THURSDAY, OCTOBER 6, 2016

DOW18,298.33 QE 10,372.20 SENSEX 28,220.98 GOLD 1,269.20 ‘Hard Brexit’ could cost UK financial +129.88 PTS -15.98 PTS -113.57 PTS -0.04% firms $48 billionPAGE 21 PRICE PERCENTAGE PRICE PERCENTAGE 17.82 BRENT 51.77 +1.77% WTI 49.74 +2.06% SILVER +0.25% Qatar signs new deal to supply additional gas to UAE

TRIBUNE NEWS NETWORK Dolphin Energy, which rising demand for gas. DOHA is 51 percent owned by Abu KEY DEAL “QP’s support of the flagship Dhabi’s Mubadala Develop- Dolphin Gas Project has been DOLPHIN Energy Limited, ment Company, started deliv- The gas will be supplied instrumental in meeting the gas which supplies gas to the ering gas to the UAE in 2007 through a 48-inch requirements of our brothers in UAE from Qatar through a from Qatar’s North Field, and undersea pipeline the UAE, and this new agree- 48-inch undersea pipeline, on in February 2008, the com- ment is another strong testa- Wednesday signed a new long- pany achieved full throughput The $350 mn pipeline ment to our commitment in this term gas sale and purchase of 2 billion standard cubic feet was installed by Saipem regard,” Kaabi added. agreement (SPA) with Qatar per day. of Italy and was For his part, Sayegh said, Petroleum to deliver addition- The pipeline was installed “These developments help al quantities of gas to the UAE. by Saipem of Italy at a value completed in 2006 support the UAE’s develop- The agreement was signed in excess of $350 million and Dolphin started ment and transition to a low by President and CEO of Qatar was completed in 2006. carbon economy and demon- Petroleum (QP) Saad Sherida Last year, the company up- delivering gas to the strate our continued commit- al Kaabi, and Ahmed Ali al graded its compression facili- UAE in 2007 from ment to enhance energy secu- Sayegh, managing director of ties and installed three new ex- Qatar’s North Field rity for the UAE by offering a Dolphin. port gas compressors at its gas source of reliable, clean energy Prime Minister and Minis- processing plant in Ras Laffan for power generation. ter of Interior HE Sheikh Ab- to match its export gas pipe- Speaking after the agree- He said the success of the dullah bin Nasser bin Khalifa line’s supply capacity of 3.2 bil- ment signing function, Kaabi Dolphin Gas Project is, in part, President and CEO of Qatar Petroleum Saad Sherida al Kaabi (right), and Ahmed Ali al Sayegh (left), al Thani and Dr Sultan Ahmed lion standard cubic feet per day. said, “This agreement rein- driven by its ability to meet managing director of Dolphin, sign the deal in the presence of Prime Minister and Minister of Interior HE Al Jaber, Minister of State and The supply of the addi- forces confidence in Qatar as a the needs of its customers. Sheikh Abdullah bin Nasser bin Khalifa al Thani and Dr Sultan Ahmed Al Jaber, Minister of State and Member of the Council of Min- tional gas quantities under the reliable regional and interna- “As their requirements have Member of the Council of Ministers of the UAE, at an event in Doha on Wednesday. isters of the UAE, who is also new agreement will be allocat- tional supplier of gas as a clean changed, so we have respond- the CEO of Abu Dhabi Na- ed to SEWA and RAKGAS us- energy source.” ed accordingly and worked Earlier, the Prime Minister During the meeting, they erly countries and ways of tional Oil Company (ADNOC), ing the existing UAE Eastern He also stressed QP’s com- closely with our partner, QP, met the UAE delegation on the reviewed the fraternal rela- developing them, especially in witnessed the signing. Gas Distribution Network. mitment to meeting the UAE’s to make this possible.” occasion of their visit to Qatar. tions between the two broth- the fields of energy.

QUICK READ QA, Boeing Qatar sets Marine crude OSP for Sept Margin trading: The Group likely to clinch at $42.45 a barrel QATAR has set its September widebody jets retroactive official selling price deal this week (OSP) for its Marine crude draws massive response at $42.45 a barrel, down 55 REUTERS cents a barrel from the previ- DOHA ous month, according to a WHAT DOES MARGIN TRADING MEAN FOR QATARI INVESTORS? nies as it will take long for rest document from state marketer The company will of the firms to take licence QATAR Airways and Boeing Tasweeq seen by Reuters. The begin offering from Qatar Financial Markets will hold a news conference country also set its Septem- Authority (QFMA) for offer- on Friday, a spokeswoman for ber Qatar Land crude OSP at margin trading at ing margin trading, the offi- Qatar Airways told Reuters on $44.25, down 15 cents from the QSE from today cial said. Wednesday, as a big sale of Boe- the previous month. (REUTERS) Enquires have revealed ing widebody jetliners looked that some of the other bro- close to being clinched. SATYENDRA PATHAK kerage firms have also sought Qatar Airways is in the Sada to open GSF DOHA permission from QFMA to of- process of firming up the order, to be held in Doha fer margin trading. which was delayed by the Qatari on October 30-31 THE Group Securities, the Operations manager of government in an effort to speed only brokerage firm in Qatar International Financial Secu- up US approval of its purchase MINISTER of Energy & Industry licensed to execute margin rities said that the company of Boeing fighter jets, sources HE Dr Mohammed bin Saleh trading on the Qatar Stock Ex- will be providing margin trad- familiar with the situation told al Sada would officially open change (QSE) from Thursday, ing facility to its customers Reuters. If the deal is finalised, the forthcoming Gulf Safety has received overwhelming re- within two months. it would give the Chicago-based Forum (GSF) to be held in Doha sponse from both Qatari and “We have done our prepa- planemaker a substantial sales on October 30 & 31, a press non-Qatari investors to open rations and just waiting for boost in a year when orders for release said on Wednesday. The margin trading accounts. necessary approvals from the widebody planes has slumped. forum will take place under the “Many of our existing cus- authorities concerned to offer Last week people familiar Patronage of Prime Minister and tomers especially the Qatari this service to our customers. with the situation said Qatar Air- Minister of Interior HE Sheikh investors have applied for It should not take more than ways was in the process of firm- Abdullah bin Nasser bin Khalifa opening margin trading ac- two months for our customers ing up an order for Boeing jets, al Thani. Representatives will counts so that they can use to avail of this facility from the which it was due to have placed gather from diverse industry this platform from the very company,” the manager said. at July’s Farnborough airshow sectors including oil, gas, petro- first day of its launch,” a sen- According to sources, in Britain. chemicals, aluminium, transport ior official of Group Securi- QNB Financial Services and The deal postponed in July and construction. (TNN) ties’ operations department Commercialbank Investment was a top-up deal for about five told Qatar Tribune. Services are also expected to Boeing 777-300ER worth $1.7 “As The Group Securities offer margin trading soon. billion at list prices, people fa- Oil up 2% to June is the only licensed firm to Meanwhile Doha-based miliar with the talks said, but highs on another offer this service currently, stock market experts have the order could expand as Qatar US crude draw we have also received many expressed hope that the in- Airways continues to target sig- enquiries from investors reg- troduction of margin trading nificant growth despite concerns OIL prices rose about 2 per- istered with other brokerage N the stock market, margin trading refers to the process whereby individual investors buy by QSE will go a long way in over the Gulf economy. Bloomb- cent on Wednesday, hitting companies in Qatar. Many Imore stocks than they can afford to. Regulated margin trading, in which investors borrow boosting liquidity on the local erg last week reported the deal their highest since June, after of them have approached to money from a broker to purchase stocks, has been allowed at the Qatar Stock Exchange (QSE) bourse. was for at least 30 Boeing 777 the fifth unexpected weekly open accounts to start margin from Thursday. Qatar has adopted a 60:40 method wherein a financial services company funds Besides boosting liquid- and 787 jets, valued at about drawdown in US crude inven- trading with us,” the official 40 percent of the securities’ market value purchased for its client pursuant to the agreement ity in the market, an expert $6.7 billion at list prices. tories. Speculation about the said. governing the relation between them. The customers would have to open a new margin trading said, it will provide additional The airline is also in talks Organisation of the Petroleum Since an investor cannot account with the brokerage firm. Investors will be allowed to buy stocks of only those compa- financing channels for inves- for about two dozen Boeing 737 Exporting Countries’ plan to cut have trading accounts with nies which are the constituent of QSE 20 benchmark index through their margin trading ac- tors who are willing to buy MAX jetliners, aviation market production at its meeting next two brokerage companies counts. The margin trading account is used to deal only in securities traded in the market, and large amounts of stocks. sources said. Boeing and Qa- month also kept the market at the same time, the official must not be used for subscription in new securities’ issuances, as per the guidelines of Qatar’s “While not the most il- tar Airways declined to com- supported. Brent crude was said, “We expect many trad- financial market regulator. liquid stock market in the ment on the details of Friday’s up $1.06, or 2.1 percent, at ers shifting from their exist- Middle East, Qatar struggles planned announcement. $51.92, peaking at $52.09, its ing brokers to The Group Se- to generate large trading vol- Qatar Airways Chief Ex- highest since June 10. US West curities’ trading platforms.” Securities Company, Islamic cialbank Investment Services, form to their customers. umes. Introduction of margin ecutive Officer Akbar al Baker Texas Intermediate crude was Except The Group Secu- Brokerage, International Ahli Brokerage Company and The Group Securities is trading will play a vital role said in August that the airline up $1.11, or 2.3 percent, at rities, the other 10 broker- Financial Securities, Gulf Al Rayan Financial Broker- in an advantageous position in increasing trade value and planned to make a major air- $49.80. It earlier hit $49.95, a age firms like Dlala Broker- Investment Group, QNB Fi- age, are yet to get licence for currently to attract investors volume of the bourse,” anoth- craft order to enable its net- high since June 29. (REUTERS) age, Dlala Islamic, Qatar nancial Services, Commer- offering margin trading plat- from other brokerage compa- er expert said. work expansion plans.

