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Tuesday, January 16, 2018 Rabia II 29, 1439 AH FASTER EXPANSION: Page 16 Qatar industrial GULF TIMES sector witnesses 7.1% growth y-o-y BUSINESS in November QFC records 66% jump in new fi rms licensed in 2017 he Qatar Financial Centre (QFC), the QFC has been witnessing a vast increase competitive platform for firms to expand ness activities to Qatar, the Middle East, one of the world’s leading and fast- in interest from these regions and from a to Qatar. Africa and South Asia; but also for local Test growing business and fi nancial variety of sectors such as sports, healthcare, The QFC has already embarked on a fi ve- businesses looking to expand regionally and centres, has recorded 66% growth year-on- education, advisory fi rms, fi nancial institu- year strategy through which the centre is internationally. year in new fi rms licensed during 2017. tions, reinsurance and advisory fi rms. planning to triple foreign direct investments The QFC recently amended its tax rules This follows a 41% jump in new fi rms reg- Highlighting that its model is unique in fl ows from its registered fi rms to more than and regulations as part of the ongoing en- istrations in the fi rst half (H1) of 2017 com- the region and an increasing number of in- QR200bn and account for at least 5% of hancement and development of its platform pared to H1 in the previous year. stitutions the market capi- to better attract investments. The total number of fi rms on the QFC from Qatar The QFC has talisation of the Once a company submits its application, platform has reached 461 (as on December and around been witnessing Qatar Stock Ex- a dedicated QFC relationship manager is 31, 2017) against 348 at end of December the world a vast increase change through appointed to provide guidance on the regis- 2016, showing a 32.5% increase year-on- are clearly in interest from the listing of its tration process, obtaining a license and set- year. seeing the across the world entities on the lo- ting up operations. “While 2017 has seen unprecedented benefi ts of cal bourse. QFC-registered fi rms enjoy competi- events take place, at the QFC we have in fact coming to Qatar and joining the QFC plat- The QFC is eyeing several European tive benefi ts, such as operating within a proven challenges can turn into successes form, al-Jaida said, “We look forward to fi rms, especially from Germany and the UK, legal environment based on English com- and we have had our most successful year 2018 and improving even further upon this as part of widening and expanding its inter- mon law, the right to trade in any currency, yet,” QFC Authority chief executive Yousuf big milestone.” national appeal. 100% foreign ownership, 100% repatria- Mohamed al-Jaida said. Since its inception in 2005, the QFC Al-Jaida had earlier said there are cred- tion of profi ts, 10% corporate tax on locally Following the outward missions to vari- has played a key role alongside the Minis- ible evidences to show that the QFC is an sourced profi ts, and an extensive double tax ous markets including London, Manches- try of Economy and Commerce to attract ideal platform, not only for international treaty agreement network with more than ter, Hong Kong, Singapore and Germany, foreign direct investment by providing a companies who want to expand their busi- 60 countries. Al-Jaida: Turning challenges into success. Gulf Times 2 Tuesday, January 16, 2018 BUSINESS QSE drops to settle below 9,000 on profi t-booking

By Santhosh V Perumal part of the day, a sudden selling points, the All Share Index by Water, Qatar Islamic Bank, Mas- against net buyers of QR2.15mn 7.07mn equities and value al- QR39.63mn and deals by 14% to Business Reporter spree, especially in the last few 2.18% to 2,565.91 points and the raf Al Rayan and Alijarah Hold- on January 14. most doubled to QR99.31mn on 710. minutes, seemingly refl ected the Al Rayan Islamic Index by 3.15% ing. Domestic institutions turned a 76% increase in transactions There was an 8% expansion airspace dispute between Qatar to 3,570.67 points. Local individuals turn net net profi t-takers to the extent to 1,686. in the consumer goods sector’s he Qatar Stock Exchange and the UAE. The transport index tanked buyers to the tune of QR21.49mn of QR1.21mn compared with net The insurance sector’s trade trade volume to 0.52 stocks, 7% yesterday saw local retail Selling was more pronounced 4.93%, followed by insurance compared with net sellers of buyers of QR32.28mn the previ- volume soared 88% to 0.32mn in value to QR29.01mn and 8% in Tinvestors turn net buy- in mid and large cap stocks in (3.66%), industrials (2.45%), QR35.14mn on January 14. ous day. stocks and value by 22% to transactions to 441. ers but overall it plummeted 228 the market, whose capitalisation banks and fi nancial services Non-Qatari retail investors’ Gulf retail investors’ net buy- QR6.32mn on almost tripled The telecom sector’s trade vol- points to settle below 9,000 lev- shrank 1.98% to QR494.4bn. (1.96%), telecom (1.84%), con- net profi t-booking declined per- ing weakened marginally to deals to 107. ume was up 7% to 1.77mn shares, els. Trade turnover and volumes sumer goods (1.59%) and realty ceptibly to QR6.45mn against QR0.75mn against QR0.97mn on The transport sector reported value by 52% to QR32.36mn and An across the board profi t- were on the rise in the bourse, (1.2%). QR13.18mn the previous day. Sunday. a 27% surge in trade volume to deals by 40% to 459. booking – particularly in trans- where banking and industrials Major losers included Qatar However, non-Qatari funds Total trade volume rose 24% 0.52mn shares, 20% in value to However, the banks and fi - port and insurance – drove the sectors together accounted for Insurance, Milaha, Gulf Ware- turned net sellers to the extent of to 20.88mn shares, value by 42% QR13.61mn and 21% in transac- nancial services sector saw a 20-stock Qatar Index down more than 74% of the total vol- housing, Vodafone Qatar, Na- QR10.09mn compared with net to QR418.84mn and deals by tions to 318. 7% shrinkage in trade volume 2.48% to 8,946.97 points. ume. kilat, Industries Qatar, Mesaieed buyers of QR12.88mn on Sunday. 33% to 5,733. The real estate sector’s trade to 8.46mn equities but on a 37% Although the index stood The Total Return Index Petrochemical Holding, Aamal Gulf institutions were also net The industrials sector’s trade volume shot up 10% to 2.23mn jump in value to QR198.58mn above 9,200 points for most plunged 2.48% to 15,003.55 Company, Qatar Electricity and sellers to the tune of QR4.52mn volume more than doubled to equities, value by 18% to and 19% in transactions to 2,012.

Bloomberg QuickTake Q&A Why Morocco is loosening Morocco loosens its its grip on its currency By Ahmed Feteha countries’ monetary and fiscal and Tamim Elyan policy and lessen the freedom Cairo to respond to domestic goals, such as reviving growth, creating jobs or containing prices. In the Morocco is easing its hold on long term, the move will allow the dirham. A move to widen the Morocco to “react more eff ectively currency peg in bid currency’s trading band is part of to international shocks given its a plan to liberalise the economy significant external exposure via and turn the North African nation exports, remittances, tourism and into a financial hub. Tweaking oil imports,” said Hasnain Malik, the dirham’s peg has been talked head of equity research at Exotix about for years, but the idea was Partners LLP. postponed in 2017 after fears of How will the change a devaluation prompted a rush aff ect Morocco’s to attract investors for dollars and euros, causing a economy? plunge in foreign reserves. So Bloomberg this time the authorities took a Given the limited size of the Cairo diff erent tack, minimising the dirham’s new trading band, the opportunity for mischief, trading new regime is unlikely to have a and speculation: They announced big impact on inflation, growth orocco will loosen its currency the plan, to take eff ect on Monday, and the economy in general, peg in a long-awaited move on Friday night. according to Reham El Desoki, Maimed at strengthening its What did the government a senior economist at regional economy and avoiding fi nancial imbal- announce? investment bank Arqaam Capital. ances that forced a slew of emerging na- The move, however, is “significant tions into sharp devaluations. A widening of the dirham’s trading because it marks a shift in policy Bank al-Maghrib, as the central bank band to a maximum daily limit of and sends a signal of commitment is known, will allow the dirham to fl uc- 2.5% above or below the off icial to reform,” she said. tuate 2.5% above or below its offi cial rate – up from 0.3%. So the dirham Will this help turn rate, signifi cantly widening the band will be allowed to move as much Morocco into a fi nancial from 0.3% each way. While the central as 5% a day versus 0.6% before. hub? bank set the dirham’s band at 8.9969 to How does the peg work? 9.4524 against the dollar yesterday, ac- That will require broader changes. cording to data compiled by Bloomberg, Bank Al-Maghrib, as the Moroccan Establishing legal and regulatory it hadn’t announced the reference rate central bank is known, pegs the credibility for the finance sector by 9.45am in Rabat. dirham to a two-currency basket and full foreign ownership in Economists and business people said weighted 60% to the euro and that sector would help transform Morocco was unlikely to join the long list 40% to the US dollar. Every day, Morocco, according to Exotix’s of countries from Egypt to Uzbekistan the central bank sets a reference Malik. The stock market is that allowed their currencies to plum- price for the dirham. The regulator dominated by big local financial met in recent years, because the cen- didn’t say if it intends to adjust the institutions, which reduces tral bank was sitting on ample reserves peg as it moves to the new system. liquidity and accessibility. What it and the dirham is already fairly valued. Off icials and analysts have said lacks is a “lot of liquid and cheap Gross domestic product expanded fast- that unlike Egypt, whose currency equity stories,” he said. er than the majority of countries in the plummeted by more than 50% Will there be more Middle East and North Africa in 2017, after restrictions were removed in reforms this year? according to International Monetary November 2016, a flexible dirham Fund estimates. doesn’t necessarily mean a weaker The focus, says Mohamed Abu The plan to loosen the peg, which is one. Basha, Cairo-based economist at supported by the IMF and is the centre- Was the move urgently EFG-Hermes, will probably be on piece of Morocco’s ambitions to trans- needed? ensuring a smooth transition as form itself into North Africa’s dominant more volatility is introduced to the fi nancial and trade hub, was postponed Not at all, according to most currency market. There might also from last year, when fears of a weaker observers. As Charles Robertson, be a gradual loosening of capital dirham triggered a rush for dollars and Unlike commodity-exporting coun- infl ation, expected to average 0.7% in rency basket weighted 60% to the euro Renaissance Capital’s global controls to make the stock market euros, causing a $3bn drop in reserves tries, which have fl oated or devalued to 2017, under control as the government and 40% to the US dollar. The wider chief economist, put it: Morocco’s more accessible, he said. in three months. The central bank an- end crippling foreign exchange shortag- reduced state subsidies on refi ned oil band is the fi rst phase in Morocco’s cur- policies were “working excellently. Are more countries nounced on Friday that the move was es, Morocco is an importer of grain and products. rency liberalisation, which it hopes will They have a fairly valued currency, freeing up their back on and confi rmed that the band oil and has benefi ted from lower global In Egypt, which floated its pound encourage foreign investment and make a good current account position, currencies? would be widened to fi ve%. prices. It relies on exports, remittances in November 2016, the currency Moroccan exports more competitive decent growth, low inflation.” “The state is listening to importers’ and tourism for its hard currency earn- quickly halved in value, pushing in- abroad. So why do it now? Though the currencies of most views. There is better visibility now than ings. flation above 30%. But Morocco, Ahmed Derrab, secretary-general of large countries and the 19-nation we had in July, when a lack of informa- The main risk Morocco faces is a which has an investment-grade Morocco’s association of citrus produc- Making the change during a crisis euro float freely, the trend tion about the fl uctuation band sparked combination of poor harvests and surg- credit rating an expanding private ers, said a more fl exible exchange rate can be messy, as Egypt showed. began to move in the opposite speculative deals on the dirham,” said ing global commodity prices that could sector, is not facing such wide im- was necessary to boost competitiveness Morocco’s economic conditions direction in the messy aftermath Chakib El-Alj, who manages the Casa- raise costs for the government and balances. and should not pose major risks for ex- off ered a “unique” opportunity to of the global financial crisis. Forty blanca-based grain-importer Gromic. prices for consumers in a country that The economy grew 4.1% in 2017, porters as long as authorities move cau- move toward currency flexibility percent of countries monitored by Morocco’s announcement came days has seen bouts of unrest since the Arab according to central bank estimates. tiously. in an orderly manner, according the IMF gave the market free rein after Angola ditched a currency peg in Spring protests that swept the region in Foreign reserves have stabilised at a “We are serene because this is only to the International Monetary in 2008, but that figure fell to 34% place since 2016 in an eff ort to revive an 2011. level suffi cient to cover more than ve fi the beginning of what is going to be a Fund. Currency pegs put a central in 2014 before rebounding to 37% economy hit by the slump in oil prices The central bank says the fi xed ex- months of imports. gradual liberalisation process,” he said. bank at the mercy of other in 2016. four years ago. change rate regime has helped to keep The dirham is pegged to a two-cur- “This is controlled fl exibility.”

‘Alwaleed in settlement talks with Saudi government’ Saudi Arabia’s billionaire Prince adding about $860mn to the com- Alwaleed bin Talal, detained for over pany’s capitalisation. The stock price two months in an anti-corruption was still 7% below its level just before Airbus fl oats shutdown of A380 crackdown, is negotiating a possible Prince Alwaleed was detained. settlement with authorities but so Since early November Prince far has not agreed on terms, a senior Alwaleed has been held, with dozens Saudi off icial said, according to of other members of Saudi Arabia’s Reuters. political and business elite detained jumbo on Emirates order doubts Prince Alwaleed, whose net worth has in the crackdown, in Riyadh’s opulent been estimated by Forbes magazine Ritz-Carlton hotel as authorities at $17bn, is chairman and owner of seek to reach settlements with the Bloomberg Airbus has struggled to rack up sales with “reasonable effi ciency,” commer- plane. While it’s used in the world’s international investment firm King- detainees. London of the superjumbo, which it argues will cial aircraft chief Fabrice Bregier said. biggest airports including London’s dom Holding, and one of the country’s Saudi off icials say they aim to claw be needed to help increase passenger The plane’s future has been in doubt Heathrow and New York’s JFK, the most prominent businessmen. back some $100bn of funds that right- traffi c at the world’s busiest airports. for several years. As far back as 2014, industry as a whole has moved toward “He off ered a certain figure but it fully belong to the state. irbus publicly questioned the The company was forced to slash pro- chief fi nancial offi cer Harald Wilhelm smaller planes going point-to-point, doesn’t meet the figure required from Crown Prince Mohammed bin Salman, future of the A380, saying its duction rates in July to try and stretch said the programme could be killed if reducing airlines’ dependence on big- him, and the attorney-general hasn’t who launched the crackdown, has Afl agship aircraft programme out the order book. Emirates, by far the demand didn’t pick up. ger hubs. approved it,” the off icial said on condi- indicated he wants to close exist- risks being shut down if the manufac- biggest operator of the plane, scuttled The fi nal 2017 order tally for all More business from Emirates is key tion of anonymity under government ing cases quickly and expects most turer fails to win a crucial order from a deal to buy 36 of the planes in No- aircraft, announced yesterday, high- to attracting other buyers of the plane briefing rules. suspects to cut a deal. the planemaker’s main backer, Emir- vember, leaving Airbus hanging and lights the challenges facing Airbus as and ensuring jets sold now would hold A second source familiar with Prince The allegations against Prince ates of Dubai. raising doubts about the future of the the company prepares for a whole- their resale value. With a list price of Alwaleed’s case told Reuters on Alwaleed include money laundering, Emirates is the only airline with programme. sale overhaul of its leadership team. $446mn, the plane is one of the most Saturday that the prince had off ered bribery and extorting off icials, a Saudi enough capacity to take enough planes Airbus wants Emirates to order The planemaker, run from Toulouse, expensive and least fl exible for airlines to make a “donation” to the Saudi off icial told Reuters soon after his to keep the programme alive, Airbus enough planes to sustain production France, outsold rival Boeing Co, wid- to deploy in their fl eets. Without new government, which would avoid any detention. sales chief John Leahy said yesterday at six a year over the next 10 years, giv- ening its lead in orders. While Airbus orders, it becomes impossible for Air- admission of wrongdoing, and to do Neither he nor his company has com- in an online presentation. Discussions ing the planemaker scope to sell two or has had success selling smaller planes bus and its suppliers, which include so from assets of his own choosing. mented publicly on the charges. are ongoing, he said. three of the superjumbos on top of that while demand for widebodies wanes – Rolls-Royce Holdings, GKN and the The government refused those terms, Kingdom Holding, which has said it is “I believe we can fi nd a solution with to eke out a profi t on the programme, especially hitting the biggest plane in General Electric Co-United Technolo- the source said. continuing to operate normally, did Emirates in hopefully the not too dis- Leahy said. its commercial lineup. gies Corp venture Engine Alliance, to Kingdom Holding’s share price not respond to requests for comment tant future,” Leahy said in an interview The company produced 15 in 2017 The four-engine A380, introduced make a profi t. jumped as much as 9.8% on Sunday in when asked about any settlement with Bloomberg TV. “But we do need and has said it plans to reduce that in 2005, is so big that some airports While the A380 struggles, Airbus is response to news of the negotiations, talks. a strong base that only a big operator fi gure to eight next year. Airbus can had to expand runway facilities in outselling Boeing on smaller single- like Emirates can provide.” produce as few as 6 of the planes a year order to accommodate the 550-seat aisle aircraft like the A320 family. Gulf Times Tuesday, January 16, 2018 3 BUSINESS

