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Friday, April 13, 2018 Rajab 27, 1439 AH SUCCESS IN CRISES : Page 12 IMF offi cial GULF TIMES praises Qatar economic BUSINESS policies Qatar CPI inflation gains 0.4% year-on-year in March

By Santhosh V Perumal Development Planning and Statistics administered prices in petrol and diesel. Furniture and household equipment, The housing, water, electricity and 2018 but remained unchanged month- Business Reporter data. The index of health, which carries a which has a 7.7% weightage in the CPI other fuels segment – with a weight on-month. The International Monetary Fund had 1.79% weightage, soared 5.3% year-on- basket, saw its index gain 1.1% year-on- of 21.89% in the CPI basket – saw a The index of restaurants and hotels, said during 2017–18, subsidy cuts, year and was flat month-on-month in year but traded a flat path month-on- 5.2% year-on-year plunge in its index which has a 6.08% weight, was down Qatar’s cost of living, based on increase in public fees, a moderate March 2018. month this March. in March 2018 and 0.3% on a monthly 0.7% and 0.1% on a yearly and monthly consumer price index (CPI), grew 0.4% recovery in global commodity prices Food and beverages, which has a Miscellaneous Goods and Services, basis. basis respectively this March. year-on-year in March mainly on higher and the implementation of a value weight of 12.58% in the CPI basket, which has a 5.69% weightage, saw its The CPI of March 2018, excluding Recreation and culture, with a 12.68% expenses, especially towards transport, added tax are expected to moderate witnessed a 4% surge in its group index index increase 0.9% on a yearly basis “housing, water, electricity, gas and weigh in the CPI basket, saw a 1.8% health, food and clothing, according to Qatar’s inflation over the medium term. on a yearly basis but was down 0.3% on whereas it was down 0.1% month-on- other fuels” showed an increase of 2.1% and 1.5% declines in index year-on- off icial data. The transport sector, which has a a monthly basis. month in March this year. on a yearly basis but was down 0.2% a year and month-on-month in March The CPI inflation was however down 14.59% weightage, saw its group index The index of clothing and footwear, Education, with a 5.75% weightage, saw monthly basis 2018. 0.3% month-on-month in March this vault 6.6% year-on-year and 0.3% on which carries a 5.11% weight, gained its index gain 0.9% on yearly basis in The communication sector, which Tobacco, which has a 0.27% weight, year as six main groups witnessed a monthly basis. The sector has the 2.6% year-on-year in March 2018; even March 2018 but was unchanged month- carries a 5.87% bearing, saw its group stood unchanged both annually and declines, according to the Ministry of direct linkage to the dismantling of as it fell 0.4% month-on-month. on-month. index shrink 1.1% year-on-year in March monthly in March 2018.

Mazaya Qatar QCB forex reserves remain okays proposal to buy Tornado stable at $38bn, says QNB Tower owner he Qatar Stock Exchange-listed Mazaya Qatar he Qatar Central Bank’s foreign exchange Real Estate Development Company has ap- reserves remained broadly stable at Tproved a proposal from Granada Real Estate Taround $38bn, equating to six months of Investment Company, a subsidiary of Mazaya Qatar, import cover, QNB has said in its ‘Qatar Monthly to acquire Tornado Company, the owner of Tornado Monitor’. Tower in West Bay. The country’s current account surplus wid- The fi nal transaction value has not yet been arrived ened to 6.4% of GDP in the fourth quarter (Q4) at and will be determined after the completion of the in line with higher oil prices while the fi nancial required assessments. The expected completion time account defi cit narrowed, the report said. for the transaction is within the second quarter of Exports grew 14% year-on year (y-o-y) in Feb- 2018. ruary as a result of higher oil prices while imports The fi nal decision and execution of this acquisition grew marginally at 0.6% y-o-y. will be carried out after the necessary assessments are The fi scal account remained in defi cit in Q3, completed and the approval of the Fatwa and Shariah but should recover subsequently as revenue rises supervisory board and the approval of all authorities in line with higher oil prices, QNB said. concerned, departments and ministries, as well as the Brent crude prices were stable on average in approval of the owners, the company said in its regu- March, QNB said and noted Qatar’s oil produc- latory fi ling with the bourse. tion rose to 621,000 bpd in December from The two companies owning the Tornado Company 612,000 bpd in the previous month. are co-founders of Mazaya Qatar Real Estate Devel- Bank assets in Qatar expanded to $378.9bn opment Company and are currently being represent- growing 9.1% y-o-y in February, QNB said. ed on its board (these members have not and will not Deposits from the non-resident and private discuss, vote or attend any board meeting regarding sector remained stable in February. this transaction). Bank deposit growth was 6% y-o-y in Febru- The tower is classifi ed as a commercial fi rst class ary, while credit growth stood at 7.4%, driven by with an area of more than 12,000 square metres and lending to the public sector, which grew 12.6% a rental area of more than 57,000 square metres dis- y-o-y. tributed on ground fl oor + mezzanine plus 51 fl oors. Broad money supply (M2) grew by 15.7% in Since the completion of the construction of the February compared to 19.6% in January. tower and the receipt of the certifi cate of completion Interbank rates continue to rise in line with by the competent authorities, more than 90% of the increases in the US short-term rates, QNB said. lease area has been leased over long term contracts. Industrial production surged to 7.4% y-o-y in Q3 on a rebound in the mining sector likely due to less maintenance on LNG trains. Mounting tensions could curb growth: WTO The real estate price index continued its recov- ery, rising 1.8% month-on-month in December. Escalating tensions between the US and China could The report said 5-star and 4-star hotel oc- hurt a global trade expansion that’s already expected cupancy rates rose to 58% and 60% in February to be lower this year than in 2017, the World Trade from 56% and 59% in January respectively. Organization said yesterday, Bloomberg reported. Qatar’s real GDP growth slowed marginally in The Geneva-based body warned that there are signs a the fourth quarter mainly due to temporary shut- looming global standoff is already aff ecting business downs for LNG maintenance. Non-hydrocarbon confidence and investment decisions. Page 10 real GDP growth was 4.2% for 2017, QNB said. The QCB’s $38bn foreign exchange reserves equate to six months of import cover, QNB has said in a report.

Qatar Airways wins ‘Best In-Flight Duty Free Programme’ award for Mideast and Africa

Qatar Airways has been awarded the sengers as one of the finest in quality expanding, and innovating passengers’ PAX International Readership Award for and product range, and this award show- shopping experience to meet this in- ‘Best In-Flight Duty Free Programme’ for cases not only our customers’ satisfac- creased demand is a top priority. As part the Middle East and Africa at an awards tion, but QDF’s dedication in providing of this innovation, since January 2018, ceremony in Hamburg recently. an exceptional shopping experience to Qatar Airways’ passengers have been This is the second time Qatar Airways all passengers flying with us.” able to utilise QDF’s pre-order service has been given this distinguished award, Head of QDF, Thabet Musleh said, “At Qatar online, available through the QDF and has been acknowledged as an in- Duty Free, we hand-pick an exclusive collec- website, and can order items in advance dustry leader for its outstanding in-flight tion of market-leading duty free products and have them delivered to their seat duty free service, which is operated by for Qatar Airways’ in-flight duty free on board. Qatar Duty Free (QDF). programme, for passengers travelling on One of the largest duty free retailers in The award recognises the wide selection Qatar Airways’ global network of more than the world, QDF boasts more than 90 of both luxury and aff ordable products 150 destinations across six continents. We elegant boutiques and luxury, high-end available onboard Qatar Airways flights, greatly value the opinion of all our custom- stores, as well as more than 30 restau- as part of the airline’s in-flight duty free ers, and will continue to set new standards rants and cafés covering an area of programme, as well as its competi- for the industry and ensure that QDF is an 40,000 square metres at the Hamad In- tive prices and outstanding customer experience worth travelling for.” ternational Airport, providing travellers service. Qatar Airways’ in-flight off ering includes with a world-class shopping experience Qatar Airways Group chief executive Ak- an exclusive selection of aff ordable and under one roof. bar al-Baker said, “Qatar Airways prides luxury brands as well as its in-flight duty Luxury brands available at the five-star itself on being attentive to its customers free magazine Extravaganza, introduc- airport include Gucci, Bulgari, Hermès, by off ering five-star services throughout ing passengers to a collection of more Giorgio Armani, Hugo Boss, Moncler, the entire shopping experience – from on than 170 in-flight products including Rolex and Harrods. the ground at our award-winning home fragrances, cosmetics, skincare, watches, The PAX International Readership Award and hub, Hamad International Airport, to jewellery, fashion accessories, toys and is the second award win this week for the skies onboard Qatar Airways’ award- Qatar Airways memorabilia. Qatar Airways, as the airline also won a Qatar Airways was awarded the PAX International winning aircraft. With the continued expansion of Qatar prestigious Crystal Cabin Award for “Best Readership Award for ‘Best In-Flight Duty Free “Our in-flight duty free programme Airways into new markets, the airline’s Cabin Concept”, in recognition of its inno- Programme’ for the Middle East and Africa at a ceremony Qatar Airways in-flight duty free magazine Extravaganza. continues to be recognised by our pas- in-flight duty free business is also vative new Business Class seat, Qsuite. in Hamburg recently Gulf Times 2 Friday, April 13, 2018 BUSINESS

Erdogan strikes back at investors over tumbling lira Opec’s Barkindo sees oil cuts extended into 2019 even as glut evaporates

Reuters New Delhi

pec and its oil producing allies are poised to extend Otheir supply-cutting pact into 2019 even as a global glut of crude is set to evaporate by Sep- tember, Opec secretary-general Mohammad Barkindo said yester- day. In an interview with Reuters in A board showing foreign currency exchange rates against Turkish lira is on display at a currency exchange off ice in Istanbul on Wednesday. Turkish President Recep Tayyip Erdogan struck back at New Delhi, Barkindo said the ini- international investors yesterday, saying that no one could bring the country to heel by using exchange rates, casting a precipitous fall in the lira currency as a conspiracy from outside. His comments came tial draft of a longer-term alliance as the lira took a breather after plumbing record lows for five straight trading days, a sell-off that Erdogan and his ministers have said was the result of an economic attack by outside forces. The lira is down agreement between the Organiza- 8% against the dollar so far this year, one of the worst performances among emerging markets. Erdogan, a self-described “enemy of interest rates” wants to see lower borrowing costs despite double-digit tion of the Petroleum Exporting inflation. “Do not worry, Turkey continues on its path with determined steps, nobody can discipline us based on exchange rates,” he said in a speech in Ankara. “The rise in exchange rates has no reasonable, Countries and non-Opec produc- logical or by-the-book explanation.” The lira was at 4.1152 to the dollar at 1106 GMT yesterday. On Wednesday it set a record low of 4.1944. ers would be discussed at their June meeting in Vienna. “There is growing confi dence that the declaration of cooperation will be extended beyond 2018,” Barkindo told Reuters. “Russia will continue to play a leading role.” Opec, Russia and several other non-Opec producers began to cut supply in January 2017 in an eff ort Summer pilot shortage weighs to lift oil prices. The pact runs until the end of this year, and the June meeting will see the participants decide their next course of action. Opec’s leading member Saudi Arabia has said it would like the on the profi t plans of Emirates pact — under which output is be- ing reduced by about 1.8mn bpd — Bloomberg to be extended into 2019. Hamburg The 14-member, Vienna-based Opec said its collective output, according to secondary sources, mirates, the world’s biggest fell by 201,000 bpd to 31.96mn long-haul airline, said a rebound bpd in March from February, Ein earnings over the past year driven by declines in Angola, Al- faces a challenge this summer as a pilot geria, Venezuela, Saudi Arabia shortage forces the Dubai-based car- and Libya. rier to trim frequencies. The figure is below the 32.6mn Sales that stumbled after the low oil bpd that Opec sees as demand price clipped travel in Gulf economies for its crude for the whole of continued to pick up in the second 2018. half through March 31, president Tim “We have achieved an over 150% Clark said on Wednesday in Hamburg. conformity level,” he said, refer- US demand has also rebounded from ring to Opec’s commitments under restrictions imposed early in Donald the supply-cutting pact. Trump’s presidency. “We have seen an accelerated The revival will come under pressure shrinkage of stocks in storage as a shortfall of 100 to 150 pilots com- from unparalleled highs of about pels Emirates to pare frequencies to 400mn barrels to about 43mn destinations including Fort Lauderd- above the fi ve-year average,” Bar- ale and Miami during the looming high kindo said. season for global travel. Cuts will also Lower production from Opec extend to several European and Asian has helped off set booming US routes, according to reports in the Gulf. shale oil output and with global “We’re a tad short in pilots,” Clark Airbus A380 planes owned by Emirates airlines in parking positions at Concourse A of Terminal 3 at Dubai International Airport (file). While the rising oil price is demand rising by more than 1.5% said, adding that the service reduc- boosting Gulf economies and hence local demand for travel, a 25% gain over the past year presents a “challenge” for Emirates, which does not hedge, according to its this year, consumers are having to tions will be short term and that crew president Tim Clark. drain stocks. numbers should be “alright by Sep- Barkindo said he expected the tember or October.” Factors including cording to Clark. Prices are likely to are “looking at all sorts of areas,” with FlyDubai has been “energising” and is off ering that would include hand lug- global oil market to rebalance in economic growth in the US and UK and ease though, given the supply coming “work going on behind the scenes,” producing “very good fl ows” between gage, food and infl ight entertainment the second to third quarters of high employment and rising wages in into the market and barring a major though antitrust rules mean they can the airlines, he said. only. The introduction of premium- 2018, earlier than a previous fore- Germany continue to favour growth, geopolitical upset, he added. only do so much, Clark said. Clark was in Hamburg to promote economy class is still 18 months off and cast of the year-end. he said. Emirates is cooperating more closely The executive has said previously the carrier’s new fi rst class product on a new cabin could also be retrofi tted Opec said yesterday that healthy While the rising oil price is boost- than before with neighbour Etihad that a merger between the companies is a Boeing Co 777 at the annual Aircraft into some jets. economic growth, strong car ing Gulf economies and hence local Airways as the Abu Dhabi carrier for- unlikely, though a decision would ulti- Interiors Expo, with the cabins also Emirates is in “substantive dis- sales and US product consump- demand for travel, a 25% gain over the mulates a strategy review that may see mately rest with the rulers of Dubai and set to feature on new 787 Dreamlin- cussions’’ with US to advance “open tion should help boost the global past year presents a “challenge” for it shrink operations following a loss of Abu Dhabi. A new partnership between ers. The executive also said Emirates is skies’’ plans, including so-called fi fth- market for oil products in coming Emirates, which does not hedge, ac- close to $2bn in 2016. The companies Emirates and low-cost sister company continuing to weigh a basic economy freedom rights, Clark said. months. Qatar shares snap 3-day winning streak to settle below 9,000 mark

By Santhosh V Perumal The Total Return Index shed 1.07% to against QR27.62mn on Wednesday. Business Reporter 15,713.37 points, the All Share Index by Gulf institutions’ net buying increased 0.63% to 2,625.08 points and the Al Rayan significantly to QR2.09mn compared to Islamic Index (Price) by 0.63% to 2,238.43 QR0.16mn on April 11. The Qatar Stock Exchange yesterday wit- points. Domestic funds’ net profit-booking weak- nessed local retail investors turn bearish The insurance index tanked 1.26%, con- ened substantially to QR13.52mn against and their non-Qatari counterparts increas- sumer goods (1.19%), banks and financial QR25.58mn the previous day. ingly book profits, after three consecutive services (1.17%), telecom (0.41%), transport Total trade volume rose 12% to days of a bull-run, with the index settling (0.14%) and industrials (0.03%); whereas 11.42mn shares, while value fell 17% to below the 9,000 levels. realty gained 0.32%. QR261.51mn despite 1% higher transac- The insurance, consumer goods and About 69% of the stocks were in the red tions at 3,725. banking counters witnessed higher than with major shakers being Commercial The market witnessed a 40% surge in the average selling pressure as the 20-stock Bank, QIIB, Qatar Islamic Bank, Qatar telecom sector’s trade volume to 1.71mn Qatar Index lost a sizeable 1.07% to Electricity and Water, Industries Qatar, equities, 44% in value to QR19.24mn and 8,918.48 points. Mazaya Qatar, Ooredoo, Qatar Insurance 5% in deals to 332. Doha Bank and Masraf Al Rayan spon- and Nakilat; even as Aamal Company, Gulf The banks and financial services sector’s sored exchange traded funds QETF and International Services, Ezdan, Milaha, Qa- trade volume soared 26% to 3.07mn QATR witnessed 1.4% and 1.15% declines tar National Cement and Vodafone Qatar stocks, whereas value declined 16% to respectively. were among the losers. QR82.89mn and transactions by 4% to However, foreign and Gulf institutions Non-Qatari individual investors’ net selling 1,157. were increasingly bullish in the market, strengthened influentially to QR10.15mn The industrials sector saw a 20% increase which is up 4.64% year-to-date. compared to QR3.11mn on Wednesday. in trade volume to 4.07mn shares but Selling was seen more pronounced within Local individuals turned net profit-takers on a 31% decline in value to QR90.49mn small and midcap segments as the bourse to the tune of QR6.69mn against net buy- despite 5% higher deals at 1,059. registered a 0.65% decline in capitalisa- ers of QR0.13mn on April 11. The consumer goods sector’s trade The 20-stock Qatar Index lost a sizeable 1.07% to close at 8,918.48 points yesterday. tion to QR493.85bn. Gulf individuals were net sellers to the volume shot up 19% to 0.37mn equities, Trade turnover declined amidst higher extent of QR0.05mn compared with net value by 27% to QR27.89mn and transac- 1.37mn stocks, 36% in value to QR17.26mn expanded 14% to QR13.2mn despite 7% equities, 5% in value to QR10.55mn and volumes in the market, where the industri- buyers of QR0.85mn the previous day. tions by 12% to 341. and 1% in deals to 464. lower transactions at to 232. 3% in deals to 140. als and banking sectors together account- However, non-Qatari funds’ net buying However, there was a 27% plunge in The transport sector’s trade volume plum- The insurance sector reported a 6% In the debt market, there was no trading ed for about 63% of the total volume. strengthened perceptibly to QR28.35mn the real estate sector’s trade volume to meted 21% to 0.53mn shares, while value shrinkage in trade volume to 0.29mn of treasury bills and sovereign bonds. Gulf Times Friday, April 13, 2018 3 BUSINESS Crude oil, jet fuel prices 30% higher than a year ago: IATA