EXCHANGE RATE Currency buy QR sell QR US 3.6315 3.6495 Al Meera plans to open five new stores in three months Euro 4.0507 4.1449 Pound Sterling 4.6005 4.0764 meeting stems from the keen- with its ongoing pursuit of Indian Rupee 0.0539 0.0551 The shareholders agreed to transfer ness of the Board of Directors meeting the expectations of 26 percent of shares held by Qatar to interact with shareholders, consumers and the ambi- Pakistani Rupee 00000 0.0350 in the framework of the sys- tions and goals of sharehold- Philippine Peso 0.0762 0.0764 government to Qatar Holding Company tem of governance and related ers,” he said. Sri Lankan Rupee 00000 0.0255 laws and also to address topics The EGA agreed on the SAMEH SAEID eral assembly (EGA) meeting on the agenda,” Sowaidi said. amendment of the Articles of Bangladeshi Taka 00000 0.0468 DOHA in Doha on Wednesday. He added that the compa- Association of the company Nepalese Rupee 00000 0.0348 “Another 14 stores will ny has been able to take firm as per the regulatory require- AL Meera Consumer Goods follow in next two years”, he steps that empowered it to as- ments in order to conform Japanese Yen 0.0354 0.0364 Company would open five new told Qatar Tribune. sume a leading position in the with the rules of the Commer- Kuwaiti Dinar 11.924 12.150 stores in the next three months The meeting was chaired consumer goods retail sector. cial Companies Act no 11 of Omani Riyal 9.2560 9.4960 after obtaining approval from by Vice-Chairman of the “In this context, the com- the year 2015. the concerned authorities, Board of Directors Dr Saif pany relies on its expansion The shareholders also Saudi Riyal 0.9570 0.9742 Deputy CEO Mohamed Naser Said al Sowaidi, and was at- and development plan, in agreed to transfer the shares UAE Dirham 0.9770 0.9938 al Qahtani has said. tended by board members order to keep pace with the held by the Qatari govern- Al Meera board members at the company’s extraordinary general Bahraini Dinar 9.5410 9.6960 He was speaking at the and shareholders. population boom and the ur- ment amounting to 26 percent company’s extraordinary gen- “The call for this EGA ban changes in Qatar, along assembly meeting in Doha on Wednesday. to Qatar Holding Company. Source: www.dohabank.com.qa 18 Thursday, October 6, 2016 Economy & Business Mideast stocks: Saudi gains as crude oil firms REUTERS DUBAI HIGHLIGHTS

SAUDI Arabia's petro- Saudi petrochemicals chemical stocks rallied on lead index higher Wednesday after Brent crude oil firmed over $51 a Telcos diverge with barrel, while Egypt climbed Zain jumping but STC, for a third straight session Mobily sliding as investors anticipated ap- proval of its International Builder Alkhodari gains Monetary Fund loan pro- after winning contract gramme. from Ma'aden Riyadh's stock index closed up 1.1 percent as the Egypt gains for third petrochemical sub-index session as investors rose 3.4 percent with all 14 listed producers advanc- ready for IMF loan ing. Yanbu National Petro- UAE indexes trail with chemicals (Yansab) jumped 5.9 percent to 46.80 riyals Dubai down and National Petrochemical Kuwait’s NIC jumps surged 8.2 percent to 15.15 riyals. after appointment to Analysts at NCB Capital execute Americana said in a note that Yansab deal was one of their top picks in the sector because of supe- allowing them to offer a full rior efficiency and low debt range of services. levels. They maintained an Zain Saudi rose 4.7 per- "overweight" rating on the cent, taking its gain over stock with a price target of two days to 14.8 percent. Its A report by Kuwait Financial Centre on Wednesday said most GCC bourses continued to stumble in September despite oil prices touching $50 a barrel. (REUTERS) 50.40 riyals. chief competitor Saudi Tel- Analysts at Bahrain's ecom retreated 2.3 percent SICO said: "Yansab is in a and Mobily fell 0.8 percent. strong position as it is now Builder Al Khodari a 'cash cow' with no near- jumped 4.0 percent in ac- Despite oil surge, most GCC term large capex require- tive trade after it said it ments. Double-digit cash had signed a contract with flow yield should support miner Ma'aden to construct the high single-digit divi- an aluminium producing dend yield." They rate the facility for 49 million riyals markets end Sept in the red stock a "buy" with a target ($13.1 million). of 53.00 riyals. In Egypt, the index of forming market in September, FACT FILE Electric Company (SEC) and NCB also upgraded the 30 most valuable shares Across-the-board profit booking and rising by 1.8 percent, while Ezdan Holdings (Qatar) end- National Petrochemical to gained 2.1 percent, taking Kuwait indices had a mixed ing the month at the bottom "overweight" with a price its rise for the week to 6.2 declining PPI led to Qatar index falling 5% month, with the price index Renewed austerity fears of the pile, losing 12.5 percent target of 17.30 riyals, citing percent. Egyptian Resorts falling marginally by 0.4 per- drove Saudi’s TASI index and 10.6 percent, respectively. greater efficiency following was the top gainer in the in- cent, and the weighted index down by 7.5 percent Zain (Kuwait) and Kuwait a two-month shutdown and dex, jumping 5.5 percent. rising by 1.3 percent, the re- Food Co. witnessed a gain of attractive valuations. SICO Many investors think ASIF IQBAL oil prices,” the report said. port said. Talk of further devalua- 4.7 percent and 3.3 percent, upgraded the stock too, to Egypt's $12 billion IMF loan DOHA As regards Qatar, the re- The report added that al- tion of Egyptian pound respectively. "buy" with a target of 19.00 programme may be final- port noted that despite addi- though the oil price rose by SEC signed a $1.3 billion riyals. ised in the next few weeks. DESPITE oil prices touching tion of 22 stocks in the FTSE's over 4 percent, on the back of contributed to country’s Islamic loan in September, Saudi Arabia's three top Egypt's deputy finance $50 per barrel in September, secondary emerging market the OPEC agreement to limit main index falling 3.5% after having already secured telecommunications stocks minister told Reuters on most GCC bourses continued index, across the board profit crude output, Saudi index fell loans worth $ 3.8billion ear- were mixed in a second Wednesday the IMF would to stumble in the month, a re- booking and declining Pro- considerably after the Saudi While Morocco emerged lier this year. The company straight session of heavy discuss Egypt's loan at a "fu- port by Kuwait Financial Cen- ducer’s Price Index (PPI) led government announced that the performing market claims that this new loan will trade after the government ture" executive board meet- tre said on Wednesday. to the index falling by 5 per- it was reducing salaries and in September, rising by be used towards supporting its said it would provide opera- ing, not at its annual meet- According to the report, cent last month. allowances for public sector 1.8%, Kuwait indices projects’ capital expenditure tors with "unified licences" ing this week. Saudi’s TASI index shed 7.5 The report said speculation employees. had a mixed month needs. percent, followed by Qatar (5 over possible further devalu- “Many investors believe A few of the large cap percent) and Egypt (3.5 per- ation of the Egyptian pound, that additional austerity steps, stocks in the Qatar index were cent). due to expected floatation of such as new fees or taxes on included in the FTSE’s Rus- “Saudi Arabia’s stock mar- the currency in the market, the kingdom's large workforce months because of the antici- sell emerging market index in ket went deep into red over led to increased volatility in of foreigners, could also be pated austerity policies,” the August. Investors cashed in Manateq, QIMC join list fears that the government the Egyptian markets, as the approved soon. Middle East report. on the gains post inclusion as could introduce more aus- country’s main index declined fund managers have turned The report pointed out a few stocks’ values retreated, of Qatar expo sponsors terity measures to curb a big 3.5 percent in September. negative towards Saudi Ara- that blue chips also had a with Ezdan Holdings featuring budget deficit caused by low Morocco was the top per- bian equities for the next three negative month, with Saudi among them. TRIBUNE NEWS NETWORK Saudi community, and encour- DOHA aging Saudi businessmen and women to invest in industrial MoU SIGNED ECONOMIC Zone developer projects in Qatar. Iraq opens up Manateq and the Qatar Indus- Manateq CEO Fahad Rash- trial Manufacturing Company id Al Kaabi said, “Our partici- to agencies on Qatar, Georgia chambers to bulk up trade (QIMC) have signed agree- pation in this event is aimed at ments with the Qatar Chamber synergizing our capacities and output ahead to be sponsors of the “Made in efforts with the various part- TRIBUNE NEWS NETWORK gian Chamber of Commerce World Cup projects , a matter explore opportunities in Geor- Qatar” exhibition to be held in ners and stakeholders in the of OPEC jostle DOHA and Industry President Nino which provides major invest- gia, particularly in fields of Saudi Arabia next month. field of entrepreneurship and Chikovani, with the presence ment opportunities for inter- agriculture, livestock and real The exhibition, which aims SME development in Qatar. REUTERS QATAR Chamber (QC) and of a number of Qatari busi- national companies to set up estate sectors, and in other ar- to promote Qatar industry and “Being there is also a ma- DUBAI Georgian Chamber signed a nessmen. genuine partnerships with Qa- eas. products made in the country, jor opportunity for Manateq memorandum of Understand- Representatives of Geor- tari businessmen, Mohamed He said the Chamber was will be held at the Riyadh In- to better introduce its portfo- IRAQ will later this month ing (MoU) to strengthen ties gian companies specialising in bin Twar said. keen on encouraging business- ternational Convention and lio of economic zones and to host influential bodies that between the business commu- construction, real estate, en- “Although our countries men in both countries to build Exhibition Centre in Saudi highlight their major contribu- assess oil production levels, nity in both countries, at the ergy, tourism and agriculture enjoy good mutual relations, partnerships for the benefits Arabia between November 6 tion to the development and ahead of an OPEC meeting QC headquarters in Doha on were present. the trade volume is still below of both the economies, and and November 9. growth of SME and private when the topic will become Wednesday. The QC vice-chairman said the level of our expectations. called on the Georgian com- It would feature products sectors in various fields of the even hotter as members jostle The MoU was signed on that Qatar had achieved tre- In 2015, our total trade was panies and businessmen to in- from a selection of leading economy.” over allocations. the sidelines of a meeting or- mendous strides in several ar- valued at QR390 million. We vest in Qatar and to cooperate Qatari companies, along with Al Kaabi further said Man- OPEC's second largest ganised by the QC with mebers eas of economy and there were want to take this commercial with the Qatari side for mutual small and medium businesses. ateq’s participation in the ex- producer has invited interna- of the Georgian business dele- many areas for investment. relationship to a higher level,’’ advantage. The four-day event is expected hibition is an underpinning of tional organisations and me- gation visiting Doha. Huge projects for devel- he said. Chikovani said the MoU to provide an opportunity for the importance of coordina- dia groups who estimate its The meeting was co- oping the infrastructure are The QC vice-chairman as- would contribute to achieving exhibitors and manufacturers tion between Manateq partners production to visit the oil min- chaired by QC Vice-Chairman, being carried out in the coun- sured his counterpart that greater convergence and coop- to meet, while directly intro- and institutions in the field of istry in Baghdad and possibly Mohamed bin Twar and Geor- try in addition to Qatar 2022 Qatari businessmen would eration between the two sides. ducing Qatari products to the entrepreneurship. the southern oil city of Basra. The meetings, scheduled for Oct. 24-25, are "for the purpose of sharing, in details, the most accurate figures of Commercial Bank’s 3rd Future Leaders’ Programme ends Iraqi oil production," state- owned Oil Marketing Com- pany SOMO said in the invita- to fast-track their careers to- tion letter received by Reuters. 22 Commercial wards positions of leadership.” "During the said meetings, “The best bank in Qatar you will also have the chance Bank employees needs the best people to lead to register the agency you are and two from its it, and the future leaders’ Pro- representing for a periodic gramme develops our employ- publication that is expected Turkish subsidiary ees from within to succeed as to meet your requirements in undergo training future leaders of the bank and estimating oil production in spearhead a knowledge-based Iraq." economy that is firmly in line Iraqi Oil Minister Jabar TRIBUNE NEWS NETWORK with the Qatar National Vision Ali al-Luaibi has questioned DOHA 2030,” he added. one of the two methods OPEC Laoucine Kerbache, CEO is using to estimate the oil out- COMMERCIAL Bank has and academic dean of HEC put of its members, signalling completed the third edition Paris in Qatar, said, “The the issue could be a problem of its Future Leaders’ Pro- future leaders’ programme for the country to join a poten- gramme, with a certification First launched in 2009, the Future Leaders’ Programme is one of Commercial Bank’s proprietary educational and professional career nurtures and supports Com- tial deal limiting production ceremony held in the Westin advancement programmes aimed at identifying and training future leaders. mercial Bank employees by the group has agreed on in Al- Hotel, Doha. providing them with the en- geria last week. First launched in 2009, the for executive education. signed specifically for Com- to date, with strong strategic as it goes to the core of Com- couragement, skills and train- The Organization of the programme is one of Commer- The certification ceremony mercial Bank by HEC Paris in and leadership capabilities to mercial Bank’s goal of building ing they need to succeed in po- Petroleum Exporting Coun- cial Bank’s proprietary educa- marks the end of a fourteen- Qatar to identify and accelerate be able to continue Commer- the best bank in Qatar and to sitions of leadership.” tries, which meets on Nov.30, tional and professional career month intensive training pro- the development and progres- cial Bank’s and Qatar’s growth be the employer of choice. “I congratulate the partici- uses two sets of figures for out- advancement programmes, gramme for twenty-two Com- sion of staff with high potential journey. “People are our most im- pants in completing this year’s put estimates - submissions by and is delivered in partner- mercial Bank employees and for performing senior roles. Commercial Bank CEO portant asset and the pro- programme. HEC Paris in Qa- the countries themselves and ship with HEC Paris in Qatar, two employees from the Bank’s As the third batch em- Joseph Abraham said, “The fu- gramme realises people po- tar looks forward to continuing estimates by secondary sourc- a member of Qatar Foundation Turkish subsidiary, ABank. ployees to have completed the ture leaders’ programme is an tential by empowering them our partnership with Commer- es, which are usually lower. and the region’s leading hub The programme was de- Future Leaders Programme incredibly valuable initiative through world-class training cial Bank in the future.” www.guide.com.qa  Thursday, October 6, 2016

