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Tuesday, September 11, 2018 Moharram 1, 1440 AH TURNOVER, VOLUMES ON THE RISE : Page 16 GULF TIMES QSE nears 9,900 level on stronger buying support BUSINESS from foreign institutions

Cardiff Council delegation visits Qatar to discuss trade Take advantage of new, and investment deals A delegation from Cardiff Council visited Qatar yesterday to discuss trade and investment deals. The leader of Cardiff Council, councillor Huw Thomas, who led the delegation, said, “The International Monetary Fund (IMF) has recently predicted that 90% of economic growth will come from outside the EU. As the uncertainty around Brexit grows, it is promising opportunities vitally important that Cardiff , as the capital city of Wales, looks to encourage more trade and investment from overseas and from emerging markets. “This trip gave us the chance to tell Cardiff ’s story to key investors in Qatar. Our city is booming and there are fantastic opportunities for global companies to come and invest here. We want to make sure Cardiff is in a good position to capture some of this in Qatar, QSE urges investment. “We have a multi-million pounds portfolio of major projects in the pipeline. This is on top of the new business district in the city to the north and the south of Cardiff Central station. As part of my administration’s Capital Ambition programme, we are also creating a new vision for Cardiff Bay as a major leisure destination and we have plans for a new multi-purpose arena in the Bay. German companies “So it is important - despite Brexit - the world sees Cardiff as being open for business and we need to ensure that all of these big he Qatar Stock Exchange has urged foreign capital infl ows; accelerate devel- city projects and plans translate into economic prosperity whose German companies to take advan- opment in all economic and commercial benefits can be shared by everyone who lives here.” Ttage of the changed investment activities; and achieve economic diversi- Cardiff Council’s chief executive Paul Orders; director (economic scenario in the country, especially in view fi cation in accordance with the Qatar Na- development) Neil Hanratty; head (economic development) Ken of liberalising foreign investments up to tional Vision 2030. Poole; and chair, Cardiff International Airport Roger Lewis, all 100% in certain sectors. Through its active participation in the joined councillor Thomas in Doha. This was conveyed to them by the QSE forum, the QSE has sought to introduce In May this year, Qatar Airways set up a direct service from chief executive Rashid bin Ali al-Mansoori QSE to the German investment commu- Cardiff to Doha and the new route is seen as a potential catalyst at the recently concluded Qatar German nity and promote the progress achieved by for creating business opportunities between the two cities. The Business and Investment Forum in Berlin. the bourse, highest disclosure and trans- airline has also been in discussions with the council and Welsh The bourse hopes that the forum will parency levels, profi tability of listed com- government for developing a new 5-star hotel in the Welsh capital contribute to the promotion and show- panies, and the upgrade to emerging mar- and the council hopes to progress this proposal during the visit. casing of Qatari listed companies, and ket in various global indices such as MSCI The Doha visit, which has been facilitated by the UK government the promising investment opportunities and FTSE, al-Mansoori said. and Welsh government off icials based at the British embassy off ered to foreign investors taking advan- Ever since the upgrade, the QSE has wit- in Doha, included a presentation to four, leading financial tage of the recent regulatory improve- nessed increasing interests from foreign institutions, among them the Qatar Investment Authority (QIA), ments permitting foreign investors to own fund houses. Unperturbed by the block- the sovereign wealth fund of Qatar. shares in the Qatari market with limits up ade, more than 50 international invest- Councillor Thomas said, “We had the opportunity not only to to 100% in some companies. ment portfolios opened their accounts on talk with the Qatar Investment Authority, but also to the Qatari The potential benefi ts of the new for- the QSE, where the investors’ confi dence Diar, which co-ordinates the country’s real estate development eign investment rules include provisions is back with much vigour, especially after priorities. They have a large London-based portfolio and we are for foreign investors to invest in banks and the fourth quarter of 2017. keen to show them some of the plans we have for Cardiff . insurance through a decision of the cabi- The sentiments are high not only owing “We also met the chief executives and senior management teams net, exemption from income tax and cus- to the growing confi dence of institutional of the Qatar International Islamic Bank and the Qatar National Bank toms duties and that foreign investments investors in the country but also due to the Capital. All of these meetings will allow us to present a significant are not subject to expropriation, according attractiveness of the bourse, according to range of major investment opportunities in Cardiff to potential to Ernst and Young, a global consultant. sources. Qatari investors who we understand are encouraged by the launch The Ministry of Economy and Com- During the last one year, the QSE had in May of the direct daily service by Qatar Airways to Cardiff .” merce (MEC) had stated that the revision undertaken roadshows to the US, UK, Eu- “I am hopeful our visits will pay real dividends. It’s important to the existing laws is meant to attract for- rope and Asia in order to tap international that Cardiff – as the capital city for Wales – continues to seek out eign capital in all sectors of the national fi nancial powerhouses. new investment opportunities. We can’t allow the uncertainty economy. The changes would also facili- The QSE is believed to have received surrounding Brexit to halt our plans for the city and the city tate investors’ entry into the market and more than 140 investor applications from region’s development and growth. Cardiff must continue to be an increase confi dence in investment secu- new foreign investment portfolios, re- outward looking, international city, acting as the connecting point rity. fl ecting the growing interest of global fi - between Wales and the world,” Thomas added. The draft law is intended to attract nancial entities in the bourse. Al-Mansoori: Showcasing progress achieved by QSE.

NBK International signs MoU with Ehrhardt + Partner Group Qatar entrepreneurship sector advances in 2017

he 2017 Global Entrepreneurship degree of entrepreneurial determination considered to be the highest in the Middle Monitor (GEM) report on Qatar in an encouraging manner (with about East and eighth globally. Tlaunched recently by Qatar De- 45.6% seeing an opportunity to start a In innovation and internationalisa- velopment Bank (QDB) revealed that the business). tion, respondents pointed to high levels country’s entrepreneurship sector made The percentage of those who believe of innovation in Qatar since 2016. In 2017, “remarkable progress” compared to 2016. that there are opportunities to start a 63.5% of entrepreneurs said their products The report revealed that Qatar ranked business among Qataris (48.6%) is higher were new to all or some consumers, while 33 in nascent entrepreneurship in 2017 than among expatriates (38.4%). Simi- 52.2% are completely diff erent from their compared to 44 in 2016. It also ranked larly, the percentage of females (55.8%) competitors (they noted that there were 42 in the new business ownership, 42 in who see chances of starting a business is no businesses off ering the same products total early-stage entrepreneurial activity higher than that of males (43.4%). or services), and 37.9% indicated that they (TEA), 54 in the rate of ownership of es- In the societal values about entrepre- were selling new products or services to all tablished businesses, and 17 in business neurship in Qatar, the 2017 results show a or some of the customers, with few facili- discontinuance rate. positive attitude towards the community ties off ering the same products or no facili- GEM tracks rates of entrepreneurship of entrepreneurship in Qatar. In fact, most ties (compared with 22.8% in 2016). across multiple phases in 54 economies, of the adult population believe that entre- The report recommended multiple making it the world’s most authoritative preneurs have a high status and respect in focus areas such as government poli- comparative study of entrepreneurial ac- society (77.3%) and that the establishment cies, fi nancial support, social and cul- tivity in the general adult population. of a new project is a good career choice tural norms, and training and education. QDB, a member of the GEM alliance, (65.9%). Additionally, more than half of Among those recommendations, the fo- said the report drawn on fi ndings from the the population consider public media and cus areas are government policies, access NBK Group chairman and CEO Sheikh Nawaf bin Nasser al-Thani and EPG president Marco Ehrhardt sign Adult Population Surveys (APS) – results the internet to be providing good coverage to fi nancial support, social and cultural a memorandum of understanding (MoU) in the presence of (from left) Ambassador of Qatar in Germany are drawn from a random, representative for successful new businesses (54%). norms, and training and education. Sheikh Saoud bin Abdulrahman al-Thani; HE the Minister of Municipality and Environment Mohamed bin sample of 2,742 surveys of Qatar residents On motivation for TEA in Qatar, 82.4% QDB CEO Abdulaziz bin Nasser al- Abdullah al-Rumaihi, and Qatar Businessmen Association chairman HE Sheikh Faisal bin Qassim al-Thani on aged between 18 and 64; and the National of entrepreneurs said the motivation be- Khalifa said, “The importance of this re- the sidelines of the ‘9th Qatar-Germany Business and Investment Forum’ held at the Maritim Hotel in Berlin, Expert Survey (NES) – compromise of hind their establishment of a new busi- port stems from the fact that it provides Germany. The MoU between Nasser Bin Khaled International, a subsidiary of Nasser Bin Khaled and Sons, and surveys conducted with 45 carefully-cho- ness is the opportunity, while 12% said decision-makers and researchers with Germany’s Ehrhardt + Partner Group (EPG) was for the establishment of a $500mn state-of-the-art, sen Qatar ‘entrepreneurs experts’ across the motivation for establishing their busi- a treasure trove of information and data fully-automated mega logistics park that would cater to the requirements of the growing logistics needs of nine framework categories. nesses was a necessity. The percentage of that represents an important entry point Qatar and the region. In the self-perceptions about entrepre- innovation-driven opportunity (IDO) en- for the development of the SME and en- neurship fi eld, respondents showed a high trepreneurs (not necessarily in Qatar) is trepreneurship sectors.” Gulf Times 2 Tuesday, September 11, 2018 BUSINESS Djibouti nationalises port company stake in DP World dispute

Bloomberg eff ect all the shares and concession was terminated, Addis Ababa social rights of PDSA in the according to the statement. DP DCT company to protect the World didn’t immediately respond fundamental interests of the to a request for comment. The Djibouti’s government nation and the legitimate UAE Foreign Ministry didn’t nationalised the national port interests of its partners,” the immediately respond to calls company’s stake in the Doraleh presidency said in an e-mailed and emails seeking comment. Container Terminal, escalating statement yesterday. “DP World Djiboutian Foreign Minister its battle with DP World Ltd for will therefore have the state of Mahamoud Ali Youssouf; control of the harbour. Djibouti as a single interlocutor Finance Minister Ilyas Dawaleh The step comes a month after a for all the discussions and ports authority chairman UK tribunal ruled that Djibouti’s regarding the consequences Aboubaker Omar Hadi each didn’t cancellation in February of DP of the concession contract immediately respond to three World’s contract to run DCT termination.” emails seeking comment. was unlawful. It also follows the PDSA is 76.5% owned by the The High Court of England & High Court of England & Wales’ government of Djibouti, according Wales instructed PDSA not granting of an injunction last to the website of Hong Kong- to “interfere” with the DCT’s week restraining Port de Djibouti based China Merchants Port management until further court SA, or PDSA, from treating its Holdings Co, which bought 23.5% orders or a resolution of the joint-venture agreement with DP of PDSA for $185mn in 2012. dispute by the UK-based tribunal, A Djibouti policeman stands guard during the opening ceremony of Dubai-based port operator DP World’s Doraleh Container Terminal World as terminated. While PDSA owns 66.66% of DCT, according to a September 5 in Djibouti port in this February 7, 2009 file photo. Djibouti’s government nationalised the national port company’s stake in the terminal, The government “has decided the company was “controlled emailed statement from Dubai’s escalating its battle with DP World for control of the harbour. to nationalise with immediate de facto” by DP World until the government.

‘Saudi Turkish growth dips as weaker sovereign fund picks lira weighs on economic outlook Goldman,

Reuters BAML, Istanbul Klein for urkish economic growth slowed to 5.2% year-on-year in the Tsecond quarter, data showed Sabic sale’ yesterday, in what offi cials described as an “economic rebalancing” before an expected second-half slowdown as Reuters Turkey grapples with a currency crisis. Dubai In a Reuters poll, the economy had been expected to grow 5.3% in the sec- ond quarter. audi Arabia’s sovereign The lira fi rmed to 6.4581 against the wealth fund has chosen Gold- dollar after the data from 6.4850 be- Sman Sachs, Bank of America forehand. Merrill Lynch and Michael Klein Second quarter gross domestic as advisers on its planned sale of a product (GDP) expanded a seasonally stake in petrochemicals fi rm Sabic and calendar adjusted 0.9% from the to Saudi Aramco, sources familiar previous quarter, data from the Turk- with the process said. ish Statistical Institute showed. Citigroup Inc has won the Last year the economy grew 7.4%. mandate to advise Saudi Basic Growth was driven by domestic de- Industries Corp (Sabic), two of mand despite a moderate slowdown in the sources said yesterday, while consumption and investments in the Reuters previously reported that second quarter but the slowdown will JPMorgan and Morgan Stanley are become more visible from the third advising Aramco. quarter, said Finance Minister Berat Goldman, Citigroup and BAML Albayrak. declined to comment. Michael Klein, Rabobank emerging markets forex whose fi rm is also known as M Klein strategist Piotr Matys said that, given & Company, did not immediately re- concerns over the economy overheat- spond to a request for comment. ing, the slowdown from 7.3% in the fi rst State-owned oil company Ara- quarter could be seen as encouraging. mco plans to buy a controlling “The Turkish economy is widely ex- stake in Sabic, possibly taking pected to lose even more momentum the sovereign Public Investment in the coming quarters as a result of Fund’s (PIF) entire 70% holding. signifi cant lira depreciation,” he said, The deal mandate is a major win adding that attention was focused on for Goldman Sachs, which like the central bank’s rate-setting meeting other Western investment banks on Thursday. has built up its Saudi business to Investors expect the central bank to capitalise on the government’s raise interest rates, but the size of the plans to privatise assets and diver- hike will be crucial, Matys added. sify the oil-dominated economy. The bank left rates on hold at its last Klein was previously picked to meeting in July, defying expectations advise Saudi Arabia on its planned of a hike. fl otation of Saudi Aramco and Data last week showed infl ation has experience working on big surged to 17.9% year-on-year in Au- A money changer counts Turkish lira banknotes at a currency exchange off ice in Istanbul (file). The currency has tumbled 41% against the dollar this year. chemicals deals, including acting gust, its highest level since late 2003, for Dow Chemical on its $130bn prompting the central bank to signal it the construction sector grew 0.8% and It also showed end-2018 infl ation The government has been work- bated by a bitter diplomatic row with merger with DuPont in 2015. would take action against “signifi cant services expanded 8%. was seen at 19.61%, up from a previous ing on stimulus measures to stave off the US. Investment banking fees in risks” to price stability. A central bank survey yesterday 16.45%. the expected slowdown in the coming Offi cials have said they expect a Saudi Arabia are modest compared In the second quarter, the agricul- showed 2018 GDP growth was expect- According to a Reuters poll, the quarters. contraction of the economy in the third to elsewhere, while risks are high, tural sector shrank 1.5% year-on-year ed to be 3.4%, down from a previous economy is expected to grow 3.3% in The lira has tumbled 41% against quarter and full-year growth of around making the Sabic deal an especial- while the industry sector grew 4.3%, forecast of 3.9%. the year as a whole. the dollar this year in a slide exacer- 4% — below a 5.5% government target. ly coveted prize.

US wish for zero oil imports Egypt inflation edges higher in August after subsidy cuts from Iran granted by S Korea

Bloomberg “South Korea’s national security depends on its Seoul military alliance with America, which is prompt- ing it to proactively reduce imports before the governments have completed negotiations.” South Korea has become the first of Iran’s The South Korean government’s off icial stance top-three oil customers to fulfil a hard-line US over Iranian sanctions is that it’s continuing demand that buyers cut imports to zero. talks with the US in a bid to seek a waiver. The Asian nation didn’t import any crude from While the Trump administration has softened Iran last month, compared with 194,000 bpd its stance slightly, going from zero tolerance on in July, tanker-tracking and shipping data com- purchases to saying it will consider exemp- piled by Bloomberg show. While bigger consum- tions, they are yet to be granted and buyers ers China and India have curbed buying from still face the risk of being cut off from the the Opec producer, South Korea’s gone one American financial system after the November step further by halting purchases before the US deadline. imposes sanctions on Iran on November 4. “We will consider waivers where appropriate,” Donald Trump’s administration made the US Secretary of State Michael Pompeo said at a demand over Iranian oil after the US president press briefing in New Delhi on Thursday. But “it in May withdrew from a 2015 deal that lifted is our expectation that the purchases of Iranian many sanctions on the Middle East nation in ex- crude oil will go to zero from every country or change for restrictions on the country’s nuclear sanctions will be imposed,” he said. programme. While the relationship between Trump and Trapped in a decades-long war in the Korean Kim was fraught in the initial phase of the US peninsula, the South’s government has relied president’s rule, diplomatic relations have on the US to pressure the North’s leader, Kim since warmed, culminating in a historic summit Jong-un, to abandon its nuclear programme. between the two in Singapore in June. Political ties to America mean it can’t ignore South Korean President Moon Jae-in said Trump A man carries baked bread on his head along a street in Cairo (file). Egypt’s annual urban consumer inflation rose to 14.2% in August from 13.5% Trump’s order for allies to adopt a tough policy deserves “great credit” for bringing the North to in July, statistics agency CAPMAS said yesterday, as subsidy cuts continued to take a toll on the economy. Core inflation also edged up to 8.83% on Iran, according to the Korea Energy Econom- talks. Earlier this month, Kim told visiting South year-on-year in August from 8.54% in July, central bank data showed. Prices had shown signs of easing earlier this year, retreating from a surge in ics Institute. Korean envoys he was ready to accept “stronger inflation caused by reforms introduced from 2017, linked to a $12bn International Monetary Fund loan programme. The uptick in August was due to “Maintaining relations with the US is of the measures” to restrict his nuclear programme the direct or indirect impact of subsidy cuts and was broadly in line with expectations, said Allen Sandeep, head of research at Naeem Brokerage. utmost importance to South Korea,” Kim Jae- and wanted a declaration with the US to for- The data reinforced expectations that the Central Bank of Egypt (CBE) would keep interest rates steady. The reform programme that Egypt signed kyung, a research fellow at the institute said. mally end the Korean War. with the IMF includes deep cuts to energy subsidies and tax hikes. Gulf Times Tuesday, September 11, 2018 3 BUSINESS

