BUSINESS BUSINESSBU | 04 BUSINESS | 05 PwC’sP Garvey Global economic forecastsforec ‘delicate policy direction 2020’20 for global now hinges on economy ’s next move

MONDAY 17 FEBRUARY 2020

Qatar, agree to take further steps to strengthen , investment cooperation THE PENINSULA — the ease of doing business for the year activation of existing agreements 2020, the Minister added. including an agreement on the pro- has succeeded in achieving a Speaking earlier during the opening tection and promotion of mutual balanced economic growth as well as of the session, Minister Al Kuwari high- investments and a memorandum of economic diversification and inde- lighted the friendly relations, strong understanding on air transport, which pendence in line with its National Vision ties and bilateral cooperation between was ratified on November 7 2019, to 2030 and the Second National Devel- Qatar and Kazakhstan, urging operate 7 flights between the cities of opment Strategy 2018-2022, Minister increased efforts to establish a stra- Doha and Nur Sultan and 7 additional of Commerce and Industry, H E Ali bin tegic partnership in the trade and flights between Doha and the city of Ahmed Al Kuwari has said. investment fields. . The MoU will pave the way for Minister Al Kuwari was speaking The Minister also called for further collaboration in the touristic during the 5th session of the Qatari- increased cooperation on the govern- field, the Minister added. Kazakh Joint Higher Committee, which mental level to engage the Qatari and Minister Al Kuwari added that he co-chaired with Kazakhstan’s Min- Kazakh business sectors in dialogue Qatar looks forward to contributing to ister of National Economy H E Raslan and to enable the private sector in both the privatisation programme that Dalenov in Nur Sultan on February countries to enter into successful Kazakhstan is currently undertaking 13-14. investment partnerships that will and to channeling investments into Speaking during the event, Min- bolster bilateral relations. sectors that will serve the development ister H E Al Kuwari said Qatar has In his speech, Minister Al Kuwari orientations of both countries. sought to accelerate the implemen- reiterated the importance of following The fifth session of the Qatari- tation of initiatives and measures up on the recommendations issued by Kazakh Joint Higher Committee aimed at cementing its position as a the Qatari-Kazakh Joint Higher Com- touched on the promotion of bilateral leading regional investment and mittee during its previous session in cooperation in various sectors of business hub, noting that Qatar has Doha, particularly when it comes to mutual interest to both countries. worked on improving its business envi- Prime Minister of Kazakhstan, H E Askar Mamin, and H E Ali bin Ahmed Al Kuwari the activation of the agreement on the The committee also discussed ronment to attract foreign investors. (left), Minister of Commerce and Industry, holding discussions on the sidelines of establishment of a joint businessmen issues related to strengthening coop- In addition to opening its economy the fifth session of the Qatari-Kazakh Joint Higher Committee held in Nur Sultan. council, which was signed in 2008 to eration between both countries in to global markets and building fruitful bolster bilateral investments and trade. various fields, including the trade, international partnerships, Minister Al such as the Hamad International Thanks to these efforts, Qatar has He also hailed the progress investment, industry, agriculture, Kuwari explained that Qatar is capi- Airport, , free zones and been ranked among the top 20 coun- achieved in terms of the signing of new health, education, infrastructure and talising on its advanced infrastructure logistical and industrial areas. tries to undertake reforms to improve memoranda of cooperation and the energy sectors. France warns of Brexit talks battle

AFP — MUNICH, GERMANY

France yesterday warned Boost for SMEs Britain to expect a bitter, bloody battle in Brexit trade talks with the EU, 'Land and Industrial Loan' saying the two sides would “rip each other apart”. to spur growth Negotiations for a deal on future EU-UK relations H E Ahmad bin Mohammed Al Sayed (right), Minister of State are not due to start until and Chairman of Qatar Free Zones Authority, and Sheikh Faisal next month, but London bin Qasim Al Thani, Chairman of Qatar Businessmen Association and Brussels have already (QBA), after signing the MoU at the Business Innovation Complex clashed over rules for in Ras Bufontas Free Zone, yesterday. British financial firms’ access to the EU after Brexit. Projects worth QR3bn French Foreign Min- ister Jean-Yves le Drian said it would be tough to for free zones approved achieve Britain’s aim of MOCI and QDB launch ‘Land agreeing a free trade deal MOHAMMAD SHOEB Authority, as part of the gov- by the end of the year, with THE PENINSULA ernment, are highly focused in the two sides far apart on supporting the private sector. a range of issues. and Industrial Loan’ facility The Minister of State and This is (the MoU with QBA) a very “I think that on trade Chairman of Qatar Free Zones important initiative to enable the issues and the mechanism THE PENINSULA — DOHA The initiative aims to provide investors must fill out and submit Authority (QFZA), H E Ahmad private sector to give them the for future relations, which support for Qatari investors and the application electronically bin Mohammed Al Sayed, said full support to attract interna- we are going to start on, we In a big boost to the country’s encourage entrepreneurs and through the Single Window yesterday that the Supreme tional partners and to work are going to rip each other emerging Small and Medium small and medium-sized com- Services website on sin- Council for Economic Affairs together with the aim to boost apart,” Le Drian said at the Enterprises (SMEs), the Ministry panies to easily invest in the glewindow.gov.qa. Investors and Investment (SCEAI) has investments in the Free Zones. Munich Security of Commerce and Industry industrial sector in a relatively must also provide all the required approved projects worth more Asked about the fund allo- Conference. (MOCI), in cooperation with short time by enabling investors documents (a complete feasibility than QR3bn, which is a signif- cation for the QFZA, the Min- “But that is part of nego- Qatar development Bank, to apply through a single study - the engineering plan - a icant rise compared to QR1bn ister said: “We have a lot of tiations, everyone will yesterday announced the launch platform, namely the Single copy of the audited financial last August. projects already attracting defend their own interests.” of an innovative “Land and Window Services, the Ministry accounts) and any other docu- The QFZA is set to establish more than QR3bn which the Britain formally left the EU Industrial Loan” initiative. said in a statement. ments that may be requested more partnerships with local Supreme Council (SCEAI) two weeks ago but still Launched under the guidance of The statement noted the during the application review and international companies approved last week. There is like a member under H E Sheikh Khalid bin Khalifa bin Ministry of Commerce and period. and investors to accelerate the good demand here and we are a transition period ticking Abdulaziz Al Thani, Prime Industry is working on securing After submitting the appli- process of economic and indus- going to establish more part- down to the end of this year. Minister and Interior Minister, the industrial lands of various sizes cation and the required docu- trial diversification, H E Min- nerships internationally as well The remaining 27 EU initiative is in the context of the for investors in the industrial ments, a technical team from the ister Al Sayed told The as locally.” states are currently State’s ongoing efforts to improve sector to undertake promising Ministry and Qatar Development Peninsula on the sidelines of an The majority of these drawing up their mandate the ease of doing business in projects that add value to the Bank will review the application. event yesterday. projects are focused on the new for the talks on the future Qatar and to bolster the local economy. Qatar Devel- The Land Commission will also The QFZA and Qatari Busi- economy, internet of things, relationship, with France investment environment for opment Bank is playing a role in review the application. nessmen Association (QBA) sustainability, IT, big data, com- in particular pushing for a owners of small and medium financing feasible industrial The initiative falls within signed a memorandum of munications, transport, strong stance, notably on enterprises and entrepreneurs. projects that add value to the the framework of joint efforts understanding (MoU) that logistics, medical services, avi- the vexed question of The initiative will enable national economy. to promote startups, includes means of joint