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QSEQS holds seminar on Climate accord will propromotingm sustainability fuel US jobs and and ESG disclosure business, say labour amoaamongn Qatari listed ﬁrms leaders

Wednesday 4 December 2019

Qatar, Kazakhstan working to enhance economic ties QNA The meeting dealt with NUR-SULTAN bilateral relations in the ﬁnancial, banking, The President of Kazakhstan H E Kassym-Jomart Tokayev met yes- and investment sectors. terday at the presidential palace The two sides stressed with Governor of the Qatar on the importance of Central Bank (QCB) H E Sheikh elevating ties to new Abdulla bin Saoud Al Thani and his accompanying delegation. levels that will be The meeting dealt with mutually beneﬁcial. bilateral relations in the financial, banking, and investment sectors. The two sides stressed on the Kazakhstan H E Ruslan Dalenov, importance of elevating ties to and Deputy Head of the Office of new levels that will be mutually the Prime Minister H E Aidyn beneficial. Prime Minister of Karimov. Kazakhstan H E Askar Mamin also During the QCB Governor’s met with the QCB Governor and meeting with the Governor of his accompanying delegation Astana International Financial where they reviewed bilateral Centre, they discussed the cooperation. services offered by the centre to The meeting was also financial institutions that will look attended by the Governor of to set up subsidiaries with the Astana International Financial centre. Qatar Central Bank Governor H E Sheikh Abdulla bin Saoud Al Thani and other Qatari delegation members were received by Kazakhstan President Centre H E Kairat Kelimbetov, The Qatari delegation also H E Kassym-Jomart Tokayev during their recent visit to Kazakhstan. First Deputy Prime Minister of the met with the Minister of Industry Republic of Kazakhstan and Min- and Infrastructure Development Direct Investment projects. investment fields. Centre. He was accompanied by a high-ranking ister of Finance H E Alikhan of the Republic of Kazakhstan H The QCB Governor also met with CEO of It is worth noting that the visit of the Gov- delegation with representatives from the central Smailov, Minister of National E Beibut Atamkulov, and dis- Kazakhstan’s Sovereign Wealth Fund ernor of QCB came in response to an invitation bank, QIA, QFC, QSE, and several Qatari banks. Economy of the Republic of cussed the available Foreign Akhmetzhan Yessimov, and discussed joint from Governor of Astana International Financial

Qatar-US Economic Cooperation QP signs 5-year naphtha QR674bn ($185bn) sale deal with Shell Current value of economic THE PENINSULA pleasure to expand our global DOHA relationship with SIETCO, partnership which delivers to customers in Qatar Petroleum (QP), for and key markets in Asia such as 500,000+ on behalf of Qatar Petroleum for China and to Shell’s ethylene the Sale of Petroleum Products cracker in Singapore.” Qatar American jobs supported Company (QPSPP), has con- Petroleum and Shell have a by Qatar’s investments cluded a five-year sale long-standing strategic part- agreement with Shell Interna- nership through several shared tional Eastern Trading Company investments in Qatar’s energy Lebanon QR22bn ($6bn) QR20bn ($5.5bn) US top import (SIETCO), a registered business industry. This includes Qatar Two-way trade Two-way trade exchange of Shell Eastern Trading (Pte) Liquefied Gas Company Limited central bank to destination for Qatar Ltd, which is based in (Qatargas 4), which produces exchange in 2018 from Jan-Sept. 2019 Singapore. and exports about 7.8 million reduce interest Under the agreement, tons of LNG per annum, and QPSPP will supply SIETCO with Pearl GTL, the world’s largest rates a total of 900,000 metric tons gas-to-liquids plant. of full-range naphtha and plant The relationship with Shell BLOOMBERG/BEIRUT Massive Qatari investments in US condensate per year, starting in also includes strategic global April 2020. partnerships, which include a Lebanon’s central bank plans help boost American job market H E Saad Sherida Al Kaabi, petrochemical joint venture in to slash interest rates in an the Minister of State for Energy Singapore, a joint venture to attempt to ease the country’s MOHAMMAD SHOEB The embassy noted that 2019) has already reached nearly Affairs and the President and develop LNG marine fueling economic crisis and is consid- THE PENINSULA Qatar, during the official visit of QR20bn ($5.5bn), witnessing a CEO of Qatar Petroleum, said, (bunkering) infrastructure at ering formalising temporary the Amir H H Sheikh Tamim bin sharp and steady growth (year- “We are pleased to achieve this strategic shipping locations capital controls set individually Qatar’s massive investments in Hamad Al Thani to Washington, on-year) compared to the same milestone agreement in our across the globe, as well as by local lenders. the US economy have supported singed five agreements with the period last year. The US trade effort to directly sell to users of exploration operations in Brazil, Governor Riad Salameh the American job market in a big US companies which further surplus with Qatar during the our products. It is also our Mexico and Argentina. (pictured) told the Association way, according to the latest helped deepening and expanding first nine months of this year of Banks in Lebanon that he will figures released by the Qatar’s the economic ties between the ended September 30, 2019 stood issue a circular within days to Embassy in the US. two countries. at $2.63bn (over QR9.5bn). The lower rates “to revive the The number of American Qatar is one of the largest value of US exports (of goods) to Huawei to shift research economy” and limit the jobs directly supported by the investors in the US economy, Qatar for the period reached increase in “doubtful” loans, billions of dollars of Qatari which supports more than a $4.03bn, while its imports from from hostile US to Canada according to a document sum- investments in the world’s million jobs (directly and indi- Qatar remained at $1.4bn. marising the meeting and seen largest economy has crossed rectly). The US is also the largest The US continues to be the AFP/OTTAWA by Bloomberg. over 500,000, Qatar’s Embassy import destination for Qatar, far largest import destination for The decision may buy in the US, tweeted yesterday. ahead than China and Germany, Qatar with the combined value Chinese tech giant Huawei, facing US criminal charges and eco- much-needed time for The Qatari embassy, through which are at the second and of monthly imports in October nomic sanctions, is planning to relocate its telecommunications Lebanon, which is reeling its official twitter handle, also third sources for Qatari imports, 2019 standing at QR1.13bn, research from the United States to Canada, founder Ren Zhengfei under its worst financial crisis noted that the bilateral economic respectively. according to latest official data said in an interview published yesterday. in decades while authorities cooperation between Qatar and The bilateral trade volume (in available at the Qatar’s Planning Speaking with the Globe and Mail newspaper at Huawei’s head- struggle to form a government the US has further deepened as goods) between Qatar and the US and Statistics Authority website. quarters in Shenzhen, Ren said the company is also considering after the resignation of Prime a result of aggressive efforts in stood at nearly $6bn (about The Qatari-American rela- building new factories in Europe to make fifth-generation or 5G Minister Saad Hariri following boosting the ties. The value of QR22bn) in 2018, registering about tions have been strong and well equipment. weeks of mass protests against Qatar-US economic partnership 40 percent growth (year-on-year) established for more than 45 The pivot comes as Washington steps up pressure on allies to corruption and deteriorating has reached $185bn (QR674bn). compared to $4.32bn in 2017, years. Qatar has a distinct ban Huawei components from 5G networks, warning that it may living standards. This massive figure under- according to online data available position on the US relations map be used by Beijing for spying or hacking. Canada is reviewing the Salameh said he was con- standably includes the huge at the US Census Bureau. as an ally, a strategic partner technology but has not announced a decision. sidering issuing instructions investments by Qatar Airways, The combined value of and a reliable friend of the US. Huawei’s centre for research and development “will be moved that would formalise recent with nearly $92bn to support the two-way trade exchange in These ties have developed sig- out of the United States and will be relocated to Canada,” Ren told the restrictions on capital move- US economy by purchasing 332 goods between Qatar and the US nificantly since the 1990s, espe- Globe and Mail. Huawei has already added 300 employees in Canada ments imposed by commercial US-made planes, providing more during the first nine months of cially in the fields of economy, this year, for a total of 1,200. “The director in charge of business plans lenders, according to the than 527,000 jobs alone. this year (January-September investment, defense and culture. in the United States is actually working in Ottawa,” he said. document. 02 BUSINESS WEDNESDAY 4 DECEMBER 2019 Porsche Centre Doha welcomes the Cayenne Coupe