EU and US trade officials meet, but Fed’s Rosengren wants trans-Atlantic rift remains wide two more hikes this AFP riculture remains a “red line” and Brussels that there is no question that it be included in the talks — despite US insistence. Top trade off icials from the US and “The meeting between presi- EU met yesterday to begin eff orts dents Juncker and Trump allowed to turn a much heralded deal to a return to dialogue, and that’s year as economy grows avert a trade war into a concrete positive,” he said. “Beyond that, long-term agreement. we have no illusions. Bloomberg is designed to make banks set After the meeting, EU trade We’re a long way from a lasting Washington aside capital during good times. commissioner Cecilia Malmstrom solution.” The US delegation did For healthy banks, it’s then re- said she would meet US Trade not explicitly mention the farm duced during bad times, releas- Representative Robert Lighthizer dispute. But its statement ap- ne more interest rate ing the capital for lending. again by the end of the month. peared to nod towards the agricul- hike in 2018 won’t sat- Earlier this year, Rosengren But neither side announced any tural issue by saying: “Specifically, Oisfy Eric Rosengren’s became the fi rst Fed offi cial to immediate breakthrough. “We dis- we hope for an early harvest in the defi nition of gradual. In an in- call for the buff er to be raised cussed how to move forward and area of technical barriers to trade.” terview, the president of the from its current level of zero. identify priorities on both sides,” Off icials had set very low expec- Federal Reserve Bank of Boston He’s since been joined by Fed Malmstrom wrote on Twitter, “and tations for the meeting, which made clear that, barring an un- Governor Lael Brainard and how to achieve concrete results in is the first of several anticipated expected turn for the US econ- three other regional Fed presi- the short to medium term.” sit-downs to map out sectors in omy, he’ll push for two more dents. Chairman Jerome Powell Lighthizer’s off ice called it a which common ground might be increases before year’s end. and Vice Chairman for Supervi- “constructive meeting”.The nego- found. The summer’s mending of With unemployment low and sion Randal Quarles have so far tiators’ cautious response to this fences was already fragile. likely to keep falling, and with not publicly voiced any support first chance to “operationalise” Last week, Trump harangued infl ation at the central bank’s the idea. plans for a limited trans-Atlantic the EU and raised the spectre of 2% target and likely to rise, Rosengren said he’ll continue trade pact came in stark contrast slapping tariff s on Europe’s auto Rosengren said on Saturday. “I making the case. to the enthusiasm surrounding its industry. Auto tariff s would be don’t see any reason why we “Just like I’m willing to talk birth. In July, US President Donald seen as a blow by Germany and wouldn’t continue to gradually about this with you, I am will- Trump and European Commis- would add to existing levies on increase rates.” ing to talk about this with any- sion head Jean-Claude Juncker steel and aluminium that Trump Rosengren said he forecasts one interested in talking about pledged to hold off from further imposed on Europe in June. the US economy to expand at it,” he said. “I think it is better tit-for-tat tariff s and to work The EU imposed a raft of a 3% clip in the second half of policy, and if it is good policy, towards scrapping customs duties counter-duties in return. the year. we should have a discussion.” on all goods. Last month, Malmstrom said a Fed offi cials are widely ex- Rosengren: Favouring to keep rates moving higher next year as well. Asked whether he thinks Both sides hailed the deal as a trade deal could include scrapping pected to lift rates when they his argument is being heard major breakthrough, but subse- transatlantic tariff s on autos, but meet later this month. While Rosengren, who’ll vote in economy, investing behaviour several risks that could knock in Washington, Rosengren quent statements showed that Trump swiftly excluded the pos- the prospects of another in- 2019 on the policy making Fed- and fi nancial markets. the economy off course, includ- said, “You can be the judge of disputes persist, especially over sibility, arguing that Europe was crease in December have also eral Open Market Committee, Rosengren, who’s led the ing trade disputes, the potential that. I started out as a voice agriculture, which Washington virtually closed to US cars. been rising in the eyes of in- said his estimate of “normal” Boston Fed since July 2007, de- for slowing growth in China, of one; there is more than one insists will be a key part of any “It’s not good enough,” Trump vestors, it remains unclear for the Fed’s benchmark inter- clined to say whether the Fed and turmoil in other emerging voice’’ now. agreement. said, speaking of the Brussels whether policy makers will fol- est rate is, roughly, just below should stop raising rates once it markets. At the Boston Fed’s confer- “Lots of work remains this off er. Trump also worryingly com- low through on what would be 3%, or a full percentage point reaches a spot judged to be nei- He said recent stresses in ence, Rosengren and former autumn, our services will be pared the EU to China, which on a fourth move in 2018. above current rate. ther adding fuel to the economy countries such as Turkey and Treasury Secretary Lawrence in close contact in the coming Friday received a threat of tariff s Rosengren had no hesita- Once among the Fed’s dovish nor hitting the brakes, a level Argentina weren’t so severe Summers both warned that in- weeks,” Malmstrom said, promis- on all goods exported to the US. tion in favouring a fourth in- voices, Rosengren pivoted to a known as the neutral rate. that they would aff ect the US terest rates are likely to crash ing that technical teams will meet “The European Union is almost crease and went further, saying more hawkish stance in 2016 “I wouldn’t be supportive economy, so the Fed shouldn’t back to zero in the next down- in October. Under pressure from as bad as China, just smaller,” he wants to keep rates moving as unemployment fell into ter- of saying there’s something react to them. Still, “we should turn, complicating the ability France, Europe refuses to allow Trump told Bloomberg on August higher next year as well. ritory that he believed might special about” hitting neutral, be sensitive” to these risks, he of the central bank to pull the farm goods be included in trade 31. But the Europeans, led by jit- “Going beyond just the next eventually fuel excess infl ation. Rosengren said. “We want to said, “and not over-confi dent.” economy out of recession by negotiations, creating a sticking tery Germany, want the US at the two hikes, I see no reason why He also began worrying about a get back to a more normalised Rosengren, 61, repeated his simply lowering rates. point that Malmstrom and Light- negotiating table and seem ready we wouldn’t want to be at a potential bubble in commercial monetary policy, but there’s no call for the Fed to activate a Summers also called the re- hizer must get past. to hand Trump small victories in more normalised rate, given the real estate. On Friday and Sat- reason necessarily to pause at safety cushion for big banks sults of the most recent Federal “The idea is that the com- exchange for a truce. economic conditions we cur- urday, he hosted a conference any point until we think we’re at known as the counter-cyclical Reserve stress test of the largest mission and the United States Since July, the EU commission rently have, unless something at the Boston Fed dedicated to the appropriate place for where capital buff er. Set by the cen- banks “comically absurd,” and agree on a framework document, has announced a series of com- changes dramatically that we’re studying the impact of long- the economy is.” tral bank’s Washington-based he said regulators should boost perhaps by the end of the year,” a mitments to the US, but observers not anticipating,” he said. term low interest rates on the Rosengren acknowledged Board of Governors, the buff er capital at fi nancial institutions. European source told AFP. note that these are largely done “Trump and Juncker have an deals. Most celebrated by the agreement, but in reality, we didn’t White House is a huge increase completely agree on the scope of in European purchases of US soy- the discussions,” she added. beans that Trump says vindicates French Economy Minister Washington’s toughness and Americans feel upbeat about wages despite confl icting evidence Bruno Le Maire told AFP that ag- resolve against its partners. Bloomberg the economy in general, so they believe wage-growth fi gures to account for new didn’t surpass 78.6% until September New York higher pay is only a matter of time. Or and returning workers. This resulted in a 2017. It’s currently 79.5%. maybe it’s the data. gain of as much as 2 percentage points to The Conference Board’s question on The jobless rate has been at or below median weekly earnings growth. confi dence is about income and not wag- conomists say the country is close 5% for 36 straight months. But infl ation- Labour fl ows and a lower prime-age es, according to Lynn Franco, who directs to full employment, but pay gains adjusted wage growth is at an ebb, too. employment ratio - meaning the per- surveys at the research organisation. Efor American workers have been It was actually negative on a year-over- centage of 25- to 54-year-olds who have That might skew results slightly in favour fl at since 2015. Even last week’s upward year basis in July for the fi rst time since jobs - provide support for the composi- of stock-market investors and entre- blip in wage growth could be wiped out January 2017. tion argument. preneurs who are more likely than wage by infl ation. Wage-growth numbers have what’s “Seven in 10 people who get jobs earners to see blue skies ahead, even with Yet Americans haven’t been this opti- called a composition bias, according to weren’t actively looking,” said Elise employer compensation remaining “the mistic about future pay raises since the Marta Lachowska, a senior economist Gould, a senior economist at the Eco- primary source for most folks.” century began, according to the Confer- at the WE Upjohn Institute for Employ- nomic Policy Institute, a progressive Whatever the reason, don’t dismiss ence Board’s monthly surveys. ment Research in Kalamazoo, Michigan. Washington think tank. “They’re coming consumer expectations, said George The question is why. That means “lots of people are coming from outside the labour force,” which in- Selgin, director of the Center for Mon- Answers are elusive. Maybe they an- off the sidelines and getting hired at rela- cludes those who are working and seek- etary and Financial Alternatives at the ticipate companies will fi nally include tively low wages,” which could be drag- ing work. libertarian Cato Institute. them in the bounty of record corporate ging down statistics. The prime-age employment ratio bot- “These sentiment surveys are at least Malmstrom: Expecting to achieve concrete results soon. profi ts. Perhaps the 3.9% unemploy- To correct for this, the Federal Re- tomed out at 78.6% in 2003. The Great as reasonable as any economist’s predic- ment rate has them feeling good about serve Bank of San Francisco has adjusted Recession dragged it to 74.8%, and it tions,” Selgin said. “Including mine.”

Funding Circle plans October Aiming at Putin with sanctions, listing in British ‘fi ntech’ fi rst US may hit emerging markets

Reuters stake of up to 10% up to a maximum valu- Bloomberg In the first two months of the year, London ation of £1.65bn, via his holding company Moscow Russia’s local- currency bonds handed Heartland. investors the second-best return in Peer-to-peer lenders work by match- emerging markets. After the April unding Circle will test investor de- ing borrowers with retail and institutional If US sanctions flip Russia to basket penalties, they’ve brought a 22% loss, mand for British peer-to-peer lend- investors willing to lend for a return, with case from haven, a fresh stampede the worst result after Argentina, Turkey Fers in a listing scheduled for Octo- Funding Circle focusing on small and me- from emerging markets could be in the and South Africa. Yields on Russia’s ber and expected to value it at more than dium-sized businesses. cards, according to some investors and 10-year local bonds jumped a half £1.5bn ($1.94bn). Capitalising on high-street banks’ re- analysts. percentage point last week, the biggest As the fi rst of Britain’s new breed of fi - treat from lending to that sector since the On Thursday, Russian off icials in increase since the 2016 oil slump. nancial technology fi rms to IPO, the com- fi nancial crisis, it has facilitated more than Moscow basked in the glow of their “It is diff icult for the market to pany backed by Danish billionaire Anders £5bn in loans to more than 50,000 compa- balance sheet and the central bank distinguish between idiosyncratic risk Holch Povlsen and launched in 2010 hopes nies in Britain, the United States, Germany chief gave a speech at the International and a more broad-based sell-off ,” said to raise around £300mn from the listing on and the Netherlands. Monetary Fund in Washington on her Anders Faergemann, a fund manager the London Stock Exchange. Competing with rivals like RateSet- successful experience managing past at Pinebridge Investments Europe Ltd Some in the fi nancial industry are con- ter and Zopa, Funding Circle has enjoyed crises. Meanwhile, government bonds in London, which oversees $87bn and cerned about whether upstart peer-to- quick growth and status as one of Britain’s and the rouble breached the lowest is underweight on Russia. “So you can- peer lenders challenging established banks most promising fi ntech ‘unicorns’ — start- levels in more than two years. not rule out increased volatility on the will be able to weather an economic down- ups whose valuation has risen above $1bn. What was scaring investors was Banning new debt purchases by proposal forbidding Americans from back of further Russia sanctions.” turn and similar platforms in the United The company has not yet turned a profi t, happening down the street from the US investors won’t have much of an holding new Russian sovereign debt The rouble extended its slide yes- States have seen their shares tank after however. It lost £35.3mn in the year to De- IMF lecture, in a Senate hearing where impact on Russia’s ability to finance will even be adopted. But with US terday, losing 0.5% to 70.26 per dollar, hitting problems. cember 2017, according to its IPO registra- legislators were debating new sanc- itself, since its budget is in surplus and midterms approaching, the threat of set for its weakest since March 2016. Funding Circle said yesterday that now tion document, and lost £46.6mn the year tions on Russia. One of the proposals the central bank has plenty of cash to tougher penalties to punish Moscow Yields on 10-year local bonds climbed was the right time to IPO to demonstrate before. under consideration has been dubbed help out if needed. What worries Riba- for alleged elections meddling has for a fifth day, adding 10 basis points to its maturity, transparency and governance The sector also faces a crackdown from the “bill from hell,” in part because it kova and others is the impact the fall grown, forcing investors to reassess 9.33%, the highest level in more than to both investors and borrowers. the Financial Conduct Authority, which includes a ban on buying new sover- of an erstwhile safe harbour could do one of their favoured local-currency two years, amid speculation a central- The listing will include new and exist- plans to tighten rules after poor practices eign debt. to what’s left of the confidence across overweight positions. bank rate increase may be in play for ing shares and be open to retail investors, by some fi rms. “Given the near-crisis situation in emerging markets. Since the US imposed its toughest the first time since 2014. it added. It said it will use the proceeds to RateSetter left the industry’s trade emerging markets, putting sanctions “It’s an unpleasant situation for round of sanctions to date in April, That’s all despite the country’s strengthen its balance sheet in order to body after revealing it had bailed out on the only market where until recently portfolio managers because there’s not foreign investors pruned their holdings current-account surplus, and the fifth- take advantage of opportunities in existing bad loans without disclosing this to in- investors could hide would trigger really anywhere to run to when you of local debt from a record high of biggest real return for its asset class. or new geographies, including by spend- vestors, while in the United States the massive contagion risk,” said Elina have a developing market mandate,” 34.5% to about 26% to 27%, according The Bank of Russia’s foreign cash pile is ing on marketing in order to grow brand founder and former chief executive of Ribakova, a fellow at the Bruegel think said Vladimir Tikhomirov, an economist to Konstantin Vyshkovsky, the head near the largest in four years. Oil, Rus- awareness. listed peer-to-peer lender LendingClub tank in Brussels and former EMEA with the BCS brokerage in Moscow. of the Russian Finance Ministry’s debt sia’s main export earner, is just a few Povlsen, an investor in companies such Corp borrowed from the company to in- research head at Deutsche Bank. It’s unclear whether the bipartisan department. dollars off the highest point since 2014. as ASOS and Zalando, has agreed to take a flate its loan volumes. Gulf Times 4 Tuesday, September 11, 2018 BUSINESS

EM rout takes aim at India amid India rupee sinks to new record widening deficit low; Sensex sheds 467 points Bloomberg Dubai

Bloomberg of GDP for the year amid rising com- Mumbai modity prices and fund outfl ows, said India became the latest epicen- Dhananjay Sinha, an analyst at Emkay tre of the nervousness sweep- Global Financial Services. He expects ing risky assets as stocks, bonds he Indian rupee and bonds sunk the rupee to weaken further to as low and the rupee fell. Goldman after the current-account defi cit as 75 per dollar and sees the benchmark Sachs Group said emerging- Twidened to the most in fi ve years, yield reaching 8.40%. market currencies, which as an emerging-market rout raises in- Global funds sold $601mn of India’s dropped every day but one this vestor scrutiny of countries with wors- bonds this month, more than the com- month, were undervalued, while ening balance of payments. bined $459mn that they bought in July Nomura Holdings warned inves- The rupee slid as much as 1.3% yes- and August. tors not to lump all developing terday to a new low of 72.6738, leading Concerns over an oversupply of sov- nations together. losses among Asia’s emerging-market ereign bonds had contributed to the The rupee sank as much as currencies. Sustained weakening has selldown earlier this year, and there are 1.3%, while stocks dropped the prompted authorities to ask the central little signs of relief. most since March and bonds fell bank to intervene more aggressively to The right level for the rupee is 68-70 to the lowest level since 2014. support the currency, people familiar per dollar, with 72 being “perhaps an Turkey’s lira also weakened, with the matter said. outer limit or beyond the reasonable pushing the benchmark MSCI “While the Reserve Bank of India outer limit for depreciation,” Economic index of currencies close to has been intervening in the FX mar- Aff airs Secretary Subhash Garg told dropping below its 200-week ket, the size of recent intervention the Economic Times in an interview. moving average for the first time looks to be a lot less compared to “Those operators who are trying to take since early 2017. South Africa’s before,” said Khoon Goh, head of re- advantage of this contagion feeling in rand bucked the retreat, extend- search at Australia and New Zealand emerging markets may come to grief ing its advance to a third day. Banking Group in Singapore. “The later,” he said. Though India’s current- rupee’s continued decline stems from Meanwhile Indian stocks fell, ex- account deficit was narrower dollar strength and concerns over In- tending their drop from last week, as than expected, the fact that dia’s external position.” the slide in the rupee amid a selloff in it widened at all – it was the State-owned lenders were seen sell- emerging-market assets threatened to biggest shortfall in five years ing dollars, possibly on behalf of the slow economic growth and dent a re- – was enough to rattle traders. central bank, around 72.50-72.65 levels covery in company earnings. The government asked the in early trading, Mumbai-based traders The BSE Sensex closed lower by central bank to bolster eff orts to said. The banks were subsequently not 467.65 points, or 1.22%, to 37,922.17, support the rupee, Asia’s worst- seen intervening heavily, they said. The while the Nifty 50 fell 151 points, or performing currency in the past rupee closed down 1% to 72.4575 per 1.30%, to close at 11,438.10. All but one month, people familiar with the dollar. of the 19 sector sub-indexes compiled matter said. The rupee has been roughed up in by BSE declined, with utilities sliding Investors have been the past month amid a selloff sweeping 1.3% on a proposal to change laws gov- increasingly concerned about emerging markets following a rout in erning their business. countries with unsustainable the currencies of Argentina and Turkey. Axis Bank gained the most on the current-account and fiscal defi- The currency has set a string of record gauge after appointing a new chief ex- cits as well as accelerating infla- lows, dampening some of the optimism ecutive offi cer. tion and higher-than-average about India’s world-beating economic The equities benchmark retreated foreign ownership of domestic growth that sent the local stock market 0.7% last week, its worst performance debt, according to State Street to record highs last month. since the last week of June. Global Advisors. The weakness is credit negative for The rupee weakened to a fresh low as These are the markets that companies which generate revenue in the US threatened to impose more tar- are “more prone to global mood rupees but rely on US dollar debt to iff s on Chinese goods. swings,” said Abhishek Kumar, fund their operations, Moody’s Inves- “The weak rupee remains an over- the London-based sector head tors Service said yesterday. The rupee closed down 1% to 72.45 per dollar yesterday hang on earnings growth outlook and for emerging markets, fixed- The government is conscious about stretched valuations,” Soumen Chat- income beta. the rupee’s slump, and the central bank overseas Indians, to stem the selloff , mark yield climbed 13 basis points to seen in the March quarter, according to terjee, head of research at Guiness Se- If US sanctions flip Russia is intervening when needed, a fi nance the offi cial said. The comments helped 8.16%, the highest since 2014, while the RBI. The worst may be yet to come curities Ltd in Kolkata, said by phone. to basket case from haven, a ministry offi cial said, asking not to be the rupee pare the day’s losses that the 30-stock S&P BSE Sensex had its as the oil import bill for the world’s India’s benchmark is trading at 18.6 fresh stampede from emerging identifi ed citing rules. were fuelled in part by data that showed biggest drop since March. fastest-growing oil user surged 76% in times 12-month forward earnings, markets could be in the cards, The government may take steps, in- the current-account gap widened in The defi cit represented 2.4% of gross July from a year earlier to $10.2bn. compared to 11 times for its emerging according to some investors cluding introducing a deposit plan for the June quarter to $15.8bn The bench- domestic product, more than the 1.9% The gap will probably widen to 2.5% market peer. and analysts. Rand advances every day since closing at the weakest level since 2016, adds as much as 0.8% yesterday. The world’s developing economies have been reeling Hong Kong and Shanghai lead sell-off across Asian bourses this year from a combination of escalating trade tensions, AFP running battle between the world’s top the weekend won’t have helped. Time the gradual end of central-bank Hong Kong two economies. However, Trump told to be a little more realistic about this policy accommodation and a reporters on Air Force One later that trade war and a little less sanguine me- raft of idiosyncratic risks from day that “there’s another $267bn ready thinks,” said Greg McKenna, chief mar- contentious elections in Brazil ong Kong and Shanghai led to go on short notice if I want”. ket strategist at AxiTrader. to controversial land-reform a broad sell-off across most That would cover virtually all the Singapore slipped 0.6% and Taipei measures in South Africa. HAsian markets yesterday after goods the United States imports from shed 1.1%, while Bangkok and Jakarta The rout has pushed Donald Trump threatened to impose China. Beijing has threatened to retali- were also sharply lower. emerging-market currencies tariff s on all Chinese imports, ramping ate against any measures out of Wash- But Tokyo and Seoul both ended into undervalued territory, up fears of an all-out trade war between ington. 0.3% higher. especially the real, the rand and the world’s top two economies. “Markets had some hope that as On currency markets the strong rouble, according to Goldman The president’s comments on Fri- we got to that deadline there would US jobs report added to expectations Sachs analysts Mark Ozerov and day added to the uncertainty on trad- be some concessions, but there’s re- the Federal Reserve will hike interest Kamakshya Trivedi. ing fl oors, which have also been hit by ally escalation,” Sean Fenton, director rates at least two more times this year, Nomura is calling for inves- concerns of a brewing fi nancial crisis in at Tribeca Investment Partners, told putting further upward pressure on the tors to diff erentiate between emerging markets. Bloomberg Television. dollar. economies across emerging They also overshadowed data show- There is also nervousness that The greenback has already rallied markets. Analysts including ing a bigger-than-forecast jump in US talks between the US and Canada on against a number of emerging markets Robert Subbaraman, the Singa- jobs creation for August and sent all a revised North American Free Trade units — with India’s rupee at record pore-based head of emerging- three main indexes on Wall Street into Agreement had still not wrapped up. lows and the Indonesian rupiah at a 20- markets economics, used an negative territory. Hong Kong stocks suff ered the year trough — on fears that economic early-warning model to show There was some relief earlier Fri- sharpest losses, falling 1.3%, while crises in Argentina, South Africa and that seven nations – Sri Lanka, day that Trump did not immediately Shanghai ended down 1.2% with news Turkey could spread globally. South Africa, Argentina, Paki- impose levies on $200bn of Chinese that China’s trade surplus with the US In Tokyo, the Nikkei 225 closed up stan, Egypt, Turkey and Ukraine goods after the passing of a deadline for hit a record in August — adding to con- 0.3% to 22,373.09 points; Hong Kong – are at risk of an exchange-rate a public consultation. cerns Trump will push ahead with the — Hang Seng closed down 1.3% to crisis, five of which are already The threatened tariff s would add to tariff s. 26,613.42 points and Shanghai Com- in turmoil. South Africa and An exterior view of the Hong Kong Stock Exchange building. The Hang Seng the $50bn in imports already targeted “Chinese trade data and a balloon- posite ended down 1.2% to 2,669.48 Pakistan are the standouts. closed down 1.3% to 26,613.42 points yesterday. and mark a major step up in the long- ing record surplus with the US over points yesterday. Fears over a rapid escalation of trade wars hit emerging markets

