BUSINESS Saturday 22 December 2018 PAGE | 15 PAGE | 15 Spain Delays China Signals Bankia More Privatisation Support for Again Economy

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BUSINESS Saturday 22 December 2018 PAGE | 15 PAGE | 15 Spain delays China signals Bankia more privatisation support for again economy

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AFP quarter was slightly slower than New government data President John Williams (pic- was less than expected. Expen- WASHINGTON previously reported, dragged revealed that falling tured) said yesterday on CNBC. ditures are 2.8 percent higher down by the large drop in exports, exports and slower The personal consumption than in November 2017. Other US President Donald Trump’s the Commerce Department consumer spending expenditures price index, the data show fourth quarter growth multi-front trade wars are reported. With hundreds of bil- Fed’s preferred inflation gauge, is shaping up to be even more dragging down growth, slowing lions of dollars in goods hit by are putting the brakes was 1.8 percent higher than in sluggish. Purchases of durable the economy in the second half retaliatory tariffs, US exports fell on economic growth, November 2017, back below the goods — big ticket items like of the year even as inflation stays by the largest amount since early while inﬂation is Fed’s 2.0 percent target, the appliances, vehicles and low, new government data 2009 at the height of the global again falling. Commerce Department reported. machinery — rose in November released yesterday revealed. financial crisis. The rate peaked at 2.4 compared to October, but much The data showed that falling Gross domestic product percent in July, but slowed to 2.0 less than expected. exports and slower consumer expanded by 3.4 percent in the strong US dollar also has made percent in October, and con- Orders were up 0.8 percent spending are putting the brakes third quarter rather than the 3.5 American goods more expensive. tinued to move downwards. last month, less than half the on economic growth, while percent previously reported, due The dispute with China, dissipate and rising headwinds The slowdown in November increase economists had inflation is again falling. That will in large measure to the 4.9 even with a ceasefire declared from tighter financial conditions, was largely due to a drop in forecast, according to a separate present a new conundrum for the percent drop in exports, higher until March 1 for negotiations, slower global growth, reduced energy prices, but even excluding Commerce Department report. Federal Reserve, which raised than the Commerce Department has created fears of slowing US energy investment and heightened the volatile food and fuel cate- That follows a big drop in the key borrowing rate on originally estimated. and global growth, and caused trade tensions start to weigh,” he gories, the index slowed to 1.9 October, and will drag on GDP Wednesday and signaled it will Goods exports dropped 8.1 stock markets to retreat, with said in a research note. percent year-over-year. in the final quarter of 2018. continue to hike next year, albeit percent, the biggest decline since Wall Street wiping out all of the That message might be fil- Personal income increased Excluding transportation at a slower pace. the first three months of 2015, 2018 gains. tering through to central bankers. 0.2 percent last month compared goods, durable goods orders fell The Fed has continued to according to the report, the third Gregory Daco of Oxford Eco- “I think we are hearing some- to October, amid an equal 0.3 percent compared to October, forecast strong growth, which and final reading on third quarter nomics said the data add to “evi- thing important for markets and increase in wages and salaries, and when defense is removed, the would support their case for tight- GDP. Trump’s aggressive trade dence that business investment that is a concern around risks to the report said. But that was less drop was 0.1 percent. Orders are ening monetary policy, but the policies, and especially the tariff momentum continues to gradually the economy and potential than economists had forecast. still 8.4 percent higher than they expected inflation spurt and rise retaliation from China, has cool”. “Looking ahead, we expect slowdown, further than we cur- There was a larger increase were through November 2017, but in wages have not materialized. impeded exports, with soybean momentum to continue to fade as rently expect in our base case,” in spending, which rose 0.4 have been on a declining trend for US growth in the July-September sales nearly grinding to a halt. The tailwinds from fiscal stimulus New York Federal Reserve Bank percent in the month, but that too three months. Carlos Ghosn re-arrested Survey: German consumer morale over fresh allegations holds steady