IATA does not expect significant around $62-65 a barrel, IATA said in of passenger revenue have helped to Industry-wide freight tonne change in oil prices over the next its latest ‘Financial Monitor’. off set the decline in passenger yields kilometres (FTKs) increased by a 12 to 18 months World oil prices increased moderately over the past year and supported robust 6.8% year-on-year in February, in March, with the Brent crude the ongoing robust industry-wide down from 8.5% in January. However, By Pratap John benchmark rising by 2.3% and financial performance. taking January and February together Chief Business Reporter retracing around half of last month’s As expected, IATA said the year- (which helps to adjust for the LNY solid decline. on-year growth in air passenger disruption), FTKs rose by a robust In contrast, jet fuel prices were largely volumes rebounded in February, with 7.7% year-on-year– the strongest start Crude oil and jet fuel prices are unchanged this month, but they did industry-wide revenue passenger to a year on this basis since 2015. currently almost 30% higher not fall as sharply as crude oil prices kilometres (RPKs) increasing by 7.6% The number of available seats in the than their level of a year ago; in February, IATA said. y-o-y, up from 4.6% in January. The global airline fleet increased by 0.3% the International Air Transport Following a pause from around mid- (changing) timing of Lunar New Year month-on-month in February, and by Association (IATA) has said, but noted 2016, recent data point to a modest (LNY) “is always a factor” at the start 5.4% compared to the same month it does not expect significant change downward trend in passenger yields of the year. in 2017. in oil prices over the next 12 to 18 reasserting itself, the report said. In In terms of premium class travel, IATA Some 93 aircraft were delivered in months. dollar terms, yields are currently 2% said the performance across the key February this year, compared to 116 in The oil price futures curve continues lower than a year ago. markets was varied. Premium-class the same period last year. to suggest that financial markets do Airline-level financial data for the demand was strongest for the Asia- The number of aircraft returning to not expect significant change in oil fourth quarter of the current fiscal Southwest Pacific and within Europe the fleet from storage in February prices over the next one and a half paints a mixed picture, however markets. In contrast, demand was (98) was fully off set by the same years. A modest decline is currently there are indications that – at least for softest for Europe-Middle East and number being placed into storage, Jet fuel prices were largely unchanged this month, but they did not fall as priced in by financial markets, to some carriers – these other sources North-South America. IATA said. sharply as crude oil prices in February, according to IATA

Norway Opec sees markets tighten fund to Big Oil: More renewables; further even as shale booms we’ll stay Says OECD stocks down to just crude stocks in a surplus of 55mn bar- 43mn barrel above average; strong rels and product stocks in a defi cit of car sales, Opec cuts to support 12mn. Bloomberg oil market; further revises up “Looking forward, a healthy global Oslo non-Opec 2018 supply estimate; economic forecast for 2018, posi- Barkindo tells Reuters market will tive car sales data in recent months, balance in Q2-Q3 stronger 2018 yea-on-year US prod- orway’s $1tn wealth fund uct consumption in January and has a clear message to oil Reuters potentially tighter global product Ncompanies: Do more in London/New Delhi markets are expected to boost gaso- renewable energy and we may line and distillates demand...,” Opec stick around as an investor. said. “High conformity levels ob- The fund shocked global mar- he global oil stocks surplus is served by Opec and non-Opec pro- kets last year with a proposal to close to evaporating, Opec said ducing countries...should further divest all of its oil stocks to re- Tyesterday citing healthy energy enhance market stability and sup- duce Norway’s total exposure to demand and its own supply cuts while port crude and product markets in oil risk. The government is stud- revising up its forecast for production the months ahead.” ying the plan and will make a de- from rivals who have benefi ted from The 14-member, Vienna-based pro- cision in the second half of 2018. higher oil prices. ducer group said its collective output, A transformation of the in- US shale oil output has been boom- according to secondary sources, fell dustry to more renewable energy ing over the past year since Opec re- 201,000bpd to 31.96mn bpd in March where it’s not as “exposed to duced its own production in tandem from February, driven by declines in changes in the oil price” would with Russia to prop up global oil prices. Angola, Algeria, Venezuela, Saudi Ara- change the thinking, according But as oil production collapsed in bia and Libya. to Egil Matsen, the central bank Opec member Venezuela and is still The fi gure is below the 32.6mn bpd deputy governor in charge of su- facing hiccups in countries such as Lib- that Opec sees as demand for its crude pervising the wealth fund. “We ya and Angola, the oil exporters’ group for the whole of 2018. then think that the fund should is still producing below its targets Opec, Russia and several other non- be able to invest in these compa- meaning the world needs to use stocks Opec producers began to cut supply in nies,” he said. to meet rising demand. January 2017. But where the threshold is The Organization of the Petroleum The pact runs until the end of the between an oil company and a Exporting Countries said in its monthly year and Opec meets in Vienna in June renewable energy company isn’t report oil stocks in the developed world to decide on its next course of action. clear. reversed a rise in January to fall by Opec’s leader Saudi Arabia has said it “FTSE Russel has their own 17.4mn barrels in February to 2.854bn would like the pact to be extended into method of classifying companies barrels, around 43mn barrels above the 2019. that are either renewable or non- latest fi ve-year average. “There is growing confi dence that renewable,” Matsen said. “I can’t “We have achieved an over 150% the declaration of cooperation will be comment on the thresholds.” conformity level,” Opec secretary-gen- extended beyond 2018,” Barkindo told Many of the big European oil eral Mohammad Barkindo told Reuters Reuters. “Russia will continue to play a companies are moving into re- in New Delhi, referring to Opec’s com- leading role.” newable energy. At home in Nor- mitments under the supply-cutting Yesterday, Opec also revised its fore- way, state-owned Statoil ASA pact. He said the glut has eff ectively cast for supply growth from its rivals, has said it has an ambition to shrunk by nine-tenths since the start non-Opec, which is now forecast to boost investments in renewable of 2017. grow by a further 80,000 bpd this year energy production to 15-20% in “We have seen an accelerated shrink- to 1.71mn bpd, driven largely by higher- 2030. The company has also an- age of stocks in storage from unparal- than-anticipated growth in the fi rst nounced a name change to Equi- leled highs of about 400mn barrels to quarter in the US and Russia. nor, dropping “oil” in its name. about 43mn above the fi ve-year aver- At the same time, it increased its The fund’s current plan to exit age,” Barkindo said. forecast for global oil demand growth A man fixes a sign with Opec’s logo next to its headquarters’ entrance before a meeting of Opec oil ministers in Vienna (file). oil is based on a desire to improve Stock levels are now 207mn barrels for this year by 30,000 bpd to 1.63mn The group said said in its monthly report oil stocks in the developed world reversed a rise in January to fall by 17.4mn barrels the country’s risk exposure, and below their level in February 2017, with bpd. in February to 2.854bn barrels, around 43mn barrels above the latest five-year average. not on ethical considerations. Real war rattles oil more than Permian Basin boom set trade war or US crude boom

Bloomberg showed US production climbed What’s more, RBC Capital Markets to drill more oil than London to another record last week, while says that the intensifying proxy fights nationwide inventories posted a in Middle East further dim hopes for surprise gain. Still, as of yesterday, oil the White House remaining party to a In the oil market, missiles over the was poised to post its biggest weekly deal between Iran and global powers Middle East are currently trumping advance since July 2017. that eased sanctions on the Middle pipelines can carry away just about everything else. “Oil markets are very much linked East nation in exchange for curbs on Geopolitical tensions are aff ecting to geopolitical tensions, especially if its nuclear programme. Exports from prices now and will lift crude higher if they’re in the Middle East, the heart of the Arabian Gulf state would drop if Bloomberg by truck or by rail, it’s just that pro- tion growth we’ve seen this year, we they persist, Fatih Birol, the executive global oil exports,” Birol said. sanctions are reimposed, according to Houston ducers won’t like the price,” Kayande are hitting that bottle neck probably director of the International Energy Saudi Arabia said one missile was an April 11 note. said by telephone. “It’s a possibility at some point this summer. At that Agency, said in an interview yesterday. intercepted over Riyadh, with loud Opec is watching developments in the that production growth gets deferred. point, it will become much harder Meanwhile, trade disputes such as blasts heard in the night sky above Middle East and elsewhere with keen he hottest US oil fi eld is nearing This is part of the uncharted territory to see the same pace of produc- the one between US and China that’s the Saudi capital on Wednesday. interest, and is concerned about the its limit for delivering crude, we’re in.” tion growth we’ve seen the last six hurt investor sentiment recently are Two others were shot down over “geopolitical premium re-emerging in Tand it’ll be another year before Railroading a barrel of crude from months.” not unusual and won’t have “a direct the southern areas of Jazan and the price” of oil, the group’s secretary- relief is on the horizon. the Permian to the Gulf Coast costs Plains All American Pipeline LP impact on oil markets for now,” he said Najran, authorities said. The US State general, Mohammad Barkindo, said The 3.3mn barrels produced daily in about $8 a barrel, compared to $10 a and EPIC Midstream LLC have both on Bloomberg Television in New Delhi. Department said the attacks by in an interview with Bloomberg TV in the Permian Basin in West Texas and barrel to truck it, according to Bern- said their pipes, set to carry 585,000 Crude has surged to levels last seen Yemen’s Houthi rebels were “fuelled New Delhi. New Mexico almost equals the capac- stein analyst Jean Ann Salisbury. Eve- and 590,000 barrels daily, will open in 2014 as the risk of violent conflict by the Iranian regime’s dangerous Take away the geopolitical risks, ity of pipelines now carrying crude to ry 100,000 barrels of oil shipped over around the same time next year. By grips the market and raises concerns proliferation of weapons and though, and the oil market is well the nearest refi neries and ports, some the road requires about 250 trucks the end of 2019, fi ve new conduits over potential Middle East supply destabilising activities in the region.” supplied, according to the Paris-based 500 miles (805 kilometres) away. running two round trips a day across are scheduled to begin fl owing, ac- disruptions. Top Opec producer Saudi The US is aiming to target Syria, where IEA’s Birol. And Georgi Slavov, head of Meanwhile, the amount of produc- the Lone Star State. cording to company forecasts, add- Arabia on Wednesday intercepted a President Bashar al-Assad’s forces research at Marex Spectron, said while tion over pipeline capacity could grow That could send trucking costs even ing more than 1.5mn barrels of daily missile attack by Yemeni rebels, who are backed by Russia and Iran, over a the tensions can be a “positive price to about 900,000 bpd in the year higher, “especially since trucking la- capacity. are seen as being supported by fellow suspected chemical weapons attack. A development,” crude may decline ahead, according to Samir Kayande, bour costs are already rising sharply In the meantime, the pipe problem group member Iran. That was after warning that Russia would strike back for the next two to six months as the a director at RS Energy Group in Cal- in Texas,” Goldman Sachs analysts will bleed profi ts for explorers who US President Donald Trump warned at American planes or ships launching market remains structurally over- gary. No signifi cant new pipelines are wrote this week in a note to investors. haven’t already reserved space on Russia to expect an American missile missiles was communicated directly supplied with limited demand. set to open there until the second half Higher costs could start slowing the existing lines because they’ll have to barrage toward its ally, Syria. to the US, according to a report in the “A tremendous amount of oil is of 2019, when two separate conduits Permian boom as early as this sum- resort to far more costly railcars and The escalating tensions have taken Kommersant newspaper. coming from the US,” the IEA’s Birol are scheduled to add a combined daily mer, according to Damien Courvalin, trucks to haul their oil away. Local investor focus away from data “If tensions continue, they will continue said. “We are seeing a second wave capacity of 1.2mn barrels. The result: head of energy research at Goldman. barrels of crude booked in the Permi- that may otherwise have dragged to have an impact on the oil market of shale revolution taking place. As Higher costs for moving any added “The Permian is facing a chal- an’s unoffi cial capital city, Midland, prices down. An Energy Information and prices,” said Birol. “Definitely, this a result, I think markets will be well crude by rail and trucks. lenge for the next 12 months,” Cour- are selling for almost $9 less than Administration report on Wednesday will be a reason to push the prices up.” supplied in the next years to come.” “Our experience suggests that the valin said in a telephone interview. those priced at the coast, the widest oil will fi gure out a way to fl ow either “Because of the fast pace of produc- discount in a year and a half. Gulf Times 4 Friday, April 13, 2018 BUSINESS

Vehicles travel adjacent to photovoltaic lanes developed by Qilu Transportation Development Group Co (left) on a highway in this aerial photograph taken in Jinan, China on March 9. About 45,000 vehicles barrel over the 1,080-metre-long section every day, and the solar panels inside generate enough electricity to power highway lights and 800 homes, according to Qilu Transportation. China’s built a road so smart it will be able to charge your car

Bloomberg said Zhou Yong, the company’s general Bouygues SA started testing a Shandong province, which includes Beijing manager. “We’re working on the 2.0 1-kilometer road in Normandy with Jinan. and 3.0 generations by transplanting solar panels layered on top. Tests of the Researchers started working on the brains and a nervous system.” Wattway road since have expanded to project 10 years ago. Construction The road to China’s autonomous- The construction comes as President 20 locations, said Etienne Gaudin, who took 55 days on an existing part of the driving future is paved with solar Xi Jinping’s government pushes ahead oversees the project at Bouygues’ Colas highway, and the road opened to traff ic panels, mapping sensors and electric- with a “Made in China 2025” plan to Group road-work division. in December. Solar-powered heating battery rechargers as the nation tests help the nation become an advanced Wattway’s focus is generating elements keep the section snow- and an “intelligent highway” that could manufacturing power and not just a electricity, and the company has no ice-free. speed the transformation of the global supplier of sneakers, clothes and toys immediate plans to charge moving “In the future, when cars are running transportation industry. for export. The 10 sectors highlighted EVs, he said. Colas will start selling the on these roads, it will be like human The technologies will be embedded include new-energy vehicles, project next year, prioritizing smaller beings,” Zhou said. “The road will feel underneath transparent concrete used information technology and robotics. locations such as charging stations and and think to figure out how heavy the to build a 1,080-meter-long (3,540-foot- China also has a separate plan for parking lots where traff ic won’t block vehicles are and what kind of data is long) stretch of road in the eastern city developing its artificial-intelligence sunlight, Gaudin said. needed.” of Jinan. About 45,000 vehicles barrel industry that calls for the nation to China will have 30mn vehicles with Qilu said it is cooperating with over the section every day, and the be the world’s primary AI innovation diff erent levels of autonomous features several domestic automakers on the solar panels inside generate enough center by 2030. as Sinotruk and includes Volkswagen “From the angle of the technology by 2025, said Yu Kai, founder of Horizon technology but declined to elaborate. electricity to power highway lights and Part of that eff ort involves building AG’s MAN SE as a minority shareholder. itself, charging is not a problem,” Zhou Robotics Inc, a Beijing-based startup. China accounts for half of all EV sales 800 homes, according to builder Qilu what the government calls an Zhejiang Geely Holding Group also has said. “The vehicles that can be charged The stretch of road in Jinan cost about worldwide. It surpassed the US in Transportation Development Group Co. intelligent transportation system. a plant there making Geely brand cars. wirelessly aren’t used on roads yet.” 7,000 yuan per square meter to build, 2015 to become the world’s biggest Yet Qilu Transportation wants to do Coordinating the development The road has three vertical layers, Qilu Transportation didn’t give a Zhou said, making the total cost about market for electric cars, with sales of more than supply juice to the grid: of autonomous-driving cars and with the shell of see-through material time frame for installing the sensors 41mn yuan ($6.5mn), according to new-energy vehicles—a category that it wants the road to be just as smart intelligent-road systems is a focus, said allowing sunlight to reach the solar to transmit data and power to EV Bloomberg News calculations. The includes battery-powered, plug-in as the vehicles of the future. The Yuan Peng, the deputy head of the cells underneath. The top layer also has batteries. The road has an estimated threshold for mass adoption of the hybrid and fuel cell cars—possibly government says 10% of all cars should transportation ministry’s science and space inside to thread recharging wires life span of 15 years, matching that of technology is about 3,000 yuan per surpassing 1mn this year, according to be fully self-driving by 2030, and Qilu technology department. and sensors that monitor temperature, traditional asphalt highways. square meter, the company said. the China Association of Automobile considers that an opportunity to deliver “The ministry will help off er smart traff ic flow and weight load. “The solar expressway does have The initial costs are high because Manufacturers. better traff ic updates, more accurate roads for the smart cars that are The solar panels spread across two market opportunities,” said Xu Yingbo, Qilu’s research-and-development team The government set a sales target mapping and on-the-go recharging of coming,” Yuan said. lanes, which feel no diff erent to a driver an analyst with Citic Securities Co in developed the technology and made of 7mn NEVs by 2020. “The future of electric-vehicle batteries—all from the Step one makes up a section of the than the regular road, and are thinner Beijing. “The key things that need to the materials in its own laboratories, transportation is coming to us much ground up. expressway surrounding Jinan, an old than a 1-yuan coin standing on its edge. be addressed are costs and reliability, and the costs should come down as the faster than we expected,” Zhou said. “The highways we have been using can industrial hub of about 7mn people The test road is too short to deliver as well as how quickly it can have the components are mass produced, Zhou “We need to make sure that roads are only carry vehicles passing by, and they that’s home to China National Heavy wireless recharging at the moment, compatible system in place.” said. evolved to match the development of are like the 1.0-generation product,” Duty Truck Group, which is also known Zhou said. In 2016, French construction company Qilu is owned by the government of autonomous-driving vehicles.”