Reuters ing around 0.5% and edging back towards a 17 the dollar for the fi rst time since March 2016 London month low hit last week. before recovering its losses, buckling under “Emerging economies have borne the brunt pressure from uncertainty about US sanctions of the market stress since the start of the year,” and concern ahead of a central bank meeting on ears over a rapid escalation of trade wars Didier Saint-Georges, managing director at Friday. hit emerging markets yesterday, send- French asset manager Carmignac wrote in a Governor Elvira Nabiullina said rates could Fing stocks to a fresh 2018 low and hurting note to clients. stay on hold or go higher. major currencies with India’s rupee tumbling to “In drying up the global fl ow of dollars, the But Kremlin economic aide Andrei Belousov record lows and Russia’s rouble at its weakest in Fed has weakened the entire EM asset class and said a rate increase would be “highly undesir- two years. literally wrecked those countries most reliant able”, echoing comments by Prime Minister MSCI’s emerging market equity index on dollar fi nancing. Dmitry Medvedev who stated late last week that slipped as much as 1% to hit its weakest level The trade standoff initiated by the Trump lending rates should be lower. since July 2017 with markets in Asia chalking up administration thus amounts to a double Turkey’s lira also slipped around 0.5% with hefty losses after US President Donald Trump whammy, with contagion doing the rest of the data out earlier in the day showing the econo- warned on Friday he was ready to slap tariff s damage.” my had grown 5.2% in the second quarter be- on virtually all Chinese imports to the United Facing a widening emerging market selloff , fore an expected slowdown in the second half States. India’s rupee plumbed a fresh record low, with of the year. Markets are awaiting the outcome Beijing warned it would retaliate. Chinese nationwide protests adding to the pressure of a central bank meeting on Thursday, where mainland stocks ended as much as 1.5% lower while an offi cial at the country’s nance fi minis- policy makers are expected to fi nally hike in- with shares in suppliers to Apple Inc dropping try pledged the government would take meas- terest rates, though some analysts have voiced after Trump tweeted on Saturday that Apple ure to stem the slide in the currency. concern that with the country in a full-blown Inc should make products in the United States With a general election less than nine months currency crisis and infl ation near 18%, it may if it wanted to avoid tariff s on Chinese imports. away, demonstrations against record high pet- come too late to avert a hard landing. Bourses in export heavyweights such as Hong rol and diesel prices shut down businesses, Meanwhile Turkey’s Finance Minister Be- Kong and Taiwan as well as India’s BSE index government offi ces and schools in many parts rat Albayrak also said a recent fluctuation in nearly matches those declines. of India while in some places protesters blocked markets showed the country required a more Emerging currencies painted a similar down- trains and roads and vandalised vehicles. decisive fight against inflation and current beat picture, with the EM currency index fall- Russia’s rouble weakened beyond 70 versus account deficit. Gulf Times Tuesday, September 11, 2018 5 BUSINESS A record chip stock rally is fraying, reviving painful memories

Bloomberg over-supply. Chips in smartphones, will reduce shipments of its equipment It takes months to build, deliver and Micron’s recent run of growth and erg Intelligence analyst, said. “I think San Francisco chips in cars, chips for cryptocurrency in the second half of the year, the com- qualify a piece of machinery used in a profi t has clearly been seductive. Un- semiconductors are the new industri- mining - when one source of demand pany warned. semiconductor factory. This has his- til May, the stock had been among the als. If you have that perspective, then fades, another takes its place. The disclosure touched a nerve be- torically made orders for this expensive best performers in the semiconductor this is more of a bump along the way.” he rally in chip stocks has been But for bulls sitting on three-year cause the memory chip business, his- gear a leading indicator of the whole index, logging a more than fi ve- fold Still, he said that after such a long going on so long that a genera- gains exceeding 1,000% in stocks like torically one of the industry’s least electronics supply chain. gain since 2016. But it’s now fallen 28% run of gains, this would be an ideal time Ttion of bulls has no idea what a Nvidia Corp and Advanced Micro De- forgiving sectors, has seen demand “If I’m starting to see a slowdown in from a 17- year high on May 29. when “logically one could de-risk.” bust feels like. They may be about to vices Inc, this year has been a test of outstrip supply for two years. Delay- demand for equipment, that tells me At the centre of the debate about Broadcom Inc, one of the biggest sem- fi nd out. nerves. ing plans to expand output of memory that something’s out there that’s mak- cycles are claims by the industry that iconductor companies with products No single bad day is sowing the “I’ve been through these cycles and chips could be a sign that the good ing chipmakers hesitate to commit to it has untethered itself from fl uctua- that span a broad range of end markets, angst. It’s the frequency of market I know how devastatingly painful they times are about to be over. fi xed investment,” Morgan said. tions in specifi c markets for devices like gave an earnings forecast late Thursday routs. Episodes like this week’s 2.9% can be,” Daniel Morgan, senior portfo- The comments from KLA-Tencor, The memory chip business is notori- personal computers and smartphones. that helped dispel fears of an all-encom- plunge in the Philadelphia Semicon- lio manager at Synovus Trust Co, said. which gets much of its revenue from ous for wild swings between profi t and Data centres, factory equipment, home passing drop in demand. Chief executive ductor Index have happened once eve- “I’m not ready to call a top right now. I memory makers like Samsung Elec- loss. Memory chips, which are crucial appliances, vehicles and new items such offi cer Hock Tan said some markets are ry 10 days in 2018. That’s double the think it’s going to be a more splintered tronics Co and Micron Technology Inc, components of personal computers as home smart speakers are adding to weaker and others are on the rise. rate of the last fi ve years, according to market with some areas stronger than sent semiconductor stocks tumbling. and smartphones, are sold like com- demand, the story goes. The desire to It’s indisputable that this semicon- data compiled by Bloomberg. others.” On Thursday, KLA-Tencor and Micron modities, and producers have histori- make everything think for itself needs ductor cycle compares favourably to The turbulence is testing faith in an The soul searching kicked up again had their biggest single-day drop in cally had mixed luck matching supply processors and the explosion of data past ones. Using a 20% threshold as a industry that’s been arguing the pun- recently when semiconductor gear two years. with demand. demands more memory and storage. yardstick for booms and busts in chip ishing boom-and-bust cycles of the maker KLA-Tencor Corp said some The mixture of chip equipment and Factories must run 24 hours a day, “Everybody ought to step back for a stocks, the sector has experienced the past are over. Digital products are so memory chipmakers were delaying memory stress is a potent one for vet- making periods when prices fall below second and consider the broader pic- longest bull markets in its history over ubiquitous that there’s little risk of plans to expand factory capacity. That eran investors in the $400bn industry. the cost of production doubly painful. ture,” Anand Srinivasan, a Bloomb- the past six years. Volvo Cars drops IPO due to trade Aluminium industry risks tensions and auto stocks downturn return to crisis with

Reuters US-China tariff s, however, Beijing/Paris and has said it will juggle production of its XC60 SUV to reduce their impact. Rusal left out in the cold olvo Cars and its Chi- It delivered 61,480 cars nese owner Geely in China in the fi rst half, a Bloomberg Vhave postponed plans fraction of BMW’s or Audi’s London to fl oat shares in the Swed- sales. ish carmaker, blaming trade Geely, which paid Ford tensions and a downturn in Motor Co $1.8bn for Volvo in he aluminium industry is running automotive stocks. 2010, also has stakes in Mer- out of time to avoid another crisis as But while Volvo’s plans for cedes-Benz parent Daimler, TUS sanctions leave United Co Rusal a Stockholm listing were de- truckmaker AB Volvo and locked out of crucial contract negotiations layed indefi nitely, Britain’s Lotus. kicking off this week in Berlin. Aston Martin vowed to push Geely and its boss Li Shufu The US allowed Rusal customers with ahead with its own initial had concluded that Volvo existing supply deals to keep doing busi- public off ering. should make deeper inroads ness with the company until October 23, “We’ve come to the con- into the Chinese market be- but not to sign new contracts. Unless the clusion that the timing is fore listing, a person familiar US Treasury lifts the sanctions in time - not optimal for an IPO right with the group’s thinking which remains a possibility - the No 2 sup- now,” Volvo chief execu- told Reuters. plier of aluminium will be sidelined from tive Hakan Samuelsson told And Volvo, which is devel- the annual negotiations and could soon Reuters by telephone yester- oping Polestar as an electri- be forced to scale back output of products day, confi rming a decision fi ed performance brand and used in everything from alloy wheels to air- which was fi rst reported by owns a stake in Geely stable- plane fuselages. the Financial Times. mate Lynk&Co, has “other The aluminium industry is still reel- Volvo and its Chinese par- alternatives” to raise fi nance, ing from April’s crisis, when US sanctions ent had been discussing an Samuelsson said. targeting oligarchs including Rusal’s bil- IPO to value the carmaker at The IPO postponement lionaire owner Oleg Deripaska forced cus- between $16bn and $30bn, refl ects bigger concerns tomers to stop dealing with the company, sources have previously said. about “price development sending prices spiking. Rusal is the biggest The company said a list- after a potential IPO” rather aluminium producer outside of China and ing was still possible in the than about the initial valu- its refi ning operations form a crucial cog in future. ation, the CEO added, cit- the global supply chain. But Samuelsson said IPO ing sensitivities over the Calm returned to the market after the US prospects had dimmed with prevalence of public pen- softened its stance to introduce the October the business cycle, amid a sion funds among Swedish 23 deadline. However, that’s now threaten- broad-based decline in au- investors. ing to unravel unless Rusal can secure a deal tomotive shares that has “What made me nervous with the Treasury soon. The industry typi- dragged the Stoxx 600 Autos especially was leaving head- cally negotiates annual supply deals on the & Parts index 15% lower so room for investors” amid sidelines of the Metal Bulletin aluminium far this year. growing market uncertain- conference, taking place this week. Employees enter the headquarters of United Co Rusal in Moscow. The aluminium industry is running out of time to avoid another crisis Even before the recent ties, he said. Deripaska’s representatives are in con- as US sanctions leave Rusal locked out of crucial contract negotiations kicking off this week in Berlin. sell-off , however, some ob- Swedish telecoms operator stant contact with the Treasury, but there’s servers doubted the $30bn Telia drew public wrath after no indication when a deal might be reached, surging back toward all-time highs. Physi- agreement for Rusal’s metal that’s been the company, and the Treasury has stressed upper end of Volvo’s target its shares sank from their said two people familiar with the situation, cal market prices for so-called value-add- cornerstone of its aluminium trading busi- that it’s eager to strike a deal to avoid valuation. 2000 debut. asking not to be identifi ed as the informa- ed aluminium products supplied by Rusal ness for years, but which is set to expire at putting the company out of business. “We had expressed our For a domestic car brand, tion isn’t public. Without a resolution this are sky-high too, and buyers across the in- the end of 2018. But with the discord between the US and reservations concerning such a setback could dent month allowing it to sign new contracts, dustry are racing to lock in contracts with „Novelis, which makes aluminium sheet Russia deepening and ahead of November’s lofty valuation ambitions both image and sales. Rusal may be forced to start shutting down rival producers. used in cars and drinks cans, has already congressional elections, there are concerns before,” Evercore ISI analyst Samuelsson also said some product lines, they said. Deripaska’s Here’s why Rusal sanctions throw the secured alternative supplies and is con- that it will be too diffi cult politically for the Arndt Ellinghorst said yes- that Aston Martin, as press service declined to comment. aluminium supply chain into chaos: fi dent of meeting customers’ needs, the Treasury to roll back sanctions before the terday.” Trade wars are just a pure luxury play, was The looming supply shock is not being „ Options traders are also bracing for company said in a statement. October deadline. one red fl ag.” “more like Ferrari” — refl ected in aluminium prices, which are turmoil, with implied volatility spiking Norsk Hydro, a key buyer of Rusal’s alu- “It’s two months before the mid-term Washington’s escalating whose widely envied list- back at the same levels as before the sanc- back toward the record levels seen in April. mina, has “multiple business relations with elections, so who is going to sign off on trade spat with Beijing and ing came close to late boss tions were announced. Traders appear to „ Rio Tinto Group, which is both a sup- Rusal so we’re looking into how a potential that?” asked Eoin Dinsmore, a consultant tensions with Europe have Sergio Marchionne’s €10bn be taking comfort from the Treasury’s as- plier to and a customer of Rusal, was forced action could impact us,” said spokesman at CRU Group in London. “In the best- rattled automotive investors, target valuation. surances that it is targeting Deripaska, not to suspend contracts briefl y with the com- Halvor Molland. case scenario, we see a further extension adding volatility to market Like Volvo, Aston Martin Rusal’s workers or its global aluminium pany in April. It may need to do so again There’s still a possibility that the cri- for Rusal, but the US-Russia relationship outlooks. was once owned by Ford. “I business. unless the Treasury agrees to lift sanctions sis will be averted. Rusal shareholder En+ is highly political, so we could even see Volvo is less exposed than wish them luck with their That’s not the case for alumina, a key raw soon. Until there’s a resolution, Glencore Group has put forward a detailed proposal something even more severe that the mar- its German premium rivals to IPO,” Samuelsson said. material used to make aluminium, which is will be unable to renew a multi-year off take to loosen Deripaska’s infl uence on the ket isn’t expecting.” Biotech IPOs near record as some startups sit out the bash