coop- ation, cyberspace, and agritech. fishing. France and several investors to apply through the While the Ministry of Com- encourage promising small eration and benefiting from the The council lastly discussed other countries want to be Single Window platform of the merce and Industry is seeking to and medium-sized enterprises services provided by these two a draft strategic partnership able to keep fishing in Ministry of Commerce and meet all requirements for prom- to engage in industrial activ- economic institutions to the between Qatar Free Zones British waters, while Industry to secure industrial ising industrial projects, Qatar ities in various sectors, stim- local and external investor in Authority and . London wants full licenses and land plots in the Development Bank is focused on ulate manufacturing indus- order to enhance investments The partnership aims to unite autonomy and limited small and medium industrial providing financing for industrial tries, improve services offered and support the economic efforts in attracting major com- access for European area and to complete financing projects. to investors and bolster Qatar’s development of the country. panies in the energy, chemicals, fishermen. procedures through the same On the registration process, economy in line with the Qatar “We at Qatar Free Zones and clean energy sectors. application. the Ministry explained that National Vision 2030. 02 BUSINESS MONDAY 17 FEBRUARY 2020

MARKETWATCH

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QP to support ‘Made in Qatar 2020’ as partner of energy sector H E Ahmad bin Mohammed Al Sayed, Minister of State and Chairman of Qatar Free Zones Authority; Sheikh Faisal bin Qasim Al Thani, Chairman of Qatar Businessmen Association (QBA), Hussein Al Fardan, First Deputy to the QBA Chairman, with other prominent Qatari THE PENINSULA — DOHA The expo, which begins businessmen and dignitaries who attended the MoU signing ceremony between QFZA and QBA at the Business Innovation Complex on February 19, 2020 in Ras Bufontas Free Zone, yesterday. Qatar Petroleum (QP) is supporting the ‘Made in Qatar is organised by the 2020’ exhibition in as Qatar Chamber in a partner of the event’s energy cooperation with the QFZA and QBA sign MoU to sector, Qatar Chamber said yesterday. Ministry of Commerce The expo, which kicks off and Industry, Qatar on Wednesday 19 February Development Bank as boost cooperation, investment 2020, is organised by the Qatar Chamber in cooperation with strategic partner and MOHAMMAD SHOEB sharing of information and Qatari private sector in the Ministry of Commerce and in coordination with THE PENINSULA The MoU includes cooperation in joint activities attracting global investors and Industry, Qatar Development the Kuwait Chamber of means of joint to encourage foreign benefiting from the investment Bank as strategic partner and Commerce & Industry The Qatar Free Zones Authority cooperation and investment. As for the second opportunities presented by the in coordination with the Kuwait (QFZA) and Qatari Businessmen area of cooperation, it includes free zones in various sectors, Chamber of Commerce & on an area of 10,000 Association (QBA) yesterday benefiting from the participation and inclusion which supports the local com- Industry on an area of 10,000 sqm at the Kuwait signed a memorandum of the services of both parties in visits of inter- mercial traffic in a way that sqm at the Kuwait International understanding (MoU) to boost national delegations to Qatar to serves its interests and reflects Fair. International Fair. cooperation and investment in provided by these promote Qatar as well as both on the growth of all components The four-day expo will see Qatar. two economic parties of economic development in the a participation of about 220 The MoU includes means of The signing of the Memo- country. Also, both parties dis- Qatari manufacturing event will enrich its outcomes, joint cooperation and benefiting institutions to randum of Understanding was cussed the ways of joint coop- companies. he pointed out, assuring that from the services provided by the local and also followed by an intro- eration in the areas of attracting QP’s keenness on spon- the expo will be a great oppor- these two economic institutions ductory tour of Ras Bufontas to foreign investment and sup- soring the expo comes in the tunity enabling visitors to to the local and external external investor in introduce the existing infra- porting the private sector. context of its serious identify the development of investor in order to enhance order to enhance structure and the services it On this occasion, H E endeavours aiming at sup- Qatar industry,” he added. investments and support the provides to the investor Ahmad bin Mohammed Al porting the industrial sector of It offers a good chance for economic development of the investments Sheikh Faisal bin Qasim Al Sayed, Minister of State and the country, particularly that Qatari firms to recognise the country. and support Thani, QBA Chairman, said: QFZ Chairman, said: “Today, we the exhibition presents an Kuwaiti market and promote The MoU was signed by H the economic “The Qatari Businessmen Asso- are pleased to take this positive ideal platform that brings their products in Kuwait as E Ahmad bin Mohammed Al ciation has been seeking since step and participate with the together various industries, well as review enhancing Sayed, Minister of State and development of the its inception, to strengthen its Qatari Businessmen Association which helps in enhancing the cooperation with Kuwaiti Chairman of Qatar Free Zones country. partnership with the public as two Qatari institutions con- efforts exerted, for the companies and establishing Authority, and Sheikh Faisal bin sector to serve the national cerned with contributing to the advantage of the economic joint industrial ventures, he Qasim Al Thani, QBA Chairman, economy, by supporting the promotion and development of diversification. noted Qatar Petroleum is an at the Business Innovation state in its efforts to diversify the Qatari economy.'' The expo, held for the third integrated national oil corpo- Complex in Ras Bufontas Free the ceremony along with sources of income and achieve '' This joint cooperation is a time outside Qatar, aims ration responsible for the sus- Zone. Abdulsalam Abu Issa and sustainable comprehensive strong example of the impor- to promote Qatari industries in tainable development of the From QBA, the signing cer- Haider Mashhady as well as development by 2030 and tance of local partnerships in the Kuwaiti market and open oil and gas industry in Qatar emony was attended by Sarah Abdallah, QBA Deputy attracting foreign investment contribution to the new channels of cooperation and beyond. Hussein Al Fardan, First Deputy GM. and advanced technology, advancement of the national between businessmen from QP’s activities encompass to the QBA Chairman and from Also present were Lim Meng localizing highly competitive economy, especially as the both countries. the entire spectrum of the oil QBA Board Members Sheikh Hui, QFZA CEO, Abdullah bin industries and benefiting from Qatari private sector plays an Commenting on the spon- and gas value chain locally, Hamad bin Faisal, Sherida Al Hamad Al Misnad, QFZA the privileges provided by the important role in this, as it is an sorship agreement, Qatar regionally, and internationally. Kaabi, and Saud Al Mana. Deputy CEO and QFZ members government as the investment essential part of Qatar National Chamber Chairman HE Sheikh They include the exploration, From QBA members, Nasser of the executive management climate is very appropriate and Vision 2030 represented in the Khalifa bin Jassim Al Thani said refining, and production, as el Haider, Khalid Al Mannai, attended the meeting. great opportunities are pillar of economic development QP’s interest in supporting the well as the marketing and sales Salah Al Jaidah, Nabil Abu Issa, The MoU noticed two main available to turn the country that calls for achieving eco- expo significantly reflects its of oil and gas, liquefied natural Ashraf Abu Issa, Maqbool areas represented in the stra- into a real workshop”. nomic diversification. Also, keenness on developing the gas (LNG), liquids Khalfan, Mohamed Al Rabban tegic relations between the two Through this visit, QBA also growth in the non-oil sectors, Qatar’s industrial sector. (NGL), gas to liquids (GTL) Mohamed Althaf, Ihsan Al parties to attract investors to aims at getting acquainted with in addition to transforming HE praised the leading role products, refined products, pet- Khyami, Mohamed Al Nemla. invest in Qatar, support the QFZA and Ras Bufontas Free Qatar’s economy into a played by the company in the rochemicals, fertilisers, steel Also, Sheikh Khalid bin Nawaf achievement of economic Zone and the services it provides knowledge-based economy,'' industrial field. and aluminum, and other bin Nasser Al Thani attended diversification, exchange and to facilitate the work of the the Minister added. “QP’s sponsorship to the various products. Qatar Chamber, British Embassy 13th New Age Banking Summit to host third SMEs conference Awards honour Qatari banking THE PENINSULA — DOHA