THE PENINSULA Turbo Coupe. alike.” With the exception of the DOHA Speaking during the launch front end, all other body parts of event, Salman Jassem Al Darwish, the latest model have been com- Porsche has extended its Cayenne Chairman and CEO of Porsche pletely redesigned and rede- range with the addition of the Centre Doha, said: “We are veloped. The significantly steeper Cayenne Coupe – a version that delighted to unveil the Cayenne roof line makes it more dynamic features an all-new body shape, Coupe for the first time here in and positions it as the sportiest- two different roof concepts and Qatar. A truly worthy addition, this looking model in the segment. impressive performance. model offers the option of an extra Reformed rear doors and wings Launched at a showcase event sporty variant within our SUV broaden the shoulders of the held by Porsche Centre Doha, Al range. The Cayenne Coupé also Coupe by 18 millimetres, contrib- Boraq Automobiles Co at Porsche reinforces the evolutionary uting to an overall muscular Showroom in Medina Centrale, approach Porsche takes to devel- impression. The rear number The Pearl-Qatar. The model oping its sports cars for the new plate is integrated into the shares the same technical era. Inheriting the same technical bumper, making the vehicle attributes as the successful third capabilities implemented in the appear closer to the ground. generation Cayenne, meanwhile third generation Cayenne, The new Cayenne Coupe its sharpened proportions and alongside a sharpened design, the comes with a 2.16 m2 panoramic dramatically sloping roofline gives Cayenne Coupé is more pro- fixed glass roof as standard. The it a more athletic appearance. gressive, athletic, and emotional 0.92 glazed area gives all pas- Three derivatives are now in its own right. I have no doubt sengers an extraordinary sense of available for customers to order, that this impressive model will space, while the integrated roller this includes; the Cayenne Coupe, generate interest among current blind protects against sun Cayenne S Coupe and Cayenne Porsche owners and enthusiasts exposure and the cold. A con- toured carbon roof is optionally The officials of Porsche Centre Doha, Salman Jassem Al Darwish (right), Chairman and CEO; and Ahed available for the Coupé. The Dawood (second left), Brand Manager, during the launch of Cayenne Coupé at the Porsche Centre centre seam gives the roof the Doha, The Pearl-Qatar, in Doha yesterday. PIC: SALIM MATRAMKOT/THE PENINSULA characteristic look of a sports car, similar to the Porsche 911 GT3 RS. The carbon roof is available in one and extends by 135 millimetres at in the lower gears enhance both developed to continuously reg- of the three lightweight sports speeds of 90 km/h and above, on-road performance and off- ulate the damping force for each packages. These packages also increasing the downforce on the road capability. At the other end wheel individually. Wheels start include the Sport Design features rear axle and thus enhancing of the spectrum, the long-trans- at 20 inches and include more and new, weight-reduced 22-inch driving stability. mission eighth gear ensures low designs than the third generation GT Design wheels, seat centres in Benefiting from a generation torques, optimised fuel con- Cayenne, such as the 22-inch GT classic checked fabric, as well as of powerful and efficient engines sumption and relaxed driving. Design wheel, available in com- carbon and Alcantara accents in initially implemented in third gen- Designed to advance driving bination with the lightweight the interior. For the Cayenne eration Cayenne models, the dynamics, all Coupé models sports packages. Turbo Coupé, the package also Coupé versions arrive with include 20-inch wheels, Power The new Cayenne Coupe includes a sports exhaust system increased power through the Steering Plus and Porsche Active models are now available at On each Cayenne Coupé model, addition of a Sport Chrono Suspension Management (PASM) Porsche Centre Doha. Basic retail a fixed roof spoiler is combined Package fitted as standard. as standard. Power Steering Plus prices are as follows: Cayenne with the new adaptive rear spoiler All three Cayenne Coupe is firm at high speeds, while at low Coupe QR318,100, Cayenne S Salman Jassem Al Darwish, Chairman and CEO, Porsche Centre as part of Porsche Active Aerody- models feature Porsche’s eight- speeds the steering force is Coupe QR375,900; and Doha, taking a test drive during the launch of Cayenne Coupé at namics (PAA). The spoiler is inte- speed Tiptronic S gearbox. Shorter assisted to help with parking and Cayenne Turbo Coupe The Pearl-Qatar, in Doha, yesterday. grated into the vehicle silhouette response times and sportier ratios maneuvering. The PASM has been QR567,000 QSE holds seminar on promoting sustainability MARKETWATCH and ESG disclosure among Qatari listed firms QSE FTSE100 DOW CRUDE THE PENINSULA DOHA 10,186.09 7,158.76 27,390.43 $55.99 +3.97 PTS −127.18 PTS −392.61 PTS +0.03 Qatar Stock Exchange, in cooper- 0.04% 1.75% 1.41% Dow & Brent before going to press ation with FTSE Russell and Qatar Financial Centre, held a senior level sustainability and ESG engagement session, titled QSE & FTSE Russell Smart Sustainability Forum, with the aim to promote QIB enhances its corporate the business case for ESG and sustainability, outline QSE’s Internet banking capabilities sustainability action plan to attract responsible investors, provide an THE PENINSULA overview of global investor DOHA feature, the Positive Pay assessment approaches to ESG, cheque management function, and serve as the soft launch for As part of its strategy to customers can now upload the QSE Sustainability and ESG continuously enhance its cheque details online, once Dashboard. digital platforms, Qatar the cheques are issued to the The participants discussed Islamic Bank (QIB) has beneficiaries, to prevent various topics in relation with recently updated its Corporate fraudulent activity. A new Post integration and implementation Hussein M Al Abdullah (fourth right), QSE Marketing and Communication Director with FTSE Russell Internet Banking portal. The Dated Cheque (PDC) reporting practices of ESG factors in an asset CEO Waqas Samad (third right) and senior market experts and officials on the sidelines of the online portal was updated to tool allows customers to allocation framework and seminar in Doha, Monday. address and specifically cater check the status of their PDC investment strategy. The partici- to the ever-changing banking online without the need to put pating speakers and panelists also Hussein M. Al Abdullah, QSE Mar- the ambitions of reaching a well- factors into their investment deci- needs for large, medium and a request to the Bank, visit or discussed how does sustainability keting and Communication informed investment envi- sions, and we are convinced that small Corporate customers. call the Bank. add to performance in investment Director, said that this event is ronment and believe that by companies that effectively com- The updated portal allows Tarek Fawzi, General portfolios; and why should listed centered on the subject of smart undertaking this engagement municate their sustainability QIB’s corporate customers to Manager, Wholesale Banking companies care about reporting sustainability, which combines session, we will promote the sus- strategies will improve their have full digital control over Group, further elaborated on their ESG performance and traditional smart factors such as tainability agenda among our capital raising abilities and have their accounts through several “The enhancement of the Cor- climate change strategy; and how Value, Quality, Momentum, Low investors, listed companies and an overall competitive new functionality enhance- porate Internet Banking can FTSE Russell and QSE help Volatility and Size with sustaina- the business community within advantage”, Al-Abdullah added. ments. One of which is SWEEP platform provides significant listed companies meet the new bility parameters such as ESG the State of Qatar and thus con- Qatar Stock Exchange has – Liquidity Management, value addition to QIB’s cor- demands of investors; and what practices and climate change to tribute to the realisation of the made great strides in the field of which allows customers to set porate customers, by reducing can regulators and exchanges do achieve investment human, economic, social and transition to sustainable Stock up instructions on the online the