OIL PLAN | Page 2 NSE OUTAGE | Page 3 Aramco Sensex hits to spend record; rupee $300bn advances

Tuesday, July 11, 2017 Shawwal 17, 1438 AH BMI REPORT: Page 16 Qatar’s consumer GULF TIMES spending expected to BUSINESS expand 3.2% this year Saudi, UAE banks stand to lose if they Qatar can weather the cut financial ties with Qatar: BAML blockade with huge By Santhosh V Perumal Business Reporter

Banks in Saudi Arabia and the UAE will be “materially impacted” should the Gulf Cooperation Council (GCC) decides to sever financial ties with Qatar, according to Bank of reserves: QCB governor America-Merrill Lynch (BAML). Estimating $35bn (20% of gross domestic product) in Qatar’s Reuters banking sector capital outflows within one year if the GCC Dubai decides to sever financial ties, BAML said “these large holdings would nevertheless directly or indirectly cause material mark- to-market losses to Saudi Arabia and he UAE banks as they atar has $340bn in reserves that could represent 2.5%-5% of banking sector assets.” could help the country to weath- Since the diplomatic stir that started early June, various Qer the isolation by the siege reports suggest that the siege countries may pull out countries, Qatar Central Bank Governor their deposits in Qatari banking system as part of “further HE Sheikh Abdullah bin Saoud al-Thani sanctions”, if Doha did not comply with the 13-point demand said. made by them. “This is the credibility of our system, After the Cairo meeting, which reviewed Qatar’s response to we have enough cash to preserve any... their 13-point demand, the siege countries decided against kind of shock,” he told the CNBC news “further sanctions” and they are expected to meet in Bahrain channel in an interview published early to discuss further strategies. yesterday on its website. Highlighting that Qatar’s sovereign wealth fund’s foreign HE Sheikh Abdullah said the central assets allow it to withstand outflows and defend the peg; bank has $40bn in reserves plus gold, it said conservatively and arbitrarily assuming that 50% of while the Qatar Investment Authority the Qatar Investment Authority (QIA) portfolio is liquid, the sovereign wealth fund has $300bn in re- potential GCC claims on the Qatari banking sector ($35bn) serves that it could liquidate. represent 20%-27% share of the QIA liquid foreign assets. “Qatar has already had a good and “A peaceful resolution to the GCC-Qatar crisis is most likely, unique system. We have laws established but de-escalation is likely only gradually,” BAML said, adding against all these kinds of terrorists,” the foreign exchange mismatch in the Qatari banking sector Sheikh Abdullah told CNBC. “We work keeps it vulnerable to an abrupt withdrawal of GCC funding. with the IMF (International Monetary However Qatar Central Bank (QCB) governor HE Sheikh Fund) and other institutions to establish Abdulla bin Saoud al-Thani had said the central bank has our laws and audits and reviews.” sufficient foreign currency reserves to meet all requirements “We have no challenges, we welcome and reaffirmed that liquidity in the banking sector remains those to review all our books, they are strong. open,” he added. Finance Minister HE Ali Sherif al-Emadi had said the country’s Sheikh Abdullah said while the cen- “reserves and investment funds are more than 250% of GDP tral bank has noticed fund outfl ows (gross domestic product), so I don’t think there is any reason from some non-residents, the amounts that people need to be concerned about...” weren’t particularly signifi cant. “Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists,” says HE Sheikh According to Washington-based Institute for International An amount of less than $6bn left Qatar Abdullah. “We work with the IMF and other institutions to establish our laws and audits and reviews.” Finance, Qatar’s fiscal balances may not be majorly over the last month, he said. impacted since 80% of the government revenues came from “There is more coming in,” he said, of the banking sector, that provide them a number of measures such as a planned fl ows out, the country’s banking system hydrocarbons and the country has “ample” financial resources confi rming that infl ows are exceeding with the liquidity,” he said. boost in gas output and new transport has enough buff ers to “meet all the require- and fiscal buffers. outfl ows. He also said the stability of the Qatari routes to weather the crisis. ments,” according to Sheikh Abdullah. It also said Qatar is committed to maintaining its fixed Sheikh Abdullah said there had been riyal, which is pegged to the US dollar, Qatar’s banking sector has some de- “We fi nd our banking sector well- exchange parity with the US dollar and the “pressure” on the an increase of up to $15bn in the fi rst week will “continue for the future.” pendence on foreign funding. Thirty-six capitalised, meeting Basel III as they riyals 12-month forwards rate is expected to be “transitory”. in the usage of central bank’s repo facility Sheikh Abdullah said long-term con- percent of commercial banks’ total liabil- have high liquid assets, plus they have Kamco Research is of the view that the economic blockade by the commercial banks. tracts in the gas and oil sectors were not ities in May were to foreigners, including very good inter-banking activity inside by some of the Gulf neighbours may have only a short-lived “We have enough CDs (certifi cate of seeing any disruptions. others in the six-nation Gulf Coopera- and outside, and they are very stable at impact on Qatar, which is still expected to be the fastest deposits) and Treasury Bills and Treas- Economists say Qatar, the world’s top tion Council (GCC). this moment. So we don’t believe there is growing economy within the GCC in 2017. ury Bonds in the hand — in the asset side liquefi ed natural gas exporter, has taken Should the rift escalate and more money anything to worry about at this moment.”

Emirates is said to sack dozens of employees amid streamlining Qatar LNG exports stable

Reductions aff ect mid-level, senior of expansion, with challenges ranging from staff in cabin crew, IT the US ban on travellers from predominantly Muslim countries to reduced spending despite illegal siege: Al-Sada Bloomberg power in the region due to low oil prices. Dubai Emirates, which last year posted its first annual profit drop since 2012, has Agencies terday said Qatar’s LNG exports re- streamlined operations, and the company Doha/Istanbul main stable amid ongoing tension Emirates is letting go dozens of employees has hired an outside consultant to assist in between the world’s biggest LNG ex- as the Gulf carrier continues a push to the review, one of the people said. porter and its neighbours. streamline after years of rapid growth, Abu-Dhabi based competitor Etihad Airways E the Minister of Energy and “LNG fl ows remain stable, cargoes according to people with knowledge of the has also cut jobs amid an organisational Industry Dr Mohamed bin are going into the market,” said Steve matter. restructuring, in an eff ort to reduce costs HSaleh al-Sada said the un- Hill, executive vice-president for gas The world’s biggest long-haul airline is fair siege imposed by some neigh- and energy marketing and trading at scaling back senior cabin crew as well as the bouring countries has highlighted Shell, one of the world’s biggest LNG support department workforce including the strength and diversity of Qatar’s traders. administration and IT, according to the economy. “Qatar is a very credible and com- people, who asked not to be identified as the At the opening session of the 22nd petent LNG producer,” Hill said in information isn’t public. World Petroleum Congress (WPC) Istanbul. The cuts at Emirates, which froze hiring last in Istanbul, al-Sada said Qatar’s ex- Al-Sada said Qatar is a trusted summer and hasn’t taken on new crew in ports to Japan, India, South Korea and reliable supplier that guaran- months, began in the last few weeks and Emirates last year posted its fi rst and China forms nearly three quar- tees supplying LNG to its partners aff ect middle and upper-level managers, annual profi t drop since 2012 ters the country’s total exports and for more than 20 years. Qatar’s they said. are not aff ected by the siege, while strategy, he said, led by its wise Dubai-based Emirates said there is no and improve productivity. exports to the UAE, Saudi Arabia and leadership, aims to encourage in- companywide programme to reduce To lift revenue, Emirates has begun charging Bahrain form less than 8% of total vestment in the energy sector, re- headcount. “Recruitment has slowed down for seat selection, added fees for its airport exports, hence the siege’s impact is ferring to Qatar’s announcement as we streamline our operations, introduce lounges and may introduce premium- limited. last week about the increase in the new technologies, and find ways to better economy seats to boost sales amid waning Qatar’s exports of liquefi ed natural LNG production capacity from deploy existing resources internally,” a growth in business class. gas (LNG) to Japan, India, South Ko- 77mn tonnes to 100mn tonnes spokeswoman said in an e-mailed response In a sign that measures taken so far have rea and China have not been aff ected within five to seven years. to questions. “However, we continue to hire helped boost performance, Emirates by the blockade, al-Sada said in a Al-Sada also dwelt upon the ef- for critical roles.” president Tim Clark said in June that first- statement. fective role Qatar played to rebalance Emirates Group, which includes the airline half earnings could be ahead of the year-ago Qatar remains “committed to all the oil market through coordinating and other travel and tourism entities, period. its agreements with its partners and the eff orts of oil-producing mem- increased its workforce 11% in the fiscal The airline is also considering combining is determined to maintain this status bers and non-members of Opec dur- year ended March 31 to more than 105,000 with its low-cost sister FlyDubai, and despite the illegal and unjust em- ing its presidential term in 2016 and employees. Gulf airlines have had to adapt examining the possibility of cooperating bargo imposed on it,” the statement most of 2015, which resulted in the to tougher business conditions after years with discount long-haul carriers. said, referring to LNG exports. Vienna agreement to decrease pro- Meantime, Royal Dutch Shell yes- duction by 1.8mn bpd. Al-Sada: Committed to all LNG agreements. Gulf Times 2 Tuesday, July 11, 2017 BUSINESS Etisalat to exit Nigeria after regulators intervene

Reuters vened last week to save Etisalat the company and left the board Etisalat Nigeria is the biggest Dowidar said parent Etis- consider entering Nigeria again, the top two players. He did not Abu Dhabi Nigeria from collapse after talks and management. foreign-owned victim of dollar alat had written down the value Dowidar said: “The train has left specify which markets. with its lenders to renegotiate a He said in an interview with shortages plaguing the coun- of the Nigerian business on its the station on that one. Etisalat is among the top two $1.2bn loan failed. Reuters discussions were ongo- try due to lower oil prices and books and that transferring its Being in that market as an in- in markets such as the UAE, elecoms group Etisalat Etisalat, with a 45% stake ing with Etisalat Nigeria to pro- economic recession, leaving the 45% stake to the lenders after vestor... are we willing to risk Saudi Arabia, Morocco, Egypt has terminated a man- in the Nigerian business, said vide technical support, adding company struggling to make loan renegotiation talks col- more money compared to the re- and Afghanistan, he said. Tagement agreement with in June it had been ordered to that it could continue to use the repayments to lenders and sup- lapsed had no impact on the ward for the long-term?” “(Nigerian) lenders may try its Nigerian arm and given the transfer its shares to a loan trus- brand for another three-weeks pliers. group. The CEO said Etisalat had to continue to operate the com- business time to phase out the tee after the talks had failed. before phasing it out. Etisalat Nigeria took-out a South Africa’s MTN is the big- been unsuccessful at converting pany until they fi nd a buyer (or) Etisalat brand in Nigeria, the CEO of Etisalat International “There’s a new board and we $1.2bn loan with 13 local lend- gest player in Nigeria’s telecoms some of its dollar debt to local they may merge the company chief executive of Etisalat In- Hatem Dowidar said all UAE are not part of that company. We ers in 2013 to refi nance an ex- industry, while Etisalat, with a Nigerian currency. with the existing players in Ni- ternational told Reuters yester- shareholders of Etisalat Nigeria, have sent our termination letter isting loan and fund expansion, 14% market share, has struggled He also said the group might geria, he said, adding that it day. including state-owned invest- for the management agreement,” but struggled to repay four years to compete. exit or merge with a local rival in was tough to say what lenders Nigerian regulators inter- ment fund Mubadala, had exited he told Reuters. later. Asked whether Etisalat would markets where it was not one of would do.

‘Oil, gas key to world energy for decades Aramco to spend $300bn; to come’

AFP Istanbul

Oil and gas will remain central to CEO warns on world oil the world’s supply of energy for decades to come, despite a surge Outlook for oil supplies is Petroleum Exporting Countries of interest in renewables, the ‘increasingly worrying’: and other producers to curb out- chief executive of giant producer Nasser; transition to put to stem a global glut. Aramco Saudi Aramco Amin Nasser said alternative fuels to be ‘long is also at the heart of the nation’s yesterday. and complex’ long-term strategy to wean its Oil major bosses and energy economy off oil. The govern- ministers are meeting at the Bloomberg ment plans to sell about 5% of World Petroleum Congress Kuwait the company in 2018 in what in Istanbul, with the outlook could be a record IPO. clouded by low crude oil prices Current oil prices won’t af- and exacerbated by the drive audi Aramco, which plans fect the company’s decision for towards renewables which have what could be the world’s a planned share sale, Nasser driven down investment to Sbiggest initial public of- told reporters at the conference. record lows. fering, will invest more than Brent crude, the international Nasser stressed the need $300bn over the next decade benchmark, has slid 19% this to ramp up investment in to maintain its spare oil-pro- year. underlining the continuing duction capacity and explore “Financial investors are shy- energy importance of oil and for more natural gas, president ing away from making much gas. and chief executive offi cer Amin needed large investments in “Financial investors are shying Nasser said. oil exploration, long-term de- away from making much needed The outlook for oil supplies velopment, and the related in- investment,” he said, warning is “increasingly worrying,” with frastructure,” Nasser said in that without higher investment about $1tn in investments lost his speech, putting part of the levels “energy transition and during the current industry blame on what he said were energy security may be fatally downturn and fewer new de- “misleading arguments about compromised.” posits being discovered, Nasser peak oil demand and stranded Meanwhile, the decision said at a conference in Istanbul. resources.” announced last week by Volvo to Some estimates suggest that at The volume of conventional phase out petrol-only cars from least 20mn bpd of new output is oil discovered around the world 2019 in favour of electric has also needed over the next fi ve years over the past four years, for ex- sent ripples of concern around to off set rising oil demand and ample, is down more than 50% the industry. the natural decline of developed from the previous four years, he The chief of the Saudi Arabian fi elds, he said yesterday. said. energy giant said that there is “There seems to be a growing “Investments in smaller in- “widespread agreement” that belief that the world can prema- crements such as shale oil will even as the world moves to turely disengage from proven just not cut it. Yet without those greater use of renewables over and reliable energy sources like higher investment levels, the fossil fuels, “petroleum will oil and gas, on the mistaken as- energy transition – and there- continue to be the heart of the sumption that alternatives will fore energy security – may be energy mix.” be rapidly deployed,” Nasser fatally compromised.” He said that while “expectations said in a speech. The petroleum Aramco plans to spend The outlook for oil supplies is “increasingly worrying,” with about $1tn in investments lost during the current industry downturn and fewer for alternatives are through the industry will be at the heart of $300bn on projects over the new deposits being discovered, according to Aramco president and chief executive off icer Amin Nasser. roof” history shows that energy global energy for years, and the next 10 years to maintain its transitions to diff erent sources transition to use of alternatives spare oil production capacity, of the current oil environment Aramco’s capital investment projects but rather to maintain the “highest of any G20 nation,” tend to be “long and complex will be “long and complex,’ he the biggest by far in Opec, and which has strained the Saudi programme last year was its current oil output, he said. he said. processes”. said. boost exploration and output budget,” said Will Hares, an en- biggest ever, Nasser said, with- Aramco plans to double its Saudi Arabia is also commit- “The renewables still have major The state-run company of conventional and unconven- ergy analyst at Bloomberg Intel- out specifying what it spent. production of gas resources to ted to developing solar energy challenges, they do not compete known formally as Saudi Arabian tional gas, Nasser said. ligence in London. “This may The company is looking to in- 23bn cubic feet a day over the and other renewable sources, with oil. It takes a long time for Oil Co, the world’s biggest oil ex- “Three hundred billion dol- form a response to its concerns vest in new off shore oil projects, coming decade, Nasser said. and the economic restructuring new fuels to seize market share,” porter, boosted production to an lars over 10 years is a strong of a long-term supply defi cit re- pending approval by the board, The forecast increase will raise strategy foresees the nation’s he said. annual record last year before the statement for Saudi Aramco, sulting from under-investment and it isn’t planning to increase the share of gas in the king- becoming “nothing less than a kingdom led the Organisation of especially against the backdrop in the industry since 2014.” production capacity with new dom’s utilities to about 70%, solar powerhouse,” he said. Libya, Nigeria may be asked to cap oil output, says Kuwait

Output in both countries rose amid exemption from global cuts; Opec, allies due to meet July 24 in Russia to discuss matter

Bloomberg Kuwait

ibya and Nigeria, which have both boosted oil production Lsince they were exempt from global cuts this year, may be asked to cap their crude output soon in an eff ort to help re-balance the mar- ket, Kuwait Oil Minister Issam Al- marzooq said. Opec and non-Opec producers have invited the two African na- tions to their committee meet- ing in St Petersburg, Russia, on A view of the industrial zone at the oil port of Ras Lanuf, Libya. The country’s oil output has climbed to more than July 24 to discuss the stability 1mn bpd for the first time in four years. of their production, Almarzooq said on the sidelines of an energy upcoming Opec meeting scheduled that had slashed their production. direction. Growth in the number conference in Istanbul. Almar- for November 30. Libya’s oil output has climbed to of operational oil rigs has started to zooq is chairman of the commit- Crude sank into bear terri- more than 1mn bpd for the fi rst slow, and crude inventories are de- tee monitoring the compliance tory last month amid concerns the time in four years. Nigeria’s pro- clining, he said. of Opec and non-Opec suppliers cutbacks by producers of the Or- duction rose 50,000 bpd in June, Benchmark Brent crude, which with output cuts that started in ganisation of Petroleum Exporting according to a Bloomberg survey. has fallen 17% this year. January and have been extended Countries, Russia and other allies “Capping Libya and Nigeria Output at older oil fi elds from to March. are being partially off set by a re- might help but won’t cut the sup- China to North America – com- “We invited them to discuss the bound in supply by Libya, Nigeria ply by much,” Abdulsamad al- prising a third of world supply – fell situation of their production,” Al- and US shale output. Awadhi, a London-based analyst 5.7% last year, the most since 1992, marzooq said. “If they are able to Libya and Nigeria were both ex- and Kuwait’s former representative according to Rystad Energy AS. It stabilise their production at cur- empt from the cuts due to their in- to Opec, said Monday by phone. will drop about 6% in 2017 if oil rent levels, we will ask them to cap ternal strife. “Opec needs to have better compli- stays at current prices, the consult- as soon as possible. We don’t need The two countries came into fo- ance,”. ant said. US crude drillers increased to wait until the November meeting cus after they seemed to resolve Kuwait’s Almarzooq said he sees the rig count last week by 7 to 763, to do that,” he said, referring to the some of the political challenges the oil market moving in the right Baker Hughes Inc said Friday. Gulf Times Tuesday, July 11, 2017 3 BUSINESS

