Lagarde seen in pole position to replace ECB’s Draghi PAGE 12
WEDNESDAY, JULY 3, 2019
DOW26,710.56 QE 10,578.43 SENSEX 39,816.48 GOLD 1,409.90 OPEC inks new charter with -6.87 PTS +18.30 PTS +129.98 PTS +1.48% Russia, other allies PAGE 12 PRICE PERCENTAGE PRICE PERCENTAGE 15.26 BRENT 62.47 -3.98% WTI 56.29 -4.74% SILVER +0.44%
PROPERTY INVESTMENT IN QATAR A great opportunity for expats to secure permanent residency SATYENDRA PATHAK Qatar Tribune. Al Jahaniyah. port land). While West Bay Lagoon DOHA In accordance with Law No The usufruct areas where Other than the labour and Onaiza are for affluent 16 of 2018 on the regulation of non-Qataris can use the real force, Qatar has a population buyers with a budget of over A number of expatriates have non-Qatari ownership and use estate for 99 years are Zone 13 of over 1,500,000 expatriates. QR5,000,000, The Pearl Qa- shown buying interest in Qa- of real estate, owners of the (Musheireb), Zone 14 (Fereej For many of them, who have tar caters both segments. tar’s real estate market as it real estate property minimum Abdul Aziz), Zone 15 (Al Doha been living in Qatar for more Thanks to new access offers excellent opportunity worth $200,000 are eligible to Al Jadeeda), Zone 16 (Old Al than 10 years, Qatar is their roads to Lusail and Al Khor, for them to secure permanent apply for the permanent resi- Ghanim), Zone 17 (Al Rufaa second home. This law allows a strong interest has been residency in the country, Al dency card of Qatar. As per the & Al Hitmi), Zone 18 (Slata), such expatriates to secure per- shown by expatriates in these Asmakh Valuations and Re- official gadget, the freehold ar- Zone 22 & 23 (Fereej Bin manent residence and live in areas and in their neighbour- search Director Gaurav Bori- Qatar as long as they hold the hoods. kar has said. property in the country. Besides long-term resi- “Expatriates working in Realty Check with For expatriates, apart- dency, the permanent resi- Doha for a long period of time ments in The Pearl Qatar, dency card also offers many are taking advantage of this Zig Zag Tower and villas in benefits to businessmen and great opportunity to secure Al Asmakh Real Estate West Bay Lagoon were avail- investors. their residency in Qatar. The able for a long period of time. The holder of the per- residency earlier was connect- eas are Zone 66 (Legtaifiya & Mahmoud), Zone 24 (Rawdat However, land purchase is a manent residency card shall ed to jobs. Hence, having a job The Pearl), Zone 60 (Al Dafna, Al Khail), Zone 25 (Al Man- new opportunity where the have the right to invest in the was the most crucial aspect of only administrative), Zone 61 soura & Fereej Bin Derhem), expatriates are highly inter- A view of the residential buildings in The Pearl. activities of the nation’s vari- staying in Qatar. Now an ex- (Al Dafna, only administra- Zone 26 (Najma), Zone 27 ested in. ous economic sectors without patriate is eligible to apply for tive), Zone 63 (Onaiza, only (Umm Ghuwailina), Zone 28 “The Asian and Arab ex- The momentum has taken Zig Zag tower, Al Khor re- a Qatari partner. The estab- a permanent residency in Qa- administrative), Lusail City- (Al Khulaifat), Zone 38 (Al patriates are highly motivat- a pace in villa sector. Soon sort, Lusail City, and the noti- lishment of the company shall tar by purchasing $200,000 Zone 69 (Al Kharayej, Jabal Sadd), Zone 39 (Al Sadd, Al ed to secure their house by several transactions are fied area among C Ring Road be in accordance with the law worth of real estate property Thuaileb, Al Wassil), Zone 74 Mirqab Al Jadeed, & Dereej Al purchasing or developing a expected in this segment,” are preferred by the budget- governing the law of commer- in the country,” Borikar told (Al Khor resort) and Rawdat Nasr) and Zone 48 (Old Air- villa that suits them the best. Borikar said. friendly buyers. cial companies. QNB is MENA’s Qatar’s economic growth biggest bank with Tier 1 capital of gains pace in Q1: Report $22.5 bn: Banker FocusEconomics sees Qatar’s economy to grow 2.6 percent in 2019, and 2.8 percent in 2020 SATYENDRA PATHAK TRIBUNE NEWS NETWORK DOHA DOHA QATAR’S economic growth is QATAR National Bank (QNB) This is a testament to the expected to have accelerated Group has topped the Middle group’s steadfast in the first quarter of 2019 as East and Africa (MEA) region commitment to excellence the country’s real estate and on Banker Magazine’s Top driven by our solid financial non-oil private sectors have 1,000 World Banks list issued performance, overall asset shown signs of strength in recently, the bank said in a the first three months of the statement on Tuesday. quality, and increasing year, FocusEconomics has QNB has been ranked market share said in a report released on number one as the region’s QNB Acting