Skip the pump and hire an EV: Oil seller girds for electric cars Shale drillers

Bloomberg powered cars as well as other population and as more fuel are confusing Tokyo related services will become eff icient cars take to the roads. necessary for gasoline retailers “There is no point discussing to remain profitable, he said. how much and when EVs will As the tussle between electric Carmakers from Toyota Motor become popular as people will US analysts vehicles and the oil industry Corp to General Motors Co shift to EVs to a point where intensifies, Japan’s biggest are racing to produce EVs as it will have an impact at some on rig count refiner is considering a novel Bloomberg New Energy Finance time in the future,” Sugimori approach: Co-opt the enemy’s estimates sales surpassed 1mn said in an interview in Tokyo. “As product. units last year. By 2030, BNEF we don’t know the timing, we concerns JXTG Nippon Oil & Energy expects more than 100mn EVs must start preparations now.” Corp is looking to start an to be sold, though oil producer Installing battery chargers at EV car-sharing service at Exxon Mobil Corp has a more gas stations won’t be enough Bloomberg gas stations to help off set conservative forecast of 20mn to generate profits in place Houston the expected decline in oil units. of gasoline sales, Sugimori revenues, said Tsutomu Either way, the spread of said. The company has started Sugimori, president of EVs will likely speed up the studying its options and plans all it a rig-less recovery. Japan’s biggest fuel seller. decline in Japan’s gasoline to compile a strategy for gas As oil prices have It’s inevitable that EV use will consumption, which is already stations within about one year, Cclimbed almost 50% in spread, so renting out battery- falling due to a shrinking he said. little more than six months, the weekly Baker Hughes tally of drilling rigs has stayed remark- ably still. Normally, you’d expect the rigs to return to the fi eld as producers fl ush with added cash looked to boost output. But shale companies are man- aging to do more with less, in a recovery that has seen US produc- Record betting on oil rally begs tion continue to climb even with- out the leading indicator of added drilling. These days, the weekly rig count fi gure, which had become a focal point in the initial months of the downturn, is now increasingly irrelevant, as forecasters turn to question: How far can it go? a bigger toolbox of stats, metrics and gauges to get an idea of what Bloomberg Inc warns that Opec would try shale drillers are up to. New York to talk down an oil rally above “A well that comes online in US $70 a barrel to cushion the im- onshore today is dramatically dif- pact on the global economy and ferent than one that came on fi ve nother week of rising oil rival supplies. Russian Energy or 10 years ago,” Leo Mariani, an price and another record Minister Alexander Novak said analyst who covers explorers and Afor money manager bets on Friday producers regularly producers at NatAlliance Securi- on gains. But can it last? talk about options for wind- ties, said in a phone interview. “It’s With wagers on rising West ing down the supply-reduction just a diff erent animal.” Texas Intermediate and Brent deal. That means that everything crude futures mounting to Iran’s Oil Minister Bijan from producer spending surveys new highs and the global Namdar Zanganeh even admit- to oilfi eld hiring reports, and even benchmark hurtling through ted that Opec doesn’t like crude demand for the tiny grains of sand $70 in the face of depleting above $60 because of shale oil. that prop open oil-bearing cracks, stockpiles, the bulls seem to The statement comes at the is fair game for painting the pic- have control of the market. same time the US government is ture. For the market, it means the But, warnings of a retreat are forecasting output this year and country that’s become the world’s coming into view. next to reach record levels. swing producer and a thorn in “The question in my mind Even though US explor- Opec’s side is a whole lot harder is, how far can this market go?” ers have hinted they’ll stick to to read. said Rob Haworth, who helps conservative spending budgets, The number of rigs drilling oversee $150bn in assets at US the oil rig count rose by 10 last for oil in the US – from the Gulf Bank Wealth Management in week, the biggest addition since of Mexico to the Permian Basin Seattle. The higher oil prices go, June. And they have been hedg- in Texas to the Bakken shale in the more likely it is Opec will ing like never before, meaning North Dakota – is less than half have second thoughts on their they are more protected than the count in the middle of 2014, supply cuts and that shale pro- ever to keep producing even if when the crude market crash be- duction will rise, he said. prices drop. gan. And yet, America is set to ri- So far, so good. “Will these producers be dis- val Saudi Arabia and Russia, with The Organization of Petro- ciplined or not? There really production expected to top 10mn leum Exporting Countries is isn’t a clear read on that. There barrels as early as next month and committed to keeping its out- is this dichotomy between what to reach 11mn towards the end of put curbs in place for the rest people are saying and what An oil tanker is seen at sunset anchored off the Fos-Lavera oil hub near Marseille, France. The global stockpile surplus has almost vanished next year. of year, UAE Energy Minister their actions are suggesting,” and demand growth is strong enough to absorb increases in US output, according to Energy Aspects’ chief oil market analyst, Amrita Sen. How? The combination of fast- Suhail al-Mazrouei said last said Tamar Essner, an analyst er and faster horizontal drilling week. The US supply picture at Nasdaq Inc in New York. Capital Markets. UBS Group diff erence between bets on a climbed 1.5% to a record 574,152 take a step back. WTI’s 14- and more intense fracking has al- has shown shrinking invento- “Hedging is at very high levels. AG cites the potential of record price increase and wagers on a contracts, according to data day relative strength index lowed production to explode even ries, with storage at Cushing, The rig count is going up. The output weakening prices over drop – by 10% to 437,770 fu- from ICE Futures Europe. Longs hovered above 70 last week, as the number of rigs drop. Up Oklahoma below the fi ve-year actions tell a slightly diff erent the course of the year. tures and options during the increased 2.5% to an all-time signalling the commodity is until about four years ago, it was average. story than the words.” Bank of America Merrill week ended January 9, the high- high, while shorts rose 11% to overbought. safe enough to use the rig count to The global stockpile surplus A number of experts don’t Lynch’s head of commodities est in data going back to 2006, the highest level since October. “We’re at the point where track activity because the industry has almost vanished and de- seem to be getting too excited research, Francisco Blanch, said according to data from the US The net-short position of folks are getting nervous,” as was more reliant on single vertical mand growth is strong enough over crude’s recent rally. It’s in order to see prices remain Commodity Futures Trading swap dealers, an indication of the market is overbought, James wells. to absorb increases in US crude premature to expect to see a near $70 a barrel, heightened Commission on Friday. Longs hedging, increased for a 13th Williams, president of Lon- “You’ve got diff erent levers to output, according to Energy As- further price rise, at least un- demand momentum needs to surged by 8.5% and shorts tum- week to a fresh record, accord- don, Arkansas-based energy pull to get increasingly effi cient,” pects Ltd’s chief oil market ana- til the market gains a better continue for the entire year. bled by 11% to the lowest since ing to the CFTC data. researcher WTRG Economics, James Wicklund, an analyst at lyst, Amrita Sen. grasp of the pace of US produc- Hedge funds increased their July 2014. A closely watched technical said by telephone. “There are so Credit Suisse in Dallas, said in a But Goldman Sachs Group tion growth, according to RBC WTI net-long position – the The Brent net-long position indicator shows crude might many people that are long.” phone interview. Shell is bracing for change by expanding foothold in electricity

Bloomberg London

oyal Dutch Shell is taking small steps to- ward a future dominated by electric cars, Rrenewable energy and carbon constraints, demonstrating its intent not to remain solely an oil and gas company. The energy giant agreed last month to purchase First Utility Ltd, the UK’s sev- enth-largest power provider. Its off shore-wind partnership with Eneco may expand further, amid reports that Shell is considering buying the Dutch utility outright. Big Oil entering the heavily regulated European power market isn’t a natural fi t today. Yet it makes sense for a future in which consumers want charg- ing points alongside gasoline pumps at fuelling stations, and iPhone apps and smart home devices generate vast amounts of energy-use data that it- self becomes a valuable commodity. “We’re on the cusp of a potentially rather fun- In October, Shell announced it was buying “They don’t want to have any potential new damental reorganization of the way that con- NewMotion, Europe’s largest electric-vehicle opportunity out of their reach,” Chatterton said. sumers purchase and get access to electricity,” charging provider. In late November it reached These investments “are all about making sure said Rick Wheatley, an executive vice president at an agreement with IONITY - a Munich-based they’re positioned well to take a hold of future Xynteo Ltd, which advises oil companies includ- venture between BMW Group, Daimler AG, Ford opportunities when they become clear.” ing Shell on long-term sustainable planning. The Motor Co and Volkswagen AG - to start charging BNEF estimates global power demand will oil industry is realising “that things may begin to stations in 10 European nations. surge 58% by 2040, compared with 2016 levels, move much faster” in renewables and the electri- Eneco, which pointedly shuns fossil fuels on with $10.2tn of investment needed in the sec- fi cation of transport, he said. the home page of its website, has a portfolio of tor. The research group forecasts that during the Shell’s steps toward selling electricity have sustainable energy projects across northwestern same period the growth of electric vehicles will so far have been modest in comparison to its Europe. A Shell spokeswoman declined to com- displace about 8mn barrels of oil a day – equiva- vast fossil fuels business. The company pumped ment on whether it was considering bidding for lent to the production of Iran and Iraq today. 1.85mn barrels of oil and 10.47bn cubic feet of the Rotterdam- based utility or the company’s Chief executive Ben van Beurden, in a post on natural gas every day in the third quarter, more broader plans in the power sector. Shell’s website earlier this month, said he thinks than enough to supply the whole of the UK. In Large oil companies are keen to make small in- constantly about preparing for a world where contrast, First Utility has no generation of its vestments now as a way to minimise the diffi culty fossil fuels are less dominant. He intends to use own, instead buying power wholesale from a of gaining entry to new markets later on, said the New Energies unit, with a budget of as much Shell unit, and supplies just 3% of the country’s Richard Chatterton, an oil analyst at Bloomberg as $2bn a year, to ensure Shell remains “a com- residential energy market. New Energy Finance. pany of the future.” Gulf Times 4 Tuesday, January 16, 2018 BUSINESS

Japan to revamp SoftBank considers $18bn GDP data to reflect ‘sharing IPO for Japan wireless unit economy’ Reuters Reuters Tokyo Tokyo Japan is set to revamp how oftBank Group Corp said yester- it measures gross domestic day it was considering listing its product data in the coming SJapanese wireless business – a years by better incorporating move that could reportedly raise $18bn new consumption trends and would accelerate the conglomer- such as the sharing economy ate’s transformation into one of the and changing quality of world’s biggest tech investors. education and medical A spin-off – potentially the big- services, off icials said gest IPO by a Japanese company in yesterday. nearly two decades – would give the The move comes in response unit more autonomy and help inves- to criticism the country’s tors value the business as well as its economic data fails to parent which has myriad holdings grasp actual economic across the tech industry. activity as analysts see SoftBank Group is aiming to sell the components lagging about 30% of SoftBank Corp, Japan’s behind changing trends of No 3 wireless carrier, for around ¥2tn private consumption that ($18bn), the Nikkei newspaper said accounts for some 60% of without citing sources. the economy. It added that proceeds will go to- “With the economic structure wards investments in growth such as rapidly changing, how buying into foreign information tech- to measure the sharing nology companies. economy and digital “It makes sense to spin off the mobi- economy in particular has lephone business using a public off er- become an urgent issue ing that would leave SoftBank in con- in Japan as well as other trol and provide SoftBank with more countries,” Shuji Hasegawa, cash to pursue its strategy of investing executive research fellow in companies with potentially high at the Cabinet Off ice, told growth prospects,” Erik Gordon, a pro- reporters yesterday. fessor at the University of Michigan’s Through a series of reforms Ross School of Business. on economic indicators, “It is a way of obtaining capital the government also aims without adding debt or diluting Soft- to address long-standing Bank’s equity interests in the growth concerns about data companies.” accuracy, volatility, sampling SoftBank Group plans to seek ap- and collection methods. proval from the Tokyo Stock Exchange Prime Minister Shinzo Abe as early as spring, the Nikkei said, add- has ordered his government ing that it was aiming to list around to revamp major economic autumn in Tokyo as well as overseas, indicators that could aff ect possibly London. A woman using her smartphone walks outside a branch of SoftBank in Tokyo. The conglomerate said in a statement that a listing of the telecoms business was one key policy decisions such as The conglomerate said in a state- option for its capital strategy. a sales tax hike. ment that a listing of the telecoms Abe twice delayed a planned business was one option for its capital of their shares although these rules can cated structure and constant stream of analyst at Sanford C Bernstein. “What commerce fi rm Rakuten Inc to enter tax rise to 10% from 8% strategy but that no such decision had be eased when the company is also list- new investments has made valuing the SoftBank will ultimately have to do, the market. With SoftBank’s founder after the first hike to 8% been made. ing overseas. company extremely diffi cult and ana- and they would have to do this in any Masayoshi Son reluctant to sell stakes from 5% in 2014 dealt a Its shares fi nished 3% higher on the SoftBank Group has a vast range of lysts often note that its market value case, is attract investors who are look- in investments seen as having large up- blow to consumption. The news. holdings including stakes in British does not accurately refl ect the value of ing at this as a tech focused investment side potential such as Alibaba, listing sharing economy involves An IPO of about ¥2tn would be one chip designer ARM Holdings, strug- its massive holdings. company,” he said. the telecoms business could provide a businesses that use the of the biggest offerings by a Japanese gling US wireless service provider SoftBank Group’s market capitalisa- The domestic telecoms unit posted a place to park some of the conglomer- Internet to form a dispersed company, rivalling a ¥2.1tn listing Sprint Corp as well as Alibaba Group tion currently stands at around $92bn. 4.5% rise in operating profi t to ¥720bn ate’s large debt burden. network of people that by NTT DoCoMo Inc in 1998 and the Holding Ltd. By contrast, its near 30% stake in in the year ended March on sales of “If the desire is to be able to raise provide services such as car ¥2.2tn raised by the government’s It has with other investors also set Alibaba is worth around $140bn. ¥3.2tn. capital for future vision funds, pushing rides or temporary lodging. sale of Nippon Telegraph and Tel- up a $93bn Vision Fund that is invest- An IPO could lead to softness in While it has been SoftBank Group’s as much of the debt into the telco as It includes short-term home ephone Corp shares before its 1987 ing in a range of fi rms to capitalise on SoftBank Group shares for a while as most profi table source of income, it possible makes sense,” said Lane. rental service Airbnb and US listing. a tech future expected to be driven by some telecoms-focused investors sell faces headwinds including an age- SoftBank’s debt pile stood at around ride-hailing company Uber. Large companies seeking to list in artifi cial intelligence, robotics and in- their holdings to buy shares in the ing population, a shift by consumers $100bn in the fi nancial quarter ended The size of Japan’s sharing Tokyo are required to fl oat at least 35% terconnected devices. That compli- newly listed entity, said Chris Lane, an to cheaper carriers and plans by e- September. economy was estimated at ¥1.2tn ($11bn) as of 2016, with a potential market size seen at ¥2.6tn, according to InfoCom Research, a private think tank. No deadline has been set India to split fl ag carrier into four parts ahead of sale for inclusion of the sharing economy in GDP data, the off icials said, adding that Bloomberg running businesses. The airline, which is own balance sheet, while borrowings they aimed to determine New Delhi surviving on a taxpayer-funded bailout, linked to core operations will be retained some of the quality and has strained government fi nances for by the unit on off er, Sinha said. A so- prices of other sectors such decades, and Finance Minister Arun Jait- called special purpose vehicle will hold as education and medical ndia will break up its debt-burdened ley said last year that money spent on Air the unsustainable debt of the airline and services in the fiscal year fl ag carrier into four separate compa- India could have been used for education. the government is making “every eff ort” ending March 2021. Inies and off er to sell at least 51% in each “The aviation sector is a very fast grow- to protect employees. It is uncertain whether the of them as part of a disinvestment pro- ing sector, with really exciting opportu- Air India has been unprofi table since its overhaul may boost the size posed by Prime Minister Narendra Modi. nities for all participants, so we felt all of 2007 merger with state-owned domestic of the economy as measured The core airline business comprising Air this will unlock growth and competitive- operator Indian Airlines Ltd. The compa- by nominal economic output, India and Air India Express – the low-cost ness of Air India group,” Sinha said. “We ny made an operating profi t of about Rs- the off icials said. overseas arm – will be off ered as one com- expect it to be a very bright future for its 1bn ($15.7mn) in the year through March However, inclusion of the pany, and the process will be completed by employees.” 2016, primarily due to a slump in oil pric- sharing economy could push the end of 2018, Junior Aviation Minister Sinha declined to name potential bid- es. It still posted a net loss of Rs38.4bn, up the value of nominal GDP, Jayant Sinha said in an interview yesterday. ders but said management control will be according to the government. they added. Its regional arm, ground handling, and en- retained by local investors. The govern- India, the world’s fastest growing ma- In 2016 the Cabinet Off ice, gineering operations will also be sold sepa- ment altered foreign investment rules last jor aviation market, may not sustain the which issues GDP and some rately in the same process. week, allowing foreign airlines to own as current 15-20% growth in the long term, other indicators, adopted A successful sale of Air India – with much as 49% of Air India. Investors’ in- but will expand at about 12% annually. To a new method to reflect Air India has been unprofitable since its 2007 merger with state-owned $7.9bn in debt, fi ve subsidiaries and a joint terest will be sought by end of this month handle the surge in passengers, the country research and development domestic operator Indian Airlines. The company made an operating venture, and a combined workforce of with details on Air India’s core and non- will need investments of as much as Rs4tn (R&D) in capital expenditure, profit of about Rs1bn ($15.7mn) in the year through March 2016, primarily 27,000 – is crucial for Modi, who wants core debt and assets, he added. to expand and build new airports over the which has boosted nominal due to a slump in oil prices. It still posted a net loss of Rs38.4bn, to showcase his credentials as a reform- The government will add most of the next decade-and-a-half, with the bulk of economic output. according to the government. ist attempting to steer the state away from non-core debt owed by the carrier to its it coming from the private sector. China’s oil product export surge shows risks to Opec’s gains

By Clyde Russell reflection of strong crude imports in crude was still around $55 a barrel. in recent weeks may well be a lower product margins. While the more last year than they did in 2016, Launceston, Australia November, when 9.01mn bpd were But this dynamic has shifted fairly reflection of the market view that major, state-owned refiners in China accounting for much of China’s overall brought in, the second highest on dramatically in recent weeks, with the Organization of the Petroleum operate new generation units, it’s increase in crude imports of about record. crude prices surging and refining Exporting Countries (Opec) and its likely that the smaller, independent 800,000 bpd. The standout feature of China’s The glut of crude available to Chinese margins dropping. allies in the deal to cut output are refiners may struggle to compete on In some ways China’s independent crude oil and product trade data for refiners in November and December Oman crude futures ended at $67.10 successfully tightening the market. level terms with their larger domestic refiners have become the single most December was the surge in exports of was also coupled with still strong a barrel on January 12, the highest But higher crude prices undermine counterparts, and also eff icient large- important driver of overall global refined fuels to a record, but it already margins for products across Asia. in just over three years, while the the profitability of their refinery scale export refineries in other parts crude demand growth, meaning appears that this dynamic may not be The profit for processing a barrel of refinery margin dropped to $5.85 a customers, thus making it more of Asia, such as those in Singapore or their health becomes of increasing sustainable. Dubai crude at a refinery in Singapore barrel, close to the lowest since May likely that output will decline, at India’s west coast. importance. China shipped out 6.17mn tonnes averaged $7.17 in December, according last year. least to the point where inventories Given that smaller refiners were The current expectation is that these of refined products in December, to Reuters data. Crude prices and refinery margins of refined fuels are low enough behind much of the gain in China’s refiners will continue to import more equivalent to about 1.6mn barrels per This was above the current moving have an inverse relationship, with the to cause their prices to rise, thus crude imports in 2017, any sign that crude, given the authorities in Beijing day (bpd), using the BP conversion 365-day average of $7.05 a barrel, profit from producing fuels tending to restoring margins. they may pull back on purchases appear to be enabling this by granting factor of 8 barrels of product per although it was down from a 2017 peak in the weeks after crude prices For Chinese refiners, the trick is to would be bearish for crude imports. them quotas to buy foreign oil directly. tonne. peak of $9.07 for the month of reach lows. work out whether it’s still worth Independent refiners, sometimes But ultimately, what will determine if This was up 6.6% from November’s September. For example, when the refinery profits importing crude for processing into referred to as teapots, imported about this turns out to be the case is whether 5.79mn tonnes, and took the total for This meant that Chinese refiners were reached their 2017 peak of $11.01 a fuels for exports. 70.5mn tonnes of crude in 2017, up China’s independent refiners can the year to 52.16mn tonnes, equivalent able to take advantage of strong barrel on September 1, it was about six In some ways the current market from 42.1mn in 2016, according to data compete domestically and regionally to about 1.14mn bpd. prices for products in December, while weeks after Oman futures recorded dynamic in Asia is an exercise in compiled by Thomson Reuters Oil with the bigger players. The strength in December’s exports processing crude oil that was most their closing low for the year of $43.47 working out which of the refiners who Research and Forecasts. of products, which include gasoline, likely bought in October, when the on June 21. export product have the most eff icient This means that the independent „ Clyde Russell is a Reuters columnist. diesel and jet fuel, was most likely a price of Middle East benchmark Oman The sharp jump in crude benchmarks plants, and can therefore withstand refiners imported about 568,000 bpd The views expressed here are his own. Gulf Times Tuesday, January 16, 2018 5 BUSINESS

