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FRIDAY, SEPTEMBER 21, 2018
DOW 26,655 QE 9,766.33 SENSEX 37,121.22 GOLD 1,210.30 Turkey slashes growth forecasts +249.24 PTS -39.07 PTS -169.45 PTS +0.17% for 2018, 2019 PAGE 12 PRICE PERCENTAGE PRICE PERCENTAGE 14.29 BRENT 78.67 -0.92% WTI 70.77 -0.49% SILVER +0.07% Barwa Bank, ibq merger to boost Qatar’s banking sector: Moody’s
The merger would help to rebalance the Qatari banking sector, where currently 18 banks serve a population of 2.6 million
SATYENDRA PATHAK ease these pressures, , the re- DOHA Key merger port said. The consolidation would THE merger agreement be- O The merger will create also modestly balance the tween Qatari lenders Barwa the ninth-largest Islamic competitive pressure on de- Bank and International Bank posits in Qatar’s concentrated of Qatar (ibq) will be beneficial bank in the GCC and depositor base. for the banking sector in Qa- Moody’s would expect it to While the merger re- tar, Moody’s Investors Service benefit from the growth of mains subject to approval by has said in its latest report. Islamic assets across the the relevant authorities and According to the report, Gulf region the banks’ shareholders, the the merger is a positive sign report said, if approved it for Qatari market where in- O The merger could would likely be effective by tense competition has affected modestly ease rising early 2019. profitability of banks. funding costs and modestly Once completed, the surviv- The merger would help balance the competitive ing entity will be called Barwa to rebalance the Qatari bank- pressure on deposits in Bank. It will have total assets of ing sector, where currently 18 Qatar’s concentrated around QR80 billion ($22 bil- banks serve a population of depositor base. lion) post consolidation. 2.6 million. Competition for deposits Successful consolidation While it is too early to as- would marginally ease the sess the overall impact on the has pushed banks to pay pressure on rising borrowing merged banks, Moody’s said, more, driving up their costs, the report said. it expect the new entity could funding costs. “The enlarged bank would face considerable integration have a diverse financing and challenges. O The merger of two depositor profile. The merger “The final structure and domestic banks, while only would strengthen the busi- strategy of the enlarged bank is a small first step, would ness proposition of the com- as yet unknown, but it is likely help to ease intense bined entity given the indi- to alter the group’s overall risk competition and profitability vidual segmental strengths of profile, both in terms of solven- pressures the merged banks,” the report cy including capital and prof- said. itability and liquidity includ- Barwa has a solid consum- ing liquid assets and access to er and corporate business and funding,” the report said. loan market and the smaller ibq which also has a strong “The merger will create the banks compete for the remain- corporate business is a niche ninth-largest Islamic bank in ing lending opportunities has player in private banking. the Gulf Cooperation Council driven intense price competi- The expanded capital base After merger, the new entity will have total assets of around QR80 billion post consolidation. (GCC) and we would expect it tion, resulting in pressure on of the merged entity would to benefit from the growth of loan yields and profitability. also enable it to participate in port said, a merger of local home market. has large deposits from private Barwa and ibq had been Islamic assets across the Gulf The merger that would larger syndicated loans some- banks is a relatively less risky “In common with their do- banking as its main funding part of an earlier process region,” it said. create the third largest Is- time regionally as well, thus inorganic growth strategy un- mestic peers, both Barwa and source. As a result, the com- alongside a third lender Mas- The structure of the Qatari lamic bank in Qatar and the providing some geographi- like some of their Qatari peers IBQ display a concentrated de- bined entity’s depositor profile ref Al Rayyan to merge three banking sector where Qatar sixth largest Qatari bank with cal diversification, the report who have expanded inter- posit base. While ibq has con- would be more diverse than is banks, but the deal collapsed National Bank has an out- a 5 percent market share of said. nationally into jurisdictions siderably less reliance on de- the case for the individual en- in June after 18 months of sized share of the domestic domestic loans would help to At the same time, the re- which are riskier than their posits from the government, it tities,” the report said. talks.
