commenced wind up Based on our assignment by the honorable Dubai Court for the the sentencing hearing, the Sharjah Federal Court of First Instance in the case no. effective from 8th of november 2020 . work of accounting expertise in the above case, we have Kindly note that an expert session will be held through zoom on sunday 13.12.2020 @ 2:00 pm. Therefore you are requested to 2807 / 2020, civil partial, filed by the plaintiff / Arabia Taxi scheduled Wednesday, 09/12/2020 , 03:15 pm as the date for the Ajman, do hereby request the defendant / Syed Wali first meeting of the accounting expertise at our office located in submit all documents and papers supporting your standing in the Any queries, claims or objections regarding case. To communicate with the expert through tel No,. Mawal Najmuddin to attend the meeting of accounting Dubai Al Garhoud, Sheikh Rashid Road, close to Jumeirah Creek expert in person or by his legal representative on 00971502240791 or email: ahmedased88yahoo.com the proposed closure of this private Hotel, Al Garhoud Views Building, Office No. 709, 7 th Floor, Phone Wednesday, December 10, 2020 at 10:00 a.m., at the expert No . 04/2200272, Fax: 04/2200273, PO Box: 446047, Dubai. Accounting Expert/ Ahmed ibrahim mohamed Alsayed location in Dubai Emirate- business bay - Prime Tower Bld., Company is/are requested to be forwarded in Witness WHereof: you or your authorized representative are Please sign this notice as acknowledgment of receipt and and Blom Bank - Office No. 2804. to mr. Asad Abbas – Liquidator by kindly requested to appear before the aforementioned meeting your acceptance to publication and return it to us by email, telephone at 04 432 9083 and in writing to and you have to bring all the documents required in the case. knowing that our mobile phone number is 050-2240791, and our Accounting expert / Ahmed Kamal al-Din email: ahmedased88@ yahoo.com 0553455449 [email protected] within Abdul rahman Karmustaji Chartered Accountants fourteen (14) days from the date of Accounting expert Best Regards, May the Peace, Mercy and Blessing of Allah be Upon You publication of this notice. Abdul rahman Karmustaji signed, signed (sealed) Accounting expert/ Ahmed ibrahim mohamed Alsayed Accounting Expert / Ahmed Kamal al-Din

the gulf time the gulf time the gulf time the gulf time Date:01-12-2020 Date:01-12-2020 Date:01-12-2020 Date: 01-12-2020 Notification Date : 1/25 Summons Date : 29/11/2020 Notification no : 165606/2020 Notification number :84840 Summons number : 186084/2020 Date : 11-25-2020 government of DubAi government of DubAi government of DubAi government of DubAi DubAi Courts DubAi Courts DubAi Courts DubAi Courts Civil Court of first instance notification by newspaper 20/2020/915 full / Commercial Dubai Court of first instance in Case no. 4510/2020/16 Commercial partial summons bY pubLiCAtion notification by publishing the settlement of the financial obligations of the debtor / Case no. 1902/2020/11 Civil partial mohamed mustafa mahmoud el saied the subject of the case: Details of the Notification in settlement no. 79 of 2020 settlement of financial obligations the claim to obligate the defendant company to an amount of subject-matter of the case: to compel the defendant to pay an amount To the defendant : 1. felix fernandez Joseph fernandez Based on the decision of the Dubai Court of First Instance in Settlement No. AED 16462.25 and the fees, expenses, attorneys' fees and interest of AED 10591.25 with legal charges and legal fees' plus legal interest 9% from the date of the case initiation and until the full payment. Address: Unknown 79/2020 Settlement of Financial Commitments issued on 24/11/2020 opening 9% from the date of the claim until full payment. the procedures for settling the financial obligations of the debtor / Mohamed Party requesting summons: mAtHeW DominiC Capacity: plaintiff As the plaintiff: Mustafa Mahmoud El Saied and delegating one of the approved schedule Notifying Party : flow trading L.L.C Capacity : the plaintiff Summoned Party: ALiiA seiDALievA Capacity: defendant mohammed Abdullah mahmoud Zahid experts to settle liabilities. represented by saud sultan muhammad Al-shibli Notified Party : 1 — punal sajjad tyre trading L.L.C (place of residence unknown) Whereas, the expert / Ahmed Ali Ahmed Al Hosani was appointed as an expert Capacity: the defendant subject-matter of the summons: have filed a case against you claiming for: for procedures. 1- Decision to dissolve the National Domestic Gas Distribution subject: The plaintiff has filed the claim to obligate the defendant you are hereby notified that the plaintiff has filed the above case against you to compel the defendant to pay an amount of AED Company LLC. Accordingly, we announce the invitation to all creditors and everyone who has to pay AED 16462.25 with fees, expenses, attorneys' fees and a claim to submit their claims and debts of fixed value, supported by all 10591.25 with legal charges and legal fees' plus legal interest 9% from 2- Appointing a liquidator, whose task is to receive its assets, pay off its supporting documents and guarantees, if any, their maturity dates and their interest 9% of the claim until full payment. A hearing is set for on the date of the case initiation and until the full payment. debts,and hand over each partner his share of the capital and amount in uAe dirhams on the basis of the exchange rate on the day of the profits, each according to his share of the capital. court’s decision to open the procedures, a summary of the amount of the debt, tuesday 08-12-2020 at 08:30 am in the BUILDING _ DESC of A court hearing has been set on thursday corresponding to 10/12/2020 the date of stopping payment, and a copy of the iD card , the agency remote litigation hall. So you are assigned to present in person or at 8:30 am at BUILDING_DESC & You shall accordingly appear in person 3- Obligating the defendant to pay the fees and expenses. A hearing document and the creditor's commercial license, if any, within a period not or by proxy, to respond to the case and submit your statement of was set for on sunday, 12-6-2020 at 9:30 am in the hall Ch? F22 exceeding (20) twenty business days from the date of publishing this through legal attorney, and you must submit your notes or ABUILDING_ DESC. announcement. defense and supporting documents if any at least three days prior to provided that requests are submitted to the office of the expert / Ahmed Ali documents to the court at least three days before the hearing. the hearing date. Therefore, you are assigned to attend or whoever represents you legally, Ahmed Al Hosani, located - sheikh Zayed road - business bay - prism tower - and you have to submit notes or documents to the court. At least three floor 8 - office 805 - tel 044341111 - from 9 am to 3 pm. Director Head of Legal Actions Department: days before the hearing . Or by following email: [email protected] shawq Hamza mohamed Qambar Al banay //signed// muhammad Hassan expert / Ahmed Ali Ahmed Al Hosani tuesday-saturday 01-05 december 2020 04 OPINION The gulf Time The Joe Biden era will be Chairman of ThE board neither normal nor boring Saeed Saif Under new president, the White House will no longer generate a cacophony Tel: 02-4468000, Fax: 02-4485401 of incompetence. Tweet tantrums will yield to process and predictability Website: www.emirates-business.ae Email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press