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TS2022 20 Thursday, October 6, 2016 Technology

PIXEL US internet giant Pixel is the first smartphone designed by Google, with the Silicon Valley Google on Tuesday powerhouse dictating the hardware, software and services the way Ap- ple does with its iPhones. The Google-branded smartphone takes aim at challenged heavy- flagship models by Apple, Samsung and others in the fiercely competitive weight rivals market.Pixel, which comes in five and 5.5- inch (12.7 and 14-centimeter) screen sizes, including Apple boasts a fingerprint reader, a camera billed and Amazon with as the best in any smartphone, unlimited online storage for photos and videos, and an array of new quick charging combined with long battery gadgets aimed at life.Pixel is powered by the latest version of the Android mobile operating system, digital lifestyles. Nougat, and Google promised to keep the Here is everything software automatically updated.Pixel also features Virtual Assistant artificial intelligence to get you up to to enable users to manage tasks and get speed information in natural conversation format. WiFi Pixel’s starting price of $649 in the United Google Wifi promises to make sure people can connect to the internet from States is the same as that of Apple’s newest Google CEO Sundar Pichai anywhere in a home. Disk-sized Wifi modules can be placed in various spots in iPhone.Preorders for Pixel began Tuesday in homes, acting as an internet-linked mesh of sorts so getting online is uniformly Australia, Britain, Canada, Germany and the easy.Wifi software lets people easily manage congestion on home networks, or United States. Pixel will be available for order even selectively cut off children’s gadgets from the internet when they should be at in India on October 13. a meal or in bed.Google will begin taking pre-orders for Wifi in November, advertis- ing the price as $129 for a single unit or $299 for a pack of three modules. ALL ABOUT GOOGLE’S SMART MACHINES ASSISTANT DAYDREAM Google Assistant is an improved version of virtual helper soft- Daydream View virtual reality headgear ware the internet company previously called Google Now. It came as an answer to Facebook- competes with Apple's Siri, Amazon's Alexa, and Microsoft's owned Oculus, and a direct challenge Cortana, tapping into the vast trove of knowledge amassed to Samsung Gear VR.Smartphones by the world's leading online search engine. Google outlined compatible with Google's Daydream plans to infuse a growing array of devices and services with software platform can be slipped The front of the Google Daydream View VR Assistant smarts, letting people get answers or manage into play in View headgear to act as headset matters in conversational styles, as though speaking with a screens for virtual reality experiences. human aide. Google laid out a vision of becoming a leading View is made of cloth, a step up from player in artificial intelligence, with Assistant being infused the actual cardboard from which its into many devices and services allowing opportunities to predecessor at Google was playfully have them work together. constructed.Purportedly inspired by casual clothing, View material makes it lighter and potentially more com- HOME fortable than devices already on the Google Home is a flower vase-sized speaker infused with machine market.View comes with a controller smarts and voice controls to act as a cyber concierge for getting and was billed as making virtual reality information and managing tasks about the house or flat. Home "accessible" at a price of $79 in the A member of the media tries out the Google listens for commands or queries even while playing music, and can United States, where it will arrive in Daydream View VR headset control other smart devices in range. Google Home will be avail- November. View will also be available able in shops in November, but could be pre-ordered beginning in Australia, Britain, Canada and Ger- Rift virtual reality head gear has a $599 Tuesday. The device's price in the United States is $129. That's many.In comparison, Samsung Gear price tag and must be connected to high- $50 less than Amazon Echo, a rival that has been popular with VR headgear is priced at $100. Oculus performance computers. consumers here since it was launched by the online retail titan. TEXT: AFP, IMAGE: REUTERS

Amazon bulks up prime with Honda, Yamaha bury hatchet, Strong Samsung ‘unlimited’ join hands to develop scooter Q3 chip sales to reading ease Note 7 sting AFP The companies say pooling resources would be a way to mitigate increasing WASHINGTON costs and to keep pace with ever-tightening emissions regulations REUTERS US online giant Amazon on SEOUL A pickup in the memory Wednesday launched a new REUTERS chip market will buttress "Prime Reading" programme TOKYO SCARRED by the global recall Samsung’s nearly $5 bn for US members of its sub- of its flagship smartphone, losses tied to the battery scription, allowing unlimited JAPAN'S Honda Motor Co Samsung Electronics Co is problems of Galaxy Note 7 reading of a rotating selection Ltd and Yamaha Motor Co set to report on Friday it still of e-books. Ltd on Wednesday said they expects a small rise in third- "Prime members can now were joining forces to devel- quarter profit, analysts say, sung's mobile division since enjoy unlimited reading from op scooters for the domestic with healthy sales of memory the Sept. 2 recall made global a rotating selection of books, market, burying the hatchet chips and displays easing the headlines. Some have cut their magazines, comics and more on a decades-old rivalry and pain. mobile division profit forecast — at no additional cost," the consolidating production in Lost sales and expenses by 1 trillion won or more to online retail giant said in a response to a shrinking mo- tied to the recall of at least 2.5 reflect the lost sales and costs statement. torcycle market. million Galaxy Note 7 hand- of recalling a smartphone that The move ramps up Ama- Honda, the world's larg- sets to fix battery problems had won rave reviews and zon's effort to win over more est motorcycle brand by sales, could cost the firm nearly $5 made a strong sales start since Prime subscribers — which said it would start producing billion this year, some ana- its launch in Aug. 19. costs $99 for US customers Yamaha's 50-cc engine scoot- lysts have said. That could sap Korea Investment analyst — with free shipping, access er models for the domestic momentum from a nascent Jay Yoo forecast Samsung's to its video service, music and market at its plant in south- recovery in Samsung's mobile third-quarter mobile division more. ern Japan by the end of 2018, business, an underperformer operating profit at 2.6 trillion Amazon said the program based on the manufacturing in recent years. won, up from 2.4 trillion won a would include "over a thou- platform for Honda's small But a pickup in the memo- year earlier but down from 4.3 sand popular books" as well scooter models. ry chip market, led by demand trillion won in April-June. as "rotating selection of fresh, The two companies said from rival smartphone maker But analysts say Samsung's full issues of top magazines that pooling resources would Apple Inc, will buttress earn- chips division - the firm is the covering sports, technology, be a way to mitigate increas- ings, company watchers say. A world's biggest memory chip cooking and home improve- ing costs to develop new Thomson Reuters SmartEsti- maker - will soothe the Note ment, current affairs, notable scooter technologies and keep Honda Motor Operating Officer and Director Shinji Aoyama (L) shakes hands with Yamaha Motor Managing mate, derived from a survey of 7 woes as other smartphone people and more." pace with ever-tightening Executive Officer and Director Katsuaki Watanabe (R) in Tokyo on Wednesday.(AFP) 20 analysts, tips overall July- makers filled chip order books It will also offer "short- emissions regulations in the September operating profit and drove prices higher ahead form reads" from its "Kindle face of falling domestic scoot- an expanding middle class has ing collaboration on electric scooters have fallen sharply to have edged up 0.7 percent of the peak year-end shopping Singles." er sales. created their biggest battle- scooter projects. The partner- due to a slump in demand from a year earlier to 7.4 tril- season. Analysts estimate the The service will be avail- "The slowdown in the ground. ship stands in contrast to a bit- from a rapidly growing elderly lion won ($6.65 billion). division could report quarterly able on a variety of devices in- scooter market seen in the Yamaha managing execu- ter rivalry between Honda, the population and falling interest Samsung will report its es- operating profit of 3 trillion cluding Kindle tablets as well past few years has made busi- tive officer Katsuaki Watanabe top seller of scooters in Japan, in vehicle ownership among timates for third-quarter reve- won or more - its highest in as Apple or Android-powered ness in the sector very dif- said having Honda manufac- and second-ranked Yamaha younger consumers particu- nue and operating profit, with- four quarters. gadgets. ficult for both companies, so ture Yamaha models on con- which dates back to around larly in the past few years. out further details, on Friday. Analysts said the semi- "Prime is the best deal in partnering will have merits," tract would likely be more cost 1980, when both companies Sales fell 10.6 percent to "So long as the operat- conductors uptrend was the history of shopping and Honda operating officer Shinji efficient than Yamaha's cur- released dozens of motorcy- 373,000 motorcycles in the ing profit number comes in more pronounced for NAND today it got even better," said Aoyama told reporters. rent arrangement of produc- cle models and competed over year ended March 2015, their at a low 7 trillion won level, memory chips - used for long- Amazon vice president Greg Both companies said they ing the vehicles in Taiwan and distribution and pricing to in- second year of decline and a the market will look at it and term data storage - as demand Greeley. "Prime members can would continue to market exporting them back home. crease market share. drop from the 1.2 million mo- think some of noise surround- started to outpace supply now enjoy an awesome selec- scooters separately, and that The two companies said "There's absolutely no bad torbikes sold in 1995. ing the Note 7 recall issue has during the quarter due to or- tion of books including 'The the partnership was limited they would also jointly up- feeling or ill will left over from Motorcycles are a key part cleared," said HDC Asset Man- ders from Apple and Chinese Hobbit,' 'Harry Potter and the to Japan. By far the largest date their respective delivery that period," Yamaha's Wa- of both companies' product agement fund manager Park smartphone makers. Demand Sorcerer's Stone,' 'The Man in market for both companies is scooter models, which Honda tanabe said. line-ups, although domestic Jung-hoon. for solid-state drive storage the High Castle,' plus maga- Asia ex-Japan, where a grow- may also manufacture for Since then, overall domes- sales contribute little to global Analysts have lowered chips for mobile devices also zines and more." ing demand for scooters from Yamaha, while also consider- tic sales of motorcycles and revenue. their expectations for Sam- grew. Economy & Business Thursday, October 6, 2016 21