Asian currencies edge peers Sensex climbs to record; in survey

Bloomberg Tokyo rupee rises to 64.53

ever mind the tensions Bloomberg with North Korea and Mumbai NChina’s deleveraging drive, Asian currencies have emerged victorious in a Bloomb- ndian shares rose, and the bench- erg survey of emerging market mark index rallied its second record watchers. Ihigh in three sessions, after a regu- India’s rupee and the Indo- lator tightened rules for off shore de- nesian rupiah – the region’s two rivatives and banned so-called “naked” highest-yielding currencies – bets. The National Stock Exchange took fi rst and third place in the (NSE), the country’s largest bourse, poll, in which 18 investors, trad- suff ered its longest technical outage, ers and strategists were asked to handing over the volumes to rival BSE. gauge the resilience of curren- The benchmark S&P BSE Sensex cies when it comes to a suite of climbed 1.1% to close at 31,715.64 risk factors looming in the sec- points in Mumbai yesterday, led by ond half. Bharti Airtel’s 5.4% rally on BSE. The The worst performance among nation’s largest wireless carrier said it developing-market currencies will invest as much as 20bn rupees to last quarter isn’t holding back the upgrade its stores. National Stock Ex- Argentine peso: it came in sec- change of India’s problems persisted ond. At the other end of the ledg- and prices didn’t update even as the er, Turkey’s lira, Russia’s rouble bourse resumed trades after a nearly and the Mexican peso were seen three-hour delay. as the most vulnerable. The Securities and Exchange Board “Asia is sort of distant from of India late Friday banned holders major external risks, from Eu- of off shore derivatives tied to the na- ropean politics to Middle East tion’s equities from taking unhedged geopolitical risks, but Turkey and exposure and said existing bets must Russia are directly facing those be liquidated by the end of 2020 or by issues,” said Koji Fukaya, chief the date of maturity of the instrument. executive offi cer at FPG Securi- That prompted speculation that some ties Co in Tokyo. Asia stands to traders who had previously sold stock benefi t most from the global eco- short were undoing positions, because nomic recovery, and “even China of the clamp-down. doesn’t pose much infl uence for “The market rally indicates two things: now as concerns about downside one is that some investors are covering risks to the economy have eased.” their short positions after the regulator’s So how does the rest of the directives and second is the bullish trend, emerging-market universe stack that’s willing to ignore the negatives,” up in the face of a tightening said Sushant Kumar, a fund manager at Federal Reserve and President RAAY Global Investments in Mumbai. Donald Trump? Here are the Foreign and domestic funds have Pedestrians walk past the Bombay Stock Exchange building in Mumbai. The benchmark S&P BSE Sensex climbed 1.1% to close at 31,715.64 points yesterday. survey results: purchased more than $14bn net of In- Respondents were asked to dian shares in 2017, according to data nication Technology Index and the S&P and Asian currencies markets. The rupee gained 5.26%, while foreign investors at 96.003, down 0.01% from its previ- rank regions based on how their compiled by Bloomberg. That’s helped BSE Information Technology Index, closed at 64.53 a dollar, up 0.09% from its bought $8.30bn and $14.40bn in local ous close of 96.008. assets may perform in the sec- push the Sensex to multiple records this which gained about 3% each. Friday’s close of 64.60. The rupee opened equity and debt markets, respectively. Federal Reserve Chair Janet Yellen’s ond half. year and made it the best-performing AU Small Finance Bank surges 51% in at 64.56 a dollar and touched a high and a Asian currencies were trading higher testimony before Congress will be in The Fed’s interest-rate hikes major market index in Asia. its debut; the company off ered shares low of 64.48 and 64.58 respectively. after stronger than expected June US focus later this week as investors look have yet to trip up the emerging- Trading volume on BSE surged al- in IPO at Rs358 apiece. IDFC drops The 10-year bond yield ended at employment data on Friday. South for guidance of when the US central market juggernaut, but investors most 77% from Friday to about 571mn 5.7% after announcing plans to merge 6.474%, compared to its previous close Korean won was up 0.48%, Taiwan bank could start reducing its balance aren’t likely to be complacent, shares, while NSE saw a decline of 76%. businesses with Shriram Capital; Shr- of 6.532%. Bond yields and prices move dollar 0.16%, China renminbi 0.05%, sheet. Other Fed speakers include Lael especially with the potential for a The S&P BSE MidCap Index gained iram Transport Finance Co -3.3%, Shr- in opposite directions. Thai Baht 0.05%, China Off shore Brainard, while there’s plenty of data global switch to tightening should 0.7%, while the S&P BSE SmallCap iram City Union Finance -5.6%. The benchmark Sensex index rose 0.04%. However, Japanese yen was releases. Retail sales, industrial out- the European Central Bank and Index rose 0.4% to a record. Twelve of Meanwhile the rupee yesterday 1.13% or 355.01 points to close at down 0.19%. The dollar index, which put and business inventories may sway Bank of Japan get on board. the 13 sector indexes compiled by BSE strengthened marginally against the US 31,715.64. So far this year, it has risen measures the US currency’s strength GDP forecasts and CPI could signal if From the Korean peninsula to advanced, led by the S&P BSE Commu- dollar tracking gains in the local equity 18%. So far this year, the rupee has against major currencies, was trading disinfl ation is intensifying. the Middle East, the world isn’t short on geopolitical tension. Here’s how emerging-market currencies stack up in terms of perceived vulnerability: Which currencies are more ex- posed to issues thrown up by the Asian markets end higher on Wall Street rally US president? The survey isn’t good news for the Mexican peso, but respondents see the rupiah as AFP International, creating a global ship- any time soon as the economy strug- comparatively insulated. Hong Kong ping titan. gles to get up to speed. “The BoJ ap- Britain voted to exit the Eu- Orient soared 20%. Singapore add- pears left alone on easing while other ropean Union more than a year ed 0.5% and Seoul gained 0.1%. But major central banks are looking to exit ago, but the outcome continues sian markets mostly rose yester- Shanghai eased 0.2% with traders un- strategies,” Masakazu Satou, senior to ripple through markets, with day and the dollar built on gains, impressed by data showing Chinese in- analyst at Gaitame Online, said. the process of leaving the bloc Afollowing a rally on Wall Street fl ation stabilised in June after slowing “The yen selling pressure is expected likely to be a long and protracted that came on the back of forecast- for three months. to continue for now due to the diff er- negotiation. Elections in the re- busting jobs data out of the United There were also losses in Taipei and ence in interest rates,” he told AFP. gion also loom this year. States. Wellington. The dollar also held most of its gains The following companies re- All three main indexes in New York On currency markets the greenback on the pound. sponded to the survey: Aviva surged Friday after the Labor Depart- pushed on, having been boosted by last There was little reaction to the week- Investors, Ashmore Group, Ca- ment said the world’s top economy week’s jobs numbers, which fuelled ex- end communique from the G20, where nadian Imperial Bank of Com- created almost 50,000 more jobs than pectations the Federal Reserve will lift leaders made concessions on trade and merce, Dai-ichi Life Research expected in June, reinforcing the view interest rates at least once more before climate language to Donald Trump af- Institute, Daiwa SB Invest- that it is back on track. year’s end. ter a fractious gathering that saw the ments, Danske Bank, DuPont While there was disappointment at Fed boss Janet Yellen will appear this US leader isolated. Capital Management Corp, FPG another weak reading on wage growth, week in her twice-annual testimony to Dealers had been worried about the Securities Co, Krung Thai Bank, analysts said the news was greeted with Pedestrians walk past an electronic quotation board in Tokyo. The Nikkei 225 Congress, which will be pored over for tycoon, who has embarked on a nation- Mitsubishi UFJ Kokusai Asset open arms by dealers after a tough week closed up 0.8% to 20,080.98 points yesterday. clues about its rate plan as well as the alist “America First” agenda that has Management Co, Mizuho Bank, on trading fl oors caused by geopolitical winding down of a bond-buying pro- raised eyebrows around the world. NBC Financial Markets Asia, tensions following North Korea’s latest Asian investors tracked their US sell dozens of hotels and other projects gramme put in place during the fi nan- In Tokyo, the Nikkei 225 closed up Newfl eet Asset Management, missile test. counterparts. Tokyo ended 0.8% high- to developer Sunac China Holdings in a cial crisis. 0.8% at 20,080.98 points; Hong Kong NN Investment Partners, SBI “The non-farm payroll fi gures ex- er, while Sydney jumped 0.4%. $9.3bn deal to reduce debt. The greenback was above ¥114, with — Hang Seng rose 0.6% at 25,500.06 Securities Co, Standard Life In- ceeded expectations and boosted risk Hong Kong also rose 0.6% with Also in Hong Kong state-run Co- the Japanese unit also weighed by ex- points and Shanghai — Composite vestments, Track.com and UBS appetite among investors,” said Milan Wanda Hotel Development soaring al- sco Shipping jumped 5.4% on news it pectations the country’s central bank ended down 0.2% at 3,212.63 points Wealth Management. Cutkovic, market analyst at AxiTrader. most 50% after its parent said it would would pay $6.3bn for Orient Overseas will not likely tighten monetary policy yesterday. China dollar bonds in danger of losing appeal on calm yuan

Bloomberg this year, powering issuance in Asia Holdings also contributed to the other Asian local rates markets,” Hong Kong outside of Japan to an all-time high. indigestion of dollar bonds from said Brad Gibson, a fixed-income A prolonged renminbi appreciation China. portfolio manager in Hong Kong at could erode Chinese appetite for “Already tight valuations don’t help AllianceBernstein. A weakening yuan had been the main dollar bonds, says Deutsche Bank, as the entire market realizes there is The onshore yuan gained 0.07% to driver behind the strong Chinese citing the yuan at 6.50 per dollar as more downside than upside to bond 6.8016 versus the dollar in Shanghai. demand for dollar bonds from the an “important psychological level” to prices and a thinner carry cushion,” Not everyone is pessimistic on dollar nation’s issuers. Now that appetite may watch. said Jim Veneau, head of fixed bonds. Value Partners Group says be waning as the currency stabilises “We conclude that the bid has mellowed income for Asia at AXA Investment demand is still there. “I don’t think and domestic yields become more a bit this year,” Harsh Agarwal and Managers Asia. “My sense is the money that has come out from China attractive. Kalvin Fernandes, analysts at Deutsche marginal investors will increasingly will find its way back onshore simply The yuan’s volatile ride that spurred Bank, wrote in a July 4 note, referring to demand more compensation for because onshore presents slightly local investors to seek dollar debt are the China demand. taking risk.” better opportunities,” said Gordon Ip, showing signs of easing, with BNP “The first signs of real weakening in For both Chinese and foreign investors, head of fixed income at Hong Kong- Paribas saying in a report this month the China demand will possibly come a rout in onshore bonds, which is a based Value Partners Group. that risks have receded as capital in the form of a consistent slowdown result of the government’s eff ort to Deutsche’s Agarwal and Fernandes outflows fade. in primary issuance from Chinese reduce leverage in the financial system, say the change in the yuan view The renminbi has risen more than companies.” is making them more attractive. has been driven by the stabilisation 2% to 6.8 yuan per dollar this year The weak demand is already showing Average yields on AAA-rated five- of the country’s foreign exchange and AllianceBernstein LP expects the up in rising yields on high-yield dollar year local corporate bonds reached reserves and more importantly a currency to remain stable. Rising yields bonds from China, which have jumped a 29-month high of 5% in May before weaker dollar. Many experts have on onshore bonds, fueled by a leverage 81 basis points from a record low of 6% subsiding to 4.6% currently. cut down their bearish bets on the crackdown, are starting to lure Chinese reached in late April, Bank of America “Regarding onshore China rates, Chinese currency, they wrote in their investors. Merrill Lynch indexes show. we do think the current level looks report. Chinese companies have sold a record The recent jumbo sales from China relatively attractive when compared “We won’t be surprised to see that The yuan’s volatile ride that spurred local investors to seek dollar $97.9bn of US currency bonds so far Evergrande Group and Kaisa Group to other developed market and most continue” they said. debt are showing signs of easing Gulf Times 4 Tuesday, July 11, 2017 BUSINESS Wall Street sours on $9bn mechanism for green projects

Bloomberg – to provide funding and sometimes take yield of 500 companies on the Standard & grow fast enough to pay rising dividends. ing on the wall. SunEdison, Abengoa SA February agreed to buy one of the larg- New York control of income-producing assets. Poor’s index. The company’s struggles contributed and First Solar Inc are trying to distance est US private solar companies, sPower, “The idea of a you-have-to-have-a-vir- The yieldco structure became a major to a broad renewables slump that made themselves from the units they created. alongside AES Corp. John Hancock Life tuous circle – that idea that you’re hooked growth engine for renewables, spawning it more diff icult to raise funds from the Mark Widmar, First Solar’s chief executive Insurance Co in March said it will buy a Wall Street investors have gone cold at the hip between the public markets and at least eight yieldcos in North America public equity markets. off icer, described the company’s 8Point3 49% stake in a clean-energy portfolio on one of the main mechanisms banks growth – is dead,” Mike Garland, chief ex- and similar entities in the UK and conti- As the business case for yieldcos has Energy Partners LP yieldco as “a dormant owned by Exelon Corp. Activist investor invented to fund the green-energy revolu- ecutive off icer of the San Francisco-based nental Europe. Investors liked the story: lost favour, a new group of buyer has vehicle basically.” Paul Singermay pressure NRG to sell its tion. yieldco Pattern Energy Group, said in an support the growth of clean-energy while emerged: pension funds and insurance Pattern, meanwhile, is continuing as an yieldco, potentially to capture institutional The business structure, known as the interview. “The market is saying, “‘Come to also reaping dividends that flow from companies hungry for wind and solar owner of clean-energy projects – the origi- interest in wind and solar farms. yieldco, feeds dividends from operating us last, not first.’ When we started, it was electricity sales guaranteed by long-term farms’ steady revenues. And the green nal intent of yieldcos – but is now pushing “Why not just sell to a pension fund?” solar and wind farms to investors. Yieldcos ‘Come to us first.”’ contracts. And because the yieldcos bond market has boomed. Issues of bonds into development. It recently bought a said Jigar Shah, chief executive off icer of raised $7.9bn in public equity in 2014 and Yieldcos first emerged in 2013, when promised to buy more and more projects, linked to environmental projects is set to stake in an aff iliated private company that clean-energy investor Generate Capital 2015 but only $1bn since then, according the largest US independent power pro- the dividends would only grow. surpass $100bn this year more than 10 feeds it projects, and it recruited Canada- and a former SunEdison CEO. “There are to Bloomberg New Energy Finance. ducer, NRG Energy, launched NRG Yield. But headwinds – most prominently the times the scale of the market in 2012, ac- based Public Sector Pension Investment literally hundreds of them that want these The shift is further fallout from the The parent formed the yieldco to hold run-up to SunEdison’s bankruptcy in April cording to BNEF. Board to buy almost 10% of its stock. assets.” collapse of yieldco promoter SunEdison operating wind and solar farms that it had 2016 – stopped at least three other would- “The yieldco market got very heated,” “We’re short renewables in the US – Wind and solar farms typically have and has changed the way clean-energy de- built or acquired. Revenue from those as- be yieldcos from forming and have forced Barry Gold, the New York-based head of and we want more,” Patrick Samson, a utility contracts that ensure consistent velopers finance themselves. In years past, sets funded dividends. others to eschew public markets for Orix Infrastructure & Renewable Energy, Montreal-based managing director at PSP revenue streams, which neatly dovetail they started yieldcos to buy projects once Pattern Energy and NRG Yield are pro- private fundraising. SunEdison had relied said in an interview. “But we all know how Investments, said in an interview. “My pen- with the long-dated liabilities that insur- they were operating, recycling the capital jected to pay 12-month dividend yields of on its two yieldcos to finance its dizzying things work in the financial markets: if a sions need long-term cash flows.” ers and pension fund managers accrue. into new installations. Now, they’re turning 6.4% and 6.5% respectively, according to multi-continent buying-binge, thrusting door closes, someone opens a window Institutional investors are indeed For endowments, solar and wind invest- to a large and deepening pool of buyers – data compiled by Bloomberg. That’s about them into turmoil and introducing doubt somewhere.” emerging as a heavy of renewables M&A: ments help satisfy their heightened insurance companies and pension funds three times higher than the average 2.1% that the companies would be able to Several yieldco owners see the writ- Alberta Investment Management Corp in sustainable targets.

Gold buyers fl ee a month aft er their LME to off er gold and most bullish bet of ’17

