BUSINESS Thursday 29 March 2018

PAGE | 22 PAGE | 24 QFB’s income QSE FTSE100 DOW BRENT Nebras records 8,553.14 7,044.74 23,892.00 $64.63 huge jump in from financial -140.84 PTS +44.60 PTS +34.29 PTS -0.62 assets grows 1.62% 0.64% 0.14% Dow & Brent before going to press 2017 revenue

QNBFS remains bullish on Qatari equities for ’18

SATISH KANADY “Similarly, Qatari equities are THE PENINSULA expected to register dividend yields in line with peer average DOHA: Driven by attractive over the next 2 years at an esti- fundamentals, QNB Financial mated 4.3/4.6 percent vs. 4.7/5.0 Import/export levels Services (QNBFS) is bullish on percent. With that in mind, we remain largely Qatari equities for this year. compiled net income expecta- stable with exports Announcing its Qatar equity tions of key Qatari equities that increasing from strategy for 2018 recently, we cover,”, QNBFS noted in its QNBFS noted it remained opti- ‘Qatar equity strategy 2018.’ ana- $5.6bn in May 2017 mistic on the Qatari equity lysts said in.” (before blockade market on long-term and QEWS, QNBFS’ Qatari coverage list start) to $6.0bn only 6 GWCS and QGTS would play. constituted a significant ~43 months later. “Within our coverage uni- percent of the overall total verse, we forecast a normalized market capitalization (ex. QNB 4.4 percent increase in aggregate Group) of the Qatar Exchange. in equity prices, ‘but with much earnings in 2018 followed by a Factors that can negatively of the uncertainty behind us, val- P/E along with a dividend yield significant spending program Import/export levels remain more robust 2019 with 11.7 impact our thesis include decel- uations likely price in the current of 4.7 percent. While the bounce should provide tailwinds for largely stable with exports percent. Despite the issues eration of global economic environment,’ they said. For the beginning in December was growth. Qatar’s macro picture increasing from $5.6bn in May related to the blockade, we high- growth prospects, regional geo- time being, valuations are fueled by optimism regarding div- remains resilient – no significant 2017 (before blockade start) to light that we continue to expect political issues, significant dete- attractive vs. the region’s forward idends and net buying interest in challenges for Qatar to continue $6.0bn only 6 months later. Over Qatari equities to post ROE rioration in oil prices, increase price-to-earnings multiples; the selected names by foreign/GCC to offset potential fund outflows, the same period, imports initially metrics for 2018 and 2019 that in volatility, exit of hot money Qatar Stock Exchange Index investors, the way forward will support the banking system, (and expectedly) declined from are largely in line with peers from emerging/frontier markets, (DSM) trades at a 2018 P/E of depend on continued recovery in sustain economic growth, and $2.6bn in May 2017 to $1.6bn only (12.0/12.5 percent vs. regional etc. 12.5x, complemented by a div- the macro operating envi- defend the peg. 1 month later. peer averages at~11.8/12.2 QNB analysts said the impact idend yield of 4.3 percent, while ronment. Longer-term, attractive Elaborating the big macro percent).” of the blockade was certainly felt regional peer median is at a 11.3x fundamental drivers and a story, QNB analysts noted the → CONTINUED ON PAGE 22

Oil backs away from $70 a Tenders for 26 Al barrel ahead of Furjan Markets to US inventories be announced in Q2 REUTERS THE PENINSULA Al Thakhira, Madinat Al Kaaban, Madinat ash LONDON: Oil fell yesterday DOHA: Tenders for the Shamal, Rawdat Rashed, Al as investors took profit on a implementation of 26 Al Karaana, Al Wakra, Al rally the day before to this Furjan Markets are to be Utouriya, Lkhreeb, Al year’s highs after a report announced by the second Ghwairyya, Al Rayyan Al showed a surprisingly large quarters of this year. The Jadeed, Aba Al Hiran and Ain increase in US crude inven- upcoming markets, which Sinan. tories. are currently at the design The date of the tenders June Brent crude futures state, are to be developed at for the implementation of were last down 53 cents on several strategically selected the upcoming markets was the day at $68.93 barrel by areas of the country. revealed yesterday in a press 1330 GMT, while the May Volvo to build Lynk & Co vehicles at Belgium plant The markets, being statement issued to contract, which expires today, developed by Qatar Devel- announce the beginning of Philippe Muyters (right) , Flemish Minister of Employment, Economy, Innovation, Science Policy was down 45 cents at $69.66. opment Bank in collabo- construction works for phase and Sports; Li Shufu (left), Chairman, Geely automotive manufacturer; and Kris Peeters, Vice-Prime WTI futures fell 67 cents to ration with several other two of the neighborhood Minister and Minister of Employment, Economy and Consumer Affairs; attending the presentation $64.58 a barrel. state agencies, are con- markets, which will see con- of the automotive brand Lynk & Co that will be produced in the Volvo Cars plant in Ghent, Belgium. Traders said most sidered to be one of the struction of six markets that pressure ensued after the leading strategic projects will include 78 shops and are American Petroleum Institute that are targeting the con- expected to be completed (API) on Tuesday reported a solidation of the private within 12 months. surprise 5.3 million barrels sector, participating in Abdulaziz bin Nasser Al rise in crude stocks in the pushing economic growth Khalifa, Chief Executive week to March 23, against QNB named Qatar’s Best Bank forward in line with the Officer of QDB, said: “The expectations for a decline of Qatar National Vision 2030 beginning of construction to 430.6 million barrels. to create a diverse per- works for the phase two of The oil price has risen in for Asia by Asiamoney magazine manent economic Al Furjan Markets will seven out of the last 9 months environment. further benefit citizens and THE PENINSULA and has increased by more Asiamoney’s industry analysists solutions to meet the various QDB is currently in the will support the growth and than 4 percent this year, team. The award reflects QNB’s financial needs of clients in dif- process of finalising the con- competitiveness of the making this the third consec- DOHA: QNB has been named successful strategy and plans to ferent markets, while keeping struction permits and business sector in the state. utive quarter of gains, which as Qatar’s Best Bank for Asia strengthen its leadership in the focus firmly on quality and approvals of the proposed It comes as a fruit of coop- is the longest stretch since by Asiamoney magazine, banking industry, reflected innovation. commercial real estate prop- eration between the Ministry late 2010. during the GlobalCapital Asia- through its strong financial A member of the Euromoney erties. The proposed 26 of Municipality and Envi- US oil production has money’s Middle East Awards results, increased market share group, Asiamoney, specializing markets will be located in ronment, the project’s engi- risen by nearly 25 percent in ceremony held recently in and high ratings, as well pro- in financial markets in Asia, Umm Lekhba, Al Gharaffa, neering office and QDB. This the last two years to over 10 Hong Kong. viding innovative solutions and reports and offers analysis on Izghawa, Bani Hajer, Luaib initiative is a basic solution million barrels per day, taking The prestigious award cel- products to meet global markets’ the financial and investment / Al Muhajirah, Al Aziziya, to the provision of basic it past top exporter Saudi ebrates banks, which have dem- investment needs. markets for capital issuers, bor- Muaither north, Bu Sidra, needs for goods and services Arabia and within reach of onstrated excellence and inno- It also underlines the long rowers, institutional investors, AinKhalid (2 lands), Umm Al that are used on almost daily the biggest producer, Russia, vation in their services and and consistent growth the Group and senior corporate and gov- Saneem(3 lands), Al basis by individuals and which pumps around 11 products through the year, has made in enhancing a com- ernment monetary Sakhama, Saina Al-Humaidi, families.” million bpd. based on inputs from prehensive range of banking decision- makers. 22 BUSINESS THURSDAY 29 MARCH 2018 QFB’s income from financial assets grows by 18.3% THE PENINSULA investments across several will continue to diversify our wealth and assets. markets. portfolio, tapping into new and Besides, QFB, DOHA: Qatar First Bank (QFB), a Moreover, the bank sold its attractive geographical markets. after the completion leading Shari’ah compliant bank stake in Amanat Holding, a Dubai We are well positioned to provide of its second resi- based in Qatar and listed on the based-listed healthcare and edu- The bank’s income capital solutions to growing busi- dential project in Qatar Stock Exchange (QSE), has cation company and generated from placement with nesses in the region, utilizing our London, announced recorded a revenue of QR334.2m overall cash returns of QR25.6m. financial institutions expertise and network. We look offering specialised for the year ended 31 December In line with the results and stood at QR25.6m to partner with market leaders, real estate services 2017. QFB investment portfolio the changes instituted during private and institutional to individuals and continued to generate healthy 2017, QFB’s management con- mainly derived from investors, attracting third party corporates seeking dividends (QR25.5m) which tinued raising efficiency levels cash deployment in money with the objective to to add value to their constitute double the income through the implementation of Shari’ah compliant create value while following portfolios by generated in 2016. the cost rationalization plan that money market funds. international best practices and owning, occupying The bank’s income from resulted in a reduction of the staff the highest levels of corporate and investing in real financing assets increased by 18.3 expenses by 10.8 percent and governance.” Over the previous estate across the percent, compared to 2016, other operating expenses by 20.7 the current volatility in the global year, QFB has leveraged on the world. The bank recording an additional income percent with an overall reduction markets has impacted the bank’s in-house and international also continued to of QR12.6m and the financing of the expenses by 7.8 percent business, QFB continued to suc- breadth of investment solutions focus on liquidity assets will generate recurring compared to 2016. The expenses cessfully manage its existing and structuring capabilities to optimization income during the coming years. expected to be reduced further portfolio, as well as seeking out offer an attractive range of through the Also, the bank’s income from in coming years as it will have full new lucrative opportunities. The products and services. The bank interbank market placement with financial institu- year impacts of the cost initia- management is confident that announced the placement of the and money markets. tions stood at QR25.6m mainly tives measures. they will perform well in the ‘Ijarah Aviation Structured Also, the team was derived from cash deployment Ayman Zaidan, Head of years to come. Product’ that was met with great actively involved in in Shari’ah compliant money Treasury & Investment Man- He further added: “QFB’s enthusiasm by individual and investing and man- market funds. agement, said: “We continue on strategy focuses on our role as a institutional clients. Additionally, aging the Sukuk QFB recorded a net loss of rerouting and fully matching QFB trusted advisor, a gateway for the bank’s team of professionals book which con- QR269.3m for the year-end 2017 with the evolution of Qatar and investors who wish to tap into catered clients with a wide range tinued to perform resulting mainly from the the wider region’s investment innovative, Shari’ah compliant, of investment opportunities and well and growing its downward revision of the valu- direction to access lucrative investment opportunities in local, innovative financial solutions to private equity deal ations of some of the Bank’s investment opportunities.” Whilst regional and global markets. We grow, manage and protect their pipeline. QFB headquarters is seen in this picture.