As part of Qatar Chamber’s and financial institutions commitment to support the development of the Small and THE PENINSULA — DOHA in different categories are: banking ecosystem. Medium Enterprises sector, Barwa Bank – Most Progressive Poonam Chawla, Associate Qatar Chamber, jointly with the Qatari banks and financial insti- Bank; First Finance – Most Publisher of BusinessLive ME, British Embassy, is hosting the tutions which have shown Innovative Finance House; Al and organiser of the event, said: third SMEs conference under outstanding achievement and Khalij Commercial Bank – Best “Banks in Qatar have recog- the patronage of H E Ali bin contribution to the banking and Premium Bank; Doha Bank – nised the role played by digital Ahmed Al Kuwari, Minister of financial industry have been Best Trade Finance Bank; Qatar transformation in driving Commerce and Industry. recognised at the 13th New Age International Islamic Bank – growth and efficiency. Banks The conference will take Banking Summit Awards (NABS Most Outstanding Leader in are reassessing their business place on the 2nd and 3rd of Qatar Awards), which was held Islamic Finance Award; Qatar models to ensure that they are March 2020 at the Sheraton at the Dusit Hotel in Doha National Bank – Best Investment profitable and remain sus- Hotel - Doha. recently. Bank; Software AG – Best Tech- tainable in the future. In a bid Chairman of Qatar Chamber The NABS Qatar Awards, a nology Provider of the Year; to meet the demands of new and International Chamber of leading platform for the banking Qatar Islamic Bank – Best CSR age customers, banks are taking Commerce Qatar (ICC Qatar) and FinTech sector in the Middle Bank; Comviva – Digital Trans- the path of transformation and Sheikh Khalifa bin Jassim Al East, honour the best companies formation Vendor of the Year; innovation. Thani said: “As part of Qatar and personalities in the industry and Commercial Bank Qatar – This leaves a lot of work to Chamber’s interest to support Chairman of Qatar Chamber and International Chamber of Commerce who have consistently demon- Best Corporate Bank. be done. Be it customer expe- SMEs, by holding the third edition Qatar (ICC Qatar). Sheikh Khalifa bin Jassim Al Thani. strated exemplary performance; The awards were presented rience on digital platforms or the of the conference, we aim to and for establishing themselves on the sidelines of the daylong turnaround time to service any promote entrepreneurship and aims to enhance the Qatari buyers and investors, whilst as a benchmark for excellence, summit, which saw nearly 200 kind of request, banks have to stimulate SME development with private sector’s role in the march serving as a forum for both inspiring other banking and leading bankers and technology ensure that the evolution of their a view to boosting the economic of the economic development in Qatar and the UK to share good financial institutions to attain speakers gather to discuss chal- services, products, and proc- diversification and create new Qatar, he added. practice and lessons learned. similar levels of excellence. lenges and devise strategies to esses is consistent to help them businesses opportunities in the During the conference, Her Majesty’s Trade Com- This year’s award winners negotiate the ever-changing stay ahead of the curve”. local market.” The conference there will be a B2B opportunity missioner for the , for Qatari sectors to meet with Simon Penney, who will be “As part of Qatar their British counterparts. joining the event, said: “The UK Chamber’s interest The conference will focus and Qatar share a strong eco- on SMEs from the United nomic relationship with sus- to support SMEs, by Kingdom which has the 6th tained ambition from both Gov- holding the third edition largest national economy in the ernments to increase bilateral world where SMEs account for trade and investment, further of the conference, over 90 percent of all UK com- strengthening economic ties.” we aim to promote panies and are among the most Simon Penney also noted that entrepreneurship innovative in the world. “Qatar is an exciting market The objective of the event is with great potential for UK and stimulate SME to further increase trade companies, especially with the development with between Qatar and the UK by FIFA World Cup 2022 and its a view to boosting working together through SMEs, ambitious National Vision 2030. and will offer a unique platform This event will enable UK SMEs the economic for UK SMEs to understand to see for themselves the diversification.'' what opportunities are diverse range of opportunities Winners of the New Age Banking Summit Awards 2020 posing for a group picture during the event. available in Qatar and to meet that Qatar offers” he added. MONDAY 17 FEBRUARY 2020 BUSINESS 03 QFC promotes We’re entering a new phase. The battle for financial services industrial data starts now, and the main battlefield will be .” and SME growth Thierry Bretonton, European Commissioner in opportunities to charge of the EU single market. UK companies Mercedes-Benz multi-purpose trucks ‘ACCELO’ and ‘ATEGO’ ideal solutions for businesses THE PENINSULA — DOHA The 2020 Qatar–UK Qatar Financial Centre (QFC), Financial Services THE PENINSULA — DOHA Its reliable, robust and eco- one of the world’s leading and event follows 2019’s nomic Mercedes-Benz Engine fastest growing onshore Nasser Bin Khaled Automobiles of 4 cyl / 4 liters generates max. business and financial centres, highly successful (NBK), the authorised general power of 150 hp and max. participated for the second inaugural event distributor of Mercedes-Benz in torque of 580 Nm. Its Full air consecutive year in ‘Qatar-UK Qatar, presents the Mercedes- disc brake system secures the Financial Services’ event, ‘Qatar Day’, which Benz ‘ACCELO’ and ‘ATEGO’, maximum Safety and low cost organised by the UK’s was hosted by the has said that the multipurpose of operation The ACCELO is Department for International trucks that provide ideal solu- well known of its High load Trade in partnership with the City of London. tions for businesses, especially capacity and profitability GVW and Qatar for the transportation or multi- 9 ton and payload 5.7 ton. It is Development Bank. usage services. characterized by a Very long The event was inaugurated The trucks perfectly meet load platform that enhances by H E Sheikh Abdulla bin cashless FIFA World Cup Qatar the requirements and demand productivity. Its Robust and Saoud Al Thani, Governor of 2022. of the market, thanks to their versatile base makes it ideal for Qatar Central Bank, and Yousuf Mohamed Al Jaida, proven high capabilities, tech- all kind of applications: Cargo William Russell, Right Hon- Chief Executive Officer, QFC nology and advanced systems. body, Cargo box, Beverage dis- ourable Lord Mayor of the City participated in a panel session The ACCELO is a compact, tributer, Flatbed Cargo body, of London. The event saw the entitled ‘SMEs and Financial robust and versatile distribution Refrigerator body, Tipper, Car participation of high-level Services’ alongside Abdulaziz truck with strong drivetrain to rescue truck, People lifter. executives and senior repre- bin Nasser Al Khalifa, CEO, face all challenges of transport. The ATEGO is a robust and sentatives from both countries’ Qatar Development Bank; Made for urban distribution & reliable truck chassis for dis- Mercedes-Benz ATEGO leading national and financial Louis Taylor, CEO, UK Export service, the ACCELO is distin- tribution and short-distance institutions alongside the QFC, Finance; Gavin Holland, guished with its Compact cab transport that is distinctive including the Ministry of Com- Partner, Anthemis Group; and that is modern and comfortable. with it spacious cab, com- Air conditioning. capacity and body-builder merce and Industry; Qatar Vincent Keaveny, Partner, DLA It provides Easy access and fortable and robust. Like the The ATEGO is a Powertrain friendly set-up that are the basis Central Bank; Qatar Investment Piper. The panel, which was good visibility for the driver ACCELO, the ATEGO is made with large gear-spread for high for numerous applications. It is Authority; Qatar Development moderated by Danny Lopez, with Comfortable space for up for urban distribution & flexibility regarding applica- made for High load capacity of Bank; Qatar Research, Devel- Non-Executive Director and to 3 people. Other specs service. It is distinguished with tions and low operational cost. 13.9 tons (Atego 1418) & 17.1 tons opment and Innovation (QRDI) Advisor, Innovate Finance includes Dashboard with on- its Compact cab that is modern The ATIGO comes with Mer- (Atego 1725).It accommodates Council; City of London; the covered the