BUSINESS Friday 23 November 2018 PAGE | 15 PAGE | 15 iPhone supplier names oil Foxconn & gas veteran to planning deep top energy post to cost cuts drive revamp

Qatar emerging as Ghosn gone: Nissan drives out regional hub for chairman after arrest

AFP more than any other firm. around $44m between June 2011 FinTech business TOKYO It also throws the future of and June 2015. the alliance into doubt, as Ghosn His fate as Nissan chairman THE PENINSULA Nissan board members voted was the architect of the fractious appeared sealed just hours later DOHA unanimously to sack Carlos tie-up -- which employs as his hand-picked successor as Ghosn (pictured) as chairman 450,000 people globally -- and CEO, Hiroto Saikawa launched The Qatar Financial Centre yesterday, a spectacular fall from the glue holding it together. an impassioned broadside at his (QFC) working actively to grace for the once-revered boss “After reviewing a detailed former mentor, muttering about comments since his arrest. develop Qatar as hub of financial whose arrest for financial mis- report of the internal investi- a “dark side” to the Ghosn era He received a visit from Bra- technology (FinTech), noted a conduct stunned the car industry gation, the board voted unani- and urging his sacking. zilian consul Joao de Mendonca senior official of QFC, one of the and the business world. mously... to discharge Carlos Even after being jettisoned on Thursday who told AFP that world’s leading and fastest Ghosn stands accused of Ghosn as Chairman of the as chairman, Ghosn remains Ghosn “sounded very well, in growing onshore business and under-reporting his income by Board,” the statement said. technically a member of the good health”. financial centres at an event. millions of dollars and a host of Nissan also stressed its “long- board as a full shareholders’ However, his conditions are As part of the efforts, QFC is international FinTech companies other financial irregularities, standing... partnership with meeting is required to remove likely to be a far cry from what working in close cooperation that want to be active in Qatar or alleged after a months-long Renault remains unchanged” and him. the millionaire businessman is with major stakeholders, and nearby remittance markets. As internal Nissan probe following that “the mission is to minimise Nissan said it would study used to. Inmates at the centre are recently joined hands with part of our commitment to devel- a whistleblower report. the potential impact and con- the creation of a “special com- typically allowed 30 minutes Europe’s leading Fintech oping a FinTech hub, the QFC His ouster as chairman rep- fusion on the day-to-day coop- mittee” to take advice from a exercise per day and only two platform B-Hive, which will help recently signed an MoU with resents an astonishing turna- eration” between the firms. third party on improving its baths a week. facilitate co-operation on several Europe’s leading Fintech round for the titan of the auto Prosecutors intercepted the internal governance and exec- Ties and strings are removed aspects based on the promotion platform B-Hive, which will help sector who revived the Japanese Brazil-born tycoon Monday as utive pay. to prevent suicide attempts and of business opportunities and facilitate co-operation on several brand and forged an alliance he landed in Tokyo on a private - ‘In good health’ - Ghosn is former guards and lawyers said knowledge sharing. aspects based on the promotion with Renault and Mitsubishi jet, accusing him and another being held custody in a Tokyo Ghosn was almost certain to be This was reaffirmed by QFC of business opportunities and Motors, which sold a combined executive Greg Kelly of under- detention centre and has not held in a cramped cell on his as it took part in a ‘FinTech/ knowledge sharing.” 