Bloomberg QuickTake Electric vehicles

By John Lippert engines. Norway’s timetable is 2025; a comparable electric car, established Chicago France and the UK have set deadlines the dominance of internal-combustion of 2040; and Germany, China and engines. Interest in electric cars stalled India say they’ll take similar measures. until the California Air Resources Around the globe, automakers and China’s intervention will start in 2019, Board began phasing in requirements governments are betting big on when automakers there will have for automakers to off er low-emission electric cars. Plans to limit climate to meet steadily rising production vehicles to fight smog in the 1990s. change count on getting more carbon- targets for electric vehicles or buy GM tested electric cars but dropped burning vehicles off the road. The credits from rivals. Automakers are the experiment after Toyota Motor projected transformation is enormous: getting the message. Volkswagen AG Corp brought the Prius, a gas-electric Bloomberg New Energy Finance has announced plans to spend €70bn hybrid, to the US in 2000. Tesla helped estimates that by 2040 there will be ($81bn) to develop electric versions revive interest by aiming to replace 530mn electric vehicles in use. There’s of all its models by 2030 and pay for electric’s granola-eating image with only one problem: So far, electric cars their batteries. General Motors Co one of speed and luxury. Early worries have been anything but popular. In plans 20 all-electric models by 2023. about “the long tailpipe” – the idea 2017 they made up about 1% of global Volvo AB will begin phasing out cars that electric cars are no cleaner sales. The good news? They’re getting that run just on fossil fuels in 2019. than the fuel burned to generate cheaper fast and able to go farther Tesla Inc, Elon Musk’s electric-car their power – have eased as power between charges. Still, it’s not clear company, delivered the first of its sources have become cleaner. By one how soon the trip from the gasoline mid-market Model 3 sedans last July, estimate, a battery-powered car in the present to an electric future will be although it’s since fallen short of US produces only about a third of the driven by consumer desire rather than production goals. The extended range carbon dioxide as a car that runs on government muscle. It’s a trip that version of the Model 3 off ers 310 miles gas, a figure expected to fall as solar could be complicated in the US by a between charges. That’s not that much and wind power more of the grid. A Republican tax plan. less than many gas-powered cars, shortage of charging stations remains The Situation though even Tesla’s supercharger can a daunting hurdle, although California combustion counterparts – more want what she called a “continued Even in green-minded Denmark, sales take about 30 minutes to provide a bit utilities have asked for more than $1bn reliable as well as cleaner. And joint eff ort” with governments. That of electric vehicles fell 60% in early In the US, the tax bill passed by more than half that range. in rate hikes to pay for installing them plunging battery prices mean it won’t means subsidies. But even with the 2017 after the government said it Republicans in the House of The Background and a partnership among automakers be too long till they’re cheaper – $7,500 federal credit, GM is losing would phase out their tax exemptions. Representatives would end the current plans to establish 400 on European that could happen as soon as 2025, $9,000 on every Bolt electric car it But there are other factors pushing $7,500 per vehicle tax credit for The first practical electric car highways by 2020. according to BNEF. Still, car companies sells in the US. Wiping out the credit in favour of electric. The self-driving electric cars and plug-in hybrids. The manufactured in the US made its The Argument worry about mandates like China’s would likely hit Tesla hardest, since cars that automakers plan to introduce Senate version would not. Elsewhere, debut in 1891; in 1900, about a third of production targets putting them it’s trying to pitch its new Model 3 to in large numbers in the next decade a growing number of countries are the country’s cars were electric. But There’s little disagreement that in ahead of “raw consumer acceptance,” a broader market, and doesn’t have work better with electric engines. And setting goals for ending sales of new cheap oil and Henry Ford’s Model T, the long run, electric vehicles will be as GM CEO Mary Barra said in a speech the deep pockets of bigger rivals who China sees its dependence on oil as a vehicles with internal-combustion which cost about a third of the price of seen as better than their internal- in Shanghai in September. They also could make up losses temporarily. significant national security risk. Gulf Times Friday, April 13, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 8.72 -0.11 522,810 Boubyan Intl Industries Hold 34.00 0.00 1,000 Areej Vegetable Oils Saoc 0.00 0.00 - Solidarity Saudi Takaful Co 21.63 0.14 512,146 Gulf Investment House Ksc 15.50 1.97 478,652 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 19.45 0.36 251,350 Boubyan Bank K.S.C 474.00 2.38 988,728 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 13.14 0.61 222,442 Ahli United Bank B.S.C 181.00 -2.16 2,301,600 Al-Hassan Engineering Co 0.05 0.00 - Saudi Printing & Packaging C 18.36 -0.22 489,288 Osos Holding Group Co 82.80 -7.49 50,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Sanad Cooperative Insurance 0.00 0.00 - Al-Eid Food Ksc 54.00 0.00 7,000 Al-Anwar Ceramic Tiles Co 0.12 -0.83 231,686 Saudi Paper Manufacturing Co 8.35 -0.36 1,164,037 Qurain Petrochemical Industr 342.00 -0.87 312,420 Al Suwadi Power 0.14 0.00 51,692 Alinma Bank 20.20 -2.13 26,640,293 Advanced Technology Co 0.00 0.00 - Al Shurooq Inv Ser 0.00 0.00 - Almarai Co 55.72 -1.33 472,308 Ekttitab Holding Co Sak 27.70 0.00 69,374 Al Sharqiya Invest Holding 0.13 -0.79 45,000 Falcom Saudi Equity Etf 30.50 -0.97 118,322 Kout Food Group Ksc 0.00 0.00 - Al Maha Petroleum Products M 0.85 0.00 375 QATAR United International Transpo 36.96 2.90 613,357 Real Estate Trade Centers Co 25.00 4.60 1,712 Al Maha Ceramics Co Saoc 0.25 -3.05 87,135 Hsbc Amanah Saudi 20 Etf 30.35 0.00 - Acico Industries Co Kscc 250.00 0.00 5,000 Al Madina Takaful Co Saoc 0.10 3.00 10,646,398 Company Name Lt Price % Chg Volume Saudi International Petroche 22.00 -0.50 1,160,203 Kipco Asset Management Co 67.00 0.00 20,000 Al Madina Investment Co 0.06 -1.75 189,168 Falcom Petrochemical Etf 29.80 0.00 10 National Petroleum Services 735.00 0.00 3,020 Al Kamil Power Co 0.38 0.00 - Qatar National Bank 143.00 -0.69 117,143 Walaa Cooperative Insurance 31.08 -1.58 335,659 Alimtiaz Investment Co Kscc 124.00 -2.36 725,889 Al Jazerah Services -Pfd 0.55 0.00 - Industries Qatar 113.50 -0.69 135,430 Bank Al-Jazira 11.95 0.25 3,344,807 Ras Al Khaimah White Cement 74.90 0.00 10,710 Al Jazeera Steel Products Co 0.33 0.61 10,000 Masraf Al Rayan 35.80 -1.24 513,052 Al Rajhi Bank 77.28 1.23 3,109,362 Kuwait Reinsurance Co Ksc 192.00 0.00 122,040 Al Jazeera Services 0.19 0.00 4,000 Ooredoo Qpsc 82.96 -1.17 54,859 Samba Financial Group 26.69 -0.63 601,597 Kuwait & Gulf Link Transport 100.90 0.00 58,261 Al Izz Islamic Bank 0.08 0.00 20,000 Ezdan Holding Group 10.58 1.34 283,442 United Electronics Co 72.99 0.48 202,022 Human Soft Holding Co Ksc 3,948.00 -0.05 19,834 Al Buraimi Hotel 0.88 0.00 - Qatar Islamic Bank 104.00 -1.30 81,832 Allied Cooperative Insurance 20.23 2.33 936,001 Automated Systems Co Kscc 154.00 0.00 5,000 Al Batinah Power 0.14 1.48 15,500 Qatar Electricity & Water Co 197.00 -1.98 81,493 Malath Insurance 14.66 0.62 377,334 Metal & Recycling Co 65.00 0.00 2,509 Al Batinah Hotels 1.13 0.00 - Mesaieed Petrochemical Holdi 16.37 0.80 2,047,481 Alinma Tokio Marine 23.79 2.28 225,759 Gulf Franchising Holding Co 30.00 0.00 10,285 Al Batinah Dev & Inv 0.10 1.98 315,000 Barwa Real Estate Co 33.60 -0.83 143,756 Arabian Shield Cooperative 44.94 -1.10 145,039 Al-Enma’a Real Estate Co 33.40 -0.30 22,500 Al Anwar Holdings Saog 0.16 -1.85 261,430 Qatar Insurance Co 36.34 -1.78 272,498 Savola 41.39 0.10 214,239 National Mobile Telecommuni 918.00 0.88 24,858 Ahli Bank 0.16 0.00 - Qatar Fuel Qsc 120.70 -0.67 139,090 Wafrah For Industry And Deve 15.82 -1.13 102,146 Al Bareeq Holding Co Kscc 0.00 0.00 - Acwa Power Barka Saog 0.75 0.00 - Commercial Bank Pqsc 33.34 -4.33 104,044 Fitaihi Holding Group 12.00 0.50 200,892 Housing Finance Co Sak 0.00 0.00 - Abrasives Manufacturing Co S 0.05 0.00 - Doha Bank Qpsc 25.75 0.78 984,420 Tourism Enterprise Co/ Shams 33.07 -0.66 181,560 Al Salam Group Holding Co 34.10 -1.16 53,673 A’saff a Foods Saog 0.56 0.00 - Qatar Gas Transport(Nakilat) 14.70 -1.67 386,516 Sahara Petrochemical Co 18.30 1.22 2,655,441 United Foodstuff Industries 0.00 0.00 - Oman Oil Marketing Co-Pref 0.25 0.00 - Qatar International Islamic 51.80 -2.26 46,764 Herfy Food Services Co 47.41 0.11 40,036 Al Aman Investment Company 48.30 -3.40 15,130 Qatar Navigation 52.89 1.65 133,664 Mashaer Holding Co Ksc 59.00 0.00 1 Al Ahli Bank 30.30 -0.03 5,000 Manazel Holding 34.50 -4.17 433,695 Vodafone Qatar 9.00 0.90 1,653,729 Mushrif Trading & Contractin 0.00 0.00 - Aamal Co 10.40 7.22 522,178 KUWAIT Tijara And Real Estate Inves 58.90 0.00 20 United Development Co 14.10 -1.81 373,400 Kuwait Building Materials 0.00 0.00 - Al Khalij Commercial Bank 11.08 0.09 18,696 Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 653.00 0.46 50,000 Qatar General Insurance & Re 46.50 0.00 2,392 Commercial Real Estate Co 80.00 -1.36 293,000 Qatari Investors Group 33.20 -1.78 23,445 Securities Group Co 0.00 0.00 - Future Communications Co 0.00 0.00 - Qatar National Cement Co 53.99 0.54 19,869 Sultan Center Food Products 35.00 -4.37 203,597 National International Co 53.00 0.00 405 Gulf International Services 21.00 1.99 727,240 Kuwait Foundry Co Sak 248.00 -0.40 35,000 Taameer Real Estate Invest C 29.00 -3.01 145,350 UAE Al Meera Consumer Goods Co 137.78 -0.16 15,907 Kuwait Financial Centre Sak 110.00 2.80 65,035 Gulf Cement Co 84.00 0.00 100,000 Company Name Mannai Corporation Qsc 50.00 -2.48 7,199 Ajial Real Estate Entmt 156.00 0.00 600 Heavy Engineering And Ship B 268.00 1.90 924,856 Lt Price % Chg Volume Gulf Warehousing Company 41.04 0.98 12,668 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Medicare Group 67.10 -2.07 53,690 Kuwait Finance & Investment 44.90 0.00 500 National Real Estate Co 119.00 0.00 100,100 Waha Capital Pjsc 1.80 0.00 148,475 Qatar Industrial Manufactur 37.99 -1.02 7,550 National Industries Co Ksc 161.00 -5.29 13,000 Al Safat Energy Holding Comp 26.50 4.74 100 United Insurance Company 2.00 0.00 - Qatar First Bank 6.15 -1.91 1,105,602 Kuwait Real Estate Holding C 25.40 0.00 57 Kuwait National Cinema Co 1,099.00 0.00 1,000 United Arab Bank Pjsc 1.15 0.00 - Zad Holding Co 80.00 -2.97 21,932 Securities House/The 44.30 -0.45 50,500 Danah Alsafat Foodstuff Co 45.50 9.90 2,987,054 Union National Bank/Abu Dhab 3.80 -0.26 1,389,593 Widam Food Co 59.94 -0.93 44,839 Boubyan Petrochemicals Co 790.00 3.00 2,696,331 Independent Petroleum Group 390.00 0.00 8 Union Insurance Co 1.50 0.00 - Mazaya Qatar Real Estate Dev 7.21 -2.57 569,678 Al Ahli Bank Of Kuwait 339.00 -1.45 36,000 Kuwait Real Estate Co Ksc 48.00 -0.62 17,729,539 Union Cement Co 1.85 0.00 - Qatar Islamic Insurance 49.00 -0.41 9,971 Ahli United Bank (Almutahed) 307.00 0.33 589,268 Salhia Real Estate Co Ksc 335.00 3.40 36,000 Umm Al Qaiwain Cement Indust 1.00 0.00 - Doha Insurance Co 12.06 -1.15 1,319 National Bank Of Kuwait 723.00 -1.23 5,402,922 Gulf Cable & Electrical Ind 401.00 -0.74 100,000 Sharjah Islamic Bank 1.25 -0.79 3,937 Salam International Investme 5.61 -2.94 81,061 Commercial Bank Of Kuwait 465.00 2.20 82,400 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.49 0.00 - Investment Holding Group 5.55 -1.07 507,173 Kuwait International Bank 217.00 -0.46 731,774 Kuwait Finance House 514.00 -1.15 2,740,511 Sharjah Group 1.15 0.00 - National Leasing 10.38 -0.19 77,129 Gulf Bank 250.00 -0.40 1,371,264 Gulf North Africa Holding Co 34.20 -0.87 400,400 Sharjah Cement & Indus Devel 1.05 0.00 - Dlala Holding 11.49 0.70 15,076 Al-Massaleh Real Estate Co 35.00 1.74 36,800 Hilal Cement Co 67.00 1.52 7,000 Ras Al-Khaimah National Insu 3.68 0.00 - Al Khaleej Takaful Group 10.20 0.99 4,259 Al Arabiya Real Estate Co 29.80 0.34 25,510 Osoul Investment Kscc 62.40 0.00 100,000 Ras Al Khaimah White Cement 0.97 14.12 58,029 Qatar & Oman Investment Co 7.21 -1.37 212 Kuwait Remal Real Estate Co 31.50 0.00 324,940 Gulf Insurance Group Ksc 649.00 0.00 2,437 Ras Al Khaimah Ceramics 2.47 0.00 40,800 Islamic Holding Group 27.63 -3.73 5,849 Alkout Industrial Projects C 0.00 0.00 - Kuwait Food Co (Americana) 1,261.00 0.00 250 Ras Al Khaimah Cement Co Psc 0.77 0.00 - Qatar Cinema & Film Distrib 25.00 0.00 335 A’ayan Real Estate Co Sak 57.00 -1.72 76,902 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.00 0.00 - Investors Holding Group Co.K 14.80 0.68 2,483,783 Aayan Leasing & Investment 29.50 -3.28 4,643,390 Rak Properties 0.65 -2.99 4,061,498 Al-Mazaya Holding Co 99.00 -0.50 1,036,891 Ooredoo Qpsc 90.00 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 26.40 0.00 10 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Gulf Petroleum Investment 26.30 -0.38 2,586,150 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 685.00 -0.72 75,575 OMAN 0.47 833 City Group 0.00 0.00 - National Marine Dredging Co 3.45 0.00 - National Investor Co/The 0.51 0.00 - United Wire Factories Compan 15.54 0.00 634,823 Inovest Co Bsc 70.00 2.19 358,990 Company Name Lt Price % Chg Volume Etihad Etisalat Co 15.00 -0.27 2,621,780 Kuwait Gypsum Manufacturing 0.00 0.00 - National Corp Tourism & Hote 2.05 0.00 178,797 Dar Al Arkan Real Estate Dev 13.06 1.87 61,999,449 Al-Deera Holding Co 20.40 -9.33 4,757 Voltamp Energy Saog 0.41 0.00 - National Bank Of Umm Al Qaiw 2.97 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - United Power/Energy Co- Pref 1.00 0.00 - National Bank Of Ras Al-Khai 4.35 -1.14 32,858 Rabigh Refining And Petroche 26.02 -0.42 2,838,738 Mena Real Estate Co 31.00 9.15 100 United Power Co Saog 4.10 0.00 - National Bank Of Fujairah 2.97 0.00 - Banque Saudi Fransi 29.38 0.10 226,872 National Slaughter House 0.00 0.00 - United Finance Co 0.11 0.00 4,000 First Abu Dhabi Bank Pjsc 0.00 0.00 - Saudi Enaya Cooperative Insu 15.31 -0.84 140,191 Amar Finance & Leasing Co 40.00 0.00 1,500 Ubar Hotels & Resorts 0.13 0.00 - Methaq Takaful Insurance 0.80 0.00 165,001 Mediterranean & Gulf Insuran 25.53 0.00 - United Projects For Aviation 660.00 -0.15 6,745 Takaful Oman 0.14 0.00 - Manazel Real Estate Pjsc 0.54 -1.82 5,372,962 Saudi British Bank 29.29 -1.97 27,346 National Consumer Holding Co 95.00 0.00 100 Taageer Finance 0.11 0.00 300 Invest Bank 2.39 0.00 - Mohammad Al Mojil Group Co 0.00 0.00 - Amwal International Investme 52.00 6.12 6,150 Sweets Of Oman 1.34 0.00 - Intl Fish Farming Co Pjsc 1.43 0.00 100,000 Red Sea International Co 18.08 -0.33 76,757 Jeeran Holdings 0.00 0.00 - Sohar Power Co 0.12 0.00 12,000 Insurance House 0.85 0.00 - Takween Advanced Industries 9.49 0.53 583,064 Equipment Holding Co K.S.C.C 26.60 -4.66 197,500 Sohar Poultry 0.21 0.00 - Gulf Pharmaceutical Ind Psc 2.20 0.00 48,617 Sabb Takaful 21.79 -0.50 101,140 Nafais Holding 0.00 0.00 - Smn Power Holding Saog 0.66 0.00 - Gulf Medical Projects 1.90 0.00 - Saudi