The UK only hurts itself Francis Wilkinson aving spent the past four years with the by slashing aid budget Hpolitical equivalent of heavy metal music blast - he most enthusiastic campaigners for Britain’s exit from the Euro - ing outside their psychic pean Union insisted that Brexit’s end result would be a “Global windows late into the night, TBritain” — a country set free to forge alliances, agreements and trad - millions of Americans are ing pacts across the world. More than four years on, we still have no clear hoping that the Biden ad - idea what a Global Britain would actually look like. No enthusiastic new ministration will usher in a US allies have had four years to adjust their mental maps of the world, gradually acknowledging the moral and political trading partners have been discovered. Rather than rushing to remedy the new era of calm. They are void where the outline of America used to be. “America is back,” President-elect Joe Biden said situation, Boris Johnson’s government now seems intent on shredding what likely to be disappointed. remains of the United Kingdom’s global image. To a limited extent, such Biden will be working to Chancellor Rishi Sunak has announced plans to slash about four billion wishes will be granted. President-elect Joe Biden will be working to strengthen strengthen democratic val - pounds from the country’s development assistance budget. This would Under President Joe Biden, ues in a world still reeling lower spending below a threshold — 0.7% of the country’s GDP — that has the White House will no democratic values in a world still reeling from US from US abandonment of survived political handovers, a recession and austerity. One government longer generate a cacoph - abandonment of norms, practices and goals, and in a democratic norms, prac - minister has already resigned, former prime ministers have decried the ony of incompetence. Tweet nation where the opposition party increasingly views tices and goals, and in a na - move and MPs are in revolt. While Sunak says he hopes the cuts will be tem - tantrums will yield to democracy as an impediment to its quest for power tion where the opposition porary, no expiry date has been set — and many within Johnson’s party are process and predictability. party increasingly views convinced that the foreign aid budget is still too big. Outright falsehood will be democracy as an impedi - The stricken economy is just an excuse. Johnson has had Britain’s over - supplanted by more tradi - to drive the GOP deeper into a post-truth party. The ment to its quest for power. seas development establishment in his sights for some time. The spending tional spin, tethered to truth. an all-White cul-de-sac. Yet Trump era shattered the He will face a domestic op - cuts were preceded by institutional changes that eliminated the cabinet po - Cabinet officers and ap - as a Bloomberg News analy - party’s near-term potential position committed to un - sition associated with the international development department, which pointees will conspicuously sis concluded, in counties as for rejoining a fact-based dermining not only his now falls under the foreign office. Johnson himself has written in the past fail to match their predeces - varied as Miami-Dade in world. The consequences policies, but also their em - that British development assistance is too “austere and purist” in its ap - sors’ reckless driving, or the Florida, Maricopa in Ari - cannot be overstated. What pirical foundation. proach. (With that well-known Johnsonian consistency, he accused it in the ethical and policy car zona and Harris in Texas, does it say about the party US allies have had four same column of tolerating corruption.) crashes that resulted. No Trump did better among that Fox News personalities years to adjust their mental There’s no need to argue with those who say that development assistance one will be kidnapping mi - Hispanic voters in 2020 acknowledged Biden’s vic - maps of the world, gradu - should be incorporated into a strategy that prioritises the giver’s national grant children and blithely than in 2016. He also suc - tory before the Republican ally acknowledging the interests. Like it or not, such selfish considerations are always going to be deporting their parents to ceeded in bringing more majority leader of the US moral and political void part of any national development agency’s calculations. destinations unknown. White non-college-edu - Senate? where the outline of Amer - Even a Johnson-led government could imagine that, in 2020, develop - But while Biden may pro - cated voters to the polls. All Without shared truths, ica used to be. “America is ment assistance represents wasted money. It is, in fact, a vital source of in - ceed with business as usual, in all, Republicans fared shared government is tenu - back,” Biden said last week. ternational reach and power. China has used its own money like a bludgeon, the nation and the world spectacularly well for a ous. A Biden administration In the White House, and creating a web of dependence and debt across the continents. Meanwhile, will not. US domestic poli - party that had ostenta - can navigate the resent - across the cabinets of the US, British, and Japanese efforts still dwarf China’s in many ways. As long tics is an ugly mess, and tiously failed to address a ments stoked by Trumpism, federal government, that as they remain sufficiently “austere and purist,” they will be preferred by whatever muddling consen - crisis responsible for killing but there is no obvious way may prove correct. But several countries as having fewer strings attached. sus might have been forged more than a quarter million to neutralise the lies that across the world, doubts Indeed, development assistance is literally the only geo-political field in among US allies regarding Americans so far this year. animate it. All rhetoric and will linger. At home, Repub - which Brexiting Britain can stand toe-to-toe with the US or the EU. This is Chinese ambitions, global Meanwhile, the GOP is policies emanating from the licans will add new cause not the 19th century; we in the Indo-Pacific expect to see French warships migration or climate peril is ever more invested in a set White House will simply be for suspicion, tugging hard in our waters, not British. For India, and most other countries in this neigh - further from realisation of interlocking resent - repurposed to advance new at the frayed ends of Amer - bourhood, multiple other trading relationships are more important than than it was four years ago. ments — of liberal elites, of conspiracy theories. ican democracy. that with the UK. We worry about investment flows from Japan. People No matter how dull Biden Black Americans, of femi - While the GOP has aban - The next four years will would rather study in Australia or migrate to Canada. aspires to be, the forces of nism, of immigrants, of rich doned truth, it holds fast to be quieter, less obnoxious, Only in the world of development does Britain remain globally relevant. entropy — including a cities, of poor cities, of all partisan logic. The mixture less dangerous, than the When it comes to augmenting state capacity, pioneering new development soon-to-be-removed incum - the emerging and dynamic of silence and complicity past four. But they will not paradigms and a host of other influential issues, what Whitehall says mat - bent desperate to polarise quarters of the US econ - that enveloped Trump’s ef - be boring, and they will not ters a great deal. Britain is not now and never will again be a superpower for profit — will push to - omy. Other than its bedrock forts to steal the election — be normal. in any other way. It is this — Britain’s only calling card to the world — that wards chaos and conflict. commitment to upward re - can anyone doubt that Re - —Bloomberg Johnson wants to throw away. Does the move reflect a failure to appreciate Notably, all suppositions distribution of national publicans would have ener - the degree to which development assistance augments the UK’s soft power? of calm in US politics are wealth, the party’s compact getically backed the theft if Francis Wilkinson writes about US Or a disdain for the wonky do-gooders of the development establishment? based, explicitly or implic - with its voters entails little the result had been closer? politics and domestic policy for Or simple ideological discomfort with the notion of British money “leaving” itly, on Democratic political more than punishing — confirmed that much of Bloomberg Opinion. He was previ - its shores? All of the above, maybe. It’s also more evidence that empire nos - dominance. Yet the demo - weaker enemies or owning the party has climbed the ously executive editor of the Week, a talgia is the true guiding spirit of the Brexiteers’ movement. graphic destiny of the party empowered libs. final mountain in its evolu - writer for Rolling Stone, a communi - —Bloomberg continues to be over the In addition to being a tion: post-policy, post- cations consultant and a political next hill. Trump did his best post-policy party, the GOP is truth, post-democratic. media strategist

other opinion If you left the market, How to vaccinate a nation of skeptics While France has its share of anti-vaxxers, the main reasons for skepticism are don’t wait to get back in questions about efficacy, a fear of side effects, rather than outright opposition