role of financial board daily check and Air and comfortable. It provides cedes-Benz Engines 6.4l - 6cyl the most diverse applications: Bank of England, and UK services in Qatar’s economic conditioning. Easy access and good visibility (245 hp). Its mechanical specs Cargo box, Cargo body, Tipper, Export Finance. diversification plans, and The ACCELO is strong and for the driver with Comfortable include Double-speed Mer- Garbage, Tank, Refrigerator The 2020 Qatar – UK focused on emerging sectors reliable powertrain that creates space for up to 3 people. Other cedes-Benz Rear Axle, ABS body, Cargo body with grill, Financial Services event with high growth potential, the base for productivity and specs includes Modern dash- brake system. Crane, Beverage Distributor. follows 2019’s highly suc- such as SMEs and FinTech. economy for any transport task. board with trip computer and The ATEGO has high load Nasser Bin Khaled Automo- cessful inaugural event ‘Qatar Yousuf Mohamed Al Jaida, biles has built its success by Day’, which was hosted by the Chief Executive Officer, QFC establishing solid, longstanding City of London. The event has Authority said: “Qatar and the relationships with its cus- grown into a unique forum for UK have been long known for tomers, and its wide product senior representatives from their invaluable strategic offering which appeals to all. As Qatar and the UK to further business partnership, which a brand name, Nasser Bin develop the strong ties that has witnessed significant Khaled Automobiles is deeply exist between the two coun- business milestones and associated with a history of tries’ respective financial mutual economic benefits that premium quality service and services sectors. further strengthened the ties market leadership. The The event programme over the years. We are proud company promises to not only covered key themes across to be part of this partnership meet customer expectations, financial services and eco- and to support UK firms in but to exceed them. Established nomic diversification, focusing expanding their operations in in 1957, Nasser Bin Khaled on small and medium-sized Qatar. Our unique business Automobiles is Qatar’s exclusive enterprises (SMEs), Fintech and ecosystem hosts more than distributor of three of the its regulatory environment, 100 UK firms, operating under world’s most respected, iconic cybersecurity, and innovative the QFC platform.” Al Jaida Mercedes-Benz multi-purpose trucks ‘ACCELO’. brands: May Bach, Mercedes- payment solutions for a said. Benz and AMG. Alstom reaches plans massive budget stimulus to counter virus threat

deal to buy BLOOMBERG — SINGAPORE year. The city state, which has Singapore was already economic need for the budget to election this year, the gov- more than 60 cases of virus planning support for address was rapid-response ernment may also seek to target Bombardier’s Singapore is set to deliver a infections, is losing as many as efforts to counter the spread of other industries with support. strong budget this week to offset 20,000 tourists a day amid travel businesses hit by the the virus and to shore up busi- Small and medium-sized train unit the damage to the economy from curbs. The economic impact is trade war when the nesses. That’s what Singapore is enterprises traditionally have the coronavirus, with analysts already more severe than during coronavirus broke out likely to deliver, with Minister been key winners in the Sin- BLOOMBERG — TORONTO predicting the biggest deficit in the 2003 SARS pandemic, Prime Lawrence Wong, co-chair of the gapore budget, given the govern- almost two decades. Minister Lee Hsien Loong was early this year. The city government’s task force on the ment’s priority to boost its home- French train giant Alstom The fiscal gap may widen to cited as saying Friday. state, which has more virus response, saying in a Feb- grown firms within and beyond SA has reached a prelim- 1.5 percent of gross domestic “Budget 2020 comes at an ruary 12 interview that a “strong” its borders. inary deal to acquire product in the year beginning opportune time for a more than 60 cases of virus economic package is coming in Small businesses were pre- Bombardier Inc.’s train April 1, the highest since the 1.7 expansionary fiscal stance to infections, is losing as the budget. dicted to be the biggest winners business for more than percent shortfall recorded in the provide a much needed lift to many as 20,000 tourists He didn’t specify an amount, in this budget by seven of 10 ana- $7bn, the Wall Street 2001 financial year, according to buffer the downside growth but economists at Citigroup Inc. lysts polled in the Bloomberg Journal reported, citing the median estimate in a risks,” said Selena Ling, head of a day amid travel curbs. estimated the total package could survey. Some of the budget pro- people familiar with the Bloomberg survey of economists. research and strategy at Oversea- reach S$700m ($503m) and posals outlined by the SME com- matter. This year’s deficit will probably Chinese Banking Corporation could include support beyond the mittee of the Singapore Business The discussions, first come in at 0.3 percent, compared Ltd. in Singapore. final GDP estimates today -- had transport and tourism sectors. Federation are more research & reported by Bloomberg to the government’s earlier pro- The coronavirus could shave predicted a recovery from last That would dwarf the S$230m development spending to on January 21, began jection of 0.7 percent. off 0.5-1 percentage point from year’s expansion of 0.7 percent, provided in response to the SARS connect SMEs with higher- before Bombardier sur- Singapore was already GDP growth this year depending the slowest pace in a decade. outbreak in 2003, Citi analysts learning and research institu- prised the market last planning support for businesses on how severe the epidemic is, Nine of 10 analysts polled by Wei Zheng Kit and Kai Wei Ang tions, and help for SMEs on month by warning of dis- hit by the trade war when the she said. The government -- Bloomberg through February 13 said in a February 11 research cybersecurity through training appointing fourth-quarter coronavirus broke out early this which will publish fourth-quarter said the single-most urgent note. With a possible early and expert advice. sales. If terms are completed, the deal could be Italy escapes higher US tariffs on some products announced today, according to the Journal report. Alstom is expected BLOOMBERG — economic environment a cost for American com- to buy the unit using mainly facing European nations, panies, restaurants, cash and some stock com- Italy escaped higher US Italy reached out directly to families.” ponent. Quebec pension trade tariffs on some the US Ivan Scalfarotto, US President Donald firm Caisse de Depot et exported goods after directly undersecretary at the foreign Trump’s administration said Placement, which owns lobbying administration offi- ministry, told Bloomberg in Friday it will increase the 32.5 percent of Bombar- cials in Washington, an interview that Italy tariff rate imposed on air- dier’s train unit, has agreed according to the country’s deserves special treatment craft imported from the to sell its stake to Alstom foreign minister. because it’s not part of the European Union to 15 and acquire a minority “Italy today emerges Airbus SE consortium at the percent from 10 percent on holding in the combined undamaged from the heart of a long-running trade March 18. Last fall, the World train company, the report revision of the list of dispute between Europe and Trade Organization said the added. products subjected to the US. He discussed the US could legally impose Alstom going ahead tariffs imposed by the US issue with US officials last tariffs on $7.5bn worth of with a deal could allow the last October,” Foreign Min- month. European exports in retali- French company to avoid ister Luigi Di Maio boasted “We’re doing everything ation for Europe’s aid to paying a material premium in a statement on possible to limit the impact Airbus. due to Bombardier Trans- Saturday. on Italy, but the Americans In October, the US portation’s cash needs and For example, the 25 have the upper hand,” said imposed 10 percent duties recent project delays, percent tariff set last October Scalfarotto, from the small on Airbus aircraft and 25 according to a Bloomberg on one of Italy’s most famous Italy Alive party led by ex- percent tariffs on a range of Intelligence report last food products -- Parmesan premier Matteo Renzi. “Italy European consumer exports week. cheese -- won’t be increased. isn’t part of the Airbus con- including beverages and In a sign of the delicate sortium, and tariffs will have Spanish olives. 