CEO Abdulla Tuesday. largest bank with Tier 1 capi- Suggesting stabilisation tal of $22.5 billion for the Mubarak al Khalifa in the housing sector, the re- 2018 period, a 12 percent in- port said, Qatar’s real estate crease over its 2017 figures, the group’s steadfast com- price index continued to edge bolstered by a $2.8 billion ad- mitment to excellence driven higher in March. ditional Tier 1 perpetual capi- by our solid financial perfor- “Boding well for domestic tal note. mance, overall asset quality, demand, Qatar’s non-oil pri- The bank reported some and increasing market share.” vate sector purchasing man- of its best annual results ever Abdulla said, “This new agers’ index (PMI) and private during the review period sup- achievement reflects our com- sector credit growth averaged ported by the success of its mitment and spirit of leader- higher in the first quarter business strategy, with a glob- ship and innovation to bring compared to the previous Qatar’s current account balance turned positive to $6.4 billion in 2017 and is expected to rise to $13.3 billion in 2019, the report said. al ranking of 75th in the list. to reality QNB Group’s aspi- quarter,” the report said. The recognition was based ration of becoming ‘a leading Turning to the second projects related to the 2022 According to the annual increase from $35 billion in on a number of factors, in- bank in the Middle East, Afri- quarter, the report said, the World Cup,” it said. FocusEconomics, a lead- data released as part of the 2019 to $37.8 billion in 2020 cluding pre-tax profits, total ca and Southeast Asia (MEA- non-oil seems to have re- FocusEconomics pan- ing provider of economic report, the overnight lending and rise up to $40 billion in assets, capital assets ratio, SEA) by 2020.” mained solid overall. elists see Qatar’s economy analysis, has also forecast rate in the country would con- 2021. return on capital, return on Earlier this year, QNB “In April, industrial pro- to grow 2.6 percent in 2019, that Qatar’s trade balance tinue to rise from the current FocusEconomics, a lead- assets, BIS total percentage, brand was recognised, once duction picked up, tourist which is unchanged from last 5 percent and reach up to 5.32 ing provider of economic NPL percentage, loans to as- again, as the most valuable arrivals surged year-on-year month’s estimate, and 2.8 would rise from $47.2 bn percent by 2023. Qatari riyal analysis, has also forecast that sets ratio, RWA density and banking brand in the MEA, and private credit growth ac- percent in 2020. in 2019 to $47.7 bn in will continue to be pegged at Qatar’s trade balance would cost/income ratio. with a value worth $5.04 bil- celerated,” the report said. Consumer prices fell 0.7 2020 $3.64 in the years to come, rise from $47.2 billion in 2019 QNB Acting CEO Abdulla lion, according to the annual Boding well for invest- percent in annual terms in the report said. to $47.7 billion in 2020. Mubarak al Khalifa said, “Be- report carried out by Brand ment and the energy sector May, the report said adding cent in 2020,” it said. According to the report, The report has also pro- ing recognised as the first Finance. going forward, the report said, inflation should return later While Qatar’s economic the country would witness a jected that Qatar’s current ac- MEA’s financial institution The group has maintained Qatar Petroleum signed a deal this year on stronger eco- growth will reach 2.9 percent sustained increase in both im- count balance would account in the top 1,000 banks glob- its position as one of the high- with Chevron in June to build nomic activities, but should in 2021, the report said, it will ports and exports. for 6.7 percent of the total ally by a leading financial est rated regional banks from a multi-billion dollar petro- be subdued nonetheless. be accelerating to 3 percent in While the merchandise GDP in 2019. publication as internation- leading credit rating agencies chemical project. “Our panelists expect in- 2022 and 2023. exports from the country are Qatar’s current account ally respected as The Banker including Standard & Poor’s “Growth should gain im- flation to average 0.6 percent The GDP per capita in expected to rise from $82.2 balance turned positive to Magazine is a truly important (A), Moody’s (Aa3), Fitch petus this year, propped up in 2019, which is down 0.3 Qatar will also increase from billion in 2019 to $85.5 bil- $6.4 billion in 2017 and is ex- milestone. (AA-), and Capital Intelli- by a recovery in the energy percentage points from last $71,438 in 2019 to $86,913 in lion in 2020, the report said, pected to rise to $13.3 billion “This is a testament to gence (AA-). sector, and infrastructure month’s forecast, and 2.3 per- 2023, the report said. merchandise imports would in 2019, the report said. Oil dives 3% on demand worries even as OPEC, allies extend cuts