here are only a few basic rules lionel laurent remedies. Even 26% of of investing: diversify, keep Hanging on to stocks through French doctors think some Tyour costs low and probably that chaos was no small feat, recommended vaccines are most important, hang on when mar - Covid-19 vaccine is useless. Vaccine hesitancy kets tumble occasionally. The last and amazingly, most investors getting closer, and isn’t new, but it’s complex. one is the trickiest. It’s not easy managed to do it. Research Agovernments are We don’t know how the watching money vanish as the mar - firm Dalbar, which attempts to scrambling to meet the fi - holdouts will really react ket plunges, particularly when track investors’ moves into nancial and logistical chal - when immunisation cam - many people, some of them highly lenge of immunising their paigns begin, but it’d be respected, are carping about the and out of mutual funds, populations in a short space reckless to assume they’ll end of the world, which invariably concluded in a recent report of time. Hopes for a pickup automatically get in line. accompanies a market collapse. that “the average investor’s in global economic growth France’s child vaccination So it was when Covid-19 sent US appetite for equities has next year depend on it. stocks into a tailspin in late Febru - But the bigger challenge ary. The S&P 500 Index shed a third remained unchanged may end up being psycho - France is vulnerable of its value in just more than four throughout the Covid crisis.” logical: How to convince for other reasons: It’s weeks, one of the steepest retreats people to actually take the a highly-medicalised on record, amid widespread chatter shot. Achieving herd immu - This file photo shows a researcher working on the development of a coronavirus that the pandemic would plunge the pass and that the stock market nity may mean at least 80% society where vaccine at the University of Oxford —DPA US into a long depression, wiping eventually recovers, no matter how of people will need the vac - antibiotics have out whole industries and perma - desperate things seem at the time. cine, leaving little room for tended to be raises the risk of dropouts. cates. That’s made a big nently damaging broad swaths of And true to form, the market re - error. Communication will be difference in uptake of the economy. covered sooner than anyone ex - Polls suggest it’s France, over-prescribed, key. Fear of side effects runs the human papillomavirus Hanging on to stocks through pected. It shot higher in late March the birthplace of vaccine pushing people deep among the vaccine-hes - (HPV) vaccine that protects that chaos was no small feat, and and surpassed its pre-Covid high in pioneer Louis Pasteur, that towards natural itant and it’s very hard to dis - against cervical and other amazingly, most investors managed August, even as the coronavirus will be the country to lodge misinformation. When forms of cancer. to do it. Research firm Dalbar, which showed few signs of slowing. As it watch. A recent Ipsos sur - remedies. Even 26% of Gerard Araud, a former Even something as simple attempts to track investors’ moves turned out, the recovery began vey found that only 54% of French doctors think French ambassador to the as an HPV fact sheet was into and out of mutual funds, con - roughly eight months before news French adults would be some recommended US, recently tweeted his sup - enough to increase intent cluded in a recent report that “the arrived that a highly effective vaccine willing to get a Covid-19 vaccines are useless. port for vaccination, he was to vaccinate from 49% to average investor’s appetite for eq - is in hand and will start to be distrib - vaccine when it’s available, flooded with so many anti- 70% in one group, accord - uities has remained unchanged uted soon. That sounds about right. the lowest score of 15 Vaccine hesitancy isn’t vaxx responses that it be - ing to research cited in throughout the Covid crisis.” Van - Those who dumped their stocks countries. (The US was sec - new, but it’s complex came impossible to answer Jonathan M Berman’s book guard Group, which oversees more along the way, gambling that the ond-to-last.) them all. It’s the social media “Anti-Vaxxers.” than $6 trillion in assets, found that market is poised for a long slump While France has its equivalent of “Gish Gallop.” The most effective less than 0.5% of its retail clients and would give them an opening to share of anti-vaxxers, the coverage is above 90%, like President Emmanuel nudges will be community- and self-directed investors in its re - reenter at even lower prices, now main reasons for skepti - many rich countries, but Macron hopes creating a based. Rather than lecture tirement plans panicked and moved face a hard choice. The market is up cism are questions about that’s largely because 11 of committee of scientists to skeptics and risk hardening to all cash between February 19, roughly 60% from its March low, so efficacy and a fear of side them are required by law focus on vaccine take-up their opposition, it’s better the market’s pre-coronavirus peak, getting back in means coming to effects, rather than outright and conditional for access and recruiting members of to focus on positive kinds of and May 31. terms with a costly mistake. Say you opposition. France is also to schooling. There’s little the public to spread the peer pressure: The altruism That’s a big change from previous had $100,000 in the market at the vulnerable for other rea - appetite to make a Covid word will help. But support of saving others, the bene - meltdowns, most recently the 2008 pre-coronavirus peak and sold sons: It’s a highly-med - vaccine No. 12 on the list in should also be enlisted from fits of not being ill and the financial crisis, when investors roughly halfway down, recovering icalised society where case it fuels a backlash. So the medical community at role modeling parents can dumped stocks in droves. It seems about $83,000. antibiotics have tended to people will have the power large. Family doctors are the do by getting vaccinated to have finally sunk in that all crises —Bloomberg be over-prescribed, push - to refuse it, and a likely “last mile” of vaccination, themselves. ing people towards natural need for a two-shot course and they need to be advo - —Bloomberg tuesday-saturday 01-05 december 2020 asia 05 meituan is investing in technologies like self-driving vehicles to help cope with surging delivery demands Ma’s Ant sees slim chance of getting Meituan’s sales surge with IPO done in 2021 China’s appetite for takeout BloomBerg The chances that Jack Ma’s Ant Group Co will be able to revive World’s largest meal delivery service posted sales of 35.4 billion yuan ($5.4b) its massive stock listing next year are looking increasingly during the July-September period, beating average estimate of 34 billion yuan slim as China overhauls rules governing the fintech industry, BloomBerg according to regulatory offi - The strong results affirm cials familiar with the matter. Meituan reported a 29% rise in Ant is still in the early stages quarterly revenue after China’s Meituan’s bounce-back of reviewing changes needed economic recovery boosted from the pandemic to appease regulators, who de - Ant is still in the early restaurants and whetted con - disruptions of past mand that its business comply stages of reviewing sumers’ appetite for takeout. quarters and could with a slate of new and pro - changes needed to The world’s largest meal de - posed guidelines in areas in - appease regulators, who livery service posted sales of assuage investors cluding lending to consumers, 35.4 billion yuan ($5.4 billion) worried about the impact the officials said. demand that its business during the July-September pe - of a Chinese antitrust With so much work needed comply with a slate riod, beating the average esti - crackdown on the and some rules not yet spelled of new and proposed mate of 34 billion yuan. It also out, the officials said the initial guidelines in areas logged net income of 6.3 billion internet sector public offering may not get yuan, versus a projected 435 done before 2022. including lending million yuan. Profit was bol - An additional delay of a year to consumers stered by 5.8 billion yuan in in - helping operating profit for the or more would be another set - vestment gains. business more than double, the back for billionaire Ma, as well The strong results affirm Meituan has seen a pick-up in its core food delivery business after the company posted its company said on Monday. as the early-stage investors in - They emphasized that Bei - Meituan’s bounce-back from the first quarterly revenue decline in the three months ended March during Covid-19 lockdowns Prodded by increasing com - cluding Warburg Pincus LLC jing’s immediate priority was pandemic disruptions of past petition in its core takeout that were counting on a wind - ensuring the fintech giant fall quarters and could assuage in - business from Ele.me and fall from what was poised to be in line with the evolving regu - vestors worried about the im - n China’s third-largest tech corporation is benefiting from other Alibaba-backed services, a record $35 billion IPO. It latory environment. pact of a Chinese antitrust Meituan had expanded into a would also deal a potential China has set up a joint task crackdown on the internet sec - rising travel and restaurant spending as the country wide array of services including blow to Alibaba Group Holding force to oversee Ant, led by the tor. China’s third-largest tech returns to normal. Meituan’s post-Covid recovery may online travel, grocery delivery Ltd, which owns a third of Ant Financial Stability and Devel - corporation is now benefiting drive a secondary listing in China as soon as next year, and ride-hailing. In the longer and saw its stock tumble after opment Committee, a financial from rising travel and restau - Bloomberg News reported run, Meituan is investing in the deal was abruptly sus - system regulator, along with rant spending as the country re - technologies like self-driving ve - pended this month. Alibaba fell various departments of the turns to normal. Meituan’s hicles to help cope with surging 3% in Hong Kong Monday, the central bank and other regula - post-Covid recovery may drive n Meituan, which controls an estimated two-thirds of delivery demands. biggest drop in almost three tors, two of the people said, a secondary listing in China as China’s food delivery market, was among a raft of internet Meituan, with more than 200 weeks. asking not to be identified dis - soon as next year, Bloomberg services ranging from ticketing A representative for Ant de - cussing private matters. The News reported. giants including Alibaba Group Holding Ltd and Tencent to bike-sharing, saw operating clined to comment. Represen - group is in regular contact with Meituan, which controls an Holdings Ltd that got caught up in a $290 billion selloff losses from new initiatives tatives at the central bank, the Ant to collect data and other estimated two-thirds of China’s this month after regulators published antitrust guidelines widen to 2 billion yuan from China Banking and Insurance materials, studying its restruc - food delivery market, was 1.2 billion yuan a year earlier, Regulatory Commission and turing as well as drafting other among a raft of internet giants partly due to efforts to grow its the China Securities Regulatory rules for the fintech industry, including Alibaba Group Hold - widely regarded as an effort to March during Covid-19 lock - recently added community buy - Commission didn’t immedi - they said. ing Ltd and Tencent Holdings rein in the growing influence of downs. Founder Wang Xing said ing business. ately respond to faxes seeking Under the draft rules for Ltd that got caught up in a $290 tech corporations throughout in August the recovery was un - As its name suggests, the comments. micro-lenders issued in billion selloff this month after the world’s No. 2 economy. derway but areas such as travel model entails a group of resi - The enormity of the chal - early November, Ant would regulators published antitrust Backed by Tencent, Meituan remained anemic. dents from the same commu - lenge Ant faces restarting its be forced to replenish guidelines. has seen a gradual pick-up in its Food delivery continued to nity placing bulk orders for IPO emerged from discussions capital. That could mean the It’s still down about 13% core food delivery business recover from the pandemic. greater discounts. E-commerce with officials working across company needs about $12 bil - from November 10, when Bei - after the company posted its Gross transaction values for companies then ship the orders regulators with oversight of lion to comply, according to an jing detailed measures to first quarterly revenue decline food delivery increased 36% in one go, reducing logistics financial services and the secu - estimate from Bloomberg curb anti-competitive practices, in the three months ended during the September quarter, costs significantly. rities industry. Intelligence.