Quick read Qatari real estate Oil drops as Trump calls trading volume Lord Mayor of London crosses QR289 mn THE trading volume of registered on OPEC to lower prices real estates stood at QR289.32 visits QFC, discusses million during September 9-13 period, data released by the OPEC monopoly must get prices down now!, Trump tweets Ministry of Justice’s Real Estate potential collaboration Registration Department shows. REUTERS The department’s weekly report NEW YORK said that the trading included TRIBUNE NEWS NETWORK empty lands, residential units, OIL prices eased on Thurs- DOHA multipurpose buildings, resi- day, slowing an upward surge dential buildings and multipur- that had pushed the market LORD Mayor of the City of pose empty lands. Most of the toward four-year highs, after London Charles Bowman vis- trading took place in Al Rayyan, US President Donald Trump ited the Qatar Financial Centre Doha, Al Wakra, Umm Salal, Al called on OPEC to "get prices (QFC) headquarters in Doha Khor, Al Daayen, Al Thakhira and down now!" on Thursday. Al Shamal. (QNA) Brent crude oil was down During the visit, the Lord 50 cents at $78.90 a barrel on Mayor of the City of London Thursday. US light crude was met with senior QFC officials 4 GE power turbines down 9 cents at $71.03 a barrel including Chief Marketing & shut down in US due after rising nearly 2 percent on Corporate Communications to blade issue Wednesday. Officer Sarah al Dorani, Chief Global benchmark Brent Commercial Officer Raed al GENERAL Electric (GE) said on has been trading just below Emadi, and Managing Direc- Thursday that four of its new flag- $80 a barrel, near its high- tor at Financial Sector Office ship power turbines in the United est in almost four years, on Henk Jan Hoodeendoorn, States have been shut down expectations that US sanctions US President Donald Trump. QFC said in a statement. due to an “oxidation issue” and against Iran, OPEC's third warned it expects the problem biggest producer, will reduce OPEC monopoly must get chief commodities analyst to affect more of the 51 units global supply. prices down now!" Bjarne Schieldrop. "But this it has shipped, sending shares "We're stuck in a range "We protect the countries is likely going to break very lower. The giant machines form here," said Tariq Zahir, man- of the Middle East, they would soon." the beating heart of billon-dollar aging member at Tyche Capital not be safe for very long with- US sanctions on Iran's The Qatar Financial Centre headquarters in Doha. electricity plants around the Advisors in New York, with out us, and yet they continue oil exports come into force QR140 bn world. Analysts consider GE’s prices supported by sanctions to push for higher and higher on November 4. Many buy- "The meeting was very Pinsent Masons. success with the new turbines, on Iranian supplies and pres- oil prices! We will remember." ers have already scaled back investments positive and we discussed a The UK is the fourth larg- known as the HA class, critical sured by the potential Chinese In the range-bound mar- Iranian purchases, and it was number of areas whereby the est exporter to Qatar. In 2016, to rescuing its power division demand could wane. ket, Trump's tweets may drive unclear how easily other pro- The Qatari government has QFC and the City of London UK exports to Qatar amounted from a steep decline in sales US sanctions were im- prices down slightly, said ducers, such as Saudi Arabia, more than QR140 billion can potentially collaborate on to nearly QR11.2 billion regis- and profits. “This issue, if not posed by Trump in response to Tyche's Zahir, predicting that Iraq and Russia, can compen- worth of investments in UK. in the near future. We look tering a growth of 21.7 percent quickly resolved, could hurt Iran's nuclear programme. The such tweets would probably sate for lost supply. This includes stakes in BAA, forward to continuing to work compared to 2014. GE’s turbine brand image and Organization of the Petroleum continue with US midterm BNP Paribas oil strate- Sainsbury’s, Barclays, together.” The Qatari government market share,” Jim Corridore, an Exporting Countries and other elections approaching. gist Harry Tchilinguirian told London Stock Exchange, The meeting comes as also has more than QR140 analyst at CFRA, said in a note, producers, including Russia, "The last thing that he is Reuters Global Oil Forum: Harrods and The Shard part of QFC’s commitment billion worth of investments cutting his price target to $14 meet on Sunday in Algeria to going to want to have happen "$80-per-barrel Brent is a to further enhance the strong in UK. This includes stakes in from $15. GE stock was down discuss how to allocate supply is diesel prices and oil prices psychological level, and unsur- relationship between UK BAA, Sainsbury’s, Barclays, 3 percent at $12.49 on the increases to offset the loss of hitting highs when people are prisingly, as we approach it, it