administrative time that to capitalize on this new performance. environmental pillars of Qatar Exchange through the promotion portal to make end of day it takes to finish their banking investment trend and attract Al Abdullah highlighted QSE National Vision 2030.” “Investors of the best disclosure, investor sweeping between accounts. procedures and eliminating global liquidity. support of sustainability: “Qatar worldwide are increasingly relations and ESG practices among Sweeping can be set for full the need to visit a branch. Our Commenting on the event, Stock Exchange strongly supports incorporating sustainability the market stakeholders. amount transfer or just a team is dedicated to continu- certain amount. With this ously improving the functions feature, customers no longer and capabilities of our Cor- have to send manual instruc- porate Internet Banking Doha Bank names 33 winners of Al Dana Savings Scheme tions to the Bank to set up service, to deliver superior SWEEP, instead, they can and innovative banking solu- THE PENINSULA/DOHA important for everyone to develop a habit of monthly and quarterly draws as well as a year- simply do it online. tions to our customers saving to not only have a safety net in case of end draw, which has a grand prize of QR1 With the addition of the through all our digital Doha Bank, one of the largest private an emergency but also become financially million, with each QR1,000 giving them a new Auto Cover – Liquidity channels.” commercial banks in Qatar, has announced secure to meet future goals and aspirations. chance to win. Management function, cus- This initiative comes in the lucky winners of the 8th Al Dana Savings With our wide-ranging Al Dana Savings Meanwhile, an additional deposit of tomers no longer have to send line with the Bank’s digital Scheme raffle draws held on 24 October 2019 Scheme products, at Doha Bank, we have been QR5,000 and above on top of previous month’s manual instruction to the transformation strategy to at Doha Bank Tower. incentivizing our customers to embrace the average balance will enable account holders Bank to set up Auto Cover. provide customers with an F. Al Shamari grabbed the biggest prize of savings culture through the provision of to enjoy double loyalty chances in the draw Instead they can just use the easy, secure and convenient the monthly draws, QR50,000, while 30 other attractive rewards for their money saved for for every QR1,000 incremental balance, online portal to link two banking experience through customers took home a total of QR160,000 in a rainy day. whereas customers can benefit from triple accounts, in order to make their digital channels. The new cash prizes. M. Goel emerged as the winner of We remain committed to exploring new loyalty chances for every QR1,000 incremental payments from one account Corporate Internet Banking the Al Dana Savings Plan draw to walk away ways to make saving even more rewarding.” balance with an additional deposit of QR10,000 and cover funds from another user interface was designed with QR10,000. Meanwhile, M. Al-Abdulghani Doha Bank’s Al Dana Saving Scheme 2019 and above on top of the previous month’s account instead of issuing to empower large, medium won the Al Dana Family Savings Account draw, includes Al Dana Savings Account, Al Dana average balance. physical cheques. This will and small enterprises with the making him eligible for a free relaxing stay- Young Savers Account, Al Dana Savings Plan, New customers of Al Dana Savings Scheme enable customers to manage necessary tools needed to cation with family at Banana Island Resort and Al Dana Family Savings Account and 2019 stand even more chances to win raffle their liquidity and maximize manage their day to day Doha by Anantara. Current Account. Customers holding a draws, with Doha Bank rewarding them with profit against account balance. banking needs in a timely and Braik Al Marri, Chief Retail Banking Officer minimum balance of QR5,000 in any of these 100 bonus chances against a minimum deposit Under another new efficient manner. at Doha Bank, said: “It has increasingly become accounts will be automatically entered into of QR 20,000. WEDNESDAY 4 DECEMBER 2019 BUSINESS 03

Oil and gas industry South African Limited rise in Turkish economy inflation could prompt shrinks in needs to reimagine its third quarter sizeable rate cut

AFP JOHANNESBURG REUTERS From now on, for us to see a per- operations: Deloitte ISTANBUL manent fall in inflation, it needs South Africa’s economy to be brought down struc- THE PENINSULA contracted in the third Turkey’s annual consumer price turally.” Month-on-month, con- DOHA quarter, the statistics index rose less than expected to sumer inflation rose 0.38 authority said yesterday, 10.56 percent in November, percent in November. A Reuters The oil and gas industry in the contrasting the uptick in increasing the chances of a poll had forecast monthly Middle East region stands to growth in the previous sizeable rate cut by the central inflation at 0.7 percent and potentially lose trillions of quarter which saved it from bank next week, even as annual inflation at 11 percent. dollars by not fully embracing recession. inflation rebounded from a near The producer price index digital, says the Fall 2019 issue The gross domestic three-year low. declined 0.08 percent month- of Deloitte’s Middle East Point of product of Africa’s second Inflation surged last year as on-month in November for an View magazine. biggest economy slid 0.6 Turkey’s currency crisis, which annual rise of 4.26 percent, data Topics discussed by percent as farming slipped almost halved the value of the from the Turkish Statistical Deloitte’s experts in the latest into its third consecutive lira at one point, sent the cost of Institute also showed. edition include: The oil and gas quarter of contraction, imports soaring. It has since Finance Minister Berat Panikos Teklos, Partner, Risk Bart Cornelissen, Energy, industry in the Middle East, mining dropped 6.1 percent fallen as the economy showed Albayrak said the lira’s recent Advisory and Wealth Advisory Resources and Industrials Leader, smart cities, digital service tax, and manufacturing fell 3.9 signs of recovery, and eased to stability and a decrease in Deloitte and national mandates, along Services Leader, Deloitte percent in output, Statistics 8.55 percent in October, its imports helped “maintain the with a special focus on Cyprus. SA said in a statement. lowest since December 2016. positive outlook in inflation” and In their article Standing still solutions for cities of the future, Middle East Transfer Pricing This followed 3.2 The central bank, which says showed Turkey could end the is not an option, Bart Cornelissen, Manika Dhama, Assistant Leader, and Abi Man Joshi, Prin- percent GDP growth in the it sets its monetary stance to year below its inflation target of Energy, Resources and Industrials Director, Financial Advisory, cipal, Tax, Deloitte Middle East, second quarter. The South leave a “reasonable” real rate, 12 percent. Leader and Youssef Barkawie, Deloitte Middle East, examines explain how the Digital Service African economy has not had raised its policy rate to 24 Jason Tuvey, senior Partner, Consulting, note that the how governments in the Middle Tax will impact the Middle East fully recovered from the percent last year but has since emerging markets economist at oil and gas industry is potentially East region can harness the value region and offer key takeaways global financial crisis of lowered it by 10 percentage Capital Economics, said the rise losing trillions of dollars by not of people, data and real estate to for Middle East-based multina- 2008, dogged by high and points as inflation slowed. in November is likely to mark fully embracing digital. create the sustainable cities of tionals in their article How much rising debt, low growth and With November inflation, the start of a steady upward “The oil and gas industry the future. I love you, let me count the ways. record-high unem- the real rate stands at 3.44 trend over a couple of years. needs to fundamentally re- Aydin Akca, Partner, Con- This issue of the ME POV also ployment over the last percent and is expected to “This won’t prevent the imagine and change how oper- sulting, Bilal Mansour, Senior focuses on Cyprus which has decade. narrow further as inflation edges central bank from cutting ations are conducted and Manager, Consulting, and Laura reinvented itself as a safe Pressure has been piling up in December. interest rates further at the next managed across the entire value Jepson, Manager, Consulting, financial hub in the region. on President Cyril Ram- Year-end inflation expecta- couple of meetings, but we think chain and do so without con- Deloitte Middle East, also look Panikos Teklos, Partner, Risk aphosa’s administration, tions have been revised down that it will be forced to reverse straint,” say