04 BUSINESS MONDAY 17 FEBRUARY 2020 MONDAY 17 FEBRUARY 2020 BUSINESS 05 PwC’s Garvey forecasts ‘delicate 2020’ for global economy US-Kenya trade talks seen a risk for Africa regional pact services and other industries as well. New EXCLUSIVE Markets hate uncertainty. business environments are fast emerging; BLOOMBERG — NAIROBI tested route of collective nego- also we see new challenges in the market. The African tiation,” they said. The first stage of Brexit has The industry needs to respond creatively A possible US-Kenya free-trade Continental Free Trade The African Continental to these opportunities and challenges, said agreement could undermine an Free Trade Area is set to be the ‘‘The trade deal may been completed with an Area is set to be the Peter Burns, Partner, PwC . existing continent-wide world’s biggest bloc world’s biggest bloc by mem- impact in terms of market agreement on the UKs exit On the productivity challenges in the Technology is commerce pact and limit bership, and Kenya was among psychology more than from the EU, but the deal financial services sector, Burns said: “It’s Africa’s power to negotiate with by membership, and the earliest nations to ratify it. neither a sector issue nor a geographical transforming the US, Washington announced Kenya was among Growth of intra-Africa trade is reality. I think both the issue. With the shift in technology, the on February 7 that it intended in line with Kenya’s aspiration on the future relationship financial services the earliest nations US and China have some global market is exposed to high trans- to start trade negotiations with to become a regional business which applies from 1 formational changes in the system. This and other Kenya. President Donald to ratify it. Growth of hub. incentives to agree on a January 2021 has yet to be requires a change in the workforce, industries as well. Trump’s administration doesn’t intra-Africa trade is “To negotiate a unilateral deal. But on the other hand, people with new skills, and there is favor renewing the Africa FTA flies in the face of this per- negotiated. Regardless of intense competition when it comes to Growth Opportunity Act, a in line with Kenya’s ception,” Kituyi and Mwencha it would be interesting New business the outcome, I still expect customer service benchmarks. In this environments are trade deal under which 39 sub- aspiration to become said. to see how Phase Two to see the UK maintaining a context, productivity will be a driver in Saharan African countries have a regional business African heads of state takes place and when it the industry. Countries and organiza- fast emerging; duty-free access to the US for hub. agreed in July 2018 that no dominant role in Financial tions can tackle this in different ways.” about 6,500 products including country should negotiate a takes place. So we see Burns added: “It’s not a question of also we see textiles and manufactured bilateral free-trade agreement Services, which is a huge that the uncertainty is still investing more. If you look at PwC’s 2018 new challenges items. with a third party once the con- part of the economy. The productivity survey, forty percent of “Kenya should not provide world’s biggest economy to tinental bloc comes into force. looming.” respondents spend 20 percent of their in the market. cracks in the armor of those enter Kenya more easily and In the sub-regional bloc of the impact on trade in goods entire budget on change efforts. But most The industry who have pushed for further could hamper the East African East African Community, Kenya SATISH KANADY will also be impacted with of them are not confident about their collective engagement,” nation’s efforts to boost its own shares a common customs ter- THE PENINSULA ability to execute change. The question needs to respond according to Mukhisa Kituyi, manufacturing and farming, ritory with other members, the likely establishment is, are they spending on the right creatively to these secretary-general of the United Kituyi and Mwencha said. The making negotiating unilateral The US President Donald Trump’s of a customs border that projects?” Nations Conference on Trade US would also pressure Kenya FTAs almost impossible. succesful Phase One deal with China and Sharing his thoughts on future opportunities and and Development, and Erastus to show more zeal in reforming With the AGOA, the US the UK Prime Minister Boris Johnson’s will affect physical trade growth markets, Garvey said: “We con- challenges. Mwencha, former head of the its labor laws and enforcing become Kenya’s third-largest ‘transformative’ Brexit deal will not guar- between the UK and EU in tinue to see positive markets in Southeast Common Market for Eastern rules on intellectual property, export market after the antee a strong 2020 global economy, it and the US Because of trade uncer- and Southern Africa. “There is they said. European Union and neigh- seems. both directions. tainties, we see more and more com- strength in numbers,” they said Former US President Bill boring Uganda, accounting for “US-China Phase 1 trade deal and panies moving their supply chains into in a joint statement. Clinton first signed the AGOA about $400m or 10 percent of clarity on the first steps for Brexit, two , , and their Kenyan President Uhuru into law in 2000, and former the country’s total exports, of the biggest hurdles affecting the global regional supply chain management Kenyatta said on February 5 in President Barack Obama according to Kituyi and economy have just been cleared. But that functions to Singapore.” Washington that he is still com- extended it for 10 years in Mwencha. President Kenyatta Peter Burns, Partner, PwCPICS: Australia ABDUL BASIT/ THE PENINSULA doesn’t mean 2020 will see global John Garvey, PwC’s Global Financial Services Leader and Principal at PwC’s New York office Elaborating Garvey’s thoughts on mitted to regional blocs. 2015. Kituyi and Mwencha said said his administration is ready growth entering into a firmer footing,” Southeast Asia, Burns said that the large However, he said Kenya can that whenever a phase of the to act to secure a deal before John Garvey, PwC’s Global Financial 2021 has yet to be negotiated. Regardless Garvey said. other hand, it would be interesting to Western mature economies are in a dif- Asian economies.” The US economy is adding more strong.” On the region’s growing shift to non-hydro- also be a “pacesetter” for a AGOA program was about to the AGOA expires. Services Leader and Principal at PwC of the outcome, I still expect to see the While the US and China have signed see how Phase Two takes place and ferential fairly low-growth environment. jobs, interest rates remain low. The economy is carbon growth and investment in technology, there bilateral deal with the US that expire over the past two Trump has scrutinized trade US’s New York office, told The Peninsula UK maintaining a dominant role in the first phase of the trade deal, pre- when it takes place. So we see that the “When you look into Asia, many public expected to grow at a comfortable pace, as the rest is positivity around the region, it can play a stimu- would replace the multilateral decades, benefiting countries relationships with the European in an exclusive interview. Financial Services, which is a huge part existing tariffs remain in place and it will uncertainty is still looming,“ he said. companies invest major operation of the world is in a kind of a slowdown, the US lating role in these sectors. The sovereign wealth arrangement due to expire in successfully lobbied US admin- Union, the UK and Africa after “Markets hate uncertainty. The first of the economy. The impact on trade in take time to manage their effects. “The The rise of technology companies capital in the region. A decade ago, the economy is quite robust. fund in this part of the world is sitting on a large 2025. istrations and lawmakers to making progress on China and stage of Brexit has been completed with goods will also be impacted with the trade deal may impact in terms of and the data they possess, has the concentration of banking capital was in On PwC’s 2020 outlook for the GCC, Garvey com- amount of dry powder, that’s in contrast to what we A free-trade accord would extend it. securing Senate approval of his an agreement on the UKs exit from the likely establishment of a customs border market psychology more than reality. I potential to reshape the banking and major blocs of the US and Europe. This mented: “Looking from the outside, this region is see in other markets around the world. Many com- enable products from the “Kenya should follow the US-Mexico-Canada agreement. EU, but the deal on the future rela- that will affect physical trade between think both the US and China have some wealth management industries. shift is likely the result in the rise of the quite resilient. Economic growth continues to be at panies in the region have the appetite to look at the tionship which applies from 1 January the UK and EU in both directions,” incentives to agree on a deal. But on the “Technology is transforming financial middle class and the robust growth of 2 percent and 2.5 percent range, which is pretty international market.