Arabian Fertilizer Co 68.09 -0.44 173,592 Safwan Trading & Contracting 0.00 0.00 - Shell Oman Marketing - Pref 1.05 0.00 - Gulf Cement Co 1.08 0.00 25,000 National Gypsum 11.99 -0.25 258,885 Arkan Al Kuwait Real Estate 74.50 1.64 234,600 Shell Oman Marketing 1.74 0.00 - Fujairah Cement Industries 1.09 0.00 - Saudi Ceramic Co 22.98 0.44 94,579 Gfh Financial Group Bsc 105.00 -4.55 280,010 Sharqiyah Desalination Co Sa 3.96 0.00 - Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 29.99 0.27 42,273 Energy House Holding Co Kscp 24.40 -1.21 1,321 Sembcorp Salalah Power & Wat 0.22 0.00 104,940 Foodco Holding Pjsc 4.77 0.00 - Saudi Pharmaceutical Industr 29.78 0.03 82,709 Kuwait Slaughter House Co 0.00 0.00 - Salalah Port Services 0.60 0.00 3,000 First Gulf Bank 0.00 0.00 - Thimar 30.38 -0.33 342,778 Kuwait Co For Process Plant 169.00 0.00 22,000 Salalah Mills Co 1.33 0.00 - Finance House 1.70 0.00 - National Industrialization C 19.37 0.31 2,561,175 Al Maidan Dental Clinic Co K 0.00 0.00 - Salalah Beach Resort Saog 1.38 0.00 - Eshraq Properties Co Pjsc 0.72 -4.00 9,779,381 Saudi Transport And Investme 0.00 0.00 - National Shooting Company 0.00 0.00 - Sahara Hospitality 2.38 0.00 - Emirates Telecom Group Co 17.05 -1.16 1,640,830 Saudi Electricity Co 20.41 -0.05 1,099,438 Al-Themar Real International 0.00 0.00 - Renaissance Services Saog 0.40 -2.45 155,000 Emirates Insurance Co. (Psc) 6.30 0.00 - Saudi Arabia Refineries Co 44.12 0.94 1,104,454 Al-Ahleia Insurance Co Sakp 438.00 0.00 119 Raysut Cement Co 0.73 -0.55 9,000 Emirates Driving Company 8.60 0.00 - Arriyadh Development Company 19.81 0.35 149,883 Wethaq Takaful Insurance Co 28.70 0.00 500 Port Service Corporation 0.00 0.00 - Dana Gas 0.92 -1.08 11,095,903 Al-Baha Development & Invest 20.47 0.54 183,316 Salbookh Trading Co Kscp 45.00 0.00 500 Phoenix Power Co Saoc 0.14 -0.72 563,825 Commercial Bank Internationa 0.60 -7.69 550 Saudi Research And Marketing 79.31 -0.97 174,483 Aqar Real Estate Investments 74.50 0.00 4,495 Packaging Co Ltd 2.21 0.00 - Bank Of Sharjah 1.12 0.00 - Aldrees Petroleum And Transp 25.33 -0.16 129,710 Hayat Communications 80.00 17.65 100 Ooredoo 0.50 0.00 6,200 Axa Green Crescent Insurance 0.86 0.00 - Saudi Vitrified Clay Pipe Co 49.47 -0.78 46,065 Kuwait Packing Materials Mfg 0.00 0.00 - Ominvest 0.36 -0.55 231,630 Arkan Building Materials Co 0.62 -1.59 1,538,822 Jarir Marketing Co 172.16 -0.11 74,427 Soor Fuel Marketing Co Ksc 115.00 0.88 7,729 Oman United Insurance Co 0.34 0.00 - Alkhaleej Investment 2.15 -9.28 30,000 Arab National Bank 28.99 -0.07 34,391 Alargan International Real 0.00 0.00 - Oman Textile Holding Co Saog 0.00 0.00 - Aldar Properties Pjsc 2.06 -1.90 4,354,967 Yanbu National Petrochemical 71.51 -0.22 147,564 Burgan Co For Well Drilling 87.00 0.00 827,144 Oman Telecommunications Co 0.90 0.45 76,472 Al Wathba National Insurance 12.75 0.00 - Arabian Cement 32.07 0.34 170,187 Kuwait Resorts Co Kscc 65.70 -2.67 272,139 Oman Refreshment Co 1.80 0.00 - Al Khazna Insurance Co 0.24 0.00 2,336 Middle East Specialized Cabl 8.23 -1.20 967,844 Oula Fuel Marketing Co 115.00 0.00 43,858 Oman Packaging 0.28 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 18.99 -0.37 88,122 Palms Agro Production Co 0.00 0.00 - Oman Orix Leasing Co. 0.18 0.00 - Al Dhafra Insurance Co. P.S. 3.85 0.00 - Al Sagr Co-Operative Insuran 21.77 -1.23 60,952 Ikarus Petroleum Industries 0.00 0.00 - Oman Oil Marketing Company 1.32 0.00 - Al Buhaira National Insuranc 2.20 0.00 - Trade Union Cooperative Insu 21.14 -0.52 432,603 Mubarrad Holding Co Ksc 62.10 -2.20 195,100 Oman National Engineering An 0.16 0.00 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Arabia Insurance Cooperative 16.15 0.12 112,216 Al Mowasat Health Care Co 0.00 0.00 - Oman Investment & Finance 0.12 -1.60 450,021 Agthia Group Pjsc 4.39 0.46 16,510 Saudi Chemical Company 32.57 0.00 139,918 Shuaiba Industrial Co 230.00 0.00 10 Oman Intl Marketing 0.52 0.00 - Abu Dhabi Ship Building Co 1.93 -9.81 4,059 Fawaz Abdulaziz Alhokair & C 26.52 0.26 259,888 Aan Digital Services Co 0.00 0.00 - Oman Hotels & Tourism Co 0.00 0.00 - Abu Dhabi Natl Co For Buildi 0.49 6.52 1,312,022 Bupa Arabia For Cooperative 101.67 -2.07 76,937 First Takaful Insurance Co 48.00 -6.61 90 Oman Foods International 0.00 0.00 - Abu Dhabi National Takaful C 5.24 0.00 - Wafa Insurance 15.38 0.33 371,180 Kuwaiti Syrian Holding Co 31.00 -2.21 213,466 Oman Flour Mills 0.70 0.00 - Abu Dhabi National Insurance 3.60 0.00 - Jabal Omar Development Co 48.00 0.36 408,098 National Cleaning Company 53.00 -3.64 60,000 Oman Fisheries Co 0.12 -8.66 1,850,149 Abu Dhabi National Hotels 2.78 0.00 - Saudi Basic Industries Corp 116.73 -0.64 5,719,233 Eyas For High & Technical Ed 0.00 0.00 - Oman Fiber Optics 0.00 0.00 - Abu Dhabi National Energy Co 1.05 0.00 18,970,487 Saudi Kayan Petrochemical Co 13.92 1.31 13,818,306 United Real Estate Company 59.00 -4.84 53,000 Oman Europe Foods Industries 1.00 0.00 - Abu Dhabi Islamic Bank 3.85 -0.26 1,054,399 Etihad Atheeb Telecommunicat 5.76 -1.87 898,780 Agility 830.00 -1.78 626,568 Oman Education & Training In 0.17 -1.79 15,000 Co For Cooperative Insurance 78.93 -0.57 277,519 Kuwait & Middle East Fin Inv 22.00 0.00 39,000 Oman Chromite 3.64 0.00 - National Petrochemical Co 26.58 2.03 562,035 Fujairah Cement Industries 76.00 0.00 144,500 Oman Chlorine 0.44 0.00 - BAHRAIN Gulf Union Cooperative Insur 17.03 -0.64 42,007 Livestock Transport & Tradng 200.00 0.00 94 Oman Ceramic Company 0.42 0.00 - Gulf General Cooperative Ins 16.29 -1.51 313,891 International Resorts Co 23.50 -2.08 476,000 Oman Cement Co 0.36 0.56 145,300 Basic Chemical Industries 23.12 0.83 160,754 National Industries Grp Hold 149.00 0.00 3,876,768 Oman Cables Industry 0.90 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co -1.65 Marine Services Co Ksc 0.00 20.85 299,519 0.00 - Oman Agricultural Dev 0.00 0.00 - Zain Bahrain Bscc 0.00 0.00 - Buruj Cooperative Insurance -0.82 Warba Insurance Co 0.00 32.61 50,009 58.50 225 Oman & Emirates Inv(Om)50% 0.12 -1.60 60,000 United Paper Industries Bsc 0.33 0.00 460,000 Mouwasat Medical Services Co -0.69 Kuwait United Poultry Co 0.00 181.54 10,408 0.00 - Natl Aluminium Products 0.34 0.00 3,115 United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 0.45 First Dubai Real Estate Deve -1.20 40.52 632,236 41.30 26,600 National Securities 0.04 0.00 - United Gulf Bank 0.00 0.00 - Maadaniyah 0.27 Al Arabi Group Holding Co 9.53 18.76 58,663 77.00 684 National Real Estate Develop 5.00 0.00 - Trafco Group Bsc 0.33 0.00 20,000 Yamama Cement Co 0.19 Kuwait Hotels Sak 0.00 15.95 109,162 0.00 - National Pharmaceutical 0.12 9.43 5,135 Takaful International Co 0.09 0.00 1,112,500 Jazan Energy And Development 0.30 Mobile Telecommunications Co -1.17 16.95 156,741 421.00 3,602,079 National Mineral Water 0.10 0.00 2,799 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment 0.46 Al Safat Real Estate Co 0.00 26.02 236,185 0.00 - National Hospitality Institu 0.00 0.00 - Seef Properties 0.21 0.00 40,000 Alujain Corporation (Alco) -0.12 Tamdeen Real Estate Co Ksc 0.00 24.65 757,381 350.00 890 National Gas Co 0.27 0.00 - Sico Bsc 0.00 0.00 - Tabuk Agricultural Developme -0.08 Al Mudon Intl Real Estate Co 1.72 11.80 178,270 29.50 160,190 National Finance Co 0.13 -2.19 379,746 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc 0.25 Kuwait Cement Co Ksc 0.00 12.13 139,880 470.00 221,100 National Detergent Co Saog 0.65 0.00 - National Bank Of Bahrain Bsc 0.60 0.00 20,000 Qassim Cement/The -0.68 Sharjah Cement & Indus Devel 0.00 41.00 54,451 80.00 10,000 National Biscuit Industries 3.75 0.00 - Nass Corp Bsc 0.11 0.00 53,192 Saudi Advanced Industries -0.62 Kuwait Portland Cement Co 0.00 12.89 527,079 1,065.00 46,300 National Bank Of Oman Saog 0.19 0.00 - Khaleeji Commercial Bank 0.09 0.00 35,000 Kingdom Holding Co 0.80 Educational Holding Group 4.73 8.86 219,110 310.00 119,990 Muscat Thread Mills Co 0.08 0.00 - Ithmaar Holding Bsc 0.12 0.00 200,000 Saudi Arabian Amiantit Co 0.39 Bahrain Kuwait Insurance 0.00 7.81 1,314,313 0.00 - Muscat National Holding 0.00 0.00 - Investcorp Bank -$Us 8.95 0.00 7,600 Al Jouf Agriculture Developm 2.14 Asiya Capital Investments Co 0.00 29.12 93,749 37.10 111,362 Muscat Gases Company Saog 0.46 0.00 - Inovest Co Bsc 0.00 0.00 - Saudi Industrial Development 0.33 Kuwait Investment Co 0.00 9.13 789,432 135.00 543,750 Muscat Finance 0.10 0.00 14,961 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -1.08 0.00 - 276.00 654,741 Majan Glass Company 0.18 0.00 - Gulf Hotel Group B.S.C 0.52 0.00 5,000 Riyad Bank 0.22 Kuwait Projects Co Holdings -1.08 13.82 539,876 276.00 921,200 Majan College 0.44 0.00 - Gfh Financial Group Bsc 0.36 0.00 165,106 The National Agriculture Dev -1.56 Al Madina For Finance And In -7.10 36.54 201,259 30.10 100,200 Hsbc Bank Oman 0.10 -2.83 942,580 Esterad Investment Co B.S.C. 0.00 0.00 - Halwani Bros Co -1.04 Kuwait Insurance Co 0.00 55.31 20,594 255.00 10,010 Hotels Management Co Interna 1.25 0.00 - Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.33 Al Masaken Intl Real Estate 0.00 12.13 672,590 70.00 35 Gulf Stone 0.12 0.00 - Bmmi Bsc 0.69 0.00 24,401 Eastern Province Cement Co -1.09 Intl Financial Advisors -2.23 25.50 71,563 26.30 726,100 Gulf Plastic Industries Co 0.00 0.00 - Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 0.00 0.00 - 36.90 143,750 Gulf Mushroom Company 0.31 0.00 - Bbk Bsc 0.45 0.00 4,400 Filing & Packing Materials M 0.24 Al Mal In -3.54 32.84 95,591 vestment Company 19.10 623,352 Gulf Investments Services 0.11 -2.78 692,658 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.41 -1.72 9.90 737,875 Bayan Investment Co Kscc 34.30 61,150 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Banader Hotels Co 0.00 0.00 - Tihama Advertising & Public -1.17 0.67 41.51 331,542 Egypt Kuwait Holding Co Sae 299.00 208,900 Gulf International Chemicals 0.21 -0.47 30,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 0.57 -1.98 15.79 170,318 Coast Investment Development 29.70 118,331 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - Bahrain Telecom Co 0.21 0.00 50,000 Astra Industrial Group 6.70 -0.17 18.15 1,412,604 Privatization Holding Compan 57.90 687,000 Global Fin Investment 0.11 0.00 - Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co -1.20 0.00 15.68 1,299,376 Kuwait Medical Services Co 0.00 - Galfar Engineering&Contract 0.10 -2.83 1,620,327 Bahrain National Holding 0.00 0.00 - Taiba Holding Co 0.65 0.00 30.98 113,175 Injazzat Real State Company 92.00 63,714 Galfar Engineering -Prefer 0.39 0.00 - Bahrain Kuwait Insurance 0.34 0.00 10,004 Saudi Industrial Export Co -0.05 0.00 265.72 39,095 Kuwait Cable Vision Sak 21.20 6,700 Financial Services Co. 0.18 0.00 - Bahrain Islamic Bank 0.13 0.00 30,000 Saudi Real Estate Co -0.73 0.00 21.72 61,335 Sanam Real Estate Co Kscc 32.00 24,799 Financial Corp/The 0.10 0.00 - Bahrain Flour Mills Co 0.36 -5.26 4,620 Saudia Dairy & Foodstuff Co 0.57 -6.14 115.64 29,320 Ithmaar Holding Bsc 32.10 969,422 Dhofar University 0.00 0.00 - Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The 1.23 0.00 32.08 1,610,190 Aviation Lease And Finance C 379.00 250,311 Dhofar Tourism 0.49 0.00 - Bahrain Duty Free Complex 0.77 0.00 5,000 Methanol Chemicals Co -0.80 -5.11 9.91 1,425,607 Arzan Financial Group For Fi 26.00 450,000 Dhofar Poultry 0.18 0.00 - Bahrain Commercial Facilitie 0.73 0.00 10,000 Chubb Arabia Cooperative Ins -0.18 -1.89 22.50 75,801 Ajwan Gulf Real Estate Co 20.80 1,818,396 Dhofar Intl Development 0.31 0.00 - Bahrain Cinema Co 0.00 0.00 - Mobile Telecommunications Co -0.28 -0.60 7.06 1,965,287 Kuwait Business Town Real Es 49.70 320,226 Dhofar Insurance 0.20 0.00 - Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 1.59 0.00 19.11 298,448 Future Kid Entertainment And 109.00 5,000 Dhofar Fisheries & Food Indu 1.28 0.00 - Arab Insurance Group(Bsc)-$ 0.00 0.00 - Axa Cooperative Insurance 0.25 0.00 27.98 316,903 Specialities Group Holding C 58.50 35,100 Dhofar Cattlefeed 0.19 0.00 - Arab Banking Corp Bsc-$Us 0.31 0.00 70,460 Alsorayai Group -0.14 -3.54 14.24 1,367,957 Abyaar Real Eastate Developm 19.10 2,855,229 Dhofar Beverages Co 0.26 0.00 - Aluminium Bahrain Bsc 0.59 2.61 803,330 Weqaya For Takaful Insurance 0.00 0.00 0.00 - Dar Al Thuraya Real Estate C 0.00 - Construction Materials Ind 0.03 0.00 - Albaraka Banking Group 0.33 -2.94 132,216 Bank Albilad -0.58 0.00 22.43 390,269 Al-Dar National Real Estate 0.00 - Computer Stationery Inds 0.26 0.00 - Al-Salam Bank 0.12 0.00 100,000 Al-Hassan G.I. Shaker Co 0.10 -0.65 10.14 440,467 Kgl Logistics Company Kscc 45.90 610,334 Bankmuscat Saog 0.38 0.00 2,243,005 Solidarity Bahrain Bsc 0.00 0.00 - Wataniya Insurance Co -0.83 0.00 27.52 49,625 Combined Group Contracting 432.00 10,150 Bank Sohar 0.15 -0.68 1,104,902 Ahli United Bank B.S.C 0.62 0.00 1,550,400 Abdullah Al Othaim Markets 157.90 0.27 23,754 Jiyad Holding Co Ksc 0.00 0.00 - Bank Nizwa 0.09 0.00 2,935,642 Hail Cement 9.02 -0.22 297,618 Qurain Holding Co 0.00 0.00 - Bank Dhofar Saog 0.19 0.00 155,793 LATEST MARKET CLOSING FIGURES Gulf Times 6 Friday, April 13, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,490.72 +301.27 Apple Inc 174.38 1.13 10,132,857 S&P 500 Index 2,663.34 +21.15 Microsoft Corp 93.41 1.69 9,018,794 Nasdaq Composite Index 7,140.29 +71.27 Exxon Mobil Corp 77.28 -0.19 4,537,311 S&P/Tsx Composite Index 15,288.00 +30.10 Johnson & Johnson 130.46 0.64 1,531,566 Mexico Bolsa Index 48,674.11 +141.97 General Electric Co 13.03 0.46 28,140,504 Brazil Bovespa Stock Idx 85,238.45 -7.14 Jpmorgan Chase & Co 113.28 2.40 5,534,079 Ftse 100 Index 7,258.34 +1.20 Procter & Gamble Co/The 78.01 -0.33 2,184,306 Cac 40 Index 5,309.22 +31.28 Walmart Inc 86.33 0.48 1,607,191 Dax Index 12,415.01 +121.04 Verizon Communications Inc 47.58 -0.01 3,422,658 Ibex 35 Tr 9,747.00 +11.20 Pfizer Inc 36.35 1.55 7,838,253 Nikkei 225 21,660.28 -26.82 Visa Inc-Class A Shares 121.53 1.46 1,961,062 Japan Topix 1,718.52 -6.78 Chevron Corp 119.00 -0.21 2,738,142 Hang Seng Index 30,831.28 -66.43 Coca-Cola Co/The 44.15 0.35 2,872,324 All Ordinaries Indx 5,911.39 -14.40 Intel Corp 52.53 2.79 8,624,875 Nzx All Index 1,495.28 -8.62 Merck & Co. Inc. 56.89 1.23 3,156,874 Bse Sensex 30 Index 34,101.13 +160.69 Cisco Systems Inc 43.50 2.52 9,084,356 Nse S&P Cnx Nifty Index 10,458.65 +41.50 Home Depot Inc 173.77 0.53 1,078,366 Straits Times Index 3,468.61 -11.15 Intl Business Machines Corp 157.79 1.56 2,241,199 Karachi All Share Index 33,224.37 -37.23 Walt Disney Co/The 100.70 -0.10 2,308,828 Jakarta Composite Index 6,310.80 -50.13 Unitedhealth Group Inc 225.30 1.53 874,632 3M Co 215.69 0.63 754,532 Mcdonald’s Corp 163.40 0.03 2,803,059 Nike Inc -Cl B 67.44 0.91 1,893,400 TOKYO United Technologies Corp 123.73 1.05 860,566 Boeing Co/The 334.20 2.09 1,795,423 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 259.12 2.44 1,245,728 Rakuten Inc 794.10 -0.81 12,158,200 American Express Co 93.39 1.95 1,279,900 Kyocera Corp 5,977.00 -1.19 822,900 Caterpillar Inc 150.43 2.48 1,493,477 Nissan Motor Co Ltd 1,122.00 0.00 10,399,500 Travelers Cos Inc/The 137.45 0.63 313,501 Hitachi Ltd 775.90 -0.77 13,127,000 Takeda Pharmaceutical Co Ltd 4,995.00 -1.19 3,891,800 Jfe Holdings Inc 2,208.00 0.32 3,010,300 Ana Holdings Inc 4,164.00 -0.74 747,900 FTSE 100 Mitsubishi Electric Corp 1,681.00 -1.70 3,614,400 Sumitomo Mitsui Financial Gr 4,469.00 -0.49 5,064,000 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,735.00 -1.24 3,655,500 Fast Retailing