the authors. to the future in their article on Advisory and Wealth Advisory which won elections in May to around 11.5 percent, said course around the middle of “A digital strategy based on national mandates, Realizing the Services Leader, Deloitte Cyprus with a pledge to revive the Hilmi Yavas, economist at next year,” he said, adding that strong digital leadership, com- Vision: research, development and Pieris Markou, Partner, Tax economy. Yatirim Finansman, adding that he expects inflation to reach 15 bined with skilled and capable and innovation mandates in the & legal Services Leader, Deloitte The African continent’s the central bank could cut up to percent by end-2020. resources, and an effective oper- GCC. In the article they examine Cyprus, provide an in-depth look most industrialised country 200 basis points. The government forecast ating model, can then allow the opportunities and challenges at the country’s growing fund has ballooning national debt “Compared to 2019, it will inflation at 8.5 percent at end- organizations to harness the full GC governments face in their market and FDI climate, and which exceeds 3.0 trillion be harder for inflation to fall 2020, while the central bank capabilities of digital and gen- quest to appropriately support Stavri Frangou, Senior Manager, rand ($200bn) this year and from now on,” he said, adding estimated it at 8.2 percent. erate significant value for all the development of their RDI Financial Risk, Deloitte Cyprus, was expected to rise to 4.5 that it will fluctuate around 10 The central bank will stakeholders involves.” In her systems. takes a closer look at the IFRS 9 trillion rand over the next percent in 2020. announce its rate decision at article on delivering sustainable Shiv Mahalingham, Partner, standard for corporates. three years. “The easy part is now over. 1100 GMT on December 12. Domasco launches GAC Motor’s first blockbuster GN8 MPV

THE PENINSULA offer customers an even wider safety for their family. DOHA choice from GAC and welcome For convenient ingress and all to test drive and experience egress, the GN8 is equipped with Doha Marketing Services this amazing new vehicle.” automatic sliding doors with four Company (Domasco), the Developed on GAC Motor’s opening modes, including exclusive distributor of GAC C-Class platform, which inte- remote key control, external Motor in Qatar, announced the grates the world’s most cutting- handle, internal handle and front launch of GAC’s first high-end edge technologies, the GN8 is row integrated switch. Once multi-purpose vehicle (MPV), the company’s first large-scale MPV inside the GN8’s cabin, pas- GN8, onto the market at an event model. sengers are treated with amazing held at Dana Club. The release is It measures 5m in length and climate control, and eco-friendly, a major milestone for GAC Motor has a 3m long wheelbase to low-VOC odorless sanctuary as it now covers the mid-to ensure plenty of interior space. while on the move. high-end sedan, SUV and MPV The grandeur of this new MPV Aside from these intelligent markets. is also reflected in its spec- controls, the GN8 also has Tire Speaking at the launch, tacular exterior design, luxu- Pressure Monitoring System Faisal Sharif, Managing Director, rious cabin design, smart tech- (TMPS), Electronic Parking Domasco, said: “With this launch, nology and excellent safety fea- Brake (EPB) with Auto hold, Faisal Sharif (right) Managing Director of Domasco, and Mohammed Abdul Majeed, Head of Sales and GAC Motor has taken the line of tures. Powered by a 2.0-liter Automatic Parking System, Pan- Marketing, GAC Motors, at the launch of GAC Motors GN8 in Doha on Monday. PIC: ABDUL BASIT/THE PENINSULA luxury MPVs to a whole new turbocharged engine that is con- oramic Sunroof, Power Liftgate, level and continue to redefine its nected to a six-speed automatic 10.1-in. Color LCD Screen landscape. GN8 is designed to transmission, this high-end Display, Apple CarplayTM, Adhering to GAC Motor’s line of luxury C-Class vehicles, 8008123/44248989 or visit the meet the market’s growing seven-seater MPV is designed Wireless Phone Charging and brand philosophy of “inno- which also includes the GA8 exclusive GAC Motor showroom demand for high-end 7-seaters to meet ever growing demand the Bosch ESP 9.1 that can effec- vation, quality and pleasure” sedan and GS8 SUV. at Salwa Road, near Qatar Dec- that cater to family and business from consumers for a better tively prevent side slip with 14 and embracing cutting-edge Customers wanting to book oration Roundabout, opposite needs alike. We are now able to driving experience, quality and active safety systems. technology, GN8 completes its a test drive can call HSBC Bank. How Argentina’s youth learned to worry about peso and love the US dollar REUTERS it has gotten stronger against the turn stoking inflation. costs and to keep buying dollars. with a reporter in the family’s BUENOS AIRES peso they complain because “Argentines simply do not This is inflation Argentina-style backyard. His 15-year-old prices go up when that happens,” trust their currency. They have and shows no sign of abating. brother, Ian, meanwhile Nicolas Videla, like millions of Videla said, seated beside his been burned too many times,” “Parents are telling their kids lamented his dwindling pur- his fellow Argentines, buys US favorite money changer: his said Alberto Bernal (pictured), that keeping pesos in their chasing power. dollars whenever he scrapes mom. chief emerging markets strat- pocket means being able to buy “Last year I spent 100 pesos enough pesos together and keeps “When he has pesos he asks egist at XP Investments in New less tomorrow than they can to eat lunch at school everyday a close eye on the country’s me to buy dollars with them. York. today,” said Argentine economist and there was money left over. volatile foreign exchange rate, When we talk about finances, he In response to a plunge in the Roberto Cachanosky. “So there’s This year I have to take 250 galloping inflation and murky never asks how many pesos he currency earlier this year, Argen- an idea being reinforced that if pesos for the same lunch,” he political outlook. has. He wants to know in tina’s central bank was forced to you need a currency that will said. The grade school student’s dollars,” added his mother, Sol roll out tough controls to pre- keep its value, the peso doesn’t Since the mid-1900s, when anxiety about the peso is telling Videla. serve dollar reserves, including work.” Ask 13-year-old Gadiel President Juan Peron and his in a country where generations The lack of faith many a $200 per month cap on dollar Goldestein, who has already seen wife Evita became icons of free- have seen their savings wiped Argentines have in their cur- purchases through banks. enough to put him off the local spending Argentine populism, out by shock devaluations and rency is understandable. The and the International Monetary Many Argentines use the currency. governments have spent more rising prices that have forced peso has lost about 37 percent Fund (IMF) on the horizon over pesos they earn to pay daily “Everybody thinks in dollars. than they collected, undermining them to seek shelter in the of its value against the dollar this $100bn in sovereign debt. expenses and buy dollars with Nobody has confidence in the the peso, which has lost around greenback. year after tumbling even faster Fernandez has said he will what is left at the end of the peso,” Goldestein said in an 85 percent of its value against Peso aversion is at the heart in 2018. One dollar is worth 60 roll out a “social pact” to strike month, turning the greenback interview joined by his parents, the dollar since the end of 2015. of the challenge facing Argen- pesos, versus around 10 pesos at agreements with businesses, into a de facto benchmark cur- brother and grandfather, the Was there ever a time when tina’s incoming government as the end of 2015 when now out- employers, consumers and rency used for major purchases family patriarch who moved to confidence in the peso was it looks to douse the inflation that going President Mauricio Macri service providers to help control such as real estate. Mexico after Argentina’s 2001 strong? Goldestein’s grandfather has walloped purchasing power came to power. prices. Every time that political tur- economic meltdown and now Manuel, 84, has to think back and driven up the cost of its His successor, leftist Alberto It won’t be easy. Lack of con- bulence or a sovereign default only comes back to visit. before answering: “They say that overseas debt. Fernandez, will take office on fidence in the currency has scare hits business confidence, A fan of storied Buenos Aires when I was a little kid, there was “We talk about the dollar at Dec. 10 with annual inflation almost become part of people’s the peso’s value falls. Sellers of soccer club Boca Juniors, Gold- a time. But I was too young to school. I always ask how it’s running at above 50 percent and DNA after decades of cyclical goods and services charge more estein absent-mindedly rolled a know anything about that, and we doing. When my friends tell me knife-edge talks with creditors crises with a weakening peso in in anticipation of higher business ball between his feet as he spoke didn’t have any money anyway.” 04 BUSINESS WEDNESDAY 4 DECEMBER 2019