REUTERS $1.67, or 2.6 percent, to $63.39 March 2020 as members over- didn’t make a larger produc- to prevent a major meltdown ing oil bulls to keep at least somewhat tilted in favor of the NEW YORK a barrel. US West Texas Inter- came differences to try to prop tion cut. Or a sense that de- in prices. Member countries part of their gunpowder dry.” United States, which stoked mediate (WTI) crude futures up prices. mand is really bad,” said Phil noted that global oil demand The United States and China doubt over prospects for a OIL prices fell about 3 percent fell $1.81, or 3.1 percent, to The extension comes after Flynn, analyst at Price Futures growth for this year has fallen agreed at the G20 leaders trade deal between the top two on Tuesday, even after OPEC $57.28 a barrel, after touching Russian President Vladimir Group in Chicago. to 1.14 mbpd (million barrels summit to restart trade talks, economies. and allies including Russia their highest in more than five Putin said on Saturday he had Signs of a global economic per day) whilst non-OPEC but factory activity shrank Meanwhile, US crude oil agreed to extend supply cuts weeks on Monday. agreed with Saudi Arabia to slowdown, which could hit oil supply is expected to grow by across much of Europe and stockpiles were seen falling until next March, as weak The Organization of the prolong the pact and continue demand growth, means OPEC 2.14 mbpd,” PVM analyst Ta- Asia in June while US manu- for a third consecutive week, manufacturing data had in- Petroleum Exporting Coun- to cut combined production by and its allies could face an up- mas Varga wrote in a note. facturing activity slowed to a preliminary Reuters poll vestors worried that a slowing tries and other producers such 1.2 million barrels per day, or hill battle to shore up prices by “It appears that the sup- near a three-year low. showed. Industry data will global economy could dent oil as Russia, a group known as 1.2 percent of world demand. reining in supply. ply side of the oil equation is Further, US President be released at 4:30 p.m. EDT demand. OPEC+, agreed on Tuesday “There seems to be some “It was the bare minimum supportive for oil prices but Donald Trump on Monday (2030 GMT), with government Brent crude futures fell to extend oil supply cuts until disappointment that OPEC OPEC could agree on in order demand concerns are forc- said any deal would need to be data to follow on Wednesday. www.guide.com.qa Wednesday, July 03, 2019
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FOR RESTAURANT WITH hotels, visa Contact: 31302299, DRIVING LICENSE. facilitation etc.. email:[email protected], PLEASE CALL Please contact: 55347158 website: www.ebellart.com 77249191; 70780101 Email: [email protected] 12 Wednesday, July 3, 2019 Economy & Business Wilful defaults in India cross OPEC inks new charter $21 bn in 2018-19 REUTERS pees, as of March 31, 2019. with Russia, other allies MUMBAI The Narendra Modi-led government has been tight- INDIA’S state-owned banks ening norms against wilful Oil market volatility is being worsened by trade wars: Russian Energy Minister Alexander Novak had classified 1.50 tril- defaulters especially after lion rupees ($21.76 billion) Indian aviation tycoon Vijay worth of loans as “wilful de- Mallya, fugitive billionaire faults” in 2018-19, with the jeweller Nirav Modi and his biggest lender State Bank of uncle Mehul Choksi fled the India accounting for nearly country following repay- a third, the finance minister ment defaults. said in the parliament. Wilful defaulters are not Under Indian law, wil- sanctioned any additional ful defaulters are classified facilities by banks or finan- as firms or individuals who cial institutions, and they own large businesses and are debarred from launch- deliberately avoid repay- ing ventures for five years. ments. The government has de- The State Bank of India barred wilful defaulters and saw the highest number of companies with wayward wilful defaults at 461.58 bil- borrowers from access- lion rupees, while Punjab ing capital markets to raise National Bank stood second funds or participate in in- at 250.9 billion rupees, with solvency resolution process. Bank of India at 98.9 billion Bank chiefs can also au- rupees, Finance Minister thorise look-out notices for Nirmala Sitharaman said in defaulters to prevent them a written reply to queries in from leaving the country. the parliament on Tuesday. Public-sector banks According to data from filed 1,475 police complaints the Reserve Bank of India against wilful defaulters (RBI), gross loans and ad- in the last three financial vances in state-run banks years, the finance minister came in at 638.2 billion ru- added.