QNBFS remains QIIB honoured for bullish on its CSR role Qatari equities

THE PENINSULA supporting the four pillars of for 2018 Qatar National Vision 2030 and DOHA: As part of its leading role sustainable development. → CONTINUED FROM PAGE 21 in corporate social responsibility Commenting on QIIB’s and community service, Qatar honour, Jamal Al Jamal said, “we This however quickly Corporate Social Responsibility are pleased to be among the insti- reversed to pre-blockade Network honoured QIIB during tutions that play an outstanding levels as now imports are the CSR initiatives honoring role in corporate social respon- $2.5bn (as of November ceremony held at Qatar sibility. In fact, we have an broad 2017). University. based strategy in this field that Banking deposits have The ceremony was attended focuses on supporting innovative also been stable though obvi- by H E the Minister of Economy initiatives and providing value- ously there was a shift in and Commerce, Sheikh Ahmed added services and products that favor of public sector bin Jassim bin Mohamed Al- benefit the largest segment of the deposits as a result of the Thani, as well as representatives society”. injected liquidity and fund of government and non-gov- He said: “As a bank, we are outflow from blockading ernment bodies and institutions aware that our main role is to countries. and a number of ambassadors provide innovation and novelty “We do note that the fund and dignitaries. in Islamic banking, design Jamal Abdullah Al Jamal (right), QIIB Deputy CEO; receiving a shield from Dr Hassan Al Derham, outflow has been more than At the ceremony, QIIB Deputy products that meet the aspira- President of Qatar University. offset by public sector CEO Jamal Abdullah Al Jamal, tions of society, serve national deposits and that the outflow received a shield from the Pres- economy and small and medium- the fact that “QIIB focuses on the bank gives greater attention bank will continue to implement rate has dissipated from ident of Qatar University, Dr. sized enterprises that contribute supporting schools, educational to human resources, especially its strategy to further support and $21bn in June to a positive Hassan Al Derham. to a sustainable growth.” He institutions and academic insti- Qatari resources, and seek to enrich its corporate social inflow of $1bn in November. This is the third award that noted: “We also support a large tutions through the bank’s par- provide them with care, responsibility programmes so as Qatar’s credit rating con- QIIB has received during the Uni- number of activities and events ticipation in a number of activ- placement, training and career to achieve the overall objectives tinues to be one of the versity’s annual events to honor that serve the society, namely in ities as well as on providing them development opportunities as per of the Qatar National Vision highest in the world at Aa3 CSR initiatives and launch its sports, culture, heritage, charity with appropriate resources to the best standards”. 2030.” (Moody’s) in line with annual CSR reports. This year’s and education as well as other conduct activities that enrich and “QIIB contributes to quali- He expressed QIIB’s gratitude Belgium and Taiwan and event was titled “Citizenship” as non-profit activities which contribute to the development of tative efforts that highlight to Qatar Corporate Social ahead of neighboring Saudi it highlighted the citizenship of success reflects the economic and education. The bank also sup- Qatar’s bright image and crea- Responsibility Network and Arabia (A1). In addition, the institutions in Qatar, their success profitable institutions’ awareness ported students’ creative projects tivity as a centre of attraction and Qatar University for honoring the government can easily in overcoming the siege, their of their corporate social respon- and welcomed schools that host of many events, conferences bank and affirmed that the bank defend the peg to the contributions and achievements sibility and the important role organised professional days in and activities. The bank is also will continue its role in serving greenback given its reserves in the service of society and their they play in achieving the various the bank to deepen the students’ keen to actively participate, the Qatari economy and the as well as cover QR deposits progress during 2017 with regard development goals”. knowledge and guide them in attend and sponsor many similar Qatari society through the best and currency in circulation to their obligations towards The Deputy CEO stressed on their professional life. Moreover, conferences and activities.” “The possible means. (23 percent of GDP). The country’s large infra- structure investment spending continues largely unaffected with new potential for further Nakilat holds fourth Annual National Forum investment arising in the medium-to-long term. contribution towards developing Current project pipeline Nakilat’s young National talents. capex spending includes In 2017, Nakilat achieved a $58bn on various con- Qatarization rate of 42 percent struction projects (2019- as compared to 37.4 percent in 2025), $98bn on transpor- 2016. Through its wide-ranging tation projects (2018-2026), Qatarization efforts, which and $21bn on oil/gas projects. includes supporting the training Investment opportunities initiatives of various educational exist to support self-suffi- institutions in the country, the ciency such as increasing company aims to enhance the capacity at Hamad Port, cre- skills and abilities of its ating large-scale dairy and employees while raising poultry facilities, relaxing awareness and interest in Qatar’s tourism regulations and rapidly developing maritime investments in new leisure industry. facilities, and building the Nakilat Managing Director necessary infrastructure to Eng. Abdullah Fadhalah Al-Sulaiti meet the planned 30 percent said: “This annual forum is an increase in LNG production invaluable platform to reinforce over the next 5-7 years. Officials and participants at Nakilat’s fourth Annual Forum. the importance of Qatarization to Nakilat, and highlights the THE PENINSULA held. The session also allowed the company’s Qatarization and become key contributors to company’s commitment in sup- senior management to gain progress and the new and the company and Qatar’s mar- porting our Qatari staff to achieve DOHA: Nakilat recently held its insight into the experiences and ongoing initiatives for the pro- itime industry, in line with Qatar their professional goals. Ulti- Qatar’s credit rating fourth ‘Annual Forum’ for its challenges faced by Qatari devel- fessional development of Qatari National Vision 2030. mately, this contribution towards Qatari employees. The event was opees and marine cadets during staff. During the session, awards the sustainable development of continues to be one an excellent platform for National their learning process at the This initiative comes as part were presented to graduating our economy and the of the highest in employees to learn about the company. of the company’s robust Qatari- marine cadets sponsored by the advancement of our people will the world at Aa3 company’s career development The forum featured a series zation program that focuses not company, and to those whom had allow us to realize the Nakilat (Moody’s) in line plans and programs, interact with of insightful presentations and only on recruiting talented achieved excellent results in their vision, to be a global leader and senior management members interactive sessions by both the Qataris, but also developing our studies. Mentors and coaches of provider of choice for energy with Belgium and and have their queries addressed company’s management as well existing talent pool and enable Qatari Developers were also rec- transportation and maritime Taiwan. during the various discussions as Qatari employees, highlighting them to reach their full potential ognized for their efforts and services.” THURSDAY 29 MARCH 2018 BUSINESS 23 24 BUSINESS THURSDAY 29 MARCH 2018 Nebras records huge jump in 2017 revenue THE PENINSULA during 2017, praising the com- pany’s financial results in 2017, DOHA: Nebras Power held its with revenues exceeding QR 476 fourth annual General Assembly m, an increase of 175 percent The company’s Meeting at its office in West Bay. compared to the previous year. operating profit The meeting was attended by all Operating profit for the year 2017 shareholders, which are Qatar exceeded QR 382m, a year-on- for the year 2017 Electricity & Water Company (60 year increase of 215 percent. exceeded QR 382m, a percent) and Qatar Holding (40 He also discussed the ability year-on-year increase percent). Fahad bin Hamad Al of Nebras Power to overcome the of 215%. Fahad bin Hamad Al Mohannadi (left), Nebras Power Chairman; and Khalid Mohammed Jolo, Nebras Mohannadi, Chairman of the effects of the embargo imposed Power CEO. Board, chaired the meeting. on the State of Qatar by some of Khalid Mohammed Jolo, Chief its neighbors where the company investment opportunities that Executive Officer of Nebras exited from the Saudi and UAE are expected to be successfully will continue to implement the General Assembly approved the a strategic investor in the power Power, also attended the event. markets, but the company was completed in 2018. company’s plan for growth and matters presented to it. and water sectors with a global Addressing the meeting, able to find markets and other The Chairman thanked the expansion and achieve its vision Nebras Power Q.P.S.C. head- vision. The company’s target is Fahad bin Hamad Al Mohannadi investment opportunities in shareholders for their continuous to become one of the world’s quartered in Doha, State of a well-balanced investment briefed the General Assembly on South-East Asia, North America support to the company and its largest companies in the field of Qatar, is a joint venture of Qatar portfolio in terms of technology the Board of Directors’ report and South America and Nebras management and stressed that energy and electricity gener- Electricity and Water Company mix, markets and greenfield vs and the achievements made Power is considering new the company’s board of directors ation. During its meeting, the (QEWC), and Qatar Holding. It is M&A development.