10.6 million cars last year -- stating the chairman’s income by been seen in public nor made any own. Blockchain’ panel discussion at Hoogendoorn added: “We are the 5th Annual Information witnessing a steady uptake of Security Conference for the FinTech businesses in the Middle Financial Sector. East, with the number of FinTech Henk J Hoogendoorn (pci- startups soaring to 105, from 46 tured), Managing Director, between 2013 and 2015. The QSE index closes at 10,328.48 points Financial Sector Office, QFC dis- adoption of FinTech within cussed the growth of FinTech Qatar’s financial sector will THE PENINSULA end of previous week. number of transactions during day’s closing. during a panel that brought provide plenty of opportunities in DOHA The Banks and Financial last week, accounting for 37.5 The volume of shares traded together speakers who included areas such as Financial Inclusion. Services sector led trading value percent of the total number of increased to 4.29 million from Simon Ingham, SVP Enterprise Additionally, about eighty per cent Qatar Stock Exchange’s (QSE) during last week 46.83 percent transactions, Real Estate sector 4,171,142 on Wednesday and the Solutions, KYC Global; Dr Jaouad of FinTech is non-regulated so we benchmark index dropped of the total trading value, fol- accounted for 17.49 percent. The value of shares decreased to Al Khaliki, Founder, 30Tech; can start working on important 114.29 points, 1.12 percent, last lowed by Consumer Goods and Industrials sector accounted for QR147.40m from QR168.15m on Nabil Ben Aissa, CEO QPAY and themes such as cyber security, week when the bourse closed Services sector accounted for 16.27 percent, and finally Con- Wednesday. Bora Goknar, International Sales data analytics, digital access and yesterday at 10,328.48 points. 17.38 percent. The Real Estate sumer Goods and Services sector From the 48 companies Manager, Cardtek. a cashless FIFA 2022.” Trading value during last sector accounted for 11.77 accounted for 12.61 percent. listed on QSE, shares of 44 saw During the session, the pan- The QFC is an onshore juris- week increased by 7.92 percent percent, and Industrials sector Out of the 45 listed com- trading yesterday. From these, elists debated trends, insights and diction, allowing companies to to reach QR1.07bn compared to accounted 10.21 percent. panies, shares of 26 ended last 27 companies gained, 12 closed approaches to the adoption of operate in and from Qatar within QR1.17bn. The Banks and Financial week higher, while 18 fell and lower and five remained FinTech by the financial industry, the QFC legal and tax envi- Trading volume decreased Services sector led trading one remained unchanged. unchanged. how regulators can use FinTech ronment. The QFC endeavours by 5.82 percent to reach 25.40 volume during last week with The QNB led trading value Indices of two four sectors effectively and the lessons to promote Qatar as an attractive million shares, as against 26.98 40.33 percent of the total trading during last week with 18.68 ended in green zone and three learned and best practices from business destination. Companies million shares, while the number volume, Real Estate sector percent of the total trading value, sectors ended in red zone today. other regions that have made sig- that wish to establish a business of transactions fell by 2.17 accounted for 21.06 percent. The Qatar Fuel accounted for 14.97 QSE Total Return Index nificant advancements through in the QFC are guided throughout percent, to reach 20,264 trans- Telecoms sector accounting for percent, the Barwa Real Estate increased 0.35 percent to the use of the technology. by a dedicated QFC relationship actions as compared to 19,833 16.06 percent, and Industrials accounted for 8.61 percent. 18,197.63 points and QSE Al Hoogendoorn said: “The QFC manager who assists in the transactions. sector accounted 9.89 percent, When compared on daily Rayan Islamic Index dropped is already actively contributing process of obtaining a licence and Market cap fell by 1.25 reports QNA. basis, the QSE index gained 0.05 percent to 3,892.43 points. to the national FinTech plan and offers support in matters related percent to reach QR583.82bn as The Banks and Financial 35.66 points, 0.35 percent, yes- QSE All Share Index gained 0.28 will be a platform for to operating a business in Qatar. compared to QR576.62bn at the Services sector led trading terday compared to Wednes- percent to 3,070.63 points. UK looks to hydrogen as source of green energy to make heat