Hong Kong facing ‘tsunami-like’ shocks, Airbus ‘deeply regrets’ US tariff hike from 10% to 15% Europe can win global battle for says finance chief AFP — WASHINGTON US airlines, highlighting the fact Atlantic,” the Distilled Spirits tariffs as a negotiating tool. biggest auto exporter. that they -- and the US flying Council of the United States said After a trade war with China Trump wants EU member BLOOMBERG — The United States is increasing public -- will ultimately have to in a statement Friday. that lasted nearly two years and states to further open their industrial data: EU Industry chief tariffs on Airbus planes pay these tariffs,” it added. The council called on author- featured punishing reciprocal markets to American products, Hong Kong is facing imported from Europe to 15 The European Commission, ities to withdraw 25 percent tariffs, Trump signed a “phase particularly agricultural goods. REUTERS — PARIS Alarmed by the group Orange, said the European “tsunami-like” shocks, and percent, authorities announced, in a statement sent to AFP about taxes on American whiskeys in one” trade deal with in He has also threatened to Commission will unveil a three- may incur a record budget in a move the aerospace giant the US decision on Airbus, struck the EU, and 25 percent taxes on January, calling it a “momentous hike tariffs on French wine -- Europe may have lost the battle to dominance of US pronged approach on Wednesday, deficit in the next fiscal year said on Saturday was “deeply” a cautious tone. liquors imported from five step... righting the wrongs of the currently taxed at 25 percent -- create digital champions capable and Chinese tech consisting of strict rules, investing as the city counts the costs regrettable. “In our view,” it said, “the European countries, pointing to past.” He has now turned his even further unless there is a of taking on US and Chinese in infrastructure and unrolling a of the coronavirus outbreak Friday’s decision to hike focus now should be on finding fears of a negative impact on the sights to Europe as Washington deal on a digital tax which companies harvesting personal companies such sector-specific approach. after months of social tariffs from March 18 “further a negotiated solution to the air- US economy and jobs. brandishes the threat of taxing European nations want to data, but it can win the war of as Google, Amazon Reuters exclusively reported unrest, Financial Secretary escalates trade tensions craft disputes on the basis of the But Trump, a real estate European auto imports, a move impose on American giants such industrial data, Europe’s industry on January 29 a 25-page draft doc- Paul Chan said. between the US and the EU,” concrete EU proposals for developer turned politician, sees targeting Germany, Europe’s as Amazon and Facebook. policy chief said on Saturday. or Huawei, the EU ument outlining the measures to The impact of the epi- the European aerospace giant existing subsidies and future dis- Vast troves of data from how is leaving behind create a single market in data, that demic on the Hong Kong said in a statement, adding it ciplines in this sector.” The fast we drive our cars to how much could still be tweaked ahead of the economy is being felt creates “more instability for US German finance ministry said it time a robot needs to churn out the “laissez-faire” February 19 presentation. beyond retail, food and airlines that are already suf- had taken note of the US move, products in factories have yet to It will include an array of new beverage and tourism- fering from a shortage of air- and reiterated its stance on be fully exploited, said Thierry attitude of the early rules covering cross-border data related industries, Chan craft.” The announcement from tariffs. Breton (pictured), the European 2000s and ratcheting use, data interoperability and said in a blog post yes- the office of the United States “Our basic position is clear: Commissioner in charge of the EU standards related to manufac- Senegal’s Minister of Economy, Planning and International Cooperation, Amadou Hott (centre), US terday. The short-term eco- Trade Representative (USTR) we reject any unilateral increase single market. up regulatory turing, climate change, the auto Secretary of State, Mike Pompeo (left), and Senegalese Ambassador to the United States, Mansour nomic outlook is “cautious,” came just days after President in customs taxes,” it said in a Alarmed by the dominance of pressure to protect its industry, healthcare, financial and shocks can cause the Donald Trump said it was time statement. “Customs taxes are US and Chinese tech companies services, agriculture and energy. Kane, waiting for signing of a memorandum of understanding during a meeting with business leaders unemployment rate to to talk “very seriously” about ultimately harmful to everyone, such as Google, Amazon or businesses. Other rules in the coming in Dakar, Senegal, yesterday. “deteriorate rapidly,” Chan a trade deal with the European including the USA.” Washington Huawei, the EU is leaving behind months will open up public data said. Union. imposed punitive taxes on the “laissez-faire” attitude of the management and analysis of data on geospatial, the environment, “In addition to Duties have been at 10 $7.5bn in European products early 2000s and ratcheting up reg- from industrial fields such as fac- meteorology, statistics and cor- launching counter-cyclical percent since October, when after the World Trade Organi- ulatory pressure to protect its tories, transport, energy and porate data across the bloc for ’s MEA reverses move to charge in dollars relief measures to support Washington hit European zation (WTO) gave the United businesses. healthcare. “Europe is the world’s companies to use for free. the economy, the govern- products worth $7.5bn with States a green light to take retal- The new approach will be on top industrial continent. The United The document also proposes REUTERS — value against the dollar. the move put the Lebanese ment’s recurrent expend- tariffs. iatory trade measures against display on Wednesday when States have lost much of their scrapping competition rules which News of the decision, which under effective “house arrest” iture in the past 10 years has “Airbus deeply regrets the EU over its subsidies to Breton unveils the bloc’s new data industrial know-how in the last hinder data sharing and possibly Lebanon’s state-owned carrier was first reported late on Sat- and must be cancelled. continued to increase sig- USTR’s decision to increase Airbus. and artificial intelligence strategy. phase of globalisation. They have introducing rules to prevent large Middle East Airlines (MEA) urday, drew dozens of people President Michel Aoun said nificantly, and the weak- tariffs on aircraft imported from Industry executives in “We’re entering a new phase. to gradually rebuild it. China has online platforms from unilaterally reversed a decision to accept to MEA’s ticket office at Beirut airfares should be priced in ening economy has signif- the EU as well as the decision to Europe and the United States The battle for industrial data starts added-value handicaps it is cor- imposing conditions for access. payment only in US dollars airport where they tried to buy Lebanese pounds in line with icantly reduced gov- maintain tariffs on goods from have been on tenterhooks now, and the main battlefield will recting,” Breton said. On Saturday, Breton insisted after a backlash yesterday, tickets in Lebanese pounds the law. ernment revenue from tax other sectors,” the company said, awaiting each new be Europe,” Breton, a former “But the bulk of the industrial on the urgency of the task ahead. Lebanese media and an MEA before the decision was due to Lebanon’s financial crisis and land,” Chan wrote, referring to products -- including announcement from trade French finance minister, told value chain, from large groups to “Europe is not naive, it can very source said. take effect tomorrow. came to a head last year as elaborating on the deficit. wine, cheese, coffee and olives authorities. Reuters in an interview. SMEs, is based in Europe today. well see what’s going on. That’s The decision was taken as Former foreign minister capital flows into the country The budget shortfall will -- which have been taxed at 25 “It has become abundantly Breton said the EU had a That’s why all eyes are on Europe why we have to organise ourselves Lebanon grapples with a Gebran Bassil had earlier slowed down and protests likely continue for a period percent since