Austria says Opec expected ‘critical’ of sanctions in to extend digital tax row output cuts AFP/VIENNA Austria yesterday reiterated its “critical view” of sanctions after the US said it might retaliate amid global against countries that introduce a tax on Internet giants such as Google and Facebook. The United States on Monday headwinds threatened to impose tariffs of up to 100 percent on $2.4bn in AFP The cuts of 1.2 million French goods in retaliation for a LONDON barrels per day from digital services tax that Wash- October 2018 levels ington says is discriminatory. Faced with slowing global US Trade Representative economic growth and with were originally ﬁxed Robert Lighthizer also warned abundant stocks putting pressure in December last year New Jaguar F-Type model that the US was considering wid- on oil prices, the Opec group of ening the investigation to look and were already Jaguar Land Rover unveils the new Jaguar F-Type model during its world premiere in Munich, Germany. oil producers and its partners are extended at Opec’s into similar taxes in Austria, Italy set to maintain production cuts and Turkey. In September, the when they meet in Vienna on last meeting in June. Austrian parliament approved Thursday and Friday. taxing internet giants five percent The cuts of 1.2 million barrels Canada have also increased Zimbabwe’s Mugabe left of their digital advertising per day from October 2018 levels output and others such as revenue starting next year. were originally fixed in Norway are planning to do so. The digital tax targets busi- December last year and were According to the latest behind $10m, some properties nesses with an annual worldwide already extended at OPEC’s last official estimates from the US, revenue of at least €750m meeting in June. the country’s total domestic REUTERS owned or a dairy business he ran ($830m), of which at least €25m They are currently due to stocks now stand at an enormous HARARE with wife Grace, or any prop- is earned in Austria. remain in effect until March 452 million barrels. erties outside Zimbabwe. A spokesman for Austria’s 2020 and could be extended Analysts say that taken Zimbabwe’s former leader Robert The Herald said Mugabe’s Ministry of Digital and Economic “until June, the date of the next together these factors will leave Mugabe, who died in September, lawyer Terrence Hussein had also Affairs said Vienna took the latest summit,” says Tomas Varga, Opec little room for manoeuvre left $10m and some properties in asked the court to register the announcement from the US gov- analyst at PVM. if it wants to fulfil its stated aim the capital, but no will naming his estate, saying he and the family ernment “seriously”. According to Andy Lipow of securing “fair and stable beneficiaries, details of his estate had not found any will left by “In general we have a critical from Lipow Oil Associates the prices for petroleum published by state-owned news- Zimbabwe’s founding leader. view of sanctions and think they cuts could even be drawn out producers”. paper the Herald showed Under Zimbabwean laws, the are the wrong way” to deal with “until the end of 2020”. Prices have held relatively yesterday. estate of a person who dies trade differences, he said in a Opec’s Economic Com- steady since the last Opec Zimbabweans have specu- without a will is distributed statement emailed to AFP. mission Board – which is a meeting, with a barrel of Brent lated for years about the extent between their spouse and “Given the current economic strong indicator of the bloc’s crude hovering around the $60 of Mugabe’s wealth, with many children. climate, Europe and the US direction – said last week that mark, apart from a spike in assuming that he and his family “Thus far, we have not been his sons Robert Jr and Bellarmine should work on a sustainable maintaining cuts into 2020 September. amassed a vast fortune during his able to locate a will, but have sent Chatunga with bottles of easing of trade conflicts rather would lead to a “balanced” While this is a comfortable 37 years in power. out enquiries to other law firms, expensive champagne at a Johan- than influencing the mood market. price for the likes of Russia, Mugabe’s daughter Bona although the family members are nesburg nightclub and reports of through reciprocal threats of The organisation’s members whose 2019 budget is predicated Chikowore (pictured) wrote in not aware of any,” Hussein wrote Grace’s shopping sprees have penalties.” He added that Aus- may well be tempted to follow a on a price of around $42 a barrel. October to the Master of the High in a letter to the High Court that offered tantalising glimpses of the trian officials in charge of the cautious course by a forbidding The big unknown in the Court seeking to register her was quoted by the Herald. family’s lavish spending. topic have been in touch with US global economic context. run-up to the meetings has been father’s estate, the Herald Hussein did not respond to A legal dispute in 2014 over government representatives for The trade war with the US is the position of Russia. reported. It listed assets including calls and questions from Reuters a $5m villa in Hong Kong sug- some time. The statement added acting as a drag on growth in The world’s second-biggest $10m held in a local bank, four for comment. Chikowore did not gested the family had been that the tax aimed to create a China, normally an avid con- producer, which since late 2016 houses in Harare, 10 cars, one answer calls to her mobile phone. buying overseas property. The “level-playing field” for digital sumer of oil, while the European has been part of the so-called farm, his rural home and an A diplomatic cable from the government said it owned the and traditional media in Austria. economy is also currently Opec+ grouping, has given con- orchard. US Embassy in Harare in 2001 house. When he introduced the tax stagnating. flicting signals in recent weeks. One of the properties is the that was published by Wikileaks Towards the end of his life, in April, then Chancellor Moreover, the output of oil Russia has regularly been palatial home known as Blue said Mugabe was rumoured to Mugabe complained about the Sebastian Kurz said it aimed to producers outside Opec is exceeding the limits foreseen Roof in an upmarket suburb of have more than $1bn of assets in size of his retirement package stop the “unfairness” of Internet breaking records: the US has under the last deal, as have Iraq the capital where Mugabe lived. Zimbabwe and overseas but that and said he did not have enough giants who have until now been the world’s biggest pro- and Africa’s biggest producer The list does not include it had no reliable information. money to pay for the upkeep of routed sales through subsidi- ducer since 2018, Brazil and Nigeria. several farms that he reportedly Social media posts showing the Blue Roof. aries in low-tax EU members. Climate accord will fuel US jobs Japan anti-high heels and business, say labour leaders campaigner steps up REUTERS with the aim of limiting global The International Labour to fight ‘glasses ban’ NEW YORK warming to “well below” 2 Organisation (ILO) has said 24 degrees Celsius and ideally to million new jobs could be AFP obligatory wearing of high heels Top corporate executives and 1.5 degrees. created around the world by TOKYO as harassment. labour leaders issued a public Trump has argued the Paris 2030 under policies to promote But Ishikawa said progress plea for the United States to stay deal would cost the United a greener economy. A Japanese woman whose had been lukewarm and she in the global pact to avert cata- States trillions of dollars, kill Jobs in sustainable energy campaign against mandatory was “shocked to see there was strophic temperature rises, millions of jobs and hinder the would more than offset an esti- high heels in the workplace no mention of high heels” in the arguing the battle against oil, gas, coal and manufacturing mated 6 million jobs that would won broad public support has government’s draft rules pub- climate change would protect industries. It began the formal be lost elsewhere, it noted. stepped up her fight against lished in October. the nation’s economy and create process of withdrawing from the The ILO also has said rising out of work in high-carbon strict corporate dress codes -- An official who received the jobs and businesses. pact last month. heat due to climate change sectors. “In any transition there including a de-facto ban on petition said