Investcorp appoints Kazakhstan’s c.bank launches Jan Erik Back as Chief securities Financial Officer trading app

THE PENINSULA REUTERS

DOHA: Investcorp, a leading ALMATY: Kazakhstan’s global provider and manager central bank has launched a of alternative investments, blockchain-based mobile yesterday announced the securities trading application appointment of Jan Erik Back which it hopes will allow (pictured) as Group Chief locals to become more Financial Officer. Jan Erik will involved in the capital join Investcorp in the summer. markets by simplifying access Jan Erik has more than 30 to it. years of industry experience, The oil-rich Central Asian the majority of which was in nation’s stock and bond senior finance roles of financial markets are dominated by a services firms including Skandi- finance, treasury, investor rela- Huawei launches P20 smartphone handful of institutional naviska Enskilda Banken AB tions, risk control and pro- investors, with only 109,000 (SEB), Skandia and Han- curement functions. He started XTelecom equipment company Huawei CEO Richard Yu presents the new P20 C in Paris. retail investor accounts in the delsbanken. Jan Erik most his career with Swedish bank, nation of 18 million. recently served as Executive Handelsbanken, in their inter- Vice President and Chief national finance and accounting Financial Officer of SEB, a operations. leading Nordic financial Commenting on the services group providing retail appointment, Mohammed No sign of US walking away from WTO: Azevedo and merchant banking, wealth Alardhi, Executive Chairman, REUTERS management, and life insurance Investcorp said: “We are judges, causing a backlog in dis- next day Azevedo gently set him settled by a WTO dispute panel services to its corporate and delighted to welcome Jan Erik putes and threatening to par- straight, noting that the United but the damage from such uni- institutional clients across to Investcorp. He brings with GENEVA: There is no sign that alyse what is effectively the States had an unusually good lateral actions would be felt international markets. him extensive experience of the United States is distancing supreme court of trade. Some deal, since it had always had one much more quickly as other Prior to that, he was Exec- leading finance functions across itself from the World Trade trade experts have begun asking of the seven judges. countries retaliated, leading to utive Vice President and Chief the international financial Organization, and negotiations if Trump wants to kill the WTO, Asked if the WTO should be a global trade war, he said. Financial Officer at Vattenfall, services industry. This expe- are underway to avert a global whose 164 members force each thinking about a Plan B without “I don’t think we are there one of the largest producers of rience will be extremely val- trade war, WTO Director- other to play by the rules. the United States, Azevedo told yet but we are seeing the first electricity and heat and Exec- uable to ensure the first-class General Roberto Azevedo said “I have absolutely no indi- the BBC that he had not heard movements towards it, yes.” utive Vice President and Chief financial reporting standards in a BBC interview broadcast cation that the United Sates is anything to suggest that such a Nobody believed it was a minor Financial Officer of Skandia and management that we strive yesterday. walking away from the WTO. situation was on the cards. problem, including those in the Group, a provider of products for, continue to be delivered US President Donald Trump Zero indication,” Azevedo said. “Every contact that I have in the US administration, and people for savings and investments and adhered to. Together with has launched a series of tariff- Last month Trump called the US administration assures me were beginning to understand (subsequently acquired by Old the board and the wider exec- raising moves, upsetting allies WTO a “catastrophe”, and com- that they are engaging,” he said. how serious the situation was Mutual plc). In these positions, utive team, I look forward to and rivals alike. Trump is also plained the United States had The question of whether US and what impact it could have his responsibilities included working with Jan Erik.” vetoing the appointment of WTO only a minority of its judges. The tariffs were legal could only be on the global economy, he said. Companies clamp down on crypto ads as regulators play catch-up REUTERS the potential for scams, in most Tokyo’s transport network were promoting crypto-trading. policies that take “a judgment jurisdictions they are only cut back and online companies Transport for London did not more broadly than advertising” LONDON: A growing number of beginning to discuss publicly are responding with changes to respond to requests for comment to protect their reputation.She internet companies are banning how they might regulate the their advertising policies. about its policy on advertising. said that the ideal case “would cryptocurrency advertising, industry, let alone frame adver- The Last week, the Line, Japan’s most popular The slump in virtual currency be for a product to be regulated fearing reputational damage if tising rules. G20 group of nations social media site and messaging prices this year has not rattled and for there to be sector-spe- their users are duped or left Last week, the G20 group of failed to agree on app, does not allow crypto- British punters lured in by cific rules for advertising”. But penniless, even as regulators nations failed to agree on spe- specific regulatory related advertising. The policy is adverts, however: A spokesman without regulation in place, com- struggle to get to grips with the cific regulatory action. designed to protect customers for Britain’s Advertising panies were sensible to act on fast-emerging industry. So companies are taking action.So companies and avoid legal risks, it says. Standards Authority said it had their own accord, she added. Twitter on Tuesday began matters into their own hands. are taking matters The country’s financial to date received fewer than 10 Crypto supporters argue the blocking crypto ads, becoming “If internet companies were into their own hands. watchdog, meanwhile, has asked complaints about crypto ads. bans will have little impact. In the latest internet giant to crack not already under pressure from the crypto industry’s new self- Cryptocurrencies, unlike China, which tried to stamp out down after moves by Alphabet’s regulators for their loose control regulatory body to draw up most securities, do not confer crypto trading through a Google and Facebook earlier this of data privacy, they probably although owner Microsoft does advertising rules. It has not stip- ownership in the underlying crackdown last year, investing year. would not ban advertising from allow adverts on its other ulated what it wants to see but it business, which is partly why in the sector remains popular. Once restricted to small cryptos, which are still a grey platforms. is likely that Japanese exchanges advertising is not currently gov- Also, while promotions on online chatrooms for early area for many regulators,” said Across Asia, where the crypto will not be allowed to mention erned in conjunction with Twitter and Facebook may bitcoin backers, cryptocurrencies Arnaud Masset, a crypto-cur- frenzy is at its most feverish, specific currencies when adver- financial authorities. appeal to new would-be buyers, have since exploded in popu- rency analyst at Swissquote firms are also restricting tising, while TV promotions for Also, regulators are reluctant investor conversations have larity and the industry has grown Bank. advertising. ICOs could be banned altogether, to rush to impose rules on shifted to other platforms and rapidly. Snapchat in February started China outlawed cryptocur- a source familiar with the matter cryptocurrencies as they chatrooms where advertising is Huge billboards promoting removing adverts for ICOs - rency exchanges and ICOs last told Reuters. examine the possible benefits of still permitted or where infor- the latest coin hang over Tokyo’s which regulators say lack trans- year. Chinese internet titans A spokesman for Yahoo the Blockchain technology mation on new coins is spread streets, ads touting crypto- parency and are susceptible to Baidu, Tencent, and Weibo fol- Japan said the search engine was underpinning them. by word of mouth. The price of trading dot the London under- fraud - a spokesperson told lowed suit by curbing ads shortly reviewing its policy in light of the Many analysts expect the bitcoin fell heavily after the ground network, and social Reuters. after. changing environment. likes of Google and Facebook to Facebook ads ban media platforms are full of start- The company declined to While Japan’s government Russian search site Yandex loosen blanket bans once author- announcement, but the reaction ups looking to raise capital comment on whether it would and regulators have embraced said it had not carried crypto ads ities provide guidance on how to similar moves by Google and through “initial coin offerings” widen the ban to include indi- cryptocurrencies as a phe- for “a long time”. virtual currencies and the infra- Twitter since then was muted. (ICOs), as the selling of new vidual cryptocurrencies, crypto- nomenon that is here to stay, While online companies are structure around them will be “Interest in cryptocurrency virtual tokens is known. wallets and unregistered sentiment was hit by a $530 prohibiting ads, there is less evi- treated. and ICOs remains undiminished While regulators have exchanges, as other technology million cyber heist of an dence that traditional advertising Christie Dennehy-Neil at the even in China,” said Zennon stepped up their warnings about giants have done. exchange in January. routes are under threat. Internet Advertising Bureau, a Kapron at Shanghai-based the risks to consumers of LinkedIn is blocking crypto- Prime time TV advertising London’s metro system is British trade body, said large financial consultancy investing in cryptocurrencies and related ads, a spokesman said, subsequently fell, billboards on plastered with advertising online platforms often introduce Kapronasia. THURSDAY 29 MARCH 2018 BUSINESS 25