Nike withdraws US Russia’s Energy Minister Alexander Novak, Venezuela’s Oil Minister Manuel Quevedo and OPEC Secretary General Mohammad Barkindo and Saudi Arabia’s Oil Minister Khalid al Falih in Vienna on Tuesday. (REUTERS) flag-themed shoe after AFP needed with “more producer result of growing US output. mit in Osaka last weekend. ter would allow OPEC and VIENNA power than OPEC alone can “We do not shape our OPEC+ comprises the car- non-OPEC countries to estab- provide”. strategy in response to US ac- tel’s 14 member nations plus lish “a structure for technical Kaepernick objection THE OPEC bloc of oil produc- OPEC Secretary-General 10 extra crude producers: meetings, ministry meetings, ers on Tuesday formally signed Mohammed Barkindo com- Russia, Mexico, Kazakhstan, regular summits” with the AFP a new charter of cooperation pared the new partnership to The new agreement Azerbaijan, Bahrain, Brunei, OPEC secretariat in Vienna WASHINGTON with major allies including a marriage, telling reporters: between OPEC and its so- Malaysia, Oman, Sudan and acting as “the main coordina- Russia, one day after thrashing “It’s for eternity!” called OPEC+ partners is South Sudan. tor”. NIKE withdrew a shoe dis- out the document at a mara- “We’re confident that with being seen as a sign of the Monday’s gathering of While Monday’s agree- playing an early version of thon meeting. the course of time, probably cartel’s efforts to stay rele- OPEC ministers ran almost ment in Vienna had initially the American flag after for- The new agreement be- by next time we meet, we may vant in a market which has five hours late into the evening sent oil prices surging, on mer NFL quarterback Colin tween OPEC and its so-called have some new members join- been transformed by boom- as ministers discussed the de- Tuesday they were more sub- Kaepernick warned the de- OPEC+ partners is being seen ing the charter,” Barkindo said. tails of the new charter. dued amid fresh worries over sign was associated with slav- as a sign of the cartel’s efforts Russian Energy Minister ing US shale oil output Iran was more sceptical of the global economic outlook. ery, US media reported on to stay relevant in a market Alexander Novak declared the idea and its oil minister Bi- Novak said on Tuesday Monday. which has been transformed on Monday that all of OPEC’s tions; we shape our actions in jan Namdar Zanganeh said on that in his view oil market vol- Nike had unveiled the by booming US shale oil out- ministers had agreed to pro- response to what the market leaving the meeting that the atility was being worsened by Air Max 1 USA featuring an put. long its daily production cuts. does,” Novak said. charter would have “no impact “trade wars which are intensi- American Revolution-era de- Saudi Oil Minister Khalid Speaking through an inter- The production cuts signed on OPEC and its mechanism fying as we speak”. sign known as the Betsy Ross A Nike Ad featuring American al-Falih hailed this week’s preter after Tuesday’s meeting, off on this week by OPEC and or decision taking”. “We see sanctions being flag imprinted on its heel football quarterback Colin meeting as “historic” and said Novak said that the new coop- its allies had been agreed by Also speaking late Mon- used freely without any justi- to coincide with the United Kaepernick is on diplay in New that “market volatility” meant eration accord between OPEC Russia and OPEC kingpin day, Saudi Energy Minister fication and more and more States’s July 4 independence York (AFP) that a new framework was and its allies was not only the Saudi Arabia at the G20 sum- Khalid al-Falih said the char- frequently,” Novak added. day. The Wall Street Journal for them back, and had taken reported the US sportswear the design off its website, the giant pulled the shoe follow- Journal reported. ing objections from Kaeper- “Nike has chosen not to nick, a Nike endorser who release the Air Max 1 Quick Germany fines FB $2.3 mn for under-reporting complaints led kneeling protests during Strike Fourth of July as it the national anthems of NFL featured the old version of REUTERS extent of violations on its plat- the ruling after studying it. complaining that a post violat- transparency report. games in 2016 to protest ra- the American flag,” a Nike BERLIN form. Under Germany’s network ed the platform’s community By contrast, transparency cial inequality and social in- spokesman told the Journal. Faced with a global back- transparency law, social media standards. reports from Twitter and Goog- justice. The price of a few pairs GERMAN authorities have lash over the role its platform platforms are required to re- “It is quite clear that Fa- le’s YouTube video service both Kaepernick said the de- available on an online shoe fined Facebook 2 million euros played in election campaigns port the number of complaints cebook’s community stand- reported well over a quarter sign featuring 13 white stars reseller rose to as much as ($2.3 million) for under-re- from the United States and of illegal content they have ards do not correspond to the of a million complaints for the in a circle was offensive be- $2,000 following the publi- porting complaints about ille- Britain to the Philippines, Fa- received. The