Pro-democracy Protest in Bangkok World’s largest vaccine maker denies volunteer’s illness claims Serum Institute of India is conducting AstraZeneca’s shot trials in the Asian nation as part of a manufacturing pact

BloomBerg on October 1 and had to spend time in an intensive care unit The Serum Institute of India for the side effects that fol - Ltd denied allegations that a lowed, said reports. Covid-19 trial volunteer in In response, Serum said in India suffered serious side ef - an emailed statement over the fects from a vaccine developed weekend that the allegations by AstraZeneca Plc and Oxford were “malicious and miscon - University, and said it would ceived” and that the volunteer take legal action over the had been told his symptoms claims. The Serum Institute of were independent of the vac - Serum, the world’s largest India is being sued by a cine trial. vaccine manufacturer, is con - volunteer in the southern “There is absolutely no ducting trials of AstraZeneca’s Indian city of Chennai, correlation with the vaccine shot locally as part of a manu - trial and the medical condition Pro-democracy protesters walk towards the 11th Infantry Regiment Army Unit while holding inflatable yellow ducks during an facturing agreement. It’s being who said he suffered from of the volunteer,” the state - anti-government demonstration demanding the resignation of Thai PM and the reform of the monarchy in Bangkok, Thailand —DPA sued by a volunteer in the serious neurological ment said, without elaborating southern Indian city of Chen - and psychological on how this conclusion was nai, who said he suffered from symptoms after taking arrived at. serious neurological and psy - Serum has not been the only chological symptoms after tak - the experimental shot, Covid-19 vaccine trial in India Malaysia extends curbs on Top Glove dormitories ing the experimental shot, according to news reports to face questions over safety. according to news reports. Last week, local media out - BloomBerg started on November 17 and recorded 1,067 Covid-19 cases, The volunteer is seeking lets reported that a participant was supposed to end on Mon - out of 1,884 new daily cases in compensation of 50 million ru - could be approved before the in trials for a shot developed Malaysia will extend its move - day, but there are still many new Malaysia. The company has said pees ($676,000). Serum said end of the year. by local drugmaker Bharat ment control order on Top Glove positive cases via second screen - it expects the outbreak at its in a statement on Sunday that Development that usually Biotech International Ltd was Corp’s worker dormitories in ing, he said. The government has facilities to end in two-to-four the volunteer’s illness had takes years has been com - hospitalised after an adverse Klang by two weeks to Decem - tested 5,805 workers and 3,406 weeks. nothing to do with the vaccine pressed into months due to the reaction, but that this was ber 14 because of rising coron - are found positive for the virus, The curbs have pared the me - and that it would counter-sue. urgency of the pandemic, and not disclosed to subsequent avirus cases there, according to he added. teoric rise in the shares of the The incident adds to the questions are growing over volunteers. Defense Minister Ismail Sabri The government last week or - world’s biggest rubber-glove global attention on As - whether safety has been com - Bharat did not immediately Yaakob at a media briefing. dered Top Glove to close 28 of its producer. The stock tumbled traZeneca’s Covid-19 vaccine, promised in the rush. respond to a request for com - The movement control at at factories in phases, after its facil - 17% this month, the steepest a fast-moving shot that’s one The volunteer in India was ment on Monday, which is a the company’s dormitories ity in Klang, Selangor state drop since January 2016. of three western efforts which given the Covishield vaccine public holiday in India. Hong Kong tightens gatherings, sends civil servants home Public gatherings will be limited to two people, including at restaurant tables and at sports venues: Carrie Lam

BloomBerg the city’s workforce. The slew of restrictions come as Hong Kong reported Lam also announced the clo - Hong Kong introduced the 76 new coronavirus patients for the day, with most of them sure of venues such as game city’s toughest public-gather - being local transmissions and nine cases being untraceable. parlours and swimming pools. ing restrictions in months and Restaurants will also have to decided to send civil servants The new measures are similar to those announced in July, shorten restaurant dine-in back to work-from-home when the city faced its worst-ever outbreak hours to 10 pm Amusement arrangements as the govern - parks will also be shut. The ment steps up efforts to con - maximum penalty for tain the latest wave of The slew of restrictions ble with Singapore, and the violating social distancing coronavirus infections in the come as Hong Kong reported onset of colder weather may measures will be HK$25,000 Asian financial hub. 76 new coronavirus patients mean that the virus’s spread is ($3,225) and imprisonment. Public gatherings will be for the day, with most of them harder to curb. Hong Kong earlier an - limited to two people, includ - being local transmissions and Many multinational compa - nounced that schools would ing at restaurant tables and at nine cases being untraceable. nies refer to what civil servants shut again from Wednesday. sports venues, Chief Executive The new measures are similar are doing to determine their People disinfect their hands as they enter a community hall to undergo coronavirus The city’s social distancing Carrie Lam said at a briefing on to those announced in July, own guidelines about employ - (Covid-19) test in Hong Kong on October 11 —DPA measures have drawn criticism Monday. Most new measures when the city faced its worst- ees coming to the office. When from businesses for being will go into effect on Wednes - ever outbreak. The current civil servants were told to government services such as government employed more more unpredictable than day and last two weeks, she resurgence has already de - work from home during the work-visa extensions were de - than 177,000 people as of June, places such as New Zealand, said. layed a planned air travel bub - last wave of Covid-19 cases, layed. Hong Kong estimates the accounting for about 4.6% of South Korea or Singapore. tuesDAY-sAturDAY 01-05 December 2020 06 politics

Biden, Harris all set Chinese Foreign Ministry spokesman Zhao Lijian has a reputation for stirring diplomatic disputes with Twitter posts to receive their first intelligence briefings Australia demands China BloomBerg President-elect Joe Biden and apology for ‘Afghan tweet’ Vice President-elect Kamala Harris were expected to re - ceive on Monday the same Chinese government should be ashamed of ‘repugnant’ post’: PM Scott Morrison daily intelligence briefing that President Donald Trump gets, BloomBerg belatedly beginning the transi - n Diplomatic ties have tion between leaders of some Australian Prime Minister Scott plummeted this year after of the nation’s most sensitive Morrison said he was seeking secrets. an apology from China after a Australia called for The President’s Daily Brief - diplomat in Beijing tweeted an independent investigators ing has been offered to every image purporting to show an to be allowed into Wuhan president-elect since Richard Australian soldier holding a to probe the origin of the Nixon in 1968, often the morn - US President’s Daily knife to the throat of an Afghan ing after Election Day. But that child. pandemic, leading to a Briefing has been offered courtesy is extended by cus - The tweet, posted by Chinese series of trade reprisals tom and is not required by law, to every president-elect Foreign Ministry spokesman and Trump’s refusal to con - since Richard Nixon in Zhao Lijian, was “repugnant,” cede defeat has put Biden 1968, often the morning Morrison told reporters in Can - n Chinese Foreign Ministry nearly a month behind. berra on Monday. The Aus - spokesman Zhao Lijian’s Biden received the Presi - after Election Day tralian premier said the image dent’s Daily Briefing for eight was doctored and called for boss dismissed Australian years as vice president, and Twitter to remove it. PM Scott Morrison’s received some intelligence Biden often received dense, “The Chinese government demand for apology, briefings as the Democratic analytical briefing books, should be totally ashamed of presidential nominee but will Trump likes to see shorter bul - this post,” Morrison said. The asking at a briefing in likely see an intelligence prod - let points and more graphics. tweet will diminish China’s Australian PM Scott Morrison reacts during the Asean-Australia Leaders’ Summit at Beijing whether the uct unlike the one he’s used to. Priess said Biden’s briefers global reputation, he said. Parliament House in Canberra, on November 14 —DPA Australian leader “lacks a “Joe Biden is no stranger to from the Office of the Director Morrison’s call for an apology sense of right and wrong” the president’s daily brief,” of National Intelligence will further ramps up tensions be - diers serving in Afghanistan said David Priess, a former CIA likely provide him with back - tween the nations. Diplomatic Australian Special Forces were allegedly involved in 39 intelligence officer and the au - ground reports and other sup - ties have plummeted this year unlawful killings of prisoners, posts. In March, he floated a thor of “The President’s Book plemental details on any after Australia called for inde - soldiers serving in farmers and other civilians, a conspiracy theory that the US of Secrets,” a book on the his - major developments he’s pendent investigators to be al - Afghanistan were allegedly government-commissioned re - Army may have had a role in tory of the briefing. “Biden is missed over the last four lowed into Wuhan to probe the involved in 39 unlawful port found in November. Fol - spreading the coronavirus in in the best position of almost years. origin of the pandemic, leading killings of prisoners, farmers lowing a four-year inquiry, the China, escalating a blame game anyone imaginable to make up As part of the presidential to a series of trade reprisals. report found there was credible in which President Donald for a few weeks of lost time transition, the intelligence Zhao’s boss later dismissed and other civilians, a information that 25 personnel Trump started referring to the early in the transition.” community has set up a secure Morrison’s demand for apology, government-commissioned may have been complicit and disease as the “Chinese virus.” Biden could be surprised by room in Biden’s hometown of asking at a briefing in Beijing report found in November 36 matters should be referred In his latest tweet, Zhao said what he sees, however, be - Wilmington for him to receive whether the Australian leader to police for criminal investiga - he was “shocked by murder of cause the style and substance the briefing. Harris will also “lacks a sense of right and tion. General Angus Campbell, Afghan civilians & prisoners” of the briefing is tailored to the receive the briefing Monday, wrong.” Foreign Ministry the head of the Australian by Australian soldiers. current president. While Pres - but it’s unclear if she will be spokeswoman Hua Chunying matter of principle,” Hua said. Defense Force, said he “sin - The tweet includes an image ident Barack Obama and briefed with Biden. told reporters that it was the “There are other issues be - cerely and unreservedly” apol - that purports to show a soldier Australian side that should tween China and Australia, but ogised to the Afghan people standing on the Australian flag apologise to Afghanistan and the root cause for that is that when he announced the results and holding a bloody knife to denied any link between the Australia goes against basic of the probe. the throat of a child clutching a tweet to the broader dispute norms of international rela - Zhao, who has more than lamb. The child’s face is covered Centrists win biggest between the two sides. tions and took wrong measures 175,000 followers on the social with a blue cloth. The text be - “That is totally unrelated on issues bearing on China’s network banned in China, has a neath the photo reads: “Don’t with other issues between core interests.” reputation for stirring diplo - be afraid, we are coming to Brazilian cities in polls China and Australia — it’s a Australian Special Forces sol - matic disputes with Twitter bring you peace!”