Bloomberg ing Gritstone Oncology, which seeks to de- leapt 46%, giving Juno a valuation of called unicorns in biotechnology — private Boston velop personalized immunotherapies, and roughly $2.7bn. Then, this past January, companies valued at $1bn or more. One Urovant Sciences, a Vivek Ramaswamy- the company was snatched up by Celgene of the biggest beneficiaries has been backed urology company, are planning to Corp for $9bn. Celgene has said it hopes to Moderna Therapeutics, which has raised Biotechnology companies have been go public. Even as those firms race to the get approval for Juno’s promising cancer $2.6bn. going public at a blistering pace this year, stock market, other companies that might immunotherapy by 2019. The company has said that it has a even as private investors are pouring have rushed to cash in on the IPO frenzy The lure of that sort of fast return has valuation of about $7bn — more than more and more money into younger and are choosing to hold off . drawn investors who typically invest in Agios Pharmaceuticals, which has devel- younger startups. One reason is that thanks to low inter- early-stage public companies or firms that oped two FDA-approved drugs since its Through Friday, there were 38 new US est rates and a hunt for higher returns by are on the verge of going public, known as founding in 2008 and is now worth about stock listings by biotech companies this institutional investors, biotech startups crossover investors, into earlier financing $4.4bn. Moderna, established in 2010, has year, raising almost $3.9bn, the highest have access to more capital than ever. rounds, which in turn have become larger. one therapy in the second phase of clinical dollar amount since a wave of market Founders of several startups told According to a report by MassBio, an study and a pipeline of 20 others in earlier debuts by upstart drugmakers in 2000 Bloomberg News in recent weeks that industry trade group in Massachusetts, stages of research. was stirred by excitement over an early they are raising more money earlier than the average private financing round for A spokesman for Moderna declined generation of genetic therapies. This time expected. While the funding frenzy has startups in the state jumped to $51mn this to comment. Many companies say that around, amid the recent approvals of the left companies that need capital for ambi- year, up from $34mn in 2017. Crossover the ready supply of investment capital is world’s first gene therapy and Alnylam tious research flush, some observers are investors “are really helping to pour gas allowing them to focus on research. For Pharmaceuticals’ RNA-interference drug, uneasy. on the fire for the IPOs,” said Jon Norris, example, Kaleido Biosciences recently investor enthusiasm isn’t confined to any Many of the newly public firms have no managing director at Silicon Valley Bank. raised $101mn, funds that should last it one area. approved drugs and no near-term prospect “Returns have been so good, and until 2020, according to Executive Chair- Companies that sold stock for the first for making any money. Several companies pipelines have been complaining more ising startup before it hits the stock mar- they’ve been really quick.” As in the tech- man Michael Bonney. Kaleido wouldn’t time in 2018 include Translate Bio, which that sold shares recently — including Trans- loudly about lofty valuations. Merck & ket, the payoff can be substantial. In 2014, nology sector, where dozens of private comment about its future plans. Bonney, is using messenger RNA to develop drugs late Bio and Neon Therapeutics — are trad- Co chief executive Ken Frazier said on a amid another biotech funding frenzy, Juno companies boast valuations north of $1bn, who led Cubist Pharmaceuticals during for rare diseases such as cystic fibrosis, ing below their IPO price. The prospects for conference call in July that small biotechs Therapeutics raised $176mn in its first big the influx of investor cash is beginning to its $9.5bn sale to Merck in 2015, said and Neon Therapeutics, which describes getting out of private biotech investments have access to ample capital and “the private financing round. Months later, the put very rich price tags on a number of excitement in the general public as well as itself as a platform for developing cancer are also increasingly unclear. deals that are getting done are being done company debuted on the Nasdaq Stock unproven enterprises. vehicles such as exchange-traded funds immunotherapy treatments. Large drugmakers that typically acquire at very high prices and premiums.” Market at a $1.9bn valuation. According to venture capital tracker that give retail investors more access may In the coming weeks, companies includ- young companies to replenish their own For investors able to crowd into a prom- On the first day of trading, the shares PitchBook, there are at least seven so- also be driving the bull market. Gulf Times 6 Tuesday, September 11, 2018 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 16.62 0.36 242,530 Specialities Group Holding C 75.00 1.90 215,390 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 16.24 -0.61 365,506 Abyaar Real Eastate Developm 18.00 -1.64 3,859,517 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 11.44 0.35 21,000 Kgl Logistics Company Kscc 43.00 0.94 1,438,401 Al-Hassan Engineering Co 0.03 0.00 500 Saudi Printing & Packaging C 16.68 -2.57 264,621 Combined Group Contracting 390.00 1.30 10,396 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 6.95 -0.14 639,862 Jiyad Holding Co Ksc 93.00 0.76 614,401 Al-Anwar Ceramic Tiles Co 0.09 0.00 50,000 Alinma Bank 20.06 -3.09 19,857,339 Boubyan Intl Industries Hold 31.00 0.00 4,010 Al Suwadi Power 0.11 0.00 17,500 Almarai Co 52.70 0.38 122,638 Gulf Investment House Ksc 18.00 0.00 312,300 Al Sharqiya Invest Holding 0.09 -1.05 25,000 Falcom Saudi Equity Etf 30.50 1.33 132,674 Boubyan Bank K.S.C 552.00 -0.54 1,393,482 Al Maha Petroleum Products M 0.78 0.00 - United International Transpo 28.35 -1.22 325,451 Ahli United Bank B.S.C 203.00 0.00 2,616,918 Al Maha Ceramics Co Saoc 0.21 5.13 6,600 Hsbc Amanah Saudi 20 Etf 31.00 0.00 7 Osos Holding Group Co 92.10 0.00 100 Al Madina Takaful Co Saoc 0.10 1.06 293,019 QATAR Saudi International Petroche 19.96 0.30 548,691 Al-Eid Food Ksc 70.00 0.00 5,000 Al Madina Investment Co 0.04 2.33 5,100 Falcom Petrochemical Etf 34.10 0.00 - Qurain Petrochemical Industr 332.00 -1.19 997,926 Al Kamil Power Co 0.38 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 24.40 0.66 324,842 Ekttitab Holding Co Sak 25.00 -1.96 416,005 Al Jazerah Services -Pfd 0.55 0.00 - Bank Al-Jazira 13.78 -0.72 1,433,125 Real Estate Trade Centers Co 23.20 9.95 100 Al Jazeera Steel Products Co 0.27 0.37 6,737 Zad Holding Co 92.50 2.78 1,727 Al Rajhi Bank 83.50 0.24 1,630,749 Acico Industries Co Kscc 220.00 0.00 200,200 Al Jazeera Services 0.11 0.00 124,641 Widam Food Co 71.50 0.70 17,219 Samba Financial Group 29.05 1.75 1,485,854 Kipco Asset Management Co 64.00 -3.90 24,750 Al Izz Islamic Bank 0.09 1.18 338,967 Vodafone Qatar 8.90 0.68 374,457 United Electronics Co 55.90 -3.62 299,956 National Petroleum Services 805.00 0.12 1,060 Al Buraimi Hotel 0.88 0.00 - United Development Co 14.60 2.10 881,689 Allied Cooperative Insurance 17.92 9.94 456,004 Alimtiaz Investment Group 125.00 -0.79 2,241,372 Al Batinah Power 0.11 0.00 15,000 Salam International Investme 5.12 0.00 10,874 Malath Insurance 12.68 1.93 611,213 Ras Al Khaimah White Cement 86.90 10.00 116,066 Al Batinah Hotels 1.13 0.00 - Qatar & Oman Investment Co 6.01 -0.66 12,345 Alinma Tokio Marine 19.04 -0.63 88,166 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Batinah Dev & Inv 0.08 0.00 - Qatar Navigation 65.00 0.00 81,941 Arabian Shield Cooperative 18.40 0.44 286,994 Kuwait & Gulf Link Transport 93.00 -1.06 1,007,001 Al Anwar Holdings Saog 0.11 0.88 566,650 Qatar National Cement Co 56.00 -0.37 1,415 Savola 30.30 0.50 522,174 Humansoft Holding Co Ksc 3,351.00 -1.06 58,837 Al Ahlia Insurance Co Saoc 0.36 0.00 - Qatar National Bank 178.53 1.72 220,956 Wafrah For Industry And Deve 14.04 0.00 - Automated Systems Co Kscc 127.00 7.63 20 Ahli Bank 0.16 3.33 142,755 Qatar Islamic Insurance 52.50 0.00 1,972 Fitaihi Holding Group 11.84 0.17 46,096 Metal & Recycling Co 68.00 0.00 25 Acwa Power Barka Saog 0.78 0.00 - Qatar Industrial Manufactur 41.00 2.50 74,356 Tourism Enterprise Co/ Shams 30.40 -4.40 386,594 Gulf Franchising Holding Co 40.00 0.00 11 Abrasives Manufacturing Co S 0.05 0.00 - Qatar International Islamic 56.94 0.78 32,690 Sahara Petrochemical Co 17.12 -0.12 812,570 Al-Enma’a Real Estate Co 31.40 0.32 20,000 A’saff a Foods Saog 0.61 0.00 - Qatari Investors Group 30.43 -0.20 22,230 Herfy Food Services Co 42.85 -1.38 11,910 National Mobile Telecommuni 775.00 -0.64 4,991 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Islamic Bank 137.50 1.48 183,228 Saudi Ind Investment Group 25.95 0.97 426,671 Unicap Investment And Financ 60.00 0.00 7,518,104 #N/A Invalid Security 0.00 0.00 - Qatar Gas Transport(Nakilat) 17.32 0.41 218,746 Salama Cooperative Insurance 17.40 4.32 1,282,395 Al Salam Group Holding Co 32.80 1.23 479,410 #N/A Invalid Security 0.00 0.00 - Qatar General Insurance & Re 50.00 0.00 - Emaar Economic City 9.43 0.00 4,328,499 Al Aman Investment Company 46.50 -7.74 58,924 #N/A Invalid Security 0.00 0.00 - Qatar German Co For Medical 5.13 0.39 7,000 Alahli Takaful Co 24.60 1.23 106,138 Mashaer Holding Co Ksc 46.00 -1.08 175,000 #N/A Invalid Security 0.00 0.00 - Qatar Fuel Qsc 144.00 0.70 44,828 Anaam International Holding 10.90 0.74 539,761 Manazel Holding 33.10 -2.36 159,150 #N/A Invalid Security 0.00 0.00 - Qatar First Bank 5.27 0.38 207,581 Saudi Telecom Co 82.80 0.98 383,871 Tijara And Real Estate Inves 56.90 0.00 5,020 #N/A Invalid Security 0.00 0.00 - Qatar Electricity & Water Co 192.00 1.59 46,165 Al Alamiya Cooperative Insur 35.50 2.60 570,027 Jazeera Airways Co Ksc 745.00 0.00 43,737 #N/A Invalid Security 0.00 0.00 - Qatar Exchange Index Etf 97.75 0.15 10,500 Saudi Industrial Services Co 13.40 -2.90 231,478 Commercial Real Estate Co 75.00 1.35 663,450 Qatar Cinema & Film Distrib 16.51 0.00 - Al-Ahsa Development Co. 10.04 -1.57 79,789 National International Co 62.00 -13.89 259,718 Al Rayan Qatar Etf 23.50 0.86 11,100 National Co For Glass In/The 18.22 -2.25 23,657 Taameer Real Estate Invest C 27.80 -4.14 1,409,273 Qatar Insurance Co 36.99 2.47 81,249 Dur Hospitality Co 20.06 -2.62 90,383 Gulf Cement Co 74.00 -1.33 50,000 Ooredoo Qpsc 69.75 -0.36 183,673 Tabuk Cement Co 12.04 -0.50 96,028 Heavy Engineering And Ship B 528.00 2.52 1,561,414 UAE National Leasing 9.25 0.43 66,800 Sasco 15.02 -0.92 63,076 National Real Estate Co 109.00 -3.54 609,396 Mazaya Qatar Real Estate Dev 7.00 1.45 190,175 Saudi Cement 41.60 0.60 16,912 Al Safat Energy Holding Comp 27.50 -1.79 166,565 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 15.75 1.29 101,635 Aseer Trading Tourism & Manu 9.94 -1.19 86,370 Kuwait National Cinema Co 1,050.00 0.00 2,500 Al Meera Consumer Goods Co 153.55 0.36 130 Nama Chemicals Co 24.42 -1.21 195,013 Danah Alsafat Foodstuff Co 43.70 -0.68 1,346,526 Waha Capital Pjsc 1.83 0.55 55,998 Medicare Group 67.41 0.03 10,367 Saudi Arabian Mining Co 50.50 -0.59 143,004 Independent Petroleum Group 420.00 -6.46 11,538 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 53.25 1.62 6,574 Yanbu Cement Co 21.66 -1.01 64,030 Kuwait Real Estate Co Ksc 47.60 0.00 213,329 United Arab Bank Pjsc 1.20 0.00 93,961 Masraf Al Rayan 37.35 0.67 293,886 Saudi Fisheries 21.68 -1.45 190,172 Salhia Real Estate Co Ksc 329.00 -1.20 25,640 Union National Bank/Abu Dhab 5.00 4.82 12,910,181 Al Khalij Commercial Bank 11.18 2.47 6,420 Ash-Sharqiyah Development Co 50.00 0.70 103,347 Gulf Cable & Electrical Ind 393.00 0.77 9,622 Union Insurance Co 2.03 0.00 - Industries Qatar 126.70 2.20 171,382 Makkah Construction & Devepl 81.10 -0.12 13,635 Kuwait Finance House 0.00 0.00 - Union Cement Co 0.00 0.00 - Islamic Holding Group 27.50 0.00 1,000 Al Jouf Cement 9.14 0.11 93,558 Gulf North Africa Holding Co 49.90 0.81 30,100 Umm Al Qaiwain General Inves 1.00 0.00 - Investment Holding Group 5.81 -1.19 1,297,835 Abdullah A.M. Al-Khodari Son 7.24 0.00 - Hilal Cement Co 112.00 0.00 40 Sudan Telecommunications Gro 0.48 0.84 138,326 Gulf Warehousing Company 39.52 0.05 1,348 Knowledge Economic City 11.42 -1.72 671,253 Osoul Investment Kscc 52.10 0.00 1,887 Sharjah Islamic Bank 1.20 -1.64 1,500,544 Gulf International Services 17.38 0.35 36,607 Al-Ahlia Cooperative Insuran 11.00 2.80 496,639 Gulf Insurance Group Ksc 644.00 0.00 10 Sharjah Insurance Company 2.84 0.00 - Ezdan Holding Group 10.08 0.90 87,248 Al Rajhi Co For Co-Operative 52.30 -2.24 191,748 Umm Al Qaiwain General Inves 64.00 8.11 45,109 Sharjah Group 1.30 0.00 - Doha Insurance Co 13.63 0.00 - Alkhodar Ab Equity 54.00 0.56 155,178 Aayan Leasing & Investment 36.20 0.56 6,103,870 Sharjah Cement & Indus Devel 1.01 0.00 - Doha Bank Qpsc 25.67 0.67 69,182 Kec Ab Equity 23.28 0.52 19,324 Alrai Media Group Co Ksc 69.00 4.55 205,450 Ras Al-Khaimah National Insu 3.20 0.00 - Dlala Holding 12.73 2.25 249,065 Alahlia Ab Equity 23.90 1.36 45,012 National Investments Co 87.80 -0.23 161,789 Ras Al Khaimah White Cement 0.95 0.00 - Commercial Bank Pqsc 39.70 1.02 114,822 Arcci Ab Equity 7.75 -0.90 636,010 Commercial Facilities Co 176.00 -0.56 6,151 Ras Al Khaimah Ceramics 2.16 -5.26 58,750 Barwa Real Estate Co 36.70 1.41 356,721 Appc Ab Equity 21.88 -2.67 1,020,004 Yiaco Medical Co. K.S.C.C 129.00 9.32 50 Ras Al Khaimah Cement Co Psc 0.74 0.00 75,000 Al Khaleej Takaful Group 10.00 0.00 9,700 Albabtai Ab Equity 41.00 -1.68 1,565,728 Munshaat Real Estate Project 110.00 -0.90 462,800 Ras Al Khaima Poultry 1.89 0.00 - Aamal Co 9.60 0.73 126,164 Noor Financial Investment Co 52.90 -1.12 203,300 Rak Properties 0.61 -0.81 1,001,444 Al Tamdeen Investment Co 300.00 0.00 144,044 Ooredoo Qpsc 72.90 0.00 - KUWAIT Credit Rating & Collection 19.50 -4.88 42,500 Oman & Emirates Inv(Emir)50% 0.51 2.00 188 Ifa Hotels & Resorts Co. K.S 95.00 -2.06 2,350 National Takaful Company 0.51 0.00 - SAUDI ARABIA National Marine Dredging Co 3.25 0.00 - Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 46.20 2.44 127,850 Warba Bank Kscp 238.00 0.42 3,681,355 National Investor Co/The 0.58 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 58.00 -3.17 41,985 Viva Kuwait Telecom Co 716.00 -0.28 19,386 National Corp Tourism & Hote 1.95 0.00 - Kuwait Foundry Co Sak 192.00 -0.52 33,900 Mezzan Holding Co Kscc 700.00 0.00 265,771 National Bank Of Umm Al Qaiw 2.50 0.00 - United Wire Factories Compan 15.84 -0.63 43,568 Kuwait Financial Centre Sak 98.00 -6.67 15,388 National Bank Of Ras Al-Khai 4.35 6.10 10,478 Etihad Etisalat Co 17.76 -1.11 1,168,651 Ajial Real Estate Entmt 144.00 -2.04 12,587 National Bank Of Fujairah 2.96 0.00 - Dar Al Arkan Real Estate Dev 9.23 -2.12 12,379,909 Kuwait Finance & Investment 48.90 0.00 11,598 Methaq Takaful Insurance 0.77 -2.28 590,000 Alawwal Bank 14.48 2.26 144,060 National Industries Co Ksc 170.00 0.00 27 OMAN Manazel Real Estate Pjsc 0.47 0.43 1,464,926 Rabigh Refining And Petroche 23.00 -0.78 978,016 Kuwait Real Estate Holding C 30.90 0.00 15,134 Invest Bank 2.10 0.00 - Banque Saudi Fransi 32.60 1.88 165,765 Company Name Lt Price % Chg Volume Securities House/The 50.20 -0.59 216,300 Intl Holdings Co Pjsc 1.20 2.56 236,800 Saudi Enaya Cooperative Insu 20.76 -0.29 238,536 Voltamp Energy Saog -1.37 Boubyan Petrochemicals Co 1,087.00 -0.28 363,709 0.29 128,872 Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 17.64 3.16 235,322 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 293.00 -0.34 21,971 0.15 - Gulf Pharmaceutical Ind Psc 2.00 -0.99 4,900 Saudi British Bank 32.35 -1.22 83,799 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 305.00 -1.29 145,000 1.00 - Gulf Medical Projects 1.98 0.00 - Red Sea International Co 16.18 -1.10 99,410 United Power Co Saog 0.00 National Bank Of Kuwait 825.00 0.73 2,996,350 3.44 - Gulf Cement Co 0.89 0.00 30,740 Takween Advanced Industries 10.18 -2.30 213,525 United Finance Co 1.19 Commercial Bank Of Kuwait 500.00 0.00 92,694 0.09 60,619 Fujairah Cement Industries 1.20 0.00 - Sabb Takaful 18.62 -0.96 189,533 Ubar Hotels & Resorts 0.00 Kuwait International Bank 243.00 0.41 1,101,947 0.13 - Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co 78.60 6.22 938,676 Takaful Oman 0.00 Gulf Bank 253.00 -1.56 4,227,425 0.13 - Foodco Holding Pjsc 3.70 0.00 - National Gypsum 12.80 -1.39 71,323 Taageer Finance 0.00 Al-Massaleh Real Estate Co 38.50 0.00 1,125,396 0.09 - First Abu Dhabi Bank Pjsc 14.70 3.23 3,950,838 Saudi Ceramic Co 17.24 -0.46 44,323 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 31.50 5.00 73,350 0.55 - Finance House 1.68 0.00 - National Gas & Industrializa 26.20 0.38 37,175 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 34.40 1.18 103,251 0.11 2,530 Eshraq Properties Co Pjsc 0.58 -0.17 16,138,953 Saudi Pharmaceutical Industr 30.75 -0.16 108,819 Sohar Poultry 0.00 A’ayan Real Estate Co Sak 58.40 0.00 15,500 0.21 - Emirates Telecom Group Co 16.20 -1.22 1,756,268 Thimar 26.65 -3.44 196,821 Smn Power Holding Saog 0.00 Investors Holding Group Co.K 13.80 -0.72 3,562,750 0.60 - Emirates Insurance Co. (Psc) 6.50 0.00 2,915 National Industrialization C 18.50 -3.65 2,535,023 Shell Oman Marketing - Pref 0.00 Al-Mazaya Holding Co 75.10 -3.35 704,794 1.05 - Emirates Driving Company 6.80 0.00 - Batic Investments And Logist 37.40 -2.22 27,469 Shell Oman Marketing 0.00 Al-Madar Finance & Invt Co 105.00 0.96 709,520 1.49 - Dana Gas 1.16 1.75 18,999,226 Saudi Electricity Co 17.00 -0.58 1,081,870 Sharqiyah Desalination Co Sa 0.00 Gulf Petroleum Investment 25.60 0.00 1,300,968 2.60 500 Commercial Bank Internationa 0.70 0.00 - Saudi Arabia Refineries Co 40.80 -4.00 530,686 Sembcorp Salalah Power & Wat 0.00 Mabanee Co Sakc 665.00 0.00 118,174 0.22 506,000 Bank Of Sharjah 1.08 0.93 37,259 Arriyadh Development Company 16.60 -1.31 86,334 Salalah Port Services 0.00 Inovest Co Bsc 87.90 0.11 101,750 0.60 - Axa Green Crescent Insurance 0.50 0.00 - Al-Baha Development & Invest 15.70 -0.63 79,415 Salalah Mills Co 0.00 Al-Deera Holding Co 18.00 5.88 6,800 0.77 - Arkan Building Materials Co 0.55 0.00 24,500 Saudi Research And Marketing 103.40 0.39 203,131 Salalah Beach Resort Saog 0.00 Mena Real Estate Co 25.60 4.49 769,983 1.38 - Alkhaleej Investment 2.10 0.00 - Aldrees Petroleum And Transp 27.45 1.67 239,880 Sahara Hospitality 0.00 Amar Finance & Leasing Co 39.00 2.63 500 2.38 - Aldar Properties Pjsc 1.94 -0.51 7,557,933 Saudi Vitrified Clay Pipe Co 45.65 0.00 11,364 Renaissance Services Saog 0.00 United Projects For Aviation 680.00 0.00 6,338 0.41 - Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co 186.00 1.09 34,824 Raysut Cement Co 1.90 National Consumer Holding Co 44.00 0.00 555 0.43 856,869 Al Qudra Holding Pjsc 1.05 0.00 - Arab National Bank 32.80 -0.30 106,915 Phoenix Power Co Saoc 0.88 Amwal International Investme 63.70 0.00 17,100 0.12 10,000 Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 71.20 0.14 255,876 Packaging Co Ltd 0.00 Equipment Holding Co K.S.C.C 27.70 0.73 71,996 2.21 - Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 20.46 -1.16 109,855 Ooredoo 0.75 Arkan Al Kuwait Real Estate 79.00 0.25 96,500 0.54 355,805 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Middle East Specialized Cabl 7.62 -1.68 95,039 Ominvest -0.59 Gfh Financial Group Bsc 103.00 -0.96 471,100 0.34 11,700 Al Buhaira National Insuranc 2.21 0.00 - Al Khaleej Training And Educ 12.88 -2.57 266,706 Oman United Insurance Co 0.00 Energy House Holding Co Kscp 26.00 -8.77 40,500 0.31 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran 12.76 0.00 944,316 Oman Telecommunications Co 3.98 Kuwait Co For Process Plant 248.00 0.40 12,798 0.84 75,390 Agthia Group Pjsc 4.70 0.00 2,045 Trade Union Cooperative Insu 22.14 0.64 595,839 Oman Refreshment Co 0.00 Al Maidan Dental Clinic Co K 1,200.00 0.00 70,000 1.75 - Abu Dhabi Ship Building Co 1.30 0.00 - Arabia Insurance Cooperative 20.00 0.50 272,485 Oman Qatar Insurance Co 0.00 National Shooting Company 17.50 0.00 1 0.11 - Abu Dhabi Natl Co For Buildi 0.49 0.00 - Saudi Chemical Company 33.10 0.61 95,507 Oman Packaging 0.00 Al-Ahleia Insurance Co Sakp 430.00 0.00 445,371 0.28 - Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C 23.02 -3.52 305,768 Oman Oil Marketing Company 0.00 Wethaq Takaful Insurance Co 28.50 1.79 20,550 1.10 - Abu Dhabi National Oil Co Fo 2.45 0.00 414,136 Bupa Arabia For Cooperative 98.00 -0.41 157,990 Oman National Engineering An 0.00 Salbookh Trading Co Kscp 47.10 -2.89 119,639 0.15 - Abu Dhabi National Insurance 3.61 0.00 - Wafa Insurance 11.70 -0.51 1,052,311 Oman Investment & Finance 0.00 Aqar Real Estate Investments 63.00 -5.97 1,500 0.10 416,000 Abu Dhabi National Hotels 2.70 0.00 - Jabal Omar Development Co 36.00 -1.64 508,699 Oman Intl Marketing 0.00 Hayat Communications 69.00 -12.66 5,600 0.52 - Abu Dhabi National Energy Co 1.13 -5.83 459,482 Saudi Basic Industries Corp 119.00 -1.00 3,061,184 Oman Flour Mills 0.00 Soor Fuel Marketing Co Ksc 121.00 0.83 94,640 0.74 - Saudi Kayan Petrochemical Co 16.70 -0.36 9,277,456 Oman Fisheries Co -1.18 Tamkeen Holding Co 11.00 -8.33 18,500 0.08 83,770 Etihad Atheeb Telecommunicat 5.35 0.00 - Oman Europe Foods Industries 0.00 Burgan Co For Well Drilling 112.00 7.69 62,400 1.00 - Co For Cooperative Insurance 51.90 0.78 280,847 Oman Education & Training In 0.00 BAHRAIN Kuwait Resorts Co Kscc 56.40 1.99 3,024,721 0.20 - National Petrochemical Co 26.30 -2.95 141,553 Oman Chromite 0.00 Oula Fuel Marketing Co 119.00 -0.83 136,772 3.64 - Gulf Union Cooperative Insur 13.62 8.96 574,565 Oman Chlorine 0.00 Palms Agro Production Co 0.00 0.00 - 0.32 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 13.80 2.22 111,755 Oman Ceramic Company 0.00 Mubarrad Holding Co Ksc 58.00 -1.53 180,100 0.42 - Basic Chemical Industries 21.30 -2.29 133,821 Oman Cement Co -2.11 Zain Bahrain Bscc 0.00 0.00 - Shuaiba Industrial Co 225.00 0.00 500 0.37 18,025 Saudi Steel Pipe Co 21.30 -3.88 606,458 Oman Cables Industry 5.65 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 19.50 -0.51 41,500 0.97 5,600 Buruj Cooperative Insurance 24.42 -0.73 167,738 Oman & Emirates Inv(Om)50% -0.78 United Gulf Holding Bsc 1.12 0.00 1,500 First Takaful Insurance Co 44.00 0.00 9,500 0.13 367,900 Mouwasat Medical Services Co 82.30 3.52 458,359 Natl Aluminium Products 0.00 Trafco Group Bsc 0.32 0.00 100,250 Kuwaiti Syrian Holding Co 34.00 -2.58 314,497 0.36 - Southern Province Cement Co 33.70 -0.59 63,883 National Securities 0.00 Takaful International Co 0.00 0.00 - National Cleaning Company 56.50 2.73 91,978 0.04 - Maadaniyah 17.92 -0.67 36,748 National Real Estate Develop 0.00 Seef Properties 0.23 0.00 20,000 United Real Estate Company 65.00 -4.41 2,121,003 5.00 - Yamama Cement Co 13.88 -0.43 77,082 National Pharmaceutical 0.00 National Bank Of Bahrain Bsc 0.60 -1.65 35,440 Agility 872.00 1.16 1,251,233 0.12 - Jazan Energy And Development 15.74 -1.63 79,189 National Mineral Water 0.00 Nass Corp Bsc 0.10 -1.02 26,236 Kuwait & Middle East Fin Inv 33.50 15.52 2,286,755 0.10 - Zamil Industrial Investment 20.06 0.30 18,698 National Life & General Insu -0.59 Khaleeji Commercial Bank 0.08 0.00 20,000 Fujairah Cement Industries 66.00 0.00 20,000 0.34 14,500 Alujain Corporation (Alco) 31.00 0.98 436,602 National Gas Co 0.00 Ithmaar Holding Bsc 0.11 0.00 500,000 Livestock Transport & Tradng 220.00 0.00 16,655 0.31 - Tabuk Agricultural Developme 10.04 -2.90 67,556 National Finance Co 0.00 Investcorp Bank -$Us 9.40 0.00 2,000 International Resorts Co 22.50 0.00 34,100 0.13 - United Co-Operative Assuranc 12.06 9.64 537,971 National Detergent Co Saog 0.00 Inovest Co Bsc 0.29 0.00 50,000 National Industries Grp Hold 167.00 0.00 266,755 0.70 - Qassim Cement/The 33.80 0.45 17,069 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.00 0.00 - Warba Insurance Co 87.00 4.82 132,379 3.75 - Saudi Advanced Industries 12.50 -1.11 282,507 National Bank Of Oman Saog -4.76 Gfh Financial Group Bsc 0.39 2.67 2,868,099 First Dubai Real Estate Deve 41.00 -2.15 134,500 0.18 60,163 Kingdom Holding Co 8.48 -1.28 139,160 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.00 0.00 - Al Arabi Group Holding Co 66.50 -2.21 100,100 0.08 - Saudi Arabian Amiantit Co 5.86 -0.68 180,680 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.10 0.00 100,000 Mobile Telecommunications Co 478.00 1.27 4,023,087 0.80 - Al Jouf Agriculture Developm 23.00 0.00 18,456 Muscat Gases Company Saog 4.90 Delmon Poultry Co 0.00 0.00 - Eff ect Real Estate Co 20.00 33.33 17,104 0.26 63,903 Saudi Industrial Development 8.30 -1.19 107,209 Muscat Finance 0.00 Bmmi Bsc 0.70 0.00 10,000 Tamdeen Real Estate Co Ksc 380.00 0.00 41,310 0.09 5,000 Riyad Bank 15.60 -1.14 217,074 Muscat City Desalination Co 0.00 Bbk Bsc 0.44 0.00 37,693 Al Mudon Intl Real Estate Co 29.00 0.00 510 0.13 1,000 The National Agriculture Dev 31.60 0.16 10,140 Majan Glass Company 0.00 Bahrain Telecom Co 0.25 -1.57 173,000 Kuwait Cement Co Ksc 372.00 0.27 2,000 0.18 - Halwani Bros Co 47.05 -1.98 13,909 Majan College 0.00 Bahrain National Holding 0.38 0.00 20,000 Sharjah Cement & Indus Devel 75.00 0.00 1,066 0.45 - Arabian Pipes Co 10.16 -1.55 614,397 Hsbc Bank Oman 0.84 Bahrain Kuwait Insurance 0.00 0.00 - Kuwait Portland Cement Co 1,050.00 0.00 400 0.12 310,200 Eastern Province Cement Co 21.32 -0.09 15,705 Hotels Management Co Interna 0.00 Bahrain Islamic Bank 0.13 0.00 100,000 Educational Holding Group 312.00 0.00 40,000 1.25 - Al Gassim Investment Holding 10.74 -0.92 34,867 Gulf Stone 0.00 Bahrain Flour Mills Co 0.00 0.00 - Asiya Capital Investments Co 35.10 0.29 17,519 0.12 - Filing & Packing Materials M 36.25 -0.14 589,275 Gulf Mushroom Company 0.00 Bahrain Duty Free Complex 0.71 1.43 80,000 Kuwait Investment Co 122.00 0.83 192,627 0.31 - Saudi Cable Co 23.28 -6.88 431,734 Gulf Investments Services 1.10 Bahrain Commercial Facilitie 0.76 0.00 23,000 Burgan Bank 251.00 -1.18 3,917,618 0.09 1,171,335 Tihama Advertising & Public 41.00 -1.09 253,672 Gulf Invest. Serv. Pref-Shar 0.00 Bahrain Cinema Co ` 0.70 10,000 Kuwait Projects Co Holdings 225.00 -0.44 422,979 0.11 - Saudi Investment Bank/The 18.00 1.12 45,027 Gulf International Chemicals 0.00 Arab Banking Corp Bsc-$Us 0.40 0.00 72,000 Al Madina For Finance And In 25.60 0.00 400,310 0.19 - Astra Industrial Group 17.40 -1.47 62,520 Gulf Hotels (Oman) Co Ltd 0.00 Aluminium Bahrain Bsc 0.64 0.00 68,048 Kuwait Insurance Co 305.00 0.00 9,600 9.50 - Saudi Public Transport Co 13.98 -0.85 148,552 Global Fin Investment 0.00 Albaraka Banking Group 0.28 0.00 103,785 Al Masaken Intl Real Estate 50.00 -7.41 4,000 0.09 - Taiba Holding Co 29.90 -0.66 14,553 Galfar Engineering&Contract 0.97 Al-Salam Bank 0.10 0.00 25,000 Intl Financial Advisors 24.50 -1.61 202,757 0.10 697,412 Saudi Industrial Export Co 215.40 -1.64 23,827 Galfar Engineering -Prefer 0.00 Ahli United Bank B.S.C 0.67 0.00 407,025 First Investment Co Kscc 41.70 0.00 40,010 0.39 - Saudi Real Estate Co 13.84 -2.26 852,863 Financial Services Co. 0.00 #N/A Invalid Security 0.00 0.00 - Al Mal Investment Company 17.50 -2.23 1,485,971 0.18 - Saudia Dairy & Foodstuff Co 87.00 -0.11 15,692 Financial Corp/The 0.00 #N/A Invalid Security 0.00 0.00 - Bayan Investment Co Kscc 51.00 0.00 100 0.10 - National Shipping Co Of/The 30.80 -1.44 858,995 Dhofar Tourism 0.00 #N/A Invalid Security 0.00 0.00 - Egypt Kuwait Holding Co Sae 346.00 0.00 20,000 0.49 - Methanol Chemicals Co 10.80 -3.74 2,418,367 Dhofar Poultry 0.00 #N/A Invalid Security 0.00 0.00 - Coast Investment Development 30.40 -0.33 400,799 0.18 - Chubb Arabia Cooperative Ins 19.58 0.93 74,414 Dhofar Intl Development 0.00 #N/A Invalid Security 0.00 0.00 - Privatization Holding Compan 53.80 -2.00 11,458 0.28 - Mobile Telecommunications Co 5.81 -1.02 864,431 Dhofar Insurance 0.00 #N/A Invalid Security 0.00 0.00 - Injazzat Real State Company 86.00 0.00 25,200 0.14 - Saudi Arabian Coop Ins Co 12.28 -0.16 285,291 Dhofar Fisheries & Food Indu 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Cable Vision Sak 12.00 0.00 9,776 1.28 - Axa Cooperative Insurance 22.48 -2.26 347,567 Dhofar Cattlefeed 0.00 #N/A Invalid Security 0.00 0.00 - Sanam Real Estate Co Kscc 53.10 -1.67 6 0.17 - Alsorayai Group 12.70 -0.78 238,601 Dhofar Beverages Co 0.00 #N/A Invalid Security 0.00 0.00 - Ithmaar Holding Bsc 32.10 0.63 3,765,450 0.26 - Bank Albilad 23.70 -0.17 261,951 Construction Materials Ind 0.00 #N/A Invalid Security 0.00 0.00 - Aviation Lease And Finance C 331.00 -2.36 683,500 0.03 - Al-Hassan G.I. Shaker Co 8.60 -2.27 390,026 Computer Stationery Inds 0.00 #N/A Invalid Security 0.00 0.00 - Arzan Financial Group For Fi 27.50 -3.51 63,490 0.26 - Wataniya Insurance Co 24.00 -0.41 70,985 Bankmuscat Saog 1.52 #N/A Invalid Security 0.00 0.00 - Ajwan Gulf Real Estate Co 22.60 0.44 225,500 0.40 3,224,874 Abdullah Al Othaim Markets 66.30 -2.21 151,996 Bank Sohar 0.79 #N/A Invalid Security 0.00 0.00 - Kuwait Business Town Real Es 50.50 -2.70 106,000 0.13 1,297,383 Hail Cement 7.73 -0.90 160,509 Bank Nizwa 0.00 Future Kid Entertainment And 104.00 0.00 4,800 0.09 468,030 Saudi Re For Cooperative Rei 7.01 0.43 672,523 Bank Dhofar Saog 0.16 0.00 4,000 LATEST MARKET CLOSING FIGURES Gulf Times Tuesday, September 11, 2018 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 25,916.54 -79.33 Apple Inc 221.30 -0.81 37,619,810 S&P 500 Index 2,871.68 -6.37 Microsoft Corp 108.21 -0.49 22,498,646 Nasdaq Composite Index 7,902.54 -20.18 Exxon Mobil Corp 81.83 1.70 16,417,783 S&P/Tsx Composite Index 16,090.27 -10.67 Johnson & Johnson 137.32 0.33 6,375,196 Mexico Bolsa Index 48,971.14 +259.29 General Electric Co 12.40 -0.88 45,867,179 Brazil Bovespa Stock Idx 76,416.01 +1,323.74 Jpmorgan Chase & Co 114.32 0.19 10,955,590 Ftse 100 Index 7,277.70 -41.26 Procter & Gamble Co/The 81.91 -0.90 11,110,895 Cac 40 Index 5,252.22 +8.38 Walmart Inc 95.83 -0.64 6,672,449 Dax Index 11,959.63 +4.38 Verizon Communications Inc 54.00 -0.53 11,746,535 Ibex 35 Tr 9,171.20 -37.50 Pfizer Inc 42.20 1.01 20,134,401 Nikkei 225 22,307.06 -180.88 Visa Inc-Class A Shares 143.20 -0.90 13,626,619 Japan Topix 1,684.31 -8.10 Chevron Corp 114.60 -0.55 6,637,780 Hang Seng Index 26,973.47 -1.35 Coca-Cola Co/The 45.72 -0.11 10,208,108 All Ordinaries Indx 6,252.34 -15.51 Intel Corp 46.45 -1.71 25,958,345 Nzx All Index 1,603.81 -0.81 Merck & Co. Inc. 69.67 0.42 9,515,215 Bse Sensex 30 Index 38,389.82 +147.01 Cisco Systems Inc 47.05 -0.49 17,229,656 Nse S&P Cnx Nifty Index 11,589.10 +52.20 Home Depot Inc 206.23 0.17 3,672,696 Straits Times Index 3,134.39 -13.30 Intl Business Machines Corp 145.45 -0.64 4,693,127 Karachi All Share Index 29,978.32 -310.34 Walt Disney Co/The 110.97 0.64 4,755,131 Jakarta Composite Index 5,851.47 +75.37 Unitedhealth Group Inc 268.28 -0.51 2,958,324 3M Co 212.57 -0.08 2,739,156 Mcdonald’s Corp 163.90 0.10 2,868,309 Nike Inc -Cl B 80.30 -0.12 6,633,912 TOKYO United Technologies Corp 132.01 -1.13 3,182,484 Traders at the Frankfurt Stock Exchange. The DAX 30 gained 0.2% to 11,986.34 points yesterday. Boeing Co/The 349.28 -0.57 3,921,887 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 233.91 -0.26 1,952,884 Sumitomo Realty & Developmen 3,749.00 0.08 1,077,000 American Express Co 106.08 0.65 2,498,582 Sumitomo Metal Mining Co Ltd 3,497.00 -0.09 892,900 0.00 0.00 - Orix Corp 1,732.00 0.38 2,974,800 Caterpillar Inc 141.32 -0.18 4,173,420 Daiwa Securities Group Inc 650.40 0.43 8,513,100 Travelers Cos Inc/The 130.09 -1.87 1,300,171 Softbank Group Corp 9,906.00 -0.34 4,090,000 Mizuho Financial Group Inc 192.90 0.47 75,642,400 European equities rise Central Japan Railway Co 21,730.00 -1.05 248,400 FTSE 100 Nitori Holdings Co Ltd 16,365.00 -0.33 229,800 T&D Holdings Inc 1,649.50 2.20 2,334,400 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,594.00 -0.03 4,735,300 Hoya Corp 6,286.00 -0.96 878,900 Wpp Plc 1,165.00 1.79 4,310,805 Sumitomo Mitsui Trust Holdin 4,340.00 0.30 1,046,500 on Swedish vote relief Worldpay Group Plc 0.00 0.00 - Japan Tobacco Inc 2,867.00 0.05 4,210,700 Wolseley Plc 0.00 0.00 - Osaka Gas Co Ltd 2,051.00 -0.85 1,129,400 Wm Morrison Supermarkets 261.90 0.08 5,436,979 “The election... once again serves as $200bn of Chinese goods after the Sumitomo Electric Industries 1,674.50 0.69 1,399,400 AFP Whitbread Plc 4,710.00 0.21 528,877 a reminder to the EU that free move- passing of a deadline for public con- Ono Pharmaceutical Co Ltd 2,880.00 -0.60 890,000 London Vodafone Group Plc 165.26 0.77 60,580,069 sultation. Ajinomoto Co Inc 1,854.50 0.32 1,778,800 ment may be fundamental to its ideals United Utilities Group Plc 719.00 -0.64 1,647,893 Mitsui Fudosan Co Ltd 2,437.00 -0.31 2,508,000 – but it’s also contributing to the rise The threatened tariff s would add to Unilever Plc 4,245.00 0.51 2,964,539 Daikin Industries Ltd 14,105.00 2.10 675,200 uropean equities rose yesterday of nationalist parties,” Erlam wrote. the $50bn in imports already targeted Tui Ag-Di 1,334.50 -1.33 1,155,266 Toray Industries Inc 816.70 -0.16 4,181,200 and mark a major step up in the long- Travis Perkins Plc 1,133.00 0.04 746,187 as the far-right failed to make as More broadly, European investors Bridgestone Corp 3,954.00 0.20 1,363,900 running battle between the world’s top Tesco Plc 238.90 -0.42 20,089,898 Elarge gains as expected in Swed- were looking ahead to a busy week as Sony Corp 6,245.00 0.24 5,840,000 Taylor Wimpey Plc 165.80 -1.31 9,842,603 ish elections, while US stocks held ear- the European Central Bank and the two economies. Astellas Pharma Inc 1,820.00 0.14 5,827,300 Standard Life Plc 0.00 0.00 - lier gains, cautiously resisting pressure Bank of England prepared to make new Trump told reporters on Air Force Jxtg Holdings Inc 714.90 -0.60 15,745,300 Standard Chartered Plc 619.50 -0.45 6,873,889 Nippon Steel & Sumitomo Meta 2,147.00 -0.21 1,922,100 from soaring trade war concerns. monetary policy decisions. One on Friday that “there’s another St James’s Place Plc 1,101.00 -2.00 1,443,284 Suzuki Motor Corp 7,148.00 0.80 1,718,200 In Europe, investors appeared re- The London FTSE index 100 was fl at $267bn ready to go on short notice if I Sse Plc 1,252.50 -1.26 2,259,360 Nippon Telegraph & Telephone 4,829.00 2.35 3,289,500 lieved about the dampening pros- at 7,279.30, Frankfurt’s DAX 30 gained want”. Smith & Nephew Plc 1,384.00 2.18 2,542,317 Sompo Holdings Inc 4,492.00 1.54 993,300 Sky Plc 1,550.00 0.52 1,510,814 pect of a “Swexit”, giving Stockholm’s 0.2% to 11,986.34 and Paris’s CAC 40 That would cover virtually all goods Daiwa House Industry Co Ltd 3,166.00 -0.38 1,421,300 Shire Plc 4,284.50 -1.09 2,289,630 benchmark OMX 30 index of major rose 0.3% to 5,269.63 at the close yes- the United States imports from China. Komatsu Ltd 3,011.00 0.23 3,070,500 Severn Trent Plc 1,954.50 0.15 702,911 companies a boost of 0.4% in value at terday. Beijing has threatened to retaliate against West Japan Railway Co 7,375.00 -0.42 333,800 Schroders Plc 2,966.00 -1.10 383,874 close of trade, while the Swedish krona The pound rallied for the second any measures out of Washington. Murata Manufacturing Co Ltd 17,970.00 -1.07 679,700 Sainsbury (J) Plc 318.90 -0.37 6,431,521 Kansai Electric Power Co Inc 1,627.50 1.15 2,313,700 steadied. time in a fortnight and investors held Fears of such an outcome left inves- Sage Group Plc/The 581.60 2.00 3,812,208 Denso Corp 5,252.00 0.52 1,003,300 There were similar gains for the their breath for a possible break- tors around the world feeling cautious Abi Sab Group Holding Ltd 0.00 0.00 - Dai-Ichi Life Holdings Inc 2,087.50 2.35 5,613,200 Frankfurt and Paris indices, as inves- through on Brexit negotiations. as a new week of trading got under way, Rsa Insurance Group Plc 614.40 -0.07 2,357,530 Mazda Motor Corp 1,235.00 0.24 2,508,400 Royal Mail Plc 467.60 0.30 2,380,278 tors welcomed the thinning prospect EU Brexit negotiator Michel Barnier wrote Lukman Otunuga, research ana- Mitsui & Co Ltd 1,808.00 0.47 3,622,900 Royal Dutch Shell Plc-B Shs 2,479.00 -0.86 4,738,611 of a Swedish bid to follow in Britain’s yesterday said it was “realistic” to ex- lyst at FXTM. Kao Corp 8,671.00 -0.83 1,074,300 Royal Dutch Shell Plc-A Shs 2,443.50 -0.77 5,709,244 footsteps and seek to withdraw from pect agreement on a divorce deal with “The growing fears of an all-out tit- Sekisui House Ltd 1,680.50 0.42 2,479,900 Royal Bank Of Scotland Group 245.00 -1.25 17,759,677 for-tat trade war between the world’s Oriental Land Co Ltd 11,570.00 -1.74 527,800 the European Union. London within the next eight weeks. Rolls-Royce Holdings Plc 970.00 -0.43 5,568,666 Secom Co Ltd 9,059.00 0.19 594,400 “The risk of ‘Swexit’ is low,” said “Clearly there is a feeling that a lot two largest economies are likely to fuel Rio Tinto Plc 3,509.50 -0.99 5,579,155 Tokio Marine Holdings Inc 5,171.00 1.41 2,225,500 Robert Bergqvist, chief economist at of Brexit pessimism and no-deal risk risk aversion, ultimately punishing Rexam Ltd 0.00 0.00 - Aeon Co Ltd 2,415.00 0.29 1,524,000 global stocks and emerging markets,” Relx Plc 1,651.50 -1.78 63,053,122 banking group SEB. has been priced in, which is why we’re Fanuc Corp 20,845.00 0.75 951,900 Reckitt Benckiser Group Plc 6,456.00 -0.26 1,002,987 Meanwhile, he warned that the in- in a state of such sensitivity to any re- he said. Daito Trust Construct Co Ltd 15,285.00 0.30 242,600 Randgold Resources Ltd 4,769.00 -2.45 688,811 conclusive vote in Sweden – long seen ports that indicate a breakthrough will Concerns of a brewing crisis in Otsuka Holdings Co Ltd 5,375.00 1.92 910,900 Prudential Plc 1,681.00 -1.15 4,000,320 as a bulwark of liberal values – has come,” Erlam wrote. emerging economies have also hit fi - Resona Holdings Inc 605.60 0.92 9,800,300 Provident Financial Plc 665.80 -1.16 483,811 Asahi Kasei Corp 1,573.50 0.51 3,075,600 once again exposed simmering ten- Across the Atlantic, US stocks rose, nancial markets in recent weeks. Persimmon Plc 2,369.00 -0.96 812,900 Kirin Holdings Co Ltd 2,652.50 -1.10 3,595,600 sions over immigration in the Euro- though Charles Schwab analysts said “With turmoil in Turkey and Ar- Pearson Plc 896.80 0.09 2,431,363 Mitsubishi Ufj Financial Gro 672.40 0.63 42,459,900 pean Union. “caution may be setting in amid lin- gentina triggering contagion fears, ap- Paddy Power Betfair Plc 6,835.00 -0.51 194,067 Marubeni Corp 906.50 -0.66 4,924,100 Old Mutual Plc 0.00 0.00 - “Sweden risks becoming a batter- gering global trade uneasiness”. petite for emerging market assets and Mitsubishi Chemical Holdings 957.70 0.68 3,603,400 Next Plc 5,448.00 -0.77 415,354 ing ram in an increasingly polarised The rise came even as Hong Kong currencies is likely to continue dimin- Fast Retailing Co Ltd 53,990.00 0.17 586,000 National Grid Plc 804.90 -0.67 5,272,117 international debate, and the ability and Shanghai had led a broad sell- ishing,” said Otunuga. Ms&Ad Insurance Group Holdin 3,295.00 1.32 1,616,900 Mondi Plc 2,082.00 -1.51 1,896,217 of Swedish political leaders to manage off after US President Donald Trump “In the (emerging market) currency Kubota Corp 1,682.00 0.39 1,866,800 Merlin Entertainment 376.80 -0.40 2,076,236 Seven & I Holdings Co Ltd 4,567.00 0.31 1,321,600 the new challenges is likely to infl uence threatened to impose tariff s on Chi- space, the outlook remains tilted to the Mediclinic International Plc 490.80 1.20 1,116,315 Inpex Corp 1,223.00 1.75 3,583,600 what path other countries will choose,” nese imports. downside in the near term, especially Marks & Spencer Group Plc 293.40 -1.31 5,717,003 Sumitomo Mitsui Financial Gr 4,334.00 0.53 3,458,400 Bergqvist said. There was some relief that Trump for those currencies with high current London Stock Exchange Group 4,644.00 -0.41 562,716 Ana Holdings Inc 3,755.00 0.11 1,146,100 Lloyds Banking Group Plc 58.74 -1.95 186,875,345 Oanda analyst Craig Erlam agreed. did not immediately impose levies on account defi cits,” he added. Mitsubishi Electric Corp 1,436.50 -0.10 4,819,800 Legal & General Group Plc 252.30 -0.79 15,103,830 Honda Motor Co Ltd 3,159.00 -0.44 3,003,100 Land Securities Group Plc 883.00 -0.45 1,147,597 Tokyo Gas Co Ltd 2,611.50 -0.44 770,600 Kingfisher Plc 263.30 -1.94 7,984,609 HONG KONG HONG KONG Tokyo Electron Ltd 16,900.00 -0.09 1,146,200 Johnson Matthey Plc 3,478.00 0.09 545,314 Panasonic Corp 1,264.00 -0.75 6,160,300 Itv Plc 158.40 -0.31 9,129,961 Fujitsu Ltd 794.10 -0.75 6,859,000 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 150.00 -0.23 2,675,902 East Japan Railway Co 9,977.00 -0.92 482,600 Intl Consolidated Airline-Di 672.00 -1.35 7,857,090 Aluminum Corp Of China Ltd-H 3.18 -1.85 26,436,191 Hong Kong & China Gas 15.76 -0.13 21,529,651 Itochu Corp 1,950.00 0.33 2,967,100 Intertek Group Plc 5,028.00 -0.87 276,398 Bank Of East Asia Ltd 29.15 3.74 22,970,908 Hong Kong Exchanges & Clear 216.80 -0.28 4,211,542 Fujifilm Holdings Corp 4,660.00 1.02 1,618,300 Intercontinental Hotels Grou 4,620.00 0.13 550,440 Bank Of China Ltd-H 3.43 -0.29 567,329,432 Hsbc Holdings Plc 67.20 -0.44 28,973,817 Yamato Holdings Co Ltd 3,164.00 0.32 977,700 Inmarsat Plc 514.60 -0.69 1,291,753 Bank Of Communications Co-H 5.56 -1.42 62,955,530 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,618.50 0.06 1,282,700 Informa Plc 752.80 -0.08 3,036,002 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 5.64 -0.18 333,386,494 Mitsubishi Estate Co Ltd 1,777.50 -0.14 2,703,400 Imperial Brands Plc 2,700.00 0.28 1,634,999 Boc Hong Kong Holdings Ltd 36.30 -0.82 12,535,245 Li & Fung Ltd 2.07 -0.48 34,496,905 Mitsubishi Heavy Industries 4,056.00 0.20 746,600 Hsbc Holdings Plc 655.10 -0.80 25,009,750 Cathay Pacific Airways 11.40 -0.18 1,258,483 Mtr Corp 39.85 0.13 3,885,272 Shiseido Co Ltd 7,532.00 -1.88 1,650,900 Hargreaves Lansdown Plc 2,168.00 -0.14 674,222 Ck Hutchison Holdings Ltd 89.85 0.45 8,328,082 New World Development 9.98 -0.60 12,164,899 Shionogi & Co Ltd 6,462.00 0.39 935,000 Hammerson Plc 447.40 0.45 3,495,556 China Coal Energy Co-H 3.22 0.94 4,689,000 Petrochina Co Ltd-H 5.80 0.87 157,453,725 Recruit Holdings Co Ltd 3,415.00 0.12 2,517,400 Glencore Plc 295.95 -2.68 50,088,521 China Construction Bank-H 6.67 -0.45 624,600,049 Ping An Insurance Group Co-H 74.55 -0.47 46,946,749 Japan Airlines Co Ltd 3,997.00 -0.03 1,426,400 Glaxosmithkline Plc 1,525.00 -0.03 6,533,628 China Life Insurance Co-H 16.90 -0.82 62,800,812 Power Assets Holdings Ltd 55.25 0.45 4,432,448 Nitto Denko Corp 8,006.00 -0.96 630,700 Gkn Plc 0.00 0.00 - China Merchants Port Holding 15.26 4.95 29,879,586 Sino Land Co 12.98 0.46 6,479,045 Kddi Corp 2,948.00 0.70 3,409,400 Fresnillo Plc 834.00 -3.36 1,703,496 China Mobile Ltd 75.65 0.67 42,335,691 Sun Hung Kai Properties 111.80 0.09 3,670,857 Rakuten Inc 808.80 0.04 5,721,600 Experian Plc 1,890.00 0.43 1,885,299 China Overseas Land & Invest 23.90 -0.42 17,961,404 Swire Pacific Ltd - Cl A 85.40 -0.81 1,425,894 Kyocera Corp 6,540.00 1.41 903,800 Easyjet Plc 1,440.00 -1.44 1,650,736 China Petroleum & Chemical-H 7.37 -0.67 169,540,470 Tencent Holdings Ltd 316.80 0.70 39,938,047 Nissan Motor Co Ltd 1,025.00 0.39 9,007,900 Dixons Carphone Plc 161.70 0.09 4,649,187 China Resources Beer Holding 33.10 2.48 4,087,353 Wharf Holdings Ltd 22.10 1.84 3,508,312 Direct Line Insurance Group 327.70 0.00 4,612,622 China Resources Land Ltd 26.25 0.77 21,718,357 China Resources Power Holdin 13.96 0.87 5,148,099 Diageo Plc 2,681.50 -0.15 3,625,298 SENSEX Dcc Plc 6,845.00 1.63 541,638 China Shenhua Energy Co-H 17.30 0.82 39,188,694 GCC INDICES Crh Plc 2,473.00 -2.68 1,490,561 China Unicom Hong Kong Ltd 9.24 -0.96 63,796,099 Compass Group Plc 1,627.00 -0.52 2,759,446 Company Name Lt Price % Chg Volume Citic Ltd 11.18 1.27 32,516,550 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,537.00 -0.20 518,368 Clp Holdings Ltd 91.20 1.22 4,195,766 Doha Securities Market Zee Entertainment Enterprise 470.40 0.00 3,551,685 9,770.43 -56.41 Centrica Plc 148.10 -1.63 30,455,722 Cnooc Ltd 13.86 3.13 153,455,370 Saudi Tadawul Yes Bank Ltd 323.40 -4.66 53,147,860 7,729.07 +41.31 Carnival Plc 4,634.00 0.35 1,110,717 Cosco Shipping Ports Ltd 7.83 -0.89 5,570,203 Kuwait Stocks Exchange Wipro Ltd 324.70 1.09 10,039,011 #N/A N/A #N/A N/A Capita Plc 150.20 0.81 4,396,597 Esprit Holdings Ltd 1.78 1.14 4,225,403 Bahrain Stock Exchage Vedanta Ltd 230.25 0.15 25,709,548 1,343.53 +3.65 Burberry Group Plc 2,092.00 -0.10 2,613,013 Fih Mobile Ltd 1.02 -0.97 2,256,000 Oman Stock Market Ultratech Cement Ltd 4,268.20 2.77 207,429 4,453.56 +21.00 Bunzl Plc 2,357.00 -0.80 890,904 Hang Lung Properties Ltd 15.02 -0.53 4,701,096 Abudhabi Stock Market Tech Mahindra Ltd 772.20 -0.37 3,046,521 4,918.08 -0.24 Bt Group Plc 222.90 1.13 19,849,100 Hang Seng Bank Ltd 203.20 0.00 1,758,466 Dubai Financial Market Tata Steel Ltd 619.15 3.14 10,427,321 2,842.67 +16.07 British Land Co Plc 613.40 -0.16 2,698,446 Henderson Land Development 39.15 -0.51 4,029,012 Tata Power Co Ltd 75.20 0.20 3,842,602 British American Tobacco Plc 3,685.00 0.07 4,068,290 Tata Motors Ltd 277.40 2.76 28,354,747 Bp Plc 536.90 -0.79 27,096,560 Tata Consultancy Svcs Ltd 2,079.85 0.22 1,361,383 Bhp Billiton Plc 1,519.00 -1.67 10,099,181 Sun Pharmaceutical Indus 664.25 -1.94 23,335,887 Berkeley Group Holdings/The 3,563.00 -0.36 448,820 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 291.65 -1.62 25,033,083 Barratt Developments Plc 553.40 0.04 5,202,151 Reliance Industries Ltd 1,278.60 1.36 11,123,251 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 174.50 -0.96 44,973,548 Punjab National Bank 84.40 1.38 21,145,476 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 620.00 1.64 9,154,378 Power Grid Corp Of India Ltd 195.70 -1.81 2,693,884 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 717.80 0.79 3,363,282 Oil & Natural Gas Corp Ltd 171.90 -1.49 5,969,927 this data.” Aviva Plc 478.30 -1.56 10,092,672 Ntpc Ltd 169.55 0.38 3,157,913 Astrazeneca Plc 5,650.00 0.27 1,456,266 Maruti Suzuki India Ltd 8,719.20 -0.46 718,475 Associated British Foods Plc 2,270.00 -1.30 1,036,344 Mahindra & Mahindra Ltd 973.70 4.14 3,301,561 Ashtead Group Plc 2,258.00 -2.63 2,729,541 Lupin Ltd 959.40 4.52 8,820,867 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,347.50 0.03 1,420,443 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 744.20 -4.15 4,293,647 DINAR DINAR Kotak Mahindra Bank Ltd 1,244.95 -1.26 1,589,663 Anglo American Plc 1,475.40 -1.77 6,530,554 Itc Ltd 310.45 -0.11 7,751,996 Admiral Group Plc 2,021.00 -0.35 504,650 Infosys Ltd 732.80 0.78 6,864,329 3I Group Plc 912.60 -0.39 1,784,744 Indusind Bank Ltd 1,875.85 -0.22 774,292 #N/A 0.00 0.00 - Idea Cellular Ltd 46.90 0.75 32,425,660 Icici Bank Ltd 335.10 1.96 17,403,607 TOKYO Housing Development Finance 1,920.00 -1.85 2,327,944 Hindustan Unilever Ltd 1,638.75 1.87 1,652,606 Hindalco Industries Ltd 242.55 3.04 11,589,877 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,329.35 5.20 705,278 Hitachi Ltd 707.10 0.93 15,661,000 Hdfc Bank Limited 2,056.95 0.23 1,548,822 Takeda Pharmaceutical Co Ltd 4,433.00 1.35 4,435,800 Hcl Technologies Ltd 1,073.95 -1.36 2,226,053 Jfe Holdings Inc 2,362.00 -0.11 1,571,800 Grasim Industries Ltd 1,025.35 -0.54 430,016 Sumitomo Corp 1,760.00 -0.37 3,477,200 Gail India Ltd 377.20 3.17 5,397,987 Canon Inc 3,400.00 0.32 2,307,600 Dr. Reddy’s Laboratories 2,632.50 2.55 1,458,880 Nintendo Co Ltd 38,640.00 0.29 1,372,600 Coal India Ltd 286.55 1.02 3,099,894 Eisai Co Ltd 10,150.00 2.65 784,900 Cipla Ltd 664.75 0.40 2,670,093 Isuzu Motors Ltd 1,608.00 1.74 1,793,400 Cairn India Ltd 0.00 0.00 - Unicharm Corp 3,642.00 0.17 1,383,400 Bosch Ltd 21,403.20 0.64 25,096 Shin-Etsu Chemical Co Ltd 9,696.00 -0.38 1,392,400 Bharti Airtel Ltd 389.60 4.65 5,544,815 Smc Corp 32,970.00 -0.81 268,900 Bharat Petroleum Corp Ltd 356.95 0.95 3,668,369 Mitsubishi Corp 3,123.00 0.19 3,097,900 Bharat Heavy Electricals 79.35 -2.52 15,858,248 Asahi Group Holdings Ltd 4,786.00 0.02 1,125,400 Bank Of Baroda 148.05 1.33 11,447,985 Keyence Corp 59,990.00 0.91 242,400 Bajaj Auto Ltd 2,923.55 5.05 1,515,509 Nidec Corp 15,735.00 0.41 408,300 Axis Bank Ltd 645.55 1.15 7,897,327 Nomura Holdings Inc 509.60 0.47 12,470,600 Asian Paints Ltd 1,316.00 0.11 953,716 Daiichi Sankyo Co Ltd 4,375.00 0.85 1,022,900 Ambuja Cements Ltd 227.50 0.40 2,504,271 Subaru Corp 3,073.00 -0.52 2,319,000 Adani Ports And Special Econ 377.45 -1.91 1,984,025 Ntt Docomo Inc 2,866.00 0.53 3,114,000 Acc Ltd 1,571.95 0.92 537,608 Gulf Times Tuesday, September 11, 2018 13 BUSINESS