South Africa’s Facebook privacy central bank cuts debate tip of an rate to 2-year low of 6.5% iceberg: UN BLOOMBERG REUTERS JOHANNESBURG: The South African Reserve Bank cut its GENEVA: The scandal over data benchmark lending rate to a privacy that is causing a two-year low as it sees headache for Facebook Inc The current debate inflation staying in target shows just one aspect of the about Facebook and until at least the end of 2020. huge task of preparing the data privacy vividly The central bank’s Mon- world for e-commerce, the illustrates that most etary Policy Committee United Nations trade and devel- voted to cut the repurchase opment agency UNCTAD said countries are ill- rate by 25 basis points to 6.5 on yesterday. prepared for the percent, Governor Lesetja Facebook has faced a global digital economy. Inauguration of easyJet’s new base Kganyago told reporters yes- outcry and its shares have slid easyJet CEO Johan Lundgren (left), easyJet France President Francois Bacchetta (third right) and terday in the capital, in value after a whistleblower air crew pose with a mascot covered in flowers as they attend the inauguration of easyJet’s new Pretoria. said data from millions of users people start ordering from base at Bordeaux Airport, France, yesterday. The second rate cut since was improperly harvested by online platforms instead of July comes as inflation consultancy Cambridge Ana- going to the retail shop that has slowed to a three-year low lytica to target US and British bought everything in bulk,” he February, moving well below voters. said. the midpoint of the central “The current debate about In developing countries, bank’s target range of 3 Facebook and data privacy internet purchases are still percent to 6 percent, and vividly illustrates that most mainly paid for with cash on China preparing list of retaliatory 2017 economic growth countries are ill-prepared for delivery, and central banks and exceeded forecasts. It could the digital economy,” UNCTAD finance ministries need to help add to the positive sentiment Secretary-General Mukhisa ensure access to online tariffs on US imports: Global Times that gained momentum Kituyi said in a statement. payment systems, Fredriksson when Cyril Ramaphosa suc- REUTERS Data privacy is just one of added. But most developing does not necessarily equate with Markets are now waiting for ceeded Jacob Zuma as pres- many boxes that national reg- countries are still unclear about Chinese government policy. the US to publish a list of Chinese ident last month, boosting ulators need to tick if they hope whose job it is to coordinate BEIJING: China will soon Trade tensions between the products that could be targeted business and consumer con- to get a handle on e-commerce, e-commerce, he said. announce a list of retaliatory two countries flared last week with additional tariffs after a US fidence and the currency. UNCTAD’s head of internet and Without online payments, tariffs on United States exports after US President Donald Trump inquiry found China guilty of “The outlook for the computer technology analysis local firms would struggle to to China to counter an expected imposed tariffs on steel and alu- intellectual property theft and domestic economy has Torbjörn Fredriksson told a export on international e-com- announcement from the United minium imports and targeted unfair trade. “Compared to improved in recent months,” news conference. merce platforms such as States of proposed new tariffs on China by announcing plans for China’s list, the US list hurts itself Johannes Khosa, an econ- Other issues include legal Amazon and Ali Baba, while the Chinese imports, the Global tariffs on up to $60bn of Chinese more than China. The tougher omist at Nedbank Ltd. in questions related to e-transac- flood of imports risks creating Times said yesterday. goods. the move, the stronger the Johannesburg, said before tions and e-signatures, con- a trade imbalance. The Chinese list will target a Alarm over a possible trade impact on Washington,” said the the announcement. sumer protection online, data “There is some concern large number of major US war between the world’s two Global Times in its editorial. “Chances of further cuts protection, cybercrime, tax- that... there is a risk of concen- imports to China, said the largest economies has chilled “This will deal a heavy blow for the rest of the year will ation and domain names. tration of markets among the English-language editorial. financial markets as investors to Washington that aggressively be limited by increasing “Then you look at trade big platforms,” Fredriksson The widely-read state run anticipated dire consequences wields the stick of trade war and inflation as the year logistics, especially to try to said, adding that UNCTAD was Global Times is run by the ruling should trade barriers go up due will make the US pay a price for progresses and improving address what we call the working on ways to address the Communist Party’s official Peo- to Trump’s bid to cut the US its radical trade policy toward domestic demand.” tsunami of parcels, when problem. ple’s Daily, although its stance deficit with China. China,” the tabloid outlet said. South Africa escaped a third junk credit rating last week when Moody’s Investors Service kept its assessment of the nation’s EBRD urged to stay on to help Greece debt unchanged and changed the outlook to stable from AFP injection to Greece yesterday, shareholders agree, we are ready negative, citing recent putting Athens closer to leaving to work with the Greek author- changes in political ATHENS: The Greek government its painful bailout programme ities to extend our mandate to leadership. has asked the European Bank for later this year. The new tranche support economic recovery.” The reduction was in line Reconstruction and Development is the latest from Greece’s third The EBRD has invested solely with all but four of the esti- to extend its mandate beyond financial rescue package since in the private sector in Greece, mates by 16 economists in a 2020 as the country builds on a 2010, when its debt crisis brought including in the four leading Bloomberg survey. Four MPC recovery, the multilateral the European single currency banks.The bank said it has sought members voted for a cut and investment institution said close to collapse. to develop renewable sources of three favored unchanged Tuesday. Chakrabarti said EBRD share- energy, improve competitiveness policy, Kganyago said. The announcement followed holders will vote at the annual and strengthen regional eco- After more than three a meeting in the Greek capital general assembly in May on the nomic integration. years with an even number, between the bank’s president extension of the mandate. He wel- It listed a ¤187m partici- the panel now consists of Suma Chakrabarti and Greek comed “progress made in Greece” pation in the modernisation of 14 Greek Prime Minister Alexis Tsipras (left) meets with President of the seven people following the Prime Minister Alexis Tsipras, while adding, “but much still to regional airports, a ¤300m European Bank for Reconstruction and Development (EBRD), Suma appointment of Fundi Tshaz- who tweeted, “EBRD has been be done.” framework for renewables and Chakrabarti, at his office in the Maximos Mansion in Athens, Greece. ibana last month. crucial to the upturn of our “In less than two and a half support for corporates as well as The central bank fore- economy and we are waiting years we have invested 1.6 billion an equity investment in the real EBRD has spread its mix of Lebanon, Mongolia and Turkey. casts inflation will remain in impatiently to continue our euros in the Greek economy and estate developer Dimand. financial investments, business The bank is owned by 66 coun- the target band until at least cooperation.” Greece has become the fifth Founded in 1991 to help services and policy reform to tries from five continents, as well the end of 2020, peaking at The EU’s bailout fund is to largest country in which we former Soviet bloc countries include countries such as Tunisia, as the European Union and the 5.5 percent in the first make a fresh ¤5.7bn ($7bn) cash invest,” he said. “If our switch to market economies, the Morocco, Egypt, Cyprus, European Investment Bank. quarter of next year. SUVs to steal the New York International Auto Show AP Cross Sport a concept, but it’s chiseled and athletic, and the dis- almost ready to be built at the tance between the wheels grows NEW YORK: Yes, there will be a automaker’s US factory in Chat- by 1.2 inches for more passenger few cars, but SUVs will capture tanooga, Tennessee. and cargo space. most of the headlines at this The new version is 7.5 inches It comes standard with Toy- year’s New York International shorter than the seven-seat Atlas. ota’s safety system that includes Auto Show. The concept is powered by a automatic emergency braking. Automakers will be shoring 355-horsepower plug-in hybrid It’s powered by a 2.5-liter four- up gaps in their SUV lineups and system with a V6 gasoline engine cylinder engine and an eight- revamping models that already and a battery that can take it 26 speed transmission, or a 2.5-liter are popular in the hottest-selling miles on electric power. The gas-electric hybrid system with part of the US market. hybrid concept can go from zero a continuously variable trans- Leading the way is Toyota to 60 mph in 5.4 seconds, VW mission. Horsepower, gas with an all-new RAV4 compact says. There’s also a “mild hybrid” mileage and price weren’t SUV, which last year was the with 310-horsepower from a V6 released. The new RAV hits show- most popular vehicle in the US and a smaller hybrid battery. The rooms in the fall. that isn’t a truck. There are also SUV is due in showrooms Ford’s luxury brand finally new SUVs coming from Subaru, sometime next year. Mileage and gets an Explorer-like midsize SUV Volkswagen, Acura, Cadillac and price were not announced. with three rows of seats to Lincoln. Toyota sold almost 408,000 compete in the hot luxury SUV Nissan showed off a rede- RAV4 compact SUVs last year, market- the Aviator. Few details signed Altima midsize sedan, making it the new American were given, except that it will while Toyota will roll out a new Anders Gustafsson, Volvo Car USA, President and CEO, accepts the 2018 World Car of the Year Award family car and the top-selling have a twin-turbo engine of Corolla hatchback. Kia will unveil for the Volvo XC60 at the New York Auto Show in the Manhattan borough of New York City, New York, vehicle in the nation aside from undisclosed size as well as a a new K900 big luxury sedan, the US, yesterday. Detroit’s popular big pickups. In plug-in hybrid option. among others. an effort to stay on top, Toyota is Ford says it will have tapered But SUVs, which hit a record offer - until now. The General that Cadillac says is luxurious and estimated 30 miles per gallon on revamping the RAV for the 2019 lines and a roomy interior. It also 43 percent of US sales last year Motors luxury brand rolled out spacious. The company says it the highway. The XT4 is available model year. gets standard safety features at just over 7.3 million, according the new XT4 SUV at a pre-show will have segment-leading back- in the fall and starts at $35,790 The fifth-generation comes such as automatic emergency to Kelley Blue Book, will steal the event in New York Tuesday night. seat legroom. It’s powered by a including shipping. on all-new underpinnings that braking and can be opened and show. It’s built on underpinnings 237 horsepower 2-liter turbo- Volkswagen broadens its the company says will give it started with a smart phone. The The compact SUV is now the specifically designed for the charged four-cylinder engine growing SUV lineup with a five- better handling and a smoother Aviator goes on sale sometime largest part of the US market, and Cadillac brand and comes with with a nine-speed automatic seat version of the three-row ride. It’s also slightly wider and a next year. The price wasn’t Cadillac hasn’t had a product to sculpted looks and an interior transmission that will get an Atlas. The company calls the Atlas little lower. New looks are more disclosed. 26 BUSINESS THURSDAY 29 MARCH 2018 QATAR STOCK EXCHANGE