Noble nets less than S Korea’s Iranian crude oil expected from oil unit sale imports plunge over 30% Reuters to Vitol Seoul outh Korea’s imports of Iranian Reuters crude oil dropped 30.6% in De- London Scember from the year before, while inbound shipments from the Middle Eastern nation over the whole truggling commodities of 2017 jumped by 29.1%, customs data trader Noble Group has showed yesterday. Scompleted the sale of its US- The world’s fi fth-largest crude im- focused oil business to the world’s porter in December brought in 1.08mn largest oil trader Vitol, but net tonnes of Iranian crude, or 255,081 proceeds from the deal are lower barrels per day (bpd), down 30.6% than a previously announced esti- from 1.55mn tonnes a year earlier. mate, the company said yesterday. Major Asian crude buyers includ- In a statement, Noble Group ing South Korea have snapped up pur- said net proceeds from the sale of chases of Iranian oil since sanctions Noble Americas Corp (NAC) to over the nation’s disputed nuclear pro- Vitol were expected to be about gramme were lifted a couple of years $400mn. ago. In October, Hong-Kong based South Korea mainly buys condensate Noble said gross proceeds from from Iran, an ultra-light form of crude, the deal would be about $1.42bn but its data does not provide a break- and it expected to make about down on categories of imports. $580mn after repaying loans. Despite a push by Iran to boost ex- Noble said the lower return on ports, its condensate shipments have the sale that closed on January 12 been dented by a technical problem at was “primarily due to operating the South Pars oil fi eld. losses of NAC from October 1 2017 Iranian oil and shipping sources said to the closing date.” earlier this month that oil output from The Singapore-listed company, the third-biggest producer in the Or- which had a market capitalisation ganisation of the Petroleum Exporting of $6bn in early February 2015, Countries (Opec) had stayed around was plunged into crisis after a re- 3.8mn bpd, despite political unrest in port by blogger Iceberg Research the country around that time. later that month questioning its For the whole of 2017, South Korea’s accounting. oil imports from Iran rose 29.1% to Noble stood by its accounts and 18.07mn tonnes, or 362,884 bpd, ver- rejected the report’s allegations sus 14mn tonnes in 2016, according to but coupled with a major com- the customs data. modities downturn, the fi rm was In total, South Korea imported unable to recover investor confi - 13.25mn tonnes of crude oil in De- dence. cember, or 3.13mn bpd, up 0.1% from For the whole of 2017, South Korea’s oil imports from Iran rose 29.1% to 18.07mn tonnes, or 362,884 bpd, versus 14mn tonnes in 2016, according to the customs data. Its market value has shrunk to 13.24mn tonnes a year ago, the data around $200mn as it has progres- showed. 0.2% from a year ago to 4mn tonnes, 1.7% to 43.06mn tonnes from 2016. 148.68mn tonnes, or 2.99mn bpd, ver- ber crude imports data will be released sively sold off large parts of its South Korea’s crude oil imports from or 946,615 bpd, with total 2017 crude In full-year 2017, South Korea’s sus 130.71mn tonnes the previous year. by state-run Korea National Oil Corp business to stay afl oat. Saudi Arabia last month edged down intake from its top oil supplier falling crude oil imports increased 3.3% to Final data for South Korea’s Decem- (KNOC) later this month. Noble also sold US gas and power business to Mercuria for less than previously announced – $168mn compared with $250mn. Paul Brough, a restructuring spe- cialist who oversaw part of the liquidation of Lehman Brothers, Malaysia-Singapore ties tested by rail contract was appointed chairman last year and said he was taking steps to avoid insolvency. Reuters would build, operate and fi nance the Najib’s government handed a $13bn fi rm Crucial Perspective. Japan, on the ment,” he said, when asked about the The company has also been Kuala Lumpur/Singapore trains and the rail assets closes on June rail project to China last year that links other hand, has a long record of build- project’s timeline. Singapore was part closing what remains of its global 29, and a decision is expected by the end peninsular Malaysia’s east and west. ing and operating high-speed rail and of Malaysia after the end of British co- oil trading business, returning to of the year. Singapore, on the other hand, has wants to counter Chinese infl uence in lonial rule but they separated acrimoni- its roots as an Asian hard com- he leaders of Malaysia and Singa- “It (the preferred bidder) could be had diffi culties recently in its relation- Southeast Asia, which has been backed ously in 1965, clouding diplomatic and modities trader. pore are expected to discuss plans a source of diff erence,” said Associate ship with China over Taiwan and the by mega-projects under Beijing’s Belt economic dealings for decades. Noble said it had generated Tfor a high-speed rail project link- Professor Ja Ian Chong of the Depart- disputed South China Sea islands. and Road Initiative. The countries have wrangled previ- about $525mn in net proceeds af- ing their countries during summit talks ment of Political Science at National China Railway Corp would lead a About 90% of the rail network is in ously over wider political issues as well ter the sales to Mercuria and Vitol today, as a deadline to award the multi- University of Singapore. consortium of Chinese companies bid- Malaysia, and Najib’s government has as smaller matters like water supply as well as monetising what was billion dollar project nears. “But the issue is whether this diff er- ding for the massive project, one dip- agreed to pay for its share of the line it- and road tolls, but those frosty ties have left of its oil business within UK The high-speed rail valued by ana- ence is something where a compromise lomatic source in Kuala Lumpur told self. thawed under Najib and Lee. incorporated Noble Clean Fuels lysts at about $17bn is the biggest can be found and I think that’s very hard Reuters. Yet to be decided, however, are other The rail project is a symbol of these Ltd. project undertaken by the Southeast to tell at this point.” For Japan, JR East would head a con- costs like building and maintaining the closer relations. On top of the approximately Asian neighbours in recent years, and Given his close ties to Beijing, reject- sortium that includes Sumitomo Corp, rolling stock. With a top speed of over 300 kph (186 $400mn from the Vitol deal, the will test a relationship that has been ing a Chinese bid would be tough for Hitachi Ltd, Mitsubishi Heavy Indus- “The formula is, whatever you need mph), it is scheduled to be completed trader said it had “generated over frosty since the end of the colonial era Malaysian Prime Minister Najib Razak, tries and NEC Corp, the source said. to build from your station right up to the by 2026 and will cut the travel time $100mn of cash proceeds” from in the 1960s. who will hold talks with his Singapo- South Korea’s consortium would in- international boundary, it’s your cost,” between Kuala Lumpur and Singapore the wind down of working capi- It also could expose broader tensions rean counterpart, Lee Hsien Loong, in clude Hyundai Rotem Co and Hyundai said Abdul Rahman Dahlan, a minister to about 90 minutes from the current tal balances in NCFL, which was over China’s growing infl uence in the Singapore today. Engineering and Construction, an- in Najib’s government. four-to fi ve-hour road journey. largely concluded in December region, as the two leaders must choose Beijing has pumped billions into Ma- other source familiar with the bidding Discussions between offi cials from Malaysia said on Sunday that the 2017. between competing bids from Chinese laysia over the last two years, as Najib said. the two countries had gone smoothly so two nations will sign an agreement for Included in the total was $20mn and Japanese rivals, as well as European looked to tackle massive government China’s key competitive advantage is far, he added. a rapid transit system linking the busy released from escrow to the group and South Korean fi rms. debt and appease voters ahead of na- its lower construction cost, said Cor- “It’s moving, our timeline is on. crossing between Malaysia and Singa- from the deal with Mercuria. A joint tender for the company that tional elections this year. rine Png, the CEO of transport research I don’t see any big issues at the mo- pore during the leaders’ retreat. JD.com targets $2bn fundraising at logistics unit

Reuters JD Logistics is currently 100% owned by Hong Kong JD.com. It is not clear when and where the IPO proc- ess will be undertaken. hina’s second-biggest e-commerce Hillhouse Capital is the second-biggest eq- fi rm JD.com has kicked off a fundraising uity investor in JD.com, according to Thomson Cround at its logistics unit with a target Reuters data. of at least $2bn, and eventually plans to list the Alibaba rival Tencent Holdings is also a top- business overseas, people with direct knowl- 10 investor in JD.com, the data shows. edge of the matter said. The fundraising and any ensuing spin-off JD.com, which only trails Alibaba Group would give JD Logistics – set up as a separate Holding Ltd in China’s e-commerce market, entity within the company last April – some has invited a select group of investors to join independence and help it off er services to the funding round that values its logistics busi- third-party clients as well as to compete with ness, JD Logistics, at around $10bn, two of the Alibaba’s logistics network Cainiao and deliv- people told Reuters. ery services fi rms such as SF Express, the peo- The move comes as China’s major e-com- ple said. merce companies are looking to bulk up their Logistics groups have increasingly sought logistics businesses to support their global ex- investments to fund work on solutions to sup- pansion ambitions and boost revenues by of- ply-chain issues, including autonomous driv- fering services to third-party entities. ing, automated warehousing, cross-border lo- Chinese investment fi rm Hillhouse Capital gistics and smart logistics services. Group and Sequoia Capital China will likely be JD.com, being aggressive in that push, was lead investors of JD Logistics’ funding round, the fi rst one in China to invest in drones. while a number of state-owned and interna- Last year, JD.com invested in logistics infra- tional investors have also shown strong interest structure in Southeast Asia, expanding from in the deal, according to the people. existing commitments in Indonesia. Demand could be strong enough that smaller It also announced a partnership with Japa- investors putting up just $100mn – the fl oor for nese delivery fi rm Yamato Holdings last month investments, according to two people – would to ship products from Japanese retailers to have to prove they could help the logistics unit China. to bring in new business, one of them said. JD.com posted net earnings of 1bn yuan JD.com declined to comment. ($151mn), its highest-ever quarterly profi t, in Hillhouse and Sequoia did not respond to re- the three months to September 30, confound- quests for comment. ing analysts’ forecasts of a 213mn yuan loss. An employee works at a JD.com logistics centre in Langfang, Hebei province. JD.com, which only trails Alibaba Group Holding in China’s e-commerce The sources could not be named as the infor- The company has a current market cap of market, has invited a select group of investors to join the funding round that values its logistics business, JD Logistics, at around $10bn, sources said. mation is confi dential. $66bn. Gulf Times 6 Tuesday, January 16, 2018 BUSINESS

Most Asian markets India equities touch new extend rally; Hong Kong record run comes record highs; rupee rises to an end

IANS AFP Mumbai Hong Kong

omestic macro-economic data Asian traders continued their indicating easing infl ation, blistering start to the year yester- Dcoupled with an optimism sur- day with most markets rising but rounding quarterly corporate earnings, Hong Kong’s record rally came to pushed the key Indian equity indices to an end, while the euro extended record high levels, with the NSE Nif- gains against the dollar. ty50 index crossing the 10,700-mark Wall Street once again provid- for the fi rst time. ed a strong lead on the back of The Sensex and the Nifty50 touched optimism about corporate earn- fresh closing as well as intra-day highs ings in light of Donald Trump’s as investors’ sentiments were lifted by tax cuts as well as the improving positive Asian cues, along with a strong global economic outlook. rupee and healthy buying in banking, Hong Kong started the day on consumer durables and fi nance stocks, a high – pushing on with a run of added market observers. gains into a 15th day and heading The wider Nifty50 of the National for its all-time high – but profit- Stock Exchange (NSE) scaled a new taking eventually caught up intra-day high level of 10,782.65 points. with it and the benchmark index The Nifty50 rose by 60.30 points closed down 0.2%. or 0.56% to close at a fresh level of The Hang Seng Index climbed 10,741.55 points. more than 7% in its run, sup- On the BSE, the barometer 30-scrip ported by a surge in mainland Sensitive Index (Sensex) surged over investors attracted by relatively 300 points to touch a new high of cheaper valuations compared 34,963.69 points on an intra-day basis. with Shanghai and Shenzhen. The Sensex closed at a record high Despite the loss, Alex Wong, of 34,843.51 points – up 251.12 points director of asset management at or 0.73% – from its previous session’s Ample Capital in Hong Kong, told close. Bloomberg News it was “very The BSE market breadth remained likely” the HSI would at some bullish as 1,547 stocks advanced as point break its record high of compared to 1,387 declines. 31,958.41 hit in October 2007. “Markets surged higher yesterday “You can’t stand against this with the Nifty touching a new record kind of strong trend,” he said. high of 10,783. Selling pressure, how- “The sentiment is too strong and ever, emerged from these highs which people are losing patience right saw the Nifty losing some of its morn- now waiting for dips. They would ing gains,” Deepak Jasani, head of retail rather just chase it.” research at HDFC Securities, said. Among other markets Tokyo On the currency front, the Indian ended 0.3% higher at 23,714.88 rupee strengthened by 14 paise to close despite a stronger yen, with at 63.49 against the US dollar from its market heavyweight SoftBank previous close at 63.63. Traders at the Bombay Stock Exchange. The Sensex closed at a record high of 34,843.51 points, up 251.12 points, yesterday. more than 3% higher on reports it could list its mobile unit and raise up to $18bn in one of Japan’s big- gest public off erings. Sydney gained 0.1%, while Seoul and Singapore were each up 0.3%. Rupee surge to fi zzle out amid ‘anti-goldilocks’ conditions Taipei, Bangkok and Manila were all higher though Welling- Bloomberg budget to revive an economy that’s will weaken to 65 per dollar by the high and slowing economic growth of economics and strategy at Mizuho ton dipped slightly. Mumbai forecast to grow at the slowest pace in end of March. Mizuho Bank Ltd, the has clouded the picture. The budget in Singapore. The rupee’s strength is Shanghai slipped 0.5 % at four years. third-best forecaster in Bloomb- deficit exceeded the target for fis- more due to a weak dollar and it’s sus- 3,140.49 after an 11-day winning How Modi fares in reining in the erg’s survey, sees it depreciating to cal year 2018 by the end of Novem- ceptible to some moderation, he said. streak that saw the benchmark on’t let the rupee’s strength fiscal deficit while seeking to jump- 65.60, while the median estimate in ber, while inflation accelerated to the Rupee bears also have history on index tack on more than 4%. fool you, strategists say. The start activity may determine the cur- a Bloomberg survey survey is 64.50. quickest pace in 17 months in Decem- their side. Recent advances in the Jakarta was down 0.1% in the Drally that boosted the curren- rency’s direction for the remainder of The rupee advanced to 63.2463 on ber, data showed Friday. currency, when not backed by an afternoon, despite a floor collaps- cy to the strongest in 32 months will the year, analysts say. January 8, the strongest since April The weak figures have taken their improving economy, have often led ing in the lobby of the building probably be short-lived. “The budget could well set the tone 2015. It rose 0.3% Monday to 63.4175. toll on the sovereign bond mar- phases of weakness, Kotak Securities where it is based, injuring a The rupee is facing headwinds as for the rupee in 2018,” said Aditya Pu- The forecasts mark a turnaround in ket, where yields have risen for five Ltd says. number of people. elevated energy prices threaten to in- galia, Dubai-based director of finan- sentiment. The rupee strengthened in straight months. Elevated commodity prices “are Local TV stations earlier crease inflation and worsen public fi- cial markets at Emirates NBD PJSC, 2017 for the first time in seven years “A critical point is that economic not playing in the rupee’s favour,” reported that trade had been nances in a nation that imports most the second most-accurate forecaster as slow inflation, stable commodity fundamentals coming into anti- said Anindya Banerjee, an analyst at suspended for an hour but stock of its oil needs. Traders are also brac- in Bloomberg’s quarterly rankings. prices and a slew of policy reforms Goldilocks conditions may dimin- the company in Mumbai. “They are exchange spokesman Rheza ing for higher government spending “A slip-up on the deficit could add a lured about $30bn of foreign inflows ish the rupee’s allure, accounting for creating a negative narrative, with Andhika said trade continued as as Prime Minister Narendra Modi is layer of uncertainty.” into India’s stocks and bonds. some – but not a brutally alarming – concerns about growth and higher usual in the afternoon. set to take measures in the February Emirates NBD predicts the rupee A surge in oil prices to a three-year pullback,” said Vishnu Varathan, head deficit only adding to the worries.”