BLOOMBERG renewables such as wind and long as the hydrogen is made LONDON solar are spreading rapidly to without emissions, it can be generate electricity, those energy counted as clean energy. An influential panel of lawmakers sources are less adept than oil, Hydrogen is emerging as a in Parliament is encouraging the natural gas and coal in providing solution to difficult questions in government to develop hydrogen heat. the energy transition, such as as a way to provide a green form “Hydrogen has the potential how to plug the gaps between of heat for industry and homes. to contribute to near-zero wind and solar generation The Committee on Climate carbon energy emissions if used without fossil fuels. Burning the Change, which advises the gov- strategically,” said John Gummer, lightest element doesn’t produce ernment on energy and environ- chairman of the Committee on any carbon emissions, so it could mental policies, said ministers Climate Change. “The gov- potentially displace gas and should write a strategy for ernment must now decide other fossil fuels both in power removing carbon emissions from whether it wishes to develop a generation and transport. heat in the next three years, UK hydrogen option, taking deci- Large energy and transport A file picture of Shell’s new hydrogen refuelling station at one of the UK’s busiest service stations starting with a roll out of hybrid sions now that will see the first companies have formed the which was unveiled this year. The UK government is funding for hydrogen refuelling infrastructure in heat pumps. deployment in the 2020s.” Heat Hydrogen Council to try to jointly the country as part of efforts to promoting green energy. Heat is seen as one of the pumps combine an electric pump promote the use of the gas. The most difficult and expensive ele- with a natural gas boiler. They organization currently has over ments of the energy mix to wean can reduce a building’s gas use 50 members, including Engie SA, 25 percent of heat for buildings with 30 percent of electricity, 12 transport unless major changes off fossil fuels. It accounts for by 80 percent, the committee Royal Dutch Shell Plc and with the remainder covered by percent of heating and 10 percent are enacted, a Parliament com- almost half of the UK’s energy said in a report published yes- General Motors Co. electric pumps. of transport powered by clean mittee said in 2016. The com- use and a third of its carbon terday. Eventually the gas boiler The UK’s Committee on The UK is aiming to meet 15 energy. The country is on track mittee is also recommending that emissions, according to a gov- could burn hydrogen instead, Climate Change expects that by percent of its overall energy to meet its electricity target, but hydrogen be used in trucks and ernment estimate. While achieving zero carbon heat. So 2050, hydrogen could provide needs with renewables by 2020 unlikely to succeed on heat and heavy industry. FRIDAY 23 NOVEMBER 2018 BUSINESS 15

Japan’s MarketWatch iPhone supplier Foxconn inflation stalls at 1% as planning deep cost cuts QSE FTSE100 DOW BRENT risks to price 10,328.48 6,960.32 24,464.69 $53.85 BLOOMBERG gains gather +35.66 PTS −89.91 PTS −0.95 PTS -0.78 NEW YORK 0.35% 1.28% 0.39% Dow & Brent before going to press

Foxconn Technology Group, the BLOOMBERG biggest assembler of iPhones, The company’s TOKYO became the latest Apple Inc sup- spending in the past China names oil & gas plier to warn of anemic demand, 12 months is about Slow but steady improvement with an internal memo sug- NT$206bn ($6.7bn). in Japan’s core inflation gauge gesting that expenses will be cut has come to a halt as a host veteran to top energy by almost a half next year. The shares of Hon Hai of forces gather that could see The contract manufacturer Precision Industry price gains begin to slow. post to drive revamp aims to cut 20 billion yuan Co, as Foxconn is Consumer prices ($2.9bn) from expenses in 2019 as known in Taiwan and excluding fresh food rose 1 it faces “a very difficult and com- percent in October from a