AFP years. On Thursday a court despite risks TOKYO refused to extend his detention over the second set of allega- AFP Japanese prosecutors re- tions, reportedly because they FRANKFURT arrested former Nissan boss were too similar to the first set. Carlos Ghosn over fresh alle- But this fresh arrest gives German consumers remain gations yesterday, apparently prosecutors 48 hours to in the mood to shop heading dashing his hopes of being question him on the new into 2019 but concerns about home for Christmas in the latest matter. Under Japanese law, external risks to the German twist to a rollercoaster saga. they can then apply for a fresh economy are mounting, a key The case of the once- extension of 10 days, plus a survey found yesterday. revered 64-year-old tycoon has further 10 days, to investigate Market research firm GfK gripped Japan and the business the new claims. said its forward-looking world since he was arrested as His right-hand man, Greg barometer stood at 10.4 he stepped off his private jet at Kelly, who faces the same initial points for January, unchanged Tokyo’s Haneda Airport on charge, was not rearrested yes- from December when morale November 19. terday and his lawyer has dipped slightly on the pre- He had appeared set for requested bail, according to a vious month. The survey of release Friday after a court sur- court statement. NHK reported some 2,000 people showed prisingly rejected the prose- he would not be released before a mixed picture however. cutors’ demand to extend his December 25. French court fines Total for graft Respondents were more detention for further questioning. Since his stunning arrest A file picture shows people waiting to fill their tanks at a Total gas station in Issy-les-Moulineaux, optimistic about their income But instead of being freed on bail, last month, the once jet-setting outside Paris. A French court yesterday fined oil giant Total €500,000 ($575,000) for corruption expectations at the turn of the Ghosn was arrested yesterday executive has languished in a after finding it guilty of paying bribes while bidding for a huge gas contract in Iran in 1997. The year, boosted by a strong over separate allegations of tiny cell in a detention centre French company was accused of paying $30m in bribes to middlemen, in return for help in securing labour market and high wages. financial wrongdoing. in northern Tokyo, where he the lucrative South Pars gas concession. But their outlook for the “The accused was respon- has complained about the cold German economy fell to a sible for managing Nissan’s and the rice-based menu. near two-year low, sapped by overall operations and for duti- Ghosn has an unusually US-led global trade tensions fully fulfilling his role as CEO not high profile for a foreign exec- and uncertainties over Brexit. to cause damage to Nissan and utive in Japan and was credited Amid concerns of a slowdown its subsidiaries... but he took with turning around the strug- in Europe’s export-oriented action that betrayed his role and gling car giant Nissan and Oil hits multi-month lows powerhouse, consumers were caused financial damage to forging a three-way alliance less likely to splash out on big Nissan,” prosecutors alleged. with French manufacturer REUTERS with major equity markets as steepest collapse for three years. purchases, GfK found. But They alleged he transferred Renault and fellow Japanese LONDON investors fret about the strength Driving the sell-off has been overall, the shopping mood personal losses worth some firm Mitsubishi Motors. of the global economy heading sustained oversupply as the was still at a “very good” level. 1.85bn yen ($16.6m) sustained In addition to charges Oil prices fell to their lowest into next year. The prospect of a United States has emerged as “The consumer outlook in the 2008 financial crisis to against Ghosn and Kelly, pros- since the third quarter of 2017 government shutdown in the US, the world’s biggest crude pro- for 2019 remains favourable,” Nissan. He stands accused of ecutors have also indicted yesterday, heading for losses of the world’s biggest oil consumer, ducer thanks to the success of GfK said, assuming that the wiring some $14.7m from Nissan, as the company sub- 11 percent in a week, as global added to investors’ worries. its shale industry. The United “excellent” labour market Nissan funds to another mitted the official documents oversupply kept buyers away Falls were exaggerated by States now pumps 11.6 million conditions continue. But company for his own benefit. that allegedly under-reported from the market ahead of the thin trade and risk aversion barrels per day (b/d) of crude, clouds are gathering, pollsters According to public broad- his income. long festive break. ahead of Christmas and the New putting it ahead of Saudi Arabia cautioned. caster NHK, Ghosn denies this The firm declined to Brent crude fell $1.56 to a Year holidays, traders said. “To and Russia. “A further escalation in latest set of allegations. comment on the latest twist but low of $52.79 a barrel, its say things are a bit negative (is) a The big oil producers in Opec the trade conflict with the The Franco-Brazilian-Leb- added: “Nissan’s own investi- weakest since September 2017, significant understatement,” said have agreed to reduce production United States or a disorderly anese businessman has already gation is ongoing, and its scope before rallying to trade around Stephen Innes, head of trading for to try to push up prices. But those departure by Britain from the been formally charged with continues to broaden.” Nissan $53.35, down 11.5 percent on the Asia-Pacific at OANDA. output cuts — a reduction with European Union would cer- under-reporting his income by has also accused its former boss week, by 1435 GMT. US light Since reaching multi-year Russia and other non-Opec pro- tainly weigh on the consumer tens of millions of dollars over of other financial impropriety, crude oil was down 30 cents at highs at the beginning of ducers of 1.2m b/d — do not kick climate.” For 2018, GfK said several years and faces a including using Nissan funds to $45.28, on course for a decline October, both crude oil bench- in until next month, and mean- it still expects to see a real- second batch of allegations that purchase luxury homes around of 11.0 percent for the week. marks have lost more than a while global inventories are terms increase in consumer this continued for three further the world. Crude has lost ground along third of their value in their filling up fast. spending of 1.5 percent. SATURDAY 22 DECEMBER 2018 BUSINESS 15 China signals more support for economy MarketWatch