Xiaomi taps CLSA, Morgan, Goldman Emerging markets hit highest level in a decade

Reuters spot market rate at around 9.2380- for IPO sponsor role London 2430 Thomson Reuters data showed. Jakob Christensen, head of EM re- search, at Danske Bank said it met the Reuters to rise sharply in 2018 as its merging markets started the IMF’s recommendations and came at Hong Kong rebound continues, and have week with the pedal to the metal a good time given the country’s recent told the company – valued Eyesterday, with the fi rst record improvement in economic growth and at $46bn in a 2014 funding high for Asian stocks since 2007 and foreign reserves, which now cover Xiaomi has tapped CLSA, round before its slump – that a currencies from China’s yuan to Mex- around 5.8 months of imports. Goldman Sachs and Morgan $100bn valuation at the IPO is ico’s peso and Russia’s rouble rising “They are in a fairly strong posi- Stanley as joint sponsors for possible. against a sliding dollar. tion to move to more fl exibility. There its proposed IPO, people with The smartphone maker will Asia’s gains had pushed MSCI’s wouldn’t be any imminent devalua- direct knowledge of the matter add more banks to its IPO 24-country EM equities index to its tion pressures, so the time is right to said, in what could potentially later in the process, according highest in a decade and took its rise do it,” he said. value the Chinese smartphone to IFR, which reported that over the past 12-month to a beefy Unlike some other countries in maker at up to $100bn. Credit Suisse, Deutsche Bank, 40%. the region, Morocco has managed to The initial public off ering could JP Morgan and two Chinese The yuan meanwhile scaled a more avoid a big drop in foreign invest- be the world’s biggest tech banks were expected to get than two-year peak helped by the ments since the global fi nancial crisis float in 2018 and is expected to the nod for roles as joint global dollar’s travails but also by news that and the Arab Spring uprisings of 2011, come in the second half of the coordinators. Germany’s ultra-orthodox central partly by marketing itself as an export year, IFR reported yesterday. Xiaomi’s potential IPO – most bank, the Bundesbank, was adding the base for Europe, the Middle East and Xiaomi has separately tapped likely in Hong Kong, according Chinese currency to its reserves. Africa. Credit Suisse and Deutshe to sources – would headline “What this eff ectively means in Exports have been growing since Bank to work on its IPO, a series of hotly-anticipated that the PBOC (Chinese central bank) attracting heavyweights in the auto- another source told Reuters. Chinese tech floats in the city is not drawing a line in the sand on motive and aeronautic industries and The source, however, added this year. dollar/china (FX rate), which is inter- a weaker currency would also help the that the roles for global banks Other expected listings include esting,” said HSBC emerging markets tourism sector and remittances from haven’t been decided and that Lufax, the wealth management strategist Murat Toprak. the 4.5mn Moroccans living abroad. no formal mandate has been platform backed by insurance “But it is in line with what is also However, rising commodity prices given to any Chinese bank. group Ping An. happening with euro dollar and the could push up in infl ation in a country A spokesman for Xiaomi Lufax, China’s largest online rest of the market.” that is one of the region’s biggest en- declined to comment. wealth management platform, It wasn’t only the big picture moves ergy importers. IFR, a Thomson Reuters is expected to sell $6bn to that caught the eye though. That would put the government in a publication, first reported on $9bn of shares in its IPO, and is Morocco became the latest country delicate position as it is already faces the IPO sponsors. seeking a valuation of $60bn, to introduce a more fl exible exchange strong protests over hardship in re- The smartphone maker last the South China Morning Post rate system under the guidance of the mote areas. month told bankers that it reported yesterday. International Monetary Fund after Elsewhere, Russia’s rouble climbed would beat its 2017 sales In all, bankers anticipate stalling on the idea last year. to a more than 7-month high of 56.42 targets by up to 18% as it tech companies worth up The band which the country’s to the dollar as oil prices consolidate continues to benefit from to $500bn could seek IPOs dirham trades in against the world’s recent sharp gains. a business overhaul that in Hong Kong or New York top ‘hard’ currencies is being widened South Africa’s rand also saw its followed its over-expansion over the next two years, from 0.3% either side of the previous biggest rise in over a week though and fierce competition from encouraged by investor day’s close to 2.5% either side, giving a Turkey’s lira nudged lower again as domestic rivals including Oppo enthusiasm for recent tech 5% range in total. traders readied for a central bank and Vivo. floats and buoyant stock Morocco’s central bank set the new meeting there later in week against Bankers expect Xiaomi’s profits markets. range at 8.9969-9.4524 dirhams to the backdrop of double-digit the US dollar yesterday, which left the infl ation. Gulf Times Tuesday, January 16, 2018 7 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 8.88 2.90 2,720,942 Boubyan Intl Industries Hold 35.50 -7.55 734,186 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 20.90 -0.48 180,388 Gulf Investment House Ksc 0.00 0.00 - Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 22.29 0.68 326,044 Boubyan Bank K.S.C 460.00 -0.65 522,983 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 13.40 0.53 69,932 Ahli United Bank B.S.C 210.00 0.48 795,850 Bankmuscat Saog 0.40 -1.49 1,081,460 Saudi Printing & Packaging C 21.37 6.90 4,793,466 Osos Holding Group Co 93.00 0.00 5,463 Bank Sohar 0.15 0.66 183,000 Sanad Cooperative Insurance 0.00 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.09 0.00 99,538 Saudi Paper Manufacturing Co 8.17 0.99 1,288,311 Qurain Petrochemical Industr 359.00 2.28 748,083 Bank Dhofar Saog 0.22 0.00 - Alinma Bank 20.33 1.45 16,905,497 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils Saoc 0.00 0.00 - Almarai Co 52.97 0.95 1,600,965 Ekttitab Holding Co Sak 35.00 4.17 843,600 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 28.70 1.77 57,255 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.28 0.00 - QATAR United International Transpo 29.94 2.11 464,907 Real Estate Trade Centers Co 37.00 2.78 83,652 Al-Hassan Engineering Co 0.04 0.00 - Hsbc Amanah Saudi 20 Etf 28.45 0.00 7 Acico Industries Co Kscc 250.00 -3.47 20,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 18.07 -0.22 802,232 Kipco Asset Management Co 71.00 0.00 45,000 Al-Anwar Ceramic Tiles Co 0.12 -0.81 237,112 Falcom Petrochemical Etf 26.00 0.00 7 National Petroleum Services 795.00 0.00 3,700 Al Suwadi Power 0.14 0.00 152 Zad Holding Co 76.50 -1.92 1,582 Walaa Cooperative Insurance 33.19 0.85 189,305 Alimtiaz Investment Co Kscc 162.00 -1.22 3,177,699 Al Shurooq Inv Ser 0.00 0.00 - Widam Food Co 64.65 -3.35 19,857 Bank Al-Jazira 13.66 1.71 3,645,042 Ras Al Khaimah White Cement 74.00 2.49 19,589 Al Sharqiya Invest Holding 0.11 0.00 - Vodafone Qatar 7.80 -4.06 1,563,595 Al Rajhi Bank 68.99 -0.23 1,911,781 Kuwait Reinsurance Co Ksc 192.00 0.00 5,000 Al Maha Petroleum Products M 1.01 0.50 6,500 United Development Co 16.35 -2.56 966,635 Samba Financial Group 25.31 -0.16 724,471 Kuwait & Gulf Link Transport 90.40 19.89 7,120,017 Al Maha Ceramics Co Saoc 0.29 0.00 230,581 Salam International Investme 6.91 0.29 172,091 United Electronics Co 48.32 0.73 444,382 Human Soft Holding Co Ksc 3,900.00 2.66 109,375 Al Madina Takaful Co Saoc 0.10 -6.60 3,668,218 Qatar & Oman Investment Co 7.81 -2.38 32,275 Allied Cooperative Insurance 19.15 -0.98 124,770 Automated Systems Co Kscc 138.00 0.00 11,000 Al Madina Investment Co 0.06 0.00 - Qatar Navigation 55.11 -8.13 47,027 Malath Insurance 15.40 -1.22 573,432 Metal & Recycling Co 70.00 -6.67 2,000 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 63.51 0.02 32,001 Alinma Tokio Marine 21.55 -1.96 99,886 Gulf Franchising Holding Co 71.00 0.00 20,010 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 133.21 -0.96 306,073 Arabian Shield Cooperative 40.29 -1.35 102,970 Al-Enma’a Real Estate Co 37.20 1.09 1,043,092 Al Jazeera Steel Products Co 0.28 0.00 - Qatar Islamic Insurance 57.50 -0.86 1,841 Savola 40.27 2.39 847,058 National Mobile Telecommuni 1,126.00 0.99 7,434 Al Jazeera Services 0.15 0.00 - Qatar Industrial Manufactur 43.96 -1.43 4,625 Wafrah For Industry And Deve 20.47 1.84 351,770 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 -1.47 282,383 Qatar International Islamic 57.12 -2.38 97,978 Fitaihi Holding Group 12.59 -0.47 230,248 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 38.85 -2.17 310,731 Tourism Enterprise Co/ Shams 27.18 0.18 106,296 Al Salam Group Holding Co 43.90 1.15 581,000 Al Batinah Power 0.14 0.00 - Qatar Islamic Bank 96.00 -2.54 184,941 Sahara Petrochemical Co 16.45 -0.24 2,106,169 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 17.20 -2.49 378,161 Herfy Food Services Co 47.75 -0.10 578,988 Al Aman Investment Company 53.90 -0.74 5,100 Al Batinah Dev & Inv 0.08 0.00 650 Qatar General Insurance & Re 47.79 4.80 50 Mashaer Holding Co Ksc 69.90 0.00 200 Al Anwar Holdings Saog 0.15 -0.65 1,501,702 Qatar German Co For Medical 6.44 -1.68 51,908 Manazel Holding 33.00 -2.94 611,223 Ahli Bank 0.17 0.00 - Qatar Fuel Qsc 108.01 -1.80 74,111 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.76 0.00 - Qatar First Bank 6.50 -3.13 3,634,048 KUWAIT Tijara And Real Estate Inves 50.00 -5.66 22,107 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 183.00 -2.64 105,781 Kuwait Building Materials 0.00 0.00 - A’saff a Foods Saog 0.58 0.00 - Qatar Cinema & Film Distrib 23.85 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 660.00 0.00 38,245 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 56.88 -5.98 40,065 Commercial Real Estate Co 93.00 -1.06 155,616 Ooredoo Qpsc 96.00 -0.82 203,174 Securities Group Co 0.00 0.00 - Future Communications Co 0.00 0.00 - National Leasing 10.50 -4.46 179,517 Sultan Center Food Products 0.00 0.00 - National International Co 60.90 -2.09 61,508 Mazaya Qatar Real Estate Dev 8.45 -4.09 561,538 Kuwait Foundry Co Sak 228.00 -0.44 30,304 Taameer Real Estate Invest C 33.30 -0.30 46,100 UAE Mesaieed Petrochemical Holdi 13.21 -2.65 191,990 Kuwait Financial Centre Sak 110.00 0.00 10,000 Gulf Cement Co 84.80 -0.12 550 Al Meera Consumer Goods Co 144.60 -1.63 36,265 Ajial Real Estate Entmt 176.00 0.00 10 Heavy Engineering And Ship B 208.00 0.00 194,350 Company Name Lt Price % Chg Volume Medicare Group 76.00 -2.56 148,400 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Mannai Corporation Qsc 62.55 0.05 17,349 Kuwait Finance & Investment 45.20 -0.44 20,000 National Real Estate Co 124.00 0.81 90,579 Waha Capital Pjsc 1.98 1.02 866,733 Masraf Al Rayan 39.99 -4.85 1,441,248 National Industries Co Ksc 188.00 -3.59 10,742 Al Safat Energy Holding Comp 36.90 -0.27 4,333 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 13.49 0.30 1,585,572 Kuwait Real Estate Holding C 34.00 -8.11 13,400 Kuwait National Cinema Co 1,130.00 2.73 32 United Arab Bank Pjsc 1.87 10.00 31,980 Industries Qatar 106.60 -2.20 157,763 Securities House/The 54.70 0.55 1,318,501 Danah Alsafat Foodstuff Co 68.80 -3.78 520,728 Union National Bank/Abu Dhab 3.98 -0.50 412,375 Islamic Holding Group 37.10 -7.13 156,637 Boubyan Petrochemicals Co 764.00 -1.42 221,875 Independent Petroleum Group 450.00 0.00 119,100 Union Insurance Co 1.79 0.00 - Investment Holding Group 6.20 0.65 5,439,598 Al Ahli Bank Of Kuwait 319.00 0.00 137,997 Kuwait Real Estate Co Ksc 59.50 0.51 2,621,561 Union Cement Co 1.42 0.00 420,000 Gulf Warehousing Company 44.03 -6.10 89,839 Ahli United Bank (Almutahed) 352.00 -0.85 266,515 Salhia Real Estate Co Ksc 340.00 -2.30 31,590 Umm Al Qaiwain Cement Indust 1.04 0.00 - Gulf International Services 18.00 -1.91 320,427 National Bank Of Kuwait 780.00 0.91 1,946,492 Gulf Cable & Electrical Ind 451.00 -1.53 57,190 Sharjah Islamic Bank 1.45 0.00 - Ezdan Holding Group 12.55 -0.08 263,571 Commercial Bank Of Kuwait 400.00 0.00 1,915 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.49 0.00 - Doha Insurance Co 14.40 2.49 9,383 Kuwait International Bank 237.00 0.42 1,122,100 Kuwait Finance House 607.00 0.50 2,093,171 Sharjah Group 1.15 0.00 - Doha Bank Qpsc 30.98 -0.39 294,290 Gulf Bank 239.00 0.42 1,313,970 Gulf North Africa Holding Co 36.20 0.00 639,950 Sharjah Cement & Indus Devel 1.11 1.83 282,000 Dlala Holding 14.80 -2.31 413,983 Al-Massaleh Real Estate Co 41.00 2.50 100 Hilal Cement Co 153.00 -1.92 18,010 Ras Al-Khaimah National Insu 3.69 0.00 - Commercial Bank Pqsc 28.20 -0.25 131,216 Al Arabiya Real Estate Co 33.80 -1.17 1,615,099 Osoul Investment Kscc 56.00 1.82 53,729 Ras Al Khaimah White Cement 1.10 0.00 - Barwa Real Estate Co 34.40 -3.10 435,664 Kuwait Remal Real Estate Co 42.30 2.17 2,320,730 Gulf Insurance Group Ksc 650.00 0.00 5,500 Ras Al Khaimah Ceramics 2.80 0.00 111,170 Al Khaleej Takaful Group 13.32 -4.52 264,432 Alkout Industrial Projects C 630.00 0.00 11,000 Kuwait Food Co (Americana) 1,055.00 0.00 7,719 Ras Al Khaimah Cement Co Psc 0.80 0.00 269,893 Aamal Co 8.60 -5.60 511,407 A’ayan Real Estate Co Sak 73.00 -1.22 95,000 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.40 0.00 - Investors Holding Group Co.K 18.20 1.11 10,760,300 Aayan Leasing & Investment 39.20 2.35 6,153,657 Rak Properties 0.82 -1.20 21,418,605 Al-Mazaya Holding Co 114.00 0.00 1,077,055 Alrai Media Group Co Ksc 115.00 -1.71 20,000 Ooredoo Qpsc 94.10 -0.95 12,029 SAUDI ARABIA Al-Madar Finance & Invt Co 24.00 0.42 45,900 National Investments Co 105.00 0.00 429,400 Oman & Emirates Inv(Emir)50% 0.53 0.00 - Gulf Petroleum Investment 32.50 2.20 2,607,359 Commercial Facilities Co 180.00 -1.10 35,183 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 739.00 -0.14 301,960 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.46 - City Group 0.00 0.00 - Afaq Educational Services Co 90.00 0.00 266,900 National Marine Dredging Co 3.45 0.00 - United Wire Factories Compan 16.04 -0.12 155,978 Inovest Co Bsc 83.50 3.73 4,701,336 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.45 0.00 - Etihad Etisalat Co 15.62 -2.01 3,560,687 Kuwait Gypsum Manufacturing 95.00 0.00 50,000 Yiaco Medical Co. K.S.C.C 0.00 0.00 - National Corp Tourism & Hote 2.08 0.00 - Dar Al Arkan Real Estate Dev 11.02 -2.99 52,149,480 Al-Deera Holding Co 28.80 2.86 6,850 Dulaqan Real Estate Co 0.00 0.00 - National Bank Of Umm Al Qaiw 3.00 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.85 0.00 - Rabigh Refining And Petroche 20.73 8.65 11,317,448 Mena Real Estate Co 21.30 -3.18 3,698,149 National Bank Of Fujairah 5.00 0.00 - Banque Saudi Fransi 30.98 0.13 175,740 National Slaughter House 0.00 0.00 - First Abu Dhabi Bank Pjsc 0.00 0.00 - Saudi Enaya Cooperative Insu 18.46 1.54 459,554 Amar Finance & Leasing Co 42.50 -19.81 99,238 OMAN Methaq Takaful Insurance 0.79 1.28 6,193,838 Manazel Real Estate Pjsc 0.58 0.00 10,220,492 Mediterranean & Gulf Insuran 26.55 -0.23 48,902 United Projects For Aviation 612.00 0.00 206 Company Name Lt Price % Chg Volume Saudi British Bank 30.05 0.17 345,897 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.47 0.00 - Mohammad Al Mojil Group Co 0.00 0.00 - Amwal International Investme 53.00 -3.28 1,231,766 Voltamp Energy Saog 0.54 0.00 567 Intl Fish Farming Co Pjsc 1.47 1.38 685,027 Red Sea International Co 19.02 -0.89 110,986 Jeeran Holdings 0.00 0.00 - United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.78 -8.24 30,000 Takween Advanced Industries 10.31 0.00 489,296 Equipment Holding Co K.S.C.C 40.80 -0.49 728,140 United Power Co Saog 3.90 0.00 - Gulf Pharmaceutical Ind Psc 2.35 -2.89 81,145 Sabb Takaful 23.83 -0.42 63,390 Nafais Holding 880.00 0.00 9 United Finance Co 0.14 0.00 - Gulf Medical Projects 2.00 0.00 - Saudi Arabian Fertilizer Co 70.12 0.91 240,797 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 1.06 -0.93 20,000 National Gypsum 12.96 0.31 355,547 Arkan Al Kuwait Real Estate 83.00 -1.19 64,539 Takaful Oman 0.17 0.00 - Fujairah Cement Industries 0.95 0.00 - Saudi Ceramic Co 26.70 -0.52 27,089 Gfh Financial Group Bsc 125.00 -1.57 1,611,723 Taageer Finance 0.12 -2.44 20,100 Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 30.85 -0.16 88,270 Energy House Holding Co Kscp 29.50 -4.84 5,100 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.94 0.00 - Saudi Pharmaceutical Industr 31.48 0.77 123,023 Kuwait Slaughter House Co 0.00 0.00 - Sohar Power Co 0.15 0.00 220 First Gulf Bank 0.00 0.00 - Thimar 29.39 -0.03 170,051 Kuwait Co For Process Plant 143.00 0.00 15,000 Sohar Poultry 0.21 0.00 - Finance House 1.72 0.00 - National Industrialization C 17.22 -0.17 2,152,584 Al Maidan Dental Clinic Co K 1,220.00 0.00 65,575 Smn Power Holding Saog 0.66 0.00 - Eshraq Properties Co Pjsc 0.77 -1.28 2,805,841 Saudi Transport And Investme 0.00 0.00 - National Shooting Company 0.00 0.00 - Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.90 -0.56 358,256 Saudi Electricity Co 20.96 1.75 2,409,604 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.78 0.00 - Emirates Insurance Co. (Psc) 6.90 0.00 - Saudi Arabia Refineries Co 32.12 2.10 1,174,159 Al-Ahleia Insurance Co Sakp 425.00 0.00 20 Sharqiyah Desalination Co Sa 3.96 0.00 - Emirates Driving Company 9.20 0.00 - Arriyadh Development Company 19.16 1.38 520,479 Wethaq Takaful Insurance Co 40.00 -3.61 35,000 Sembcorp Salalah Power & Wat 0.24 0.00 - Dana Gas 0.78 0.00 6,684,283 Al-Baha Development & Invest 23.14 0.35 75,980 Salbookh Trading Co Kscp 57.00 6.54 3,242 Salalah Port Services 0.60 0.00 - Commercial Bank Internationa 0.96 -8.57 100 Saudi Research And Marketing 65.80 10.00 584,504 Aqar Real Estate Investments 70.00 0.00 23,220 Salalah Mills Co 1.33 0.00 - Bank Of Sharjah 1.23 0.00 - Aldrees Petroleum And Transp 25.29 -0.75 321,284 Hayat Communications 72.90 0.00 513 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.89 0.00 - Saudi Vitrified Clay Pipe Co 57.40 -0.17 25,490 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.79 1.28 314,338 Jarir Marketing Co 156.11 0.85 67,400 Soor Fuel Marketing Co Ksc 114.00 0.00 26,973 Renaissance Services Saog 0.30 2.43 288,370 Alkhaleej Investment 2.20 -8.33 52,500 Arab National Bank 27.50 0.55 173,002 Alargan International Real 161.00 0.00 3,000 Raysut Cement Co 0.80 0.00 - Aldar Properties Pjsc 2.27 0.00 9,477,858 Yanbu National Petrochemical 62.97 0.86 384,245 Burgan Co For Well Drilling 70.00 0.00 133,029 Port Service Corporation 0.18 0.00 - Al Wathba National Insurance 12.75 0.00 - Arabian Cement 35.67 0.42 433,638 Kuwait Resorts Co Kscc 74.80 0.13 210 Phoenix Power Co Saoc 0.13 -0.74 1,236,655 Al Khazna Insurance Co 0.30 0.00 - Middle East Specialized Cabl 8.65 -0.57 385,513 Oula Fuel Marketing Co 113.00 -1.74 115,857 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 19.64 0.87 152,391 Palms Agro Production Co 84.00 0.00 914 Ooredoo 0.51 0.00 11,583 Al Dhafra Insurance Co. P.S. 3.84 0.00 - Al Sagr Co-Operative Insuran 24.96 1.01 221,885 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.46 0.00 - Al Buhaira National Insuranc 2.20 0.00 - Trade Union Cooperative Insu 20.00 2.35 261,236 Mubarrad Holding Co Ksc 72.40 1.97 404,817 Oman United Insurance Co 0.38 0.00 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Arabia Insurance Cooperative 17.31 -1.70 142,976 Al Mowasat Health Care Co 0.00 0.00 - Oman Textile Holding Co Saog 0.00 0.00 - Agthia Group Pjsc 4.60 0.00 70,227 Saudi Chemical Company 35.01 2.25 447,589 Shuaiba Industrial Co 250.00 0.00 7,001 Oman Telecommunications Co 1.14 -1.72 174,426 Abu Dhabi Ship Building Co 2.00 0.00 - Fawaz Abdulaziz Alhokair & C 28.83 -1.20 492,771 Aan Digital Services Co 0.00 0.00 - Oman Refreshment Co 2.05 0.00 - Abu Dhabi Natl Co For Buildi 0.62 8.77 5,321,676 Bupa Arabia For Cooperative 90.15 2.06 122,831 First Takaful Insurance Co 64.00 -3.03 500 Oman Packaging 0.28 0.00 - Abu Dhabi National Takaful C 5.15 0.00 - Wafa Insurance 20.52 -0.68 279,591 Kuwaiti Syrian Holding Co 30.40 1.33 143,156 Oman Orix Leasing Co. 0.18 0.00 - Abu Dhabi National Insurance 3.85 2.67 13,100 Jabal Omar Development Co 58.50 0.19 152,166 National Cleaning Company 61.50 -3.30 1,422,243 Oman Oil Marketing Company 1.46 0.00 2,500 Abu Dhabi National Hotels 2.85 0.00 - Saudi Basic Industries Corp 107.18 3.00 3,857,134 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.20 -0.51 18,950 Abu Dhabi National Energy Co 0.57 0.00 1,939,704 Saudi Kayan Petrochemical Co 11.05 -0.09 15,928,535 United Real Estate Company 73.00 -5.19 31,131 Oman Investment & Finance 0.13 -1.47 249,000 Abu Dhabi Islamic Bank 3.93 0.51 274,441 Etihad Atheeb Telecommunicat 6.28 -2.33 902,220 Agility 871.00 -0.11 257,168 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 91.31 -2.24 139,543 Kuwait & Middle East Fin Inv 29.00 7.01 94,864 Oman Hotels & Tourism Co 0.44 0.00 - National Petrochemical Co 19.38 1.10 268,234 Fujairah Cement Industries 78.00 -2.50 80,000 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 16.90 -0.29 46,027 Livestock Transport & Tradng 226.00 -0.44 13,607 Oman Flour Mills 0.93 0.00 - BAHRAIN Gulf General Cooperative Ins 17.15 -0.17 197,278 International Resorts Co 29.10 -5.83 71,600 Oman Fisheries Co 0.15 -0.68 3,900,971 Basic Chemical Industries 21.63 -0.18 61,712 National Industries Grp Hold 165.00 0.00 1,920,164 Oman Fiber Optics 0.00 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 0.37 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 16.32 30,558 0.00 - Zain Bahrain Bscc 0.09 -5.56 30,000 Buruj Cooperative Insurance 0.60 Warba Insurance Co 1.57 Oman Education & Training In 0.15 0.00 - 33.80 159,489 64.50 34,175 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 0.17 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 155.00 130,455 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 0.40 First Dubai Real Estate Deve 0.00 Oman Chlorine 0.44 0.00 - 49.90 92,812 45.00 492,700 United Gulf Bank 0.00 0.00 - Maadaniyah -0.20 Al Arabi Group Holding Co 2.77 Oman Ceramic Company 0.42 0.00 - 19.90 99,166 70.50 280,730 Trafco Group Bsc 0.30 0.00 5,000 Yamama Cement Co 1.05 Kuwait Hotels Sak 0.00 Oman Cement Co 0.41 0.00 10,000 17.37 64,653 246.00 275,920 Takaful International Co 0.00 0.00 - Jazan Energy And Development -0.47 Mobile Telecommunications Co 2.67 Oman Cables Industry 1.13 0.00 800 16.84 65,630 500.00 6,842,589 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -0.19 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 26.95 138,127 0.00 - Seef Properties 0.21 0.00 52,858 Alujain Corporation (Alco) -1.30 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.08 -4.71 31,000 22.07 1,043,009 400.00 30,421 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -1.16 Al Mudon Intl Real Estate Co -1.92 Natl Aluminium Products 0.17 0.00 240 12.80 475,599 35.80 397,059 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -0.38 Kuwait Cement Co Ksc 0.00 National Securities 0.04 0.00 - 12.98 172,278 472.00 