Co Ltd 46,900.00 2.07 594,700 Wpp Plc 1,187.00 -1.00 3,327,149 Ms&Ad Insurance Group Holdin 3,529.00 -0.03 1,400,100 Worldpay Group Plc 0.00 0.00 - Kubota Corp 1,781.00 -2.38 3,147,000 Wolseley Plc 0.00 0.00 - Seven & I Holdings Co Ltd 4,700.00 0.00 1,881,700 Wm Morrison Supermarkets 230.10 0.57 7,871,894 Traders work at their desks in front of the German share price index, DAX board, at the Frankfurt Stock Exchange(file). The Inpex Corp 1,375.00 0.15 6,247,200 Whitbread Plc 3,809.00 1.74 1,188,424 DAX 30 rose 1% to close at 12,415.01 yesterday. Resona Holdings Inc 575.30 -0.07 10,356,500 Vodafone Group Plc 207.35 0.51 33,817,348 Asahi Kasei Corp 1,430.00 0.60 2,796,900 United Utilities Group Plc 703.60 -0.96 2,551,675 Kirin Holdings Co Ltd 3,044.00 1.79 1,977,300 Unilever Plc 3,924.50 -0.48 1,355,555 Marubeni Corp 783.70 -0.71 4,476,900 Tui Ag-Di 1,587.00 0.13 1,013,710 Mitsubishi Ufj Financial Gro 698.10 -1.29 46,852,000 Travis Perkins Plc 1,245.00 1.10 795,159 Mitsubishi Chemical Holdings 1,019.50 -0.20 3,318,200 Tesco Plc 233.20 3.46 61,111,233 Fanuc Corp 26,445.00 -2.00 1,008,500 World stocks up as Trump appears Taylor Wimpey Plc 190.25 0.03 6,715,212 Daito Trust Construct Co Ltd 19,400.00 0.99 259,600 Standard Life Plc 0.00 0.00 - Otsuka Holdings Co Ltd 5,309.00 -0.43 946,200 Standard Chartered Plc 733.10 0.47 6,305,431 Oriental Land Co Ltd 10,760.00 0.23 398,600 St James’s Place Plc 1,082.50 0.70 754,995 Sekisui House Ltd 1,940.00 -0.33 1,290,500 Sse Plc 1,296.50 0.43 2,045,236 to cushion his Syria strike threat Secom Co Ltd 8,030.00 0.64 357,200 Smith & Nephew Plc 1,326.00 0.23 1,920,319 Tokio Marine Holdings Inc 4,934.00 -0.28 827,100 Sky Plc 1,301.00 -0.69 2,783,446 Aeon Co Ltd 2,012.00 4.06 5,914,500 Shire Plc 3,685.50 2.67 3,351,572 ing”, defying Russian warnings against in equities getting out of hand.” Mitsui & Co Ltd 1,846.50 -0.27 4,811,400 AFP Severn Trent Plc 1,847.50 -0.14 911,012 a military strike. Oil prices slipped back slightly as Kao Corp 7,882.00 0.87 1,363,800 London Schroders Plc 3,225.00 0.81 477,255 Fawad Razaqzada at Forex.com Trump appeared to cushion his threats, Dai-Ichi Life Holdings Inc 2,001.50 -0.94 3,455,400 Sainsbury (J) Plc 253.00 1.04 7,525,448 Mazda Motor Corp 1,446.00 -0.82 3,187,000 added: “After stoking fears yesterday but remained underpinned by weeks of Sage Group Plc/The 672.00 0.30 1,979,589 Komatsu Ltd 3,491.00 -3.22 3,692,400 lobal stock markets recovered that an attack on Syria was immi- crude supply fears. Abi Sab Group Holding Ltd 0.00 0.00 - West Japan Railway Co 7,469.00 0.19 454,900 their mojo yesterday after US nent, today he appeared to backtrack In its monthly report published Rsa Insurance Group Plc 654.20 0.28 3,764,056 Murata Manufacturing Co Ltd 14,230.00 -1.18 512,200 President Donald Trump ap- slightly.” yesterday, Opec tied persistent crude Royal Mail Plc 570.80 0.67 4,505,630 G Kansai Electric Power Co Inc 1,435.00 -0.17 2,189,200 Royal Dutch Shell Plc-B Shs 2,411.00 -0.92 3,243,111 peared to take some of the sting out of Across Europe, Frankfurt’s DAX 30 strength to surging tensions in the Denso Corp 5,743.00 -0.98 1,331,300 Royal Dutch Shell Plc-A Shs 2,368.50 -1.07 3,405,537 threats to hit Syria with missiles. rose 1% to close at 12,415.01; Paris’ Middle East and falling South Ameri- Sompo Holdings Inc 4,385.00 0.09 1,075,700 Royal Bank Of Scotland Group 264.70 0.57 11,353,473 Daiwa House Industry Co Ltd 4,005.00 -0.40 1,017,000 “Never said when an attack on Syria CAC 40 was 0.6% at 5,309.22, while can production. Rolls-Royce Holdings Plc 881.20 -0.50 2,103,992 Jxtg Holdings Inc 672.60 -1.57 10,114,900 would take place. Could be very soon the EURO STOXX 50 gained 0.7% at “Oil prices climbed further to their Rio Tinto Plc 3,750.00 0.77 4,063,228 Nippon Steel & Sumitomo Meta 2,339.50 -0.62 1,725,000 or not so soon at all!” Trump tweeted. 3,443.30. highest level in several weeks as ten- Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 5,875.00 -0.49 1,115,800 sion in the Middle East and the pos- Relx Plc 1,505.50 -1.31 2,088,623 European equities moved higher on Nevertheless, markets remain anx- Nippon Telegraph & Telephone 5,082.00 -0.51 2,957,100 Reckitt Benckiser Group Plc 6,036.00 -0.27 1,413,049 relief that Trump seemed to have be- ious over the possibility of an uptick in sibility of further drops in Venezuelan Ajinomoto Co Inc 1,920.00 -0.18 1,181,100 Randgold Resources Ltd 5,692.00 -3.13 364,817 come more evasive, a move matched violence in Syria involving the US and output helped off set the impact of Mitsui Fudosan Co Ltd 2,716.00 0.43 2,371,500 Prudential Plc 1,817.50 0.11 2,685,024 by US stocks at the opening bell in New Russia. growing US crude production,” it said. Ono Pharmaceutical Co Ltd 2,819.50 -1.05 4,155,200 Provident Financial Plc 680.60 2.69 761,696 Daikin Industries Ltd 12,285.00 0.82 919,900 York. Investors are already nervous over a Away from geopolitical worries, Persimmon Plc 2,660.00 -0.56 838,413 Bank Of Yokohama Ltd/The 0.00 0.00 - Frankfurt closed with a gain of 1% potential trade war brewing between there was eye-catching news in the Pearson Plc 769.20 0.58 2,129,882 Toray Industries Inc 992.60 0.06 2,614,500 and the Dow was up 1.2% approaching the US and China. aviation sector. Paddy Power Betfair Plc 7,125.00 0.42 126,257 Astellas Pharma Inc 1,574.00 -0.38 5,755,800 Old Mutual Plc 237.80 0.68 5,347,633 midday in New York. “With a possible trade war and con- International Airlines Group (IAG), Bridgestone Corp 4,626.00 -2.55 1,960,400 Next Plc 5,028.00 3.12 1,036,291 “A tweet-turnaround from Trump... fl ict with Russia over Syria on the ho- the owner of British Airways and Span- Sony Corp 5,200.00 -1.37 4,163,000 National Grid Plc 823.60 -0.47 7,221,331 was the main driver of growth, lifting rizon, it’s no wonder investors are not ish carrier Iberia, is mulling a potential Hoya Corp 5,548.00 -0.04 855,900 Mondi Plc 1,907.00 1.01 1,332,273 the majority of the markets out of the feeling particularly bullish right now,” takeover of low-cost airline Norwegian Sumitomo Mitsui Trust Holdin 4,423.00 0.71 1,184,400 Merlin Entertainment 339.00 0.24 1,539,093 Japan Tobacco Inc 2,955.00 -0.34 3,710,500 red and into the green,” said Spreadex added OANDA analyst Craig Erlam. Air Shuttle after building up a minority Mediclinic International Plc 580.80 0.83 1,376,220 Osaka Gas Co Ltd 2,172.50 -0.07 814,000 analyst Connor Campbell. “That said, I still believe the chances of holding, it said yesterday. Marks & Spencer Group Plc 270.80 2.19 7,904,250 Sumitomo Electric Industries 1,632.00 0.03 2,064,200 The US president had initially either... actually materialising are rela- Norwegian’s shares shot 47% higher London Stock Exchange Group 4,238.00 -0.19 421,358 Daiwa Securities Group Inc 670.20 0.15 6,055,000 Lloyds Banking Group Plc 68.15 1.70 128,561,630 tweeted that “missiles will be com- tively slim which may stop the sell-off on the Oslo stock exchange. Softbank Group Corp 7,988.00 0.10 4,478,500 Legal & General Group Plc 269.50 1.39 17,265,744 Mizuho Financial Group Inc 193.50 -0.21 68,848,300 Land Securities Group Plc 944.60 -0.38 1,703,970 Nomura Holdings Inc 630.40 -0.66 10,246,100 Kingfisher Plc 302.30 1.65 6,762,702 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 3,703.00 1.23 1,075,300 Johnson Matthey Plc 3,270.00 1.27 488,038 Subaru Corp 3,536.00 -1.56 3,071,100 Itv Plc 142.90 -1.39 20,489,873 Ntt Docomo Inc 2,754.50 -1.25 4,719,200 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 210.70 0.38 3,810,037 Sumitomo Realty & Developmen 3,959.00 -1.03 929,000 Intl Consolidated Airline-Di 608.60 -1.14 12,490,356 Aluminum Corp Of China Ltd-H 4.79 -2.04 43,017,945 Hong Kong & China Gas 16.22 0.25 10,060,719 Sumitomo Metal Mining Co Ltd 4,418.00 -2.17 1,813,200 Intertek Group Plc 4,810.00 0.10 348,585 Bank Of East Asia Ltd 32.30 -0.62 636,669 Hong Kong Exchanges & Clear 265.40 0.30 5,872,297 Orix Corp 1,845.00 -0.97 3,344,500 Intercontinental Hotels Grou 4,253.00 0.05 428,150 Bank Of China Ltd-H 4.22 -0.47 257,010,623 Hsbc Holdings Plc 75.40 0.20 13,303,726 Asahi Group Holdings Ltd 5,640.00 0.28 863,600 Inmarsat Plc 369.00 0.08 1,905,154 Bank Of Communications Co-H 6.30 -0.63 24,383,475 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 62,080.00 -0.83 222,200 Informa Plc 723.80 0.53 1,910,267 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 6.84 -0.15 186,495,986 Nidec Corp 16,400.00 0.80 556,600 Imperial Brands Plc 2,466.50 -0.88 1,484,793 Boc Hong Kong Holdings Ltd 37.10 -0.67 11,189,640 Li & Fung Ltd 3.94 -1.50 10,185,344 Isuzu Motors Ltd 1,619.50 -1.04 1,867,100 Hsbc Holdings Plc 681.60 0.89 21,313,029 Cathay Pacific Airways 13.02 -2.11 5,219,077 Mtr Corp 43.30 1.05 2,564,557 Unicharm Corp 2,964.50 0.02 1,161,600 Hargreaves Lansdown Plc 1,703.50 0.80 760,434 Ck Hutchison Holdings Ltd 93.15 0.49 5,114,763 New World Development 11.46 0.17 5,872,224 Shin-Etsu Chemical Co Ltd 10,950.00 -0.09 861,400 Hammerson Plc 520.00 -0.27 6,795,881 China Coal Energy Co-H 3.10 -3.13 16,294,000 Petrochina Co Ltd-H 5.69 2.89 296,819,111 Smc Corp 41,330.00 -1.67 156,000 Glencore Plc 342.45 0.01 32,296,137 China Construction Bank-H 8.12 -0.12 203,245,824 Ping An Insurance Group Co-H 84.25 -0.41 39,087,634 Mitsubishi Corp 2,891.00 -0.81 2,579,800 Glaxosmithkline Plc 1,429.60 -0.53 9,301,055 China Life Insurance Co-H 21.95 -0.45 30,197,496 Power Assets Holdings Ltd 59.15 -0.08 5,682,160 Nintendo Co Ltd 44,730.00 0.09 1,452,800 Gkn Plc 439.40 1.13 8,486,238 China Merchants Port Holding 17.64 -0.56 3,036,429 Sino Land Co 13.30 -1.04 3,229,817 Eisai Co Ltd 6,839.00 2.36 1,017,400 Fresnillo Plc 1,266.50 -1.48 926,087 China Mobile Ltd 73.75 0.07 13,554,312 Sun Hung Kai Properties 129.50 0.54 4,412,202 Sumitomo Corp 1,824.50 -0.73 3,418,500 Experian Plc 1,545.00 -0.48 1,324,984 China Overseas Land & Invest 27.40 -1.26 15,377,585 Swire Pacific Ltd - Cl A 79.15 -0.88 1,098,890 Canon Inc 3,867.00 -0.85 2,860,000 Easyjet Plc 1,661.00 3.20 2,337,193 China Petroleum & Chemical-H 7.43 0.41 180,995,313 Tencent Holdings Ltd 413.20 -1.53 20,605,098 Japan Airlines Co Ltd 4,217.00 -1.24 1,732,600 Dixons Carphone Plc 199.20 3.75 4,659,848 China Resources Beer Holdin 36.80 0.82 2,878,050 Wharf Holdings Ltd 26.35 -0.57 3,868,524 Direct Line Insurance Group 357.50 1.16 5,257,349 China Resources Land Ltd 29.80 -0.33 16,663,933 China Resources Power Holdin 14.14 -0.28 5,726,546 Diageo Plc 2,493.50 -0.48 2,651,001 SENSEX Dcc Plc 6,590.00 0.23 191,443 China Shenhua Energy Co-H 19.82 -0.60 19,739,993 GCC INDICES Crh Plc 2,376.00 0.55 1,005,602 China Unicom Hong Kong Ltd 10.30 1.98 48,879,199 Compass Group Plc 1,461.50 -1.62 1,934,003 Company Name Lt Price % Chg Volume Citic Ltd 11.42 -0.35 5,430,965 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,501.00 -0.36 683,626 Clp Holdings Ltd 80.55 0.19 1,272,375 Doha Securities Market Zee Entertainment Enterprise 571.25 -0.69 1,053,262 8,918.48 -96.67 Centrica Plc 139.55 0.47 14,109,337 Cnooc Ltd 12.46 3.66 149,146,351 Saudi Tadawul Yes Bank Ltd 311.75 -0.08 12,038,898 7,824.12 +21.38 Carnival Plc 4,510.00 0.20 449,281 Cosco Shipping Ports Ltd 6.66 -2.20 3,997,058 Kuwait Stocks Exchange Wipro Ltd 286.85 0.40 2,315,862 6,633.44 +29.93 Capita Plc 141.15 0.82 3,111,223 Esprit Holdings Ltd 2.51 1.62 6,295,238 Bahrain Stock Exchage Vedanta Ltd 288.70 -2.73 11,135,702 1,291.45 +2.63 Burberry Group Plc 1,718.00 -0.12 1,292,268 Fih Mobile Ltd 1.64 -0.61 4,805,704 Oman Stock Market Ultratech Cement Ltd 3,872.30 -1.33 223,404 4,776.55 -13.08 Bunzl Plc 2,099.00 -0.80 620,815 Hang Lung Properties Ltd 18.62 0.65 4,043,456 Abudhabi Stock Market Tech Mahindra Ltd 652.80 3.07 3,810,800 4,653.03 -36.71 Bt Group Plc 240.50 0.67 12,898,185 Hang Seng Bank Ltd 188.90 0.11 1,068,687 Dubai Financial Market Tata Steel Ltd 598.40 -1.59 6,912,232 3,094.40 -38.57 British Land Co Plc 653.00 1.11 2,351,764 Henderson Land Development 51.85 -0.29 1,978,222 Tata Power Co Ltd 87.85 0.98 9,019,846 British American Tobacco Plc 4,174.00 -1.09 3,369,603 Tata Motors Ltd 358.40 0.73 13,880,545 Bp Plc 504.50 -0.28 25,583,867 Tata Consultancy Svcs Ltd 3,139.25 4.15 3,978,955 Bhp Billiton Plc 1,445.80 -0.18 5,418,056 Sun Pharmaceutical Indus 515.90 -1.06 3,785,916 Berkeley Group Holdings/The 3,883.00 -0.33 444,301 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 253.80 -1.26 19,439,937 Barratt Developments Plc 550.40 -0.11 3,945,063 Reliance Industries Ltd 928.70 -0.23 5,328,795 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 216.00 0.65 29,170,566 Punjab National Bank 101.25 -0.93 21,550,825 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 591.60 -0.84 4,792,533 Power Grid Corp Of India Ltd 196.35 -0.33 2,031,390 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 709.20 0.14 1,371,171 Oil & Natural Gas Corp Ltd 181.75 -0.22 4,491,361 this data.” Aviva Plc 509.60 1.51 8,885,992 Ntpc Ltd 169.50 0.59 5,782,888 Astrazeneca Plc 5,045.00 -0.49 1,407,312 Maruti Suzuki India Ltd 9,204.45 -1.05 322,208 Associated British Foods Plc 2,581.00 0.19 646,206 Mahindra & Mahindra Ltd 787.85 -0.15 1,200,287 Ashtead Group Plc 2,031.00 0.94 1,193,693 Lupin Ltd 773.35 -2.06 1,226,505 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,357.45 0.35 1,764,266 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 949.20 -0.13 2,361,692 DINAR DINAR Kotak Mahindra Bank Ltd 1,134.60 0.75 1,378,928 Anglo American Plc 1,670.40 -0.11 3,338,690 Itc Ltd 261.95 -1.21 6,358,234 Admiral Group Plc 1,905.50 0.50 282,912 Infosys Ltd 1,162.60 3.41 8,805,063 3I Group Plc 892.40 -0.09 1,511,368 Indusind Bank Ltd 1,857.80 0.11 425,737 Idea Cellular Ltd 73.15 -1.08 8,820,750 Icici Bank Ltd 286.75 0.77 23,607,477 TOKYO Housing Development Finance 1,829.05 0.92 1,315,287 Hindustan Unilever Ltd 1,412.75 0.26 548,746 Hindalco Industries Ltd 232.60 -0.68 12,566,629 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,749.45 0.27 120,990 East Japan Railway Co 9,883.00 0.52 531,400 Hdfc Bank Limited 1,928.80 0.52 1,210,150 Itochu Corp 2,108.50 0.24 3,925,300 Hcl Technologies Ltd 1,010.05 4.42 4,228,405 Fujifilm Holdings Corp 4,281.00 0.16 951,400 Grasim Industries Ltd 1,064.45 -0.40 1,188,723 Yamato Holdings Co Ltd 2,781.50 0.13 865,400 Gail India Ltd 326.05 -0.29 2,283,333 Chubu Electric Power Co Inc 1,546.00 -0.55 1,323,600 Dr. Reddy’s Laboratories 2,060.50 -1.91 858,432 Mitsubishi Estate Co Ltd 1,826.50 0.16 3,524,700 Coal India Ltd 281.50 -0.67 1,412,476 Mitsubishi Heavy Industries 4,043.00 -1.17 854,200 Cipla Ltd 556.15 -0.95 1,356,348 Toshiba Corp 291.00 -0.68 19,613,000 Cairn India Ltd 0.00 0.00 - Shiseido Co Ltd 6,887.00 -0.43 2,054,300 Bosch Ltd 20,179.20 1.46 17,798 Shionogi & Co Ltd 5,497.00 -0.07 915,800 Bharti Airtel Ltd 380.20 -1.32 4,619,782 Tokyo Gas Co Ltd 2,805.50 0.68 1,089,700 Bharat Petroleum Corp Ltd 418.65 0.32 20,149,859 Tokyo Electron Ltd 19,865.00 -0.90 720,700 Bharat Heavy Electricals 89.25 -1.49 4,077,861 Panasonic Corp 1,522.50 -0.85 6,667,600 Bank Of Baroda 148.85 -1.16 11,714,200 Fujitsu Ltd 648.00 -1.34 12,605,000 Bajaj Auto Ltd 2,763.20 0.28 386,005 Central Japan Railway Co 20,230.00 -1.94 386,100 Axis Bank Ltd 548.75 1.66 8,348,780 T&D Holdings Inc 1,672.00 -0.95 1,200,900 Asian Paints Ltd 1,165.20 0.81 402,441 Toyota Motor Corp 6,873.00 0.41 4,390,200 Ambuja Cements Ltd 236.00 -0.63 2,369,995 Kddi Corp 2,781.50 0.13 4,130,300 Adani Ports And Special Econ 372.35 -1.47 3,785,268 Nitto Denko Corp 8,223.00 0.07 903,200 Acc Ltd 1,524.95 -0.56 258,773