Bloomberg speculation that the world’s cen- New York tral banks would remain ready to prop up economic growth. BNP Paribas, which topped A month ago, money managers Bloomberg gold accuracy rank- silver contracts for were the most optimistic on gold ings in the second quarter, says this year. Now, they can’t seem to more losses are in store. Harry unload bullion fast enough. Tchilinguirian, the head of com- Hedge funds’ net-long posi- modity markets strategy at BNP tions, or the diff erence between in London, forecast bullion will bets on a price increase and drop to $1,165 in the fourth quar- wagers on a decline, fell last week ter, in part because of the Fed’s fi rst time in decades by more than half, the biggest drive to raise rates. reduction since 2015. Exchange- Minutes of the Fed’s June meet- Bloomberg traded products backed by pre- ing, released July 5, did little to London cious metals saw cash outflows change market expectations for a over the past month, while most third US rate hike this year, as of- other commodity funds took in ficials viewed tepid inflation rates he world’s biggest industrial met- more investor money. Total assets as transitory. The central bank als exchange is taking on the most in SPDR Gold Shares, the world’s also signalled that September Tpowerful players in the gold mar- top bullion ETF, fell to the lowest could mark the start of unwinding ket with the launch yesterday of its fi rst since March last week. its $4.5tn balance sheet. futures contract for the commodity since Even with signs of escalating Meanwhile, Bank of England the middle of the 1980s. geopolitical tensions – often a Governor Mark Carney has sug- The London Metal Exchange (LME) spur for buying gold as a haven – gested that the time is nearing and its partners aim to grab a piece of prices that reached an almost sev- for a rate increase, and Canada’s the action in a city where almost half the en-month high in June have now Stephen Poloz reiterated he may world’s gold changes hands. At stake are dropped for five straight weeks, be considering a hike. Bonds rival visions of how best to run the mar- the longest slump this year. Inves- across Europe fell on Thursday ket, pitching the LME, Goldman Sachs tors are exiting in part because after the results of a French debt Group and Morgan Stanley on one side the Federal Reserve and other auction showed a drop in excess and the London Bullion Market Asso- central banks are indicating more demand for 30-year securities. ciation representing some of the biggest interest rate increases, which can Not everyone is pessimistic. trading fi rms on the other. curb the appeal of gold because Gold will probably trade in a Three years in the making, the gold the metal pays no interest. range of $1,200 to $1,300 as the contract launched alongside another for “I struggle to make a particularly metal tracks US real interest rates, silver, aims to draw investors from the bullish case on gold,” said Rob according to UBS Group’s wealth off -exchange deals that currently domi- Haworth, a senior investment management unit. nate the city’s $5tn-a-year market. strategist at US Bank Wealth Man- Late last month, the Interna- “The gestation period has been longer agement, which oversees $145bn in tional Monetary Fund cut its out- than that of an elephant, but the baby assets. “We think the Fed is on track look for US economic expansion, is fi nally here,” Jeff rey Rhodes, founder and continuing to increase rates, citing hurdles ranging from an of Rhodes Precious Metals Consultancy and I think that puts a lid on gold.” ageing population to low produc- DMCC with more than 30 years in the The net-long position in gold tivity growth. Alejandro Werner, industry, said from Dubai. “They’ve been futures and options dropped director of the IMF’s Western coveting this for years and having waited Traders stand outside the open outcry pit following a trading session at the London Metal Exchange. The LME is taking on the 51% to 37,776 contracts for the Hemisphere Department, said at a so long, I think they’ll make it work.” most powerful players in the gold market with the launch yesterday of its first futures contract for the commodity since the week ended July 3, according press briefing in Washington that The LME, World Gold Council – repre- middle of the 1980s. to Commodity Futures Trading the IMF “removed the assumed senting miners – and partner banks hope Commission data released four fiscal stimulus from our forecast” to capitalise on regulators’ push for more fi cer of Sharps Pixley, a precious-metals the fi rst few hours of the launch. The sil- While the contracts in Hong Kong and days later. It was the least bullish because of policy uncertainty in scrutiny by allowing investors to trade dealer in London, plans to keep using the ver contract, each for 5,000 ounces, gar- London aren’t fungible, the simultane- holding since January. As recently the country. contracts on an exchange where trans- LBMA gold auction rather than any LME nered one trade. The futures follow the ous start is expected to bring trading as June 6, the holdings were at Gold traders and analysts actions are tracked and risks managed. equivalent. LME’s third-Wednesday date structure demand from across time zones to ex- 174,658, the most since Novem- surveyed by Bloomberg remained Their LMEprecious venture including “I don’t think the market needs yet and will deliver into London’s unallo- change-traded liquidity pools, said Lor- ber. Short positions, or bets on bullish for a third week after Goldman, Morgan Stanley, Natixis, ICBC another trading venue, what we need is cated, over-the-counter market, diff er- raine Chan, a HKEX spokeswoman. price declines, surged 31% to the North Korea’s test of an intercon- Standard Bank, Societe Generale and consolidation,” Norman said by phone. entiating them from the LME’s normal The London exchange’s venture part- highest since January 2016. tinental ballistic missile spooked OSTC will centrally clear daily, monthly “I remain skeptical whether this will get physical delivery system. ners say pressure from regulators to Futures traded on the Comex financial markets. and quarterly futures contracts using the momentum it needs.” Wholesale trading on London’s OTC bring clarity to murky precious metals in New York fell 2.6% last week “Gold will be supported to a LME Clear. Recent eff orts to lure business to fu- market is “largely constituted by a dozen trading, along with reduced costs for in- to $1,209.70 an ounce on Friday, good extent with these geopoliti- The group will need to overcome in- tures from Intercontinental Exchange or so banks,” said Robin Martin, a man- vestors will continue to generate interest marking the longest streak of cal tensions with North Korea,” ertia among those wary of moving to a and CME Group have had mixed results. aging director for market structure at in the contracts. weekly declines since December, Donald Selkin, the New York- new venue for pricing precious metals. CME’s contract, off ering a spread be- the World Gold Council. “An exchange- “We did a radical rethink of how to and traded at $1,207 yesterday. based chief market strategist Adding to that, the bullion association, tween spot prices and benchmark US traded model creates a fl atter market make the market work in the 21st cen- Prices rose 7.9% through the at Newbridge Securities, which which represents fi rms trading in the futures, hasn’t traded since it landed in structure, whereby the full breadth of tury, in light of regulatory and cost pres- first half of this year amid uneven manages $2bn in assets, said in a market including HSBC Holdings, JP- January, while Intercontinental’s has market participants can directly access sures,” said Paul Walker, who in working economic growth in the US and telephone interview. “Geopolitical Morgan Chase & Co and UBS, is already pulled in about 4mn ounces. the best price.” with the World Gold Council until mid- geopolitical tensions such as hot spots will keep it from really revamping the current go-to system to The LME’s new gold contract logged The LME’s parent, Hong Kong Ex- 2016 was instrumental in developing the Brexit and the French election. falling out of bed. Gold is a one of improve over-the-counter transactions. its fi rst trades early yesterday, with 20 changes & Clearing, also launched a gold new system. “What’s being delivered ad- The metal was also aided by those traditional safe havens.” Ross Norman, chief executive of- lots or 2,000 ounces exchanged within contract in the Chinese city yesterday. dresses all of that.” Russia minister wants better tax collection amid borrowing issues