4,698 National Bank Of Bahrain Bsc 0.63 0.00 12,500 Qassim Cement/The 1.44 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 45.85 37,978 89.90 55,000 Nass Corp Bsc 0.12 -4.03 20,000 Saudi Advanced Industries -0.51 Kuwait Portland Cement Co 0.00 National Pharmaceutical 0.11 0.00 - 13.65 206,320 985.00 2,000 Khaleeji Commercial Bank 0.11 -3.48 99,825 Kingdom Holding Co 2.48 Educational Holding Group 0.00 National Mineral Water 0.05 0.00 - 9.51 1,932,054 300.00 40,927 Ithmaar Holding Bsc 0.17 6.25 4,022,304 Saudi Arabian Amiantit Co 0.00 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 8.13 850,296 0.00 - Investcorp Bank -$Us 0.00 0.00 - Al Jouf Agriculture Developm -0.16 Asiya Capital Investments Co -1.23 National Gas Co 0.29 -1.02 31,500 31.82 160,933 40.00 150,640 Inovest Co Bsc 0.00 0.00 - Saudi Industrial Development 0.20 Kuwait Investment Co -1.72 National Finance Co 0.14 0.00 - 9.85 155,266 114.00 760,100 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -0.31 National Detergent Co Saog 0.65 0.00 - 0.00 - 323.00 471,368 Gulf Hotel Group B.S.C 0.53 0.00 5,000 Riyad Bank 0.89 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 13.61 736,039 320.00 10,950 Gfh Financial Group Bsc 0.41 0.00 62,200 The National Agriculture Dev -1.63 Al Madina For Finance And In 0.00 National Bank Of Oman Saog 0.20 1.02 30,500 32.01 184,175 38.00 109,690 Esterad Investment Co B.S.C. 0.12 0.00 35,286 Halwani Bros Co 0.78 Kuwait Insurance Co 2.69 Muscat Thread Mills Co 0.08 0.00 - 51.40 21,804 267.00 15,000 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.41 Al Masaken Intl Real Estate 0.00 Muscat National Holding 0.00 0.00 - 12.12 278,773 79.00 40 Bmmi Bsc 0.72 0.00 100,000 Eastern Province Cement Co 0.96 Intl Financial Advisors -1.28 Muscat Gases Company Saog 0.56 0.00 - 27.30 45,202 30.80 844,269 Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 0.70 Muscat Finance 0.11 0.00 - 0.00 - 43.00 1,750,024 Bbk Bsc 0.41 0.00 40,000 Filing & Packing Materials M 0.37 Al Mal In 0.00 Majan Glass Company 0.18 0.00 - 32.29 82,996 vestment Company 27.00 1,597,534 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.00 1.70 Majan College 0.44 0.00 - 10.81 - Bayan Investment Co Kscc 47.80 1,135,603 Banader Hotels Co 0.00 0.00 - Tihama Advertising & Public 1.89 0.00 Hsbc Bank Oman 0.13 0.00 1,100 47.53 1,189,185 Egypt Kuwait Holding Co Sae 261.00 88,300 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 0.45 -0.85 Hotels Management Co Interna 1.25 0.00 - 15.80 137,870 Coast Investment Development 35.10 1,316,851 Bahrain Telecom Co 0.20 -0.99 13,000 Astra Industrial Group 1.06 -0.56 Gulf Stone 0.12 0.00 - 16.17 322,420 Privatization Holding Compan 53.70 390,564 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co -0.99 0.00 Gulf Plastic Industries Co 0.00 0.00 - 16.02 1,148,643 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.00 0.00 - Taiba Holding Co -0.34 3.00 Gulf Mushroom Company 0.31 0.00 - 34.75 63,530 Injazzat Real State Company 82.40 10,601 Bahrain Kuwait Insurance 0.49 0.00 42,014 Saudi Industrial Export Co 0.13 19.57 Gulf Investments Services 0.07 -6.41 71,700 143.01 15,058 Kuwait Cable Vision Sak 22.00 1,001 Bahrain Islamic Bank 0.14 0.00 27,500 Saudi Real Estate Co 0.63 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 23.79 283,922 Sanam Real Estate Co Kscc 35.00 298 Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co -0.78 5.48 Gulf International Chemicals 0.25 0.00 5,000 128.00 18,135 Ithmaar Holding Bsc 52.00 21,297,100 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The -1.21 0.00 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 30.31 841,887 Aviation Lease And Finance C 375.00 123,265 Bahrain Duty Free Complex 0.78 0.00 25,000 Methanol Chemicals Co 0.88 0.96 Global Fin Investment 0.16 0.00 - 10.29 4,761,541 Arzan Financial Group For Fi 31.70 152,000 Bahrain Commercial Facilitie 0.69 0.00 121,000 Ace Arabia Cooperative Insur 0.26 0.37 Galfar Engineering&Contract 0.07 -1.37 291,550 23.16 105,259 Ajwan Gulf Real Estate Co 27.10 6,136,022 Bahrain Cinema Co 1.19 0.00 - Mobile Telecommunications Co -0.28 0.43 Galfar Engineering -Prefer 0.39 0.00 - 7.14 965,454 Kuwait Business Town Real Es 46.20 922,529 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 0.78 0.00 Financial Services Co. 0.18 0.00 - 18.14 360,669 Future Kid Entertainment And 111.00 12,000 Arab Insurance Group(Bsc)-$ 0.50 0.00 1,000 Axa Cooperative Insurance 2.20 1.41 Financial Corp/The 0.10 0.00 - 22.74 770,615 Specialities Group Holding C 72.00 99,300 Arab Banking Corp Bsc-$Us 0.29 0.00 1,000,000 Alsorayai Group 3.10 1.75 Dhofar University 0.00 0.00 - 12.62 808,035 Abyaar Real Eastate Developm 23.30 5,507,980 Aluminium Bahrain Bsc 0.62 0.81 46,250 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 0.00 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.38 0.00 29,000 Bank Albilad -2.30 0.00 Dhofar Poultry 0.18 0.00 - 22.08 1,265,721 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.12 2.61 991,706 Al-Hassan G.I. Shaker Co -0.52 10.63 Dhofar Intl Development 0.32 0.00 - 11.44 169,571 Kgl Logistics Company Kscc 64.50 24,988,764 Solidarity Bahrain Bsc 0.00 0.00 - Wataniya Insurance Co 0.33 1.29 Dhofar Insurance 0.20 0.00 - 27.50 55,624 Combined Group Contracting 470.00 898 Ahli United Bank B.S.C 0.69 0.73 965,019 Abdullah Al Othaim Markets 125.00 0.31 19,188 Jiyad Holding Co Ksc 0.00 0.00 - Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 9.61 -0.41 265,878 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.19 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 8 Tuesday, January 16, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 25,803.19 +228.46 Apple Inc 177.09 1.03 25,418,080 S&P 500 Index 2,786.24 +18.68 Microsoft Corp 89.60 1.73 24,271,531 Nasdaq Composite Index 7,261.06 +49.29 Exxon Mobil Corp 87.52 0.68 9,834,511 S&P/Tsx Composite Index 16,308.18 +21.24 Johnson & Johnson 145.76 0.67 5,450,570 Mexico Bolsa Index 49,135.91 +336.52 General Electric Co 18.76 -1.37 87,076,709 Brazil Bovespa Stock Idx 79,691.86 +342.74 Jpmorgan Chase & Co 112.67 1.65 18,884,229 Ftse 100 Index 7,771.99 -6.65 Procter & Gamble Co/The 89.61 -0.60 8,111,047 Cac 40 Index 5,513.88 -3.18 Wal-Mart Stores Inc 100.87 0.85 6,951,178 Dax Index 13,207.28 -37.75 Verizon Communications Inc 51.86 -0.48 17,673,664 Ibex 35 Tr 10,479.00 +16.60 Pfizer Inc 36.54 -0.05 19,203,657 Nikkei 225 23,714.88 +61.06 Visa Inc-Class A Shares 120.09 0.21 5,585,787 Japan Topix 1,883.90 +7.66 Chevron Corp 133.60 0.78 7,232,883 Hang Seng Index 31,338.87 -73.67 Coca-Cola Co/The 46.15 0.24 14,570,149 All Ordinaries Indx 6,187.75 +10.91 Intel Corp 43.24 -0.39 29,973,553 Nzx All Index 1,480.36 -5.33 Merck & Co. Inc. 58.66 1.84 12,343,067 Bse Sensex 30 Index 34,843.51 +251.12 Cisco Systems Inc 40.87 1.92 23,770,515 Nse S&P Cnx Nifty Index 10,741.55 +60.30 Home Depot Inc 196.42 0.89 6,748,410 Straits Times Index 3,536.41 +15.85 Intl Business Machines Corp 163.14 -0.65 5,031,886 Karachi All Share Index 30,565.08 -366.99 Walt Disney Co/The 112.47 1.33 5,899,861 Jakarta Composite Index 6,382.20 +12.13 Unitedhealth Group Inc 228.64 1.44 3,943,796 3M Co 244.47 0.89 1,974,312 Mcdonald’s Corp 173.57 0.10 2,901,615 Nike Inc -Cl B 64.67 0.59 5,135,670 TOKYO United Technologies Corp 136.58 1.18 5,214,333 Boeing Co/The 336.21 2.47 6,559,284 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 257.03 0.74 2,849,176 Rakuten Inc 977.10 -2.44 23,942,600 American Express Co 100.97 0.24 3,231,524 Kyocera Corp 7,572.00 -0.11 1,026,900 Caterpillar Inc 170.30 0.65 4,127,913 Nissan Motor Co Ltd 1,150.00 0.13 9,583,800 Travelers Cos Inc/The 134.73 1.81 2,010,111 Hitachi Ltd 929.40 2.55 21,719,000 Takeda Pharmaceutical Co Ltd 6,419.00 -0.40 1,519,700 Jfe Holdings Inc 2,736.50 -1.46 2,389,800 Ana Holdings Inc 4,673.00 -1.16 1,432,300 FTSE 100 Mitsubishi Electric Corp 2,011.00 0.25 4,543,300 Sumitomo Mitsui Financial Gr 5,286.00 1.81 9,052,800 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,981.00 0.33 2,975,900 Fast Retailing Co Ltd 49,540.00 -0.14 809,500 Wpp Plc 1,386.00 2.33 2,960,870 Ms&Ad Insurance Group Holdin 3,781.00 0.69 1,037,900 Worldpay Group Plc 435.40 0.00 - Kubota Corp 2,304.00 0.77 2,856,500 Wolseley Plc 0.00 0.00 - Seven & I Holdings Co Ltd 4,561.00 -0.55 1,954,000 Wm Morrison Supermarkets 228.60 0.22 2,306,317 Carillion’s share price tumbled 28.95% to 14.20 pence after the company announced its immediate liquidation yesterday. Inpex Corp 1,495.00 0.27 5,208,600 Whitbread Plc 3,901.00 0.00 238,758 Resona Holdings Inc 731.00 2.04 14,243,500 Vodafone Group Plc 228.10 -0.55 13,769,039 Asahi Kasei Corp 1,485.50 -0.47 2,502,700 United Utilities Group Plc 764.20 -0.21 859,725 Kirin Holdings Co Ltd 2,677.50 -1.42 2,447,700 Unilever Plc 4,008.00 0.60 627,310 Marubeni Corp 862.30 0.75 4,535,100 Tui Ag-Di 1,589.50 0.16 222,608 Mitsubishi Ufj Financial Gro 888.80 1.80 74,019,900 Travis Perkins Plc 1,541.00 0.26 202,388 Mitsubishi Chemical Holdings 1,284.50 -0.73 5,039,100 Tesco Plc 205.50 0.29 5,664,611 Fanuc Corp 31,920.00 0.85 1,270,400 European stock markets Taylor Wimpey Plc 197.35 -0.25 5,211,673 Daito Trust Construct Co Ltd 20,695.00 0.02 343,600 Standard Life Plc 0.00 0.00 - Otsuka Holdings Co Ltd 4,936.00 -0.24 781,100 Standard Chartered Plc 820.10 -1.55 2,820,940 Oriental Land Co Ltd 10,875.00 1.26 600,200 St James’s Place Plc 1,237.00 -0.44 448,778 Sekisui House Ltd 2,118.50 0.47 2,210,500 Sse Plc 1,327.00 0.45 1,749,429 Secom Co Ltd 8,450.00 -0.24 533,500 Smith & Nephew Plc 1,261.00 -0.43 790,996 Tokio Marine Holdings Inc 5,440.00 1.06 1,976,300 dip in subdued trading Sky Plc 1,008.50 -0.15 373,621 Aeon Co Ltd 1,869.00 0.35 2,030,400 Shire Plc 3,563.50 -0.49 1,308,662 Mitsui & Co Ltd 1,963.50 0.43 4,828,300 Severn Trent Plc 2,033.00 0.89 406,127 three-year peak at $1.2297 as Germa- Carillion, which employs 43,000 Kao Corp 7,580.00 0.77 1,003,500 AFP Schroders Plc 3,633.00 0.22 44,429 ny’s preliminary coalition deal calmed staff worldwide including 19,500 in Dai-Ichi Life Holdings Inc 2,476.50 0.94 4,385,500 London Sainsbury (J) Plc 251.75 -0.38 2,171,820 Mazda Motor Corp 1,574.50 -0.32 3,437,500 eurozone nerves. Britain, said that the government Sage Group Plc/The 807.80 -0.44 590,620 Komatsu Ltd 4,416.00 -0.50 3,404,500 “With the euro at three-year highs would nevertheless provide some Abi Sab Group Holding Ltd 0.00 0.00 - West Japan Railway Co 8,464.00 -0.31 360,000 urope’s major stock markets against the US dollar and with the funding to allow current state projects Rsa Insurance Group Plc 625.40 -0.26 468,190 Murata Manufacturing Co Ltd 15,370.00 -0.32 907,400 Royal Mail Plc 456.60 -1.34 1,210,954 dipped yesterday in subdued potential to make further gains the to continue, following talks over the Kansai Electric Power Co Inc 1,423.00 1.39 1,734,500 Royal Dutch Shell Plc-B Shs 2,601.50 -0.06 1,551,780 trading on a public holiday in the DAX and CAC40 have come under weekend. Denso Corp 7,027.00 -0.13 1,232,200 E Royal Dutch Shell Plc-A Shs 2,562.50 -0.43 1,528,289 US. some mild selling pressure on top of “Carillion’s collapse continued to Sompo Holdings Inc 4,521.00 0.42 642,400 Royal Bank Of Scotland Group 301.00 -0.46 5,389,837 Daiwa House Industry Co Ltd 4,447.00 0.36 1,228,800 London sentiment was knocked by the small losses seen last week,” said dominate what would have otherwise Rolls-Royce Holdings Plc 855.20 -0.65 606,488 Jxtg Holdings Inc 766.60 -1.65 11,609,000 news that British construction group Michael Hewson, chief market analyst been a very quiet start to the trading Rio Tinto Plc 4,153.50 -0.40 811,714 Nippon Steel & Sumitomo Meta 3,010.00 -2.08 3,645,900 Carillion has collapsed, which weighed at CMC markets UK. week,” noted Spreadex analyst Connor Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 6,487.00 -1.64 1,648,900 Relx Plc 1,649.50 -0.57 1,175,793 in particular on share prices of its joint The CAC 40 in Paris slid 0.1% at Campbell. Nippon Telegraph & Telephone 5,161.00 -1.30 5,789,500 Reckitt Benckiser Group Plc 6,809.00 0.10 246,931 venture partner companies. 5,509.69 while the DAX 30 in Frankfurt “Much of the morning has seen Car- Ajinomoto Co Inc 2,078.50 -0.43 2,239,300 Randgold Resources Ltd 7,376.00 1.01 179,048 London’s FTSE 100 index of leading shed 0.3% to 13,200.51 points yester- illion’s peers and partners let investors Mitsui Fudosan Co Ltd 2,887.50 1.46 3,122,800 Prudential Plc 1,967.00 -0.33 827,216 shares closed down 0.1% at 7,769.14 day. know whether or not they will be hurt Ono Pharmaceutical Co Ltd 2,647.50 0.61 889,400 Provident Financial Plc 922.00 3.06 234,534 Daikin Industries Ltd 13,605.00 -0.40 553,800 points. Carillion announced its immediate by the company’s liquidation.” Persimmon Plc 2,628.00 -0.72 244,348 Bank Of Yokohama Ltd/The 0.00 0.00 - Wall Street is closed yesterday owing liquidation yesterday after the heav- Balfour Beatty, which has three joint Pearson Plc 731.20 1.13 1,335,045 Toray Industries Inc 1,126.50 0.27 4,399,800 to a US public holiday. ily-indebted British contractor failed venture construction schemes with Paddy Power Betfair Plc 8,490.00 0.35 57,735 Astellas Pharma Inc 1,436.00 -0.24 5,368,200 Old Mutual Plc 229.50 0.31 2,866,854 “It has been an uninspiring start to to secure a fi nancial rescue from the Carilllion, saw its share price slide Bridgestone Corp 5,359.00 0.83 1,958,000 Next Plc 5,011.00 0.42 147,900 the week, with market volumes and UK government or banks in last-ditch around three% after warning over the Sony Corp 5,463.00 -1.12 5,922,600 National Grid Plc 840.70 -0.19 2,976,485 volatility expected to be muted given talks. impact of the collapse. Hoya Corp 5,634.00 0.75 1,085,100 Mondi Plc 1,945.00 1.12 648,966 the absence of US activity as the nation The company’s share price, which Wall Street once again provided a Sumitomo Mitsui Trust Holdin 4,712.00 1.33 1,363,500 Merlin Entertainment 363.90 0.58 1,162,713 Japan Tobacco Inc 3,591.00 -0.33 5,258,200 respects Martin Luther King day,” said tumbled 28.95% to 14.20 pence in re- strong lead on the back of optimism Mediclinic International Plc 604.60 -0.07 379,513 Osaka Gas Co Ltd 2,261.00 -0.90 985,800 analyst Joshua Mahony at trading fi rm action, was subsequently suspended about corporate earnings in light of Marks & Spencer Group Plc 308.80 -0.13 2,828,246 Sumitomo Electric Industries 1,947.50 -0.13 1,505,700 IG. by London’s Financial Conduct au- Donald Trump’s tax cuts as well as the London Stock Exchange Group 3,693.00 -0.19 318,949 Daiwa Securities Group Inc 774.00 1.32 8,529,000 Lloyds Banking Group Plc 70.47 -0.04 50,578,138 The euro meanwhile soared to a thority regulator. improving global economic outlook. Softbank Group Corp 9,223.00 3.22 9,712,800 Legal & General Group Plc 274.00 -0.25 2,767,168 Mizuho Financial Group Inc 218.90 0.83 157,425,100 Land Securities Group Plc 978.30 0.40 643,467 Nomura Holdings Inc 740.10 1.66 21,268,200 Kingfisher Plc 346.50 -0.46 1,549,830 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 3,198.00 1.27 1,295,700 Johnson Matthey Plc 3,237.00 2.31 349,051 Subaru Corp 3,710.00 0.49 2,540,400 Itv Plc 171.30 1.96 6,391,733 Ntt Docomo Inc 2,662.50 0.26 5,723,000 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 236.40 -0.46 1,490,642 Sumitomo Realty & Developmen 4,213.00 1.23 1,538,000 Intl Consolidated Airline-Di 658.00 -1.61 2,523,287 Aluminum Corp Of China Ltd-H 5.56 -3.64 141,631,459 Hong Kong & China Gas 15.34 0.13 8,347,200 Sumitomo Metal Mining Co Ltd 5,443.00 -0.31 1,421,700 Intertek Group Plc 5,192.00 -0.38 75,280 Bank Of East Asia Ltd 33.90 -0.15 947,732 Hong Kong Exchanges & Clear 272.40 -0.87 14,078,612 Orix Corp 2,111.50 0.26 4,595,800 Intercontinental Hotels Grou 4,787.00 0.15 141,961 Bank Of China Ltd-H 4.10 -0.24 595,105,806 Hsbc Holdings Plc 84.10 0.48 44,252,539 Asahi Group Holdings Ltd 5,532.00 -1.57 1,531,200 Inmarsat Plc 540.00 2.12 1,908,652 Bank Of Communications Co-H 6.13 -0.33 62,861,990 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 67,020.00 1.47 226,000 Informa Plc 746.60 0.05 422,165 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 6.65 0.15 333,631,062 Nidec Corp 17,020.00 1.04 808,300 Imperial Brands Plc 3,148.50 -0.36 1,092,444 Boc Hong Kong Holdings Ltd 41.00 0.74 16,449,209 Li & Fung Ltd 4.16 -0.24 11,541,929 Isuzu Motors Ltd 1,955.00 -1.46 1,773,100 Hsbc Holdings Plc 784.60 -0.90 6,987,343 Cathay Pacific Airways 12.88 -0.16 2,892,353 Mtr Corp 45.30 -0.88 5,726,476 Unicharm Corp 3,007.00 0.62 525,600 Hargreaves Lansdown Plc 1,820.00 0.36 187,355 Ck Hutchison Holdings Ltd 100.50 -0.69 12,701,349 New World Development 12.30 -0.65 14,994,999 Shin-Etsu Chemical Co Ltd 12,110.00 1.38 1,214,500 Hammerson Plc 513.20 -0.58 1,575,850 China Coal Energy Co-H 3.86 -3.74 30,888,100 Petrochina Co Ltd-H 5.91 -0.34 157,651,005 Smc Corp 51,450.00 -0.23 170,700 Glencore Plc 409.70 0.53 13,012,409 China Construction Bank-H 7.84 0.77 500,107,413 Ping An Insurance Group Co-H 88.20 2.08 91,823,923 Mitsubishi Corp 3,281.00 0.24 3,279,600 Glaxosmithkline Plc 1,351.00 -0.15 3,516,908 China Life Insurance Co-H 25.00 0.40 87,189,046 Power Assets Holdings Ltd 66.30 0.30 2,469,997 Nintendo Co Ltd 44,860.00 0.54 1,933,600 Gkn Plc 439.90 4.74 10,860,388 China Merchants Port Holding 20.35 0.49 4,736,549 Sino Land Co 14.32 -0.56 3,211,280 Eisai Co Ltd 6,531.00 0.15 792,200 Fresnillo Plc 1,431.00 -0.38 279,830 China Mobile Ltd 78.50 0.96 17,858,704 Sun Hung Kai Properties 133.00 0.00 4,042,429 Sumitomo Corp 2,021.00 1.05 2,708,000 Experian Plc 1,670.00 -0.39 552,941 China Overseas Land & Invest 28.50 -3.55 26,309,030 Swire Pacific Ltd - Cl A 76.90 0.39 1,157,539 Canon Inc 4,319.00 0.89 2,637,800 Easyjet Plc 1,510.50 -1.24 483,275 China Petroleum & Chemical-H 6.47 -0.61 151,214,252 Tencent Holdings Ltd 433.20 -2.04 23,394,615 Japan Airlines Co Ltd 4,346.00 -1.45 1,214,500 Dixons Carphone Plc 202.80 0.80 1,196,852 China Resources Beer Holdin 31.70 -0.63 9,712,158 Wharf Holdings Ltd 32.15 -0.62 4,832,230 Direct Line Insurance Group 370.20 -0.22 601,043 China Resources Land Ltd 25.75 -3.20 29,335,309 China Resources Power Holdin 14.02 -0.71 5,321,822 Diageo Plc 2,630.00 -0.42 1,691,300 SENSEX Dcc Plc 7,705.00 0.06 53,570 China Shenhua Energy Co-H 21.85 -3.74 21,147,704 GCC INDICES Crh Plc 2,690.00 -0.52 361,840 China Unicom Hong Kong Ltd 10.82 0.74 45,104,367 Compass Group Plc 1,543.00 -0.48 1,364,287 Company Name Lt Price % Chg Volume Citic Ltd 11.54 -0.69 6,443,673 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,392.00 -0.33 114,104 Clp Holdings Ltd 78.80 0.00 2,004,991 Doha Securities Market Zee Entertainment Enterprise 606.15 2.56 3,105,570 8,946.97 -227.69 Centrica Plc 142.80 -0.24 7,258,976 Cnooc Ltd 12.32 -1.44 78,015,451 Saudi Tadawul Yes Bank Ltd 336.00 -1.44 11,744,605 7,483.23 +43.59 Carnival Plc 5,052.00 0.24 175,735 Cosco Shipping Ports Ltd 8.14 -0.73 2,143,584 Kuwait Stocks Exchange Wipro Ltd 315.00 -1.19 1,321,497 6,626.60 +19.66 Capita Plc 420.10 -0.12 938,359 Esprit Holdings Ltd 4.19 0.00 3,942,990 Bahrain Stock Exchage Vedanta Ltd 339.20 -0.10 5,391,918 1,324.10 +4.70 Burberry Group Plc 1,786.00 -0.28 561,387 Fih Mobile Ltd 2.34 -1.27 2,760,733 Oman Stock Market Ultratech Cement Ltd 4,520.15 2.60 336,112 5,069.25 -20.23 Bunzl Plc 2,058.00 0.83 459,882 Hang Lung Properties Ltd 20.25 -1.22 3,382,045 Abudhabi Stock Market Tech Mahindra Ltd 543.75 -1.27 2,077,572 4,601.95 +16.85 Bt Group Plc 277.15 0.82 6,381,299 Hang Seng Bank Ltd 190.60 0.74 1,146,673 Dubai Financial Market Tata Steel Ltd 783.50 1.72 4,473,410 3,495.81 -17.17 British Land Co Plc 669.40 -0.53 2,347,943 Henderson Land Development 52.15 -0.67 3,007,521 Tata Power Co Ltd 97.95 -1.11 5,434,551 British American Tobacco Plc 5,026.00 1.17 1,069,048 Tata Motors Ltd 432.35 -1.09 4,264,307 Bp Plc 531.80 -0.56 7,848,397 Tata Consultancy Svcs Ltd 2,746.10 -1.09 761,105 Bhp Billiton Plc 1,645.40 -0.12 1,877,428 Sun Pharmaceutical Indus 576.45 -1.20 4,716,227 Berkeley Group Holdings/The 4,096.00 -0.70 180,286 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 302.60 0.12 19,202,740 Barratt Developments Plc 618.00 -0.52 961,305 Reliance Industries Ltd 949.15 0.02 5,529,492 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 195.10 0.31 14,919,081 Punjab National Bank 172.15 -1.18 7,531,253 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 594.00 0.75 4,093,642 Power Grid Corp Of India Ltd 199.30 1.50 5,846,958 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 746.60 0.59 673,056 Oil & Natural Gas Corp Ltd 196.60 -2.07 4,871,019 this data.” Aviva Plc 530.80 -0.52 3,440,603 Ntpc Ltd 172.95 0.26 4,831,683 Astrazeneca Plc 5,140.00 0.16 382,918 Maruti Suzuki India Ltd 9,358.45 -1.06 412,969 Associated British Foods Plc 2,841.00 0.57 330,137 Mahindra & Mahindra Ltd 759.20 -1.08 2,336,611 Ashtead Group Plc 2,105.00 0.00 665,252 Lupin Ltd 916.55 -0.28 784,931 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,325.95 -0.24 2,934,539 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 1,037.00 0.48 591,242 DINAR DINAR Kotak Mahindra Bank Ltd 1,038.35 1.47 3,692,152 Anglo American Plc 1,779.20 0.62 1,508,003 Itc Ltd 267.60 0.02 11,085,043 Admiral Group Plc 1,884.50 -0.13 100,995 Infosys Ltd 1,081.15 0.25 5,547,373 3I Group Plc 944.80 -0.61 390,432 Indusind Bank Ltd 1,682.40 -1.34 1,038,090 #N/A 0.00 0.00 - Idea Cellular Ltd 104.60 -3.68 17,158,189 Icici Bank Ltd 329.30 3.65 31,654,548 TOKYO Housing Development Finance 1,871.20 6.26 10,933,162 Hindustan Unilever Ltd 1,367.20 -0.49 1,508,609 Hindalco Industries Ltd 266.70 -0.80 6,851,466 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,628.80 -1.59 371,052 East Japan Railway Co 11,580.00 0.87 512,400 Hdfc Bank Limited 1,897.75 1.74 3,242,520 Itochu Corp 2,241.50 0.65 3,573,300 Hcl Technologies Ltd 909.25 -1.80 1,621,076 Fujifilm Holdings Corp 4,681.00 -0.04 983,000 Grasim Industries Ltd 1,242.85 1.74 2,025,743 Yamato Holdings Co Ltd 2,503.00 0.02 1,683,800 Gail India Ltd 489.25 -2.37 2,214,326 Chubu Electric Power Co Inc 1,403.00 0.68 1,187,500 Dr. Reddy’s Laboratories 2,431.75 -0.65 176,197 Mitsubishi Estate Co Ltd 2,114.50 1.41 3,057,300 Coal India Ltd 305.90 -1.00 2,795,919 Mitsubishi Heavy Industries 4,272.00 -0.72 1,526,100 Cipla Ltd 610.25 -0.30 495,814 Toshiba Corp 318.00 -0.31 12,266,000 Cairn India Ltd 0.00 0.00 - Shiseido Co Ltd 5,580.00 3.33 1,838,000 Bosch Ltd 19,903.65 0.67 9,310 Shionogi & Co Ltd 6,172.00 0.47 832,900 Bharti Airtel Ltd 504.50 -0.99 2,746,520 Tokyo Gas Co Ltd 2,681.00 1.19 1,078,900 Bharat Petroleum Corp Ltd 487.20 -0.55 4,195,524 Tokyo Electron Ltd 21,695.00 -0.34 908,900 Bharat Heavy Electricals 101.45 -1.22 5,887,144 Panasonic Corp 1,705.50 -0.15 6,682,700 Bank Of Baroda 164.40 0.86 7,827,953 Fujitsu Ltd 813.70 0.04 8,155,000 Bajaj Auto Ltd 3,166.00 -0.29 118,746 Central Japan Railway Co 20,995.00 0.55 194,100 Axis Bank Ltd 560.55 0.98 4,084,853 T&D Holdings Inc 2,044.00 0.59 1,425,300 Asian Paints Ltd 1,204.05 1.21 776,442 Toyota Motor Corp 7,653.00 0.99 5,036,000 Ambuja Cements Ltd 276.95 2.80 2,707,192 Kddi Corp 2,763.50 -0.02 7,852,600 Adani Ports And Special Econ 420.60 -0.64 1,835,536 Nitto Denko Corp 10,180.00 -0.05 587,900 Acc Ltd 1,830.00 1.39 399,006 Gulf Times Tuesday, January 16, 2018 13 BUSINESS