Dorani said, “The UK and and Qatar and to continue to London Stock Exchange, Har- New York Stock Exchange. The Iranian barrels. going to the voting booth," gets sold into as some market the City of London are key boost relations with the City rods and The Shard. problem was first discovered The meeting is unlikely Zahir said. participants take profit." strategic partners of QFC and of London. In 2017, Qatar announced on turbine blades in a natural to agree to an official rise in Still, many traders and "As more evidence gath- we continue to welcome more The QFC currently that it will invest QR23.5 gas-fueled turbine operated crude output, although pres- analysts expect Brent to move ers that Iranian oil exports British firms to our platform. hosts over 80 British firms billion in the UK economy by Exelon Corp in Texas a few sure is mounting to prevent a above $80 soon. are heading sharply down, We were delighted to welcome on its platform, including through various investment weeks ago, GE told Reuters. spike in prices. "Brent is definitely fighting the more emboldened the oil the Lord Mayor of the City of entities such as Barclays, funds and relevant parties in (REUTERS) Trump weighed into the the $80 line, wanting to break market is likely to be to test, London at the QFC. Clyde & Co, Eversheds and Qatar over the next 3-5 years. debate via Twitter, saying "The above," said SEB Markets and breach this level." www.guide.com.qa -YPKH`:LW[LTILY
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are aware of the economy's cy. A diplomatic row between ing away from a decade and Growth seen down to 2.3 percent in strong and weak points." Ankara and Washington over a half of growth driven by 2019, rising to 5 percent in 2021 Sources had said Tur- the trial of a US evangelical credit and big infrastructure key would cut its economic pastor in Turkey has added to projects. REUTERS cent in 2019, both revised growth estimates, although pressure on the lira. Turkey's unemployment ANKARA down from previous forecasts they had said there was de- The central bank hiked in- rate was expected to rise to of 5.5 percent. bate among top government terest rates by 6.25 percent- 11.3 percent in 2018 and 12.1 TURKEY sharply cut its "We will see a gradual officials about the extent of age points last week in a bid percent in 2019 before falling growth forecasts for this year growth increase from now on. the revisions. to tame double-digit inflation to 11.9 in 2020, the presenta- and next in its new medium- Our main goal is to establish That discussion under- and put a floor under the lira. tion showed. term economic programme 5 percent growth from 2021 scored the delicate balance The currency had made mod- Albayrak said Turkey on Thursday, amid a deep onwards," Albayrak said at between President Tayyip Turkish Treasury and Finance Minister Berat Albayrak announces the erate gains since then. will prioritise investments in currency crisis that has seen the presentation in Istanbul. Erdogan's long-standing New Economy Program 2019-2021 in Istanbul on Thursday. (EPA) The programme forecast pharmaceuticals, energy, and the lira fall by 40 percent this Growth was seen at 3.5 per- emphasis on credit-fuelled that inflation would rise to petrochemicals to reduce its year. cent in 2020. economic expansion and in- ised "realistic macro targets" beforehand and a close of 20.8 percent this year before current account deficit, which Finance minister Be- "We will realise the neces- vestors' calls for greater aus- and "right action plans". 6.2541 on Wednesday. dropping to 15.9 percent in was seen falling to 2.6 per- rat Albayrak's presentation sary policies and measures to terity. The lira traded at 6.21 The currency has been hit 2019 and 9.8 percent in 2020. cent of gross domestic prod- showed growth was expected ensure economic hardships Albayrak, Erdogan's son- after the programme was an- by concerns over Erdogan's Investors want to see uct by 2021 from 4.7 percent to be 3.8 in 2018 and 2.3 per- are overcome," he said. "We in-law, had previously prom- nounced, from around 6.20 influence over monetary poli- signs the government is mov- seen in 2018. EU ups pressure OPEC unlikely to agree on Facebook over consumer rules on output hike in Algeria DPA Saudis concerned about lack of spare capacity as US sanctions loom on Iran oil exports BRUSSELS REUTERS EUROPEAN Union Justice DUBAI Commissioner Vera Jouro- va on Thursday called on THE Organisation of the Pe- Facebook to comply with Facebook troleum Exporting Countries EU consumer rules by the (OPEC) and its allies are un- year's end or face possible faces heat likely to agree an official in- sanctions, while announc- crease in crude output when ing that Airbnb had agreed My patience has reached they meet in Algeria this to changes she had de- its limit. While Facebook weekend, although pressure manded. assured me (that they is mounting on top producers "My