BLOOMBERG petitive year,” according to an Asia, rose less than 1 has been hit by a slowing smart- year earlier, as expected by HONG KONG internal document obtained by percent in early trade phone market, while trade ten- economists. That’s just half Bloomberg. in Taipei yesterday. sions with the US add to global way to the Bank of Japan’s 2 China has named a leading The company’s spending in uncertainty. Earlier this month its percent target with the business executive to its top the past 12 months is about flagship Hon Hai posted earnings prospect of falling energy energy post, eschewing a NT$206bn ($6.7bn). The shares of because of weak demand. That set that were about 12 percent below costs and lower charges from practice of appointing career Hon Hai Precision Industry Co, as off a rout in technology stocks that expectations. mobile-phone carriers politicians as the nation pushes Foxconn is known in Taiwan and has spread to the broader market The company will conduct an pointing to weaker price through an overhaul of its Asia, rose less than 1 percent in in recent days. in-depth review of managers with growth ahead. massive energy sector. early trade in Taipei yesterday. Goldman Sachs cut its price an annual compensation of more Key Insights Stripping out Jianhua (pictured), “The review being carried out target for Apple for the third time than $150,000, according to the energy as well as fresh food, the No 2 official of state-run by our team this year is no dif- this month because of weak memo. Other cuts include a planned prices climbed 0.4 percent. China National Petroleum Corp, him more insights into how SOEs ferent than similar exercises iPhone demand in China and other 3 billion yuan reduction in expenses Declines in oil prices threaten will become director of the operate and execute energy pol- carried out in past years to ensure emerging markets. Analyst Rod at Foxconn Industrial Internet Co., to weigh on inflation in the National Energy Administration, icies. Hopefully that will allow that we enter into each new year Hall warned of “material risk” to its -listed offshoot. year ahead. according to the Communist reforms to be better imple- with teams and budgets that are guidance if the current trends Apple has adjusted its strategy Telecommunications Party’s official People’s Daily. He mented.” Zhang’s appointment aligned with the current and antic- continue. as growth in the number of smart- companies have begun will be the fifth NEA chief and the also comes after two former NEA ipated needs of our customers, our Apple dropped into bear phones sold each year has slowed. heeding aggressive calls from first to be appointed from an chiefs were probed for “serious global operations and the market market territory this week, closing It can charge higher prices for the government to lower energy company, the newspaper violations,” typically used to and economic challenges of the 24 percent below its October peak each handset and pull in more mobile-phone charges and reported this week. The admin- describe investigation for graft. next year or two,” Foxconn said in by Wednesday. On a single day last money from services, including this trend is likely to istration didn’t respond to several His predecessor, , who an emailed statement in response week, Lumentum Holdings Inc, digital videos, streaming music strengthen next year. While faxes from Bloomberg seeking was previously a long-time chief to Bloomberg queries. one of the suppliers that warned and data storage. the central bank forecasts comments, while a CNPC of Xinjiang autonomous region, Foxconn’s iPhone business of soft demand, plunged 33 But most of its suppliers rely inflation of 1.4 percent next spokesman in Beijing declined served from December 2014 until will need to reduce expenses by 6 percent, while AMS AG tumbled on increased unit volumes to grow year and Governor Haruhiko to comment. he was removed in September. billion yuan next year and the 22 percent. This week, as concern their businesses and have no prof- Kuroda told Japan’s par- Zhang, 54, will take the reins Zhang’s career in China’s company plans to