October. clear that tariffs on distilled unique opportunity to win the next right now,” he added. now, including when it comes to foreign currency liquidity crisis declared the decision illegal. erupted against ruling politi- of time, he said. The latest decision “ignores spirits products are causing phase of the digital revolution cen- Breton, a former CEO of the deployment of the first 5G net- that has led the Lebanese pound Writing on Twitter, parliamen- cians over decades of cor- Economists are revising the many submissions made by rough seas on both sides of the Visitors gathering around the Airbus booth at the Singapore Airshow in Singapore, in this file photo. tered on the harvesting, French IT giant Atos and telecoms works,” he said. to lose more than a third of its tarian Fouad Makhzoumi said ruption and bad governance. down their forecasts for Hong Kong’s economic growth in 2020, with the Tesla factory preparation virus worsening the current France, Australia play down Global economic policy direction now hinges on China’s next move recession which was a fallout from the city’s work halted by German court BLOOMBERG — HONG KONG ministers and central bankers at national output, making financial center of the global supply chain distribution, a conventional political crisis. The gov- BLOOMBERG — FRANKFURT a Group of 20 summit in , stability a political priority. for electronics will delay a stimulus such as lower interest ernment will seek approval tensions over submarine deal The broad policy direction for . International Mon- “The key for China’s trading nascent recovery after a pro- rates or higher public spending from the territory’s legis- Elon Musk’s plan to build an electric car plant in Germany has run many of the world’s central etary Fund Managing Director partners is not so much the com- longed slump. may not be enough to turn things lature for at least HK$25bn REUTERS — MUNICH blowouts and production The two said in a joint into legal trouble after a court said clearing a forest near Berlin for banks and governments now Kristalina Georgieva (pictured) position of China’s stimulus but, The Asia-focused lender has around, according to former IMF ($3.2bn) in fresh funding to delays. statement they had reaffirmed a new Tesla factory must stop immediately. hinges on one question: how will on Friday suggested there may rather, that the stimulus is tai- cut its 2020 global GDP forecast chief economist Olivier reduce the impact of the France and Australia reaffirmed The project was again under their full commitment towards The Berlin-Brandenburg higher administrative court said it the Chinese government respond be a need for “synchronized or, lored to reflect the features of the to 2.3 percent from 2.5 percent Blanchard. coronavirus outbreak in the their commitment to a A$50bn scrutiny this week when Naval the programme, its calendar overturned a lower court ruling against environmental group Gruene to the economic shock caused by even better, coordinated shock.” said Nathan Sheets, a on the back of the China effect. “The effects on the rest of the city, Chief Executive Carrie ($34bn) submarine deal on Group’s Australia boss John and the ramping up of Aus- Liga Brandenburg, which has sought to immediately stop the clearing the coronavirus? measures to protect the world former Fed official who is now Analysis by Tom Orlik at world are likely to be mostly Lam said Friday. Friday, seeking to defuse Davis told The Australian news- tralian industrial capacity. of forest. It also said a decision on the complaint proceedings is The Communist Party’s elite economy.” chief economist for PGIM Fixed Bloomberg Economics shows through the disruption of supply “The current fiscal tensions after French ship- paper he had concerns over the “We agreed on a follow-up expected in the coming days. Until then, no logging of trees can Politburo has urged the nation to Much depends on which Income. that Australia, , chains, and the effect on firms reserves of the government builder Naval Group raised capability of local contractors, process at our level for the take place. meet its economic targets this levers China pulls. Near-term China’s factories are vital Singapore, Hong Kong and outside of China,” Blanchard said. allows it to sustainably concerns over the capability of and suggested Australian busi- implementation of the pro- The injunction threatens Tesla’s ambitious timetable of having year, an imperative that could options include further cuts to links in the supply chains for are among the most “Much more so than the effect launch counter-cyclical Australian contractors. nesses could fail to secure half gramme on a quarterly basis the plant up and running from mid-2021. shake the government’s recent central bank funding rates and Sachs Group Inc to UBS Group multinational companies. exposed in the region while through lower exports to China, measures in the near future Australia signed a pro- of the value of the total this year with a meeting in If it does clear Germany’s red tape, the site could churn out as reluctance to fire up large-scale more tax relief to hard-hit sectors AG and BNP Paribas SA see more Hubei province, an industrial Brazil, Germany and because of lower growth in to stabilize employment duction contract with Naval contracts. France in April and another in many as 500,000 cars a year, employ 12,000 people and pose a stimulus. as well as flush liquidity for the easing steps ahead. powerhouse with an economy are high up the list of global China.” and support the economy,” Group in February 2019 for a Those comments were met Australia in mid-year,” the two serious challenge to Volkswagen, Daimler and BMW. Musk recently If it translates into an all-out financial system. The emphasis Real gross domestic product the size of Sweden’s, remains vulnerability. Governments across Asia are Chan said Sunday. fleet of 12 attack-class subma- with anger by Australian said. tried to ease local concerns about water usage for the plant, which loosening of monetary policy and for now remains on not over- is now forecast to grow 5.8 in lock-down while a mix of President Xi Jinping has already gearing up to respond. “However, in order to rines, ending a two-year Defence Minister Linda Rey- Australia’s 12 new subma- would border a nature reserve. a ramp up in government doing it, though there are signs percent this year, according to curbs on factory production stressed the hit to growth will be Koichi Hamada, an adviser ensure the stability of public wrangle over one of the nolds, who said in a statement rines are at the centre of its plan Workers have already scoured the equivalent of about 150 soccer spending, key trading partners the resolve is softening. the median result in a Bloomberg and travel remain in place else- short term and has used oppor- to Japanese Prime Minister finances, we must pay more world’s most lucrative defence she would hold “Naval Group to significantly expand its mil- fields of forest and removed most of the World War II ammunition that have been slammed by the The People’s Bank of China survey, down from 5.9 percent where too, complicating the tunities like a half hour phone Shinzo Abe, said more fiscal attention to fiscal sustain- deals. to account for the commitments itary to protect strategic and found there. hit to exports, supply chains, could further cut the proportion last month. That would be the task of getting the economy call with Malaysia’s Prime Min- stimulus will be needed if the fall ability and pay within our Australia had selected the they signed on for”. trade interests in the Asia- The project’s environmental stipulations include scaring off or commodities and tourism may of deposits banks must hold as weakest in three decades. back up to speed. ister Mahathir Mohamad to out worsens. means when considering French firm as its preferred Reynolds met with France’s Pacific region. The first of the relocating wolves, hibernating bats, snakes and lizards until con- see short-term pain followed by reserves. Local governments are The unknown is whether offi- HSBC Bank Plc economists assure the fallout will be Singapore is poised to roll out new expenditures, espe- bidder in 2016 ahead of other Armed Forces Minister Florence new submarines is scheduled struction is over. Under German environmental regulations, the a rapid snap back. being allowed to speed up bond cials will really relax their rigid led by Janet Henry estimate the contained. extra spending, Malaysia will cially recurrent expendi- offers from Japan and Germany. Parly on the sidelines of the to be delivered in the early project in the small town of Gruenheide must also consider the The economic shock is sales to fund infrastructure like clampdown on borrowing in an hit to tourism revenue will be the One worry: Because China is announce stimulus next month, tures, in the future.” However, final contracts were Munich Security Conference on 2030s and the final vessel breeding period for local wildlife in spring. expected to dominate discussions highways and health facilities. economy where total debt is biggest drag on Asia. They also experiencing a supply side shock while plans faster delayed amid reports of cost Friday to discuss the spat. during the 2050s. at this week’s meeting of finance Economists from Goldman heading toward 300 percent of highlight China’s role at the that’s upended production and spending. 06 BUSINESS MONDAY 17 FEBRUARY 2020 Oil glut, stronger rouble strengthen case for Russia to cut oil output: Sources