patience has would) finally adapt any to prevent a spike in oil prices reached its limit," Jourova remaining misleading terms ahead of new US sanctions on said. "While Facebook as- of services by December, Iran, OPEC sources said. sured me (that they would) this has been ongoing for OPEC kingpin Saudi Ara- finally adapt any remaining too long, Jourova said bia is worried that any sanc- misleading terms of serv- tions-related spike in oil prices ices by December, this has will trigger fresh criticism been ongoing for too long." Meanwhile, she wel- from US President Donald In March 2017, Face- comed the willingness of Trump but is concerned about book and other social media Airbnb to improve trans- a lack of spare oil capacity to giants promised to change parency on its website. offset shortages, the sources their terms and conditions The property rental said. after EU consumer authori- website has promised to The kingdom is caught be- ties said they were unfair. show the full price of book- tween a rock and a hard place, But progress has been "very ings on all its EU language seeking to prevent prices from limited," according to the sites, including extra fees rising far above $80 a bar- European Commission. such as service and clean- rel ahead of US congressional It referred in particular ing charges, by the end of elections while fending off to new terms introduced in the year. doubts over its ability to com- April, in which Facebook The commission said pensate for a drop in Iranian only tells consumers that it that Airbnb had also com- supply. uses their data and content mitted to clearly identifying "It's complicated. Saudi to improve their overall ex- whether offers come from Arabia has to balance oil sup- perience, without mention- private hosts or profession- ply and demand, and it has to ing that the data is also used als - a distinction that af- balance oil prices so they don't for commercial purposes. fects the level of consumer rise too much before the US "If the changes are not protection available. elections," one OPEC source fully implemented by the The company will fur- said. The OPEC headquarters in Vienna. end of the year, I call on ther bring its terms of "It's also political because consumer authorities to service in line with EU con- the Saudis don't want to pump within its quota framework. joint OPEC and non-OPEC Iranian oil exports to zero by the roughly 400,000 bpd act swiftly and sanction the sumer rules, the European too much oil then the Irani- OPEC sources say there ministerial committee known November and is pushing Sau- that it has pumped above its company," Jourova warned. Union's executive said. ans complain to OPEC that is no immediate plan for any as the JMMC, which meets in di Arabia, other OPEC mem- 10 million bpd target, OPEC it (Saudi Arabia) is taking official action as such a move Algiers on Sunday, can still bers and Russia to pump more and industry sources told (Iran's) market share. They would require OPEC to hold recommend to the wider coali- to meet the shortfall. Reuters. also don't want oil prices to fall what it calls an extraordinary tion a further increase in out- OPEC and industry sourc- But that has raised some too much." meeting, which is not on the put if needed. es told Reuters that Chinese, doubt over whether Riyadh Trump took aim at OPEC table. A separate OPEC source Indian and other Asian refin- can quickly boost output to on Thursday, writing on Twit- The weekend gathering said: "To make a decision, you ers had been asking Middle what the kingdom says is its ter: "We protect the countries will discuss how to share the need to have all the ministers. Eastern producers such as maximum sustainable ca- of the Middle East, they would previously agreed output in- Not all ministers are attending Saudi Arabia, Iraq, the United pacity of 12 million bpd, the not be safe for very long with- crease and examine whether but most delegations will be Arab Emirates and Kuwait for sources said. out us, and yet they continue the market needs more oil to represented." more cargoes. Though Saudi Arabia has to push for higher and higher offset the loss of Iranian sup- US sanctions on Iran's oil While some producers face never tested such high levels, oil prices! We will remember. ply as well as a decline in Ven- exports come into force in No- supply restrictions due to in- it has said it pumped 10.7-10.8 The OPEC monopoly must get ezuelan output, the sources vember, with supply from the frastructure constraints or a million bpd in the past. prices down now!" said. country already at two-year desire not to be seen as flood- Industry sources famil- Under pressure from the Two sources said the meet- lows. Falling Venezuelan out- ing the market, others are qui- iar with Saudi oil plans say US president, the OPEC, Rus- ing could produce a recom- put and unplanned outages etly boosting exports to Asia, state energy giant Aramco can sia and other