LONDON VYING TO BECOME EUROPE’S FINANCIAL CENTRE Brexit has little impact on Asia: World Bank

AFP SINGAPORE

BRITAIN’S shock decision to leave the European Union will not be as damaging to develop- ing Asia’s economies as feared, the World Bank said Wednes- day as it increased its growth forecast for the region this year. Countries in the Mekong region led by Myanmar are pro- jected to expand at the fastest pace in the next three years, the bank said in an updated report on East Asia and the Pacific, though Thailand was projected to be a laggard. World Bank chief Asia economist Sudhir Shetty said the upgrade for the regional economy came after the group noticed positive early results from the June 23 vote by Brit- ain to leave the EU. “That has translated also into relative stability in terms of exchange rates and in terms of capital flows, so that has been helpful for this region,” he told File photo of high rise offices in the financial district in Canary Wharf in London. (REUTERS) Asia-based journalists in a vid- eo conference from Washing- ton. Global markets went into freefall immediately after the vote as dealers feared a reces- sion in Britain that could hit the ‘Hard Brexit’ could cost UK global economy. But since then, world markets have rallied and Britain’s economy is picking up. Shetty said based on the bank’s initial analysis “the bottom line right now is that financial firms $48 billion there’s likely to be very little impact of Brexit” over the short pushing for the government to MAY WANTS ‘MAXIMUM FREEDOM’ ON SINGLE MARKET AFTER BREXIT term as the region is “not very Nearly 75,000 jobs could be at secure a transitional period for connected” to Britain in terms their industry in case it proves of trade and financial links. risk if ‘hard Brexit’, says study difficult to negotiate a favour- BRITISH Prime Minister Theresa May said Wednesday she wanted a Brexit deal which offered The region’s developing able deal for the industry. “maximum freedom” to operate in Europe’s single market but also emphasised she wanted control economies will grow 5.8 per- REUTERS and other government depart- The Treasury said in a state- over immigration. The demands are contradictory for European leaders, who have emphasised that cent this year, the Washing- LONDON ments, according to people ment it is working to ensure access to the single market is dependent on allowing free movement of workers. ton-based institution said, up with knowledge of the talks. companies continue to have ac- “I want to give British companies the maximum freedom to trade with and operate within the single 0.1 percentage point from its BRITAIN’S financial indus- There is growing specula- cess to the single market. market and let European businesses do the same thing here,” May told the Conservative party forecast made in April. It also try could lose up to 38 billion tion that the finance sector, “The government has been conference. But she added: “We are not leaving the European Union only to give up control of im- tipped 5.7 percent growth in pounds ($48.34 billion) in which includes retail banks, speaking to the financial serv- migration all over again and we’re not leaving only to return to the jurisdiction of the European Court 2017 and 2018. revenue in a so-called ‘hard asset managers, insurers and ices industry to make sure that of Justice”. May told delegates in Birmingham, central England on Sunday that she would trigger The bank, however, warned Brexit’ that would leave it with investment banks, will lose ac- we understand fully the issues negotiations with Brussels to leave the EU before the end of March, opening the door for a possible a hike in US interest rates, restricted access to the Euro- cess to the single market when that matter to it as we prepare withdrawal in early 2019. The announcement sent the pound plunging against the euro and dollar widely expected in December, pean Union’s single market, the British government nego- for negotiations to leave the but stocks have soared since a weaker pound has helped boost British exporters. “It’s going to be a and a potential sharp slow- according to a report commis- tiates its EU exit. EU,” the Treasury said. tough negotiation. It will require some give and take,” May said on Wednesday. down in China could impact its sioned by an industry group. “It is in everyone’s best The future of London as forecast. Myanmar, which has If finance firms lose the interests for there to be a Europe’s financial centre will embraced democracy follow- right to freely sell their serv- positive outcome to the nego- be a major negotiating point The report outlines the to the European Economic ture or skills to take financial ing decades of military rule, will ices across Europe, 75,000 tiations that is mutually ben- in Brexit talks with the EU be- impact of two different Brexit Area on similar terms to now services business from Britain. grow 7.8 percent this year, 8.4 jobs may disappear and the eficial to the UK and the EU, cause it is Britain’s largest ex- scenarios. then only 4,000 jobs might The report is “designed percent in 2017 and 8.3 percent government may lose up to 10 causes minimum disruption to port sector and biggest source In the worst-case scenario, disappear and it would lose to scare people with special in 2018. billion pounds in tax revenue, the industry and benefits cus- of tax revenue. international banks would lose about 2 billion pounds in rev- pleading. However, it lacks Once isolated Myanmar has the report by consultancy firm tomers,” Hector Sants, vice- Britain’s financial services all access to the single mar- enue. credibility,” he said. “Brexit rapidly transformed itself into Oliver Wyman said. chairman of Oliver Wyman, sector generates between 190 ket, known as a ‘hard Brexit’, Property investor Richard is a huge opportunity for the one of the world’s fastest grow- The study is one of the first and Britain’s former top finan- to 205 billion pounds of rev- which would lead to a fall in Tice, chairman of a new lobby City.” ing economies since its once to outline the impact on finan- cial regulator, said. enue each year and employs revenue of between 32 to 38 group pushing the govern- Pro-Brexit supporters say brutal junta handed power to a cial services of Britain’s vote in The report was commis- about 1.1 million people, the billion pounds and put 65,000 ment for a clean break with the City could benefit from reformist government in 2010, June to leave the EU. sioned by the main industry report said. The industry pays to 75,000 jobs at risk, the re- the EU, said the report was ex- lower regulation and by re- sparking the lifting of most The findings have been lobby group TheCityUK. about 60 to 67 billion pounds port said. aggerated and other European focusing on faster-growing international sanctions and a presented to the UK Treasury Banks based in Britain are in taxes. If Britain keeps its access capitals lacked the infrastruc- economies in Asia. flood of foreign investment. Saudi, UAE non-oil ECB ‘taper’ talk hits global stocks private sector growth as sterling slumps to 31-year low slows in September REUTERS to 56.5 from 60.2. Employ- DUBAI ment growth slowed, with the Bloomberg report on Tues- subindex easing to 51.0 from Gold edges up day that the ECB would prob- GROWTH in Saudi Arabia’s 52.4. ably wind down its 80 billion non-oil private sector slowed Output prices fell out- but stays near euro ($90 billion) monthly in September as new orders right last month for the first bond purchases before end- expanded more slowly and time in four months, with the 3-month low ing its quantitative easing pro- employment growth moderat- subindex at 49.8, while input gramme. ed, a corporate survey showed price inflation stayed posi- REUTERS This would mean a taper, on Wednesday. tive, although the subindex fell LONDON following the Fed’s earlier The seasonally adjusted sharply to 50.7. pattern, rather than a sudden Emirates NBD Saudi Arabia Meanwhile, business activ- THE prospect of the Euro- ending. Purchasing Managers’ Index, ity growth in the United Arab pean Central Bank eventually ECB media officer Michael fell to 55.3 last month from Emirates’ non-oil private sec- winding down its bond-buy- Steen later tweeted that the 56.6 in August, but held well tor also slowed slightly in Sep- ing stimulus programme rat- central bank’s decision-mak- above the 50 mark denoting tember. tled investors on Wednesday, ing body had not discussed re- expansions in activity. The seasonally adjusted dragging stocks lower in Eu- ducing the pace of its monthly Saudi Arabia’s economy Emirates NBD UAE Purchas- rope and Asia and pushing up bond buying. has been hit hard this year by ing Managers’ Index, covering government bond yields. The report comes as inves- austerity measures imposed to manufacturing and services, Wall Street stocks looked tors are wondering whether curb a huge state budget defi- fell to 54.1 last month from set to open flat to slightly low- the central bank asset-buying cit. But so far PMI readings 54.7 in August. The 50-point er, having fallen on Tuesday stimulus programmes that have shown the private sector level divides expansion from on expectations of a Federal have buoyed markets across continuing to grow. contraction. Reserve interest rate rise in the globe are reaching their “Saudi Arabia’s PMI eased “The sharp slowdown in coming months and concerns limits. only slightly in September, new order growth last month over Britain’s exit from the ECB President Mario Pedestrians walk past a board displaying the price of Euro and US dollars against British pound Sterling, on weaker new order growth. appears to be due to weaker European Union . Draghi confounded the ex- outside a currency exchange store in London on Tuesday. (AFP) However, the average PMI demand from external mar- Sterling, meanwhile, hit a pectations of many in markets for the third quarter of 2016 kets rather than soft domestic three-decade low against the when he said after the bank’s Shares in Deutsche Bank, bond purchases, soared 10 0.3 percent at 103.13 per dol- points to a faster rate of ex- demand,” said Khatija. dollar, trading below $1.27 last meeting that policymakers which like other euro zone bps at one point before pulling lar. pansion in economic activity “Growth in output and for the first time since 1985, had not discussed extending lenders has had its profitabil- back slightly. “We do not think the ECB compared to the first half of purchasing activity remained and a five-year low versus the its scheme. ity questioned by the ECB’s The dollar retreated from is anywhere close to tapering this year,” said Khatija Haque, strong. Overall, the PMI data euro on worries Britain could “I am surprised at the re- ultra-low interest rates, ini- Tuesday highs hit after Chi- its asset purchase programme, head of regional research at points to a faster rate of ex- be heading for a “hard Brexit” action, but it’s just this notion tially rose but were last down cago Fed President Charles but in the near term momen- Emirates NBD. pansion in the UAE’s non-oil that would see it leave the Eu- that the ECB may be discuss- 0.1 percent. Evans said he would be “fine” tum is towards euro upside,” “Recent announcements private sector in the third ropean Union’s single market ing tapering one day that has MSCI’s broadest index of with raising interest rates by said Nomura currency strate- on spending cuts in the King- quarter of 2016, compared to when it quits the bloc, possibly upset the market,” said ING Asia-Pacific shares outside year-end if economic data gist Yujiro Goto. dom are likely to weigh on the second quarter.” in early 2019. rates strategist Benjamin Japan slipped 0.4 percent. Ja- stayed firm. Sterling was flat at $1.2726, household consumption and Growth in output slowed Oil prices rose strong- Schroeder. “If you kick off a pan’s Nikkei closed up 0.5 per- Traders are pricing in a 63 having fallen as far as $1.2683. consumer confidence howev- slightly, with the related index ly. Benchmark Brent crude QE programme you have to cent, aided by a weaker yen. percent chance of a rate hike Prime Minister Theresa May er, as we head into the fourth slipping to 61.2 in September gained 1.8 percent to $51.80 think from the start about how German 10-year govern- in December, according to the said on Sunday the formal quarter.” from 61.4 in August, while a barrel on a report that U.S. you will exit it.” ment bond yields rose 6 basis CME Group’s FedWatch tool. process to take Britain out Output growth decelerat- new order growth tumbled - inventories dropped for a fifth European stocks fell. The points to minus 0.03 percent. The dollar fell 0.1 percent of the EU would begin next ed, with the subindex slipping the related index slumping to week in a low. pan-European STOXX index Ten-year yields in Italy and against a basket of currencies . March, adding on Tuesday to 61.5 in September from 63.5 53.0 from 57.0. Employment However, the chief driver fell nearly 1 percent, having Spain, where borrowing costs The euro was up 0.2 percent at there would be “bumps in the in the previous month, while growth accelerated slightly, for the market malaise was a risen 0.8 percent on Tuesday. have been anchored by ECB $1.1220 but the yen was down road”. new order growth slowed however. 22 Thursday, October 6, 2016 Bulls & Bears