BloomBerg

Brazil’s two biggest cities will be governed by centrist may - Rebel Ethiopian leader vows to fight on ors who defeated President Jair Bolsonaro ’s candidates BloomBerg in nationwide municipal elec - Ethiopia’s army captured tions, consolidating the return The leader of Ethiopia’s dissi - of more moderate political ac - dent Tigray state vowed to the Tigray capital of tors following a conservative fight on after Prime Minister Mekelle, after almost a wave that swept the country Abiy Ahmed said federal month of fighting that’s two years ago. forces regained full control of left hundreds of people Brazilians went to the polls Half way into Brazilian the region. to choose mayors for Sao Ethiopia’s army captured the dead and forced tens of President Jair Bolsonaro’s Paulo, Rio de Janeiro and 55 of Tigray capital of Mekelle, after thousands more to flee the country’s 5,500 municipal - administration, the local almost a month of fighting their homes ities whose first-round results vote provided one of the that’s left hundreds of people in the November 15 vote had dead and forced tens of thou - been inconclusive. most comprehensible sands more to flee their homes. Half way into the Bol - snapshots of the Brazilian The authorities are now to Eritrean refugees that had sonaro’s administration, the political landscape in the focussed on rebuilding what been sheltering in Tigray and vote provided one of the most run-up to presidential was destroyed and restoring UN refugee agency appealed for $147m to cater for Ethiopians fleeing into neighbouring Sudan hoped access would be granted comprehensible snapshots of order to the region, Abiy said. soon. the Brazilian political land - elections in 2022 Debretsion Gebremichael, now.” forces firing missiles into Abiy’s spokeswoman, Billene scape in the run-up to presi - the head of the Tigray People’s Federal troops began an in - neighboring Eritrea at least Seyoum, declined to respond dential elections in 2022. It Liberation Front (TPLF), said cursion into Tigray on Novem - three times this month, accord - directly to Debretsion’s had some curious takeaways: that you can’t do politics with - his forces are continuing to de - ber 4 after Abiy accused the ing to foreign diplomats. remarks. A popular president who has out a party,” said Marco Teix - fend the region and have re - TPLF of attacking an army base The United Nations refugee “The federal government as failed to create his own politi - eira, a professor of political gained control of Axum, a to steal weapons. agency appealed for $147 mil - a priority is busy governing a cal party — and currently has sciences at Getulio Vargas northern city the federal army While Abiy says his mission lion to cater for Ethiopians flee - country and bringing stability no political affiliation — was Foundation, a think tank and captured a week ago. Fighting has been accomplished, ana - ing into neighbouring Sudan. to those affected,” she said by not only unable to help those business school in Sao Paulo. is continuing near Wikro, north lysts warn a long and brutal The amount will be sufficient text message. he endorsed, but in some “He did not negotiate nor did of Mekelle, he said by text mes - guerrilla war with the heavily for 100,000 people for six “Tracking and responding to cases might have contributed he build alliances, he picked sage on Monday. armed Tigrayan forces is more months, High Commissioner the many delusions of a disin - to their downfall. candidates according to his “We’ll take back all towns likely. Filippo Grandi told reporters. tegrating criminal clique that “Bolsonaro emerges weak - personal preferences with dis - based on our plan,” Debretsion The violence has spilled over He also raised his concern has become irrelevant is not ened and will have to learn astrous results for himself.” said. “The initiative is ours Ethiopia’s borders, with TPLF about UNHCR’s lack of access our focus.” Poland upset with EU over budget Johnson battles to win Officials in Warsaw have long said that talk of a “Polexit” is a “political fiction” over UK Conservatives BloomBerg BloomBerg a Brexit deal with the UK, the EU is adamant it won’t cave, and Boris Johnson is battling to The Polish government is get - has ratcheted up the rhetoric in convince his own Conservative ting increasingly upset with Eu - a similar fashion. EU govern - Party colleagues to back plans ropean Union efforts to add ment envoys in Brussels were to keep most of England under conditions to budget funding, expected to discuss the stale - strict pandemic controls when but the issue isn’t enough for mate on Monday. the national lockdown ends them to consider quitting the One EU diplomat said Hun - this week. bloc, a deputy minister said. gary and Poland are moving Ministers on Monday were While Hungary and Poland towards deeper isolation. expected to publish analysis of have long flouted democratic France’s ambassador to the bloc the health, economic and social values that other European warned the quarrel could signal impacts of the pandemic and With reports that as many countries hold dear, officials in a “fundamental rupture” that the measures taken to sup - as 100 Conservatives may Brussels have struggled to dis - raises questions about the EU’s press the disease, before a cipline them as each can veto very future, according to people scheduled vote on Tuesday rebel in the vote because punishments against the other. Polish far-right supporters hold flags and banners as they march through the centre of present at a meeting of envoys over England’s return to a they say the new rules are That changed with a recent Warsaw to mark the country’s Independence Day in Poland on November 11 —DPA in Brussels last week. three-tier system of coron - too tough, Johnson at the initiative tying development The clash has been building avirus restrictions to replace cash to rule-of-law standards, since Hungarian Prime Minister the lockdown on December 2. weekend wrote to his prompting the pair to threaten While Hungary and Poland have long flouted democratic Viktor Orban began cracking With reports that as many as critics promising to block the EU’s seven-year values that other European countries hold dear, officials in down on independent media 100 Conservatives may rebel in concessions in an attempt budget, including $900 million and bringing the courts under the vote because they say the to persuade them to of pandemic aid. Brussels have struggled to discipline them as each can political control a decade ago. new rules are too tough, John - “Poles are wise and they don’t veto punishments against the other The EU objected but found itself son at the weekend wrote to support him blame the whole EU,” Waldemar largely powerless to stop him. his critics promising conces - Buda, deputy minister in charge Instead, he has spurned the sions in an attempt to persuade of EU funds, told TVN24 private “Polexit” is merely “political fic - Hungary and Poland wager the bloc’s values on everything them to support him. He about the steps that we are tak - television. “They understand tion,” even as Prime Minister EU will bend. The countries, from education to immigrants, warned that a third national ing,” Environment Secretary that it’s only a group of leaders Mateusz Morawiecki said this which stand to receive more likened the EU to the Soviet lockdown may be required if George Eustice told Sky News who are absolutely liberal and month that being in the bloc than 180 billion euros in the Union for meddling in Hun - the country fails to bring the on Monday. left-wing and impose their “sometimes benefits Poland, coming years, call the new rules gary’s affairs and painted his coronavirus under control. “There’s great frustration views on all countries.” and sometimes it doesn’t.” an attack on their sovereignty. country as a victim of a liberal “The prime minister and with the emergency measures Government officials in War - With a deadline looming to But despite the health crisis plot to undermine Europe’s other ministers will be working we’ve had to take to deal with saw have long said that talk of a approve the spending plan, and last-minute wrangling over “Christian heritage.” very hard to reassure them this pandemic.” tuesday-saturday 01-05 december 2020 europe/americas 07