allies agreed in mendation on dividing the elsewhere will also keep the the sources said. raise output quickly to 11 mil- June to boost production by 1 increase, as most participat- supply-demand balance tight. Though OPEC production lion bpd, but reaching 12 mil- million barrels per day, having ing countries would be repre- Fears over supply short- has increased since July, Sau- lion bpd could take up to six participated in a supply-cut- sented. ages have boosted crude prices di Arabia has added less crude months. ting deal since 2017. "There are no proposals in recent weeks, and interna- than it initially indicated. Spare capacity refers to EU Commissioner in charge of Justice, Consumers and Gender The so-called "OPEC+" co- for an extraordinary meeting tional benchmark Brent was Saudi officials believe a producer's ability to ramp Equality, Vera Jourova addresses a press conference in Brussels alition meets on Sunday in Al- in Algeria," another OPEC trading above $79 a barrel on there is insufficient oil de- up production in a relatively on Thursday. (EPA) geria to discuss how to allocate source said. Thursday. mand so far to justify raising short time. Much of it is locat- that 1 million bpd increase The source added that the Washington wants to cut Saudi output much beyond ed in the Middle East. US weekly jobless Google Mini tops in connected speaker market claims hit 48-year low Other players AFP result of 209,000. The smallest device from Google captured WASHINGTON The result was the lowest 20% of the market with sales of 2.3 million O Amazon retained its level since November of 1969, overall lead with a NEW US claims for jobless whereas the prior week's level AFP with 27 percent for Google's combined market share of benefits fell for the third week had been the lowest since De- WASHINGTON two speakers. 30 percent for its Echo and in a row, hitting their lowest cember 1969. Alibaba's Tmall Genie sold level in nearly 49 years for the However, economists say GOOGLE Home Mini has in China was the fourth big- Echo Dot third straight week, the La- that in reality the levels are vaulted to the top spot in the gest seller in the survey with O Heavyweight brands bor Department reported on likely the lowest ever, given global market for connected a seven percent market share, such as Samsung and Thursday. demographic changes in the speakers, edging out a rival the report showed. The new figures suggest United States in the past half device from Amazon, a survey Apple's HomePod was Bose are in the process of the US economy's vigorous century. showed Wednesday. not among the top sellers but launching their first models job creation continued una- Claims have now held The Strategy Analytics re- because of its high price tag, bated this month as the data below the symbolic level of port for the second quarter captured 16 percent of the OAlibaba’s Tmall Genie were collected during the sur- 300,000 for more than 3.5 of 2018 showed the smallest revenue in the market, accord- sold in China was the vey week for the department's years, the longest such streak device from Google captured ing to Strategy Analytics. The fourth biggest seller in the more closely watched monthly ever recorded. 20 percent of the market with research firm said the mar- survey with a seven jobs report, due out next week. Though they can see big sales of 2.3 million. ket was rapidly evolving with percent market share, the Amid a widely reported swings from week to week, job- That was slightly ahead more manufacturers entering. report showed labor shortage, employers are less claims are an indication of of the Echo Dot, the similarly "The number of smart reluctant to lay off workers the prevalence of layoffs and sized device from Amazon, speaker models available who are difficult to replace. the health of jobs markets. with an 18 percent market worldwide has grown sig- A total of 11.7 million of For the week ended Sep- In a decade of economic share. nificantly over the last twelve A view of Google Home Mini (left) and Amazon’s Echo Dot the devices were sold in the tember 12, new claims for recovery, the United States Amazon retained its over- months as vendors look to second quarter, with Google unemployment insurance fell has seen uninterrupted job all lead with a combined mar- capitalize on the explosive "Heavyweight brands such credibility to the segment and and Amazon making four of to 201,000, down 3,000 from creation, driving the unem- ket share of 30 percent for market growth," said David as Samsung and Bose are in giving consumers more op- the top five devices and ac- the prior week. Economists ployment rate to historical its Echo and Echo Dot, the Mercer, vice president at the process of launching their tions at the premium-end of counting for more than half of had instead been expecting a lows. research firm said, compared Strategy Analytics. first models, adding further the market." global sales.