Reuters ing them into the fi rming rouble, and fi nance ministry is also struggling to that run mature oil fi elds, producing Moscow then buying high-yielding Russian plug holes in the budget by selling state less and less crude, Siluanov said. bonds. companies to private investors. Siluanov said tax breaks on most de- But as the Bank of Russia started Moscow is not willing to sell such pleted fi elds may deprive the budget of ussia’s fi nance ministry will fo- cutting rates this year, while the US Fed stakes cheaply, blaming Western sanc- 130bn roubles ($2.17bn) a year. cus on squeezing more tax reve- increased its own rate, returns from tions for adverse market conditions. Rosneft, Russia’s infl uential oil giant, Rnue from the domestic economy OFZ ownership became less lucrative, “If there were no such limitations, had earlier asked to lift taxes on Samot- as it believes it can not borrow more especially after the rouble pared gains sanctions, if companies’ valuation lor, a fi eld that was responsible for over from foreign investors, Finance Minis- and risks of new western sanctions in- were not clearly underrated, then the a quarter of the Soviet Union’s produc- ter Anton Siluanov said. creased. privatisation would go on more active- tion but later became depleted with ex- Although it aims to bring the budg- Siluanov acknowledged foreign ap- ly,” Siluanov said. traction aff ected by heavy water levels. et defi cit toward zero in the next few petite for OFZ bonds had faded re- “That is why we need a lower budget For now, the fi nance ministry will years, the fi nance ministry nearly dou- cently. defi cit: no wide-scale privatisation is put an emphasis on better tax collec- bled borrowing this year to compen- But even if new US sanctions are planned, we won’t borrow much on tion, as it does not expect prices for oil, sate for shortfall in incomes from oil imposed on Moscow, a “large exodus” external market, and moreover an extra Russia’s key exports, to rise above $60 exports and a stalled sale of state stakes of non-residents from state bonds is infl ow of foreign currency could lead to per barrel in the foreseeable future, in Russia’s major companies. unlikely, Siluanov said, as the OFZs the rouble fi rming,” he said. Siluanov said. In an interview with Reuters, Silu- were mainly purchased by major in- A weaker rouble would help the fi - “We would use all our arsenal to fi ght anov said it would be diffi cult to ex- vestors and pensions funds that do not nance ministry, which receives around against those who evade taxes this and pand its borrowing plan from the 1tn use these instruments for short-term Siluanov: Focus on prudent fiscal policy half of its budget revenues from selling next year,” Siluanov said. roubles ($16.55bn) approved for this market speculation. oil and gas abroad for dollars, to fund Stronger tax collection and a pru- year. The US Senate voted overwhelm- passed by the House of Representa- ers, who owned 30% of such bonds in social liabilities ahead of 2018 presi- dent fiscal policy are tactics designed The fi nance ministry had enjoyed ingly in June for new sanctions on Rus- tives, but analysts have expressed con- early June, the fi nance ministry can not dential elections. to shield Russia from external shocks strong demand for its treasury bonds, sia to punish it for alleged meddling in cerns that it could include restrictions count on domestic money either. While seeing a need to adjust taxa- that in 2014, when Moscow annexed known as OFZs, as foreign investors the 2016 US election, an allegation that on buying OFZs. “It would be diffi cult to rely solely tion in the oil-dependent economy, Crimea, battered the rouble and piled into Russian debt for carry trades Russia dismisses. While the fi nance ministry may on internal investors without raising the fi nance ministry does not support paved the road for two years of eco- — borrowing dollars cheaply, convert- The new sanctions have not yet been struggle to sell more OFZs to foreign- borrowing costs,” Siluanov said. The an idea of tax breaks for oil companies nomic recession. Gulf Times Tuesday, July 11, 2017 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 6.55 -0.61 832,003 Boubyan Intl Industries Hold 39.00 0.00 111,000 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 16.75 0.90 232,472 Gulf Investment House Ksc 35.90 5.59 548,801 Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 17.19 -0.52 144,602 Boubyan Bank K.S.C 408.00 0.49 275,487 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 13.08 1.79 168,495 Ahli United Bank B.S.C 207.00 -0.48 1,994,297 Bankmuscat Saog 0.38 0.00 2,540,456 Saudi Printing & Packaging C 17.69 4.86 5,317,072 Osos Holding Group Co 122.00 -8.27 40,000 Bank Sohar 0.15 0.00 - Sanad Cooperative Insurance 0.00 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.10 0.00 414,926 Saudi Paper Manufacturing Co 6.93 -0.43 451,120 Qurain Petrochemical Industr 331.00 -0.90 54,099 Bank Dhofar Saog 0.23 0.00 - Alinma Bank 14.78 1.03 26,647,427 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils Saoc 0.00 0.00 - Almarai Co 84.13 1.93 141,666 Ekttitab Holding Co Sak 37.00 -1.33 123,340 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 28.70 0.00 16 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.28 0.00 - QATAR United International Transpo 20.95 0.62 930,585 Real Estate Trade Centers Co 42.50 0.00 100 Al-Hassan Engineering Co 0.05 0.00 - Hsbc Amanah Saudi 20 Etf 27.70 0.00 132 Acico Industries Co Kscc 251.00 -1.57 3,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 14.12 -0.14 416,856 Kipco Asset Management Co 79.00 1.28 130,027 Al-Anwar Ceramic Tiles Co 0.13 1.56 93,550 Falcom Petrochemical Etf 26.70 0.00 - National Petroleum Services 1,560.00 -3.05 60 Al Suwadi Power 0.17 0.00 - Zad Holding Co 74.00 0.00 - Walaa Cooperative Insurance 28.75 0.00 137,239 Alimtiaz Investment Co Kscc 171.00 3.01 19,737,670 Al Shurooq Inv Ser 0.00 0.00 - Widam Food Co 55.70 0.18 7,911 Bank Al-Jazira 11.76 0.68 2,125,463 Ras Al Khaimah White Cement 90.00 0.00 167 Al Sharqiya Invest Holding 0.11 0.93 20,000 Vodafone Qatar 8.09 -0.74 2,061,165 Al Rajhi Bank 64.44 0.47 3,594,643 Kuwait Reinsurance Co Ksc 186.00 0.00 1,625 Al Maha Petroleum Products M 1.40 0.00 - United Development Co 17.07 0.47 732,783 Samba Financial Group 24.75 3.90 367,000 Kuwait & Gulf Link Transport 60.00 0.00 50,000 Al Maha Ceramics Co Saoc 0.30 0.00 - Salam International Investme 9.15 0.66 51,403 United Electronics Co 36.90 9.95 749,505 Human Soft Holding Co Ksc 4,260.00 1.53 74,546 Al Madina Takaful Co Saoc 0.11 0.00 255,789 Qatar & Oman Investment Co 8.10 0.00 127,732 Allied Cooperative Insurance 13.10 4.55 498,534 Automated Systems Co Kscc 181.00 -1.63 74,026 Al Madina Investment Co 0.07 1.52 64,800 Qatar Navigation 74.20 1.64 51,577 Malath Insurance 19.01 1.12 37,348 Metal & Recycling Co 87.00 -1.02 570 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 66.50 2.47 30,756 Alinma Tokio Marine 25.19 -0.43 66,783 Gulf Franchising Holding Co 60.00 -14.29 8,739 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 127.00 1.93 1,436,464 Arabian Shield Cooperative 49.00 2.19 257,086 Al-Enma’a Real Estate Co 43.00 4.88 893,933 Al Jazeera Steel Products Co 0.25 -0.80 33,824 Qatar Islamic Insurance 63.00 -2.93 3,200 Savola 46.46 3.82 419,565 National Mobile Telecommuni 1,100.00 1.10 6,960 Al Jazeera Services 0.16 0.00 358,780 Qatar Industrial Manufactur 41.55 -1.07 3,946 Wafrah For Industry And Deve 21.96 -0.36 295,676 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.08 0.00 221,753 Qatar International Islamic 54.60 0.92 31,816 Fitaihi Holding Group 12.59 0.32 55,448 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 45.00 1.01 40,043 Tourism Enterprise Co/ Shams 28.97 -0.58 240,323 Al Salam Group Holding Co 46.40 3.57 425,528 Al Batinah Power 0.14 0.00 5,000 Qatar Islamic Bank 89.00 0.79 28,683 Sahara Petrochemical Co 13.30 0.45 413,450 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 18.00 0.56 500,453 Herfy Food Services Co 55.20 -1.08 99,677 Al Aman Investment Company 42.30 0.71 200,000 Al Batinah Dev & Inv 0.10 0.00 - Qatar General Insurance & Re 31.00 0.00 - Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.16 0.00 27,526 Qatar German Co For Medical 7.61 0.40 10,468 Manazel Holding 45.20 0.67 2,564,392 Ahli Bank 0.17 0.00 - Qatar Fuel Qsc 108.60 0.56 16,698 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.80 0.00 - Qatar First Bank 7.63 0.13 113,432 KUWAIT Tijara And Real Estate Inves 58.00 0.00 1,000 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 187.00 -0.53 25,180 Kuwait Building Materials 0.00 0.00 - A’saff a Foods Saog 0.59 0.00 - Qatar Cinema & Film Distrib 29.00 0.17 1,756 Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 475.00 0.00 108,082 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 68.10 3.03 19,990 Commercial Real Estate Co 72.70 -0.41 1,374,699 Ooredoo Qsc 91.00 -0.76 82,769 Securities Group Co 96.90 0.00 50 Future Communications Co 0.00 0.00 - National Leasing 13.75 0.66 92,730 Sultan Center Food Products 0.00 0.00 - National International Co 60.00 0.33 61,000 Mazaya Qatar Real Estate Dev 10.52 1.15 112,945 Kuwait Foundry Co Sak 265.00 5.58 150 Taameer Real Estate Invest C 36.00 10.77 2,468,350 UAE Mesaieed Petrochemical Holdi 13.11 0.46 57,792 Kuwait Financial Centre Sak 109.00 0.00 1,250 Gulf Cement Co 73.60 0.00 9,074 Al Meera Consumer Goods Co 134.10 0.83 32,555 Ajial Real Estate Entmt 136.00 0.00 1,252 Heavy Engineering And Ship B 209.00 -3.24 10,443 Company Name Lt Price % Chg Volume Medicare Group 80.00 1.27 57,380 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Mannai Corporation Qsc 72.20 0.00 50 Kuwait Finance & Investment 40.00 13.64 15,516 National Real Estate Co 113.00 4.63 1,009,030 Waha Capital Pjsc 1.69 -0.59 245,518 Masraf Al Rayan 39.85 0.76 458,323 National Industries Co Ksc 184.00 2.22 20,500 Al Safat Energy Holding Comp 37.00 5.41 399,399 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 13.25 0.76 45,940 Kuwait Real Estate Holding C 35.00 0.00 250,000 Kuwait National Cinema Co 1,350.00 -19.16 2,740 United Arab Bank Pjsc 1.50 0.00 - Industries Qatar 95.00 1.71 94,711 Securities House/The 40.90 3.54 1,248,700 Danah Alsafat Foodstuff Co 71.90 2.71 29,724 Union National Bank/Abu Dhab 4.60 -1.50 245,573 Islamic Holding Group 51.40 0.78 8,041 Boubyan Petrochemicals Co 560.00 -1.75 50,000 Independent Petroleum Group 330.00 0.00 25 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 45.10 -1.53 3,582 Al Ahli Bank Of Kuwait 327.00 0.00 3,100 Kuwait Real Estate Co Ksc 55.80 1.45 838,356 Union Cement Co 1.35 0.00 - Gulf International Services 21.29 -0.05 607,814 Ahli United Bank (Almutahed) 403.00 2.03 96,790 Salhia Real Estate Co Ksc 384.00 -0.26 100 Umm Al Qaiwain Cement Indust 1.61 0.00 - Ezdan Holding Group 12.07 -1.23 254,192 National Bank Of Kuwait 685.00 0.15 739,331 Gulf Cable & Electrical Ind 430.00 -0.69 17,148 Sharjah Islamic Bank 1.34 0.00 - Doha Insurance Co 14.00 0.00 18,902 Commercial Bank Of Kuwait 311.00 0.65 72,219 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 29.80 -0.67 442,717 Kuwait International Bank 249.00 1.63 1,044,810 Kuwait Finance House 487.00 0.62 2,042,073 Sharjah Group 1.50 0.00 - Dlala Holding 18.96 -0.11 262,463 Gulf Bank 239.00 0.84 111,694 Gulf North Africa Holding Co 35.70 4.08 50,000 Sharjah Cement & Indus Devel 1.08 0.00 - Commercial Bank Qsc 29.65 -0.34 136,364 Al-Massaleh Real Estate Co 40.00 0.00 34,050 Hilal Cement Co 0.00 0.00 - Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 32.45 1.72 183,326 Al Arabiya Real Estate Co 32.00 -3.03 705,416 Osoul Investment Kscc 59.00 0.00 8,739 Ras Al Khaimah White Cement 1.06 0.00 - Al Khaleej Takaful Group 16.64 1.46 4,456 Kuwait Remal Real Estate Co 80.00 3.90 4,278,547 Gulf Insurance Group Ksc 501.00 -5.47 3,058 Ras Al Khaimah Ceramics 2.40 0.00 394,215 Aamal Co 10.94 0.00 20,921 Alkout Industrial Projects C 590.00 0.00 76,481 Kuwait Food Co (Americana) 2,400.00 0.00 51 Ras Al Khaimah Cement Co Psc 0.77 -3.75 1,438 Al Ahli Bank 32.00 0.00 - A’ayan Real Estate Co Sak 84.50 3.05 13,920 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.70 0.00 - Investors Holding Group Co.K 23.00 1.32 3,329,591 Aayan Leasing & Investment 40.10 3.35 4,409,308 Rak Properties 0.65 1.56 6,115,622 Al-Mazaya Holding Co 112.00 0.90 731,000 Alrai Media Group Co Ksc 120.00 -0.83 4,454 Ooredoo Qsc 76.50 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 21.30 0.47 558,310 National Investments Co 103.00 0.00 125,260 Oman & Emirates Inv(Emir)50% 0.58 0.00 - Gulf Petroleum Investment 40.70 0.49 1,583,458 Commercial Facilities Co 171.00 0.59 184,950 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 760.00 0.66 666,470 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.70 - City Group 0.00 0.00 - Afaq Educational Services Co 130.00 0.00 450 National Marine Dredging Co 4.50 0.00 - United Wire Factories Compan 19.16 -0.31 176,948 Inovest Co Bsc 103.00 -0.96 595,103 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.54 0.00 - Etihad Etisalat Co 20.69 0.83 383,680 Kuwait Gypsum Manufacturing 0.00 0.00 - Yiaco Medical Co. K.S.C.C 161.00 -11.54 5,075 National Corp Tourism & Hote 2.45 0.00 - Dar Al Arkan Real Estate Dev 6.09 -4.09 103,992,827 Al-Deera Holding Co 30.50 2.01 2,142 Dulaqan Real Estate Co 0.00 0.00 - National Bank Of Umm Al Qaiw 3.10 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.50 0.00 - Rabigh Refining And Petroche 12.09 0.92 606,379 Mena Real Estate Co 24.20 5.22 275,829 National Bank Of Fujairah 3.00 0.00 - Banque Saudi Fransi 31.01 7.71 760,733 National Slaughter House 0.00 0.00 - First Abu Dhabi Bank Pjsc 0.00 0.00 - Saudi Enaya Cooperative Insu 15.31 -0.84 56,795 Amar Finance & Leasing Co 49.00 0.00 2,000 OMAN Methaq Takaful Insurance 0.84 -1.18 617,824 Manazel Real Estate Pjsc 0.52 1.96 894,808 Mediterranean & Gulf Insuran 16.50 0.30 207,864 United Projects For Aviation 851.00 0.00 3 Company Name Lt Price % Chg Volume Saudi British Bank 25.59 1.79 138,446 National Consumer Holding Co 119.00 0.00 50 Invest Bank 2.54 0.00 - Mohammad Al Mojil Group Co 0.00 0.00 - Amwal International Investme 48.00 1.05 26,700 Voltamp Energy Saog 0.48 0.00 - Intl Fish Farming Co Pjsc 1.59 4.61 4,165,480 Red Sea International Co 19.97 0.25 97,859 Jeeran Holdings 41.00 0.00 186,200 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.83 0.00 - Takween Advanced Industries 11.09 -0.45 359,180 Equipment Holding Co K.S.C.C 50.00 1.01 10,100 United Power Co Saog 3.55 0.00 - Gulf Pharmaceutical Ind Psc 2.30 0.00 202,000 Sabb Takaful 26.20 0.08 84,128 Nafais Holding 0.00 0.00 - United Finance Co 0.14 2.19 50,000 Gulf Medical Projects 4.11 0.00 - Saudi Arabian Fertilizer Co 63.81 0.57 172,404 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 0.91 0.00 - National Gypsum 12.22 -0.33 41,389 Arkan Al Kuwait Real Estate 85.00 0.00 31,450 Takaful Oman 0.18 0.00 2,700 Fujairah Cement Industries 1.03 0.00 27,100 Saudi Ceramic Co 29.01 0.45 106,798 Gfh Financial Group Bsc 175.00 0.00 300,500 Taageer Finance 0.12 0.00 - Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 32.78 0.09 52,893 Energy House Holding Co Kscp 38.90 2.91 6,270 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 6.00 0.00 - Saudi Pharmaceutical Industr 34.64 -0.94 84,800 Kuwait Slaughter House Co 0.00 0.00 - Sohar Power Co 0.16 0.00 - First Gulf Bank 0.00 0.00 - Thimar 34.34 -0.29 795,099 Kuwait Co For Process Plant 165.00 0.00 10,000 Sohar Poultry 0.21 0.00 - Finance House 1.60 -0.62 5 National Industrialization C 14.31 1.27 1,073,222 Al Maidan Dental Clinic Co K 0.00 0.00 - Smn Power Holding Saog 0.69 0.00 - Eshraq Properties Co Pjsc 0.93 0.00 3,861,066 Saudi Transport And Investme 0.00 0.00 - National Ranges Company 26.90 3.46 50,410 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.45 0.58 761,212 Saudi Electricity Co 23.57 0.99 1,479,384 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.88 0.00 - Emirates Insurance Co. (Psc) 5.98 0.00 - Saudi Arabia Refineries Co 33.27 -0.33 237,133 Al-Ahleia Insurance Co Sakp 430.00 0.00 17,782 Sharqiyah Desalination Co Sa 4.35 0.00 - Emirates Driving Company 8.10 0.00 - Arriyadh Development Company 19.80 0.41 152,964 Wethaq Takaful Insurance Co 55.00 0.00 500 Sembcorp Salalah Power & Wat 0.21 0.00 - Dana Gas 0.69 -1.43 16,308,126 Al-Baha Development & Invest 21.56 2.47 1,794,543 Salbookh Trading Co Kscp 60.60 1.00 145,500 Salalah Port Services 0.63 0.00 - Commercial Bank Internationa 1.10 0.00 - Saudi Research And Marketing 44.70 9.88 1,311,142 Aqar Real Estate Investments 66.20 0.00 473,560 Salalah Mills Co 1.33 0.00 - Bank Of Sharjah 1.26 0.00 4,000 Aldrees Petroleum And Transp 24.55 0.70 166,988 Hayat Communications 81.00 -4.71 16,630 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.75 0.00 - Saudi Vitrified Clay Pipe Co 48.90 -0.51 53,173 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.66 0.00 120,881 Jarir Marketing Co 144.91 2.05 118,557 Soor Fuel Marketing Co Ksc 123.00 3.36 15,560 Renaissance Services Saog 0.21 0.00 - Alkhaleej Investment 1.30 0.00 - Arab National Bank 21.52 2.04 189,110 Alargan International Real 160.00 0.00 11,500 Raysut Cement Co 1.02 0.00 - Aldar Properties Pjsc 2.33 -0.43 7,252,431 Yanbu National Petrochemical 53.69 0.64 145,652 Burgan Co For Well Drilling 89.00 11.25 100 Port Service Corporation 0.22 0.91 14,199 Al Wathba National Insurance 12.75 0.00 - Arabian Cement 35.40 -0.28 197,886 Kuwait Resorts Co Kscc 81.50 0.00 62,544 Phoenix Power Co Saoc 0.12 0.00 427,934 Al Khazna Insurance Co 0.45 0.00 - Middle East Specialized Cabl 6.39 -0.78 227,439 Oula Fuel Marketing Co 118.00 -0.84 20,245 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 17.00 0.35 277,434 Palms Agro Production Co 100.00 0.00 20,574 Ooredoo 0.46 0.88 395,351 Al Dhafra Insurance Co. P.S. 3.84 0.00 - Al Sagr Co-Operative Insuran 29.01 -0.14 135,015 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.51 0.00 10,000 Al Buhaira National Insuranc 2.20 0.00 - Trade Union Cooperative Insu 17.26 0.35 94,300 Mubarrad Transport Co 72.00 0.00 25,000 Oman United Insurance Co 0.34 0.00 - Al Ain Ahlia Ins. Co. 47.00 0.00 - Arabia Insurance Cooperative 14.99 0.60 241,765 Al Mowasat Health Care Co 495.00 0.00 51,000 Oman Textile Holding Co Saog 0.00 0.00 - Agthia Group Pjsc 5.37 -1.10 80,656 Saudi Chemical Company 38.48 -0.05 91,706 Shuaiba Industrial Co 300.00 0.00 3,000 Oman Telecommunications Co 1.19 3.03 146,233 Abu Dhabi Ship Building Co 2.37 -9.20 294 Fawaz Abdulaziz Alhokair & C 43.53 2.04 419,157 Hits Telecom Holding 39.70 2.85 470,093 Oman Refreshment Co 1.99 0.00 - Abu Dhabi Natl Co For Buildi 0.52 -3.70 95,000 Bupa Arabia For Cooperative 121.84 0.46 14,450 First Takaful Insurance Co 51.00 3.03 1,500 Oman Packaging 0.28 0.00 - Abu Dhabi National Takaful C 5.14 0.00 - Wafa Insurance 21.96 -0.41 201,636 Kuwaiti Syrian Holding Co 33.00 0.00 1,010 Oman Orix Leasing Co. 0.17 0.00 - Abu Dhabi National Insurance 2.95 0.00 - Jabal Omar Development Co 70.47 -1.21 263,226 National Cleaning Company 48.80 19.02 372,357 Oman Oil Marketing Company 1.66 0.00 - Abu Dhabi National Hotels 3.10 0.00 870,000 Saudi Basic Industries Corp 101.48 0.65 4,112,534 Eyas For High & Technical Ed 899.00 5.76 78,931 Oman National Engineering An 0.14 8.73 59,000 Abu Dhabi National Energy Co 0.51 -1.92 707,312 Saudi Kayan Petrochemical Co 9.13 1.00 5,664,837 United Real Estate Company 88.00 0.00 3,059 Oman Investment & Finance 0.18 -2.23 216,117 Abu Dhabi Islamic Bank 3.51 0.00 496,533 Etihad Atheeb Telecommunicat 8.26 -0.36 299,419 Agility 780.00 4.14 998,000 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 96.82 1.36 39,948 Kuwait & Middle East Fin Inv 29.00 0.00 250 Oman Hotels & Tourism Co 0.40 0.00 - National Petrochemical Co 17.32 0.00 81,319 Fujairah Cement Industries 79.00 0.00 414 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 16.71 0.24 104,557 Livestock Transport & Tradng 220.00 0.00 201,000 Oman Flour Mills 0.89 0.00 5,000 BAHRAIN Gulf General Cooperative Ins 15.31 -1.23 144,372 International Resorts Co 32.50 -0.91 24,501 Oman Fisheries Co 0.13 0.00 859,950 Basic Chemical Industries 21.43 0.80 134,539 National Industries Grp Hold 125.00 2.46 2,479,356 Oman Fiber Optics 0.00 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 0.39 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 15.42 37,878 66.00 195,639 Zain Bahrain Bscc 0.00 0.00 - Buruj Cooperative Insurance 0.57 Warba Insurance Co -7.46 Oman Education & Training In 0.16 0.00 - 29.89 225,556 72.00 133 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 3.73 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 153.99 83,780 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 0.00 First Dubai Real Estate Deve 2.79 Oman Chlorine 0.49 0.00 - 54.00 31,631 47.90 421,966 United Gulf Bank 0.00 0.00 - Maadaniyah 0.00 Al Arabi Group Holding Co 0.00 Oman Ceramic Company 0.42 0.00 - 21.56 128,700 85.00 149,790 Trafco Group Bsc 0.27 0.00 10,069 Yamama Cement Co -0.28 Kuwait Hotels Sak 0.00 Oman Cement Co 0.45 0.00 - 17.60 115,899 0.00 - Takaful International Co 0.00 0.00 - Jazan Development Co 0.56 Mobile Telecommunications Co 1.21 Oman Cables Industry 1.57 0.00 - 14.40 39,304 417.00 2,767,667 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -0.32 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 28.10 39,490 0.00 - Seef Properties 0.24 0.00 41,225 Alujain Corporation (Alco) 0.18 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.11 0.00 - 22.49 293,334 400.00 100 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -0.07 Al Mudon Intl Real Estate Co 2.70 Natl Aluminium Products 0.16 0.00 - 13.41 524,617 38.00 350,755 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -0.98 Kuwait Cement Co Ksc 0.00 National Securities 0.05 0.00 - 14.12 252,093 460.00 100 National Bank Of Bahrain Bsc 0.66 -0.76 4,463 Qassim Cement/The -0.14 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 49.70 76,766 84.00 100,000 Nass Corp Bsc 0.13 -2.24 12,217 Saudi Advanced Industries 0.00 Kuwait Portland Cement Co 0.00 National Pharmaceutical 0.11 0.00 - 12.06 206,151 900.00 52,651 Khaleeji Commercial Bank 0.11 -2.78 436,530 Kingdom Holding Co 0.40 Educational Holding Group -4.90 National Mineral Water 0.05 0.00 - 9.96 98,335 349.00 1,278,684 Ithmaar Holding Bsc 0.15 0.00 65,545 Saudi Arabian Amiantit Co -0.93 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 5.35 842,106 0.00 - Investcorp Bank -$Us 8.60 0.00 2,200 Al Jouf Agriculture Developm 1.15 Asiya Capital Investments Co -0.23 National Gas Co 0.35 0.00 - 29.89 153,706 43.40 474,134 Inovest Co Bsc 0.39 0.00 17,000 Saudi Industrial Development 0.96 Kuwait Investment Co 0.00 National Finance Co 0.15 0.00 - 11.60 1,688,102 96.30 5,608 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -0.60 National Detergent Co Saog 0.69 0.00 - 0.00 - 330.00 57,124 Gulf Hotel Group B.S.C 0.52 0.00 20,000 Riyad Bank 0.65 Kuwait Projects Co Holdings -0.60 National Biscuit Industries 3.75 0.00 - 10.83 799,472 333.00 3,410,610 Gfh Financial Group Bsc 0.58 -0.85 13,000 The National Agriculture Dev -0.11 Al Madina For Finance And In 4.44 National Bank Of Oman Saog 0.21 0.96 143,919 27.87 346,621 47.00 37,800 Esterad Investment Co B.S.C. 0.11 0.00 41,157 Halwani Bros Co 0.59 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.08 0.00 - 51.30 2,731 260.00 10 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.88 Al Masaken Intl Real Estate 0.00 Muscat National Holding 0.86 0.00 - 13.53 535,648 75.00 6,000 Bmmi Bsc 0.80 0.00 10,000 Eastern Province Cement Co -0.25 Intl Financial Advisors 2.58 Muscat Gases Company Saog 0.56 0.00 - 24.00 58,162 31.80 1,042,288 Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 1.10 Muscat Finance 0.12 0.00 - 0.00 - 46.00 250,720 Bbk Bsc 0.39 -0.51 214,134 Filing & Packing Materials M 0.62 Al Mal In 0.00 Majan Glass Company 0.19 0.00 - 34.21 52,256 vestment Company 0.00 - Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.00 4.31 Majan College 0.49 0.00 - 10.81 - Bayan Investment Co Kscc 50.80 1,070,600 Banader Hotels Co 0.06 0.00 644,068 Tihama Advertising & Public 9.00 0.56 Hsbc Bank Oman 0.13 0.00 10,000 35.74 1,340,019 Egypt Kuwait Holding Co Sae 180.00 121,702 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 1.31 2.87 Hotels Management Co Interna 1.25 0.00 - 13.17 45,474 Coast Investment Development 39.40 710,200 Bahrain Telecom Co 0.24 0.00 24,340 Astra Industrial Group 0.52 -3.48 Gulf Stone 0.12 0.00 - 15.46 45,151 Privatization Holding Compan 47.20 1,302,592 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 