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

QE Index 8,553.14 1.62 % 28-03-2018 Index Day’s Close Pt Chg % Chg Year High Year Low Currency Buying Selling QE Total Return Index 15,069.01 1.56 % Index 8,553.14 US$ QR 3.6305 QR 3.6500 All Ordinaries 5899.2 -44.5 -0.75 6256.5 5881 QE Al Rayan Islamic Change 140.84 UK QR 5.1212 QR 5.1934 Index - Price 2,192.55 1.51 % % 1.62 Cac 40 Index/D 5073.37 -42.37 -0.83 5567.03 5043.27 Euro QR 4.4859 QR 4.5493 YTD% 0.35 QE Al Rayan Islamic Index 3,546.87 1.22 % CA$ QR 2.8032 QR 2.8585 Volume 8,159,081 Dj Indu Average 23857.71 -344.89 -1.43 26616.71 20379.55 QE All Share Index 2,519.80 1.59 % Swiss Fr QR 3.8025 QR 3.8563 Value (QAR) 199,471,502.73 Hang Seng Inde/D 30022.53 -768.3 -2.5 33484.08 29129.26 Yen QR 0.03408 QR 0.03474 QE All Share Banks & Trades 3,714 Financial Services 2,794.75 1.87 % Up 06 | Down 37 | Unchanged 1 Iseq Overall/D 6542.15 25.12 0.39 7257.41 6410.26 Aus$ QR 2.7696 QR 2.824 QE All Share Industrials 2,890.31 1.81 % Ind Re QR 0.0554 QR 0.0564 27-03-2018 Kse 100 Inx/D 45172.99 168.8 0.38 45494.52 40169.62 QE All Share Transportation 1,799.51 0.91 % Index 8,693.98 Pak Re QR 0.0311 QR 0.0319 QE All Share Real Estate 1,838.12 1.79 % Change 17.93 S&P 500 Index/D 0 0 0 2872.87 2532.69 Peso QR 0.0690 QR 0.0703 QE All Share Insurance 3,046.58 0.79 % % 0.21 SL Re QR 0.0232 QR 0.0236 GOLD AND SILVER QE All Share Telecoms 1,079.63 1.40 % YTD% 2.00 Taka QR 0.0429 QR 0.0439 Volume 7,303,845 Nep Re QR 0.0346 QR 0.0353 QE All Share Consumer GOLD QR156.9981 per gramme Value (QAR) 189,591,099.78 Goods & Services 5,346.49 0.25 % SA Rand QR 0.3084 QR 0.3145 Trades 2,415 SILVER QR1.9339 per gramme

INTERNATIONAL MARKETS - A LIST OF SHARES FROM THE WORLD

COMPANY CLOSE NET VOLUME COMPANY CLOSE NET VOLUME COMPANY CLOSE NET VOLUME COMPANY CLOSE NET VOLUME COMPANY CLOSE NET VOLUME NAME CHG TRADED NAME CHG TRADED NAME CHG TRADED NAME CHG TRADED NAME CHG TRADED