An LNG carrier sits docked at the Cheniere Energy terminal in this aerial photograph taken over Sabine Pass, Texas (file). Driving the market is record demand in China, which overtook South Korea as the second-biggest importer of LNG and may become the largest by 2025. Speedy tankers signal LNG market tightening on rise in China demand

Bloomberg and a heady clip for a ship that can be longer region in October, he said. The expansion London than three football fields. Speeding them up of the Panama Canal in June 2016 means reverses years in which operators moved tankers from the Gulf of Mexico have been LNG at slower speeds to conserve fuel and able to shave 11 days off a typical round The massive ships that transport one of the cope with a supply glut. trip to Asia. That means Cheniere has world’s coldest cargoes are finally hot again. At the end of 2016, about 478 tankers world- been able to benefit from the increase in Shipping prices for liquefied natural gas wide are able to carry natural gas in its liquid Chinese demand. tankers have risen to a three-year high, spur- form, chilled to minus 161 degrees Celsius “It certainly is a positive development for US ring vessel operators to speed up tankers (minus 261 Fahrenheit). Ship usage is on the LNG exporters, who are increasingly looking so they can reach customers more quickly. rise and more are travelling from the Atlantic more at Asia as a home for their product,” Ships that generally travel 15 to 20 knots are to the Pacific, said Debbie Turner, director of Patterson said. “accelerating and reaching levels not seen in shipbroker SSY Gas. Other than US LNG, supplies from storage several years,” according to a report by the The voyage length of a US LNG tanker is tanks at European terminals has increased, Pira unit at S&P Global Platts. more than double the industry average in part driven by the start of Russia’s Yamal Driving the market is record demand in because of Chinese demand and increasing LNG project in Siberia, which requires China, which overtook South Korea as the supplies from Cheniere Energy Inc’s Sabine cargoes to be transferred from tankers at second-biggest importer of LNG and may Pass terminal in Louisiana, Wogan said. European ports during the winter months become the largest by 2025. Boosting mile- Cheniere wasn’t immediately available for when a shorter Northern Sea Route is age for vessels is a boon for their owners, comment. blocked by ice. which reap stronger shipping rates, and While South America, a closer market for The market recovery is likely to continue for LNG exporters from Qatar to the US US LNG, got most of the early shipments of despite a slight cool-down in LNG prices “It’s been very busy, driven by a massive the nation’s gas from shale deposits, South and shipping rates at the start of the year, increase in Chinese demand, which is pulling Korea and China have since accelerated Gaslog’s Wogan said. Seasonality in the LNG LNG from the US,” said Paul Wogan, chief purchases. shipping market, with softer demand in the executive off icer of Gaslog Ltd, which owns China’s LNG buying spree is not surprising, northern hemisphere spring and autumn, is 27 LNG tankers. “That’s great for shipping given its policy to shift away from coal, likely to become less pronounced over the demand, such long voyages and increasing said Warren Patterson, a commodity strat- next 12 months. mileages.” egist at ING Groep NV in Amsterdam. Asia “It will be interesting to see how the demand The newest LNG ships can reach a speed of is an important market for LNG from the continues over the next two to three months 21 knots, faster than most oil tankers can go US, with about 70% of exports going to the but I’d say it’s very encouraging,” he said. Gulf Times 14 Tuesday, January 16, 2018 BUSINESS