0.21 0.00 Gulf Plastic Industries Co 0.00 0.00 - 14.12 294,143 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.43 0.00 26,240 Taiba Holding Co 0.67 0.00 Gulf Mushroom Company 0.31 0.00 - 43.28 36,126 Injazzat Real State Company 90.00 100,000 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co 2.14 0.00 Gulf Investments Services 0.08 2.47 160,000 30.50 434,094 Kuwait Cable Vision Sak 31.00 3,000 Bahrain Islamic Bank 0.14 0.00 19,171 Saudi Real Estate Co 2.85 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 22.37 501,413 Sanam Real Estate Co Kscc 0.00 - Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co 0.30 0.91 Gulf International Chemicals 0.23 0.00 - 124.40 21,093 Ithmaar Holding Bsc 44.40 1,808,310 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The 0.88 0.63 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 36.59 313,227 Aviation Lease And Finance C 317.00 10,000 Bahrain Duty Free Complex 0.77 0.66 1,965 Methanol Chemicals Co 0.31 -5.60 Global Fin Investment 0.16 0.00 - 6.56 361,585 Arzan Financial Group For Fi 32.00 128,710 Bahrain Commercial Facilitie 0.73 0.00 4,275 Ace Arabia Cooperative Insur 0.59 -20.00 Galfar Engineering&Contract 0.07 0.00 84,992 45.79 62,288 Ajwan Gulf Real Estate Co 73.60 36,310 Bahrain Cinema Co 1.35 0.00 30,000 Mobile Telecommunications Co 3.20 -0.43 Galfar Engineering -Prefer 0.39 0.00 - 9.36 4,215,957 Kuwait Business Town Real Es 46.80 31,000 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 0.45 0.00 Financial Services Co. 0.11 0.00 - 20.05 140,965 Future Kid Entertainment And 105.00 14,780 Arab Insurance Group(Bsc)-$ 0.47 0.00 108,025 Axa Cooperative Insurance -0.41 -2.05 Financial Corp/The 0.10 0.00 - 22.03 104,847 Specialities Group Holding C 86.00 88,000 Arab Banking Corp Bsc-$Us 0.29 0.00 781,000 Alsorayai Group -0.96 2.99 Dhofar University 0.00 0.00 - 8.22 253,667 Abyaar Real Eastate Developm 24.10 6,496,003 Aluminium Bahrain Bsc 0.49 0.82 217,808 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 0.00 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.42 0.00 23,300 Bank Albilad 0.53 0.00 Dhofar Poultry 0.18 0.00 - 18.93 406,861 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.09 0.00 670,859 Al-Hassan G.I. Shaker Co 0.31 0.00 Dhofar Intl Development 0.31 0.00 - 13.09 327,236 Kgl Logistics Company Kscc 50.90 261,490 Al-Ahlia Insurance Co 0.00 0.00 - Wataniya Insurance Co -0.59 0.00 Dhofar Insurance 0.20 0.00 - 26.92 110,153 Combined Group Contracting 619.00 50 Ahli United Bank B.S.C 0.68 0.00 316,484 Abdullah Al Othaim Markets 116.00 0.69 32,601 Zima Holding Co Ksc 49.00 -2.97 20,005 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 9.78 -0.20 126,037 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.19 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Tuesday, July 11, 2017 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 21,433.92 +19.58 Apple Inc 144.87 0.48 7,654,537 S&P 500 Index 2,428.64 +3.46 Microsoft Corp 69.98 0.75 6,379,761 Nasdaq Composite Index 6,171.65 +18.57 Exxon Mobil Corp 80.28 0.07 2,589,627 S&P/Tsx Composite Index 15,065.16 +38.00 Johnson & Johnson 132.22 -0.24 1,208,454 Mexico Bolsa Index 50,518.30 +459.28 General Electric Co 25.98 -0.65 14,048,957 Brazil Bovespa Stock Idx 62,820.44 +498.04 Jpmorgan Chase & Co 93.19 -0.70 5,090,102 Ftse 100 Index 7,370.03 +19.11 Procter & Gamble Co/The 87.69 0.05 1,489,571 Cac 40 Index 5,165.64 +20.48 Wal-Mart Stores Inc 74.21 -1.49 3,698,460 Dax Index 12,445.92 +57.24 Verizon Communications Inc 43.31 -0.40 5,354,112 Ibex 35 Tr 10,509.50 +20.70 Pfizer Inc 33.51 0.48 4,660,749 Nikkei 225 20,080.98 +151.89 Visa Inc-Class A Shares 95.07 1.22 3,014,393 Japan Topix 1,615.48 +8.42 Chevron Corp 103.13 -0.35 2,032,338 Hang Seng Index 25,500.06 +159.21 Coca-Cola Co/The 44.50 0.24 4,008,070 All Ordinaries Indx 5,762.87 +18.97 Intel Corp 33.48 -1.18 11,820,398 Nzx All Index 1,387.05 -6.94 Merck & Co. Inc. 63.15 -0.02 1,883,112 Bse Sensex 30 Index 31,715.64 +355.01 Cisco Systems Inc 30.93 0.10 6,214,100 Nse S&P Cnx Nifty Index 9,771.05 +105.25 Home Depot Inc 151.80 -0.28 1,370,674 Straits Times Index 3,246.35 +17.34 Intl Business Machines Corp 153.44 0.33 663,549 Karachi All Share Index 32,325.60 +613.27 Walt Disney Co/The 103.55 0.22 1,726,288 Jakarta Composite Index 5,771.51 -43.29 Unitedhealth Group Inc 187.48 -0.26 845,930 3M Co 210.52 0.44 374,851 Mcdonald’s Corp 155.59 -0.44 849,450 Nike Inc -Cl B 58.52 0.92 2,596,497 TOKYO United Technologies Corp 122.77 0.13 486,863 Boeing Co/The 203.14 0.38 1,013,480 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 225.69 0.18 1,118,263 Rakuten Inc 1,317.50 0.11 3,663,100 American Express Co 84.18 -0.18 750,351 Kyocera Corp 6,508.00 1.10 938,200 Du Pont (E.I.) De Nemours 83.01 1.19 484,573 Nissan Motor Co Ltd 1,152.00 0.48 11,350,200 Caterpillar Inc 108.09 1.09 964,423 Hitachi Ltd 701.00 0.39 12,413,000 Travelers Cos Inc/The 126.60 -0.45 285,646 Takeda Pharmaceutical Co Ltd 5,694.00 1.01 1,227,600 Jfe Holdings Inc 2,034.00 0.69 2,989,600 Ana Holdings Inc 384.80 1.64 11,147,000 FTSE 100 Mitsubishi Electric Corp 1,669.50 0.60 5,565,000 Sumitomo Mitsui Financial Gr 4,373.00 0.02 5,800,300 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,104.00 0.55 3,527,900 Fast Retailing Co Ltd 37,180.00 0.98 449,400 Wpp Plc 1,567.00 -0.13 5,181,520 Ms&Ad Insurance Group Holdin 3,859.00 -0.26 1,832,400 Worldpay Group Plc 373.00 1.25 10,124,210 Kubota Corp 1,939.00 0.73 3,173,500 Wolseley Plc 4,700.00 0.43 448,655 Traders work at the Frankfurt Stock Exchange. The DAX 30 closed up 0.5% to 12,445.92 points yesterday. Seven & I Holdings Co Ltd 4,535.00 -0.55 2,071,800 Wm Morrison Supermarkets 242.80 0.71 9,809,493 Inpex Corp 1,067.50 -0.14 2,910,000 Whitbread Plc 3,814.00 -0.75 397,871 Resona Holdings Inc 605.30 -0.72 11,520,100 Vodafone Group Plc 219.95 0.55 35,610,739 Asahi Kasei Corp 1,210.50 0.79 2,296,000 United Utilities Group Plc 864.00 -0.69 2,052,780 Kirin Holdings Co Ltd 2,344.00 0.82 1,569,600 Unilever Plc 4,204.50 0.63 2,436,559 Marubeni Corp 739.70 0.03 5,672,300 Tui Ag-Di 1,134.00 0.44 1,188,971 Mitsubishi Ufj Financial Gro 749.30 -0.62 51,720,800 Travis Perkins Plc 1,470.00 -0.54 453,369 Mitsubishi Chemical Holdings 954.90 0.46 3,648,800 Europe’s major stock Tesco Plc 171.05 0.32 16,291,501 Fanuc Corp 22,060.00 1.54 717,400 Taylor Wimpey Plc 180.00 0.90 12,683,480 Daito Trust Construct Co Ltd 18,110.00 1.14 230,200 Standard Life Plc 407.90 0.57 5,138,116 Otsuka Holdings Co Ltd 4,745.00 0.19 1,089,300 Standard Chartered Plc 812.40 1.20 5,216,133 Oriental Land Co Ltd 7,511.00 0.12 680,800 St James’s Place Plc 1,194.00 0.00 864,399 Sekisui House Ltd 1,977.00 0.59 1,907,100 Sse Plc 1,470.00 -0.27 2,543,354 markets end higher Secom Co Ltd 8,580.00 1.82 802,200 Smith & Nephew Plc 1,303.00 -0.15 2,219,569 Tokio Marine Holdings Inc 4,774.00 0.46 2,028,400 Sky Plc 996.00 0.61 6,639,113 Aeon Co Ltd 1,718.00 -0.92 2,302,900 Shire Plc 4,186.50 -3.19 2,805,661 AFP timony of Federal Reserve chief Janet market,” said Think Markets analyst Mitsui & Co Ltd 1,603.00 -0.31 4,743,500 Severn Trent Plc 2,190.00 -0.82 982,338 Yellen to Congress, traders said. Naeem Aslam. Kao Corp 6,702.00 0.75 1,542,100 London Schroders Plc 3,225.00 2.15 560,004 Her comments will be pored over for “Trade war and the climate change Dai-Ichi Life Holdings Inc 2,075.00 0.12 3,874,200 Sainsbury (J) Plc 246.10 -0.12 7,419,958 Mazda Motor Corp 1,620.00 -0.55 5,158,400 clues about the US central bank’s rate were the topics which brought the usual Sage Group Plc/The 676.00 0.67 2,160,628 Komatsu Ltd 2,894.00 1.35 2,371,900 urope’s major stock markets and plan as well as the winding down of a rift between the G19 leaders and the US. Sabmiller Plc 0.00 0.00 - West Japan Railway Co 7,960.00 0.56 450,100 the dollar advanced yesterday, bond-buying programme put in place “However, in the absence of any Rsa Insurance Group Plc 643.00 1.26 3,753,458 Murata Manufacturing Co Ltd 16,915.00 1.38 792,900 with a lacklustre performance on during the fi nancial crisis. major headline, the event has failed to Royal Mail Plc 414.50 1.02 3,426,350 E Kansai Electric Power Co Inc 1,487.50 0.20 2,417,300 Royal Dutch Shell Plc-B Shs 2,059.00 -0.07 4,589,682 Wall Street taking the shine off earlier In addition, earnings season gets un- stimulate the kind of volatility which Denso Corp 4,817.00 1.07 1,751,300 Royal Dutch Shell Plc-A Shs 2,041.00 -0.15 3,719,230 stronger gains, traders said. der way in earnest in the United States one would expect.” Sompo Holdings Inc 4,412.00 1.10 1,064,000 Royal Bank Of Scotland Group 256.40 -0.89 7,455,872 Daiwa House Industry Co Ltd 3,850.00 1.85 1,499,200 Markets had initially got off to a on Friday with reports from JPMorgan Asian stock markets were mean- Rolls-Royce Holdings Plc 932.00 -0.48 3,528,804 Jxtg Holdings Inc 486.50 -0.98 17,220,600 robust start on the back of forecast- Chase and other large banks. while buoyed by takeover activity. Rio Tinto Plc 3,398.50 1.09 4,627,385 Nippon Steel & Sumitomo Meta 2,649.00 0.72 3,187,200 busting US non-farm payrolls (NFP) Banks are fl ush with cash after Shares in Wanda Hotel Develop- Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 5,353.00 1.17 1,189,800 ment soared almost 50% after its par- Relx Plc 1,635.00 0.18 2,821,966 numbers last Friday, which fuelled ex- clearing the Fed’s stress tests, raising Nippon Telegraph & Telephone 5,230.00 -1.21 3,098,500 Reckitt Benckiser Group Plc 7,671.00 0.04 603,523 pectations that the Federal Reserve will the prospect that fi nancial giants could ent said it would sell dozens of hotels Ajinomoto Co Inc 2,368.50 0.13 1,831,300 Randgold Resources Ltd 6,765.00 1.50 487,152 lift US interest rates at least once more turn to acquisitions as a way to grow. and other projects to developer Sunac Mitsui Fudosan Co Ltd 2,608.50 1.16 2,317,100 Prudential Plc 1,798.50 1.04 5,498,344 before year’s end. The better-than-expected US jobs China Holdings in a $9.3bn deal aimed Ono Pharmaceutical Co Ltd 2,468.50 -0.26 2,218,400 Provident Financial Plc 2,330.00 -1.77 405,061 Daikin Industries Ltd 11,735.00 0.09 695,600 But New York stocks were lit- data last week would “play nicely into at reducing debt. Persimmon Plc 2,375.00 0.38 1,681,036 Bank Of Yokohama Ltd/The 0.00 0.00 - tle changed in early trade, putting a the Fed’s hands and strengthen their Also in Hong Kong, state-run Co- Pearson Plc 690.50 0.73 1,640,783 Toray Industries Inc 956.10 -0.08 2,995,300 dampener on prices in Europe, with views in favour of another rate hike this sco Shipping jumped 5.4% on news it Paddy Power Betfair Plc 8,000.00 -0.93 122,182 Astellas Pharma Inc 1,385.50 0.43 4,477,400 Old Mutual Plc 191.40 -0.16 6,896,034 London, Paris and Frankfurt partially year, said ADS Securities analyst Kon- would pay $6.3bn for Orient Overseas Bridgestone Corp 4,858.00 1.34 1,987,400 Next Plc 3,693.00 -1.94 602,390 giving up some of their earlier gains. stantinos Anthis. International, creating a global ship- Sony Corp 4,318.00 1.72 5,450,000 National Grid Plc 931.10 -0.39 4,945,586 “The new week started slowly this Investors on Monday also mulled ping titan. Orient soared 20%. Hoya Corp 5,708.00 0.97 911,800 Mondi Plc 2,021.00 1.05 809,468 morning. over the results of the G20 summit in In London, the FTSE 100 closed up Sumitomo Mitsui Trust Holdin 4,039.00 0.22 1,122,600 Merlin Entertainment 473.30 0.02 2,297,447 Japan Tobacco Inc 3,857.00 -0.13 2,812,800 Equity indices in Europe were com- Hamburg. 0.3% at 7,370.03 points; Frankfurt — Mediclinic International Plc 721.00 -1.37 1,258,895 Osaka Gas Co Ltd 444.10 0.61 5,179,000 ing off their best levels,” said Fawad “The G20 meeting took place over DAX 30 rose 0.5% at 12,445.92 points Marks & Spencer Group Plc 339.00 -1.60 8,243,454 Sumitomo Electric Industries 1,793.50 0.70 2,233,100 Razaqzada of Forex.com. the weekend and it failed to produce and Paris — CAC 40 ended up 0.4% at London Stock Exchange Group 3,731.00 -0.05 410,769 Daiwa Securities Group Inc 675.90 1.27 4,928,000 Lloyds Banking Group Plc 66.56 0.05 114,385,212 In focus this week will be the tes- any meaningful move for the currency 5,165.64 points yesterday. Softbank Group Corp 8,928.00 -0.07 5,150,100 Legal & General Group Plc 264.10 -1.12 19,927,619 Mizuho Financial Group Inc 204.60 -0.63 99,857,400 Land Securities Group Plc 1,020.00 0.59 1,971,917 Nomura Holdings Inc 664.30 1.10 17,950,200 Kingfisher Plc 306.50 0.52 9,186,497 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,512.00 -0.53 1,280,600 Johnson Matthey Plc 2,775.00 -0.32 634,342 Subaru Corp 4,118.00 0.78 4,441,300 Itv Plc 177.50 0.51 8,244,460 Ntt Docomo Inc 2,622.50 -1.04 6,056,800 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 267.90 0.15 1,708,829 Sumitomo Realty & Developmen 3,426.00 1.75 1,819,000 Intl Consolidated Airline-Di 633.50 0.88 7,173,963 Aluminum Corp Of China Ltd-H 4.17 -2.80 28,633,046 Hong Kong & China Gas 14.64 0.69 7,529,521 Sumitomo Metal Mining Co Ltd 1,507.00 -0.07 2,838,000 Intertek Group Plc 4,223.00 0.67 312,066 Bank Of East Asia Ltd 32.85 0.00 844,222 Hong Kong Exchanges & Clear 199.90 0.25 1,770,249 Orix Corp 1,784.00 0.48 3,646,000 Intercontinental Hotels Grou 4,293.00 0.70 206,404 Bank Of China Ltd-H 3.59 -0.55 367,879,171 Hsbc Holdings Plc 74.60 1.98 47,037,076 Asahi Group Holdings Ltd 4,378.00 0.60 1,157,600 Inmarsat Plc 739.50 -0.80 1,172,227 Bank Of Communications Co-H 5.49 -0.18 25,121,659 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 49,020.00 -0.10 227,000 Informa Plc 660.00 0.30 1,814,211 Belle International Holdings 6.13 -0.97 47,578,166 Ind & Comm Bk Of China-H 4.87 -0.20 262,299,552 Nidec Corp 11,445.00 -0.56 668,400 Imperial Brands Plc 3,435.00 -0.56 1,248,211 Boc Hong Kong Holdings Ltd 37.20 1.22 8,939,373 Li & Fung Ltd 2.86 0.35 12,544,953 Isuzu Motors Ltd 1,411.50 -0.14 2,059,800 Hsbc Holdings Plc 738.30 1.39 24,513,781 Cathay Pacific Airways 12.74 3.41 10,824,393 Mtr Corp 44.10 1.03 2,901,298 Unicharm Corp 2,828.50 -0.02 759,100 Hargreaves Lansdown Plc 1,285.00 0.63 931,624 Ck Hutchison Holdings Ltd 98.25 1.08 3,656,741 New World Development 9.92 0.10 10,106,556 Shin-Etsu Chemical Co Ltd 9,965.00 0.21 770,400 Hammerson Plc 575.00 0.70 1,961,240 China Coal Energy Co-H 3.73 -0.27 7,429,747 Petrochina Co Ltd-H 4.77 -1.45 168,862,636 Smc Corp 35,070.00 1.10 194,300 Glencore Plc 301.05 1.28 24,951,945 China Construction Bank-H 5.94 0.17 232,136,385 Ping An Insurance Group Co-H 54.80 1.29 69,477,960 Mitsubishi Corp 2,390.50 -0.23 3,645,100 Glaxosmithkline Plc 1,616.00 0.09 5,363,015 China Life Insurance Co-H 23.95 0.42 46,050,435 Power Assets Holdings Ltd 68.15 0.22 1,465,722 Nintendo Co Ltd 36,470.00 3.73 3,904,100 Gkn Plc 326.90 -0.18 3,805,583 China Merchants Port Holding 21.65 0.93 3,626,250 Sino Land Co 12.68 -0.47 1,489,327 Eisai Co Ltd 6,088.00 0.91 485,900 Fresnillo Plc 1,430.00 0.70 1,227,979 China Mobile Ltd 80.75 -0.19 11,715,456 Sun Hung Kai Properties 115.90 0.35 1,679,757 Sumitomo Corp 1,489.00 0.44 2,205,500 Experian Plc 1,573.00 0.45 2,029,670 China Overseas Land & Invest 23.35 0.65 15,405,418 Swire Pacific Ltd - Cl A 75.80 -0.72 1,423,748 Canon Inc 3,748.00 2.63 7,115,900 Easyjet Plc 1,414.00 -0.35 3,372,585 China Petroleum & Chemical-H 5.79 -3.66 107,155,988 Tencent Holdings Ltd 271.60 0.97 13,037,177 Japan Airlines Co Ltd 3,508.00 0.11 1,516,700 Dixons Carphone Plc 278.00 -2.42 6,711,907 China Resources Beer Holdin 18.94 -2.97 3,746,332 Wharf Holdings Ltd 64.35 -0.46 2,005,312 Direct Line Insurance Group 363.70 0.08 2,242,972 China Resources Land Ltd 22.55 0.89 4,648,703 China Resources Power Holdin 15.06 1.62 4,810,428 Diageo Plc 2,284.00 1.02 3,507,883 SENSEX Dcc Plc 6,945.00 0.73 150,212 China Shenhua Energy Co-H 16.92 -0.35 18,253,263 GCC INDICES Crh Plc 2,779.00 0.25 1,017,294 China Unicom Hong Kong Ltd 10.84 3.83 58,886,892 Compass Group Plc 1,581.00 0.25 2,769,402 Company Name Lt Price % Chg Volume Citic Ltd 11.50 0.52 5,931,775 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,229.00 0.36 617,585 Clp Holdings Ltd 81.65 0.25 1,415,919 Doha Securities Market Zee Entertainment Enterprise 505.75 -0.32 1,144,197 8,995.12 +90.96 Centrica Plc 206.70 -0.48 17,054,892 Cnooc Ltd 8.52 -0.70 58,764,157 Saudi Tadawul Yes Bank Ltd 1,512.90 0.47 1,348,045 7,236.94 +70.17 Carnival Plc 5,125.00 -0.58 359,011 Cosco Shipping Ports Ltd 9.10 2.82 3,874,742 Kuwait Stocks Exchange Wipro Ltd 268.25 4.09 1,448,489 6,748.54 +24.97 Capita Plc 653.00 -1.51 2,938,173 Esprit Holdings Ltd 4.06 1.50 4,860,292 Bahrain Stock Exchage Vedanta Ltd 260.70 1.40 3,775,268 1,308.25 -1.79 Burberry Group Plc 1,620.00 0.62 1,287,003 Fih Mobile Ltd 2.40 0.00 2,417,510 Oman Stock Market Ultratech Cement Ltd 4,135.15 0.93 63,722 5,158.83 +23.95 Bunzl Plc 2,244.00 -0.53 705,584 Hang Lung Properties Ltd 19.84 -0.40 1,678,082 Abudhabi Stock Market Tech Mahindra Ltd 384.10 1.08 642,092 4,397.96 -12.54 Bt Group Plc 288.40 0.42 10,784,148 Hang Seng Bank Ltd 163.20 1.05 903,152 Dubai Financial Market Tata Steel Ltd 559.35 1.08 2,151,083 3,417.94 +15.28 British Land Co Plc 609.00 0.16 2,813,661 Henderson Land Development 43.40 -0.12 1,653,170 Tata Power Co Ltd 83.45 2.14 2,810,567 British American Tobacco Plc 5,210.00 -0.17 2,458,260 Tata Motors Ltd 446.95 2.31 4,498,597 Bp Plc 443.75 -0.06 17,867,725 Tata Consultancy Svcs Ltd 2,434.95 4.42 1,067,170 Bhp Billiton Plc 1,263.50 1.69 7,336,495 Sun Pharmaceutical Indus 563.70 2.68 4,291,427 Berkeley Group Holdings/The 3,330.00 1.03 589,246 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 285.55 1.95 5,701,479 Barratt Developments Plc 591.50 0.34 2,766,264 Reliance Industries Ltd 1,492.85 0.11 2,056,120 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 207.70 -0.22 22,581,235 Punjab National Bank 153.25 6.28 16,258,639 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 630.00 2.02 17,585,146 Power Grid Corp Of India Ltd 211.35 0.91 2,525,944 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 864.50 -1.09 1,931,216 Oil & Natural Gas Corp Ltd 162.40 1.75 4,820,911 this data.” Aviva Plc 536.00 0.19 7,120,629 Ntpc Ltd 160.05 0.63 2,619,449 Astrazeneca Plc 5,130.00 0.00 1,176,285 Maruti Suzuki India Ltd 7,430.45 -0.03 137,416 Associated British Foods Plc 2,966.00 -0.13 1,745,457 Mahindra & Mahindra Ltd 1,367.40 -0.63 913,484 Ashtead Group Plc 1,567.00 1.49 1,862,931 Lupin Ltd 1,148.85 2.82 1,206,394 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,732.15 1.63 1,024,831 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 824.00 1.04 1,679,149 DINAR DINAR Kotak Mahindra Bank Ltd 968.00 0.34 684,074 Anglo American Plc 1,068.00 1.62 4,066,596 Itc Ltd 333.30 -0.30 4,765,521 Admiral Group Plc 2,020.00 -0.54 496,627 Infosys Ltd 957.05 2.31 1,839,932 3I Group Plc 904.00 0.61 1,318,375 Indusind Bank Ltd 1,560.35 2.23 504,474 #N/A 0.00 0.00 - Idea Cellular Ltd 87.20 4.62 11,926,666 Icici Bank Ltd 291.45 0.60 3,563,943 TOKYO Housing Development Finance 1,638.85 0.60 811,233 Hindustan Unilever Ltd 1,096.25 -0.13 501,216 Hindalco Industries Ltd 195.80 0.46 4,867,816 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,731.00 1.34 86,926 East Japan Railway Co 10,785.00 1.27 712,300 Hdfc Bank Limited 1,676.35 0.55 1,169,748 Itochu Corp 1,726.50 0.79 5,957,600 Hcl Technologies Ltd 849.65 2.13 619,559 Fujifilm Holdings Corp 4,086.00 1.82 1,882,100 Grasim Industries Ltd 1,255.45 0.37 426,457 Yamato Holdings Co Ltd 2,265.50 0.96 1,718,600 Gail India Ltd 366.00 1.96 1,091,277 Chubu Electric Power Co Inc 1,451.00 0.00 1,575,700 Dr. Reddy’s Laboratories 2,726.20 0.77 170,717 Mitsubishi Estate Co Ltd 2,038.00 1.32 3,247,700 Coal India Ltd 258.80 3.07 2,192,328 Mitsubishi Heavy Industries 460.00 -0.67 14,397,000 Cipla Ltd 549.20 0.37 448,717 Toshiba Corp 255.60 -2.41 30,097,000 Cairn India Ltd 0.00 0.00 - Shiseido Co Ltd 3,887.00 0.65 964,900 Bosch Ltd 23,890.00 1.29 11,941 Shionogi & Co Ltd 6,004.00 -0.40 989,400 Bharti Airtel Ltd 405.70 5.13 5,857,392 Tokyo Gas Co Ltd 576.30 0.88 2,789,000 Bharat Petroleum Corp Ltd 664.65 0.11 1,279,196 Tokyo Electron Ltd 15,580.00 2.30 1,377,400 Bharat Heavy Electricals 137.65 1.96 4,955,906 Panasonic Corp 1,491.50 1.84 6,657,800 Bank Of Baroda 166.60 3.77 12,904,471 Fujitsu Ltd 820.90 0.87 6,518,000 Bajaj Auto Ltd 2,730.65 0.83 106,847 Central Japan Railway Co 17,920.00 0.20 343,400 Axis Bank Ltd 509.95 1.35 2,386,370 T&D Holdings Inc 1,755.00 0.86 3,223,200 Asian Paints Ltd 1,127.75 1.10 249,751 Toyota Motor Corp 6,187.00 0.49 7,566,000 Ambuja Cements Ltd 254.40 0.37 1,235,111 Kddi Corp 2,909.00 -2.69 11,229,000 Adani Ports And Special Econ 374.95 0.90 1,177,894 Nitto Denko Corp 9,712.00 0.61 693,900 Acc Ltd 1,628.10 1.17 127,156 Gulf Times 12 Tuesday, July 11, 2017 BUSINESS China’s anti-graft offi cial set to head insurance regulator Reuters 2013. Two of the sources described Yang as former vice chairman and president of state- Beijing the “front runner” to head the insurance reg- controlled People’s Insurance Co (Group) of ulator. China, whose case was referred for prosecu- The CCDI did not respond to a faxed re- tion, according to the CCDI. hina is likely to name a senior Com- quest for comment. Last month, Wu Xiaohui, the chairman of munist Party graft-buster to oversee Neither the CIRC nor the State Coun- Anbang Insurance Group Co, which has made Cthe insurance sector, people familiar cil Information Offi ce, which doubles as the a series of headline-grabbing acquisitions, with the matter said, a signal that the coun- spokesman’s offi ce for the cabinet and the including the 2015 purchase of New York’s try’s ongoing crackdown on irregular business party, replied to faxed requests for comment. Waldorf Astoria hotel, was detained by au- practices in the fi nancial industry may be set Yang’s appointment is not yet guaranteed. thorities. to escalate. Senior leadership appointments in China China’s next insurance regulator will face Yang Xiaochao, secretary general of the can be subject to last-minute change. the thorny task of clamping down on risk in a Central Commission for Discipline Inspec- It was not immediately clear when an an- sector that has seen its assets nearly double to tion (CCDI), is the leading candidate to head nouncement would be made. 15.1tn yuan ($2.22tn) in the three years ended the China Insurance Regulatory Commission None of the sources was willing to be iden- in 2016. (CIRC), three sources with knowledge of the tifi ed given the sensitivity of the matter. If it doesn’t tread carefully it could destabi- matter told Reuters. President Xi Jinping has undertaken a lise the industry. The top CIRC job has been vacant since sweeping campaign against graft since as- In recent months, CIRC has issued new reg- April, when former chairman Xiang Junbo suming power in 2012. ulations and sanctioned a handful of insurers was put under investigation for suspected In recent months, offi cials have sharpened for issuing short-term, high-yield products “serious disciplinary violations,” a phrase their focus on risky business practices in the after they used the proceeds to fi nance long- that usually refers to graft. banking and insurance sectors, announcing term investments, including taking sizeable Yang, 58, is an associate of Wang Qishan, a slew of arrests, sanctions and new regula- stakes in listed companies. the current head of the Communist Party’s tions. Sales of so-called universal life insurance CCDI, the country’s main anti-graft body. “Corruption in the fi nancial sector should products dropped 59% year-on-year during Wang is also a member of the Politburo be resolutely investigated and punished,” the fi rst fi ve months of 2017, the CIRC report- Standing Committee, the country’s top lead- Chinese Premier Li Keqiang said in a speech ed in June. ership body. dated March 21 that was published in April, Others who have been under consideration Yang, a native of the eastern city of Nan- hours after Xiang’s detention was announced. for the top CIRC post include Zhou Mub- jing, headed the Beijing fi nancial aff airs bu- Those caught in the anti-graft net include ing, chairman of Agricultural Bank of China reau from 2008 to 2013, and was the city’s top Yang Jiacai, who was removed from his po- Ltd and a former vice chairman of the China auditor when Wang was mayor of Beijing. sition as assistant chairman of the coun- Banking Regulatory Commission, fi nancial Yang: The ‘front runner’ to head the insurance regulator. Yang was named the city’s vice mayor in try’s banking regulator, and Wang Yincheng, industry sources said earlier this year. Gulf Times Tuesday, July 11, 2017 13 BUSINESS