Gulf Times 8 Friday, April 13, 2018 BUSINESS Struggling Asia dollar bonds face pressure from China supply

Bloomberg Ltd and Tahoe Group Co Ltd securing Dollar bond supply in Asia is typically Australia & New Zealand Banking Group Co Ltd, Dongling Group Inc Co, Sichuan Group, Guangyang Antai and Chengtun Hong Kong extensions, according to the document. front-loaded as issuers aim to complete Ltd “USD China bond markets have Province Juyang Group Ltd, Bank of Mining Group couldn’t be reached on The NDRC’s quota approvals in recent their funding by June. With the region’s reached a critical mass of $400bn and Beijing Financial Leasing Co, Henan the phone. An investor relations off icer years have become a key driving force issuance so far this year running above regulators should be increasingly aware Energy and Chemical Industry Group at China South City didn’t immediately Asia’s dollar bond market, already for Asia’s off shore bond market due to the five-year average and credit spreads of the need to manage sentiment in this Co Ltd, Gangtai Group Co Ltd, Chengtun comment. under pressure as borrowers rush to China’s rising share in the region’s dollar 11 basis points higher than the same respect, similar to the IPO windows in Mining Group Co Ltd and Guangyang Investors are not necessarily thrilled price deals before interest rates rise, is bond issuance. While the regulator’s period last year, new issue premiums previous years.” Antai Holdings Ltd. with the choice of off erings in the set to take a further hit from China. moves to grant off shore bond are on the rise. The NDRC didn’t immediately reply to a Company off icials from Wuzhou market. China’s National Development and approvals will help ease funding stress Chinese companies flooded the Asia fax from Bloomberg seeking comment International, Dongling Group, Jujiang “We are actually more comfortable Reform Commission, the nation’s for some firms, the somewhat opaque dollar bond market yesterday with on the issuance quotas. Construction Group and Sichuan taking the risk compensation from top economic planning agency, has way the approval process works creates four book-building deals. They include The following companies got an Province Juyang confirmed the quota stronger issuers rather than lower extended the deadline for off shore uncertainties. Yuexiu Property Co and Fujian Yango extension to their bond issuance extension when reached by Bloomberg rated debut issuers,” said Chak Lau, a bond sales for 16 Chinese issuers to “This to me means the supply overhang Group Co, while Beijing Enterprises quota till year-end, according to the on the phone. Zhongrong Xinda credit investment manager at Dongxing the end of the year, according to a will last beyond initial expectations Water Group Ltd is set to meet investors document: Wuzhou International declined to comment while calls to Securities (HK) Asset Management Co document obtained by Bloomberg. and put pressure on secondary from April 13 for a potential bond. Holdings Ltd, Ginwa Investment Holding Ginwa, Linca, Tahoe, Gangtai Group, in Hong Kong. “Those who were not That means even more issuers are performance,” said Anne Zhang, “The market is extremely sensitive to Group Co Ltd, Zhongrong Xinda Group Henan Energy and Chemical Industry able to use up the quota before it got expected to sell debt in the off shore executive director for fixed income, generous NDRC approvals at present, Co Ltd, Ping An Bank Co Ltd, Linca Group went unanswered. Off icials at expired, I don’t think there is going to market, with companies including currencies and commodities at given rising funding costs,” said Owen Group, Sino Grandness Food Industry Ping An Bank, Bank of Beijing Financial be any change even with the deadline developers China South City Holdings JPMorgan Private Bank in Asia. Gallimore, head of credit strategy at Group Ltd, Jujiang Construction Group Leasing, Sino Grandness Food Industry extension.”

Russian rouble Stocks on edge, oil rebounds, Syria tensions weigh

Reuters tain about how far the Trump soars on escalating London administration will go,” he said, adding that Trump’s tough talk might well be a negotiating ussia’s rouble rebound- tactic similar to that employed ed yesterday after a with North Korea. Rsell-off prompted by “But until we see exactly US sanctions imposed against what will happen, the market Moscow last Friday, though will be cautious as it can have Mideast tensions investor appetite for broader wider implications for alliances emerging equities was curbed between diff erent groups of Stocks undermined by A break above its January 25 by rising tensions between countries, and Russia and Tur- worries about Middle East high of $1,365.8 would take the Russia and the United States key are in the frontline of those conflicts; oil at highest yellow metal to a high last seen over Syria. concerns,” he said. level since late 2014, gold in in August 2016. US President Donald Trump Turkey’s lira remained under demand In the currency markets, the warned Russia of imminent pressure, down 0.3%, but still yen was helped by the risk averse military action in Syria over a off the record lows hit in the Reuters, AFP mood. suspected poison gas attack, previous session. Tokyo The dollar eased to ¥106.82, lambasting Moscow for stand- The lira has taken a heavy having lost momentum af- ing by Syrian President Bashar pounding over the past five ter hitting a fi ve-week high of al-Assad. days on investor concerns sian stocks came under 107.49 a week ago. The threats weighed on in- about monetary policy and in- pressure yesterday as The euro traded at $1.2370, vestor sentiment for riskier as- flation as well as geopolitics. Athe threat of imminent having risen for a fourth day in a sets, with MSCI’s benchmark Lingering fears about a trade US military action in Syria rat- row on Wednesday. emerging stocks index down war between the United States tled investors and sent oil pric- Still, the currency has mostly 0.15%. and China also weighed on in- es to their highest levels since been in a holding pattern since Russian stocks fell 0.3% and vestor sentiment. late 2014 on concerns about late January. Turkish stocks 0.5%. China said trade negotiations supply. The Turkish lira traded at But the Russian rouble rose with the United States would be MSCI’s broadest index of 4.1383 per dollar after hit- 0.9%, edging off the Novem- impossible because Washing- Asia-Pacifi c shares outside Ja- ting a record low of 4.1944 on ber 2016 lows it matched on ton’s attempts at dialogue were pan slipped 0.3% while Japan’s Wednesday. Wednesday, while Russia’s not sincere and it vowed to re- Nikkei was down slightly. The lira is down more than five-year credit default swaps taliate should Trump escalate Tokyo stocks fell yesterday, two% this week. and sovereign bond spreads current tensions. weighed down by uncertainty Worries on the Middle East retreated from recent highs. Chinese mainland shares over Syria. The benchmark overwhelmed budding optimism The rouble is still down fell by more than 1% and Hong Nikkei 225 index slipped 0.12% that Washington and Beijing will more than 6% since last Fri- Kong stocks by 0.3%. or 26.82 points to 21,660.28 work out a compromise to avert day when the US imposed The weak performance in while the broader Topix index a trade war following Chinese new sanctions against Rus- Asia was partly off set by a was down 0.39% or 6.78 points A pedestrian walks past the Stock Exchange building in Tokyo. The benchmark Nikkei 225 index slipped President Xi Jinping’s speech on sian businessmen and their stronger open in emerging Eu- at 1,718.52. 0.12% or 26.82 points to 21,660.28 while the broader Topix index was down 0.39% or 6.78 points at 1,718.52 Tuesday. companies to punish Moscow rope, with Polish and Hungar- On Wednesday, the S&P 500 yesterday. Given the uncertainties on for its alleged meddling in the ian stocks up 0.3-0.5%. lost 0.55% and the Nasdaq Com- diplomacy and trade, economic 2016 US election. Currencies were mainly on posite dropped 0.36% while en- missiles. But this time the scale Trump has also threatened to in the Middle East have boosted news is currently of secondary Jakob Christensen, head of the backfoot, however, with ergy shares gained more than 1% of possible attacks by the US withdraw from a nuclear deal oil prices as well as safe-haven importance to investors. emerging markets research at South Africa’s rand down on rising oil prices. and possibly its allies seems struck in 2015 with Tehran. assets such as gold. Minutes of the Federal Re- Danske Bank, said the door 0.7% and China’s yuan 0.3%. Trump declared that missiles larger. If Russia fi res back, the Nobuhiko Kuramochi, chief Both US crude and global serve’s last policy meeting was open for further weaken- The Hong Kong dollar fell to “will be coming” in Syria, taunt- war front will be bigger,” said strategist at Mizuho Securities, benchmark Brent traded at the on March 20-21 released on ing in the rouble in the near a 33-year low of 7.85 to the dol- ing Russia for supporting Syrian Hidenori Suezawa, fi nancial said Trump’s perceived brink- highest levels since 2014 as geo- Wednesday showed all of its term given the geopolitical lar as the interest rate gap be- President Bashar al-Assad after market analyst at SMBC Nikko manship on many issues from political concerns overshad- policymakers felt that the US situation. tween the US and Hong Kong a suspected chemical attack on Securities. Syria to tariff s on imports from owed a surprise buildup in US economy would fi rm further and “The market is a bit uncer- dollars widened further. rebels. “I don’t think we are heading major trading partners ahead of crude inventories. that infl ation would rise in the Damascus and Moscow have into the World War Three but mid-term elections make it hard US crude futures traded at coming months. denied any responsibility. should there be a direct colli- for markets to focus on econom- $67.10 a barrel, having risen US consumer infl ation fi gures His comments raised the sion between the US and Russia ic fundamentals. 8.1% so far this week. matched economists’ forecasts. prospect of direct confl ict over for the fi rst time, that’s the sort “It’s as if Trump is doing They have traded as high as Prices fell for the fi rst time Syria for the fi rst time between of headline that would plunge chicken games against China, $67.45 on Wednesday, a level last in 10 months from the previous the two world powers backing stock prices,” he added. chicken games against compa- seen in December 2014. month in March, but the core opposing sides in the seven- The tension intensifi ed in an- nies and chicken games against Brent traded at $72.26 a bar- CPI rose 2.1% year-on-year, the year-old civil war, which has other front as Saudi Arabia said markets. Even if economic fun- rel, having touched a high of largest advance since February also escalated a rivalry between its air defence forces intercepted damentals are strong, it will be $73.09 on Wednesday. 2017, as the drag from last year’s Saudi Arabia and Iran. three ballistic missiles fi red at diffi cult to focus just on them,” Gold stood at $1,353.10 plunge in prices for cellphone “Last year Russia and Syria Riyadh and other cities by Yem- said Kuramochi. per ounce, having climbed to service plans dropped out of the did not shoot back against US en’s Houthis. Fears of more confrontations $1,365.30. calculation.

Hong Kong dollar touches red line but no intervention as yet

AFP Hong Kong has maintained a Hong Kong decades-old peg with the US dollar, which keeps the city at the mercy of Federal Reserve policymakers. Hong Kong’s de facto central The dollar slump comes against bank said it would not necessarily a backdrop of rising trade step into the currency market to tensions between China and the support the local dollar despite United States, the world’s biggest it touching the bottom end of its economies and key drivers of trading band yesterday. global growth. As trading began in Asia, Hong HKMA chief executive Norman Kong’s dollar fell to HK$7.85 against Chan said in March that the the US dollar — the lower limit of its weakening local dollar, driven permitted HK$7.75-7.85 band — for lower by US interest rates and the first time since the range was capital outflows “should not introduced in 2005. cause any concerns” and that the The Hong Kong Monetary authority would take action to Authority said it is required to ensure it doesn’t fall below the buy the local currency at HK$7.85 band. to US$1 under the city’s Linked The HKMA intervened in the Exchange Rate System if such foreign exchange market in requests were made by banks. 2008, buying billions of dollars to But the authority added that this maintain the local currency’s peg practice, known as the weak-side to the greenback. Convertibility Undertaking, will not During the 1997-1998 Asian be automatically triggered. financial crisis several Asian “So long as other banks are willing currencies were de-pegged under to buy HKD at that level, the severe pressure from speculators, interbank market will continue but Hong Kong maintained the Hong Kong one-hundred dollar banknotes are arranged for a photograph in Hong Kong. The HK to buy and sell HKD at 7.85,” the link despite having to raise interest dollar fell to HK$7.85 against the US dollar yesterday. HKMA said. rates to spectacular levels. Gulf Times Friday, April 13, 2018 9 BUSINESS China’s ball of money rolls to bonds as stocks out of favour

Bloomberg as the Shanghai Composite Index slid lure foreign investors onshore in a borrowing. But the tables turned in the rate dropped to a one-year low again this year. Some bears remain in Beijing 3.8%. push to internationalize the yuan. It’s first quarter, the worst for the Shanghai this month amid plentiful liquidity. the bond market, with Deutsche Bank “The selloff of big caps will likely get a balancing act, though, as a slide equity benchmark and the best for March inflation data came in lower AG saying Chinese government debt worse in the second quarter, with in stocks could quickly accelerate, 10-year government bonds in at least than expected Wednesday, with the has become too expensive. But bulls Chinese bonds haven’t done this well exchange traded funds facing stronger threatening to overshadow inclusion two years. The last time moves in the consumer price index retreating from have momentum on their side. SWS’s relative to equities since the stock redemption pressures,” said Hao Hong, into MSCI Inc gauges in June. securities diverged so much was in the a four-year high and the gauge for Meng is among those who think the market bubble burst in 2015, and it chief strategist at Bocom International “There’s still a lot of uncertainty ahead,” third quarter 2015. producer prices rising the least since rally has further to run, forecasting the looks like the outperformance will Holdings Co. “It makes more sense for said Ming Ming, head of fixed-income While China will continue tightening, October 2016. 10-year yield could drop to as low as continue. investors to buy bonds rather than research at Citic Securities Co in Beijing. the impact won’t be as intense this While shares have rebounded this week 3.4%. The yield dropped 1 basis point Signs of slowing economic growth and stocks, especially now that the risk of “The sure thing is the volatility of bond year because investors are more as Beijing and Washington seemed to 3.72% yesterday, while the Shanghai uncertainty over how a trade spat with higher inflation is muted.” yields will increase amid the trade prepared and familiar with the to strike a more conciliatory tone, the Composite slid 0.9%, the most in a the US will pan out are buoying demand China’s so-called great ball of money tension as well as the deleveraging process, while authorities will anyway trade dispute could drag on and hurt week. for debt and weighing on stocks, tends to cause trading frenzies as it drive.” want to keep liquidity loose enough risk appetite, said Liu Dongliang, a “Investing in bonds would be a better while there’s plenty of liquidity and rolls among assets such as stocks, Dumping stocks for bonds would’ve to avoid violent market moves, said senior analyst at China Merchants Bank idea than buying stocks throughout this the deleveraging that undermined the wealth-management products and seemed a contrarian trade at the end Meng Xiangjuan, head of fixed- Co in Shenzhen. On Tuesday, Morgan year,” she said. “A slowing economy and bond market last year has faded. That’s real estate. Policymakers are likely of 2017, when sovereign notes had income research at SWS Research in Stanley cut its target for Chinese global uncertainty will keep weighing driven the yield on 10-year government to welcome bonds now being in their biggest plunge in four years as Shanghai. equities, saying the CSI 300 Index was on equities, while these factors will bonds down 19 basis points this year, favour, as they’ve been trying to China campaigned to curtail excessive The benchmark seven-day repurchase unlikely to get near its January high keep benefiting debt.”

Pakistan said to Pakistan allows Bank mull ending fertiliser subsidy of China to settle as fi nances ebb