HSBC contemplates trumP’s tariffs on Chinese-made products have forced other international companies to rethink their manufacturing operations complete exit from US retail banking Apple suppliers’ China exodus BloomBerg not to slow down under Biden HSBC Holdings Plc is consider - ing offloading its struggling retail network in the US, a The iPhonemaker, the largest of the many tech giants that rely on Chinese market the British bank has called one of its biggest strate - factories , will move some production of its iPads and MacBooks to Vietnam gic challenges. The bank’s management is BloomBerg looking at a complete with - Apple’s key assembly drawal from its retail opera - The splintering of the global tech partner Hon Hai Precision tions in the country, although supply chain that began during a full exit from other busi - HSBC’s management is President Donald Trump’s watch Industry Co, known also nesses in the US is unlikely, ac - looking at a complete looks set to persist under his as Foxconn, has allocated cording to a person familiar successor. $270 million in new with the matter. The recom - withdrawal from its retail Apple Inc, the largest of the mendations are expected to be operations in the country, many tech giants that rely on investments to the presented to the board as although a full exit from Chinese factories to make their Southeast Asian country soon as this week. gadgets, will move some produc - The review is also likely to other businesses in the tion of its iPads and suggest reducing investment US is unlikely MacBooks to Vietnam. Key as - through its assembly partners, banking activities to concen - sembly partner Hon Hai Preci - aided by PM Narendra Modi’s trate on international clients sion Industry Co, known also as policy to attract top-tier smart - with a focus on Asia and the around instead of a sale might Foxconn, has allocated $270 mil - phone companies to make their Middle East, according to the be too much of a struggle. lion in new investments to the gadgets locally for export. Pega - Financial Times, which earlier “HSBC’s US franchise remains Southeast Asian country. Those tron, the last of the major iPhone reported the news. challenged by inefficiencies moves presage a larger and assemblers to arrive in the coun - A spokesman for HSBC de - that we struggle to see man - longer-term migration that may try, announced earlier this clined to comment. agement adequately resolving, have ramifications for the Apple CEO Tim Cook speaks during the event for the unveiling of Apple’s iPhone month it is injecting 11 billion HSBC unveiled a sweeping notably in the retail and iPhone maker as well as China’s 12 Pro and the iPhone 12 Pro Max in Cupertino on October 13 —DPA rupees ($150 million) into its In - restructuring earlier this year, wealth management arena, role as workshop to the world. dian unit and will start produc - announcing job cuts of about suggesting to us that a dis - Foxconn founder Terry Gou tion there as soon as late 2021. 35,000 over three years as the posal remains preferable,” coined the term “G2” to describe Back at home, the iPhone lender navigates geopolitical they wrote. the trend of a unified supply n President Trump’s trade hostilities against China caused maker has been lobbying the tensions in China and Hong HSBC has one of the largest chain splitting into at least two. many manufacturers to shift production capacity to US government to support local Kong, markets that are key US businesses of any non- Company Chairman Young Liu neighboring countries like Vietnam and further afield to chip production with tax breaks. earnings drivers. The bank American bank, a product in said in August that the likes of sites in Mexico and India, in order to avoid being slapped Its key supplier Taiwan Semi - said it would announce a fur - part of its ill-fated acquisition India, Southeast Asia and the conductor Manufacturing is ther revision to its overhaul of Household International in Americas could each in the fu - with punitive tariffs and to mitigate future sanctions risk planning a chip fab in Arizona, when it reports full-year fig - 2003, the subprime lender ture end up with a dedicated though the modest scale and ures next year, with fresh de - that ended up costing the manufacturing ecosystem of n Apple, whose Chief Executive Officer Tim Cook technology of that facility would tails on capital deployment company billions of dollars in their own. The trend now looks suggest it will service smaller and costs. writedowns. Despite its size, irreversible as other countries orchestrated the creation of its current Chinese-centric customers, at least to begin with. Obvious targets for im - the unit’s current $62 billion including India and Vietnam are production chain, has resisted a large-scale move but in Beyond Apple, Alphabet Inc’s provement include the US, loan book represents less than boosting their infrastructure and recent years has increasingly explored alternatives Google has placed orders with where HSBC is weighed down 6% of HSBC’s total. efforts to lure manufacturers Foxconn to assemble key com - by a costly coast-to-coast Last year, HSBC hired Citi - through lower costs and fewer ponents for its servers in Wis - branch network, and Europe, group Inc veteran Michael geopolitical worries. technology analyst at Gavekal gate future sanctions risk. Apple, consin, at the under-utilised which accounted for almost Roberts as the head of its “As China gets more expen - Dragonomics. whose CEO Tim Cook orches - facility that has to date been half of its assets in 2019 but North American business, re - sive, and as US politics have been Trump’s trade hostilities trated the creation of its current most famous for what it hasn’t generated operating losses. placing Patrick Burke. Months unpredictable, companies have against China caused many man - Chinese-centric production produced. Mass production The London-based bank, before Roberts’ hire, Ewen shifted production of some ufacturers to shift production ca - chain, has resisted a large-scale there is expected to go ahead in which is seeking to expand in Stevenson, HSBC’s chief finan - goods out of China. That trend pacity to neighbouring countries move but in recent years has in - the first quarter. Trump’s tariffs China, earns almost all of its cial officer, said that the US will continue as China gets like Vietnam and further afield creasingly explored alternatives. on Chinese-made products have profit in Asia. was one of the areas in which more expensive and as Vietnam to sites in Mexico and India, in The Cupertino, California- also forced other global compa - Analysts at Bloomberg Intel - the bank faced its “biggest and India improve their compet - order to avoid being slapped based company is continuing to nies to rethink their manufactur - ligence said opting for a turn - strategic challenge.” itiveness,” said Dan Wang, a with punitive tariffs and to miti - add iPhone capacity in India ing operations.

Coronavirus mass testing in austria UK bans installation of Huawei 5G equipment from September Restriction is part of an ‘initial’ $333m package of measures brought in to diversify Britain’s wireless supply chain

BloomBerg

The UK will ban the installation of 5G equipment from China’s Huawei Technologies Co by the end of next September. The restriction is part of an “initial” 250 million-pound ($333 million) package of meas - ures brought in to diversify Britain’s wireless supply chain announced by the Department for Digital, Culture, Media and Sport. The stricter rules may also A view of the booth of the technology company Huawei at the International Consumer help fend off a challenge from Electronics Fair (IFA) in Berlin on September 03 —DPA Passers-by walk up the steps to Austria’s largest coronavirus testing facility “Corona-Teststrasse” at the Austria Convention lawmakers in the ruling Conser - Center (ACV) in Vienna, Austria, on Monday —DPA vative Party seeking even tighter restrictions on the Chinese net - British ministers announced in July that Shenzhen-based work equipment maker. Huawei would be banned from Britain’s next-generation mobile British ministers announced networks in 2027, with purchases barred from January 2021 in July that Shenzhen-based Italy approves $9.6b new stimulus package Huawei would be banned from Britain’s next-generation mobile The crackdown followed a US the American squeeze on BloomBerg day. It delays tax deadlines for of the world’s heaviest debt bur - networks in 2027, with pur - push for allies to exclude Huawei Huawei’s silicon supply chain companies and expands cash dens, it has relied on exceptional chases barred from January on the grounds it was an unac - meant its security could no Italy’s government has ap - handouts for workers in tourism support from the European Cen - 2021. To comply with those ceptable security threat, which longer be guaranteed. proved a fourth stimulus pack - and the arts, which have tral Bank to tap bond markets. rules, phone companies would the company denies. Telecommunications carriers age to support businesses hit by been severely disrupted by the Italy’s parliament in Novem - have had to stop adding Huawei In January, British officials said like BT Group Plc will now be re - the latest restrictions to stem pandemic. ber backed the government’s components eventually, but Huawei could play a limited role liant on a duopoly of Nokia Oyj the spread of the coronavirus. The euro area’s third-largest request to swell the nation’s the new ban may accelerate with manageable risks. They and Ericsson AB, and those The package is worth 8 billion economy has struggled to deal budget deficit by 8 billion euros their plans to overhaul systems. since reversed that stance and Nordic companies have already euros ($9.6 billion), according to with the economic fallout from to fund the additional relief Maintaining existing equipment backed a ban following US sanc - won big contracts in the wake of a statement published on Mon - the pandemic. Saddled with one measures. will be allowed. tions introduced in May, saying the Huawei ban.