Sovereign wealth fund GIC warns investors aren’t fearful enough

Bloomberg indicates investor complacency, another gauges, the VIX, recently hit the lowest up from 34%. That is higher than the stake valued at as much as 230mn euros holds 2.7% of UBS and 3.9% of Citigroup, Singapore reason for us to be more cautious.” level since 1993, busting through the long-term target allocation in the fund’s in Irish phone carrier Eir. GIC was also according to Bloomberg data. GIC’s annualised real rate of return lows seen in 2007 that were followed model portfolio and reflects GIC’s current one of the two investors in YES! Commu- GIC is currently in the process of fell to 3.7% in the 20 years to March 31, by the subprime crisis, the collapse of cautious investment stance, Lim said. nities in August 2016, a deal that valued divesting of its 37% stake in industrial Singaporean sovereign wealth fund GIC from 4% in the prior comparable period, Lehman Brothers and the global credit GIC had 34% of its holdings in the US, the US manufacturer and owner of pre- property developer Global Logistic Prop- Pte warned that investors are being too Lim said in the interview ahead of the crunch. 19% in Asia excluding Japan, 12% in the fabricated homes at more than $2bn. erties Ltd as part of what is set to be the complacent about looming market risks, yesterday release of the numbers. The GIC reiterated a warning that high euro area, 12% in Japan, and 6% in the Among GIC’s biggest divestments largest Asian buyout. while disclosing that its main perform- decline partly reflects the fact that valuations and low economic growth UK. after the end of the reporting period was GIC manages a mix of government ance gauge fell for the second straight the calculation now excludes the year rates may weigh on future returns. One Among the largest investments during the sale of about 2.4% for total proceeds surpluses and inflows from the Central year. through March 1997, when rallying mar- investment opportunity is emerging its reporting period was the $500mn of about $1.5bn in UBS Group AG, the Provident Fund, a government savings “We are cautious because valuations kets boosted returns. The fund’s nominal market equities, which don’t have such acquisition of a stake in Alibaba Group Swiss bank where it had invested in Feb- plan that provides retirement income for are stretched, policy uncertainty is high five-year annualised return in US dollars “stretched” valuations, Lim said. Holding from SoftBank Group Corp. GIC ruary 2008 early in the financial crisis. Singaporeans. GIC doesn’t disclose the and there are still unresolved economic climbed to 5.1% from 3.7%. “We continue to deliver steady had been a long-time investor before the GIC said in May it was “disappointed” that size of its assets under management, imbalances,” Lim Chow Kiat, GIC’s chief The warning from GIC adds to those returns,” Lim said. “We have built a resil- 2014 initial public off ering of the Chinese it lost money in the investment. saying only that it manages “well over” executive off icer, said in an interview in of investors worried that low readings in ient, diversified portfolio.” e-commerce behemoth. Lim Chow Kiat declined to comment $100bn. The London-based Sovereign the city. The “uncertainty level is very market measures known as fear gauges GIC’s holdings in its main asset classes Singapore’s state fund partnered with on whether GIC would further reduce Wealth Center puts its total holdings at high,” in contrast to “very low” actual eq- could foreshadow a giant disturbance were almost unchanged from last year, Indonesian cinema operator PT Nu- its stake in UBS or sell its holdings in $354bn, making it the world’s fifth-big- uity price volatility, he said. “We think this down the road. In the US, one of those with 35% in nominal bonds and cash, santara Sejahtera Raya and also bought a Citigroup Inc The sovereign fund still gest state fund.

Goldilocks Wanda to sell hotel, tourism raises bet on Noble projects to Sunac for $9.3bn Group as fund Wanda will sell 91% of 13 tourism projects for 29.58bn yuan; will also sell 76 hotels for 33.6bn yuan; move expands marks a retreat from major push into theme parks; Wanda Hotel Development shares more than holding double on the news

Reuters Bloomberg Hong Kong Singapore

hinese property giant Dalian oble Group Ltd’s new- Wanda Group plans to sell tour- est major shareholder is Cism projects and hotels in the Nupping the ante. Gold- country to Sunac China for $9.3bn, as ilocks Investment Co raised its it dials back its theme-park ambitions holding in the embattled Hong and brings down its debt pile. Kong-based commodity trader The sale – the second-biggest real to become the fi fth-largest in- estate deal ever in China according to vestor in a buying spree that’s Reuters data – will help strengthen helped to boost its battered Wanda’s case for a mainland listing af- stock price. ter its property unit delisted from Hong The Abu Dhabi fund increased Kong last year. its stake to 8.19% from 5.03% For Sunac, it would mean ownership after adding 41.6mn shares on of a wide portfolio of tourism devel- July 6, according to a fi ling to opments at a time when it is spending the Singapore Exchange yester- billions on property and technology as- day. That day, the shares surged sets. 36%, drawing a query from the Wanda said it would offl oad 91% exchange. Goldilocks now con- of thirteen cultural tourism projects, trols almost as much equity in which usually include theme parks and the company as China’s sover- leisure complexes, and 76 hotels to the eign wealth fund, which has a acquisitive Tianjin-based developer 9.6% holding, according to data Sunac for 63.18bn yuan. compiled by Bloomberg. After the sale, Wanda will, however, Noble Group is seeking a stra- continue to play a role in operating and tegic investor to restore confi - managing the projects. dence after a multi-year col- Wanda, which also has interests in lapse in its shares and bonds, fi lms and sports, had plans to build at and Goldilocks’ move follows an least 20 cultural projects around China. agreement between the compa- Its billionaire owner Wang Jianlin had ny and its banks to extend a key last year said his “wolf pack” of parks credit facility, allaying immedi- would beat US rival Walt Disney Co. ate concern it may default. Gold- “This (deal) signifi es a retreat from ilocks is controlled by investor Wanda’s previous strategy in cultural Jassim Alseddiqi’s Abu Dhabi tourism, and marks a pivot to an asset- Financial Group. The stock surge light strategy,” said Qin Gang, senior re- last Thursday had spurred spec- searcher at State Information Center, a ulation a major holding was be- government-linked think tank. People walk under a logo of Wanda Theme Park in Nanchang, Jiangxi province. The Chinese property giant said it would off load 91% of thirteen cultural tourism projects, ing amassed. Beijing has been encouraging devel- which usually include theme parks and leisure complexes, and 76 hotels to the acquisitive Tianjin-based developer Sunac for 63.18bn yuan. “Whether this leads to some- opment of cultural theme parks as part thing more strategic, only time of a local tourism drive, tapping con- zine Caixin quoted Wang as saying the The group has been investing heavily tate assets of Legend Holdings, parent none of the hotels being sold are in- will tell,” Nicholas Teo, a trading sumers’ growing budget for entertain- deal would ease the debt burden on in entertainment, leisure and fi nancial of PC-maker Lenovo, and $2.2bn for a cluded under this entity. strategist at KGI Securities (Sin- ment. Wanda’s property unit. businesses and the buying spree has stake in Leshi Internet, a unit of LeEco Wanda said Sunac will be responsi- gapore) Pte, said by phone. “For There are over 300 such facilities in “Through this asset transfer, Wanda drawn the attention of Chinese regu- – a Chinese Netfl ix-to-Tesla-like con- ble for all the loans for the projects, but the time being, they seem to see China, with most struggling to turn a Commercial’s debt ratio will be greatly lators, who ordered lenders last month glomerate. the brand name and design will be un- value at these levels. Whether profi t. reduced, all the proceeds will be used to to assess exposure to overseas deals by The stake in Wanda cultural and tour- changed. they’re right or wrong, again, Wanda’s parks are still under con- repay loans. Wanda Commercial plans Wanda, HNA Group, Anbang Insurance ism projects will cost Sunac 29.58bn Sunac, whose shares in Hong Kong only time will tell.” struction, except three that have been to repay most of the bank loans this and Fosun. yuan. The price tag for the hotels is were suspended from trading ahead of Before yesterday’s announce- completed. year,” Wang told Caixin. Wanda has been very active glo- 33.6bn yuan. The fi rms are expected what it said would be a “very substan- ment about the jump in Gold- Two that opened in Nanchang and Analysts said the lower debt load bally, with deals for US cinema chain to sign an agreement by the end of this tial acquisition” announcement, de- ilocks’ holding, which came after Hefei last year do not rank in the top 20 could help Wanda’s plans to list the AMC Entertainment Holdings Inc, month. clined to comment further. the close, Noble Group’s shares by attendance for Asia Pacifi c, consul- unit in Shanghai and to attract a higher Hollywood film studio Legendary En- Sunac will pay for this from its cash- Shares in the developer have more rose 8.7% to 62.5 Singapore tancy AECOM’s 2016 theme park index valuation. S&P downgraded Wanda tertainment, Infront Sports & Media pile that stood at over 90bn yuan at the than doubled in value this year, but ana- cents. While the stock has re- shows. Commercial in December citing rising AG and Spanish soccer team Ateltico end of June, Caixin quoted Sun as say- lysts worry Sunac could have bitten off bounded from a low of 28.5 cents The fi rm, which had earmarked a fi nancial leverage and slower-than-ex- Madrid. ing. It had total liabilities of 168.6bn too much. It has a negative outlook rat- on June 6, it’s still lost more than more than 300bn yuan ($44bn) in- pected asset disposal at China’s largest Sunac too has been shopping. yuan at the end of 2016, versus 64.5bn ing from Moody’s, which said in April 60% this year. Goldilocks fi rst vestment for its cultural and tourism commercial developer. In the past year, boss Sun Hongbin yuan the year before. Shares in Wanda Sunac’s leverage had deteriorated sig- disclosed a major stake on June projects, did not give a reason for the Another downgrade would push the has led the group on an acquisition Hotel Development surged more than nifi cantly due to large amounts of debt 22, after buying stock over two sale to Sunac, but local business maga- rating into “junk” category. spree, including $2.1bn for the real-es- 150% after news of the deal, though it had raised to support acquisitions. days earlier in the month. Tesla wades into Australia’s battle over energy future

By Clyde Russell Tesla lithium-ion batteries will be able to ter and leader of the National Party, poured be cheaper and less polluting. The so-called $200bn of investments in liquefied natural a scare campaign on natural gas, using the Launceston, Australia provide power to some 30,000 homes in scorn on the Tesla battery plan, saying it high-eff iciency, low emissions (HELE) coal gas (LNG) export plants and promoting the typical bogeyman of greedy corporations South Australia, which is home to about wouldn’t make much diff erence. plants would be less polluting than Aus- use of the cleaner-burning fuel domestically. sucking up and exporting resources, but 1.7mn people and ranks fifth by population “You know, a grain of sugar is an advan- tralia’s current fleet, but even these are still The industry wants both federal and ignoring that only one of the seven LNG There is a lot more riding on Tesla Inc’s of Australia’s six states. tage to a teaspoon, but it doesn’t make a far more carbon-intensive than natural-gas state governments to facilitate more plants actually buys gas that could be sup- deal to install the world’s largest grid-scale But the significance of the deal goes way hell of a lot of diff erence,” Joyce, whose plants, not to mention renewables. onshore gas exploration and production, plied domestically instead. electric battery in Australia than whether beyond the mere provision of emergency party is the junior partner in the ruling The Minerals Council of Australia re- arguing that this will boost supply and lower Into this situation comes Tesla and its Elon Musk can meet his bold commitment power, and it is likely to become a political Liberal-led federal government, said in a leased a report on July 3 in which it claimed costs. The environmental lobby, ignoring battery farm for South Australia. to finish within the 100-day deadline. football in Australia’s wider energy debate. television interview on Sunday. a “clean coal” HELE plant would provide peer-reviewed science that fracking is If the project does work, and more impor- Under an agreement made public on July Broadly speaking, Australia’s energy The problem for the federal government, cheaper electricity than renewables. largely safe if well regulated, wants an end tantly is viewed by politicians and the public 7, Tesla must deliver the 100 megawatt (MW) debate is becoming polarised into two and indeed the state governments as well, is While the costings in the report are to all unconventional and conventional as a cost-eff ective success, then Barnaby battery within 100 days of the contract being factions, one in favour of using the nation’s that electricity prices, and public anger, are open to challenge, what was potentially natural gas exploration and production. Joyce may find that his one grain of sugar signed, or the government of South Australia abundant coal as the main fuel, and the soaring. Consumers in the main population misleading was the claim that HELE plants At the very least, the environmentalists rapidly becomes many more. However, if the state won’t have to pay the electric car, clean other committed to switching to mainly re- states of New South Wales and Victoria face are “clean coal”. They are about 14% more want restrictions on LNG exports in order to batteries don’t prove eff ective in smoothing energy and space exploration company. On newable sources of power as part of eff orts increases of as much as 20% this year in eff icient than older technology coal plants, make natural gas cheaper and more avail- out South Australia’s intermittent wind- the surface, this is a deal aimed at providing to limit global climate change. electricity bills, caused by rising generation but aren’t clean insofar as they don’t cap- able to the domestic market. powered electricity, then the move toward back-up electricity to South Australia, a state While there are moderate voices in both costs amid the closure of several old coal- ture and store carbon emissions. Again, there is possibly misleading infor- more renewables will take a blow, perhaps that has been plagued by blackouts since it camps urging a gradual and planned switch fired power plants. The question is what will This sort of claim certainly undermines mation and claims on both sides, with the even big enough to allow the promoters of closed coal-fired power plants and moved from the current situation where about 80% replace these polluting plants as they reach the mining sector’s credibility and helps industry stating that Australia’s wholesale new coal plants an opportunity. to being powered mainly by renewables of the nation’s power comes from ageing, the end of their useful lifespans. boost the cause of the environmentalists. natural gas price is competitive in Asia (it is), such as wind, and to a grid connection to polluting coal-fired plants, the more radical The mining lobby, and elements within Sitting somewhere in the middle of the but ignoring that retail prices have surged. „ Clyde Russell is a columnist for Reuters. neighbouring Victoria state. voices tend to grab the media headlines. the ruling coalition, want to build new gen- debate is Australia’s petroleum industry, For its part the environmental lobby, with The opinions expressed here are those of Certainly, if successful, the 100 MW of Barnaby Joyce, the deputy prime minis- eration coal-fired plants, claiming these will which has the dual aim of protecting its the support of farming groups, is running the author. Gulf Times 14 Tuesday, July 11, 2017 BUSINESS