AFP The meeting headed promised much while delivering BEIJING by President Xi little. Beijing will work to relax QSE FTSE100 DOW BRENT market access, protect the legit- Jinping pledged 10,412.51 6,721.17 22,688.67 $45.90 China’s top policymakers yes- imate rights and interests of terday signalled more support further opening foreign businessmen in China, -83.89 PTS +9.24 PTS −170.93PTS +0.02 for the economy next year with of the economy, especially IP rights, and allow 0.80% 0.14% 0.75% Dow & Brent before going to press tax cuts and other policy better protection them to operate independently measures as a bruising battle on of intellectual in more areas, Xinhua said. debt and a trade war with the US China’s top officials hammer have weighed on growth. property rights and out their broad plans for the next The meeting headed by to push forward trade 12 months during the three-day President Xi Jinping (pictured) negotiations with closed-door meeting. Spain delays Bankia also pledged further opening of Washington. China would “continue to the economy, better protection implement a proactive fiscal of intellectual property rights policy and a prudent monetary and to push forward trade nego- consumer spending growing at the statement said. “We must policy,” the statement said. privatisation again tiations with Washington. its slowest pace in 15 years implement the consensus The meeting pushed for The outcome of the annual during November and factories reached in Argentina between more fiscal measures and “a AFP Central Economic Work Con- easing up on production. the Chinese and US heads of larger tax cut”. Beijing has MADRID ference, during which leaders Xi and US President Donald state and push forward eco- already put in place one round review past policy and plan for Trump agreed to a 90-day tariff nomic and trade negotiations,” of tax cuts for the middle and Spain yesterday again pushed the upcoming year, was pub- truce this month, as the two sides the readout said. lower class this year. back a target date for the sale lished by the state news agency try to find a more permanent Comprehensive opening up Still the trade row with the of scandal-ridden Bankia, Xinhua. Economic data has solution to the trade dispute. is listed as one of the seven US has sapped market confi- which the government took shown China’s economy slowing Trade frictions with the US major tasks for next year — but dence, dragging down Chinese over during the financial crisis, this autumn, with Chinese have been “handled steadily”, critics say Beijing has long equities and the yuan. saying it wanted to keep its timing flexible. The finance ministry said it would now offload up its Nike reports majority stake in the bank, Global stock indices edge lower Spain’s fourth-biggest, to the conditions have turned very private sector by December difficult in recent months and higher income REUTERS points, or 0.21 percent, to 2,472.52 lined up for 2019,” said Michael 2021 instead of the previous the outlook is uncertain, giving NEW YORK and the Nasdaq Composite Hewson, chief markets analyst deadline of December 2019. the government pause for AFP dropped 23.96 points, or 0.37 at CMC Markets in London. In 2011, the Spanish gov- thought. The ministry accord- NEW YORK World stock markets continued percent, to 6,504.45. Japan’s Nikkei lost 1.1 percent ernment spent €22bn ($25.1bn ingly said yesterday that it a week-long sell-off yesterday as Despite the early gains on to close at its lowest since mid- at current exchange rates) to wanted to “carry out its disin- Nike scored higher second- the threat of a US government Wall Street, investor sentiment September last year, after giving save Bankia from collapse, a vestment strategy with greater quarter profits, thanks in part shutdown and further hikes in US remained cautious. The Nasdaq up 5.6 percent this week. Aus- controversial rescue at a time flexibility to encounter to strong sales in China, borrowing costs compounded has shed 19.5 percent from its tralian stocks slipped 0.7 percent, when the Spanish economy was favourable market conditions”. where the company reported investor anxiety that global eco- August peak, just shy of con- hovering just above a two-year sinking into crisis and Bankia Even ahead of yesterday’s no fallout from ongoing trade nomic growth is slowing. firming a bear market, while trough hit earlier in the session. was seen as a symbol of decision, Finance Minister tensions between Beijing and MSCI’s index of global equities broad stock markets in the The mood change has trig- financial excess. Nadia Calvino (pictured) said Washington. fell 0.1 percent, dragged down by United States and Europe are on gered a rush out of crowded Madrid even had to ask the that Bankia’s share price “does Net income for the broad declines in Europe and pace for the worst quarter since trades, including massive long European Union to help it pay not reflect the bank’s intrinsic quarter ending November 30 Asia. On Wall Street, US stocks the financial crisis in late 2008. positions in US equities and the for the rescue. A law passed in value”. At the end of 2017, the was $847m, up 10.4 percent moved higher after Commerce “China is cooling and the dollar and short positions in 2012 stipulated that the bank, government managed to from the year-ago period. Department data showed the US euro zone is slowing down, and Treasuries. Lipper data showed in which the government holds recover €3bn of its total outlay. Revenues were $9.4bn, up 9.6 economy is on pace to grow by 3 some of the economic indicators investors pulled nearly $34.6bn 61.4 percent, had to re-priva- Bankia was formed in 2010 percent. A key driver was percent this year. The Dow Jones from the US have been a bit soft out of stock funds in the latest tised within five years. by the merger of seven savings China, where Nike notched a Industrial Average rose 351.17 recently, but yet the Fed hiked week and were heading for the This 2017 deadline was sub- banks which were themselves 26 percent increase in rev- points, or 1.54 percent, to rates and suggested that two biggest month of net with- sequently extended by two in difficulty after a real estate enues to $1.5bn. 23,210.77, the S&P 500 gained 5.1 more interest rate hikes were drawals on record. years to end-2019 but market bubble burst in 2008. BREAK TIME