Aarti Drugs-B/D 506 -7.35 2551 Container Cor-/D 1239.45 14.05 9737 India Cement-A/D 141.65 -1.85 170982 Mrpl-A/D 109.6 -1.75 41978 LONDON Aban Offs-A/D 159.25 -4 145957 Dai-X/D 395.2 -9.65 1152 India Glycol-B/D 452.25 -7.3 15795 Nagreeka Ex-T/D 27.5 -0.45 16840 Acc Ltd-A/D 1508.2 -16.3 12283 Dcm Shram Ind-/D 196.05 -1.65 7146 Indian Hotel-A/D 127.35 -2.3 301712 Nagreeka Ex-T/D 27.5 -0.45 16840 3I Group/D 858.6 -9.2 513998 Ador Welding-B/D 370.25 -14.65 1594 Dhampur Sugar-/D 136.65 -2.4 66397 Indo-A/D 86.15 1.25 60854 Nahar Spg.-B/D 86.5 -1.85 15804 Assoc.Br.Foods/D 2473 50 493388 Aegis Logis-A/D 259.3 -2.45 9557 Dr. Reddy-A/D 2082.45 -19.7 18522 Indusind-A/D 1795.6 7.7 40613 Nation Alum -A/D 66.75 -0.85 588105 Barclays/D 204.05 -2.1 12373445 Alembic-B/D 53.3 -2.9 60688 E I H-B/D 158 -1.95 18640 J.B.Chemical-B/D 309 4.05 3030 Navneet Edu-B/D 142.25 0.7 4297 Bp/D 469.9 -5.45 7437448 Alok Indus-T/D 2.99 0.14 1900995 E.I.D Parry-A/D 276.45 -5.05 8420 Jagatjit Ind-X/D 94.55 -4.95 5482 Neuland Lab-B/D 707 -11.95 1165 Brit Am Tobacc/D 3983 37 1444069 Apollo Tyre-A/D 275.4 0.75 148118 Eicher Motor-A/D 28201.7 -210.9 1114 Jamnaauto-B/D 78.65 -0.7 76568 Nrb Bearings-B/D 153.25 -1.65 4280 Bt Group/D 223.55 1.45 5113948 Asahi I Glass-/D 331 -1.55 1942 Electrosteel-B/D 24.4 -1.05 87860 Jbf Indu-B/D 84.25 -6.4 112959 O N G C-A/D 177.8 -1.8 163343 Centrica/D 138.9 1.5 6128110 Ashok Leyland-/D 145.3 0.65 3678543 Emco-B/D 10.3 -0.35 41752 Jct Ltd-X/D 2.77 -0.09 194978 Ocl India-B/D 1298.7 -28.45 1364 Gkn/D 426.6 -3.7 3376785 Bajaj Hold-A/D 2623.95 12.95 6857 Escorts Fin-Xt/D 4.63 0.22 5772 Jindal Drill-B/D 150.2 -2.45 14469 Oil Country-B/D 31.6 -1.2 8560 Hsbc Holdings/D 663.9 -8.1 9827746 Ballarpur In-B/D 12.48 -0.24 181127 Escorts-A/D 818.35 -7.65 37132 Jktyre&Ind-A/D 161.65 4.7 122219 Onward Tech-B/D 87 -3.1 5340 Kingfisher/D 289 0 4858746 Bata India-A/D 728 -11.35 44375 Eveready Indu-/D 372.1 4 2853 Jmc Projects-B/D 547.4 -14.05 2502 Orchid Pharm-M/D 11.05 -0.55 59348 Land Secs./D 924.8 -4.2 393606 Bayer Crop-A/D 4200 47.8 20929 F D C-B/D 256 2.6 7591 Kabra Extr-B/D 117.9 -4.05 10261 Orient Hotel-B/D 41.7 -0.45 9837 Legal & Genera/D 255.1 -3.3 5618039 Beml Ltd-A/D 1044.15 -19.1 29005 Federal Bank-A/D 89.35 -1.65 417434 Kajaria Cer-A/D 567.25 -12.1 22998 Orient.Carb.-B/D 1010 -27.85 1409 Lloyds Bnk Grp/D 64.78 -0.25 53708817 Bhansali Eng-B/D 170.35 2.6 152813 Ferro Alloys-X/D 8.11 -0.4 147660 Kakatiya Cem-B/D 251.35 24.15 44364 Orient.Carb.-B/D 1010 -27.85 1409 Marks & Sp./D 265.4 -1.3 1930904 Bharat Bijle-B/D 1495 -44.6 3391 Finolex-A/D 650 2.1 2291 Kalpat Power-B/D 481.45 5.6 11875 Patspin India-/D 13.5 -0.15 19653 Next/D 4840 43 257111 Bharat Ele-A/D 142.05 -1.05 780226 Forbes-B/D 3094.8 18.15 6746 Kalyani Stel-B/D 296.55 0.25 24220 Radico Khait-A/D 331.1 -10.5 131642 Pearson/D 752.6 -4.4 1279038 Bharat Heavy-A/D 81.4 -1.35 364524 Gail-A/D 328.6 7.6 782781 Kanoria Chem-B/D 66.25 -1.6 7151 Rallis India-A/D 236.55 9.95 47069 Prudential/D 1818.5 -12 1859618 Bharatgears-B/D 169.95 -5.8 2393 Garden P -B/D 32.3 -0.6 1820 Kg Denim-X/D 45.5 -2.65 23416 Rallis India-A/D 236.55 9.95 47069 Rank Group/D 209 -0.5 11883 Bhartiya Int-B/D 395.05 -13.5 1630 Godfrey Phil-A/D 820.95 -6.4 14236 Kilburnengg-X/D 74.05 -0.55 9368 Reliance Indus/D 433.85 -4.4 70760 Rentokil Initi/D 267.7 0.4 1289609 Bom.Burmah-X/D 1168.95 -7.25 20774 Goodricke-X/D 299.4 -12.2 11426 Kinetic Eng-Xt/D 68.7 -0.4 7863 Ruchi Soya-B/D 16 -0.4 310279 Rolls Royce Pl/D 871.6 -2.8 965529 Bombay Dyeing-/D 239.35 -2.85 710134 Goodyear I -B/D 1111.85 -24.65 5751 Kopran-B/D 55.15 -2.55 53269 Saur.Cem-X/D 69.95 -0.55 22345 Rsa Insrance G/D 627.6 -3.2 499152 Canfin Homes-A/D 485.05 -23.2 179054 Hcl Infosys-A/D 51 -1.3 337022 Lakshmi Mach-A/D 6872.9 113.55 1362 Tanfac Indu-Xt/D 113.55 -2.55 2272 Sainsbury(J)/D 230.2 1 2443771 Caprihans-X/D 87.7 1.35 4206 Him.Fut.Comm-A/D 25.9 -0.7 966245 Laxmi Prcisn-B/D 39.85 0.55 2491 Tanfac Indu-Xt/D 113.55 -2.55 2272 Schroders/D 3168 -40 107276 Castrol India-/D 205.1 2.75 64138 Himat Seide-X/D 349.8 6.9 15546 Lloyd Metal-X/D 15.95 0.25 493594 Thirumalai-B/D 1718 -16.3 5142 Severn Trent/D 1803 61 505048 Century Enka-B/D 301 -0.8 4082 Hind Motors-T/D 7.05 -0.1 23017 Lumax Ind-B/D 2159.5 -10.05 3108 Til Ltd.-B/D 443.05 -14.55 1528 Smith&Nephew/D 1335 1 988686 Century Text-A/D 1145.25 -9.2 22049 Hind Org Chem-/D 23.15 -0.3 43790 Lupin-A/D 736.4 -11.7 99220 Timexgroup-T/D 44.2 0.1 94168 Smiths Group/D 1502 -1 1030608 Chambal Fert-A/D 162.6 -1.3 23075 Hind Unilever-/D 1335.9 3.4 95753 Lyka Labs-B/D 45.55 -0.75 8832 Tinplate-B/D 187.65 -7.2 116893 Standrd Chart /D 708.2 -11 2232408 Chola Invest-A/D 1449.7 -17.15 10429 Hind.Petrol-A/D 344.15 -2.4 129004 Mafatlal Ind-X/D 261 -0.5 1123 Ucal Fuel-B/D 234.25 -6.65 16324 Tate & Lyle/D 534.4 8.4 537509 Chowgule St-Xt/D 12.2 -0.6 14089 Hindalco-A/D 214.2 -4.35 302176 Mah.Seamless-B/D 426.5 -1.35 1654 Ucal Fuel-B/D 234.25 -6.65 16324 Tesco/D 203.2 -2.3 5803925 Cimmco-T/D 78 0.15 12452 Hous Dev Fin-A/D 1827 5.05 67435 Mangalam Cem-B/D 326.2 -7.95 1255 Ultramarine-X/D 274 -5.2 16612 Unilever/D 3824 85 1313603 Cipla-A/D 543.25 0.25 53285 Idbi-A/D 72.25 -4 9054856 Maral Overs-B/D 30.8 -0.95 5831 Unitech P -B/D 5.56 -0.17 4055278 United Util Gr/D 701.4 33 1677683 City Union Bk-/D 174.85 5.6 24473 Ifb Ind.Ltd.-B/D 1150 -14.35 1232 Mastek-B/D 528.55 -13.05 39344 Univcable-B/D 131.35 -0.05 4091 Vodafone Group/D 192.5 -1.34 20555301 Colgate-A/D 1056.75 13.45 10303 Ifci Ltd-A/D 19.75 -0.4 884162 Max Financial-/D 448.25 -16.35 29153 Whitbread/D 3691 -18 98975 THURSDAY 29 MARCH 2018 BUSINESS VIEWS 27