Amid tax and trade concerns, Detroit auto show offers nostalgia, glamour

AFP American Free Trade Agreement, on which ing, showing off a new mid-sized Ranger was a counterpoint to the pricey SUVs people understand the very complex luxury vehicles because of the tax bill’s Detroit the North American car industry heavily pickup, redesigned and reintroduced to and trucks that can easily cost twice that nature of our business.” bounty to those with incomes over relies. But the auto show is about the cars, the North American market. amount and more. Ray Tanguay, automotive advisor to $150,000 a year, said Smoke. and automakers did their best to stay It also off ered a new sports trim of “As a full-line automaker you need to the Canadian government, highlighted his Highlighting the tax changes, which The Detroit auto show arrived on Sunday focused on their products. its Edge SUV, as well a third iteration of have a competitive, strong sedan,” VW country’s close ties to the Michigan car reduced corporate rates, Chao pointed to with showman’s flair, as the car industry With Americans’ appetite for trucks and a “Bullitt” special edition of its Mustang North American chief executive Hinrich industry, and cautioned that losing Nafta Fiat Chrysler’s decision to move produc- tied its latest off erings to American nostal- SUVs expected to remain robust in 2018, sports car. Woebcken told reporters after the launch. could cost American car buyers higher tion of its Ram trucks from Mexico to an gia and Hollywood glamour. brands highlighted a number of new off er- Actor McQueen drove a 1968 Mustang On the sidelines of the flashy announce- prices. “The integration is so much that if assembly plant near Detroit. But on the sidelines, there were linger- ings in that category. in the thriller film Bullitt, creating an indel- ments, industry insiders were taking a you try to break that, you’re going to hurt The car maker said it would invest $1bn ing questions about policy and politics. Mercedes-Benz debuted a redesigned ible link between the car and American wait-and-see attitude toward talks to the consumer,” he told AFP. and add 2,500 jobs. Arnold Schwarzenegger emerged from G-Class SUV, significantly updating the pop culture. revamp the North American Free Trade Analysts were less certain about poten- “This is just one example of the positive a Mercedes-Benz G-Class SUV. interior with new technologies. His granddaughter Molly McQueen Agreement, which has generated fears of tial impacts. impact that the tax cuts and jobs act will The granddaughter of screen legend The vehicles were made to climb steep emerged from the latest special edition, huge tariff s on Mexican-made imports to “There continues to be the debate — have on workers, job creators, employers Steve McQueen arrived in the latest ver- ramps as flames shot up from the ground comparing it favourably with the original. the US. ‘Is the president using hyperbole to get and our country,” Chao said. sion of the Ford Mustang he immortalised and confetti cannons blasted. “It is fun. It’s fast and eff ortlessly cool,” Negotiations have been ongoing for something less severe because he’s a But analysts said many households still on film. As one finally stopped, Schwarzenegger she said. months at the insistence of US President skilled negotiator, or does he seriously don’t have a clear sense of how much they In a keynote address, US Transportation emerged from a passenger seat. In a break from most of the big Donald Trump, who has threatened to think that we need to be exiting Nafta,’” will benefit from the complex changes to Secretary Elaine Chao touted just-enacted “I have driven G-Wagens now for 25 launches, Volkswagen highlighted a abandon the agreement if a beneficial deal said Cox Automotive economist Jonathan tax laws. US tax cuts, which reduced the US corpo- years,” glowed the actor of Austrian herit- sedan, releasing its updated version of the is not struck. Smoke. “There’s some people that are probably rate tax rate from 35% to 21%, saying the age. Jetta, the German automaker’s top-selling “There’s good conversation going on to Meanwhile, the eff ects of the recently putting off purchases because they don’t move will attract more US investment. “I think this car became so historic,” he vehicle in the US. modernise Nafta,” said Mary Barra, CEO of enacted $1.5tn in tax cuts were expected really know what our paychecks are going There were also cautious statements said, “because of its look.” The base price of $18,545 won espe- General Motors. “We’re going to continue to be varied by region and income level. to look like,” industry analyst Rebecca about ongoing renegotiations of the North Ford unveiled its own nostalgic off er- cially loud applause at a glitzy launch, and to interact constructively to make sure Among the clearest winners will be Lindland of Kelley Blue Book told AFP.

Mercedes takes Ford plans $11bn investment, soft touch to fi rst G-Class redo in 40 electrifi ed vehicles by 2022 nearly 4 decades

Reuters Bloomberg Detroit Munich

ord Motor Co will signifi cantly n the fi rst revamp of the G-Class since increase its planned invest- the rugged sport utility vehicle’s intro- Fments in electric vehicles to Iduction nearly four decades ago, Mer- $11bn by 2022 and have 40 hybrid cedes-Benz took the approach that if it ain’t and fully electric vehicles in its mod- broke, don’t fi x it. el lineup, chairman Bill Ford said on There’s a special “G” mode for off -road Sunday at the Detroit auto show. driving and a large fl at screen. But aside The investment fi gure is sharply from such fl ourishes, the styling is still higher than a previously announced dominated by fl at steel surfaces and a utili- target of $4.5bn by 2020, Ford execu- tarian interior, the car’s still got a brawny tives said, and includes the costs of gasoline engine, and it’s still mainly hand- developing dedicated electric vehicle built in Graz, Austria. architectures. The $124,000 model also spews out Ford’s engineering, research and more than double the carbon-dioxide that development expenses for 2016, the other Mercedes cars emit, making it an un- last full year available, were $7.3bn, comfortable outlier amid the brand’s push up from $6.7bn in 2015. to make vehicles more environmentally Ford chief executive Jim Hackett friendly. There’s no specifi c plans to change told investors in October the auto- that, with Mercedes not committing to a maker would slash $14bn in costs timeframe for any pure-electric or hybrid over the next fi ve years and shift variant. That suggests the strategy behind capital investment away from sedans the revamp was focused on maintaining the and internal combustion engines to G-Class’s role as a cash cow to pay for in- develop more trucks and electric and vestments in electric cars. hybrid cars. “The G-Class is obviously a money maker Of the 40 electrifi ed vehicles Ford for them and it’s an icon, so at this juncture plans for its global lineup by 2022, 16 it makes complete sense” to give it a makeo- will be fully electric and the rest will ver, said Tim Urquhart, a London-based be plug-in hybrids, executives said. analyst with IHS Automotive. “We’re all in on this and we’re When Mercedes developed the G-Class taking our mainstream vehicles, our in the late 1970s, its boxy design and all- most iconic vehicles, and we’re elec- terrain capabilities were envisioned for sol- trifying them,” Ford told reporters. diers and explorers. “If we want to be successful with Jim Hackett, president and CEO of Ford Motor Co (right), and Bill Ford, executive chairman of Ford stand next to a 2019 Ranger mid-size pickup truck at an It largely stayed in that niche until the electrifi cation, we have to do it with event during the 2018 North American International Auto Show in Detroit on Sunday. “We’re taking our mainstream vehicles, our most iconic vehicles, and we’re SUV boom brought it more into the main- vehicles that are already popular.” electrifying them,” Ford told reporters. stream as its commanding presence and General Motors Co, Toyota Mo- throwback styling made it popular with tor Corp and Volkswagen AG have vehicles to its global lineup by 2023, the potential to cut the cost of mak- The automaker’s president of glo- In October, Ford disclosed it had celebrities like Sylvester Stallone, Kim already outlined aggressive plans to fi nanced by robust profi ts from tra- ing electric cars. bal markets, Jim Farley, said on Sun- formed a team to accelerate global Kardashian and Megan Fox. Sales have expand their electric vehicle off er- ditional internal combustion engine Ford’s additional investments in day that Ford would bring a high- development of electric vehicles, surged over the past decade. ings and target consumers who want vehicles in the United States and electric vehicles contrasted with performance electric utility vehicle whose mission is to “think big” and The company invited former California luxury, performance and an SUV China. many of the vehicle launches at the to market by 2020. “make quicker decisions.” governor and action-movie actor Arnold body style — or all three attributes in GM chief executive Mary Barra has Detroit show which featured trucks The company will begin produc- Some of the electric vehicles will Schwarzenegger to the unveiling at the the same vehicle. promised investors the Detroit auto- and SUVs. tion of a hybrid version of its popular be produced with Ford’s JV in China Michigan Theater in Detroit to share his Mainstream auto makers are re- maker will make money selling elec- On Sunday evening, Daimler AG F-150 truck at a plant in Dearborn, aimed at the Chinese market. fondness for the G-Wagen, which he said acting in part to pressure from regu- tric cars by 2021. unveiled its new G-class SUV, a bulky Michigan, in 2020. One aim of Ford’s “Team Edison” was developed in his hometown of Graz. lators in China, Europe and Califor- Volkswagen said in November it off roader, in an abandoned movie “What we learned from this fi rst is to identify and develop electric- Citing his reputation as an environmental- nia to slash carbon emissions from would spend $40bn on electric cars, theatre in downtown Detroit once cycle of electrifi cation is people want vehicle partnerships with other ist, Schwarzenegger pushed Daimler AG fossil fuels. autonomous driving and new mo- used as a set for the movie 8 Mile. really nice products,” Farley said. companies, including suppliers, in CEO Dieter Zetsche to recommit to off ering They also are under pressure from bility services by the end of 2022 — Daimler CEO Dieter Zetsche hint- Ford’s shift to the electric vehi- some markets, according to Sherif an electric version of the G-Class, like his Tesla Inc’s success in creating elec- signifi cantly more than when it an- ed to Former California governor cle strategy has been more than six Marakby, vice-president of autono- own customised SUV. tric sedans and SUVs that inspire nounced two months earlier it would Arnold Schwarzenegger during an months in the making after Hackett mous vehicles and electrifi cation. “Does this G-Wagen eventually come out would-be owners to line up outside invest more than €20bn on electric exchange on stage next to the G-class replaced former chief executive Mark China, India, France and the as an electric G-Wagen?” Schwarzenegger showrooms and fl ood the company and self-driving cars through 2030. that Daimler would someday have an Fields in May. United Kingdom all have announced asked. with orders. Toyota is racing to commercialise electric version of the vehicle. The plan was fi nalised in recent plans to phase out vehicles powered Zetsche reiterated that all Mercedes will GM said last year it would add 20 a breakthrough battery technology SUVs fi gured in Ford’s electric ve- months after an extensive review, a by combustion engines and fossil fu- eventually be electrifi ed, but for specifi cs: new battery electric and fuel cell during the fi rst half of the 2020s with hicle presentation. person familiar with the process said. els between 2030 and 2040. “Stay tuned.”

Adapt or die is Marchionne’s stark farewell message to car makers

Bloomberg coming faster than people expect, he said — a wheel or pedals next year, putting it in position ily, while bread and butter sedans that compete Detroit surprising view, given that Fiat is perceived to be to be the fi rst production-ready car on the roads with PSA Group’s Opel and Peugeot brands face behind some competitors in adapting. He said without the tools for human control. a harder road in the long run. the company is positioned well, and rather than Indeed, automakers have been reallocating The Jeep plans in particular have helped to ergio Marchionne, one of the longest- pour money into competing with Silicon Valley, their massive research and development budg- boost investor confi dence in Fiat. On top of its serving CEOs in the automotive industry, the industry should try to identify the best solu- ets to steer more money towards projects such 73% surge last year in Milan, the stock, includ- Shas a blunt warning: Carmakers have less tions coming from tech companies and reduce as improving batteries or starting ride-sharing ing a 0.5% gain as of 10:09am yesterday, is up than a decade to reinvent themselves or risk be- its exposure to products that aren’t going to be services — an area where Marchionne says au- 29% so far in 2018, outrunning its competitors ing commoditised amid a seismic shift in how easily defended. tomakers can compete with the likes of Uber. by far. Marchionne, whose attempt to merge vehicles are powered, driven and purchased. “This business has never been for the faint- They’re also seeking new partnerships, or en- with GM was rebuff ed, said shareholders are Developing technologies like electrifi cation, hearted,” Marchionne said. “The technology gineering major reorganisations. There are op- better off that the deal didn’t happen. self-driving software and ride-sharing will al- changes that are coming are going to make it portunities to be had. Fiat, for example, could Marchionne suggested that Fiat has also ter consumers’ car-buying decisions within six probably more challenging than it’s ever been.” eventually operate a ride-sharing service that made more progress toward the new era than the or seven years, the Fiat Chrysler Automobiles Marchionne reckons, for example, that by makes use of its dealer network, he said. marketplace appreciates. He cited the recent al- NV chief executive offi cer said in an interview 2025, fewer than half the cars sold will be fully Before he leaves, Marchionne said he’ll con- liance with BMW, Intel Corp and others, which in Detroit, ahead of this week’s North Ameri- Marchionne: Plans step-down. combustion-powered, as gas and diesel give tinue the brand-building push at Jeep, aiming to will yield a common platform for self-driving can International Auto Show. The industry will way to hybrid, electric and fuel cell drivetrains. more than double the number of vehicles pro- cars. Fiat also plans to off er a hybrid version of divide into segments, with premium brands fore fi nding his way into the auto business, is By comparison, Bloomberg New Energy Fi- duced under the off -road nameplate each year, the Jeep Wrangler in 2020, which he called part managing to hold onto their cachet while mere known as an iconoclast, trying to force mergers nance has projected battery-electric cars like Bloomberg News reported on Sunday. Fiat is also of “normal development” that didn’t require a people- transporters struggle to cope with the and backing away from mass-market sedans to Tesla’s and plug-in hybrids won’t combine to on track to eliminate its debt this year, he said. prominent proclamation. onslaught from disruptors like Tesla Inc and focus on SUVs — a shift others are now emulat- overtake more conventional engines until 2038. At Dodge, the focus has narrowed to muscle The next fi ve-year plan, due to be released on Google’s Waymo. ing. In a two-hour interview, the dual Italian- That prediction wouldn’t include hybrids that cars like the Charger and the Challenger, while June 1, his 14-year anniversary at the Fiat helm, “Auto companies need to quickly separate the Canadian citizen discussed his vision for the don’t plug in, such as the gasoline-electric Toy- more run-of-the-mill models were dropped. He will cover these matters. It will be up to the stuff that will be swallowed by commodity from industry and confi rmed plans to step down next ota Prius. is also expanding Ferrari’s lineup with SUVs to next CEO to carry out the plan, he said — and the brand stuff ,” Marchionne said. year. The pace of innovation was evident at last boost profi t. (While Ferrari is independent, its it will be one of the top internal candidates who Marchionne has witnessed major changes al- While the car industry has always been tough week’s CES trade show in Las Vegas, where doz- biggest owner remains the Agnelli family that are now working on it. After so long in a job he ready leading Fiat for almost 14 years, oversee- — Chrysler and GM both went bankrupt during ens of technology companies were gunning for founded Fiat and retains the biggest stake.) called “all-consuming,” he said he was ready for ing the combination with Chrysler in 2014 and the fi nancial crisis — in the past the mistakes pieces of the electrifi ed, self-driving future. The brand he oversees that’s most vulnerable a change. the 2016 spinoff of Ferrari NV. The 65-year-old were self-induced, Marchionne said. Now the General Motors Co said on Friday that it will to commoditisation is Fiat itself, Marchionne “I am tired,” he said. “I want to do something executive, who studied philosophy and law be- tumult is being driven by outside forces, and it’s begin testing a Chevrolet Bolt without steering said. He will focus on the sporty 500 fam- else.” Gulf Times Tuesday, January 16, 2018 15 BUSINESS

Ex-UBS banker wins $306,500 in lawsuit over who harassed whom

Bloomberg yesterday’s ruling by phone and the full labour courts throughout Europe to Delouya’s woes began after he reacted an internal investigation which the bank behavior that wasn’t befitting of Paris details won’t be available for weeks. recoup lost bonuses and rehabilitate to his boss’s assessment that he had said showed he was the one harassing management. The compensation comes on the back reputations, with varying degrees of “an aggressive behaviour.” The banker colleagues, according to Bernard. Still, there was clearly no link between of a November hearing where Delouya success. Earlier this year, a former complained that the criticism was Delouya asked to see the findings of the the harassment issue Delouya raised A former UBS Group AG executive in accused the lender of progressively Morgan Stanley dealmaker in Paris told tantamount to him being harassed, internal probe but wasn’t given access “one single time” in 2012 and his Paris labelled as “aggressive” by his ex- sidelining him after he complained the city’s employment tribunal that his lawyer Savine Bernard said at to them. dismissal, which took place three years boss won €250,000 ($306,500) in an about his boss and then dismissing him the lender unfairly withheld $1.5mn the November hearing. Delouya’s The lawyer told the court that she, on later, Senlanne said. unfair-dismissal fight where both sides three years later. UBS argued at the in deferred pay a year after he raked responsibilities and annual bonuses the other hand, has five testimonies “There was clearly a logic to the accused the other of harassment. hearing that his 2015 departure was in more than $100mn in fees while subsequently shrank, he was excluded from employees to prove her client was reorganisation,” the lawyer said, Michel Delouya, formerly working an economic layoff as part of a group advising billionaire Patrick Drahi on a from projects and even saw his budget a victim of harassment. underlining the diff icult context on EMEA risk control at UBS Asset reorganisation and can in no way be $23bn acquisition. to travel outside of France vanish. Gwen Senlanne, a lawyer for UBS, induced by the economic crisis. Management France, was awarded interpreted as a “retaliatory measure” UBS France representatives declined to “Here you have a manager for Europe said in November that Delouya’s boss “There was a need to cut costs” and about a third of the amount he was against him for saying he was a victim immediately comment. Delouya and his that de facto can no longer travel in didn’t criticise his results but rather UBS decided to rely more on the seeking at the Paris employment of harassment. lawyer didn’t immediately respond to Europe,” Bernard at the hearing. The the way he went about obtaining them Switzerland-based risk control platform tribunal. A court off icial gave Bankers routinely turn to specialist requests for comment. former executive’s complaint triggered and simply said he had an aggressive and cut back on staff in France.