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Zero (2D/Hindi) 2:00, 5:00, 8:00 & 11:00pm; Maari 2 (2D/Tamil) 2:30pm Padi Padi Leche Manasu (2D/Telugu) 2:15pm Johny Johny Yes Appa (2D/Malayalam) 2:30pm Aquaman (2D/Action) 8:30pm Zero (2D/Hindi) 5:00, 8:00 & 11:00pm; Maari 2 (2D/Tamil) 2:15 & 11:15pm Bumblebee (2D/Animation) 7:15pm Spider-Man: Into The Spider-Verse (2D/Action) 5:00pm; Little Miss Dolittle (2D/ Comedy) 5:15pm Remi, Nobody’s Boy (2D/Comedy) 6:30pm Anna And The Apocalypse (2D/ Comedy) 9:30pm Bumblebee (2D/Animation) 7:00 & 9:15pm; Kanaa (2D/ Tamil) 11:15pm Asher (2D/Drama) 11:30pm

LANDMARK ASIAN TOWN Padi Padi Leche Manasu (2D/Telugu) 12:00pm; Johny Johny Zero (2D/Hindi) 2:00, 5:00, 8:00 & 11:00pm; Yes Appa (2D/Malayalam) 5:45pm; Autorsha (2D/Malayalam) Johny Johny Yes Appa (2D/Malayalam) 2:15 & 8:15pm 2:00 & 8:30pm; Joseph (2D/Malayalam) 11:15pm; Kanaa (2D/ Spider-Man: Into The Spider-Verse (2D/Action) 2:15pm; Tamil) 9:15am & 2:30, 8:15pm; Silukkuvaarpatti Singam (2D/ Maari 2 (2D/Tamil) 2:30 & 8:00pm Bumblebee (2D/Animation) 4:15 & 9:00pm; Tamil) 11:00pm; Antariksham 9000 KMPH (2D/ Telugu) 1:00pm Zero (2D/Hindi) 9:00am, 12:00, 3;00, 6:00, 9:00pm, 12:00am, Johny Johny Yes Appa (2D/Malayalam) 5:30pm 1:30am & 3:00am Aquaman (2D/Action) 6:30pm Maari 2 (2D/Tamil) 3:45, 6:30, 9:15, 12:00am & 2:45am Silukkuvaarpatti Singam (2D/Tamil) 11:15pm Antariksham 9000 KMPH (2D/ Telugu) 11:00pm FLIK Mirqab Mall

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MAARI 2

Maari 2 is an Indian Tamil action comedy film directed by Balaji Mohan. It is a sequel to his 2015 film Maari. Dhanush, besides producing the film under his company Wunderbar Films, also stars the title character.