Bloomberg a core constituency. More than Islamabad half of Pakistan’s population of 200mn people live in rural areas dominated by large landowners transactions in yuan akistan’s government is who often infl uence voters and considering ending sub- mostly rely on farm income for Internews Psidies and cutting sales a living. Karachi tax on fertilisers as the nation’s With tax cuts the subsidy fi nances come under increasing removal shouldn’t have big pressure before elections due to impact on the ruling Pakistan he Pakistan central bank be held this summer. Muslim League-Nawaz’s elec- yesterday granted Bank The proposal is being con- tion chances, said Samiullah Tof China permission to sidered for the next fi scal-year Tariq, the director of research establish yuan settlement and budget starting July, according at Karachi-based brokerage clearing mechanism in a major to people with knowledge of the Arif Habib Ltd. step to encourage trade with Chi- matter. No fi nal decision has “Prices would still be lower nese currency and eventually in been made yet and the budget than when the PML-N govern- the respective local currencies. is due to be presented on April ment took charge,” Tariq said. This move could further bol- 27, said the people, who asked The “government wants to re- ster the size of trade and invest- not to be identifi ed as the talks duce expenses and create fi scal ment with China under China- are private. The subsidies are space.” Pakistan Economic Corridor worth about Rs20bn ($173mn), Agriculture is also consid- (CPEC). said one of the people, and the ered backbone of Pakistan’s “In order to further strength- cut in sales tax should lessen economy and it accounts for en the trade channels and re- the impact. Offi cials at Paki- around 20% of gross domes- mittance fl ows in Chinese yuan, stan’s fi nance ministry didn’t tic product and employs about SBP has now allowed Bank of answer calls seeking comment. two-fi fths of the labour force. China (BoC) Pakistan to estab- Removing the subsidy is seen At the same time the economy lish a local yuan settlement and as a sensitive issue and Paki- and government’s fi nances are clearing setup in Pakistan,” the stan’s current administration showing increasing signs of State Bank of Pakistan said in a fl ip-fl opped over ending them vulnerability. statement. in January last year — revers- Foreign exchange reserves “BoC can open yuan accounts ing the move after an interven- have declined the most in Asia of the banks operating in Paki- tion from then Prime Minister in the past year and the current stan, to facilitate settlement of Nawaz Sharif, who was trying account defi cit has widened by yuan-based transactions such as to boost ailing sectors of the 50% in the eight months ended remittance to/from China. BoC economy. February. Monetary authorities can also provide yuan liquidity With national elections have also devalued the rupee to the interbank market for the scheduled for July, the ruling twice since December to ease settlement of yuan-based trans- party will be keen not to annoy pressures. actions.” The SBP expects this settle- ment and clearing mechanism to reduce costs and increase ef- fi ciency for the local banking ADB sees Pakistan’s system in transacting in Chinese yuan, enhance market liquid- ity and facilitate settlement of growth rising to 5.6% growing trade and investment transactions between China and Internews ADB suggests that the govern- Pakistan in the said currency. Islamabad ment should consider reforms in “Keeping in view the recent greater exchange rate flexibility, local and global economic devel- Auto rickshaws pass the State Bank of Pakistan building in Karachi. “In order to further strengthen the trade channels and remittance flows enforcing industrial compliance opments, SBP expects this initi- in Chinese yuan, SBP has now allowed Bank of China (BoC) Pakistan to establish a local yuan settlement and clearing setup in Pakistan,” the Pakistan’s gross domestic prod- with quality control and other ative to yield long-term benefi ts State Bank of Pakistan said in a statement yesterday. uct (GDP) growth is expected standards, operationalising a to China-Pakistan relationship to accelerate to 5.6% on strong national single window for trade, in general, and Pakistan’s econ- It is worth noting that back in ing signifi cantly to widening of been taking policy measures to The country’s bilateral trade prospects for large-scale manu- skills development that aligns omy and banking system in par- 2015 SBP had allowed Industrial the current account defi cit,” said ensure that imports, exports and defi cit with China widened to facturing and crop harvests for a with industry demand, and ticular,” it said. and Commercial Bank of China Dr Ashfaque H Khan, dean at fi nancing transactions with Chi- $12bn in the fi scal year 2016/17 second year in a row. instituting legal and institutional SBP signed a currency swap Limited (ICBC) Pakistan to off er NUST School of Social Sciences. na can be denominated in yuan. from $4bn in 2012/13. However, this GDP growth is frameworks to support new agreement with the People’s similar services. “With this measure, it will A currency swap agreement Pakistan’s imports from Chi- expected to adjust downward industries such as information Bank of China with the objec- “This is a good thing that the help reduce current account between the two countries was na jumped to $14.13bn in FY17 in 2018-19 to 5.1% as balance and communication technology tive of promoting bilateral trade central bank has done. This is defi cit as well which will further signed in 2011. The swap ar- against $12.11bn in the previous of payment constraints seem services. and fi nancing direct investment going to reduce pressure on de- reduce our fi nancing require- rangement became operational year. However, the exports stood to outweigh improvements to The report warns that while the between the two countries in the mand for dollars because trade ment, going forward.” in 2013 with a size of Chinese at $1.5bn in FY17, compared with supply-side factors such as bet- budget deficit may moderate respective local currencies. defi cit with China is contribut- The SBP has continuously yuan 10bn and Rs140bn ($1.5bn). $1.7bn in FY16. ter security and energy supply, slightly in fiscal year 2018 from cautions the ADB’s ‘Asian Devel- a year earlier, spillover from opment Outlook 2018’ released higher investment expenditure yesterday. is expected to widen the current According to the outlook, the account deficit. Securing ad- China says it has a detailed plan to hit back at US on tariffs continued buoyant domestic equate financing to contain the demand including from the drawdown in foreign exchange Bloomberg China-Pakistan Economic reserves is a concern, it says. Beijing Trade war is risk for export-led Southeast Asia, says World Bank Corridor (CPEC) and other Growth in 2017-18 is being led by infrastructure investments, large-scale manufacturing, which strengthened economic growth expanded by 6.3% in the first China will “unquestionably” retaliate if the US further esca- Bloomberg region, particularly in some of the Exports are already faltering in some globally that will revive exports, seven months of FY18 from 3.6% lates trade tension, and authorities have prepared a detailed, Jakarta larger” Southeast Asian economies, economies with shipments falling much improved power supply, in the same period last year. comprehensive counter-punch plan, a senior trade off icial he said. in Malaysia and the Philippines in and commodity prices which are This improvement was largely said. “The success of this region is based February from a year earlier. still broadly favourable despite a from solid expansion in cement, The government hasn’t conducted any negotiations at any The World Bank warned that a trade on open trade, it’s based on the “Nobody actually will stand to gain further double-digit increase in iron, and steel products that level with American counterparts recently, Commerce Ministry war between the US and China development of these value chains in a trade war,” J Jayasiri, Secretary the oil prices. reflects higher demand from Spokesman Gao Feng said at a press conference in Beijing will hurt economies in Southeast that over the last decade or so have General of Malaysia’s Ministry of “Pakistan’s economic prospects construction on public infra- yesterday. “We can’t talk under the unilateral threat from the US,” Asia since they rely on exports for increasingly centred on China,” he International Trade and Industry, in the coming years remain structure projects. he said. growth. said. said in an interview on Wednesday. positive if budget and current Higher domestic demand was Gao said recent opening-up measures announced by China Many countries in the region will The world’s two biggest economies “Today, trade is so interdependent account deficits are reduced indicated by sharp expansion have nothing to do with pressure from ongoing trade conflicts feel “knock-on eff ects” of rising have threatened to impose tariff s on and Malaysia, being a small market, and exports are rejuvenated in consumer goods such as with the US, and that the government has never intervened to tariff s because they are tied to each other’s exports, clouding the we look to the global market.” by improving the country’s automobiles and electron- require foreign companies to share their proprietary technol- supply chains that feed into Chinese outlook for global trade and growth. “We are also part of the whole competitiveness,” ADB country ics. Recovery in engineering, ogy as a condition of doing business in the country. “We’ll exports, Sudhir Shetty, the World Chinese President Xi Jinping on supply chain — we export parts and director for Pakistan, Xiaohong petrol products, and rubber also firmly push forward the Made in China 2025 plan,” he said. Bank’s chief economist for East Asia Wednesday pledged to further open components to both China and the Yang, said. contributed to growth, which is People’s Bank of China Governor Yi Gang unveiled specific and Pacific region, told reporters in up some sectors in the economy, US,” he said in Kuala Lumpur. “When “Pakistan can maintain a strong- expected to continue in light of a steps to further open the financial sector on Wednesday, fol- Jakarta yesterday. helping to ease some of the tension. our parts and components are in the er growth trajectory through favourable demand outlook. lowing pledges from President Xi Jinping to liberalise finance, “A lot of those, although they Shetty said the impact of the tariff s products that are subjected to high domestic and regional stability, Provisional estimates for major automobiles and other industries. The measures raised hopes may finally be assembled and put would be felt greatest on the US tariff s in each other’s markets, there improving overall competitive- winter crops suggest strong that tensions between the world’s two biggest economies together and exported as Chinese and China, and growth in advanced will be less opportunity for our parts ness, revitalising public sector agriculture in 2018 for a second could ease. Bloomberg reported earlier that talks have stalled products, are the result of a value economies, including the US, could and components to be exported to enterprises, as well as timely year in a row, supported by in- because of the US request to end state support for the high- chain that stretches across this slow. those markets.” completion and eff ective use of creased cultivated area, fertiliser tech sector. infrastructure projects,” she said. use and credit. Gulf Times 10 Friday, April 13, 2018 BUSINESS

Global trade growth strong but at risk if conflict escalates, says WTO

Reuters “However, this important progress The WTO’s 2018 forecast puts world “It is not possible to accurately map negative growth, the WTO said. three big tariff announcements this Geneva could be quickly undermined if trade growth at the top end of previous out the eff ects of a major escalation, Last year’s growth in goods trade was year, each more controversial than the governments resort to restrictive expectations, since the organisation but clearly they could be serious,” he led by Asia, by investment spending one before. trade policies, especially in a tit-for- said last September that it expected said.”Poorer countries would stand to and by higher commodity prices. The steel and aluminium tariff s, justified World trade in goods is maintaining a tat process that could lead to an 2018 growth of 1.4 to 4.4%, most likely lose the most.” China’s rebalancing away from on national security grounds, came robust recovery, but it still might falter unmanageable escalation,” WTO around 3.2%. New trade restrictions could trigger investment and towards consumption soon after a restriction on imports of if trade tensions escalate further, the director-general Roberto Azevedo said The latest forecast raises that to 3.1 to cycles of retaliation that weigh on could mean it imports fewer capital solar panels and washing machines. World Trade Organisation said in its in a statement.”A cycle of retaliation 5.5% based on current GDP forecasts, global trade and output, but disruption goods, putting a drag on world trade They preceded a huge package of annual forecast yesterday. is the last thing the world economy but “a continued escalation of trade could equally come from central banks growth. tariff s that Trump has proposed to Trade in goods will grow 4.4% this year needs.” restrictive policies could lead to a raising interest rates rapidly or from “Less investment could also help punish China for its alleged theft of US after a decade averaging 3.0% a year The United States and China have significantly lower figure,” the WTO said. geopolitical tensions, it said. reduce overcapacity in sensitive sectors intellectual property. following the financial crisis. threatened each other with tens of “These forecasts do not, and I repeat, Cyber attacks were a further risk, with such as steel and aluminium, thereby China’s commerce ministry said Last year it grew 4.7% — much higher billions of dollars’ worth of tariff s in they do not factor in the possibility potentially even greater impact on alleviating trade tensions,” the WTO yesterday that Washington’s attempts than the 3.6% forecast in September — recent weeks, leading to worries that of a dramatic escalation of trade trade in services than trade in goods. said. at dialogue were not sincere and vowed and a further 4.0% rise is expected in Washington and Beijing may engage in restrictions,” Azevedo told a news Trade in commercial services grew by Steel and aluminium were the targets to retaliate should Trump escalate 2019, the WTO said. an all-out trade war. conference. 7.4% in 2017, after two years of weak or of one of US President Donald Trump’s further. Avast plans British Airways owner watershed takes Norwegian Air London tech listing stake; weighs full off er Float expected to value capital markets and supporting firm at $4bn; follows IPOs of the future growth of our busi- Bloomberg other ‘freemium’ firms ness in the years ahead,” he said London in a statement. Reuters Avast will also use the pri- London mary proceeds of the off ering AG SA bought a stake in Nor- to pay down its debt, its state- wegian Air Shuttle ASA and ment said. Isaid it’s considering making vast, the world’s larg- The company was a pioneer a full off er for the discount com- est consumer antivirus of the now widely used ‘free- petitor, signalling a new round of Asupplier by customers, mium’ business model, dis- deal making in a rapidly consoli- said yesterday it will apply to tributing its antivirus products dating European airline market. list its shares on the London for free over the internet, then Shares of Norwegian Air Stock Exchange in what could charging customers for premi- soared as much as a record 47% be a blockbuster fl oat expected um features. yesterday. A potential acquisi- to value the company at around It counted 435mn users at tion could value the company, $4bn. the end of last year, includ- which has a market value of more The listing, which is an- ing 290mn consumer PC users than $1bn, at about $3bn includ- ticipated in early May, will see and 145mn mobile users, and a ing debt, people with knowledge a free fl oat of at least 25% of turnover of $780mn. of the matter said, asking not to Avast’s issued share capital It acquired AVG, a Czech be identifi ed because the delib- with the aim of raising around rival, two years ago to signifi - erations are confi dential. $200mn in primary proceeds. cantly expand its user base. IAG will use the 4.61% stake A source familiar with the As well as antivirus software, to initiate discussions with Nor- matter said the fi rm also hopes it also supplies privacy protec- wegian, it said in a statement to raise a further $800mn via tion and other internet utility after Bloomberg News fi rst re- secondary sales, meaning an software, targeting both con- ported it may make an off er. overall target of around $1bn sumers and small- and medi- “It’s an indication of intent and bringing the fi rm’s valua- um-sized businesses. in terms of their seriousness,” tion to $4bn if successful. In a fragmented market, Goodbody Stockbrokers ana- That would represent the Avast competes with brands lyst Mark Simpson said of IAG’s largest ever UK technology IPO including Czech-based ESET, move. “It gives them the plat- and puts it head to head with Malwarebytes and McAfee, form to enter discussions with British competitor Sophos, the both of Silicon Valley, Roma- clear intentions.” A passenger aircraft, operated by British Airways, a unit of International Consolidated Airlines Group (IAG), lands at London City Airport. IAG only other cyber security fi rm nia’s Bitdefender, Britain’s Taking out Norwegian would will use the 4.61% stake to initiate discussions with Norwegian, it said in a statement. listed in London. Sophos and Kaspersky Lab of eliminate a fi erce competitor It will be Avast’s second Russia. that’s shaken up the airline in- Shares of Norwegian Air Deutsche Lufthansa AG have Europa, owned by conglomerate consider selling the business attempt at an IPO after it Avast’s public off er follows dustry with low-cost long-haul soared 37% around 2pm in Oslo, already split up most of the as- Globalia Corporacion Empre- until the investments start pay- scrapped a plan to list on the the successful listing of two fl ights, and is now imposing on boosting its market value to sets of failed carrier Air Berlin. sarial SA, declined to comment. ing out, he said. “If you decide US Nasdaq in 2012 due to tough other high profi le “freemi- IAG’s turf in both London and about 9.5bn kroner ($1.22bn). Alitalia SpA has attracted inter- Norwegian Air’s aggressive to sell, that is when you take in market conditions. um” companies in the United Latin America. It would also give The stock had previously est from three groups, including foray into low-cost interconti- other investors, but that has not Founded three decades ago States. the the British Airways owner jumped about 10% this week, EasyJet and Lufthansa as part of nental fl ights has disrupted the been on our agenda at all.” in the former Czechoslovakia Dropbox, which started as a access to a fl eet with some of erasing some of last year’s 39% a government-led rescue eff ort. market and forced bigger indus- British Airways has been re- in the waning years of Com- free service to share and store the newest fuel-effi cient jets. rout. IAG dropped about 1%, for Ryanair, Europe’s biggest dis- try players like British Airways structuring its base at London munism, Avast claims to pro- photos, went public last month IAG, which has its own low-cost a market value of about £12.5bn counter, is taking over Austrian and Air France to take meas- Gatwick Airport, where Norwe- vide basic antivirus defences to and music-streaming Spotify Level and Aer Lingus brands, ($17.7bn). airline Niki. Meanwhile, SAS ures to woo travellers. But the gian has focused a large part of its 40% of consumer PCs outside had the largest ever direct list- pounced after monitoring Nor- Other airlines rose broadly plans to standardise its fl eet to company’s fi nances have been long-haul operations. Norwegian China, where foreign security ing earlier in April. wegian Air for the past three to in anticipation that a large dis- cut costs as it positions itself for stretched, prompting Norwe- is also adding routes from Spain to products are banned. Morgan Stanley and UBS four months, according to peo- count rival would be eliminated. an industry shakeup. gian to take steps to raise or pre- Latin America, where IAG’s Iberia It has grown amid a dramatic have been appointed joint glo- ple familiar with the matter, as SAS AB, the Nordic region’s big- IAG has been scouting for po- serve cash — including selling and Vueling brands operate. increase in the number and type bal co-ordinators and lead the Nordic carrier bled cash and gest mainline carrier, gained as tential acquisitions in Europe some of its brand-new planes. IAG said in the statement that of threats since it was founded bookrunners for Avast’s IPO. struggled with its debt load. much as 11%. EasyJet and Rya- and while the UK fi rm has set “Everybody in Europe wanted no discussions have taken place in 1991, and thanks to its ability It is 46% owned by its found- “IAG’s interest in the com- nair advanced 2.3% and 1.7%, its sights on Norwegian Air, it to buy us,” Norwegian Air’s 71- to date and “that it has taken no to “stay ahead of the bad guys”, ers, Czech entrepreneurs Pavel pany confi rms the sustainabil- respectively. has previously looked at targets year-old CEO, Bjorn Kjos, said decision to make an off er at this CEO Vincent Steckler said. Baudiš and Eduard Kuera. ity and potential of our business Any deal would accelerate a including Spanish airline Air in an interview this month. But time and that there is no cer- “A listing on the London CVC Capital Partners has a model and global growth,” Nor- rapidly consolidating European Europa Lineas Aereas SAU, the the company has been investing tainty that any such decision Stock Exchange is a natural fi t, 29% stake, with Summit Part- wegian said in a statement. airline market. EasyJet PlC and people said. A spokesman for Air in its aircraft, and he wouldn’t will be made.” providing us wider access to ners holding 7%.

Deutsche Bank solves one crisis with new CEO; now onto the next

Bloomberg The ouster of Cryan capped an “Compared to some of the external $17bn paying fi nes and settling litiga- gard to our revenues we have to regain Postbank. While the bank has recently Frankfurt embarrassing two-week run for the candidates proposed in the press over tion since the start of 2008, according our hunger for business.” said that its plan to merge the two 148-year-old lender. Media reports the past week, his appointment could to company fi lings and other disclo- The bank has launched a wide-rang- units remains on track for the second highlighted tension with Achleitner be viewed as underwhelming.” sures compiled by Bloomberg. ing review of the division with a focus quarter, it has also pledged to achieve he appointment of Christian and speculated that the 57-year-old The supervisory board wasn’t unani- Sewing’s background suggests di- on its US operations dubbed Project annual cost synergies of €900mn by Sewing as Deutsche Bank AG’s CEO was on his way out. Without any mous in adopting some of the measures rectors may keep at least one key plank Colombo, people with knowledge of the end 2020, to a large extent by cut- Tchief executive offi cer to replace response from Deutsche Bank, the Brit- proposed by Achleitner, according to of Cryan’s strategy: a greater focus on the matter said previously. ting the workforce. Deutsche Bank’s an embattled John Cryan after less than on was essentially hung out to dry amid people with knowledge of the meeting. Germany. Its home market accounted The corporate and investment bank management hopes to do away with three years — and three turnaround news of the search for a successor. One sticking point was the decision to for 37% of Deutsche Bank revenue last will look to “free up capacity for growth as much as 6,000 retail bank jobs in plans — answered just one of the ques- After sounding out external candi- name Garth Ritchie as head of the in- year, up from 35% in 2016, according to by pulling back from those areas where Germany, people with knowledge said tions hanging over the struggling insti- dates — including JPMorgan Chase & vestment bank, one person said. its annual report. The German weekly we are not suffi ciently profi table,” ac- previously. tution. Co’s Matt Zames and Bank of America The tumult underscored the frustra- Die Zeit called for it to merge with cording to his memo to staff . “What’s missing is the guiding hand There’s the fate of chairman Paul Corp’s Christian Meissner — the bank’s tion of stakeholders over the Cryan’s Commerzbank AG “in the interests of Sewing, who has experience in risk behind this,” said Burghof. “It feels like Achleitner and whether a divided board directors rushed to bring some order sputtering revival eff orts. The stock bank and country.” management and audit and has never there isn’t really a plan.” can close ranks behind the new CEO. to the situation. Late night on Sun- lost more than half its value during his That would signal a scaling back of worked in the investment bank, is keen That frustration signals why Ach- Sewing also confronts a decision on day, they picked Sewing, a Deutsche tenure and trades at about a third of the the investment bank. Davide Serra, to have a roughly balanced revenue leitner may be vulnerable. While the scaling back the investment bank — Bank veteran who served as co-deputy value of its assets; in contrast JPMor- CEO of Algebris Investments, says that share for the bank from its two core board last week proposed bringing in both Deutsche Bank’s biggest source of CEO with the now-departed Marcus gan Chase & Co trades at more than 1.5 Deutsche Bank lacks the scale to com- units, according to people familiar with fi nance-industry veterans — including revenue and a perennial laggard against Schenck since one of Cryan’s strategy times its book value. pete with the likes of JPMorgan and this thinking. In practice, that suggests former Merrill Lynch chief John Thain US giants — and winning over long- reboots in March 2017. Deutsche Bank shares climbed 3.4% Goldman Sachs. eliminating some businesses with staff and Mayree Clark, a one-time Morgan suff ering shareholders. “Sewing may not necessarily have to €11.74 at noon in Frankfurt. They’re Once Sewing gets his team in place, reductions and spending cuts. Stanley executive — some investors “Without a clear strategy commit- been the top candidate but he was still down 26% so far in 2018. his two biggest tasks will play out over Last year, the investment bank con- said that Achleitner shared the blame ment by all parties, turning Deutsche there and stood ready,” said Hans-Peter The bank has struggled to recover months. The bank’s once-vaunted in- tributed 54% to group revenue and the for the bank’s troubles. Bank around will be diffi cult,” according Burghof, a professor of banking at the since the fi nancial crisis that exploded vestment bank division has lagged ri- retail division 38%. Meanwhile, income “He’s been in offi ce since 2012, and to JPMorgan Chase & Co analysts led by University of Hohenheim in Stuttgart. a decade ago. The company’s rapid ex- vals for several straight quarters now, from sales and trading fell to the lowest as it turns out has made a lot of bad Kian Abouhossein. “Our view is that the In fact, Sewing’s role on Cryan’s pansion under Josef Ackermann as a with Chief Financial Offi cer James Von level since the fi nancial crisis despite decisions,” said Andreas Meyer, who problem is not the CEO as speculated management team fuelled some scep- global investment bank saddled it with Moltke recently warning of headwinds repeated promises by Cryan. manages about €1.4bn of fi xed-income by the press, but diff erent stakeholders ticism about his selection. “We strug- an unwieldy structure and a culture of last quarter. The other key challenge lies in Deut- securities at Aramea Asset Manage- with diff erent interests, with little evi- gle to see how replacing Mr Cryan with excessive risk-taking, critics say. Sew- “Our start to the year was solid but sche Bank’s consumer unit. The bank ment in Hamburg. “He should carry the dence of commitment to changing the Mr Sewing will result in a change of ing will head the third leadership team ‘solid’ cannot be our ambition,” Sewing last year announced the merger of its responsibility for that and leave. I don’t organisation in the interests of the own- fortune for the bank,” wrote Citigroup since Ackermann’s 2012 departure. said in a memo to staff , his fi rst com- two domestic retail units, abandon- believe it will happen, but that’s what ers: shareholders and creditors.” Inc analysts led by Andrew Coombs. Deutsche Bank has spent more than ments since his promotion. “With re- ing previous plans to sell one of them, I’d prefer.” Gulf Times Friday, April 13, 2018 11 BUSINESS Glencore is losing billionaire allies to Trump’s sanctions