Inpex says floating unit for Cosco to buy Orient Overseas Australia LNG project to set for $6.3bn as industry shrinks

sail soon Bloomberg Beijing

Reuters Tokyo osco Shipping Holdings agreed to buy Orient Overseas Inter- Cnational Ltd for $6.3bn in cash, A massive floating creating the world’s third-largest con- component for Inpex Corp’s tainer-shipping company as the in- $37bn Ichthys liquefied dustry shrinks after years of losses and natural gas (LNG) project in overcapacity. Australia will soon sail from Cosco, China’s biggest container the South Korean shipyard carrier, will pay shareholders of Hong where it is being built, the Kong’s No 1 box mover HK$78.67 a Japanese company and its share, a 31% premium over the stock’s shipbuilder said yesterday. closing price on July 7, it said in an ex- Inpex and South Korea’s change fi ling on Sunday. The Tung fam- Daewoo Shipbuilding & ily, which controls Orient Overseas, has Marine Engineering denied accepted the off er that still needs regu- reports of technical problems latory approvals and consent from Co- in the floating production, sco’s investors. storage and off loading (FPSO) The combined entity will only lag be- unit. hind AP Moller-Maersk A/S and Medi- Inpex, Japan’s biggest energy terranean Shipping Co by capacity as explorer, said there was no container lines from Denmark to Japan change in the latest plans to pursue acquisitions and become bigger begin the first gas production amid a plunge in rates to move toys and and shipments from the computers. Too many ships and compa- Ichthys development by the nies chasing the same trade led to a col- end of next March. lapse in freight rates and burgeoning loss- The project, the first LNG es, factors that pushed Hanjin Shipping development managed by Co into bankruptcy last year, stranding a Japanese company, has cargo ahead of the holiday-season. been hit with delays and “This looks like a happy ending for contract disputes. In April, both parties,” said Han Ning, China di- Inpex said the project’s start rector for Drewry Shipping Consultants would be delayed by up to six Ltd. “Cosco can benefi t from OOCL’s months to the end of March strong presence on routes from the Far next year, citing issues in East to Australia and to the US. The the installation of off shore company’s operational effi ciency has production facilities. Inpex long been admired by outsiders as well.” and Daewoo Shipbuilding said The combined entity will operate the construction of the FPSO more than 400 vessels with capacity unit was complete, after CNBC exceeding 2.9mn twenty-foot equiva- reported on the existence of a lent units, including order book. Cosco possible crack in the massive currently has a market share of 8.4% piece of equipment that while Orient Overseas has 3.2%, ac- processes output from the cording to Alphaliner. Their combined project, which includes liquid 11.6% share would make the merged en- petroleum gas and condensate, tity the third-biggest container-ship- an ultra-light crude oil. ping company, overtaking CMA CGM CNBC cited unnamed sources. with 11.2%, according to the shipping A Daewoo Shipbuilding data provider. Cosco, China’s biggest container carrier, will pay shareholders of Orient Overseas HK$78.67 a share, a 31% premium over the stock’s closing price on July 7, it said in an & Marine Engineering Former Hong Kong chief executive exchange filing on Sunday. spokesman said he was not Tung Chee-hwa’s family controls Ori- aware of any crack, adding ent Overseas International with about HK$49.2bn ($6.3bn) to close the trans- Holdings is the right partner for us.” the buyers “is satisfi ed that suffi cient fi - prove effi ciency. After Hanjin’s col- that the FPSO unit was set 69% holding. Shares of the company action, they said. The deal is subject to On completion of the deal, Cosco nancial resources are available” to meet lapse, freight rates have been recover- to sail away this month, have rallied almost 90% this year in regulatory approvals and the consent of Shipping will hold 90.1% of Orient full acceptance of the off er, according to ing. although the exact timetable Hong Kong, boosting its market value Cosco’s shareholders. Overseas, while Shanghai International the fi ling. JPMorgan Chase & Co was the “This might be the last of the major was yet to be set. to $4.8bn. The advance compares with “This decision has been carefully Port will hold 9.9%. The buyers plan fi nancial adviser to Orient Overseas. M&As we see in the shipping industry,” The FPSO unit was originally a 15% gain in the benchmark Hang Seng considered and we believe it helps en- to keep the shares of Orient Overseas The heads of Maersk and Hyundai said Jason Chiang, Singapore-based di- scheduled to sail from South Index. sure the future success of OOIL,” Andy listed after the closing of the off er and Merchant Marine Co have said in the rector at Ocean Shipping Consultants. Korea by the end of last year. If the off er is accepted in full by the Tung, chief executive offi cer of Orient commit to retain all employees and past that Asian container lines are set “Bad times in the industry made M&As An Inpex spokesman said rest of the shareholders, Cosco and its Overseas, said in a statement separately. their benefi ts, they said. for further consolidation in 2017 as necessary but with rates recovering that there were no technical issues unit will have to pay a total of about “We are confi dent that Cosco Shipping UBS Group, the fi nancial adviser to fi rms join forces to cut costs and im- need will become less.” at the moment. “We think there’s no impact from FPSO on the overall schedule of the project,” said the Inpex spokesman, who declined to be named. “All construction work on Temasek’s portfolio rises 10% on China bank stocks the FPSO is complete and final preparatory work and Reuters year,” said Javier Capapé, director at the who estimated Temasek’s portfolio the next decade, reports results this Singapore Telecommunications Ltd, its checks before departure Singapore Sovereign Wealth Lab research centre value rose between 12% and 15% last month. biggest stock holding. are being carried out.” The at the IE Business School in Madrid. year. Despite a strong year, global sov- Temasek’s net portfolio value has Divestments are picking up too. Inpex spokesman repeated Temasek said it will share its per- ereign investors face a challenge to nearly doubled over the last decade. Temasek sold its S$2.3bn stake in the company’s belief that any ingapore state investor Temasek formance next week for the year ended boost long-term returns amid rich eq- It has been pouring more money into shipper Neptune Orient Lines. cost overruns could be up to Holdings’ assets likely rebounded March 31, and off er views about the uity valuations and still low-yielding healthcare and life sciences and ex- It pared its stakes in Industrial and a few per cent of the previous Slast year and rose by at least 10% outlook. bonds. panded its footprint in North America Commercial Bank of China and China estimate for the project of to a record, propelled by gains in shares Analysts estimate its assets rose to a “In a low-growth, low-yield envi- last year by opening its San Francisco Construction Bank but is optimistic on around $37bn. of Chinese banks and domestic compa- record last year after it fell by 9% a year ronment, long-term investors like sov- offi ce. the sector. The central processing facility nies. ago to S$242bn ($175bn), its fi rst drop ereign wealth funds face greater chal- The telecom, media and technology Beyond investments, analysts high- (CPF), which was shipped from One of the world’s biggest investors, since 2009. lenges to make high enough returns to sector emerged as its biggest invest- light leadership succession as a near South Korea on April 26, was Temasek is reshaping its strategy to fo- Singapore and China represent the meet their mandates,” the International ment cluster in the year to March 2016 term challenge for Temasek, whose safely moored in the Ichthys cus on fast growing emerging sectors, largest share in its portfolio by under- Forum of Sovereign Wealth Funds’ (IF- at 25%, overtaking fi nancials for the CEO Ho Ching has been at the helm for field on June 22, the Inpex while also beefi ng up its investment lying exposure. SWF) investment practice committee fi rst time in a decade. more than a decade. spokesman added. teams. Unlike many state investors, the ma- said in a research note prepared with “The big news is the rebalancing in Ho, the wife of Singapore Prime The Department of Industry, It is the biggest investor in a third of jority of Temasek’s investments are in State Street Corp late last year. the long-run on tech and startups,” said Minister Lee Hsien Loong, has re- Innovation and Science in companies in Singapore’s benchmark equities. And while MSCI’s Asia shares It said that many investors, including Capapé, who highlighted Temasek’s cently come under criticism from Lee’s Australia revised down its LNG index. But its long-held investments in ex-Japan index rose 17% last year, DBS IFSWF members, were looking to pri- $800mn funding in Verily Life Sciences younger siblings in a family feud that export forecasts from 67.6mn fi nancials, such as China Construction and StanChart soared 28% and 68%, vate markets to generate higher long- and investments in Innovent Biologics has gone public. tonnes to 63.8mn tonnes in the Bank, DBS Group and Standard Char- respectively. term returns in the backdrop of low and Iora Health last year. The government has said Temasek’s fiscal year ending in June 2018 tered, paid off last year as equity mar- “Markets have been kind to every- bond yields and as global equities look Temasek also invested in Mexican te- board looks at succession on an annual due to delays at Ichthys, ING kets rebounded. body last year, but are the gains sus- increasingly volatile or overvalued. quila maker Jose Cuervo, paid S$1.2bn basis. Temasek has hired and promoted Research said in a note. “The most important listed equity tainable?” asked Song Seng Wun, an GIC, Singapore’s bigger state fund, to take full control of Singapore rail many fi nance and market professionals markets for Temasek grew a lot last economist at CIMB Private Banking, which has warned of low returns over operator SMRT and raised its stake in in recent years to build its leadership.

With new Camry, Toyota eyeing China infl ation rebound turning into a false dawn bigger share of US sedan market Reuters Tokyo Bloomberg tory prices lower. At the same time a move Infl ation has been a key ingredient missing an economist at Bloomberg Intelligence in Hong Kong by China’s regulators to curb risk in the fi - from an otherwise robust recovery. The In- Hong Kong. nancial system by targeting leverage will also ternational Monetary Fund in April raised its “Higher PPI infl ation lowers real inter- Toyota Motor Corp yesterday said it was committed to the act as a brake on the economy. So instead of world growth forecast to 3.5% this year, up est rates, makes debt repayment easier, and ailing US sedan market and that it expected a new model of its hina’s infl ation rebound is turning spurring price gains China could become a 0.1 percentage point from January. boosts corporate profi ts,” he wrote yes- Camry, the top-selling passenger car in the United States for into a false dawn. For the world econ- source of global disinfl ation, according to US infl ation hasn’t been responding to the terday. “Even so, with the major swings in decades, to help boost the company’s sales in the segment. Comy, that’s sobering news. Michael Every, head of fi nancial markets long-term decline in unemployment, and prices confi ned to a few sectors, and more The automaker said it was “inconceivable” that mid-size Rising factory prices in the world’s sec- research at Rabobank Group in Hong Kong. analysts worry there are few signs of it doing cyclical than structural, the eff ect on the sedans would disappear from the market, and that any move ond-biggest economy had been touted as a “It’s inevitable that PPI will go off of a cliff so. Euro-area infl ation slowed in June to its economy could be limited.” by its rivals to stop selling what was once among the most possible circuit breaker for anaemic global in the second half and into 2018,” Every said. weakest pace this year and Japan continues Central bankers around the world are still popular vehicles would allow Toyota to boost its presence. infl ation, which continues to defy acceler- “This is a last hurrah before defl ation raises to be dogged by years of tepid price gains. scratching their heads over why infl ation Cheap US gasoline prices have prompted drivers to opt for ating economic growth. The thinking was its ugly head again.” China producer price infl ation steadies as still isn’t responding to better growth per- larger SUVs and pick-up trucks. that higher costs in China would drive up the Such a scenario would be quite a reversal demand remains robust formances. So it fi ts that in China, despite a Automakers have been scrambling to meet this growing price of everything from footwear to elec- for China. The nation was held up as a bea- Still, there are upsides. Manufactur- strong fi rst half, isn’t delivering faster price demand and, as a result, sedans have been losing their share tronics which in turn would help lift profi ts con of the global refl ation trade that kicked ing price infl ation rose in June after three gains. of the US market for new car sales – at 38% now versus around and wages. off in late 2016 after its factories escaped a months of declines, to 5.4%. Signs of slow- The nation’s moderating price gains pro- 44% in 2015. Yet those hopes appear to be fading. While more than four-year run of falling prices. ing growth could prompt greater fi scal vides little evidence that situation is likely “If other automakers left the sedan market to focus more China’s producer price index held up in China’s PPI rose 5.5% in June from a year spending, more central-bank stimulus, or to change anytime soon, said Rob Subbara- on SUVs, that would be an opportunity to expand our market June, much of the support came from higher earlier, in line with the estimate in a Bloomb- both. man, chief economist for Asia ex-Japan at share of the segment,” Camry’s chief engineer, Masato Katsu- commodity prices as companies restocked erg survey as well as the reading in May – but Steady PPI infl ation is a positive signal for Nomura Holdings Inc in Singapore. mata, said at the launch of the latest Camry model in Japan. their inventories. That support is already well off the 7.8% reading four months earlier the economy that suggests refl ation con- It’s “yet another sign that infl ation re- Sedans and smaller models are a key US sales segment for fading as activity in the property and con- that increasingly looks like a peak. Econo- tinues, and it’s consistent with rising input mains dormant in the world economy, de- Toyota. In the first half of 2017, they accounted for about 43.5% struction sectors remains soft and oil and mists forecast factory infl ation at 5.3% at the and output price gauges in June’s purchas- spite pretty decent growth,” said of Toyota’s total sales, versus 48.6% a year ago. raw materials prices decline, keeping fac- end of this year and 2% at the end of 2018. ing manager index data, said Fielding Chen, Subbaraman. Gulf Times Tuesday, July 11, 2017 15 BUSINESS ECB patience endures as Villeroy awaits change of season

Bloomberg for July 20, and a break from all meetings that doesn’t tighten financial conditions. importance of transparently communi- normalisation was opening as the economy after beating expectations in three of its Frankfurt for more than a month after August 2, the Both the French governor and Executive cating changes to policy, with Coeure continues to recover. four largest economies. tone of the comments suggest off icials Board member Benoit Coeure have sug- warning that otherwise there could be Still, consumer-price growth — cur- Data yesterday showed Dutch and Finn- are practising the patience that ECB Presi- gested in recent days that the Governing more abrupt adjustments in the markets rently at 1.3% — remains a long way from ish production accelerated in May, and European Central Bank policy mak- dent Mario Draghi called for at the June Council’s action last December could serve when decisions are actually taken. Villeroy the ECB’s goal, and isn’t forecast to return German exports picking up. “We should be ers aren’t showing much of a rush to decision. He said then that the eurozone as a blueprint for adjusting policy. At the argued the ECB has been “extremely clear toward it until at least late 2019. Subdued patient and persistent regarding our mon- start tweaking their monetary policy as economy still needed “very substantial” time, they announced the monthly level about the visibility, predictability of our inflation pressures are a key concern for etary policy,” said Praet in his interview they count the days until their summer stimulus. of bond buying would be cut to €60bn monetary strategy.” Praet, who pieces together the Executive with Belgian newspaper De Standaard. holidays. “What we have to do, and what we ($68bn) from €80bn starting in April, argu- Not all of their colleagues on the Govern- Board’s policy proposals and presents “Inflation is picking up, but that is a proc- The Governing Council is likely to started to do, is to adapt the intensity of ing the reduction was reflective of a lower ing Council agree that gradualism is the them at each Governing Council meeting, ess that is a long way from completion.” decide on the next change in its stimulus this accommodative monetary policy to risk of deflation. best approach. Dutch Governor Klaas Knot and has been a vocal advocate of patience. Villeroy de Galhau echoed that in his settings in the fall, according to comments the progress towards our inflation target “We scaled back our asset purchases warned on Friday evening that the central That might augur a quiet summer for interview with Bloomberg Television. What on Saturday from Francois Villeroy de and toward economic recovery,” Villeroy without undermining the support given to bank is “very close to the point” of keeping the ECB as off icials mull their next steps. matters most is the real economy, and the Galhau, the Bank of France governor. ECB de Galhau said in a Bloomberg Television the economy,” Coeure said in an interview quantitative easing for too long, noting that Key to the Governing Council’s eventual ECB should not let itself be distracted by chief economist Peter Praet, speaking in interview. “In the future, and this will be published on Friday. “If needed, the the global financial crisis was partly caused decision on stimulus is how the economy political pressures or investor impatience, a newspaper interview released the same our decision next fall, we will go on adapt- Governing Council will continue to adjust by too much money being pumped into the develops, and data due this week is likely he said. day, insisted that “we still need a long ing the intensity of this monetary policy.” its instruments both qualitatively and system. In a less urgent tone, his German to underline the region’s recent upturn. “The most influential members of the period of accommodative policy.” Villeroy’s remarks add to signs that the quantitatively.” counterpart Jens Weidmann said last week Industrial production is forecast to have Governing Council are pragmatists,” he With the next policy update scheduled ECB intends to pare back stimulus in a way Both those off icials also stressed the that the perspective of monetary-policy risen in May by the most since November said. “I clearly am a pragmatist.”