QATAR EXCHANGE

ADJ.CLOSE CHANGE CHANGE % BID SIZE BID ASK ASK SIZE OPEN PRICE HIGH LOW LAST PREVIUOS CLOSE NUMBER TRADES VOLUME TRADED VALUE (000) YEAR HIGH YEAR LOW Aamal Co QSC 14.90 (0.10) (0.67) 3,000 14.88 14.90 2,450 15.10 15.10 14.90 14.90 15.00 5 2,566 38.26 15.80 10.60 Ahli Bank QSC 40.05 0.00 0.00 1,500 40.10 41.95 3,000 0.00 0.00 0.00 0.00 40.05 0 0 0.00 49.45 39.25 Al Khalij Commercial Bank QSC 17.62 0.10 0.57 10,000 17.62 17.85 3,404 17.50 17.95 17.50 17.62 17.52 33 29,799 533.19 18.49 15.71 Al Meera Consumer Goods Co QSC 203.90 0.00 0.00 250 201.50 209.00 2,000 0.00 0.00 0.00 0.00 203.90 0 0 0.00 225.00 165.30 Al Khaleej Takaful Group QSC 22.80 0.19 0.84 56 22.80 23.39 446 22.61 22.80 22.61 22.80 22.61 2 1,000 22.71 30.50 22.00 Barwa Real Estate Co QSC 33.80 0.40 1.20 11,187 33.50 33.80 24,750 33.65 33.80 33.40 33.80 33.40 116 148,589 4,980.53 40.00 28.00 Dlala Brokerage and Investment Holding Co QSC 23.06 (0.62) (2.62) 1,837 23.20 23.40 1,000 23.30 23.50 23.06 23.06 23.68 12 5,237 121.53 26.40 11.00 Doha Bank QSC 37.30 0.30 0.81 26,978 37.00 37.30 684 37.40 37.40 37.00 37.30 37.00 70 59,660 2,220.20 44.45 33.45 Doha Insurance Co QSC 20.75 0.00 0.00 1,800 20.50 21.00 875 0.00 0.00 0.00 0.00 20.75 0 0 0.00 22.00 18.13 Ezdan Holding Group QSC 17.00 (0.12) (0.70) 30,000 16.98 17.00 14,655 17.18 17.18 16.97 17.00 17.12 97 303,066 5,174.40 20.24 12.10 Gulf International Services QSC 35.05 0.35 1.01 1,076 34.90 35.05 2,296 34.70 35.15 34.70 35.05 34.70 56 53,826 1,885.93 51.50 28.65 Gulf Warehousing Co QSC 55.30 0.70 1.28 84 55.00 55.30 1,295 54.60 55.30 54.60 55.30 54.60 33 20,503 1,128.08 66.10 40.05 Industries Qatar QSC 106.00 (0.20) (0.19) 1,200 106.00 106.40 260 106.20 107.00 106.00 106.00 106.20 124 236,684 25,149.66 119.90 88.00 Islamic Holding Group QSC 60.60 (0.60) (0.98) 537 60.60 61.60 1,000 61.20 62.00 60.60 60.60 61.20 26 15,301 943.24 85.50 49.20 Mannai Corporation QSC 82.10 0.00 0.00 200 80.70 84.20 510 0.00 0.00 0.00 0.00 82.10 0 0 0.00 105.50 80.10 Masraf Al Rayan QSC 35.25 (0.15) (0.42) 19,688 35.20 35.25 1,737 35.30 35.40 35.20 35.25 35.40 167 187,065 6,599.02 39.40 28.60 Mazaya Qatar Real Estate Development QSC 13.70 0.06 0.44 16,101 13.66 13.70 3,859 13.63 13.85 13.62 13.70 13.64 30 43,106 589.07 15.70 10.50 Medicare Group QSC 88.90 (0.10) (0.11) 3,400 88.00 88.90 8,517 87.50 88.90 87.50 88.90 89.00 19 4,669 410.83 125.80 73.40 Mesaieed Petrochemical Holding Co QSC 17.22 0.02 0.12 2,000 17.22 17.29 1,006 17.21 17.36 17.21 17.22 17.20 75 104,312 1,800.52 21.00 14.01 Alijarah Holding Co QSC 17.15 0.63 3.81 980 17.15 17.25 3,000 16.52 17.20 16.47 17.15 16.52 69 164,683 2,800.27 22.49 10.90 Ooredoo QSC 93.90 (0.80) (0.84) 2,295 93.90 94.10 690 94.50 94.80 93.90 93.90 94.70 115 66,121 6,242.49 107.00 60.00 Qatar Cinema and Film Distribution Co QSC 30.05 0.00 0.00 0 0.00 33.05 1,250 0.00 0.00 0.00 0.00 30.05 0 0 0.00 40.00 25.50 Commercial Bank QSC 39.10 0.30 0.77 13,534 39.10 39.40 285 39.00 39.40 38.85 39.10 38.80 51 51,324 2,006.69 47.00 35.30 Qatar Electricity and Water Co QSC 214.30 (1.40) (0.65) 50 214.10 214.30 162 212.50 215.70 212.50 214.30 215.70 37 9,047 1,934.79 235.80 175.10 Qatar Gas Transport Co Ltd 23.07 (0.05) (0.22) 10,400 23.07 23.19 5,500 23.06 23.23 23.06 23.07 23.12 144 211,214 4,885.96 25.20 18.70 Qatar General Insurance and Reinsurance Co SAQ 45.00 0.00 0.00 1,900 42.25 45.00 2,000 0.00 0.00 0.00 0.00 45.00 0 0 0.00 54.50 41.15 Qatar Industrial Manufacturing Co QSC 42.20 0.35 0.84 1,548 41.20 42.20 300 41.20 42.20 41.20 42.20 41.85 6 2,995 124.97 45.00 34.00 Qatar International Islamic Bank QSC 64.10 (0.40) (0.62) 10,804 64.10 64.40 2,000 64.10 64.40 64.00 64.10 64.50 68 34,000 2,179.80 73.30 52.10 Qatar Islamic Bank SAQ 104.00 0.00 0.00 608 103.90 104.20 35 104.20 104.20 103.70 104.00 104.00 64 30,068 3,129.24 117.00 75.10 Qatar Islamic Insurance Co QSC 55.40 1.40 2.59 2,000 53.50 55.00 242 51.90 55.40 51.90 55.40 54.00 9 2,940 158.32 72.00 52.10 Qatar National Cement Co QSC 86.30 0.50 0.58 1,000 85.50 86.30 626 85.20 86.30 85.10 86.30 85.80 7 3,376 289.33 102.10 80.00 Qatari German Company for Medical Devices QSC 10.57 0.14 1.34 3,350 10.53 10.57 357 10.60 10.75 10.50 10.57 10.43 9 7,448 78.65 14.62 9.30 Qatar Fuel QSC 148.80 1.30 0.88 63 148.10 148.80 2,075 147.40 149.00 147.10 148.80 147.50 17 12,680 1,881.87 168.50 108.00 Qatar Insurance Co SAQ 88.00 (0.40) (0.45) 29,232 88.00 88.10 1,200 87.60 88.00 87.20 88.00 88.40 180 1,167,330 102,715.15 91.70 69.00 Qatar Navigation QSC 88.00 0.40 0.46 534 87.40 88.00 4,082 87.10 88.00 87.00 88.00 87.60 46 15,239 1,333.95 98.00 83.40 Qatar Oman Investment Co QSC 10.71 0.02 0.19 865 10.72 10.85 46,007 10.67 10.71 10.67 10.71 10.69 9 990 10.60 12.94 9.90 Qatari Investors Group QSC 50.40 0.55 1.10 335 50.10 50.40 1,326 49.40 51.00 49.40 50.40 49.85 247 1,496,141 75,379.24 70.40 23.15 Qatar National Bank SAQ 154.20 (0.20) (0.13) 854 154.20 154.40 2,900 153.50 155.00 153.50 154.20 154.40 159 90,575 13,974.31 174.50 133.50 Salam International Investment QSC 11.00 0.00 0.00 1,576 10.95 11.00 1,500 11.00 11.00 10.95 11.00 11.00 38 99,708 1,093.17 13.69 8.99 United Development Co 19.93 0.06 0.30 38,403 19.70 19.93 1,962 19.65 19.93 19.65 19.93 19.87 56 221,100 4,349.59 22.37 16.50 Vodafone Qatar QSC 10.97 0.08 0.73 3,198 10.89 10.97 81,199 10.91 10.97 10.89 10.97 10.89 68 104,955 1,145.43 13.15 9.70 Widam Food Co QSC 64.90 1.00 1.56 2,090 64.40 64.90 2,071 63.10 64.90 63.10 64.90 63.90 59 101,720 6,549.00 69.90 38.70 Zad Holding Co SAQ 78.20 0.00 0.00 58 77.80 80.90 93 0.00 0.00 0.00 0.00 78.20 0 0 0.00 93.90 65.50