the labour ministry The group that included the The group of 75 executives could eliminate 80 million jobs are always people who will be women wearing glasses. would “consider the petition as heads of Apple, Tesla, Unilever expressing support for the Paris by 2030, with poor countries affected negatively,” he told Actress and freelance writer one of the opinions” before and Royal Dutch Shell said the deal said they employed more worst-hit. journalists. Yumi Ishikawa shot to promi- making a final decision on new Paris Agreement on global than 2 million US workers, while The executives and labour “Today... the green economy nence this year with her drive government rules to counter warming would boost economic the union leaders represented leaders called for a “just tran- is more profitable than the against Japanese office culture, harassment in workplace. health and build competitive 12.5 million workers. sition” for workers whose jobs economy of the past, but it’s true in which high heels are seen as One 28-year-old woman companies, in a statement “Staying in the Paris in the fossil-fuel industry will that there will surely be certain near-obligatory when job- contacted by AFP, who asked released as UN climate talks Agreement will strengthen our disappear as economies move areas that are going to suffer - hunting or working in the office. to remain anonymous, said started in Madrid. competitiveness in global to renewable energy sources. and that is why we are in favor Known by the slogan glasses were banned at her President Donald Trump’s markets, positioning the United At the climate talks in of a just transition.” Govern- “#KuToo” -- a play on words workplace because they give a administration plans to pull the States to lead the deployment Madrid, UN Secretary-General ments are tasked in Madrid with from the Japanese word “cold facial expression”. United States - one of the of new technologies that Antonio Guterres (pictured) said settling the final rules for imple- “kutsu”, meaning shoes, and “I’ve been wearing glasses world’s biggest emitters of support the transition, provide most people would benefit from menting the Paris deal and pre- “kutsuu”, meaning “pain” -- the for more than a decade because planet-warming greenhouse for our workers and commu- greener economies but social paring to strengthen their campaign was chosen on I suffer from dry eye syndrome. gases - out of the 2015 accord nities, and create jobs and com- policies were needed to take national climate action plans Monday as one of the buz- I feel uncomfortable wearing adopted by nearly 200 nations panies built to last,” they said. care of those who would be put next year. zwords of the year. contact lenses and am worried Ishikawa’s latest petition to that my eye disease may get relax the rules, delivered to the worse,” said the receptionist. labour ministry yesterday, has An official at a major Italy releases ¤400m for Alitalia lifeline attracted more than 31,000 sig- employment agency told AFP natures. “The root cause of the that come companies asked AFP/ROME cash. Alitalia, which has been under special As Alitalia continues to falter without a problem is that (there are com- receptionists to “refrain from administration since 2017, is at a standstill clear plan in sight, unions have called a panies) that have rules for wearing glasses” as part of dress Italy’s government has approved a €400m after a consortium of potential buyers failed December 13 strike as they fear a restruc- women only -- such as a ban codes that also included a ban bridge loan to Alitalia to carry the airline to make an offer last week before the latest turing with job cuts or bankruptcy. on wearing glasses or a on dyed hair or unmanicured through May as it searches for a plan to save deadline expired. Last week, Economy Minister Stefano requirement to wear make-up,” nails. Campaigners have said the money-losing company. The European Commission has opened Patuanelli said no “business solution” was the 32-year-old told reporters. high heels are akin to modern The €400m loan ($440m) introduces a probe into whether the 2017 loan amounted in sight to save the company, after Atlantia “This practice has to be foot-binding while others have “urgent measures” to assure Alitalia’s oper- to state aid, which the EU regulates in order -- which operates Rome’s airports -- pulled reviewed,” she added. urged other dress codes, such as ations through May 31, 2020, the council of to prohibit unfair competition. out of a potential partnership with state Campaigners had already the near-total donning of ministers said in a statement. Alitalia has been losing money for years, railway Ferrovie dello Stato (FS), US airline submitted a petition to the gov- business suits for men, to be The government provided a 900 million its business squeezed by competition from Delta and the Italian treasury. ernment in June which called loosened in the Japanese euro lifeline to Alitalia in 2017, but the low-cost carriers, fuel price rises and luxury Patuanelli did not rule out the possibility for legislation to declare the workplace. flagship airline continues to burn through airlines from the Middle East. of the company being nationalised. WEDNESDAY 4 DECEMBER 2019 BUSINESS 05 Chile announces $5.5bn economic recovery plan as protests bite REUTERS Finance Minister shrank 3.4 percent in October SANTIAGO Ignacio Briones from the same month a year ago, marking the worst contraction The Chilean government slashed the official in a decade. The IMACEC eco- announced plans on Monday to forecast for economic nomic activity index, proxy for roll out a $5.5bn economic growth this year to gross domestic product tallied recovery plan and issue more 1.4 percent from 2 on a monthly basis, fell 5.4 debt in foreign currencies after percent from September. rioting and protests triggered the percent just a month Scotiabank labeled it the worst monthly contraction in a ago, and he put next “beginning of the bad news” in decade. year’s expansion a note to investors. Finance Minister Ignacio at 1 percent to 1.5 Non-mining activity fell 4 Briones slashed the official percent, the bank said, marked by forecast for economic growth percent instead of its a sharp drop in education, trans- this year to 1.4 percent from 2 2.3 percent estimate portation, business services and India-Sweden Business Summit percent just a month ago, and he previously. the hotel and restaurant sector. Sweden’s King Carl XVI Gustaf and Queen Silvia attend the India-Sweden Business Summit in New put next year’s expansion at 1 Much of Santiago, Chile’s Delhi, yesterday. percent to 1.5 percent instead of capital, was shut near the end of its 2.3 percent estimate central bank interventions. October as riots and looting previously. Briones said the government closed streets, squares and many Mexican business council flays ‘unilateral’ labour reform push “These aren’t just numbers. will invest $2.4bn in infra- small businesses. Violence This means thousands of com- structure as part of its recovery spiked again last week, REUTERS/MEXICO CITY had scheduled a committee vote be reached for comment after panies and jobs today are at plan, which also aims to stave prompting President Sebastian on the measure without any dia- hours on Monday. There were risk,” Briones told a news con- off job losses and help small Pinera to renew calls for deeper Mexico’s main business lobby logue with business leaders. no scheduled activities of the ference. “The violence, the businesses. reforms and a crackdown on sharply criticized a ruling party The CCE said the vote would committee on Tuesday, looting and the destruction have Government spending will lawlessness. senator for what it described as take place among members of according to an emailed Senate halted the economy with rise 9.8 percent next year and Mining activity in the world’s a “unilateral” move to schedule the Senate labor and social schedule distributed on Monday enormous costs for Chileans.” the fiscal deficit will widen to 4.4 top copper producer nonetheless a vote on a labor reform that it security committee, which night by the chamber’s press Riots in Chile began on October percent of gross domestic grew 2.0 percent year-on-year, described as a ban on subcon- Gomez heads. office. 