Cyber Monday projected to hit pandemic-fuelled $12.7b Any service interruptions such as like slow websites and payment processing issues could be painful for companies

BloomBerg Amazon.com, Walmart, double the growth rate in the sites for prominent retailers years prior to the pandemic. had 39% more errors on Black Online shoppers in the US are Target Corp, Best Buy and That also means that any serv - Friday than they did a year ago, expected to drop a record-bust - others have been preparing ice interruptions on Cyber according to Quantum Metric. ing $12.7 billion on Cyber Mon - for the 2020 holiday deluge Monday — slow websites, pay - US Shoppers spent $9 billion day — the busiest e-commerce ment processing problems, online on Black Friday, accord - day of the year — presenting a for months. This week will be shopping carts that vanish be - ing to Adobe Inc, missing its valuable opportunity for retail - the ultimate test for their fore checkout — could be forecast of $10.3 billion, indicat - ers whose websites, customer new investments in ramping painful for companies. ing shoppers reacted to deals service departments and deliv - up delivery capacity and “Even large retailers could be earlier in the holiday season and ery operations can withstand crippled with the demand,” said warnings about potential ship - the period of crushing traffic. adding features like parking Mario Ciabarra, chief executive ping problems in December. Amazon.com Inc, Walmart lot pickup for digital orders officer at Quantum Metric, Retailers have been enticing Inc, Target Corp, Best Buy Co which helps online retailers people to shop earlier in the and others have been prepar - fix website problems. “Every season to avoid capacity prob - Cyber Monday would likely still be the peak, because many shoppers are conditioned ing for the 2020 holiday deluge tures like parking lot pickup for to hold off on big purchases in anticipation of price cuts minute counts and every cus - lems. But Cyber Monday will for months. This week will be digital orders. tomer counts.” likely still be the peak, because the ultimate test for their new The Covid-19 surge kept Friday, reinforcing predictions dicts that spending Cyber Mon - There were already signs many shoppers are conditioned investments in ramping up de - crowd-averse shoppers away that online shopping will soar day spending for 2020 will that some websites are strug - to hold off on big purchases in livery capacity and adding fea - from physical malls on Black this year. Adobe Analytics pre - climb by 35% — more than gling to handle the load. Web - anticipation of price cuts. tuesday-saturday 01-05 december 2020 08 stock markets

South African stocks West texas Intermediate crude declined 1.3% to $42.15 a barrel fall, paring best Nov gains since 2001 Stocks slip after record rally; oil extends retreat Crude extended a retreat on signs of discord among Opec+ ministers

BloomBerg

US futures slipped and Euro - pean stocks steadied on the last day of the month after record- breaking rally in global equity markets. Oil extended a retreat on signs of discord among Opec+ ministers. Naspers subsidiary Prosus NV, which holds the company’s 31% stake in Tencent, The rotation that sent stocks retreated 1% to all-time highs showed signs of a slight reversal, with tech - BloomBerg nology companies holding firm, Monday’s weakness while small-caps, banks and South Africa’s main stock trimmed the index’s advance energy producers were broadly benchmark index dropped for lower. The MSCI Asia Pacific a second day, down 1.1% by in November to 11%, the Index sank 1.6%, the biggest 9:42 am in Johannesburg, the first monthly gain since July. loss in a month. “I suspect that biggest intraday decline in The benchmark remained on investors have become cautious more than a week, as market after big gains in the last few giant Naspers Ltd joined diver - track for its best month since weeks that were driven by the sified miners and banks in April, and the best vaccine news,” said Peter said the federal government pulling the main gauge lower. November since 2001 Rosenstreich, head of market hopes to quickly review and ap - n The rotation that sent stocks to all-time highs showed Risk-off sentiment was evi - strategy at Swissquote Bank. prove requests from two drug - dent in early trade, with 91 of “It’s a big positive as it’s really makers for emergency approval signs of a slight reversal, with technology companies the 141 listed companies NV, which holds the company’s provided an endgame for of their Covid-19 vaccines. holding firm, while small-caps, banks and energy declining, while 37 traded 31% stake in Tencent, re - Covid-19.” The risk-on mood has hurt producers were broadly lower. The MSCI Asia Pacific higher. treated 1%. demand for haven assets. Gold Monday’s weakness trimmed Index of bank stocks fell for extended a retreat on Monday Index sank 1.6%, the biggest loss in a month the index’s advance in Novem - a second day, down 2.1% to With efforts for a Covid-19 and is on course for its largest ber to 11%, the first monthly the lowest intraday level in a vaccine making fast monthly decline in four years. n The risk-on mood has hurt demand for haven assets. Gold gain since July. week, as the rand weakened. The dollar is poised for a 2.7% extended a retreat on Monday and is on course for its The benchmark remained on Standard Bank Group Ltd fell progress, investors have drop in November. track for its best month since 2.3% after publishing trading quickly started to price in In other markets, oil dropped largest monthly decline in four years. The dollar is poised April, and the best November update. the likelihood of a return below $45 a barrel in New York for a 2.7% drop in November since 2001. FirstRand Ltd -2.2%, Absa on Monday. An informal meet - Global equities are up 13% Group Ltd -3.3%, Nedbank to normalcy and faster ing of Opec+ ministers didn’t in November as positive vac - Group Ltd -3.3%, Capitec Bank economic growth reach an agreement on whether The US employment report little changed at $1.3306. cine news helped drive expec - Holdings Ltd 1.4%, Investec to delay January’s oil-output on Friday is expected to show The Japanese yen weakened tations that a global economic Plc -2.4%. Diversified miners increase. A full meeting of the more Americans headed back 0.1% to 104.24 per dollar. The recovery can pick up in 2021, led the broader sector’s gauge Even with the small pullback, cartel was planned for Monday. to work in November, though at yield on 10-year Treasuries helping flows into companies lower for a second day, with the overarching theme in equi - Opec holds a virtual full min - a slower pace than last month. gained less than one basis point with earnings more closely the index down 0.5%. ties is still the spectacular isterial meeting to make a final Futures on the S&P 500 Index to 0.84%. The yield on two-year tied to a rebound in growth. BHP Group Plc -1.1%, Anglo rally that propelled the MSCI decision on whether a produc - declined 0.5% as of 9:32 am Treasuries dipped less than one Naspers, with a 19% American Plc -0.6%, Impala World Index to a 13% surge in tion supply hike should proceed London time. The Stoxx Europe basis point to 0.15%. Germany’s weighting in the benchmark, Platinum Holding Ltd -1.1%, November. With efforts for a as scheduled in January. 600 Index was little changed. 10-year yield rose one basis retreated for a second day, Northam Platinum Ltd -1.2%, vaccine making fast progress, The Reserve Bank of Aus - The MSCI Asia Pacific Index de - point to -0.58%. Britain’s 10- down 1% to the lowest in a African Rainbow Minerals Ltd investors have quickly started tralia holds a policy meeting on clined 1.6%. The MSCI Emerg - year yield decreased one basis week, causing the biggest drag -1.9%, Anglo American Plat - to price in the likelihood of a Tuesday. ing Market Index fell 1.3%. point to 0.276%. on the market, as partly inum Ltd -0.4%, Exxaro Re - return to normalcy and faster Federal Reserve Chairman The Bloomberg Dollar Spot West Texas Intermediate owned Tencent Holdings Ltd sources Ltd -1.1%, Glencore economic growth. Jerome Powell testifies before Index was little changed at crude declined 1.3% to $42.15 slid in Hong Kong. Plc -0.9%, Royal Bafokeng Over the weekend, US Sur - Congress on Tuesday and 1,141.97. The euro rose 0.1% to a barrel. Gold weakened 0.6% Naspers subsidiary Prosus Platinum Ltd -0.8%. geon General Jerome Adams Wednesday. $1.1975. The British pound was to $1,777.09 an ounce.