HNA seeks buyer for Japan posts fastest GDP $1bn Seaco

Bloomberg Hong Kong growth since 2016 in Q2 NA Group Co is seeking a buyer for its container- Reuters Hleasing business Seaco, Tokyo people familiar with the matter said, marking the latest attempt by the Chinese conglomerate to eavy capital spending in the reduce its debt pile. second quarter drove Japan’s HNA is working with an ad- Heconomy to grow much more viser on the potential sale, which quickly than first estimated to hit could fetch about $1bn, according its fastest pace since 2016, although to the people. The conglomerate global trade tensions and a string of decided to sell Seaco as part of its natural disasters pose risks to the out- strategy to divest assets unrelated look. to its core aviation business, one Revised Cabinet office data out yes- of the people said, asking not to terday showed the economy grew an be identifi ed because the infor- annualised 3% in April-June, handily mation is private. beating economists’ median estimate Seaco, which is controlled by for 2.6% gain and posting the fastest HNA’s Shenzhen-listed Bohai growth since first-quarter 2016. Capital Holding Co unit, may The preliminary reading was for a draw interest from other global 1.9% expansion. rivals in the container leasing in- The economy’s improved perform- dustry, the people said. No fi nal ance should be a relief for policy- decisions have been made, and makers worried about fallout from a there’s no certainty the delibera- trade war between the United States tions will lead to a sale of Seaco, and China, which could derail global according to the people. growth and in turn damage Japan’s Seaco should see strong export-reliant economy. bids, and those potentially in- However, a recent run of soft data terested could include Triton such as exports and factory output, International Ltd, Textainer had fuelled doubts in the strength of Group Holdings Ltd or Chinese growth. box manufacturer China In- A series of disasters including ternational Marine Containers floods, last week’s typhoon and an (Group) Co, said Rahul Kapoor, earthquake, prompted some analysts a Singapore-based transporta- to forecast a contraction in the cur- tion and logistics analyst with rent quarter. Bloomberg Intelligence. “Japan’s exports and factory output “The container box leasing are set to slow in July-September as sector is doing quite well, given supply and shipments are constrained box demand remains strong amid due to natural disasters and inbound robust growth in global container tourism slumps,” said Yoshimasa trades,” Kapoor said. “Shipping Maruyama, chief economist at SMBC lines’ focus on leasing container Nikko Securities. boxes will keep the outlook solid “As such, Japan’s economy may for the foreseeable future.” suffer a temporary contraction in this HNA has managed to reduce quarter.” one of the country’s biggest debt The updated second-quarter piles by selling off dozens of as- growth showed quarter-on-quarter sets from hotels to stakes in air- expansion of 0.7% in real, price-ad- craft leasing companies. justed terms, compared with an initial It has been holding talks with reading of a 0.5% growth and the me- Cerberus about the sale of its dian estimate for a 0.7% gain. airport luggage handler Swiss- The capital expenditure component port Group and plans to exit its of GDP grew 3.1% in April-June from entire holding in Deutsche Bank the previous quarter, versus the me- AG, people familiar with the dian forecast for 2.8% growth, and the matter have said. Seaco off ers preliminary 1.3% gain. dry freight, refrigerated, spe- It was the fastest increase since the cialised and tank containers, ac- start of 2015. People crossing a scramble intersection in Tokyo’s shopping district Shibuya. Japan’s economy grew faster than initially thought in the April-June quarter thanks to cording to its website. A finance ministry survey last week strong corporate investment, off icial figures showed yesterday. HNA Group and private equity showed corporate capex rose at the fi rm Bravia Capital completed the fastest pace in 11 years in the second Capital expenditure has been a of their profits with workers, keeping grew 0.7% in April-June from the pre- percentage points to revised GDP, $1.05bn purchase of the compa- quarter, driven by procurement of bright spot in Japan’s economy, the a lid on private consumption and in- vious three months, unchanged from while net exports – or exports minus ny, formerly known as GE Seaco, production equipment for cars and world’s third largest, but companies flation. Private consumption, which the preliminary estimate. imports – shaved 0.1 percentage point in 2011 from owners including semiconductors. remain cautious about sharing more accounts for roughly 60% of GDP, Domestic demand contributed 0.9 off the second quarter growth. General Electric Co.