Airbus wins 2017 UK’s Carillion collapses order race after last-gasp sales spree

Reuters corner after delays on new en- after state fails to rescue gines. Paris The underlying production AFP target is therefore closer to 770, London renetic selling in the implying 7% growth, which is closing weeks of 2017 closer to recent trends. Fsaw Airbus overhaul Oddo Securities analyst Yan ritish construction group Boeing’s recent lead in the glo- Derocles said the more confi - Carillion announced its bal jet market to win their an- dent tone regarding engines for Bimmediate liquidation nual order contest for a fi fth the A320neo gave more cred- yesterday after the heavily-in- year in a row, though doubts ibility to the target of 800 jets. debted company failed to secure remain over the future of its Bregier also predicted a a fi nancial rescue from the UK fl agship A380. record order pipeline of more government and banks in last- The European plane maker than 7,000 jets would allow ditch talks. said net orders after cancel- Airbus to lift deliveries beyond Carillion, which employs lations rose 52% to 1,109 jets those of Boeing in 2020. 43,000 staff worldwide includ- in 2017, vaulting past Boeing’s Both are neck-and-neck in ing 19,500 in Britain, said that 912. planned production. the government would never- Without the cancellations Boeing has questioned theless provide some funding to adjustment, Airbus gross or- whether all of the aircraft sold allow current state projects to ders were 1,229 compared with by its rival will be delivered. continue, following crunch talks Boeing’s 1,053 After peaking in December’s sales break- over the weekend. 2014, Airbus says jet demand is through focused mainly on the Analysts warned it could turn growing faster than expected, bread and butter of the Airbus out to be a costly mistake by the refl ecting busier traffi c as glo- portfolio — the medium-haul government, led by Conserva- bal economies kick into a high- A320 family, which competes tive Prime Minister Theresa er gear. with Boeing’s best-selling 737. May. “The market is just stronger Some in the industry have Carillion chairman Philip everywhere,” Airbus sales chief been left wondering how far Green called it “a very sad day John Leahy told reporters. Airbus was forced to cut prices for Carillion” after failing to se- Airbus confi rmed it had met to grab deals such as the 430 cure its future. its core 2017 target of more than jets sold to four budget carriers “In recent days we have been 700 deliveries by releasing 718 via US investor Indigo Partners. unable to secure the funding to jets to customers in 2017, up 4% Leahy, however, said the In- support our business plan and it from the previous year. digo deal and other year-end is therefore with the deepest re- Boeing remained the activity refl ected fundamental gret that we have arrived at this world’s largest jet maker for demand. decision,” he said in a company the sixth year running, how- “It is a very serious deal with statement. ever, with a record total of 763 some very serious airlines,” he Carillion is a major UK gov- deliveries. told Reuters. ernment contractor involved in December’s surge in com- But in the wide-body, long- a wide range of projects from mercial and industrial per- haul segment, Airbus lost about schools to the multi-billion- formance allowed Airbus to half its market share last year, pound High Speed Two (HS2) meet or exceed targets that had with no new orders and two railway. seemed elusive a few months cancellations for the A380 su- But it has been struggling for ago and caps a turbulent year perjumbo, though Boeing also some time and in July last year for the company after rows over suff ered cancellations for its issued the fi rst of several profi t corruption investigations and competing 747. warnings. management tensions. Airbus is locked in make- Carillion on Monday said “it Analysts described it as a ro- or-break talks with main A380 had no choice but to take steps bust farewell performance by customer Emirates about buy- to enter into compulsory liqui- two of the company’s dominant ing 36 more superjumbos. dation with immediate eff ect”. fi gures: record-holding sales- Leahy confi rmed a Reuters It added: “An application was man Leahy, who retires this report that the future of the made to the High Court for a A construction crane showing the branding of British construction company Carillion is seen on a building site in central London. Carillion is a month after more than 20 years A380 lies with Emirates, even compulsory liquidation of Car- major government contractor involved in everything from schools to the multi-billion-pound High Speed Two (HS2) rail project, and employs at the helm, and chief operat- though other airlines are inter- illion before opening of busi- 19,500 people in Britain. ing offi cer Fabrice Bregier, who ested in smaller numbers of the ness today and an order has been steps down in February after 544-seat jets. granted to appoint the Offi cial private sector company, partic- stockbroker Interactive Investor. management for the company’s head of a government-backed losing a corporate succession If the deal falls through, Air- Receiver as the liquidator of ularly when their troubles arose “However, the prospect of the collapse. “The blame for this lies infrastructure commission last battle. bus would have “no choice” but Carillion.” the most part from a side of their government temporarily fund- squarely with the government month, said Sunday that the “We beat Boeing one last to close production, he said. Despite the red fl ags, the gov- business that’s nothing to do ing existing Carillion public who are obsessed with out- Carillion crisis raised “big ques- time... we just went for it,” Reuters reported in Decem- ernment continued to award with UK government contracts,” service contracts, alongside the sourcing key works to these high tions” for transport minister Leahy told Reuters. ber that Airbus had drawn up the company major public con- he added. likely increase in costs for re- risk, private enterprises,” said Chris Grayling. Both bequeathed challeng- plans to phase out A380 pro- tracts, including on the fl agship The government meanwhile negotiating contracts with new Mick Cash, general secretary of Carillion has a wide range of ing targets to their successors duction if those talks collapsed, HS2 project, leading to criti- advised Carillion staff to still suppliers, makes it highly likely the Rail, Maritime and Trans- public sector contracts, includ- as Leahy predicted that or- without waiting for other po- cism. come to work to see through that they could ultimately pay port union. ing providing support serv- ders would exceed deliveries in tential buyers. “There is some But the government said it some projects. far more than if they had pro- Jim Kennedy, a senior offi cial ices for almost 900 schools and 2018 for the ninth year in a row, hope. Whether it means we was not its place to prop up the “There is no doubt that Car- vided the guarantees that Caril- at the Unite union, called for a around 50,000 homes for mili- while Bregier predicted “close soon conclude an agreement company. illion posed a huge political lion’s creditors needed.” public inquiry and said there tary personnel. to 800” deliveries this year as with Emirates? I hope so. There “This is a private sector com- challenge for the government, City Index trading group were “serious questions that The company, with opera- output accelerates after engine is a joint interest in achieving pany, it’s regrettable that it’s not which did not want to be seen warned in a client note that “the need to be asked and answered tions also in Canada and the delays. that, but we are not there yet,” been able to fi nd a suitable refi - to bail out another group of knock-on eff ect on the broader about Carillion’s conduct”, while Middle East, had revenues of That fi gure includes 30 air- Bregier told Reuters. nancing option with its lenders,” private shareholders and banks economy could be large, given he questioned also why the gov- £5.2bn ($7.1bn, €5.9bn) last year. craft already built and waiting Airbus confirmed it plans as Cabinet Offi ce minister David after suff ering such a backlash that the potential number of job ernment handed “public money In January, British watchdog for engines from United Tech- part of any possible Emirates Lidington told BBC radio. from their decisions during the losses are in the thousands”. to a company that had issued the Financial Conduct Authority nologies’ Pratt & Whitney, but deal to reduce A380 output to “We did decide that taxpay- fi nancial crisis,” said Rebecca Union leaders blamed both repeated profi ts warnings”. An- launched an investigation into Bregier said he was confi dent six aircraft a year from 15 last ers can’t be expected to bail out a O’Keeff e, head of investment at the government and Carillion drew Adonis, who resigned as its market updates. the US business had turned the year. Credit Suisse’s role in focus as rogue banker trial opens

Bloomberg Lescaudron’s money-losing trades on the court, other than to identify him- Hassberger, who represents a Russian suggest there’s a magic auditor’s re- lawyer Alec Reymond said that Geneva Geneva Raptor Pharmaceutical Corp. self by name when asked by Judge woman who made her fortune in the port from PricewaterhouseCoopers Prosecutor Yves Bertossa’s decision Lescaudron, 54, has already admit- Banna. After two years in a Geneva soft drink business. “I don’t know be- that implicated Credit Suisse, Jean- to split his investigation into one that ted making unauthorised trades over jail, he was led in by police and re- cause it hasn’t been investigated.” neret said. focused just on Lescaudron was overly redit Suisse Group AG was put six years to hide growing losses. While mained flanked in the court by two Hassberger said the indictment of He also dismissed Campa’s demand simplistic. on the defensive on the fi rst day Credit Suisse has repeatedly said it Geneva policemen. Lescaudron on fraud, criminal mis- for documents from the Securities & “The Geneva Attorney-General’s Cof the criminal trial of a former knew nothing of his deception, lawyers Lawyers for Ivanishvili and the other management and forgery doesn’t ac- Exchange Commission and any theo- Offi ce decided that a man who had lied banker accused of taking millions from for his Eastern European clients — in- victims say they’re hoping the two- curately refl ect his client’s losses and ries that Ivanishvili was trying to hide for years is suddenly telling the truth,” customer accounts as his victims de- cluding former Georgian prime minis- week trial will help support their claims asked Judge Banna to either amend the the fact his investment in Raptor had Reymond said. “And then, probably manded more information on what the ter Bidzina Ivanishvili — say investiga- that the bank either knew or should indictment or send the case back for passed the 5% threshold that requires because it didn’t want to spend another lender did and didn’t do to rein in un- tors need to take a deeper look at the have known about the rogue trades. further investigation. shareholders to disclose the fact. two years of investigation, decided to authorised trades. bank’s involvement. Ivanishvili, who’s worth $5.8bn ac- Credit Suisse, whose lawyers have “I do however agree with you that we pursue a split proceeding.” The victims of former private wealth “We need an independent expert to cording to the Bloomberg billionaires yet to give their prepared remarks at are all concerned about the $1.5mn that Bertossa rejected the suggestion his banker Patrice Lescaudron wasted little look into all this,” Campa told Judge Al- Index, has fi led suits in Singapore, New the trial, said last week that a two-year Mr Ivanishvili paid to Mr Lescaudron,” investigation was incomplete. time in trying to make the case about exandra Banna and a phalanx of lawyers Zealand and Bermuda to try to force investigation has not revealed any indi- Jeanneret said. “You are being asked to send a trial Credit Suisse as injured parties are for the other plaintiff s, the bank and Credit Suisse to disclose documents cation that Lescaudron was helped by In the indictment, Bertossa alleges back for an investigation of someone full participants at Swiss trials. Gior- Lescaudron in a wood-panelled court- related to investment vehicles through colleagues. that Ivanishvili wired $1.5mn of pay- who has been investigated and de- gio Campa, a lawyer for two Russian room in Geneva’s old town. “The court which Lescaudron moved chunks of the Vincent Jeanneret, the bank’s at- ments to Lescaudron in 2008 and 2009. tained for two years, because they want businessmen who he says lost 32mn cannot cover its eyes.” tycoon’s fortune. torney, hit back at the plaintiffs’ law- The payments remain something of a further information,” Bertossa said in Swiss francs ($33mn), asked the court Dressed in blue jeans and a gray “I don’t know what Lescaudron’s yers allegations, saying there is no mystery to date, lawyers on both sides his rebuttal. “Mr Lescaudron admitted to force the bank to turn over any ex- open-neck shirt, Lescaudron sat si- motivation was, was it to be the best logic in returning the case for further of the case have said. to what he’s accused of. Nothing in the changes with US regulators related to lently on a bench in the front row of fund manager in the world?’ said Marc investigation. It’s a “phantasm” to Speaking for a third Russian victim, dossier suggested there was coactivity.” Tuesday, January 16, 2018 GULF TIMES BUSINESS Benchmark oil futures continue their rally

By Sofiane Ghezali covering and the ongoing tension in most likely due to the extreme cold www.abhafoundation.org the Middle East. weather across the USA, as reported The main bearish factors were: the by Reuters. The US oil rig count rose growth prospects of US crude oil by 10 rigs to reach 752 in the week to Benchmark oil futures continued their production, the build in US gasoline January 12, BHGE data showed. rally last week and sustained a fourth and distillate stocks combined to a There are clear signs that the oil week of gains, while remaining at decline in refinery runs, concerns market is in the rebalancing process, as three-year highs. Brent gained more about an overheating market and a total OECD commercial oil stocks are than 3% during the week, while the rise in US oil rig count. getting in the five-year range. However, WTI increased by almost 5%, as the US crude oil inventories continued to there is still a positive gap with the bullish momentum remained in force fall in the week to January 5, with a five-year average, which is estimated at and the oil market surplus is seen new decline of 4.9mn barrels (mbs) no less than 100mn barrels to still to be dropping further, but the market is and thus getting just below the five- withdrawn from the market, according considered to be in an overbought year average of 420mbs. While the to Reuters. condition. US gasoline and distillate stocks both This is what prompted last week some January 21 in Oman, as Reuters reports. the pace and extent of the rally in oil some signs of directions to follow, as The bullish factors included mainly: grew by more than 4mbs, the refining Opec and non-Opec energy ministers Last Thursday, the Brent already hit the prices, as reported by Reuters. It looks the current price levels may prompt a tightening supply and the Opec+ utilisation rate decreased from their (Iraq, Russia and the UAE) to highlight $70 mark during the intra-day trade. like currently the market is not paying shale drillers to come back to the well output cut deal extension throughout 12-year high to reach 95.3%. the fact in order to calm down the Nonetheless, some market analysts enough attention to some bearish pad, quicker than expected. 2018, US crude oil stocks and According to the US Energy market concerns that the current price consider that the current upward indicators, which are the prospects of production weekly drop, Russia’s Information Administration, the US levels may prompt a hard exit from the price trend has been too far, too fast. growth in the US shale production and „ Sofiane Ghezali is senior energy energy minister’s statement excluding crude production surprisingly dropped current Opec+ cut deal, which, in fact, Whereas, other experts consider the recent increases in US oil product researcher at Abdullah bin Hamad a hard exit from the Opec+ deal, a by 0.3mn barrels per day (mbpd) will be discussed during a ministerial that the oil market is overheating, inventories. However, starting from Al-Attiyah International Foundation for weaker dollar, an increase in short during last week to reach 9.5mbpd, monitoring committee meeting on or getting overbought according to next week, most likely we will notice Energy and Sustainable Development.

Qatar industrial sector witnesses 7.1% growth y-o-y in November

By Santhosh V Perumal The mining and quarrying in- cement and other non-metallic Business Reporter dex, which has a relative weight mineral products and 8.3% in of 83.6%, reported 7.2% surge on rubber and plastics products. a yearly basis in November 2017 On a monthly basis, the manu- Mostafawi: Humbled. igher crude extraction on the back of 7.2% increase in facturing index fell 3.1% with and a faster expansion in extraction of crude petroleum beverages production declining Hthe manufacturing of re- and natural gas and 2.8% in 9.5%, chemicals and chemical fi ned petroleum, food products other mining and quarrying seg- products (6.7%) and food prod- and basic metals led Qatar’s in- ments. ucts (1.5%). HSBC named dustrial sector witness a robust On a monthly basis, the index Nevertheless, there was 9.6% 7.1% growth year-on-year in showed 1% dip as the extraction increase in the production of top trade bank November, according to offi cial of crude and natural gas slumped cement and other non-metallic estimates. 1% even as other mining and mineral products, 7.7% in ba- in Qatar, world Nevertheless, the country’s quarrying index soared 4.4%. sic metals, 7.2% in printing and Industrial Production Index (IPI) The manufacturing index, reproduction of recorded me- declined 1.5% month-on-month with a relative weight of 15.2%, dia, 4.9% in rubber and plastics SBC Qatar has been vot- in the review month, show the showed 6.1% surge year-on-year products and 0.1% in refi ned pe- ed the top trade fi nance fi gures released by the Ministry last November owing to a 35.1% troleum products. Hbank in the country in of Development Planning and surge in the production of re- Electricity, which has 0.7% the infl uential annual Trade Fi- Statistics (MDPS). fi ned petroleum products, 19.9% weight in the IPI basket, saw nance Survey conducted by Eu- The ministry introduced IPI, in foods products, 15.5% in basic 14.9% expansion on a yearly ba- romoney. a short-term quantitative index metals, 2.4% in beverages, 0.4% sis but reported 19.9% slump on Businesses polled by Eurom- that measures the changes in the in chemicals and chemical prod- a yearly basis; while in the case of A view of the Ras Laff an Industrial City, some 80km north of the capital Doha (file). Qatar’s oney named HSBC Qatar as the volume of production of a select- ucts and 0.2% in printing and water, which has a 0.5% weight, manufacturing index showed 6.1% surge year-on-year last November owing to a 35.1% surge in leading bank for trade fi nance ed basket of industrial products reproduction of recorded media. there was a 2% and 7.5% decline the production of refined petroleum products, 19.9% in foods products, 15.5% in basic metals, 2.4% and the best bank for service in over a given period with respect However, there was 11.7% month-on-month and year-on- in beverages, 0.4% in chemicals and chemical products and 0.2% in printing and reproduction of trade fi nance, the fi rst time it has to a base period 2013. shrinkage in the production of year respectively. recorded media. won in both domestic categories. HSBC was also voted the best trade fi nance bank in the Mid- dle East and Latin America, re- spectively, with the bank also Transport minister holds talks with Italian minister topping Euromoney’s global poll of more than 7,000 companies to be crowned the leading trade bank in the world. HSBC Qatar CEO Abdul Ha- keem Mostafawi said: “We have been at the centre of evolving trade dynamics in the past year and understand the complexities of a changing world. “This recognition from our loyal customer base is humbling and underlines our responsibility as a leader in the fi eld to antici- pate our clients’ needs and pro- vide fi rst-class working capital solutions and customer service.” “HSBC’s global network, international expertise and knowledge of the local market is unique and give us the oppor- tunity to serve our customers in their growing trade needs,” add- ed Mostafawi. Qatar is one of the 11 countries globally, in which HSBC received the award for the best domestic trade fi nance bank. HSBC’s presence in Qatar dates back to 1954 and over the past six decades the bank has been an im- portant player in trade fi nance, developing a range of products, services and digital platforms to serve customers effi ciently. HE the Minister of Transport and Communications Jassim Seif Ahmed al-Sulaiti recently held talks with Italy’s Minister of Economic Development Carlo Calenda, the MoTC said in a statement. The two Qatar’s economy relies heavily off icials discussed aspects of co-operation between the two friendly countries in the fields of communications, smart cities, e-Commerce, and cybersecurity. Calenda is in charge of the communications on trade with the most important sector in Italy, the MoTC said. During al-Sulaiti’s visit, the two off icials also agreed to prepare two memoranda of understanding in the fields of smart cities and cybersecurity. They also discussed the export partners in South Korea, potential investment opportunities available in both countries in the field of communications and a number of matters of common interest. The meeting was also attended by Abdulaziz bin Ahmed al-Malki, Japan, India, and China. Import Qatar’s ambassador to Italy. Picture shows HE Jassim Seif Ahmed al-Sulaiti and Carlo Calenda during their meeting in Rome. partners include China, the US, India, Germany, and Japan.