A MITCH DANIELS THE WASHINGTON POST Big Data is always watching

sn’t technology wonderful? At Purdue University, the same IT infrastructure that enables us to Imanage student assignments and grades, operate residential and dining facilities, and support a leading community of scientific researchers pro- duces as a byproduct a massive amount of fasci- nating information. We know where each student is anytime - which is virtually all the time - their mobile devices are con- nected to our WiFi network. When they enter their dorm, or dining court, or recreational facility, they swipe in, and a machine captures the time and place. A file picture of the City of London skyline viewed from City Hall. Whether they’re in class or in their rooms, a machine knows when they’re online and where they’re going while there. Forget that old ominous line, “We know where you live.” These days, it’s, “We know where you are.” Is London’s largest international University people are curious by nature, and much of today’s “Big Data” era was born at our school. So it’s only natural that we would want to financial centre status slipping? delve into this treasure trove of information in search of illuminating patterns - especially those that might prove helpful to those same students, whose aca- ANDREW MACASKILL supporters of leaving the EU may be at the lower end of Savills says commercial demic success is the heart of our mission. REUTERS say Britain will benefit over initial industry estimates, property prices in the City of Does the data say that too many days away from s London’s position as the the long term by setting its meaning London will keep its London are now at the highest campus, or too many absences from class, or too largest international centre own rules. place as the continent’s top level since the third quarter of much in-class browsing of websites unrelated to the Iof finance slipping as a London remained top of finance centre in the short 2016, three months after the course, or too few visits to result of Brexit? London has the rankings in the annual term. Brexit vote, driven by a surge the gym, correlates with been a critical artery for the Global Financial Centres Index London’s finance industry in office purchasing and lower grades? Does eating flow of money around the released this week by Z/Yen should emerge largely leasing in the final quarter of meals with the same people world for centuries. The Partners and the China Devel- unscathed from Brexit even if 2017. day after day appear to help financial services sector opment Institute, although the thousands of jobs move, the The price of renting real For the past two scholastic performance? If accounts for about 12 percent gap between it and New York City of London’s political estate in the City of London years, virtually so, shouldn’t we bring this to of Britain’s economic output, in second closed to one point leader Catherine McGuinness district rose 9.5 percent in the every entering the students’ attention, for employs about 1.1 million on a scale of 1,000 and its says, adding that it could take last three months of the year, Purdue freshman their own good? people and pays more taxes rating rose by less than the years to feel the full impact of climbing to 78 pounds ($107) For the past two years, than any other industry. other four top centres. Brexit. per square foot, from 71.21 (there is an opt- virtually every entering From its traditional City Reuters is publishing its “All the signs are that pounds in the third quarter of out option that Purdue freshman (there is heartland to the brash Canary second Brexit tracker, moni- companies are just making 2017, Savills says. few exercise) an opt-out option that few Wharf skyscrapers and plush toring six indicators to help plans to move the minimum “There has been a lot of has been given a exercise) has been given a Mayfair townhouses, London assess the City’s fortunes, necessary,” she told Reuters, exaggeration about the demise mobile application through represents one of the greatest taking a regular check on its adding “just because you can’t of the City,” Philip Pearce, a mobile application which the university sends concentrations of financial pulse through public transport see a massive change sud- director at Savills, said. “The through which the them personalizsd infor- wealth on earth. usage, bar and restaurant denly happening you can’t expectation post-Brexit was university sends mation about ways to Its only rival, New York, is openings, commercial assume everything is okay.” the world would start draining them personalizsd improve their chances of centred on American markets, property prices and jobs. Hiring numbers, the number away from the City, whereas academic success. while London Almost a year before of available jobs in London’s the reverse has happened.” In information about So far, the information has more banks Britain is due to leave the EU, financial services industry fell Canary Wharf, prices were ways to improve employed and the ways than any other the tracker suggests London’s the most in six years in 2017, also unchanged in 2017 com- their chances of we’re using it have not hub, dominates financial districts have been said recruitment agency pared with the year before, seemed at all problematic. From its markets such as held back, but there is no evi- Morgan McKinley which hires Knight Frank, whose data academic success. “Is that combination of global foreign dence of a mass exodus. staff in finance. comes from landlords, devel- courses you chose a histori- traditional exchange and “London has not come It bases its number on the opers and agents, says. Going cally tough one? Here’s City heartland commercial close to taking a mortal blow overall volume of mandates Underground Some 400,000 where you can find a tutor.” to the brash insurance and is or anything like it ... The it receives to find jobs and journeys are recorded every “Did you know that students who wait as long as home to inter- increasing uncertainty though applies a multiplier based on day at the three main under- you did to sign up for courses are more likely to Canary Wharf national bond over London’s future has led its market share of London’s ground stations that serve the struggle? The registrar’s office opens at 8am skyscrapers trading and to a stall in its growth,” finance industry. City and Canary Wharf. tomorrow.” But that’s today. With the best of motives, and plush fund Michael Mainelli, Executive The recruiter found 82,147 Reuters filed Freedom of schools like ours will feel the urge to use more and Mayfair management. Chairman of Z/Yen, told new financial services jobs Information Act requests to more personal data, through more and more But about a Reuters. were created last year, a 12.45 Transport for London, to get insistent tactics, all in the “best interest of the stu- townhouses, third of the Jobs leaving London? percent drop on a year earlier. this data which shows that the dents.” Much has been written in recent years about London transactions on Firms employing the bulk of This is the lowest number of number of people using Bank the possibilities for “nudging” people to do things represents one its exchanges UK-based workers in inter- jobs available since 2011. and Monument stations is on they otherwise might not choose to do. In particular, of the greatest and in its national finance told Reuters “Brexit has stalled the course for its first fall since the would-be social engineers who have run into trouble, trading rooms that the number of finance growth of jobs. Companies are final year of the financial and often political backlash, when trying to order concentrations involve clients jobs they plan to shift out of reluctant to make major crisis. people to change their behavior, have looked long- of financial in the European Britain or create overseas by investment decisions at the Travellers going in and out ingly on more subtle means of influence. wealth on Union. These March 2019 due to Brexit has moment,” said Hakan Enver, of Bank and Monument fell by So when does “nudge” come to “shove”? We don’t earth. may be jeop- dropped to 5,000, half the operations director at Morgan a fifth in 2017 compared with have to theorise about the far end of that spectrum. ardised after figure six months ago. McKinley Financial Services, 2016, the data shows. This The future is now, in the form of China’s new “social Brexit unless This comes amid more which carried out the survey. follows an annual increase credit system,” already in effect for volunteers and Britain manages conciliatory signals from Commercial property each year since 2009. becoming mandatory in 2020. to maintain similar levels of British Prime Minister Theresa Reuters obtained property In Canary Wharf, the Citizens conforming to governmentally approved access to the trading bloc. May, while progress in talks data from Savills and Knight number of people using the behaviors will earn a high numerical rating; noncon- The French finance min- with the EU have prompted Frank, two of the biggest real station fell by 10 percent, formists can expect unhappy consequences. Those ister predicts Paris will some companies to delay estate firms in Britain. Savills while the number of people with high scores will enjoy a multitude of prefer- overtake London as Europe’s large staff moves. calculates the value from all- using London’s underground ences, ranging from VIP hotel rooms and air travel to most important financial The findings suggest that known property deals within network fell about 2 percent better schools for their children. centre in a few years, although the first wave of job losses the City of London area. overall last year. Your tax cut isn’t likely to be made permanent any time soon

SAHIL KAPUR & phase two of tax changes that Republicans need buy-in from benefits of the tax cut, they’ll know Joint Committee on Taxation. ANNA EDGERTON would focus on making the indi- some Democrats because the where Republicans stand on a tax Republicans had to sunset the indi- BLOOMBERG vidual tax cuts permanent. effort would be subject to the cut that Democrats oppose.” vidual changes to conform to the So far, Democrats have been 60-vote threshold in the Senate, Democrats have assailed the budget they set under Senate rules. excluded from talks about what a where the GOP has 51 members. new law as a giveaway to corpo- Raising the issue now forces ouse Republicans are second round of tax legislation President Donald Trump rations and the wealthy, and Democrats to take an uncom- AGOP leaders aren’t approaching their next would entail, according to a mentioned a potential phase two they’ve called for drastic changes. fortable stance against middle planning on using Hattempt at tax cuts the Republican lawmaker on the in February -- since then, “I’m ready to have a dis- class tax relief. If the individual tax same way they did last year -- House’s tax-writing committee. incoming White House economic cussion with them. They want to breaks expire at the end of 2025, the procedural by excluding Democrats from the GOP leaders are also considering adviser Larry Kudlow and con- fix some problems in the tax law? the bottom 80 percent of Amer- trick they deployed process. But this time a party- timing a floor vote to April 17, gressional GOP leaders have I want to fix some problems in the icans would pay higher taxes than in 2017 that line vote won’t be enough, and when income tax returns are due, added momentum to the effort and tax law,” said Senator Chris they would if the law never passed, that may be the point. said two Republican members of highlighted the importance of Murphy, a Connecticut Democrat. according to an analysis by the allowed them to GOP leaders aren’t planning the committee, who asked not to giving permanent relief to indi- Murphy said one of his demands nonpartisan Tax Policy Center. bypass Democratic on using the procedural trick they be named because the discussions vidual taxpayers. was reducing the deficit impact of Republicans on the Ways and opposition and pass deployed in 2017 that allowed are private. “We’re in political season at the bill. Means Committee described tying the tax overhaul them to bypass Democratic oppo- Those moves show the effort this point,” said Tom Davis, a Making the individual cuts the individual tax cut extension to sition and pass the tax overhaul is shaping up to be a political ploy former Republican congressman permanent is estimated to cost $1.5 ‘tax day’ as one option they’re bill with a simple bill with a simple majority. So to bludgeon Democrats ahead of who used to run the party’s House trillion in the decade after 2025, working on. It’s not clear what, if majority. they’ll need at least nine Senate congressional elections in election arm. “To taxpayers that according to a Tax Foundation any, other measures would be Democrats to back a so-called November. Unlike last year, are now starting to receive the analysis using numbers from the included. 28 THURSDAY 29 MARCH 2018 back to BUSINESS INsight Traders scratching heads as tech turmoil meets month end