charge that Fa- standards of the law,” she told whole year. cause it was associated with cation of the Journal’s article, gal content on its social media cebook has been on a public cebook did not report the full reporters at Frankfurt Airport. “We want to remove hate a period of slavery, which the newspaper said. platform in breach of the coun- relations drive to improve its extent of the complaints it re- Tallying only reports made speech as quickly and effective- was legal in the US after inde- Kaepernick and former try’s law on internet transpar- image. ceived could undermine its ef- under the harder-to-find com- ly as possible and work hard to pendence from Britain. San Francisco 49ers safety ency. But Facebook said it had forts to burnish its reputation. plaints procedure led to artifi- do so,” said a Facebook spokes- White supremacist groups Eric Reid settled collusion In a statement on Tues- complied with its transpar- Newly appointed Justice cially low numbers. man in response to the fine. hostile to diversity have also lawsuits against the NFL day, Germany’s Federal Office ency obligations under the law, Minister Christine Lambrecht In 2018, Facebook said it “We are confident our pub- recently appropriated the de- earlier this year for less than of Justice said that by tally- known as ‘NetzDG’, adding said the option for making a had received 1,048 complaints lished NetzDG reports are in sign, the newspaper said. $10 million over claims team ing only certain categories of that some aspects of the law complaint under the transpar- relating to illegal content on its accordance with the law, but as Nike shipped the shoes owners had plotted to keep complaints, the web giant had “lacked clarity”. Facebook said ency law was harder to find on platform over the second half many critics have pointed out, to retailers but then asked them from playing. created a skewed picture of the it reserved the right to appeal Facebook than an option for of that year, according to its this law lacks clarity.”
TOUGH CHALLENGE Lagarde seen in pole position to replace ECB’s Draghi
REUTERS credibility following Greece’s 2010 policy tools to stimulate inflation FRANKFURT bailout, which not only bent the and growth. Fund’s own rules but needed to A former antitrust lawyer with A shrewd negotiator who has run be followed up with more aid over Baker McKenzie, the divorced the IMF but has little monetary years. mother of two became French fi- policy experience, Christine La- Breaking male A former synchronized swim- nance minister in 2007, then took garde would face the challenge as mer, Lagarde presided over the over at the IMF when a sex scandal the European Central Bank’s new dominance IMF’s biggest bailout, a $57 billion forced her predecessor Dominique chief of having to revive the euro If picked, Lagarde, 63, would deal for Argentina last year that Strauss-Kahn to quit. zone economy with a nearly deplet- also start to break down a was widely credited with arresting A non-economist leading a ed policy arsenal. gender barrier at the ECB, which emerging market turbulence that major central bank is unusual, al- Once France’s first woman fi- risked derailing global growth. though US Federal Reserve chair- nance minister, and head of the remains heavily male-dominated But her selection would be man Jay Powell is also a trained International Monetary Fund since despite having set equality as a likely to surprise many -- not least lawyer and spent much of his ca- 2011, she is a strong advocate of fe- priority for years because when asked last year if she reer in private equity. male empowerment who has long was interested in the ECB role, she Another complication for La- argued that more women in bank- told the Financial Times: “No, no, garde would be her 2016 conviction ing and regulation would aid finan- German Chancellor Angela Mer- no no, no no.” Her term at the IMF on negligence charges over a state cial sector stability. kel’s response was “very positive”. File photo of IMF Managing Director Christine Lagarde. (REUTERS) runs until July 2021. payout made in 2008 while she was While her selection to replace That puts Lagarde in pole position. Lagarde’s immediate challenge finance minister. While judges said Mario Draghi at the ECB from If picked, she would also start Lagarde, 63, has blamed the Lehman Brothers, the world might at the ECB would be to overcome her failure to contest a 400 million November is far from certain, dip- to break down a gender barrier at global financial crisis a decade ago well look a lot different today.” her shortcomings in monetary poli- euro state settlement led to a mis- lomatic sources suggest French the ECB, which remains heavily in part on testosterone-fuelled Consistently ranked among the top cymaking, especially as it seeks to use of public funds, she escaped President Emmanuel Macron has male-dominated despite having set greed, once saying: “If it had 10 most powerful women by Forbes rearm for a potential new slump punishment and the IMF board re- proposed her for the job and that equality as a priority for years. been Lehman Sisters rather than magazine, she has rebuilt the IMF’s after years of using unconventional affirmed her in her post.