Daily Financials As of 2020-Nov-30 Generated on 2020-Nov-30 17:35

Capitalization (AED) Securities Total Big Block Regular + Private Regular Board Private Board FUND Board Dual Listing Companies Traded Declined Advanced Unchanged Value (AED) Volume Trades Trades 7.34227E+11 7.23499E+11 10727950416 48875000 19759705299 27 11 11 51,279, 091,610.091,610.23 245,857, 025 6,156 0

Banks Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) Abu Dhabi Commercial Bank A1.00379,354DCB 6,957, 6.080 8.150 3.82096,958, 977.44 15,980, 412.00 633 (0.020) (0.33) 6,957,379,354.00 42,300,866,472. 32 Abu Dhabi Islamic Bank A1.00000,000DIB 3,632, 4.700 5.8505.850 3.190542,221, 024.89 115,411, 720.00 2,340 (0.100) (2.08) 3,632,000,000.00 17,070,400,000. 00 Bank of Sharjah B1.00000,000OS 2,100, 0.680 0.830 0.50086,246. 76 125,857. 00 5 (0.019) (2.72) 2,100,000,000.00 1,428,000,000. 00 Commercial Bank International C1.00383,050BI 1,737, 0.694 0.966 0.635 1,737,383,050.00 1,205,743,836. 70 Finance House FH 1.00310,049, 961 1.6301.700 1.400 310,049,961.00 505,381, 436.43 Invest Bank I1.00982,143NVESTB 3,180, 0.4501.220 0.430 3,180,982,143.00 1,431,441,964. 35 First Abu Dhabi Bank FA1.00000,000B 10,920, 12.620 15.920 7.780245,032, 827.74 19,405, 792.00 898 (0.160) (1.25) 10,920,000,000.00 137,810,400,000. 00 National Bank of Fujairah N1.00761,884BF 1,914, 4.9804.980 4.980 1,914,761,884.00 9,535,514,182. 32 National Bank of Umm Al Qaiwain N1.00000,015BQ 1,848, 2.0002 2.180.180 1.810 1,848,000,015.00 3,696,000,030. 00 Sharrjajah Islamic Bank S1.00597,750IB 3,081, 1.200 1.350 0.95055,866. 00 46,555. 00 2 0.010 0.843,081,597,750. 00 3,697,917,300. 00 The National Bank of Ras Al Khaimah RA1.00245,428KBANK 1,676, 3.6005 5.000.000 3.330 1,676,245,428.00 6,034,483,540. 80 United Arab Bank UAB 1.002,062, 550,649 0.8941.130 0.807 2,062,550,649.00 1,843,920,280. 21 Total 39,420,950,234 884,354,942.83 150,970, 336.00 3,878 39,420,950,234.00 226,560,069,043. 13 Index ADBF Index Open 8,407.30 Index Close 8,313.52 Index Change (92.45) Index Change % (1.10) Traded 5 Declined 4 Advanced 1 Unchanged 0 Sector Capitalization 2.2656E+11 Insurance Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) United Fidelity Insurance Company (P.ES.CC)) F1.00000IDELITYUNIT 100,000, 2.0002.000 2.000 100,000,000.00 200,000, 000.00 Union Insurance Company U1.00180NION 330,939, 0.550 0.7500.750 0.510 330,939,180.00 182,016, 549.00 National Takaful Company (Watania) WWAATANIA 1.00150,000, 000 0.931 1.080 0.680 150,000,000.00 139,650, 000.00 Sharjah Insurance Company S1.00000ICO 137,500, 2.1102 2.700.700 2.110 137,500,000.00 290,125, 000.00 Abu Dhabi National Takaful Co. T1.00000KFL 100,000, 4.140 6.5006.500 2.740 100,000,000.00 414,000, 000.00 Insurance House IH1.00500118,780, 0.808 0.808 0.808 118,780,500.00 95,974, 644.00 Methaq Takaful Insurance Compnay M1.00000ETHAQ 150,000, 0.935 0.944 0.4782,370, 486.22 2,535, 588.00 46 0.005 0.54 150,000,000.00 140,250, 000.00 Ras Alkhaima National Insurance Co.CRA1.00000KNI 121,275, 3.640 3.640 2.000 121,275,000.00 441,441, 000.00 AXA Green Crescent Insurance ComppCany PJSC A1.00000XAGCI 200,000, 0.665 0.740 0.323 200,000,000.00 133,000, 000.00 Al Dhafra Insurance Co. D1.00000HAFRA 100,000, 3.6103.610 3.000 100,000,000.00 361,000, 000.00 Emirates Insurance Co. EIC 1.00150,000, 000 6.8008.100 6.510 150,000,000.00 1,020,000,000. 00 Al Wathba National Insurance Co. A1.00000WNIC 207,000, 9.290 9.400 9.290 207,000,000.00 1,923,030,000. 00 Al Khazna Insurance Co. A1.00000KIC 420,000, 0.2380.238 0.238 420,000,000.00 99,960, 000.00 Al Ain Alahlia Insurance Co. A10.00000LAIN 15,000, 37.00037.000 33.000323,047. 00 8,731. 00 2 0.000 0.00150,000, 000.00 555,000, 000.00 Al Buhaira National Insurance CompaCny A1.00000BNI 250,000, 1.800 250,000,000.00 450,000, 000.00 Abu Dhabi National Insurance ComppCany A1.00000DNI 570,000, 5.1705.170 2.700 570,000,000.00 2,946,900,000. 00 Al Fujairah National Insurance ComppCany A100.00000FNI 1,210, 247.900272.700 240.000 121,000,000.00 299,959, 000.00 Total 3,121,704,680 2,693,533.22 2,544, 319.00 48 3,376,494,680.00 9,692,306,193. 00 Index ADII Index Open 2,162.39 Index Close 2,162.28 Index Change 0.28 Index Change % 0.01 Traded 2 Declined 0 Advanced 1 Unchanged 1 Sector Capitalization 9692306193 Consumer Staples Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) AGTHIA Group A1.00000GTHIA 600,000, 4.290 4.600 2.500564,645. 20 130,741. 00 21 (0.040) (0.92) 600,000,000.00 2,574,000,000. 00 FOODCO Holding Company F1.00000OODCO 120,000, 2.990 3.360 2.750 120,000,000.00 358,800, 000.00 Ras Al Khaimah Poultry & Feeding CoO. RA1.00000PC 86,400, 1.590 1.600 1.290 86,400,000.00 137,376, 000.00 Total 806,400,000 564,645.20 130,741. 00 21 806,400,000.00 3,070,176,000. 00 Index ADCM Index Open 9,011.07 Index Close 8,922.64 Index Change (70.75) Index Change % (0.79) Traded 1 Declined 1 Advanced 0 Unchanged 0 Sector Capitalization 3070176000 Services Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) National Corporation for Tourism & HHotels N1.00000CT 785,862, 1.8001.900 1.350 785,862,000.00 1,414,551,600. 00 National Marine Dredging Co. N1.00000MDC 250,000, 5.700 6.250 2.900295,725. 90 51,801. 00 4 (0.100) (1.72) 250,000,000.00 1,425,000,000. 00 Gulf Medical Projects Company G1.00094MPC 698,916, 2.400 2.620 1.3302,959. 74 1,334. 00 2 0.180 8.11 698,916,094.00 1,677,398,625. 60 Emirates Driving Company D1.00400RIVE 89,786, 12.860 15.740 7.960 89,786,400.00 1,154,653,104. 00 Abu Dhabi Aviation Co. A1.00200DAVIATION 444,787, 3.500 3.530 2.520327,800. 00 95,000. 00 3 0.150 4.48444,787, 200.00 1,556,755,200. 00 Abu Dhabi National Hotels Co. A1.00000,000DNH 1,000, 2.490 3.680 2.330 1,000,000,000.00 2,490,000,000. 00 Total 3,269,351,694 626,485.64 148,135. 00 9 3,269,351,694.00 9,718,358,529. 60 Index ADID Index Open 2,668.54 Index Close 2,700.64 Index Change 38.90 Index Change % 1.46 Traded 3 Declined 1 Advanced 2 Unchanged 0 Sector Capitalization 9718358530 Real Estate Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) Al Dar Properties A1.00629,603LDAR 7,862, 3.040 3.180 1.350126,894, 203.36 41,501, 795.00 768 (0.050) (1.62) 7,862,629,603.00 23,902,393,993. 12 RAK Properties RA1.00000,000KPROP 2,000, 0.434 0.470 0.327708,385. 75 1,639, 157.00 17 0.000 0.002,000,000,000. 00 868,000, 000.00 Sharrjajah Group SG 1.0078,901, 086 0.8500.850 0.770 78,901,086.00 67,065, 923.10 Total 9,941,530,689 127,602,589.11 43,140, 952.00 785 9,941,530,689.00 24,837,459,916. 22 Index ADRE Index Open 4,654.86 Index Close 4,583.04 Index Change (71.81) Index Change % (1.54) Traded 2 Declined 1 Advanced 0 Unchanged 1 Sector Capitalization 24837459916

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