LONDON/BLOOMBERG

urmoil, meet month end. Month end, meet turmoil. The latest bout of risk-off moves in global markets Thas arrived just as investors prepare to close out the month and quarter. That leaves many with a conundrum: just how much of the current tumult is down to shifting funda- mentals, and how much to portfolio rebalancing that usually accompanies the quarter end? The conclusion could be key to everything from the fate of the epic bull market in stocks and the chances of a bear market in bonds to the path charted by the greenback. It’s particularly important to short-term money market rates, which had been grinding higher as the U.S. raises benchmark borrowing costs and the era of easy money nears its end. “Markets have been volatile on alternating headlines and systematic flows in an illiquid trading environment,” JPMorgan Chase & Co. strategists including Marko Kolanovic wrote in note. “While a number of narratives have come out to attempt to explain the recent market weakness, we believe these risks shouldn’t derail the larger positive fundamental forces.” Indeed, fewer players had the chance to exert larger-than- normal downward pressure as the holiday-shortened week sapped the market of its usual trading activity. Over the past eight years when U.S. stocks dropped more than 1 percent, Rolls-Royce takes Bespoke to new volume on the U.S. tape has hit 8.6 billion trades on average. Tuesday’s session, however, fell about 1 billion short of that norm, data compiled by Bloomberg show. Still US 10-year Treasury yields, which had been locked heights with ‘Wraith Luminary Collection’ above 2.8 percent for almost two months, finally fell below that threshold late in US trading on Tuesday. Eurodollars advanced by five to seven basis points, while expectations for more THE PENINSULA by a flat grey that enlivens when Collective, a talented group of Collective continually seeks Federal Reserve hikes faded. awoken by the sun, rich copper engineers, designers and craft- inspiration from external trends Month-end buying in fixed income did squeeze shorts into DOHA: In a bold expression of tones, emitting a deep emotive speople located at the Home of and influences. In a progressive the close, according to Andrew Brenner, the head of interna- dynamic luxury, Rolls-Royce warmth. Further intrigue is Rolls-Royce in Goodwood, West step, the application of hand- tional fixed-income at NatAlliance Securities in New York. Yet unveils the Wraith Luminary added by a hand-painted Sun- Sussex, have brought further woven stainless steel fabric, a that may not be the end of declines in bond yields. Collection. Inspired by those burst Motif coachline, hand- theatre to the cabin of Luminary highly contemporary and inno- Considering everything from lower trending economic data who lead where others follow, painted Wake Channel Lines on in the form of brilliant shooting vative new technique in luxury to fading rate hike expectations, it’s likely 10-year yields “get an the Wraith Luminary Collection Wraith’s bonnet and pinstripes stars. The prized Rolls-Royce craft, is appointed to the central acceleration through to 2.65-ish” percent before getting to 3 will light the way for the luxury applied to the wheel centres, starlight headliner, a hand- transmission tunnel and door percent, he wrote in a Tuesday note. trailblazer. each in Saddlery Tan, bearing woven configuration of 1340 panniers, contrasting the Tudor One sign that rebalancing is at work: The yen was falling In response to an ongoing reference to the colourway of fibre optic lights which act as a Oak wood and Saddlery Tan against the dollar on Wednesday, belying its usual status as a global demand for Rolls-Royce the interior leather. glittering night sky, takes a bold leather. safe haven in times of trouble. For Kit Juckes, chief currency Collection Cars, the marque has Energy courses through this new step as it incorporates Incorporating strands strategist at Societe Generale AG, it’s a reason not to over-read created a Limited Collection of highly charged edition of shooting stars into the constel- which are 0.08mm – 0.19mm the current moves. just 55 of these spectacular Wraith. On opening the coach lation; a playful display of light in diameter, this technical fibre “These markets are all sound and fury,” he said in a Wraiths. These motor cars join doors, one is met by a statement that creates wonderment and is woven in a pattern oriented tweet. “Simply looking for yesterday’s sell-off to continue the highly exclusive ranks of of modern luxury, as light flows awe for the car’s passengers. at precisely 45 degrees, to com- today is as silly as expecting the Monday rally to continue collectible Bespoke master- from the front into the rear pas- Taking nearly 20 hours to plement the lines of the interior yesterday.” Beyond the usual quarter-end portfolio tink- pieces, envisioned by the Rolls- senger compartment. The Col- configure, eight shooting stars and provide a uniform ering, however, fundamental issues could still weigh on sen- Royce Bespoke design team and lection’s defining feature, Tudor fire at random, predominantly appearance throughout the timent. Though growth remains strong, the peak in corporate collected by Patrons of true Oak wood, sourced from the over the front seats, in recog- passenger compartment when earnings has passed -- and what remains in its place is an luxury all over the world. forests of the Czech Republic, nition of Wraith’s owner-driver viewed from either side. Taking era of uneven global expansion, political uncertainty and a Torsten Müller-Ötvös, Chief selected for its depth of colour appeal. three days to produce in a shift in market regime, according to analysts at Sanford C. Executive Officer, Rolls-Royce and the density of the grain Wraith Luminary’s cockpit ‘clean room’ environment, the Bernstein & Co. Motor Cars, commented, structure, is for the first time, is trimmed in Saddlery Tan, fabric is manipulated to cloak “As this unusually synchronized phase ends expect volatility “Wraith Luminary is a stunning illuminated. The light of 176 though the rear seats contrast the centre console, modified and correlation to rise,” wrote the firm’s global quantitative Collection Car. It speaks directly LEDs permeates through an in Anthracite leather, thus high- from use in an industrial envi- strategy team, headed by Inigo Fraser-Jenkins. “This does not of our contemporary Rolls- intricately perforated design in lighting the prominence of the ronment to create a finish make us bearish, but reduces the upside from here.” Meanwhile Royce brand – progressive and the unique Tudor Oak veneer, driver’s position. Contrast befitting the interior of a Rolls- in equities, Tuesday’s declines would appear to be about news trailblazing; the pinnacle in allowing a mesmerizing pattern, piping and stitching masterfully Royce motor car, refracting the rather than portfolio rebalancing. The S&P 500 Index was hand-crafted luxury. This is a reminiscent of the trailing light marry the front aesthetic to the light of the unique illuminated higher in the middle of the day before a steady stream of neg- motor car that celebrates vision- of a shooting star, to luminesce rear. Alternatively, a more dra- paneling in the doors. ative tech stories dragged some of the biggest companies lower. aries who achieve eminence in at the touch of a button. Linked matic contrast can be selected As a final touch, the car’s Even the Nasdaq 100 Index started Tuesday in the green; it their respective fields. Indeed, to the controls of the starlight by specifying Seashell coloured tread plates bear the prove- ended the day with the biggest drop since February’s rout. this collection is for the world’s headliner, the cabin’s veneer leather in the rear, both of nance of this unique collection. US stock futures, including contracts for the Nasdaq, turned luminaries.” The heady shade of surrounds Wraith’s occupants which will be perfectly coa- ‘Wraith Luminary Collection – positive on Wednesday as tech fears began to ease, while the the golden hour’s sunrays inspire in an ambient glow of light. lesced by the inclusion of a two- one of Fifty-Five’ is engraved yen slumped. The yield on 10-year Treasuries fell, however, this newly developed exterior Speaking of shooting stars, tone steering wheel. in hand-polished stainless hovering around 2.77 percent. paint, Sunburst Grey. One is met the Rolls-Royce Bespoke The Rolls-Royce Bespoke steel.

I suspect Trump’s bucking Steve Chiavarone CAPITAL of norms (on trade war) Portfolio Manager is absolutely part of his Federated Investors COMMENT negotiating tactics.

Shell targets former senior executive in graft complaint

REUTERS Shell and Eni deny any LONDON: Royal Dutch Shell wrongdoing related to OPL has filed a criminal complaint 245. A Shell spokesman said against a former senior the two cases were employee over suspected unrelated. bribes in the 2011 sale of an Shell said an internal oilfield in Nigeria, where the investigation had found that company is already under Robinson may have committed investigation over a separate a crime during the sale of an deal. onshore oilfield, Oil Mining Dutch prosecutors con- Lease (OML) 42, to local firmed they had received the company Neconde Energy Ltd complaint against Peter Rob- in February 2011. inson, a former vice president “We suspect a crime may for sub-Saharan Africa. They have been committed by our said it would be included in an former employee, Peter Rob- ongoing investigation into inson, against Shell in relation Anglo-Dutch Shell and Italy’s to the sale process for Oil Eni over the acquisition of a Mining Lease (OML) 42 in different Nigerian oilfield, Nigeria in 2011,” a Shell known as OPL 245. spokesman said in a statement.