DUBAI KUWAIT PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE Dubai Financial Market 3,362.17 -1.28 Dubai Investments 2.01 -1.95 Kuwait Stock Exchange Market Price Index 5,354.82 0.04 Equipment Holding Company 46.50 0.00 Arabian Scandinavian Insurance Co 2.00 0.00 Dubai Islamic Insurance and Reinsurance Co 0.56 -6.86 Mezzan Holding Company 960.00 1.05 Kuwait Bahrain International Exchange Co 1,500.00 0.00 Agility Public Warehousing Co 9.36 0.00 Dubai Islamic Bank 5.23 -1.32 Kuwait Telecommunications Company 870.00 0.00 Eyas for Higer and Technical Education Co 385.00 0.00 RIYADH Air Arabia 1.29 -3.01 Dubai Refreshments 19.95 0.00 Warba Bank 166.00 1.22 Commercial Facilities Co 168.00 0.00 PRICE % CHANGE Ajman Bank 1.50 0.00 Deyaar Development 0.56 -0.88 Burgan for Well Drilling Trading and Maintenance 90.00 0.00 Fujairah Cement Industries Co 79.00 0.00 Saudi Stock Exchange Tadawul 5,585.11 1.08 Al Firdous Holdings 0.70 0.00 Dubai Financial Market 1.25 -1.57 Al Ahli Bank of Kuwait 320.00 -1.54 First Dubai for Real Estate Development Co 57.00 0.00 Riyad Bank 9.85 -0.51 Al Mazaya Holding Company 1.44 14.29 Dubai National Insurance and Reinsurance Co 2.50 0.00 Aayan Leasing and Investment Co 29.00 1.75 Flex Resorts and Real Estate Co 47.00 0.00 Bank Aljazira 10.00 0.00 Al Ramz Corporation Investment and Development 4.55 0.00 Drake and Scull International 0.46 -3.75 Abyaar Real Estate Development Company 20.00 0.00 Kuwait Food Co 2,500.00 0.81 Saudi Investment Bank 9.95 0.51 Al Sagr National Insurance Co 4.55 0.00 Emirates Integrated Telecommunications Co 6.32 -1.25 Afaq Educational Services Company 162.00 0.00 First Takaful Insurance Co 42.00 0.00 Saudi Hollandi Bank 9.55 -2.05 Al Salam Bank Bahrain 0.88 0.11 Dubai Insurance Co 2.16 0.00 Arabi Group Holdings 55.00 0.00 Future Communications Company Global 97.00 0.00 Banque Saudi Fransi 20.00 0.00 Al-Salam Group Holding Co 0.62 -2.35 Commercial Bank of Dubai 5.49 -0.18 Agility Public Warehousing Co 475.00 0.00 Gulf Bank 232.00 1.75 Saudi British Bank 18.65 0.00 Alliance Insurance 383.50 0.00 DXB Entertainments 1.50 -1.32 Al Ahleia Insurance Co 455.00 0.00 Gulf Cement Co 75.00 0.00 Arab National Bank 15.05 -0.33 Al Madina for Finance and Investment Co 0.53 0.19 Ekttitab Holding Co 0.46 -1.73 Ajwan Gulf Real Estate Co 38.00 0.00 Gulf Franchising Holding Co 30.50 -3.17 Samba Financial Group 16.85 0.60 Al Salam Bank Sudan 1.22 -1.61 Emirates Islamic Bank 1.51 0.00 ALAFCO Avaiation Lease and Finance Company 212.00 0.00 GFH Financial Group 88.00 -2.22 Al Rajhi Banking & Investment Corporation 52.00 0.00 Amanat Holdings 0.84 0.96 Emaar Malls Group 2.57 -2.28 Kuwait Real Estate Holding Co 20.50 0.00 Gulf Glass Manufacturing Company 325.00 0.00 Bank Albilad 15.00 0.00 Amlak Finance 1.26 -1.56 Emaar Properties 6.90 -1.00 Al Eid Food Company 90.00 0.00 Gulf Investment House 24.00 -4.00 Alinma Bank 11.30 0.44 Arab Insurance Group 1.53 0.00 Emirates Investment Bank 416.27 0.00 Alimtiaz Investment Group Co 71.00 1.43 Gulf Insurance Group 680.00 0.00 National Commercial Bank 34.00 1.49 Arabtec Holding 1.41 -2.08 Emirates NBD Bank 8.10 0.00 Al Kout Industrial Projects Co C 600.00 0.00 Gulf North Africa Holding Co 35.00 4.48 Takween Advanced Industries 12.60 3.70 Aramex 3.82 -0.78 Emirates Refreshments 4.90 0.00 Al Mudon International Real Estate Co 28.50 3.64 Gulf Petroleum Investment Company 38.50 0.00 Basic Chemical Industries Co 31.30 0.97 Damac Properties Dubai Co 2.20 -2.22 GFH Financial Group 1.04 -3.70 Qurain Petrochemical Industries Company 196.00 0.00 Kuwait Gypsum Manufacturing and Trading Co 102.00 0.00 Saudi Arabian Mining Co 31.00 0.65 Al Aman Investment Company 45.00 -2.17 Hayat Communications Co 41.50 0.00 Astra Industrial Group 12.90 2.38 ABU DHABI Taameer Real Estate Investment Co 20.00 2.56 Hilal Cement Co 128.00 0.00 Al Sorayai Trading and Industrial Group Co 8.15 3.16 Amar Finance and Leasing Company 59.00 0.00 Hits Telecom Holding Co 35.50 -2.74 Al Hassan Ghazi Ibrahim Shaker Co 13.15 0.38 PRICE % CHANGE PRICE % CHANGE Amwal International Investment Company 19.50 -4.88 Human Soft Holding Company 1,560.00 0.00 United Wire Factories Co 20.40 0.99 Abu Dhabi Securities Exchange General Index 4,393.58 -0.35 AXA Green Crescent Insurance Co 0.87 0.00 Aqar Real Estate Investments Co 70.00 0.00 IFA Hotels and Resorts Co 192.00 0.00 Bawan Co 16.15 -0.92 Al Ain Ahlia Insurance Co 60.00 0.00 Gulf Medical Projects Co 2.50 0.00 Al-Arabiya Real Estate Co 30.00 0.00 International Financial Advisors 30.00 1.69 Electrical Industries Co 17.20 2.69 Al Buhaira National Insurance Co 2.33 0.00 Gulf Pharmaceutical Industries 2.19 5.29 Ajial Real Estate Entertainment Co 142.00 0.00 Ikarus Petroleum Industries Co 31.00 0.00 Al Yamamah Steel Industries Co 22.15 1.14 Abu Dhabi Aviation 2.75 0.00 Insurance House 0.81 0.00 Energy House Holding Company 44.50 3.49 Arzan Financial Group for Financing & Investment 30.00 0.00 Mohammad Al Mojil Group Co 12.55 0.00 Abu Dhabi Commercial Bank 6.39 -0.16 Invest Bank 2.20 0.00 Al Argan International Real Estate Co 170.00 1.19 Injazzat Real Estate Development Co 69.00 0.00 Saudi Steel Pipes Co 13.30 1.53 Abu Dhabi Islamic Bank 3.61 0.28 Al Khaleej Investment Co 2.22 0.00 Arkan Al Kuwait Real Estate Company 75.00 0.00 Inovest 60.00 0.00 Abdullah Abdul Mohsin Al Khodari Sons Co 7.80 4.00 Abu Dhabi National Hotels Co 3.04 -1.94 Manazel Real Estate 0.49 -2.00 Automated Systems Co 246.00 0.00 Investors Holding Group Co 21.00 0.00 Al Tayyar Travel Group Holding Co 26.20 0.00 Abu Dhabi National Insurance Co 2.41 14.76 Methaq Takaful Insurance Co 0.83 -2.35 Advanced Technology Co 920.00 0.00 Independent Petroleum Group 320.00 0.00 Abdulmohsen Al Hokair Group for Tourism ... 21.45 0.47 Abu Dhabi Ship Building 2.45 0.00 National Bank of Abu Dhabi 8.90 -0.22 Ahli United Bank 192.00 1.05 International Resorts Company 26.00 4.00 Methanol Chemicals Co 5.45 0.93 Al Fujairah National Insurance Co 300.00 0.00 National Bank of Fujairah 4.78 0.00 Bayan Investment Company 31.00 1.64 Housing Finance Co 36.50 1.39 National Petrochemical Co 15.15 8.21 Agthia Group 6.25 0.00 National Bank of Umm Al Qaiwain 3.80 0.00 Boubyan International Industries Holding Co C 27.00 1.89 Ithmaar Bank 36.00 2.86 Saudi Basic Industries Corporation 84.00 3.07 Al Khazna Insurance Co 0.37 2.78 National Corp for Tourism and Hotels 3.29 0.00 Bahrain Kuwait Insurance Co 335.00 0.00 Jazeera Airways Co 820.00 -1.20 Saudi Arabia Fertilizers Co 64.50 2.38 Aldar Properties 2.57 -1.53 National Marine Dredging 4.74 0.00 Ahli United Bank 385.00 0.00 Jeeran Holding Company 68.00 0.00 Saudi Arabian Refineries Co 23.90 -0.42 Arkan Building Materials Co 0.76 0.00 Oman and Emirates Holding Co 1.18 0.00 Boubyan Bank 380.00 -1.30 KAMCO Investment Co 128.00 0.00 Saudi Ceramic Co 24.90 1.63 International Fish Farming Holding Co 1.78 1.71 Ooredoo QSC 92.00 0.00 Boubyan Petrochemical Co 480.00 0.00 Kuwait Building Materials Manufacturing Co 190.00 0.00 Savola Group Co 30.30 1.34 Al Wathba National Insurance Co 4.40 0.00 Umm Al Qaiwain Cement Industries Co 0.85 0.00 Burgan Bank 325.00 0.00 Kuwait Business Town Real Estate Co 37.00 0.00 National Industrialization Co 12.50 2.04 Abu Dhabi National for Building Materials Co 0.56 0.00 National Bank of Ras Al Khaimah 5.10 -1.92 Gulf Cable and Electrical Industries Co 375.00 2.74 Kuwait Cement Co 370.00 0.00 Saudi Pharmaceutical Industries & Medical ... 28.90 -0.34 Bank of Sharjah 1.39 -0.71 Ras Al Khaimah for White Cement & Construction... 1.10 0.00 Livestock Transport and Trading Co 236.00 0.00 Asiya Capital Investments Co 30.00 -1.64 National Gas and Industrialization Co 25.70 2.80 Commercial Bank International 1.99 0.00 Ras Al Khaimah National Insurance Company 4.10 0.00 Commercial Bank of Kuwait 395.00 -4.82 Kuwait National Cinema Comapny 940.00 0.00 National Gypsum Co 9.40 1.08 Dana Gas 0.56 0.00 Ras Al Khaimah Poultry and Feeding Co 2.52 0.00 Combined Group Contracting Company 650.00 0.00 Kuwait Co for Process Plant Construction... 170.00 0.00 Wafrah for Industry and Development 17.35 1.17 Al Dhafra Insurance Co 6.25 0.00 Ras Al Khaimah Cement Co 0.79 0.00 National Cleaning Co 38.50 -2.53 Kuwait Foundry Co 170.00 0.00 Saudi Cable Co 4.55 3.41 Emirates Insurance Company 6.00 0.00 Ras Al Khaimah Ceramics 2.84 -0.35 Coast Investment and Development Co 43.50 4.82 Kuwait Finance House 470.00 2.17 Saudi Advanced Industries Co 8.25 1.85 Eshraq Properties Company 0.80 -1.23 RAK Properties 0.59 1.72 Dalqan Real Estate Company 350.00 0.00 Kuwait Finance and Investment Company 36.50 0.00 Saudi Industrial Development Co 7.55 2.03 Emirates Telecommunications Group Co 19.95 0.25 Sharjah Cement and Industrial Development Co 0.93 0.00 Taiba Kuwaiti Holding Co 75.00 0.00 Kuwait and Gulf Link Transport Co 46.50 3.33 Al Ahsa Development Co 10.00 1.01 Fujairah Building Industries Co 1.56 0.00 Sudatel Telecom Group Ltd 0.51 -3.77 Danah Al Safat Foodstuff Co 87.00 0.00 Kuwait Hotels Co 300.00 0.00 National Company for Glass Industries 15.25 0.00 Fujairah Cement Industries Co 0.85 0.00 Sharjah Group Co 1.50 0.00 Al Deera Holding Co 36.00 0.00 Kuwait International Bank 188.00 1.08 Saudi Arabian Amiantit Co 5.75 0.88 First Gulf Bank 11.35 -0.87 Sharjah Islamic Bank 1.51 0.00 Educational Holding Group 192.00 0.00 Future Kid Entertainment and Real Estate Co 95.00 0.00 Alujain Corporation 12.70 8.09 Finance House 1.72 0.00 Sharjah Insurance Co 3.85 0.00 Egypt Kuwait Holding Co SAE 126.00 0.00 Kuwait Insurance Company 240.00 0.00 Filing and Packing Materials Manufacturing Co 27.20 1.49 Foodco Holding 4.60 0.00 Abu Dhabi National Energy Co 0.54 -3.57 Ekttitab Holding Co 38.00 0.00 Kuwait Investment Company SAK 83.00 0.00 Saudi Industrial Services Co 12.75 3.24 Gulf Cement Co 0.91 0.00 Abu Dhabi National Takaful Co 3.80 -4.76 Al-Enmaa Real Estate Company 41.50 5.06 Kuwait and Middle East Financial Investment Co 24.50 2.08 Arabian Pipes Co 13.05 0.77 Nama Chemicals Co 4.90 2.08 BAHRAIN MUSCAT National Metal Manufacturing and Casting Co 17.25 0.88 Saudi Chemical Co 29.30 -0.68 PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE Zamil Industrial Investment Co 21.70 1.88 Bahrain All Share Index 1,138.87 -0.43 Bahrain Middle East Bank 0.03 0.00 Muscat SE General Index 5,615.94 0.05 Al Buraimi Hotel Co 0.88 0.00 Saudi Industrial Investment Group 13.10 1.55 Al Baraka Banking Group 0.48 -1.04 BMMI 0.84 0.00 Al Anwar Ceramic Tiles Co 0.20 0.00 Construction Materials Industries & Contracting Co 0.03 0.00 Sahara Petrochemical Co 9.70 3.74 Ahli United Bank 0.64 0.00 Delmon Poultry Co 0.32 0.00 Ahli Bank 0.19 0.53 Computer Stationery Industry 0.26 0.00 Saudia Dairy and Foodstuff Co 118.00 -1.67 Alahlia Insurance Co 0.27 0.00 Esterad Investment Co 0.19 0.00 Abrasives Manufacturing Co 0.05 0.00 Dhofar Beverage and Food Stuff Co 0.26 0.00 Almarai Co 53.50 0.47 Al Salam Bank Bahrain 0.09 0.00 GFH Financial Group 0.31 0.00 ACWA Power Barka 0.71 0.00 Dhofar Cattle Feed Co 0.22 0.00 Yanbu National Petrochemicals Co 46.80 5.88 Aluminium Bahrain 0.29 -0.69 Gulf Hotel Group 0.64 0.00 Al Fajar Al Alamia Co 0.75 0.00 Dhofar Fisheries and Food Industries Co 1.28 0.00 Saudi Paper Manufacturing Co 7.40 0.00 Arab Banking Corporation 0.34 0.00 Gulf Monetary Group 0.04 0.00 Fincorp Al Amal Fund 0.96 0.00 Dhofar University 1.49 0.00 Saudi International Petrochemical Co 13.20 1.54 Arab Insurance Group 0.28 0.00 Inovest 0.16 0.00 Al Anwar Holdings 0.18 0.00 Dhofar Tourism Co 0.49 0.00 Al Babtain Power and Telecommunication Co 21.40 0.71 Bahrain Kuwait Insurance Co 0.60 0.00 Investcorp Bank 7.60 0.00 Al Jazeira Services Co 0.20 0.00 Financial Corporation Co 0.11 0.00 Advanced Petrochemical Co 39.70 2.32 Bahrain Car Parks Co 0.15 0.00 Ithmaar Bank 0.12 0.00 Al Jazeera Steel Products Co 0.24 0.00 Flexible Industrial Packages Company 0.06 0.00 Al Abdullatif Industrial Investment Co 12.20 0.00 Bahrain Cinema Co 1.21 -2.42 Khaleeji Commercial Bank 0.06 0.00 Al Batinah Development & Investment Holding Co 0.09 2.27 Financial Services Co 0.17 0.00 Saudi Kayan Petrochemical Co 6.00 9.09 Bahrain Commercial Facilities Co 0.67 0.00 Nass Corporation 0.10 0.00 Al Maha Ceramics Co 0.49 0.00 Galfar Engineering and Contracting 0.39 0.00 Saudi Vitrified Clay Pipe Co 59.75 -2.85 Bahrain Duty Free Shop Complex 0.76 -0.65 National Bank of Bahrain 0.70 0.00 Al Madina Investment Co 0.06 0.00 Galfar Engineering and Contracting 0.11 0.93 Middle East Specialized Cables Co 5.65 0.00 Bahrain Family Leisure Co 0.12 0.00 National Hotels Co 0.28 0.00 Al Omaniya Financial Services 0.29 -6.67 Gulf Investment Services Holding Co 0.12 0.00 Rabigh Refining and Petrochemical Co 10.00 1.52 Bahrain Flour Mills Co 0.39 0.00 Securities and Investment Co 0.31 0.00 Areej Vegetable Oils and Derivatives 4.05 0.00 Gulf Investment Services Holding Co 0.11 0.00 Hail Cement Co 10.05 1.01 Bahrain Islamic Bank 0.10 9.57 Seef Properties 0.20 1.00 Majan College University College 0.52 0.00 Gulf Mushroom Products Co 0.34 0.00 Najran Cement Co 10.25 1.49 Bahrain National Holding Company 0.41 0.00 Taib Bank 2.73 0.00 Al Batinah Power Company 0.20 -0.51 Gulf Plastic Industries Co 0.39 0.00 City Cement Co C 11.80 0.43 Bahrain Ship Repairing and Engineering Co 1.61 0.00 Takaful International Co 0.10 0.00 Bank Dhofar 0.21 -0.93 Gulf Stone Co 0.11 0.00 Northern Region Cement Co 9.95 1.02 Bahrain Telecommunications Company 0.29 0.00 Trafco Group 0.24 0.00 Al Izz Islamic Bank 0.06 1.59 HSBC Bank Oman 0.10 0.00 Umm Al Qura Cement Co 14.80 -0.67 Bahrain Tourism Co 0.23 0.00 United Gulf Bank 0.34 -10.00 Bank Nizwa 0.08 0.00 Al Hassan Engineering Co 0.07 0.00 Arabian Cement Co 36.00 -0.55 Banader Hotels Co 0.07 0.00 United Gulf Investment Corporation 0.10 0.00 Bank Muscat 0.41 0.00 Hotels Management International Co 1.25 0.00 Yamama Cement Co 17.60 -0.56 BBK 0.34 0.00 United Paper Industries 0.42 0.00 Oman Oil Marketing Co 1.88 0.00 Al Jazeira Services Co 0.55 0.00 Saudi Cement Co 53.00 1.92 Bank Muscat 0.59 0.00 Zain Bahrain 0.12 0.00 Oman Oil Marketing Co 0.25 0.00 Al Kamil Power Co 0.31 0.00 Qassim Cement Co 50.50 0.50