18 over a hike in metro fares but product. The government plans as new production from tracting. “It’s a worrying initiative, MORENA and its allies hold quickly spiraled into mass pro- to sell some $3.5bn in foreign Codelco’s Chuquicamata mine The Business Coordinating totally inappropriate and dispro- majorities in both chambers of tests, arson and looting that have currency bonds next year to help ramped up. Chile’s copper mines Council (CCE) said in statement portionate and one that would Congress and have had an left 26 dead and upwards of meet financing needs, more than have mostly maintained pro- issued late on Monday that Sen. have very serious consequences uneasy relationship with private $1.5bn in losses for businesses. in previous years, Briones said. duction and kept operations Napoleon Gomez, a member of for the Mexican economy,” the sector business lobbies since The peso has plummeted to a Earlier on Monday, the running normally in the face of leftist President Andres Manuel statement added. taking control of the legislative historic low, prompting multiple central bank said the economy the unrest. Lopez Obrador’s MORENA party, The senator’s office couldn’t agenda in late 2018. American Brazil’s economy grows broadcaster Twitter makes global changes Sky to invest to comply with privacy laws 0.6% in Q3, fastest pace $3.9bn in REUTERS provide those same experiences since early last year SAN FRANCISCO to people all around the world,” British studio he said. REUTERS percent, also stronger than the Twitter Inc is updating its global The company, which said it BRASILIA 1.0 percent expansion forecast AFP privacy policy to give users more has upped its communications by economists. LONDON information about what data about data and security-related Brazil’s economy expanded in The second quarter was advertisers might receive and is disclosures over the last two the third quarter at its fastest revised up to 0.5 percent quar- US-owned broadcasting launching a site to provide years, emphasized in a Monday pace since early last year, terly growth from 0.4 percent, group Sky launched plans clarity on its data protection blog post that it was working to official data showed on and data show that the yesterday to develop a efforts, the company said on upgrade systems and build Tuesday, with 0.6 percent economy was flat the first major new television and Monday. privacy into new products. growth over the previous quarter, as opposed to the 0.2 film studio in Elstree, north The changes, which will take In October, Twitter quarter driven by a strong percent contraction initially of London, in an area effect on January 1, 2020, will Union which were previously announced it had found that performance in agriculture and estimated. steeped in movie history. comply with the California Con- contracted by Twitter Interna- phone numbers and email a sharp rebound in industry. IBGE also revised up last The broadcaster said sumer Privacy Act (CCPA). tional Company in Dublin, addresses used for two-factor Upward revisions to pre- year’s overall economic in a statement that Sky The California law requires Ireland, to the San Francisco- authentication may inadvert- vious figures for the first two growth to 1.3 percent from 1.1 Studios Elstree will large businesses to give con- based Twitter Inc. ently have been used for adver- quarters this year meant that percent. Agribusiness grew by support over 2,000 jobs sumers more transparency and The company said this move tising purposes. the economy no longer con- 1.3 percent in the July-Sep- in the creative sector and control over their personal infor- would allow it the flexibility to Twitter’s new privacy site, tracted in the January-March tember period and industrial will receive £3bn ($3.9bn, mation, such as allowing them test different settings and con- dubbed the ‘Twitter Privacy period, and so steered clearer production grew by 0.8 ¤3.5bn) production to request that their data be trols with these users, such as Center’ is part of the company’s of recession than had previ- percent, the best performance investment over five deleted and to opt out of having additional opt-in or opt-out efforts to showcase its work on ously been thought. in almost two years, IBGE years. their data sold to third parties. privacy preferences, that would data protection and will also give Latin America’s largest figures showed. British-based Sky, for- Social media companies likely be restricted by the users another route to access economy expanded by 0.6 The services sector, which merly owned by media including Facebook Inc and General Data Protection Regu- and download their data. percent in the third quarter of accounts for more than 70 baron Rupert Murdoch but Alphabet Inc’s Google have come lation (GDPR), Europe’s Twitter joins other internet this year from the prior percent of the Brazilian run by US cable giant under scrutiny on data privacy landmark digital privacy law. companies who have recently quarter, statistics agency IBGE economy, expanded by 0.4 Comcast since 2018, added issues, fueled by Facebook’s “We want to be able to staked out their positions ahead said, more than the 0.4 percent. On the flip side, gov- that the facility would Cambridge Analytica scandal in experiment without immediately of CCPA coming into effect. Last percent forecast in a Reuters ernment spending contracted include 14 stages. which personal data were har- running afoul of the GDPR pro- month, Microsoft Corp said it poll of economists and the for the second quarter in a “Sky Studios Elstree vested from millions of users visions,” Twitter’s data pro- would honor the law throughout highest since the first quarter row, shrinking by 0.4 percnet, will play a pivotal role in without their consent. tection officer Damien Kieran the United States and Google told of last year. while net exports continued bringing the wealth of UK Twitter also announced on (pictured) told Reuters in a clients that it would let sites and The 0.6 percent growth in to be a drag on growth too, and European talent and Monday that it is moving the phone interview. apps using its advertising tools Brazil’s gross domestic with exports falling 2.8 creativity to the world,” accounts of users outside of the “The goal is to learn from block personalized ads as part of product (GDP) took the rate of percent and imports rising 2.9 said Sky Chief Executive United States and European those experiments and then to its efforts to comply with CCPA. year-on-year growth up to 1.2 percent. Jeremy Darroch. “We know our customers love our award- winning Sky Originals like France and EU say primed to retaliate over US tariff threat Chernobyl and our investment in Sky Studios REUTERS companies and that the WTO-sanctioned response to taxes. Governments, including Elstree will enable us to PARIS European Union treated the illegal EU aircraft subsidies, a Washington, are frustrated that bring more unique stories United States very unfairly on move exporters warned would big digital companies can book to more viewers.” France and the European Union trade. penalise US consumers while earnings in low-tax countries The area is already said yesterday they are ready to French Finance Minister severely hurting French like Ireland regardless of where home to the world-famous retaliate if US President Donald Bruno Le Maire (pictured) producers. the end client is. Elstree Studios, which is Trump acts on a threat to impose branded the latest US tariff threat France’s 3 percent levy Le Maire repeated a promise widely regarded as the duties of up to 100 percent on unacceptable and said the applies to revenue from digital to drop the French digital tax as birthplace of the wildly imports of handbags and other French tax did not discriminate services earned by companies soon as an agreement is found successful “Star Wars” French products worth $2.4bn. against American companies. with more than €25m ($27.86m) at the Organisation for Economic movie franchise. The threat of punitive tariffs “In case of new American of revenues from France and Cooperation and Development Other blockbuster came after a US government sanctions, the European Union €750n ($830m) worldwide. to overhaul decades-old inter- movies produced at Elstree investigation found France’s new would be ready to retaliate,” Le An investigation by the US national tax rules. Studios include the digital services tax would harm Maire told Radio Classique. Trade Representative’s office “We are ready to adopt the “Indiana Jones” franchise, US technology companies, and He later told a news con- meet later at the summit, have found the French tax was “incon- OECD solution on digital tax. If “Superman”, “The Shining” will intensify a festering trade ference: “We are not targeting been at odds over the American’s sistent with prevailing principles the US do the same, then it’s the and “Labyrinth”, while it dispute between Europe and the any country.” The tariff spat unilateralist approach to trade, of international tax policy”. end of the issue,” Le Maire told also hosts many UK tele- United States. marks a new low in testy rela- climate change and Iran. It said the tax was “unusually journalists. vision shows like “The “They’re starting to tax other tions -- from an early bone- The European Commission burdensome” for US companies While Washington originally Crown” and “Strictly Come people’s products so therefore, crunching handshake to the US said the 28-nation EU would act including Alphabet Inc’s Google, sought a wide scope for a new Dancing”. we go and tax them,” Trump said president appearing to flick dan- as one and that the best place to Facebook Inc, Apple Inc and international tax system, officials The proposed 32-acre in London yesterday ahead of a druff off the younger man’s settle disputes was at the World Amazon.com Inc. say it has got cold feet in recent Sky Studios development Nato alliance summit. shoulder -- between Trump and Trade Organization. France is not alone in tar- months after coming under will open in 2022 subject He had earlier said he would French President Emmanuel The United States has already geting big digital companies; a pressure from traditional com- to planning consent. not allow France to take Macron. imposed 25 percent duties on growing number of other coun- panies which realised they would advantage of American The two leaders, who will French cheese as part of its tries are preparing their own be affected too. 06 BUSINESS WEDNESDAY 4 DECEMBER 2019 UniCredit offers investors Hudson’s Bay rejects $1.5bn bid from Catalyst Capital