REUTERS — MOSCOW The companies, the energy ministry and the central bank A growing oil glut in Russia and did not reply to Reuters’ the promise of a flood of dollars requests for comments. from the sale of a leading bank A number of oil executives, are strengthening the case for after leaving the energy min- Russia to cut oil output in istry on Wednesday, told tandem with Opec, oil sources reporters that no final decision said. had been taken but the basic The Organisation of the scenario was to extend the Petroleum Exporting Countries, existing Opec+ deal to Russia and other producers end-June. People wearing face masks are seen at a main shopping area, in downtown Shanghai, China, yesterday, have for more than a year Nabiullina said on Thursday as the country is hit by an outbreak of a new coronavirus. implemented a deal to cut oil she did not expect a “signif- output by 2.1 million barrels per icant” impact on the money day to support the market. The by oil exporters as it hits their market from Sberbank’s sale China vows more fiscal support as agreement expires at the end profits. although the economy ministry of March. At a meeting on Wednesday, has raised its rouble rate Opec has recommended oil companies asked Energy forecast by nearly 2 roubles to virus roils a slowing economy extending the output curbs and Minister Alexander Novak to 63.9 per US dollar for this year. deepening the combined cuts tell central bank governor Another factor in Russia’s BLOOMBERG — BEIJING other economies across the steady growth may widen the because of the impact of the Elvira Nabiullina (pictured) that decision is a disagreement with region. On the same day Liu’s fiscal gap and make policy fine- new coronavirus in China, they do not favour a strong Belarus under which Moscow China pledged to roll out more remarks were issued, Hong tuning more complicated. Still, which the International Energy rouble, two sources familiar has halted its 240,000 bpd effective stimulus despite a Kong Financial Secretary Paul authorities are stressing the Agency said on Thursday with the outcome of the supply of oil to its neighbour. widening fiscal gap as the novel Chan warned the territory may need to step up spending and would contribute to oil demand meeting said. In addition to this, the coronavirus hits an already incur a record deficit next fiscal ensure funds to contain the falling year on year in the first “A lot of dollars will come number of Russian oil refineries slowing economy, highlighting year. Later this week, Singapore disease, regardless of quarter. to the market, boosting the undergoing maintenance will the challenges the epidemic is will present its annual budget, heightened fiscal pressure, the The Kremlin has said no rouble, so ‘a rouble barrel’ will peak in April-May, according imposing as the death toll with analysts predicting the finance minister wrote. decision has been taken yet on become cheaper,” one of the to energy ministry data and stacks up and thousands of new biggest deficit in almost two There would continue to be whether Russia agrees to two sources familiar with the Reuters calculations, freeing up cases are reported each day. decades. “targeted and phased” extend or deepen the output outcome said. another up to 580,000 bpd of The nation will further China’s government faced measures in cutting taxes and curbs - the final decision lies The source said a stronger oil. perfect and implement slowing revenue growth even expenses to help companies, he with President Vladimir Putin. rouble was an “important Russia is reallocating oil measures this year to reduce before efforts to contain the said. Policies include reducing But a $38bn deal under factor” in the decision on flows meant for Belarus to other corporate taxes and cut unnec- virus led to the shutdown of or exempting value-added which the finance ministry will whether to deepen cuts in what destinations but the upcoming essary government expenses as most business. The majority of taxes for firms providing buy state lender Sberbank is is known as the Opec+ deal fol- peak in maintenance means it the virus takes a toll on pro- local governments expect essential goods or logistics, and due to start in April and lowing a proposal by its will be flooded with crude, an duction, Finance Minister Liu income to grow at a slower more funds for provincial promises to swell state coffers, partners in the agreement to oil trader told Reuters. Kun wrote yesterday in Qiushi, pace this year than the pro- authorities, according to Liu. with Russia using a big chunk add another 600,000 bpd to “A decision on (resumption the Communist Party of China’s vincial average in 2019, “While large-scale rolling of its dollar national wealth the combined cuts. of supplies to Belarus) should flagship magazine. according to local budgets com- back of taxes and fees may fund to the central bank’s Both sources said that two be taken in early March,” the The outbreak of the virus piled by Bloomberg. increase short-term challenges, stake. Russian oil companies, Surgut- oil trader said. “We can add a and widening dislocation has With production yet to the nation must take a longer- This is expected to lead to a neftegaz and Zarubezhneft, in couple more cargoes on the dealt a shock to Asia’s largest regain its full pace in all but a term view and make resolute stronger rouble, which is a particular had raised the Baltic (ports) but it is not pos- economy that will burden the few pockets of the economy, steps to implement tax and fee factor that is generally disliked exchange rate issue. sible to add more.” budget in Beijing, as well as in increased stimulus to ensure cuts,” wrote Liu.

QATAR STOCK EXCHANGE

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

QE Index 9,748.74 -1.00 % 16-02-2020 Index Day’s Close Pt Chg % Chg Year High Year Low Currency Buying (QAR) Selling (QAR) QE Total Return Index 18,025.19 -1.00 % Index 9,748.74 All Ordinaries 4207.354 110.624 2.7 5069.5 3829.4 US$ 3.6305 3.6500 Change -98.19 CAC 40 Index/D 3176.13 -0.06 0 4169.87 2979.87 QE Al Rayan Islamic Index - Price 2,116.46 -1.34 % Pound Sterlig 4.7002 4.7659 % -1.00 DAX - Composit/D 531.14 8.71 1.67 667.98 485.74 Swiss Frnac 3.7132 3.766 QE Al Rayan Islamic Index 3,607.42 -1.34 % DJ Indu Average 0 0 0 12876 9936.39 YTD% -6.49 Japanese yen 0.03283 0.03347 QE All Share Index 2,922.55 -1.05 % Volume 57,395,034 Cma Gn Idx 675.91 13.3 0.95 1567.23 143.08 Australian Dollar 2.4339 2.4829 QE All Share Banks & Value (QAR) 149,388,082.99 Hang Seng Inde/D 19783.67 452.97 2.34 24468.64 18868.11 Canadian Dollar 2.7202 2.7738 Financial Services 4,149.92 -0.73 % Trades 3,851 ISEG Overall/D 2510.71 44.36 1.8 3037.89 2333.35 Up 05 | Down 35 | Unchanged 06 Karachi 100 In/D 11311.29 276.37 2.5 12768.4 11032.2 Indian Rupee 0.0506 0.0516 QE All Share Industrials 2,549.15 -2.34 % Rupee 0.0234 0.0238 13-02-2020 Nikkei 225 Index 9038.74 94.26 1.05 10891.6 8227.63 QE All Share Transportation 2,263.80 -1.69 % Index 9,846.93 S&P 500 Index/D 0 0 0 1370.58 1039.7 Philipine Peso 0.0714 0.0728 QE All Share Real Estate 1,397.26 -0.82 % Change -55.59 Straits Times/D 2821.09 -62.91 -2.18 3280.77 2847 Bangala Takka 0.0425 0.0433 QE All Share Insurance 2,627.87 -0.28 % % -0.54 Rupee 0.0199 0.0203 QE All Share Telecoms 838.73 -0.35 % YTD% -5.55 GOLD AND SILVER Nepalese Rupee 0.0316 0.0322 Volume 78,343,266 South African Rand 0.2439 0.2487 QE All Share Consumer GOLD QR183.9139 gramme Value (QAR) 233,837,551.74 Goods & Services 7,726.16 -0.89 % Euro 3.9494 4.0043 Trades 5,968 SILVER QR2.0643 per gramme