Information contained herein is believed to be reliable & has been obtained from sources believed to be reliable, but its accuracy & completeness cannot be guaranteed. This publication is provided for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Prior to entering into any transaction, investors are advised to obtain independent advice regarding the suitability of particular financial instruments/strategies based on their investment objectives. Economy & Business Thursday, October 6, 2016 23 Saudi Aramco cuts November Arab Light crude OSP to Asia past month, based on yields and Iraqi prices, affecting McD SET TO SELL FRANCHISE TO SAUDI FIRM cents a barrel for November Aramco also cut price for Arab Medium and product prices. more than 12 million barrels from the previous month at a Four refiners expected the per day (bpd) of crude bound discount of $5.20 a barrel to by 10 cents and Arab Heavy by 50 cents official selling price (OSP) for Asia. HONG KONG/SINGAPORE McDonald’s Corp is nearing a deal to the Brent Weighted Average for Arab Light to fall by 20 Aramco lifted prices for sell 20-year franchise rights for its Singapore and Malaysia outlets (BWAVE). cents to 50 cents a barrel in its crude in October, tracking to Saudi Arabia’s Reza group, in a transaction estimated at up The Arab Light OSP to the REUTERS Light grade for Asia by 25 US November from the previous a stronger Dubai benchmark to $400 million, people familiar with the matter said. Reza Food United States was set at a pre- DUBAI cents a barrel versus Octo- month, according to a Thom- and a recovery in Asia's refin- Services Co. Ltd, which owns and operates McDonald’s restau- mium of 35 cents a barrel to ber to a discount of 45 cents son Reuters survey. ing margins. rants in the western and southern region of Saudi Arabia, has the Argus Sour Crude Index TOP oil exporter Saudi Ara- a barrel to the Oman/Dubai Aramco also cut the price Its October prices were tapped Malaysian bank CIMB to finance the deal, said two of the (ASCI) for November, down bia has cut the price of flag- average, it said on Wednes- for its Arab Medium to Asia higher than expected to com- sources, who declined to be identified as the deal has not been 10 cents a barrel from the ship crude grade Arab Light day. by 10 cents and Arab Heavy pensate for a deep cut in light publicly announced. CIMB declined to comment, while there was previous month. to its Asian customers for No- The company typically by 50 cents from October grades in September, traders no immediate response from McDonald’s. Reuters was not imme- The tables below show vember, state oil giant Saudi sets its crude prices based on levels. Traders have said de- said. diately able to reach Reza for a comment. The deal was expected the full FOB prices for No- Aramco said on Wednesday, changes in the Dubai market mand for heavier grades is Aramco has scheduled to be completed by the end of the year. (REUTERS) vember in US dollars. Saudi tracking weakness in the Du- structure as well as recom- robust due to stronger fuel oil maintenance at its Yanbu and term crude supplies to the bai benchmark. mendations from customers cracks. Ras Tanura refineries in No- and Arab Heavy crude ex- The state oil company United States are priced as a Saudi Aramco has cut its and after calculating changes Saudi crude OSPs set the vember and December, which ports during the shutdowns, dropped its Arab Light OSP differential to the Argus Sour November price for its Arab in the price of its oil over the trend for Iranian, Kuwaiti could mean more Arab Light trade sources said. to Northwest Europe by 45 Crude Index (ASCI).