Altaba to raise $2.5bn RBI asked to ramp up eff orts to soften rupee drop by cutting Bloomberg gressively in the market to support the istry and central bank are in touch on a tina. The sharp drop could jeopardise as early as next month after taking the Yahoo Mumbai rupee, the people said, asking not to daily basis, and the latter is intervening India’s macroeconomic stability by in- benchmark to a two-year high in Au- be identifi ed as the information is not when needed. creasing import costs and impinge on gust. Japan stake public. They also discussed the need A spokesman for the fi nance ministry the ability of companies to repay over- The RBI sold $6.18bn of foreign cur- he Indian government has asked for other measures including deposit didn’t respond to calls made to his of- seas loans. rency in June and $5.8bn in May to pro- the central bank to bolster eff orts schemes for non-resident Indians, the fi ce. The local currency hit another record tect the rupee, its data shows. Bloomberg Tto support the rupee, Asia’s worst- people said. The rupee has sunk 11.6% The rupee has hit fresh lows nearly yesterday after data showed that the The central bank has said it does not Tokyo performing currency of the past month, so far this year versus the US dollar, set every day this month as high crude South Asian nation’s current-account target any particular level of exchange people familiar with the matter said. for its worst annual performance since prices raise concerns about the oil- defi cit widened to the most in fi ve years. rate and steps in only to curb undue Government offi cials communicated 2011. importing nation’s fi nances and the The currency carnage is likely to keep volatility in the currency. Altaba Inc, the holding com- last week with the Reserve Bank of In- It pared losses yesterday after a gov- potential for contagion from emerging alive expectations that India’s central Data on intervention is published pany formed from the overseas dia on the need to intervene more ag- ernment offi cial said the fi nance min- markets including Turkey and Argen- bank may extend its rate-increase cycle with a lag. investments of the former Yahoo! Inc, is seeking to raise about $2.5bn by cutting its stake in Yahoo Japan Corp. The company is off ering shares of Yahoo Japan at ¥353 to ¥360 apiece, representing a Alibaba’s Zhang prepares to step from Ma’s shadow discount of as much as 4.9% to the stock’s last close, according to terms for the deal obtained AFP cial offi cer of a Chinese online games com- martial arts fi gures thought to represent by Bloomberg. Shanghai pany before joining Alibaba in 2007 as CFO their skills and methods. The sale translates into of its main online marketplace Taobao. Zhang’s is a character known for staying roughly 750mn shares of Yahoo Zhang is credited with building Alibaba’s out of battles, but training unbeatable pro- Japan, the terms show. oth in personality and skillset, Ali- Tmall business-to-consumer platform into teges. “Jack Ma is incredibly charismatic. Altaba said in a statement baba’s Daniel Zhang will herald a new one the group’s most successful arms, and Daniel Zhang is not. yesterday it’s entered an agree- Bera for the Chinese e-commerce gi- creating the annual November 11 “Singles’ He’s super smart, but when he gives a ment on the proposed sale of an ant when he takes over full leadership from Day” online shopping bonanza, China’s press conference – it’s not really his thing,” undetermined number of Yahoo charismatic founder Jack Ma. biggest retail day of the year. said Jeff rey Towson, author, investor and Japan shares. Ma announced yesterday that in exactly Launched in 2009 as China’s answer to business professor at Peking University. The exact number of shares, one year he will hand the executive chair- the US “Black Friday”, “Singles’ Day” last “But they (the management team) are final sale price and other off er- manship of Alibaba’s board to Zhang, CEO year saw more than $25bn worth of goods all wicked smart. This is a top-tier man- ing terms will be set by 8am since 2015. snapped up on Alibaba platforms, up nearly agement team.” Zhang is a professed fan of Tokyo time today, it said in the Outwardly at least, their diff erences 40% year-on-year. basketball and football. statement. could not be more stark. Billions of dollars more were bought via Chinese media say he is a devoted fol- The seller has an option to Former English teacher Ma, 54, has be- Alibaba’s e-commerce rivals, who have lower of English club Arsenal. boost the size of the off ering come a globally recognised fi gure through joined in. Under Zhang, Alibaba has poured invest- depending on demand, accord- his constant travel and playful antics such In many ways Zhang has been in charge ment into various new initiatives including ing to the terms. as impersonating Michael Jackson at a since becoming chief operating offi cer in bricks-and-mortar retail, cloud comput- Altaba is Yahoo Japan’s company event last year. 2013 and CEO in 2015, with Ma stepping ing, digital media, the grocery sector, meal second-largest shareholder Zhang, 46, on the other hand, is a mild- back and acting as more of a fi gurehead. delivery and advertising. with a 23.9% stake, trailing only mannered accountant with a calm, collect- Under Zhang’s tenure Alibaba has moved In August, it teamed with Starbucks to SoftBank Group Corp, data com- ed demeanour. from PC-based transactions to mobile- capitalise on China’s growing coff ee addic- piled by Bloomberg show. But Zhang is routinely referred to by Chi- based, which now account for nearly 80% tion and in April completed the acquisition It is Altaba’s second major nese media as the man who transformed of total gross merchandise volume. of Chinese food-delivery leader Ele.me, sale of the Japanese company’s Ma’s sturdy little “tractor” into a “Boeing With revenues surging, Alibaba’s stock among other deals. shares this year. 747”, and analysts say he is more than up to has soared nearly 90%. “In the world of business, the excitement JPMorgan Chase & Co and the task. Hailing from the commercial hub of It is now one of the world’s most valuable never ends, the competition never ends,” Goldman Sachs Group Inc are Alibaba founder and chairman Jack Ma (left) talks to CEO Daniel Zhang Shanghai, Zhang studied fi nance at Shang- companies with a market capitalisation of Zhang said in an interview earlier this year. arranging the off ering, the during Alibaba Group’s 11.11 Global shopping festival in Beijing. Ma hai University of Finance and Economics. about $420bn. “You must keep awake every minute; you terms show. announced yesterday that in exactly one year he will hand the He was a senior manager at global auditor Within Alibaba’s tight-knit culture, staff need to keep your eyes open in your sleep. executive chairmanship of Alibaba’s board to Zhang, CEO since 2015. Price Waterhouse Coopers and chief fi nan- each take on nicknames based on Chinese You must keep learning and innovating.” Gulf Times 14 Tuesday, September 11, 2018 BUSINESS

Pakistan official’s criticism of Renault JV in Pakistan to China’s ‘Silk Road’ projects raises worries

Reuters roll out vehicles in 2020 Karachi/Islamabad

Internews Islamabad A Pakistani off icial’s critical com- ments about projects funded by China to the tune of billions rench carmaker Renault will start of dollars rattled investors and vehicle production in Pakistan sparked worries yesterday of a Fin 2020, a newcomer which will souring in ties, a day after Bei- give wider choice to consumers and eat jing’s top government diplomat into some market share of existing three concluded a visit. Japanese car assemblers. Abdul Razak Dawood, the Paki- For setting up an automobile assem- stani cabinet member for com- bly plant, the company has acquired 54 merce, industry and investment, acres of land in the Faisalabad Indus- suggested that all projects in the trial Estate Development and Manage- $57bn China Pakistan Economic ment Company (FIEDMC), the largest Corridor programme could be industrial zone in the country, and will eligible for suspension in a review invest $140mn. to be conducted this week under The Al-Futtaim Group, one of the the orders of new Prime Minister biggest conglomerates of the United Imran Khan. Arab Emirates (UAE), has started this “I think we should put project in partnership with French au- everything on hold for a year, tomaker Renault Automotive. so we can get our act together,” “The Al Futtaim-Renault joint ven- Dawood told the Financial Times ture will adopt latest technology for the in an interview. “Perhaps we can car assembly plant with all the safety stretch CPEC out over another equipment,” revealed FIEDMC chief five years or so.” operating offi cer Aamir Saleemi. He added that he thought The plant will have installed capacity China had been granted too-fa- of 50,000 vehicles per year and initially vourable terms in many projects the company may roll out fi ve vehicle by the former government of variants. Nawaz Sharif. The joint venture, which wants to be- “Chinese companies received come a major car assembler in Pakistan, tax breaks, many breaks and will also establish a dealership network have an undue advantage in for a smooth sale of its vehicles across Pakistan; this is one of the things the country. we’re looking at because it’s not Al-Futtaim has its footprints in 29 fair that Pakistan companies countries and global automotive op- should be disadvantaged,” erations in 11 markets across Africa, the The Renault Arkana crossover is seen at the 2018 Moscow International Auto Salon. The French carmaker is expected to introduce latest vehicles and technology in Dawood said. Middle East and South Asia. Pakistan’s market in an attempt to break the monopoly of the three dominating Japanese assemblers – Suzuki, Toyota and Honda. Pakistani markets fell in Renault is expected to introduce lat- early trading yesterday, with est vehicles and technology in Paki- The entrance of a popular interna- The chief operating offi cer expected the end of current year two more inter- black marketing. “At present, three the benchmark KSE 100 index stan’s market in an attempt to break tional automaker will diversify pref- these projects to create thousands of national carmakers would sign agree- car assemblers have a monopoly in down 477.38 just after midday at the monopoly of the three dominating erences of consumers, who until now jobs and change the economic land- ments with the FIEDMC. Pakistan’s market; the well-known 40,374 points, before recovering Japanese assemblers – Suzuki, Toyota have to pay a premium for quick de- scape in Pakistan. However, the low ranking of Paki- new international players will spark to close at 40,684, still down and Honda. livery of booked cars or have to wait Hyundai-Nishat Motors is also stan at 147th in the World Bank’s Ease stiff competition and to cope with 0.4%. Dawood’s comments Saleemi said the joint venture would for at least six months for receiving building an assembly plant in the in- of Doing Business index is a major im- this existing players will have to in- were “mind-boggling” and rare bring signifi cant foreign direct invest- vehicles. dustrial estate. pediment to the infl ow of foreign direct troduce new vehicle models, which public criticism of China, said ment to Pakistan and create many direct The mega industrial estate in Faisal- After the announcement of the Au- investment into the country. have not changed much in many cas- Mohammad Zubair, privatisation and indirect jobs, which would eventu- abad is becoming an industrial hub in tomotive Development Policy 2016-21, “The introduction of two new vehi- es for the past many years,” the dealer minister in the previous govern- ally improve living standards of people the country. international auto-industry players cle brands will expand the choice range said. ment. in the country. Domestic and international compa- have started taking interest in setting for consumers,” remarked Shahid Mah- He pointed out that after the start “This is probably the harshest In June 2020, Renault cars may hit nies have started work on their projects up assembly plants in Pakistan. mood, a car dealer in Faisalabad, refer- of commercial operations by the statement about the Chinese in roads. in the zone. “Many other international automo- ring to upcoming vehicles of Hyundai new assemblers, consumers would the last 50 years or so,” Zubair Display offi ces of the Al-Futtaim Re- Major investments are coming from bile companies have also contacted us and Renault. pick the best car according to their told Reuters. “Even if there are nault venture may be built by the end of Europe, the UAE and China whose com- which are interested in establishing He voiced hope that the new auto preferences.“Consumers are waiting issues with the Chinese, those 2019 as work on many offi ces has begun panies are pouring hundreds of millions their plants in the Faisalabad industrial players would specifically focus on for new cars to have a wider choice,” issues could be dealt with in in diff erent cities of Pakistan. of dollars into the industrial estate. estate,” Saleemi said, disclosing that at rapid delivery of vehicles and avoid he said. private rather than being made public.” Later yesterday, Dawood told domestic broadcaster Geo TV that his statements had been misconstrued and he would clarify them later. The critical comments Indonesia predicts more turbulence on US rate hike were published just after the Chinese government’s top diplomat, State Councillor and Bloomberg turmoil have weighed on global donesia senior deputy governor Foreign Minister Wang Yi, visited Jakarta growth prospects with foreign in- Mirza Adityaswara said. Pakistan and the two sides reaf- vestors dumping riskier assets in Southeast Asia’s largest econ- firmed the mutual benefits of the favour of developed markets. omy may grow 5.1% next year, at Beijing-funded projects. he global economy may face Forecasts for two more Federal the lower end of the central bank’s While Khan, a former cricket more headwinds next year Reserve interest-rate hikes this forecast of 5.1% to 5.5%, he said. star, has made no secret he Tfrom rising US interest rates year and currency slumps have The central bank will continue to plans to review all government and the fallout of the global trade pushed countries from Argentina intervene in the currency and bond projects and expenditure, the war, Indonesia’s Finance Minister to Indonesia to raise rates and step markets and strengthen its policy finance ministry last month said Sri Mulyani Indrawati said. up market intervention to shield response to stabilise the rupiah and Pakistan was “fully committed to The downside risks to global their economies. curb inflation, Mirza said. undertake and complete CPEC growth is getting higher and if Italy “We need to cautiously moni- While the current-account defi- projects in their totality”. went into recession, “it will lead tor the dynamics among advanced cit is seen expanding this year, Bank Pakistan is struggling to avert to worrying debt dynamic,” Indra- countries as well as between devel- Indonesia will strive to contain it to a foreign currency crisis that wati, a former managing director at oped and emerging countries,” In- a maximum of 3% of the gross do- could force it to seek a bailout the World Bank, told lawmakers in drawati said. “It is estimated that mestic product, he said. from the International Monetary Jakarta yesterday. there will be more downside risks Indonesian policymakers have Fund. Its foreign currency re- She warned of soft commod- in 2019.” intensified efforts to shore up the serves have dwindled to $9.9bn The global economy may face more headwinds next year from rising US interest rates ity prices next year as a result of Indonesia is still resilient as rupiah, which hit its lowest level last month from around $16bn in and the fallout of the global trade war, Indonesia’s Finance Minister Sri Mulyani the trade war. Worries from the household consumption and in- since the 1997-98 Asian financial mid-2017. Indrawati said yesterday. trade ructions to emerging-market vestment remain strong, Bank In- crisis last week. China producer infl ation cools amid softening domestic demand

Reuters month-on-month PPI growth has been pick- August. On a month-on-month basis, the CPI Beijing ing up. China’s economic growth cooled slightly increased 0.7%. to 6.7% in the second quarter, though worries Since August, China has reported multiple about a sharper slowdown have increased in re- African swine fever (ASF) outbreaks that have hina’s producer infl ation cooled in August cent months amid rocky trade relations with the pushed up pork prices in the country’s south as amid softening domestic demand, point- United States. demand grows ahead of a week-long holiday in Cing to a steady slowing in growth in the The two countries have already slapped tit- October and also raised the prospect of more im- world’s second biggest economy as it confronts for-tat tariff s on $50bn of each other’s goods, and ports. heightened risks to the outlook from a heated US President Donald Trump has warned that he However, analysts say that while ASF has in- trade dispute with the United States. was ready to slap tariff s on virtually all Chinese creased the upside risk to the infl ation outlook, Consumer infl ation, on the other hand, picked imports into the United States. the impact would most likely be small. up more than expected in August, though policy- With domestic and foreign demand slowing, “Improvements in China’s disease manage- makers are likely to stay focused on growth rather and export orders in both offi cial and private fac- ment and pork’s lower CPI weighting these days than pricing pressures as US President Donald tory surveys extending their declines in August, suggest that any pick-up in infl ation this time Trump raises the stakes in the tariff war. investors have cause to be nervous about China’s around would be more moderate,” said Chang The producer price index (PPI), a gauge of in- outlook. Liu, a London-based China Economist at Capital dustrial profi tability, rose 4.1% in August from China’s policymakers are trying to keep the Economics, in a note last week. a year earlier, compared with a 4.6% increase in economy on an even keel as the dispute with the Beijing would be unlikely to respond by raising July, according to data released by the National United States threatens to dent output. interest rates even if the disease becomes wide- Statistics Bureau yesterday. The government has responded by loosening spread, Liu said, adding that Chinese offi cials Analysts polled by Reuters had expected Au- its liquidity tap in money markets and speeding tend to prioritise economic growth when faced gust PPI would rose to 4%. up infrastructure projects as it eyes expansionary with a combination of slowing momentum and On a monthly basis, PPP picked up from 0.1% fi scal policy to support growth. rising infl ation. in July to 0.4% in August. Beijing has approved new railways in six cities That view was echoed by vice-chairman of Raw material prices rose 7.8% in August from a in August. state planner Ning Jizhe in comments in August year earlier, compared with a 9% increase in July. On a year-on-year basis, the consumer price that infl ation will not present a big problem this “Despite soft industrial output in the third index (CPI) rose 2.3% in August, fastest pace year. quarter, domestic polices such as boosting infra- since February this year and above expectations China has set an infl ation goal of 3% for 2018, structure spending could provide some support of 2.2%. It also accelerated from July’s 2.1%. same as last year. A vendor gives vegetables to a customer at a stall in Nantong in China’s eastern Jiangsu to prices of related industrial goods in the fourth The food price index climbed 1.7% from a year The core consumer price index, which strips province. China’s producer price index, a gauge of industrial profitability, rose 4.1% in August quarter,” said Betty Wang, Hong Kong-based earlier as vegetable prices rose and pork prices out volatile food and energy prices, rose 2% in from a year earlier, compared with a 4.6% increase in July, according to data released by the senior China economist at ANZ, noting that rebounded, while non-food prices grew 2.5% in August, compared with 1.9% in July. National Statistics Bureau yesterday. Gulf Times Tuesday, September 11, 2018 15 BUSINESS

UK enjoys fastest growth in almost a year after World Cup and weather boost

GDP grows 0.6% 3m/3m in July, fastest June — and at the top end of forecasts in a Reuters vote to leave the European Union, its annual growth That said, in recent months industry surveys have A fall in factory output largely reflected the volatile since Aug 2017; ONS cites boost from warm poll. rate slipping from top spot among the Group of shown that an unusually warm summer encour- pharmaceuticals sector, he added. weather and World Cup; trade deficit This was the fastest growth since August 2017 Seven rich nations to jostling with long-term lag- aged many Britons to splash out on drinks and pub Industrial output contracted by 0.5% over the pe- narrows sharply, sterling little changed and should reassure the Bank of England, which gards Japan and Italy for bottom place. and restaurant visits. riod, hurt by falls across manufacturing, oil and gas raised interest rates last month for the second time Some business surveys have shown firms delaying Last week, closely watched purchasing managers’ extraction and electricity generation, and second- Reuters in more than a decade, forecasting third-quarter investment plans while the terms on which Britain data pointed to third-quarter growth of 0.4%, as a quarter construction orders fell sharply. London growth of 0.4% but only a lacklustre 2018 expan- will leave the EU on March 29 continue to remain pick-up in services activity outweighed a slowdown Nonetheless, Britain’s trade deficit in both goods sion of 1.4%. Sterling was little changed on the unclear, posing the risk of disruption to existing in manufacturing and construction activity. alone and goods and services fell to its smallest data, which economists said showed an economy trade arrangements. Yesterday’s data showed that Britain’s dominant since February, beating economists’ forecasts in a Britain reeled off its fastest economic growth for growing better than hoped after a slow start to Monday’s data showed that compared with a year services sector grew by 0.6% in the three months to Reuters poll. nearly a year in the three months to July thanks 2018, even taking into account the eff ect of one-off earlier, GDP growth in July alone was up 1.6%, July, its biggest rise since January 2017, while 3.3% The goods trade deficit dropped to £9.973bn to strong consumer spending lifted by the World factors. “Far from running out of steam, UK activity while it was 0.3% higher than in June, again above growth in the much smaller construction sector ($12.90bn) in July from 10.679bn the month before, Cup and unusually warm weather, off icial figures has picked up after a very poor start to the year. poll forecasts for 1.4% annual growth and a 0.2% was the fastest since February 2017.”We suspect, and the total trade deficit in goods and services fell showed yesterday. Monthly data is choppy, but this pick-up shows that monthly gain. given the strength in the ‘distribution, hotels and to just £111mn. Gross domestic product in the three months to July the UK is entering the crucial phase of Brexit talks Consumers have been squeezed for more than a restaurants’ sub-sector, the warm weather was a Britain’s deficit in goods trade with the European was 0.6% higher than in the previous three-month in better shape than seemed likely six months ago,” year by the jump in inflation which followed the big help here, and probably so too was England’s Union was its smallest since April 2016, while global period, the Off ice for National Statistics said, gather- Deloitte economist Ian Stewart said. pound’s tumble after the 2016 referendum, espe- performance in the World Cup,” Investec economist goods exports in the three months to July grew ing pace from 0.4% growth in the three months to Britain’s economy has slowed since the June 2016 cially as wages have failed to keep up. Philip Shaw said. 2.3%.