$2.2bn buyback as BLOOMBERG he wants to turn around outside MONTREAL the glare of public markets. The rivalry next moves to Dec. 17, staff face further cuts A special committee at Hudson’s when shareholders are set to vote Bay Co rejected an offer by on Baker’s offer. REUTERS After cutting a ﬁfth of loans, Mustier has sold more than private-equity firm Catalyst Catalyst, which holds a 17.5 MILAN/LONDON its staff and shutting a €12bn in assets and raised €13bn Capital Group Inc that values the percent stake in Hudson’s Bay, quarter of its branches in one of Europe’s biggest share Canadian retailer at more than said in a statement late Monday UniCredit promised €8bn ($9bn) in mature markets in issue in recent years. C$2bn ($1.5bn), giving the upper that it filed for a hearing with the in dividends and share buybacks Despite the improved risk operations, with the unwinding of hand to a lower bid by the Ontario Securities Commission, yesterday in a bid to revive its recent years, UniCredit profile, UniCredit’s shares trade its Turkish JV giving the bank company’s chairman. seeking to prohibit the Baker sickly share price, although profit said it would make a below levels seen ahead of the freedom to sell its residual stake The offer presented last week group transaction and postpone at Italy’s top bank will barely grow further 8,000 job cuts cash call in early 2017 - or at half in Yapi Kredi. European banks are by Catalyst is “not reasonably the December 17 vote. Catalyst despite plans to shed 9 percent of and close 500 branches the value of the bank’s tangible struggling in a fragmented market capable of being consummated,” asked the OSC’s assistance to its staff. under a new plan to assets. In an attempt to lift its where they grapple with outdated the committee said in a statement redress what it claims is inade- Like other European banks, 2023. share price, the bank is devoting business models, the need for late Monday. Catalyst’s proposal quate and inaccurate disclosures UniCredit is grappling with neg- €2bn ($2.2bn) to buy back shares large IT investments and growing of C$11 a share represented a 6.8 to shareholders. ative interest rates which make from 2019 to complement its 30 competition from non-banking percent premium to the C$10.30 The Toronto-based lending unprofitable, while Italy’s the network compared with fran- percent dividend payout, due to players, compounding the chal- a share that Hudson’s Bay investment firm run by Newton stagnant economy and unstable chises in Germany, Austria and rise to 40 percent in 2023. lenge of sub-zero rates. Chairman Richard Baker and his Glassman has urged fellow politics are compounding its central and eastern Europe. “The increase of the payout... UniCredit said it expected the partners agreed to pay in shareholders to vote against the problems, outweighing years of “These numbers are unac- may change the narrative on benchmark Euribor rate to remain October, and which the com- Baker offer, saying it undervalues successful restructuring. ceptable,” the UNISIN union said UniCredit’s equity story, from a in deeply negative territory mittee and the board backed. the department store chain. After cutting a fifth of its staff of the cuts, which will cost de-risking and restructuring story throughout the duration of it plan, Baker and his allies “con- Catalyst is concerned about and shutting a quarter of its UniCredit €1.4bn between this to a story of capital return,” Banca a more conservative estimate than firmed to the Special Committee the value Hudson’s Bay has branches in mature markets in year and the next. This is in IMI said. market expectations. today that they, in their capacity recently ascribed to its real recent years, UniCredit said it addition to a €3bn non-operating Mustier, who has said low The bank, which has suffered as shareholders, are not inter- estate, which amounted to about would make a further 8,000 job charge the bank expects from next valuations for banking shares repeated cyber security ested in any transaction that C$8.75 a share, people familiar cuts and close 500 branches under year after its decision to unwind hamper mergers which would be breaches, also intends to spend would result in a sale of their with the matter told Bloomberg a new plan to 2023. a joint-venture in Turkey. necessary for European banks to 900 million euros a year on interests in HBC,” according to last week. In particular, it’s ques- However, costs will hardly UniCredit said on Saturday it grow in size, yesterday ruled out upgrading its IT systems. the statement. tioning why the value of the budge under the plan, while was reducing its stake in Turkey’s a deal for UniCredit. And under a plan aimed at Since the group own 57 retailer’s flagship Saks Fifth underlying profit is expected to Yapi Kredi, the latest disposal He said the bank would only reducing the amount of debt it percent, and the Catalyst offer Avenue store in Manhattan fell make little progress, rising to €5bn under CEO Jean Pierre Mustier consider small, bolt-on acquisi- needs to issue based on rules requires at least three-quarters sharply in a recent appraisal, they in 2023 from €4.7bn this year. (pictured), a French investment tions, mostly in central and eastern that force lenders to hold lia- of votes, it means the transaction said. UniCredit’s announcement banker who took over in mid- Europe. bilities to offset potential losses, can’t be completed, the com- The Baker group shot back triggered anger among unions in 2016 with a mandate to bolster the “No M&A and that’s it,” he UniCredit said it would house mittee said. at the Catalyst offer early yes- Italy, where 5,500 layoffs and up balance sheet. said. its German, Austrian and CEE The response is the latest terday, calling it an “illusory” bid to 450 branch closures are To fund a clean-up which saw Asset disposals have shrunk operations under a sub-holding twist in the battle for the strug- that would saddle the company expected given the relative size of UniCredit shed €50bn in problem UniCredit’s foreign and domestic company based in Italy. gling retailer, which Baker said with debt.

QATAR STOCK EXCHANGE

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES EXCHANGE RATE

QE Index 10,186.09 0.04 % 03-12-2019 Index Day’s Close Pt Chg % Chg Year High Year Low Currency Buying (QAR) Selling (QAR) QE Total Return Index 18,743.27 0.04 % Index 10,186.09 US$ 3.6305 3.6500 All Ordinaries 6818.4 -146.9 -2.11 6996 5620.3 QE Al Rayan Islamic Index - Change 3.97 Pound Sterlig 4.7027 4.7692 Price 2,291.79 0.25 % % 0.04 CAC 40 Index/D 5766.73 -20.01 -0.35 5966.79 4606.2 Swiss Frnac 3.6603 3.7127 YTD% 1.1 QE Al Rayan Islamic Index 3,902.21 0.25 % Japanese yen 0.03316 0.03381 Volume 57,902,728 DJ Indu Averg/D 27783.04 -268.37 -0.96 28174.97 21712.53 QE All Share Index 3,012.72 0.08 % Australian Dollar 2.4729 2.5212 Value (QAR) 189,111,376.14 Hang Seng Inde/D 26391.3 -53.42 -0.2 30280.12 24896.87 Canadian Dollar 2.7141 2.7675 QE All Share Banks & Trades 6,322 Financial Services 4,023.90 0.13 % Up 14 | Down 24 | Unchanged 07 ISEG Overall/D 6957.61 -7.14 -0.1 7063.87 5390.58 Indian Rupee 0.0503 0.0513 QE All Share Industrials 2,938.17 0.58 % Pakistan Rupee 0.0233 0.0237 02-12-2019 KSE 100 Inx/D 39788.73 -335.49 -0.84 #N/A #N/A QE All Share Transportation 2,617.34 0.3 % Index 10,182.12 Philipine Peso 0.0706 0.072 QE All Share Real Estate 1,502.19 0.67 % Change 9.93 S&P 500 Index/D 3113.87 -27.11-0.863106 3154.26 2443.96 Bangala Takka 0.0425 0.0434 QE All Share Insurance 2,691.98 0.31 % % 0.1 Sri lanka Rupee 0.0199 0.0203 GOLD AND SILVER QE All Share Telecoms 886.79 0.20 % YTD% 1.13 Nepalese Rupee 0.0315 0.0321 Volume 84,671,773 South African Rand 0.2468 0.2517 QE All Share Consumer GOLD QR172.5888 gramme Value (QAR) 227,955,402.30 Goods & Services 8,572.41 0.09 % Euro 4.0092 4.0649 Trades 6,184 SILVER QR1.9999 per gramme