eliminate about spread, the S&P 500 erased its gain itable back-up plan as the industry liament this week that as China attempts to pull off an petroleum and chemical industry 10 percent of non-technical staff, for 2018. growth slows. momentum toward the price extensive revamp of its energy spans more than three decades. according to the memo. The Nasdaq Rout Reflects Rising That has led to the financial goal has been maintained, sector. He was most recently general moves are likely to add to the Concern that Peak Tech Is Nigh warnings at companies such as this view is hotly contested. “Most of China’s energy manager at CNPC and vice gloom enveloping Apple and sup- Taipei-based Foxconn assembles Lumentum and Japan Display Inc. Some private-sector econo- reforms have to go through state- chairman of PetroChina Co., pliers for the iPhone, its most everything from iPhones and “Suppliers are more dependent on mists estimate sliding oil owned enterprises,” said Tian where he resigned from last important product. Just last week, laptop computers to Sony Corp. volume than Apple,” said Woo Jin prices will halve Japan’s Miao, an analyst at Everbright week. Before that, he was vice four suppliers on three continents PlayStations at factories in China Ho (pictured), an analyst at inflation rate over the next six Sun Hung Kai Co. “Zhang’s president of China Petroleum & cut their revenue estimates and around the world. Foxconn Bloomberg Intelligence. months. business background would give Chemical Corp. BREAK TIME

CROSSWORD MALL ROYAL PLAZA VILLAGGIO & CITY CENTER Drama (2D/Malayalam) 2:15 & 11:00pm Drama (2D/Malayalam) 2:30 & 11:15pm Taxiwala (2D/Telugu) 2:15 & 11:15pm Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation) Robin Hood: Origins (2D/Action) 5:00, 7:00, 9:15 & 11:30pm; 2:30 & 5:15pm Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation) Robin Hood: Origins (2D/Action) 7:15, 9:30 & 11:30pm 2:30, 4:30 & 6:30pm Taxiwala (2D/Telugu) 4:30 & 7:00pm Fantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy) Malicious (2D/Horror) 9:30pm 8:30pm Kaatrin Mozhi (2D/Tamil) 5:00pm ASIAN TOWN Bel Canto (2D/Drama) 7:30pm Taxiwala (2D/Telugu) 12:00, 12;15, 3:00 & 6:00pm Malicious (2D/Horror) 9:30pm Sarkar (2D/Tamil) 4:00 & 11:15pm; Sharabha (2D/Telugu) 12:15pm; Kaatrin Mozhi (2D/Tamil) 3:15 & 5:45pm Drama (2D/Malayalam) 12:00, 2:45, 5:30, 8:15, 8:30, 11:30pm & LANDMARK 1:30am AL KHOR Drama (2D/Malayalam) 2:15 & 11:00pm; Drama (2D/Malayalam) 12:15, 6:00 & 11:45pm Robin Hood: Origins (2D/Action) 5:00, 7:00, 9:15 & 11:30pm; Fantastic Beasts: The Crimes Of Grindelwald (2D/ Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation) Fantasy) 12:00, 5:45 & 11:30pm 2:30, 4:30 & 7:00pm; Robin Hood: Origins (2D/Action) 2:15, 7:00 & 11:45pm Taxiwala (2D/Telugu) 4:15, 6:45, 9:00 & 11:15pm Taxiwala (2D/Telugu) 3:15 & 9:00pm Ikarus – Kuwaiti (2D/Arabic) 2:30pm; Sarkar (2D/Tamil) 2:45 & 8:30pm Malicious (2D/Horror) 9:15pm; Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation) 12:00, 4:45 & 9:30pm ROXY FLIK Mirqab Mall Drama (2D/Malayalam) 10;30, 1:30, 4:30, 7:30, 8:30 & 10:30pm Belcanto (2D/Malayalam) 1:00, 3:00 & 10:00pm Fantastic Beasts: The Crimes Of Grindelwald (2D/ 2:50 & 8:50pm Drama (2D/Malayalam) Fantasy) 10:30am, 1;15, 3:30, 4:00 & 6:15pm 5:00pm El Kowayseen (2D/Arabic) Malicious (2D/Horror) 1:30, 6:45, 11:30 & 11:40pm Fantastic Beasts: The Crimes Of Grindelwald (2D/ Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation) Fantasy) 12:20, 3:40, 6:20, 7:30, 9:00, 11:40pm 12:50, 3:20, 5:40 & 8:00pm Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Ani- Robin Hood: Origins (2D/Action) 10:30, 11:00,1:00, 3:00, 6:00 & mation) 10:40, 9:40, 6:30pm 11:30PM Robin Hood: Origins (2D/Action) 10;45, 1:10, 3:35, 11:30, Taxiwala (2D/Telugu) 8:45 & 10:30pm 1:50, 4:10, 8:50 & 11:10pm Note: Programme is subject to change without prior notice. Taxiwala (2D/Telugu) 11:45am, 5:50 & 11:50pm The Grinch 11:50am, 1:45 & 3:00pm

TAXIWALA

Taxiwaala is a science-fiction and horror comedy thriller film in its review noted that “The audio of Taxiwala is not the regular song and dance album which will impress.