Musk scores a much-needed win with successful VW investors seek $11bn SpaceX launch

Bloomberg San Francisco

Finally, a success story for Elon Musk. damages over scandal Space Exploration Technologies Corp launched a commercial satellite for Telesat Judge suggests some claims from Florida, marking the rocket company’s could be time barred; VW 16th mission of 2018, and two years of largely share price tumbled after uninterrupted achievements. US authorities pounced; The launch, the 16th successful mission of case represents 1,670 claims about 30 targeted this year, is a bright spot against VW; car maker denies in an otherwise tumultuous few months for wrongdoing in regulatory SpaceX’s chief executive off icer, who also disclosure heads Tesla Inc. Musk has had a rough time since his spur- Reuters of-the-moment tweets about taking the car Braunschweig, Germany maker private, only to drop the idea a little more than two weeks later amid criticism, shareholder lawsuits, and an investigation by nvestors took Volkswagen to federal regulators. court yesterday to seek €9.2bn In a New York Times interview last month, I($10.6bn) in compensation for Musk described the past year as “excruciat- the hit to the car maker’s share price ing,” appeared to be overcome by emotion, from its diesel emissions scandal, and also defended his use of the prescription although the judge said some claims sleep aid Ambien. Last week, he appeared live could be time-barred. on comedian Joe Rogan’s podcast intoxicated. Shareholders representing 1,670 Yesterday, the Falcon 9 rocket lifted off claims are seeking damages over the from Space Launch Complex 40 at Cape scandal, which broke in September Canaveral Air Force Station at about 12:45am 2015 and has cost Volkswagen (VW) local time. The rocket deployed the Telstar €27.4bn in penalties and fi nes so far. 18 Vantage satellite, which will expand upon It is likely that only some of the communications services in Southeast Asia, claims will be taken into account due Mongolia, Australia and New Zealand. to the statute of limitations, presid- Musk founded SpaceX in 2002 and the ing judge Christian Jaede told the company remains closely held. He owns a Braunschweig higher regional court majority stake, alongside investors such as as proceedings got under way, with- Google, Fidelity Investments, and Founders out giving a fi gure. Fund, Bloomberg Businessweek reported in The case is so complicated that July. Last year, its workhorse Falcon 9 rocket the court does not want to pin itself reached orbit 18 times, more than any other down, with many legal questions to launch vehicle in the world. be clarifi ed, Jaede added. The company’s valuation has climbed to The court has not yet set a detailed about $28bn, making it the third-most valu- timetable for proceedings in a case able venture-backed startup in the US after that could well end up in a higher Uber Technologies Inc and Airbnb Inc. court. After stage separation, the Falcon 9’s first The plaintiff s say VW failed in its stage landed back on a droneship stationed duty to inform investors about the fi - in the Atlantic Ocean more than 8 minutes nancial impact of the scandal, which after lift-off yesterday. became public only after the US The satellite will replace Telstar 18, which was Environmental Protection Agency Prosecution lawyer Andreas Tilp arrives on the first day of the model case proceedings against Volkswagen (VW) over its cheating in emissions tests involving launched in June 2004 and began service (EPA) issued a “notice of violation” millions of diesel cars, in Braunschweig, northern Germany, yesterday. Shareholders representing 1,670 claims are seeking damages over the scandal, which in August of that year, according to Ottawa, on September 18, 2015. broke in September 2015 and has cost VW €27.4bn in penalties and fines so far. Canada-based Telesat. It’s expected to ena- Had investors known about VW’s ble direct connectivity from any point in Asia criminal activities in rigging emis- VW’s decision between 2005 and holders and the capital markets,” Jaede said critical to the case was cheating without an EPA notice of to the Americas, Telesat said. It’s designed sions tests, they may have sold shares 2007 to install cheating software in VW lawyer Markus Pfueller told the the period from early 2014, when he violation, and because VW was in for an in-orbit life of about 15 years. earlier or not made purchases, there- diesel cars was illegal, but it is not court.”We are convinced that this is said VW employees had learned that talks about reaching a settlement, Telstar 18 Vantage, which was built by Maxar by avoiding losses on their share- clear that it was taken to keep inves- the case.” US tests showed its diesel cars emit- the car maker said in a court fi ling. Technologies Ltd’s SSL unit, is expected to holdings, the plaintiff s argue. tors in the dark, judge Jaede said. A challenge of the case, according ted far more toxic nitrogen oxide on It added that board members at begin service later this year after testing, VW shares lost up to 37% of their However, Tilp said VW should to Jaede, is that it covers many inci- the road than under laboratory con- the time, including current chief ex- SpaceX said. value in the days after authorities ex- have made public that it could not dents stretching back to 2005, with ditions. ecutive Herbert Diess and Chairman SpaceX also has a contract to ferry American posed illegal levels of pollution emit- meet US emissions standards by legal claims before July 9, 2012 potentially There is also the question of who Hans Dieter Poetsch, did not violate astronauts to the International Space Station ted from VW diesel cars. means, adding that if the court did invalid due to the statute of limita- within VW knew what, and when, disclosure rules. as part of what’s known as the Commercial “VW should have told the market not see it this way, it would limit the tions, the court said in a summary of whether the information would ac- Plaintiff s, including fund manage- Crew program with NASA. The agency’s that they cheated and generated risk plaintiff s’ case. proceedings. tually have had an impact on the ment fi rm Deka, allege managers below latest schedule has a SpaceX demonstration worth billions,” said Andreas Tilp, a VW has admitted systematic However, the results of a study into share price, had it been made pub- management board level, including fight slated for November and the first flight lawyer for the plaintiff s. emissions cheating, but denies VW diesel engines commissioned by lic, and if so, how damages should be divisional heads, knew early on about with astronauts on board set for April. “We believe that VW should have wrongdoing in matters of regulatory the International Council on Clean calculated, the court added. deliberate and systematic cheating. Last month, SpaceX employees got a chance told the market no later than June disclosure. Transportation (ICCT) and investi- VW’s board did not see the need The company was therefore aware to meet the four astronauts who will fly on 2008 that they could not make the “This case is mainly about gations by US regulators from May to brief investors before September of criminal activity and so investors Crew Dragon, the craft designed to ferry technology that they needed in the whether Volkswagen complied with 2014 could constitute insider infor- 2015 because other car makers had should have been warned earlier, the them safely to and from the orbiting lab. United States.” its disclosure obligations to share- mation, the court said. reached a settlement for emissions plaintiff s say. Apple to kick off product blitz with iPhone Xs line, new watches

Bloomberg expanding and it has gained market share. the iPhone X, could be the hit of the prod- depending on screen size. Morgan Stanley too. The company plans to introduce new can simultaneously charge an iPhone, Ap- San Francisco Looming over Wednesday’s event will be uct roll out. It’ll have a roughly 6.1-inch analyst Katy Huberty is positive on Apple Apple Watches with larger screens that go ple Watch, and AirPods without plugging tariff s imposed on products from China screen with LCD instead of newer OLED ahead of the iPhone launches. She thinks nearly edge-to-edge, showing the user more them in. The company faced development by US President Donald Trump. Apple technology. It will also use aluminium that iPhone unit growth may surprise in- information. The upgrades will mark the challenges, but plans to launch it as soon Apple Inc will kick off a blitz of new warned last week that this will raise prices instead of stainless steel edges, and come vestors to the upside in Apple’s 2019 fiscal most-significant changes to the Apple Watch as this month, Bloomberg News reported products this week, ending a year of minor for some of its popular off erings like the in several additional colors. Apple has year. Lately, unit growth has been running since the product was launched in 2014. earlier this year. New MacBook: The updates and setting the technology giant Watch and AirPods. considered calling the phone the “iPhone at about 1%. Apple had 17% of the smartwatch market company is preparing a new lower-cost up for a potentially strong holiday quarter. There’ll be a trio of new smartphone Xr,” one of the people said. Last year, Apple put the iPhone X on sale in the second quarter of 2018 with 4.7mn laptop with a 13-inch Retina display to Through the rest of 2018, the world’s models that look and act like the iPhone X The phones may raise the iPhone average in early November, almost two months units shipped, beating out second place succeed the MacBook Air. Geared toward most valuable public company will launch from last year: An upgraded version of the sales price, boosting revenue and profit, after it was unveiled. This year, the new Xiaomi Corp by half a million units and Fit- consumers and schools, the laptop may three new iPhones, revamped iPad Pros, iPhone X with a 5.8-inch screen, but adding while expanding the total number of ac- models will likely be available for purchase bit Inc by 2mn, according to data from IDC. help Apple re-gain lost market share in the Apple Watches with larger screens, a new a faster processor and upgraded cameras. tive Apple devices to support sales of ac- much closer to their announcement date. The Apple Watch saw more than 38% year- PC world. Revamped iPad Pros: Apple is entry-level laptop with a sharper screen, a This device is likely to be called the iPhone cessories and digital services. Still, none of That gives the company more time to over-year growth, according to IDC, and planning two new iPad Pros for this year pro-focused Mac mini desktop computer Xs, which would follow Apple’s naming the phones will feature breakthrough new scoop up sales during the US Thanksgiv- a larger model could boost the device’s with slimmer bezels and Face ID instead of and new accessories like the AirPower approach for new iPhones that look like features, with more significant changes ing and holiday shopping frenzies. prospects heading into the holiday season. the home button and fingerprint sensor. wireless charger. the previous models but add new bells and planned for next year, the people said. Still, Apple has faced tight supply of the While it is the market leader, the Apple These will be some of the most significant The product launches will begin on whistles. It’ll also come in gold, adding to The consensus expectation is that the new new low-cost model due to minor com- Watch still doesn’t sell in high enough upgrades to the iPad in the device’s his- Wednesday in the Steve Jobs Theater at the gray and silver versions from last year. LCD iPhone will be priced between $699 plications fitting backlights for the LCD quantities for Apple to break out individual tory. They’ll come in 11-inch and 12.9-inch the company’s Apple Park headquarters in A larger version of last year’s iPhone X and $749, Goldman Sachs analyst Rod screen, according to people familiar with unit sales like it does for Macs, iPads, and sizes, and could give Apple a boost in the Cupertino, California. The focus will be on with a nearly 6.5-inch screen. That would Hall wrote on Friday in a note to investors. the matter. That could mean the lower- iPhones. However, the product has buoyed slowing tablet market. Pro-Focused Mac Apple’s latest iPhones. It’s still the compa- make it one of the largest mass-market Hall, however, believes Apple will price it cost device ships in limited quantities revenue from Apple’s “Other Products” mini: For the first time in more than four ny’s most-important product, generating phones ever sold and about an inch larger closer to $849 given better-than-expected initially, they said. Apple may be tempted segment, which also includes the Apple years, Apple is getting ready to update its about two-thirds of revenue and spurring than the screen on the iPhone 8 Plus. demand for the current iPhone X this to delay availability of the LCD version to TV, HomePod, and AirPods. Mac mini computer, a desktop that doesn’t purchases of other Apple devices, along To signify the even larger screen, Apple summer. A $699 version is unlikely and gauge demand for the more expensive Beyond phones and watches, Apple is come with a screen, mouse, or keyboard. with services like app subscriptions, movie is likely to give the phone a new name: wouldn’t be good for earnings, Hall added. largest new iPhone, Goldman’s Hall said. planning a series of other products later This time around it will focus on graphic downloads, and iCloud storage. While “iPhone Xs Max,” according to people The iPhone 8, which the new lower-cost While the iPhones will be the Wednes- this year. Not all of them will be revealed designers and other professional users, smartphone market growth has slowed, familiar with Apple’s internal deliberations. iPhone X-like model is expected to replace day’s main attraction, Apple’s growing on Wednesday: AirPower Wireless who have been asking for new Macs that higher prices have helped Apple keep The third phone, a new low-cost version of in the lineup, starts at $699 or $799 smartwatch business will see stage time, Charger: This is Apple’s charging pad that meet their more-demanding needs. Tuesday, September 11, 2018 GULF TIMES BUSINESS Crude futures stop their rally; Asian spot LNG prices firm

www.abhafoundation.org importance, in determining the prices winter gas purchases, and CNOOC in coming weeks. will open its terminals next month to third party access. On the supply Oil Gas side, the issue at Russia’s Sakhalin-2 Benchmark crude futures stopped Asian spot LNG prices proved firm LNG plant has likely been resolved their rally last week by losing last week, holding at a four-year with production ramping up faster around 1% and 3% for Brent and WTI seasonal high. Prices continued to than expected, whereas feedgas at respectively. Prices were dragged grow on the back of steady demand Cheniere’s Sabine Pass LNG train 4 down by US and Opec production despite a thin trade in a usually was lower last week due possibly to increases, rising US refined product off -demand period. Some traders an outage. stocks, smaller-than-expected impact consider that September’s imports In the US, Henry Hub natural gas from the US Gulf tropical storm could be higher than usual, as futures dropped almost 5% last week Gordon, weak equity markets and Asian buyers have to rebuild their due to softer demand and near-normal economic trade tensions. inventories for the upcoming winter storage build. The weak market Gordon was expected to become and they are expected to have learnt situation was predominantly caused weekly consecutive gain. Prices were represented 70% of UK’s gas storage This article was supplied a hurricane which initially boosted from last year’s shortages. South by tropical storm Gordon that forced mainly boosted by some outages, capacity, is forcing lower stock levels. by the Abdullah bin Hamad prices, but the anticipation proved Korea’s KOMIPO is seeking an LNG power outages and brought cooler lower imports, and gas demand from The supportive market situation is Al-Attiyah International exaggerated as it finally weakened cargo for November delivery, while weather. In the UK, gas futures surged the power sector. The closure of the expected, by analysts, to continue Foundation for Energy and and caused relatively small impact. Sinopec is expected to ramp up by 8% last week, making it the seventh Rough storage site last year, which throughout the winter season. Sustainable Development. US gasoline and distillate stocks rose in the latest week by almost five million barrels (mbs) which more than off set the crude stock drawdown of 4.3 mbs. Equity markets were pressured in the US and Europe by rising trade tensions, and the surge in August of US job growth that strengthened the US dollar and fuelled concerns about a spike in US interest rates. Price losses were limited by supply worries in Iran and Venezuela, and by escalation in Iraq’s protests and Syria’s war. China’s trade surplus with the US climbed to $31bn in August, which will fuel the trade tension between the two countries even more. The rising trade tensions along with financial crises’ in some emerging markets could impact oil demand negatively, that is expected to exceed 100mn bpd later this year, according to Opec estimates. Therefore, the drivers related to the supply could be of higher uncertainty, and thus of higher QSE nears 9,900 levels on stronger buying support

HE the Minister of Transport and Communications Jassim Seif Ahmed al-Sulaiti leads the ceremony of the ‘4th Qatar IT Business Awards’. Meeza won the award in the ‘Service from foreign institutions Provider of the Year’ category.

By Santhosh V Perumal ment and Qatar Oman Invest- QR45.19mn on almost tripled Meeza wins ‘Service Provider Business Reporter ment were among the losers. deals to 890. Non-Qatari funds’ net buy- The real estate sector reported of the Year’ honour at Qatar ing strengthened influentially 69% surge in trade volume to tronger buying support to QR69.79mn compared to 1.52mn stocks and 85% in value IT Business Awards 2018 from foreign institutions QR12.24mn on Sunday. to QR28.08mn on more than Syesterday gave a 119 points However, domestic institu- doubled transactions to 661. Meeza, a Qatar Foundation joint customers. Meeza is commit- thrust to the Qatar Stock Ex- tions’ net profi t booking in- The banks and fi nancial serv- venture, has won in the ‘Service ted to operational excellence change, whose key index neared creased to QR34.85mn against ices sector’s trade volume soared Provider of the Year’ category and commercial success and 9,900 levels. QR27.88mn the previous day. 36% to 1.46mn shares and value by the Ministry of Transport and the award will also motivate Insurance, industrials and Local individual investors more than doubled to QR88.66mn Communications (MoTC) at the us to continue our serious and banking counters witnessed high- turned net sellers to the tune of on 83% rise in deals to 1,215. ‘4th Qatar IT Business Awards’. diligent efforts and develop er-than-average demand, leading QR29.01mn compared with net There was 25% surge in the The event honours organisa- our services in line with the to a 1.22% jump in the 20-stock buyers of QR19mn on Septem- consumer goods sector’s trade tions that have benefited the market requirements.” Qatar Index to 9,889.62 points. ber 9. volume to 0.1mn equities, 61% ICT Industry and the develop- Meeza won in the ‘Service Masraf Al Rayan and Doha The Gulf institutions’ net in value to QR9.02mn and 13% in ment of innovation. The award Provider of the Year’ category for Bank sponsored exchange trad- profi t booking grew perceptibly transactions to 135. programme is an annual event providing a sophisticated range ed funds QATR and QETF saw to QR3.19mn against QR2.6mn The telecom sector’s trade vol- where an independent panel of end-to-end managed IT serv- 0.86% and 0.15% gains respec- on Sunday. ume grew 4% to 0.56mn stocks, of experts in technology and ices and solutions, ICT infrastruc- tively. Non-Qatari individuals’ value by 34% to QR16.21mn and business judge the awards ture, security services, service The Islamic equities were seen net buying rose infl uential- deals by 90% to 361. nominations. operations, disaster recovery, and gaining slower than the other A trader looks at share prices on an electronic display at the Qatar ly to QR2.15mn compared to However, the market wit- Meeza CEO engineer Ahmad call centre operations, as well as a indices on the market, which Stock Exchange in Doha. Insurance, industrials and banking counters QR0.81mn the previous day. nessed 17% decline in the trans- al-Kuwari said, “It is an honour number of end user ‘desktop-as- reported 16.03% gains year-to- witnessed higher-than-average demand, leading to a 1.22% jump in The Gulf individuals were net port sector’s trade volume to and a great achievement for us a-service’ features. date. the 20-stock Qatar Index to 9,889.62 points yesterday. sellers to the extent of QR0.56mn 0.3mn shares and 46% in value at Meeza to win in the ‘Service Meeza is an established end- Trade turnover and volumes against net buyers of QR0.06mn to QR9.16mn but on 77% jump Provider of the Year’ category at to-end managed IT services were on the increase on the dex (Price) by 1.04% to 2,362.23 stocks extended gains with on September 9. in transactions to 221. the prestigious Qatar IT Business and solutions provider based in bourse, where industrials, real points. major movers being Industries Total trade volume rose 73% Although the insurance sec- Awards 2018. Qatar that aims to accelerate the estate and banking sectors to- The insurance index soared Qatar, Mesaieed Petrochemi- to 5.9mn shares and value more tor’s trade volume was fl at at “This recognition is a testa- growth of the country and the gether accounted for more than 1.63%, industrials (1.6%), banks cal Holding, Qatar Insurance, than doubled to QR199.51mn on 0.09mn equities, value shrank ment to the company’s efforts region by providing world-class 82% of the total volume. and fi nancial services (1.39%), United Development Compa- doubled transactions to 3,562. 12% to QR3.18mn despite 55% and hard work in delivering on managed IT services and solu- The Total Return Index rose realty (1.19%), consumer goods ny, QNB, Qatar Islamic Bank, The industrials sector’s trade increase in deals to 79. its commitment to offer service tions. Meeza’s off erings include 1.22% to 17,424.41 points, All (0.8%), transport (0.21%) and Commercial Bank, Dlala, Barwa volume grew more than fi ve- In the debt market, there was excellence and best practices data centre services, cloud serv- Share Index by 1.25% to 2,886.18 telecom (0.07%). and Mazaya Qatar; even as fold to 1.88mn equities and no trading of treasury bills and in managed IT services to all its ices, and IT security services. points and Al Rayan Islamic In- About 76% of the traded Ooredoo, Qatar National Ce- value by more than six-fold to sovereign bonds.

Qatar Chamber holds customs training workshop

Qatar Chamber, in co-operation with the General Authority of Customs, held the 14th training workshop for customs brokers with 58 trainees taking part. The workshop was aimed to help participants understand laws and regulations, as well as help them improve their eff iciency and productivity. The programme also focused on commerce and customs-related terminology, among other subjects and skills that the profession needs to limit traff ic at customs outlets. The first training programme was launched in 2015 and trained 658 individuals. Qatar Chamber said it undertook the initiative due to the profession’s importance to the business environment.