Oil slump: Bahrain Wells Fargo scandal not just foreign reserves halve since 2014 limited to consumer banking

REUTERS the bottom of a country's US Senator David DUBAI comfort zone. Vitter’s probe finds Bahrain's current ac- BAHRAIN'S foreign reserves count balance, which in- that it extended to have more than halved since cludes trade in goods and the end of 2014 as low oil services, fell into a $79 mil- thousands of small prices slash the value of the lion deficit last year from a business owners country's exports, the pro- $1.52 billion surplus in 2014, spectus for the kingdom's the prospectus showed. sovereign bond issue this Despite the falling re- REUTERS week shows. serves, this week's bond NEW YORK The central bank of Bah- issues attracted a healthy rain, one of the Gulf states combined order book of over THE scandal over improper hit hardest by cheap oil, has $7 billion, and the Bahraini sales practices at Wells Fargo not published its monthly dinar, which is pegged to the & Co extended to thousands monetary statistics bulletin US dollar, has come under of small-business owners, ac- since June 2015. It has not only modest pressure in the cording to a US lawmaker, responded to requests for forwards market during the raising questions about the comment on why it halted past few months. scope the bank's issues with publication. Bahrain's central bank unauthorised accounts. That leaves bond pro- has repeatedly said it is able In a September 29 letter spectuses as a key source and determined to preserve viewed by Reuters on Tuesday, of data on the kingdom. the dinar's peg against the Senator David Vitter, a Loui- The government has been dollar, but the prospectus siana Republican, demanded increasing its debt issues noted that ultimately, the that Wells Fargo Chief Execu- to finance a budget deficit dinar's value depended on tive John Stumpf provide a caused by cheap oil, and on some factors which were "full accounting" of customers Tuesday it sold $1 billion of outside the government's affected. Vitter is a member of seven-year Islamic bonds control. the US Senate's banking com- and $1 billion of 12-year con- "There can be no assur- mittee and also heads its small ventional bonds. ance that there will not be a business committee. Gross foreign reserves need for a devaluation as a Discussions between con- US Senate Banking Committee member Senator David Vitter questions Wells Fargo Chief Executive Officer John Stumpf, on Capitol Hill in held by the central bank, result of external factors," it gressional staffers and Wells Washington, during the committee’s hearing recently. (AP) including gold, shrank to said. Fargo "have indicated that $2.78 billion on June 30 Bahrain receives finan- the fraudulent activity of your of accounts in the settlement issue as limited to relatively able," Maldonado said in an fired for refusing to create fake this year from $3.39 billion cial support from Saudi Ara- employees was not limited to were consumer accounts, to few customers and employees interview. "In the past, there accounts to hit sales quotas. at the end of last year and bia, a close political ally, and Wells Fargo's consumer bank- the extent there were small in the retail bank. Early results were sometimes crazy accounts Wells suspended those quotas $6.06 billion in 2014, the the markets expect Riyadh ing operations," Vitter wrote. business accounts included, from Vitter's examination are without my permission." Lan- on October 1. Islamic bond prospectus to extend more aid if neces- "Thousands of small business all were previously reported in the first hard sign that prob- gan declined to comment on showed. sary to avert any crisis. owners were impacted by this the total number of potentially lems may extend further. Maldonado's accounts. Soured relationships At the end of 2014, Bahrain's main source of fraud." impacted accounts," said Wells Reuters also spoke to a An ex-Wells Fargo busi- Business and corporate reserves were worth 3.7 oil is the Abu Saafa oilfield, A person familiar with spokeswoman Jennifer Lan- former Wells employee, and ness banker, who declined to governance experts say small- months of Bahrain's im- which it shares with Saudi Vitter's probe say Wells has gan. a lawyer representing former be identified, said employees business customers can be as ports, the prospectus said. Arabia. Under their treaty, identified about 10,000 small "As stated earlier, Wells employees and a former and at his former branch were re- susceptible to fraud as any cus- That implies reserves have Bahrain is entitled to 50 per- business accounts that were Fargo has already refunded current Wells customer, who quired to sell products to small tomer. now dropped well below 90 cent of the field's output, but subject to improper practices. 115,000 accounts. The impact- described abusive sales prac- business customers such as Owners are typically days of import cover, a level the prospectus noted that it Vitter spokeswoman Cheyenne ed accounts, including Small hair-salon owners and carpet knowledgeable about their traditionally considered by had been receiving "signifi- Klotz declined to comment on Business, were part of our Re- cleaners in packages of three business expertise but not many economists to be at cantly more" than that ratio. specifics about those practices. tail Bank business." Revelations of Wells - regardless of whether they about banking services, said Revelations of Wells A Consumer Financial Pro- Fargo’s problems with needed them. Peter Conti-Brown, a finan- Fargo's problems with small- tection Board spokesman con- small-business customers Those typically included cial regulation professor at the business customers come al- tradicted the Wells statement, come almost a month accounts for checking, credit University of Pennsylvania's most a month after it reached however, saying its figure of after it reached a card processing and payroll, Wharton School. a $190 million settlement over nearly 2 million accounts be- $190 mn settlement and were often linked to ad- For example, a new dentist opening as many as 2 million ing affected did not include ditional savings accounts, who borrows from a bank to accounts in retail customers' small business accounts. said the former Wells banker. buy a practice may then need names without their knowl- Wells is also battling law- tices with multiple business Bankers also tacked on busi- other services that she does edge. The bank has said it fired suits from former employees, accounts. ness credit cards and were not even know exist, such as about 5,300 employees for im- customers and shareholders Jose Maldonado, a res- pressured to call a Wells insur- payroll management or credit- properly opening the accounts. related to the issue. In a second taurant owner in Southern ance unit, with the customer card clearing. The disclosures have letter, Vitter requested that the California who banked with present, to push business li- But the potential for abuse caused a public furor, with Small Business Administra- Wells Fargo for 15 years, said ability policies. Langan, the still exists, he said. A bank Stumpf facing heated ques- tion's inspector general, Peggy he discovered seven accounts Wells spokeswoman, said the can sell multiple, unnecessary tions before two congressional Gustafson, investigate Wells, after enlisting the help of his bank discontinued those pack- accounts and credit cards to committees and other US au- too. accountant. He initially closed ages in April 2015. sole proprietors whose needs thorities launching investi- extraneous ones, and ultimate- Attorney Jonathan rarely exceed making deposits gations into the bank's sales Package of three ly moved his remaining busi- Delshad filed two class-action and writing checks. The risk of Bahrain’s gross foreign reserves shrank to $2.78 billion on practices, including the Justice Senior bank executives ness to Bank of America Corp lawsuits against Wells Fargo in abuse is greater when bankers June 30 this year from $3.39 billion at the end of last year and Department and the Labor De- have apologized for opening and JPMorgan Chase & Co. September on behalf of former are required to sell a certain $6.06 billion in 2014. (REUTERS) partment. accounts customers did not "I don't like Wells Fargo employees, including one busi- number of products to meet "While the vast majority request, but characterized the anymore. I don't feel comfort- ness banker, who say they were performance goals. Ethiopia opens rail line to Germany to buy new Lockheed transporters

Djibouti in industrial drive The German-French Franco-German co-op comes against the agreement foresees the new REUTERS it uses renewable energy,” he joint tactical airlift capability ADDIS ABABA said. backdrop of tough negotiations with being in operation by 2021, "It's part of the trans-Afri- Airbus Military over delays to the A400M but it is not certain Germany ETHIOPIA opened a new train can railway network so it will will have all its C-130Js by line on Wednesday linking its give an opportunity for con- then. land-locked capital to the Red necting Ethiopia with other REUTERS operation comes against the Von der Leyen told Reu- Sea state of Djibouti, part of neighbouring countries," BERLIN backdrop of tough negotia- ters last week that Germany Addis Ababa's infrastructure Dereje said of the line which tions with Airbus Military over would make a decision soon programme aimed at turning will be operated by Chinese GERMANY is looking at buy- delays to the A400M, as well on acquiring C-130s to cover the poor, agrarian nation into workers until Ethiopians are ing four to six new Lockheed as growing European concerns what Berlin views as a gap an industrial hub. trained. Martin C-130J military troop over a possible shift in UK de- in capabilities once the eld- Ethiopia's economy is one Ethiopia's economic devel- transport planes and operat- fence priorities away from its erly Transall leaves service in of the fastest growing in Afri- opment has long been ham- ing them jointly with France, continental partners following 2021. ca, even though it has suffered pered by poor roads and an placing a further dent in plans the Brexit vote. Germany is part of a Euro- a severe drought for at least ageing fleet of trucks, which for a fully European airlift ca- France is already in the pean group of seven European the past two years. Growth has ply the route between the pability following the delayed process of buying four C-130J A Lockheed Martin C-130J transport plane. (VIA COMMONS) NATO nations that funded the been fuelled by construction industrial heartlands in the A400M. aircraft from Lockheed partly 20-billion-euro development of railways, roads and hydro- centre of the country and Dji- German Defence Min- to allow refuelling of helicop- makers in a letter about the C- Such a deal could be worth by Airbus of the A400M. electric dams to power indus- bouti, Ethiopia's main import ister Ursula von der Leyen ters used by its special forces, 130J purchase. close to half a billion euros, Lockheed was originally try. and export route. and her French counterpart, a feature originally meant to There has been speculation based on the 330 million euros a partner at an early stage of Ethiopian Railways Cor- The government is facing a Jean-Yves Le Drian, signed be supplied by the A400M but that Germany could buy used ($370 million) budgeted by the A400M project, which was poration spokesman Dereje wave of protests, often involv- an agreement in Paris late abandoned for technical rea- C-130J aircraft from Britain to France for its earlier purchase eventually billed as a Euro- Tefera said the $4 billion, Chi- ing clashes with police, over on Tuesday to study a joint sons. help meet near-term needs. of four C-130Js. pean alternative to the smaller nese-built 750-km (470-mile) land rights and other political tactical airlift pool of C-130J "We expect considerable But a German defence "Current plans call for the C-130 and the larger Boeing electrified line “will minimise issues. Locals say the authori- aircraft, the German defence synergies from such a move," ministry source said Berlin procurement of new aircraft. C-17. the cost of the transport and ties grab land for new industry ministry said. Markus Grubel, parliamentary would buy up to six new air- There are no specific timelines Airbus declined to com- the transport time”. but offer them little compen- The latest initiative in state secretary in the German craft directly from the United for that purchase," a defence ment on Germany's C-130 “It’s free from pollution, sation. Franco-German defence co- defence ministry, told key law- States. ministry source said. proposals.