Bloomberg doned plans to swap its stake in the Russian is going to have a higher risk premium.” more than half its value, and a multibillion- Sanford C Bernstein & Co analysts are What’s diff erent today is that America has London company with another of the oligarch’s Glencore, which trades in 100-odd com- dollar deal to buy its metal. among those arguing the financial fallout refined its financial arsenal and then put businesses, En+ Group Plc. Deripaska is the modities in more than 90 countries, has More importantly, US action has now from US sanctions will be limited. Yet, it in the hands of a president who favours second recent Glencore associate to face partly built its business by dealing with forced Glasenberg to review two relation- there’s no doubt that Trump’s aggressive gut instinct over chess-like manoeuvring. The reach and power of US sanctions are US sanctions. Gertler, the Swiss trader’s people and places that others avoided. ships he spent a decade cultivating and foreign policy adds uncertainty. The Obama-era 2016 Global Magnitsky Act, hemming in the world’s largest commod- former partner in the Democratic Republic While many of its commodity competi- that gave his firm privileged access to “Russia has always been a high risk, high which significantly expanded the reach ity trader. of Congo, was singled out by America in tors also operate in high-risk jurisdictions, decision makers. gain business environment,” said Fried and flexibility of sanctions, allows the US to In just four months, Glencore Plc chief Ivan December over allegations of corruption. few have a footprint as large as Glencore. In Congo, where Gertler had aided most of from Washington. “They took advantage punish individuals accused of corruption Glasenberg has lost two of his closest busi- Analysts see limited damage to Glencore’s Alongside Congo and Russia it mines Glencore’s engagement with the govern- of the high gain, now they are learning or human rights violations anywhere in the ness allies as President Donald Trump’s bottom line from last week’s raft of Russian Kazakh gold and zinc, drills for oil in Chad, ment, the company now needs to navigate about the high risk.” world, without the need to first establish a aggressive foreign policy hits home, forc- sanctions — the company’s shares are still off and trades petroleum products in Libya. a series of complicated roadblocks with- Glencore has a history of taking such specific program to target the behaviour. ing him to cut ties with billionaires Oleg the low earlier this week — but the long-term The Swiss commodity giant declined to out its trusted trouble-shooter. risks in its stride. Founder Marc Rich was While the prior administration focused on Deripaska and Dan Gertler. implications for the trader and the commod- comment. In Russia, Glencore has other links to the indicted in 1983 for trading oil with sanc- a longer-term policy agenda, Trump seeks The US actions demonstrate the rising risk ity industry could be more significant. The trader had already distanced itself from Kremlin and relationships in the local oil tioned Iran and spent years on the FBI’s to punish those he views as wrongdoers, from international sanctions for compa- “The message to companies is you have Gertler before sanctions hit, buying out his and agriculture industries that have yet to most wanted listed. according to Maximilian Hess, a senior nies like Glencore, which has built a global to watch out who you are doing busi- stakes in its two Congo mines 10 months be targeted by the US Last year, Glasen- Three decades later, Glasenberg won oil political risk analyst at AKE International. business by cutting deals with powerful ness with,” said former US Ambassador earlier in a near $1bn deal. Yet, it still faces berg was even awarded Russia’s Order of industry admiration with a bold deal to Gertler, along with 14 others including people, and leaves the trader without its Daniel Fried, who coordinated the State questions on how to manage royalties it’s Friendship medal by President Vladimir buy an $11bn stake in Russia’s biggest oil including a Myanmar general, a former key men in two major markets. Department’s sanctions policy under the contracted to pay the Israeli businessman. Putin. Deripaska, a Glencore partner since company, Rosneft PJSC, in a transaction Gambian president and an organised crime Glasenberg has quit the board of Deripas- administration of Barack Obama. “Busi- With respect to Deripaska, Glencore has an at least 2007, was one of the company’s that the US reviewed for potential sanc- boss from Uzbekistan, was sanctioned in ka’s United Co Rusal, and Glencore aban- ness conducted with the world’s bad guys 8.75% stake in Rusal, which has already lost most important allies. Barclays Plc and tions violations but didn’t block. December under the Act.

New Zealand halts Tesla withdraws from new off shore oil and gas exploration

AFP leader in becoming carbon NTSB crash probe over Wellington neutral. We owe this to future generations.” The government said there ew Zealand is halting all were currently 31 oil and gas new off shore oil and gas exploration permits, with 22 of Nexploration to become a them off shore. global leader in the fi ght against Environmental groups wel- Autopilot data fl ap climate change, the centre-left comed the move, with Green- government said yesterday, but peace declaring “the tide has Bloomberg opponents accused it of “eco- turned irreversibly against Big Washington nomic vandalism”. Oil in New Zealand”. “(We are) taking an impor- “This is a huge step forward tant step to address climate for New Zealand and a land- esla Inc withdrew from change and create a clean, mark moment in the transition the US National Trans- green and sustainable future to a clean-energy economy,” Tportation Safety Board’s for New Zealand,” Prime Min- WWF New Zealand chief Livia investigation of a fatal accident ister Jacinda Ardern said. Esterhazy said. involving one of its vehicles, The oil and gas industry in But the conservative oppo- an unusual move that followed New Zealand generates about sition National Party accused public statements by the com- NZ$2.5bn a year ($1.8bn), in- Ardern of “economic vandal- pany blaming the driver and cluding NZ$1.5bn in exports, ism” that could put thousands breaching the agency’s proto- and employs about 11,000 peo- of jobs at risk. cols. ple. Opposition energy spokes- “Tesla withdrew from the Ardern said existing drilling man Jonathan Young said gas party agreement with the NTSB and exploration permits would helped ensure New Zealand’s because it requires that we not not be aff ected, meaning no ex- electricity supply and when release information about Auto- isting jobs would be lost. existing reserves ran out in 10 pilot to the public, a requirement She said there would also years it would be forced to im- which we believe fundamentally be limited new on-shore per- port emissions-heavy alterna- aff ects public safety negatively,” mits around the North Island’s tives such as coal. the company said in an e-mailed Taranaki region, where most of “This decision is devoid of statement. New Zealand industry is con- any rationale. It certainly has “We believe in transparency, centrated. nothing to do with climate so an agreement that prevents “We’re striking the right bal- change,” he said. public release of information for ance for New Zealand — we’re “These changes will simply over a year is unacceptable.” protecting existing industry shift production elsewhere in Although Tesla won’t be a and protecting future genera- the world, not reduce emis- formal party to the probe, the tions from climate change,” she sions.” company said it will continue to said. New Plymouth mayor Neil provide technical assistance to The move by New Zealand Holdom said the decision was the NTSB. comes two weeks after the “a kick in the guts” for the Tesla issued a statement this Netherlands announced plans Taranaki region. week in response to a local tel- to rapidly cut production at “Nobody’s going to be los- evision appearance by the fam- — and eventually close — Eu- ing their jobs overnight but in ily of Walter Huang, a 38-year- rope’s biggest gas fi eld as it too terms of the long-term outlook old who died last month in his seeks to its slash fossil fuel use. for those industries... people Model X using the driver-as- Ardern campaigned heavily are going ‘my career doesn’t sistance system Autopilot. The on environmental issues when actually have a future’,” he told company said the “only” expla- she won a general election last Radio New Zealand. nation for the crash was “if Mr year and is in a three-way coa- Industry group Petroleum Huang was not paying attention A Tesla automobile stands charging at a charging station in Lavik near Bergen, Norway. “Tesla withdrew from the party agreement with the lition government that includes Exploration and Production to the road, despite the car pro- NTSB because it requires that we not release information about Autopilot to the public, a requirement which we believe fundamentally aff ects the Greens. NZ (PEPANZ) said it had been viding multiple warnings to do public safety negatively,” the company said in an e-mailed statement yesterday. She said she saw the impact blindsided by the announce- so.” of climate change fi rst-hand ment and had not been con- It was the third time the com- Robert Sumwalt spoke by phone The NTSB’s investigation of the demanding that participants thorised statements or not pro- last month when she visited the sulted by the government. pany has commented on the over the weekend and had what March 23 crash involving Huang adhere to rules about what in- ducing information the NTSB cyclone-ravaged Pacifi c island Chief executive Cameron Huang incident. In a March 30 an agency spokesman said was a contributed to a major selloff formation they can release and expected of them. nations of Samoa and Tonga. Madgwick said a well-managed blog post, Tesla said that the constructive conversation. in the company’s shares. Musk their expected cooperation. Because it’s a relatively small This, she said, underscored trading scheme was the way to Model X driver’s hands weren’t The NTSB is looking into the claimed almost 18 months ago These so-called parties to agency with a limited numbers the fact that climate change reduce New Zealand’s emis- on the steering wheel for six crash that killed Huang, as well that the system will eventually investigations must sign legal of employees, the NTSB relies was real and New Zealand sions, not “arbitrarily banning” seconds prior to the fatal crash. as a collision in January involv- render Tesla vehicles capable of agreements laying out their re- heavily on these parties to as- needed to be at the forefront of certain fuel types. An NTSB spokesman said the ing a Tesla Model S that was full self-driving, and much of sponsibilities. sist its investigations. The safety eff orts to address it. “We now join the elite club agency was “unhappy” with the using Autopilot when it rear- the value of the $51bn company The safety board has in some board has subpoena power that “We’ve been a world leader of Belize, Costa Rica and France company for disclosing details ended a fi re truck parked on a is linked to views that it could be cases thrown airlines, aircraft it’s used in rare instances to on critical issues... by being that have banned exploration. during the investigation. freeway near Los Angeles. an autonomous-car pioneer. manufacturers and unions off compel companies involved in nuclear free, the fi rst to support I don’t think that’s really the Tesla chief executive offi cer The stakes for Tesla’s bid to The NTSB guards the integ- of investigations in cases where investigations to provide infor- women to vote,” she said. way the world’s going,” he told Elon Musk and NTSB Chairman defend Autopilot are signifi cant. rity of its investigations closely, they were either making unau- mation. “Now we could be a world TV3. US weekly jobless claims fall; import prices unchanged

Reuters process,” said Joel Naroff , chief economist at The unemployment rate is at a 17-year low of Washington Naroff Economic Advisors in Holland, Pennsyl- 4.1%, not too far from the Fed’s forecast of 3.8% vania. “But tit-for-tat tariff s would raise prices by the end of this year. and that would create real concerns at the Fed.” Minutes of the US central bank’s March 20-21 ew applications for US unemployment Initial claims for state unemployment ben- policy meeting published on Wednesday off ered benefi ts fell last week, pointing to sus- efi ts dropped 9,000 to a seasonally adjusted an upbeat assessment of the jobs market, noting Ntained labour market strength despite a 233,000 for the week ended April 7, the Labour that “most participants described labour mar- sharp slowdown in job growth in March. Department said. ket conditions as strong.” While other data yesterday showed import Economists polled by Reuters had forecast The minutes also highlighted growing labour prices were fl at in March amid a sharp drop in the claims falling to 230,000 in the latest week. shortages saying “in some districts, reports cost of petroleum products, underlying imported Claims tend to be volatile around this time of from business contacts or evidence from sur- infl ation pressures are steadily rising. year because of diff erent timings of the Easter veys pointed to continuing shortages of workers This together with a tightening labour mar- and school spring breaks, which can throw off in segments of the labour market.” ket strengthens expectations infl ation will gain the model that the government uses to smooth The dollar rose against a basket of currencies steam this year. the data for seasonal fl uctuations. after President Donald Trump cast doubt over Economists say a trade war between the Unit- The four-week moving average of initial the timing of his threatened strike on Syria in ed States and China could fan price pressures claims, viewed as a better measure of labour response to a reported poison gas attack. and push the Federal Reserve on to a more ag- market trends as it irons out week-to-week vol- Stocks on Wall Street were trading higher gressive path of interest rate increases. atility, rose 1,750 to 230,000 last week. while US Treasury prices fell. Washington and Beijing have threatened each The economy created 103,000 jobs in March, In a second report yesterday, the Labour De- other with tens of billions of dollars’ worth of tar- the fewest in six months. partment said March’s unchanged reading in iff s. The Fed raised interest rates last month and Economists largely dismissed the slowdown import prices was the weakest since last July forecast at least two more rate hikes this year. as payback after hefty job gains in February. and followed a 0.3% increase in February. “As long as we don’t get into a trade war where They also blamed cooler temperatures for the Import prices increased 3.6% in the 12 tariff s are slapped on all sorts of things, the Fed moderation in hiring. The labour market is con- months through March, the biggest gain since should be able to maintain its slow tightening sidered to be near or at full employment. April 2017, after advancing 3.4% in February. Friday, April 13, 2018 GULF TIMES BUSINESS IMF official praises Qatar’s economic policies

IMF deputy director general Qatari economy. IMF organised Tao Zhang praises economic a special presentation for policies undertaken by the Qatari delegation at its Qatar and its success in headquarters in Washington, DC, tackling economic crises in the presence of a number of that plagued the global Qatari off icials, businessmen and economy investors to discuss the global economic situation and the HE the Minister of Economy and competitive advantages of the Commerce Sheikh Ahmed bin Qatari economy. Jassim bin Mohamed al-Thani An IMF representative presented met with Tao Zhang, deputy a report on Qatar based on director general, International the fund’s assessment of the Monetary Fund (IMF), on the country’s economy. sidelines of the ‘Economic The presentation included a Roadshow’ in Washington, DC. comprehensive analysis of the The meeting was attended by various development indicators HE Sheikh Faisal bin Qassem in Qatar, as well as highlighting al-Thani, chairman, Qatari proposals to strengthen the Businessmen Association; position of the Qatari economy Rashid al-Mansouri, CEO, in the region and beyond. Qatar Stock Exchange; and The IMF representative touched representatives of several upon the economic reforms Qatari financial institutions and carried out by Qatar recently businessmen. and compared that with the During the meeting, they global economic growth and discussed “the prospects of joint that of the developed and co-operation in economic, trade developing economies. and investments and means of The presentation also addressed developing them”. the performance of the banking The meeting also discussed the system during the siege, which investment incentives provided proved strong, and the financial by the Qatari economy, which eff iciency against geopolitical will enhance partnerships and fluctuations. attract US investments to open The representative said that new markets in the country. Qatar has adopted “ambitious Zhang praised the economic strategic plans” to diversify its policies undertaken by Qatar economy away from oil and gas and its success in tackling by increasing the non-oil sector’s economic crises that plagued contribution to the macro the global economy. This, he economy and reducing reliance said, attests the strength of the on hydrocarbon revenues. HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani and the Qatari delegation in talks with the IMF team led by Tao Zhang in Washington, DC recently.

The IMF presentation also addressed the performance of the banking system during the siege, which proved strong, IMF organised a special presentation for the Qatari delegation at its headquarters in Washington. and the financial eff iciency against geopolitical fluctuations. World Bank lauds Qatar for assisting countries in WB-led projects

HE the Minister of Economy and Commerce Sheikh bank’s history, its international development projects, Ahmed bin Jassim bin Mohamed al-Thani met with World services to governments and the private sector, and Bank vice-president (Middle East and North Africa) Hafez discussed the most important areas of cooperation with Ghanem in Washington, DC, on Wednesday. various entities in Qatar. The meeting was attended by HE Sheikh Faisal bin Several issues of interest to the Qatari private sector were Qassem al-Thani, chairman, Qatari Businessmen also discussed in order to help it benefit from the World Association; Abdul Aziz al-Khalifa, CEO, Qatar Bank’s services in terms of both domestic and foreign Development Bank; Rashid al-Mansouri, CEO, Qatar Stock investment. Exchange; and representatives of major Qatari financial The bank’s representatives reviewed a number of institutions and some prominent Qatari businessmen. reports and indicators aimed at evaluating Qatar’s During the meeting, they discussed prospects for joint co- economic performance. The presentation included a operation in economic, trade and investment fields and comprehensive analysis of the various development means of developing them. indicators in Qatar, as well as highlighting proposals to The investment incentives and economic diversification strengthen the position of the Qatari economy in the strategy adopted by Qatar to achieve Qatar National region and the world. Vision 2030 were discussed. A World Bank representative reviewed the co-operation The World Bank presented its activities in relation to between Qatar and the World Bank and explained that agriculture, industry and services among other sectors. Qatar plays an important role in the implementation The two sides agreed to continue eff orts and co-ordinate of WB-led development programmes in developing jointly to achieve common economic goals. countries. The World Bank organised a seminar for the Qatari He said Qatar has provided assistance to some countries delegation at its headquarters in Washington, DC. in co-operation with the World Bank, including the recent World Bank representatives made a presentation on the agreement to provide assistance to Lebanon. HE Sheikh Ahmed at the World Bank meeting.

HE Sheikh Ahmed met with World Bank vice-president - Mena, Hafez Ghanem in Washington, DC, on Wednesday. The meeting was attended by HE Sheikh Faisal bin Qassem al-Thani, chairman, Qatari Businessmen Association; Abdul Aziz al-Khalifa, CEO, Qatar Development Bank; Rashid al-Mansouri, CEO, Qatar Stock Exchange; and representatives of major Qatari financial institutions and some prominent Qatari businessmen.