Norsk Hydro agrees to buy Telecom Italia turnaround in peril out Orkla from Sapa as Cattaneo clashes with Vivendi joint venture Bloomberg Bloomberg Oslo Milan

Norsk Hydro agreed to acquire ounting tensions between Orkla’s 50% interest in Sapa for Telecom Italia’s chief ex- a total enterprise value of 27bn Mecutive offi cer and its biggest kroner ($3.2bn), giving it full shareholder, Vivendi, are threatening control of the global leader in to bog down the carrier’s turnaround extruded aluminium. progress and put an early end to Flavio The final price will be deter- Cattaneo’s 16-month tenure. mined by the financial position Cattaneo is negotiating a possible as of the date of completion exit after the dispute escalated in recent and the deal will be paid in cash, weeks, according to people familiar Oslo-based Norsk Hydro said in with the matter. Cattaneo is concerned a statement. The completion of that he can no longer manage Italy’s the transaction is expected in the largest phone carrier the way he wants, second half of 2017. Norsk Hydro and doesn’t want to risk tarnishing his shares rose 0.5% to 48.95 kroner image and reputation by staying, said and Orkla gained 2.6% to 86.30 the people, who asked not to be iden- kroner as of 10:55 a.m. in Oslo. tifi ed discussing private talks. Vivendi, “We see great value op- meanwhile, is unhappy with the CEO’s portunities for Hydro,” chief recent politically charged comments, executive off icer Svein Richard the people said. Brandtzaeg said in an interview Cattaneo, a media-industry veteran, after a press conference in Oslo. came on in March 2016 with Vivendi’s “This is accretive from day one support and a mission to revitalise the and creates a positive cash flow former monopoly. While he has over- to Hydro from day one.” seen domestic cost-cutting and wrung The buyout comes amid more revenue from broadband invest- an improving outlook for ments, the stock has declined about extruded products, which are 17% during his tenure. Vivendi, the mainly used in construction and French media company led by chair- engineering. Sapa’s focus on man Vincent Bollore, has, meanwhile, value-added products in recent grown concerned that Cattaneo’s com- years has boosted its presence bative style has damaged relations with in the automotive sector, where the government. aluminium use is growing as While changing CEOs won’t help carmakers develop lighter vehi- the cost-cutting process, “we also ac- cles. Analysts at Handelsbanken knowledge that Cattaneo reached a see Sapa as a “clear winner” as sort of breaking point in the dispute demand from transport and with the government, which is not ap- auto sectors grows by 5% a year propriate for an incumbent operating over the next few years, accord- in a regulated sector,” analysts at Banca ing to a June 4 report. IMI said in a research note. Sapa came about in 2013 Cattaneo, 54, may leave Telecom when Hydro and Orkla com- Italia after reporting fi rst-half results bined their aluminium extrusion on July 27, two of the people said. A assets. The company has sales spokesman for the Milan-based carrier of 53bn kroner and 22,400 denied there were tensions and said employees. “For Norsk Hydro, there aren’t any discussions about the we consider the transaction to CEO’s departure. A Vivendi spokesman be consistent with the strategy declined to comment. to be an integrated aluminium Telecom Italia fell as much as 2.9% player,” Jon David Gjertsen, an yesterday, the most in three months, analyst at Pareto Securities, said and was the second-worst performer in a note. “Further, given the low in Milan’s FTSE MIB Index. The stock A TV communications tower stands inside the headquarters of Telecom Italia in Rozzano, near Milan. Telecom Italia CEO Flavio Cattaneo is negotiating a possible exit leverage at present, the transac- declined 2.5% at 12:24pm, giving the after the dispute escalated in recent weeks, according to people familiar with the matter. Vivendi, meanwhile, is unhappy with the CEO’s recent politically charged tion materially improves NHY’s company a market value of €15.7bn comments, the people said. capital eff iciency.” ($17.9bn). The 27bn kroner valuation “is “This noise is not helping, as it could because he isn’t Italian. Genish has a if he leaves the company while it’s on network. Telecom Italia is competing Development Carlo Calenda called somewhat below the mid-point divert attention from the great results successful track record, most recently track to beat its 2018 fi nancial targets, in broadband in rural areas through a Cattaneo’s comments unacceptable. of analysts’ valuation” for Sapa the company is achieving in terms of as CEO of Telefonica’s Brazilian unit. according to a “special award” clause project called Cassiopea, a plan that Vivendi, which owns about 24% of of 25bn kroner to 35bn kroner, restructuring the core business and re- Before that, he was co-founder and he arranged when he was hired. The could damage the government’s eff ort Telecom Italia, recently won European he said. launching the top-line growth,” Fabio head of GVT Holding, a Brazilian tel- bonus is linked to targets for boosting to boost local investments, Claudio De Union approval to control the phone Hydro said it will finance the Pavan, an analyst at Mediobanca in Mi- ecommunications company that was operating profi t and cutting expenses Vincenti, minister for territorial cohe- carrier and installed its CEO, Arnaud transaction through cash and lan, wrote in a note to clients yesterday. controlled by Vivendi for a time. and debt. sion and southern Italy, said in an in- de Puyfontaine, as executive chairman issuance of bonds in Norwegian Vivendi aims to name its chief con- No fi nal decisions have been made, In the last few weeks, Cattaneo and terview last month with Corriere della of the former Italian monopoly in early and international markets. It vergence offi cer, Amos Genish, as one and Cattaneo and Vivendi could re- Telecom Italia clashed with the Italian Sera. June. The Paris-based company, led by pledged to maintain its dividend of the executives to run Telecom Italia, solve their diff erences and decide he government over telecommunications In a hearing June 28, Cattaneo told billionaire Vincent Bollore, is pushing policy of returning 40% of net though he won’t be CEO, one of the should stay as Telecom Italia’s chief, coverage in rural areas. The govern- lawmakers that public tenders for fi ber to create the dominant media group in income over the cycle, with 1.25 people said. Appointing Genish as gen- the people said. ment engaged Open Fiber, a joint ven- networks in rural areas have been de- southern Europe, with assets including kroner per share seen as a floor eral manager would be less politically Cattaneo’s contract calls for him to ture between Italy’s state lender CDP signed to ensure victories for Open pay-TV provider Canal Plus and record in 2017. problematic than naming him CEO, get about €40mn in shares and cash and Enel, to build a new national fi bre Fiber. Italy’s minister for Economic label Universal Music Group.

Bill Koch’s spending scrutinised in clash over Oxbow Carbon sale

Bloomberg bow offi cials expressed concern about a sale if the request wasn’t honoured. poses of the sale, according a portion of ligation to every shareholder to make do that to take issues about the plane off Wilmington, Delaware Koch using company money to pay for Crestview has never disclosed the an unsealed May 31 deposition of James certain that the terms of the LLC the table” as he dealt with Crestview’s his Dassault Falcon jet and his chil- amount of its investment. Freney, a company executive. agreement are followed,” Goldstein demand for a sale. dren’s education at a private school Crestview moved to get out of Ox- Koch, who is expected to testify in said. It’s unclear if the company paid tui- or the last two years, private-eq- Koch founded in West Palm Beach, bow in September 2015. Oxbow re- the case, is the brother of conservative Jeff rey Taufi eld, a Crestview spokes- tion for Koch’s children at Oxbridge uity fi rm Crestview Partners has Florida. jected the request four months later, billionaire political donors David Koch man, declined to comment on the un- Academy, a private high school. Koch Fbeen trying to detach itself from “Can’t believe he billed the company prompting the investment fi rm to de- and Charles Koch. He is worth an esti- sealed e-mails or the upcoming trial. founded the school in 2011 to give his Oxbow Carbon, a company founded by for his kids’ tuition,” Barry Volpert, one mand an exit sale, according to court mated $3.8bn, according to data com- The e-mails show that questions children a better educational experi- billionaire William Koch. The corporate of Crestview’s co-founders and an Ox- fi lings. Crestview offi cials accuse Koch piled by Bloomberg. about Koch’s spending were raised ence than he had growing up. divorce has turned ugly, with recently bow board member, wrote in a Septem- of dragging his feet on a sale that would Brad Goldstein, a spokesman for multiple times since 2015. That year, In court papers, Koch said he wasn’t unsealed e-mails suggesting that Koch ber 2015 e-mail to Eric Johnson, then pay off investors. Koch and Oxbow, blamed a downturn Oxbow directors probed the billion- reimbursed for any Oxbridge tuition. mismanaged the company and used it Oxbow’s chief commercial offi cer. Koch and board member David Rosow in the commodities market and proce- aire’s use of company funds for his jet Goldstein said the billionaire “paid full as his “personal ATM.” “Yes it is ridiculous,” Johnson re- discussed “obstructing and derailing” a dural issues stemming from the invest- including maintenance and hangar freight” for four of his children to at- Delaware Chancery Judge Travis plied, according to court records. “He sale process before Crestview’s request, ment agreement for any sale delays. rental. tend the school, and none of them are Laster is expected to begin hearing tes- has used Oxbow as his personal ATM Michael McAuliff e, Oxbow’s former The downturn has hurt Oxbow’s value, Koch agreed to reimburse Oxbow presently enrolled there. timony July 10 in an acrimonious law- for years.” general counsel, said in unsealed por- raising questions about the viability of $5.3mn for jet charges, and he also Still, in March, Laster ordered him suit in Wilmington. Koch maintains Crestview’s 2007 investment agree- tions of a May deposition. They were a quick sale, he said, and added that agreed to take over the plane’s costs, to hand over fi les about payments he that Crestview offi cials are waging a ment with Oxbow, one of the world’s concerned Crestview would push to sell Judge Laster had warned that “one mi- court records show. or the company made to the school. smear campaign to oust him as chief biggest producers of petroleum coke the company at a low price, he said. nority investor shouldn’t be able to dic- Koch’s decision to reimburse the Crestview offi cials accuse Koch of at- executive in order to ram through a sale used in aluminium production, includ- Moelis & Co, a New York-based in- tate to all the other investors.” company “was not an acknowledge- tempting to delay a sale in order to of Oxbow, according to court papers. ed a so-called “put right” to cash out its vestment bank, estimated Oxbow’s “Mr Rosow and the other Oxbow ment that those charges were inappro- continue the company’s support for the The unsealed e-mails show that Ox- position after seven years and push for fair-market value at $2.65bn for pur- board members have a fi duciary ob- priate,” Goldstein said. “He agreed to school. Tuesday, July 11, 2017 GULF TIMES BUSINESS

QP, Total to launch JV today to develop Consumer spending Al Shaheen oil field

AFP political crisis to hit the Doha region in years. Despite its regional isolation, Qatar has said it can survive what State-owned Qatar Petroleum it has called a “blockade”. in Qatar expected to and French energy giant Total Qatar Petroleum last week will formally launch a 25-year announced it would increase joint venture to develop the Al natural gas production by Shaheen oil field this week, the 30% by 2024. companies said yesterday. Qatar Central Bank Governor The North Oil Company, to be HE Sheikh Abdullah bin Saoud launched today, will be made al-Thani also told US media at up of a 70% stake from QP and the weekend that Qatar has expand 3.2% this year a 30% stake from Total, which $340bn in reserves to weather is taking over operations from the crisis. The signing of the Maersk Oil, according to a Total contract also comes statement released by Qatar amid reports that Saudi Arabia Petroleum. and the UAE may pressure The site it will develop is international companies to located some 80km (50 miles) either do business with them against 2.8% in 2016 off Qatar’s northeast coast and or with Qatar. lies over the North Field, one The deal comes in the same xpecting the diplomatic of the world’s largest oil and month that Total defied US crisis between Doha and gas fields. pressure to sign a multi-billion Ethe siege countries to be While the contract was gas contract with Iran on July 3, “short-lived”, BMI said Qatar’s announced last year, the the first by a European firm with consumer spending is expected launch comes amid the Tehran in more than a decade. to expand 3.2% this year against 2.8% in 2016. “Despite uncertainty from the current diplomatic rift with its regional peers, we still expect an agreement to be reached, most likely via the US mediation… We maintain a positive outlook Manateq to invest for consumer spending over our forecast period to 2021,” it said. In local currency terms, con- sumer spending would grow over QR30bn to at an annual average of 7.2% to QR150.7bn in 2017-21. Finding essential purchases develop 3 zones to occupy a “signifi cant” share of household expenditures, BMI said housing and utilities would anateq (Economic tas zone, which is expected to account for 32.3% of total in Zones Company) has be operational by the end of 2017. Food and non-alcoholic Mearmarked more than 2018, would be a value addition drinks would constitute another QR30bn investments to de- to the Qatari economy. 13.8%. velop three zones at Ras Abu Some investments there BMI said essentials spend- Fontas, Umm Al Houl and Al would be announced soon in ing in Qatar would remain un- Karaana, which are expected to partnership with the private changed, accounting for 67.4% be completed within fi ve years, sector, some of which are in the of total in 2017-21 with housing according to its top offi cial. hospitality sector at a value ex- costs continuing to dominate “Qatar is progressing well in ceeding QR800mn, he said. household budgets. The pro- the construction of these zones The economic zones that portion of spending on housing as well as other development Qatar has been working to con- and utilities would remain un- projects in line with its com- struct across the country have changed at about 32% of total. mitments and economic plans the single-window system, Highlighting that food and despite the diffi cult circum- ensuring hassle free business non-alcoholic drinks as the Visitors wait on benches outside retail stores at Villaggio Mall in Doha. In local currency terms, consumer spending in Qatar would grow at an stances,” Manateq chief execu- for local and global investors, second largest expenditure annual average of 7.2% to QR150.7bn in 2017-21, BMI says. tive Fahad Rashid al-Kaabi told al-Kaabi said, adding that the for consumers, accounting reporters here yesterday. available infrastructure in- for 13.8% of total spending, pected to show robust growth this category to rise to QR9.2bn to reach QR6.4bn in 2017 with Qatar’s retail industry, is slated The idea behind developing cludes land, offi ces, hotels and BMI estimates that it would be in 2017-21, with spending on by 2021, driven by demand in the those on home appliances to be to touch QR4.6bn in 2017. The these zones is expected to sup- hotel apartments. worth QR15.5bn in 2017, rising food estimated to grow 7.4% and large 20-39 years age bracket, QR2.3bn, furniture and furnish- sector is forecast to grow 10% port the private sector, espe- Regarding Umm Al Houl to QR21bn by 2021. The sector non-alcoholic drinks by 8.1%. which dominates the population ings (QR1.8bn) and on glass, ta- over 2017-21. cially in the non-hydrocarbons, zone, he said it is expected to is expected to see 7.5% growth Qatar is heavily reliant on food in Qatar; and in the $50,000- bleware and utensils (QR1.4bn). By 2021, spending in this cat- whose growth has been higher begin operations by 2018-end in 2017-21. imports (which account for over plus income bracket, where de- “We forecast spending on egory could be QR6 .8bn, it said; than that of the hydrocarbons. and provides several advantages Spending on food, which 90% of consumed). mand for luxury items is likely to household goods to grow by adding personal care would con- Highlighting that Ras Abu that enable it to attract global make up around 92% of headline Spending on clothing and increase more rapidly,” it said. an average 6 .7% between 2017 tinue the bulk of the sectoral Fontas zone, which runs along- investments and establish itself food and non-alcoholic drinks, footwear, which accounts for Finding that spending on and 2021 (to reach QR8.4bn),” it spending, making up about 67% side Hamad International Port, on the international scene. is forecast to total QR14.4bn this around 6.2% of total household household goods is developing added. (QR3.1bn in 2017), and indicat- is one of the major zones that Al Karaana zone, which, year and that on non-alcoholic budget, is projected to be QR7bn rapidly on high levels of immi- Spending on personal care, ing strong opportunities for re- brings unique economic ad- is still in the initial stages, is drinks at QR1.2bn. Both are ex- in 2017. “We forecast spending in gration, BMI said it is expected which is a major component in tailers in this sector. vantage to local and foreign linked to the inter-GCC (Gulf companies and investors, he Cooperation Council) railway said investments there would project. be up to QR5bn. “We have some concerns He said Manateq has already regarding the completion of Adnoc planning to float some businesses, enter tie-ups invested QR2bn to prepare the this project that links the GCC infrastructure there, in part- states, and hence we prepared nership with global and local alternative plans to adjust the Reuters National newspaper. “Adnoc will remain fully owned by by the end of the year. It also has another services fi rms. zone so as to meet the local and Dubai the government of Abu Dhabi,” he said in an interview business called Adnoc Distribution which operates Al-Kaabi said Ras Abu Fon- foreign demands,” he said. whose contents were later confirmed by the company service stations across the United Arab Emirates and in a statement. supplies aviation fuels. Abu Dhabi National Oil Company (Adnoc) is looking to “This is very much in line with what other Middle East or Adnoc is seeking “large trading houses, float some of its services businesses and enter tie-ups oil producing countries are looking into due to the low international pension funds, private equity investors Mideast follows global shares up with global investors to help it create new revenue oil price environment,” Abishek Deshpande, chief energy and global infrastructure specialists rather than streams and secure more market access. analyst at Natixis, said of the Adnoc plans. just national oil companies and international oil Reuters added 1.1%, recovering from a Adnoc said yesterday it has already begun talks about Oman said earlier this year it planned to off er shares in companies,” the National, an Abu Dhabi-based Dubai small drop on Sunday. the planned partnerships and expects to announce them some state-owned downstream energy companies to the newspaper, reported. In Abu Dhabi, natural gas this year. public. It is looking to the new investors to support it in explorer Dana Gas fell 1.4% on Plans to list some of Adnoc’s services businesses come “All these countries have their own version of (Saudi securing market access for its products, especially in Middle East markets followed profit taking. The index edged as other Gulf states, such as Saudi Arabia and Oman, Arabia’s) Vision 2030 that include a significant Asia and a new co-investment approach would lead to a global shares higher yesterday down 0.3% in relatively thin have also embarked on floating energy assets in an era diversification component,” Helima Croft, global head of “more open partnership model”, Jaber said. as unease about an end to the trade. Dubai’s index rose 0.5% of cheap crude. commodity strategy at RBC Capital Markets, said, adding The company would remain the major shareholder but era of ultra-cheap money has as shares of developer Union Saudi oil company Aramco is planning a listing next year it raised the question of whether Kuwait Petroleum Corp would off er “strategic partnerships and co-investments given way to optimism about Properties climbed 1.7%. to raise as much as $100bn to invest in new industries, as could be next. across our service and refining businesses and select global growth, with Friday’s Twelve other shares rose while the kingdom seeks to diversify beyond oil exports as part Adnoc has been talking to banks about the listings, with infrastructure assets, such as Adnoc pipelines and stronger-than-expected US 11 declined. of its “Vision 2030” plan. the company’s profitable businesses likely to be floated, storage facilities” he said. non-farm payrolls report Elsewhere, the Kuwait index However, Adnoc only plans to list minority stakes in a source familiar with the deal said. Potential areas for partnership include the development bolstering risk appetite. added 0.4% to 6,749 points, some of its services businesses on local equity markets, The group has already begun to rationalise its and expansion of a leading, regional drilling company The Riyadh index added 1.0% the Bahrain index fell 0.1% to rather than an initial public off ering (IPO) of the holding businesses and a merger of three of its shipping and and a new energy infrastructure venture as well as as all 12 of the listed banks 1,308 points and the Oman company, its chief executive Sultan al-Jaber told The marine services businesses is expected to be completed downstream ventures, The National reported. rose. Egypt’s blue-chip index index rose 0.5% to 5,159 points. 63% of traded stocks extend gains on Qatar bourse

By Santhosh V Perumal consistently on a gaining path to touch a on an expansive mode on the bourse, Commercial Bank, Ooredoo, Vodafone individuals turned net profi t takers in transactions to 223. The transport Business Reporter high of near 9,050 points by the middle where banking, telecom and realty sec- Qatar, Ezdan and Qatar Electricity and to the extent of QR1.18mn against net sector’s trade volume soared 60% of the session. Thereafter, profi t book- tors together accounted for about 80% Water Company were among the losers. buyers of QR0.19mn on July 9. to 0.56mn equities, value by 74% to ing was witnessed for the remainder of of the total volumes. Local retail investors’ net buy- Total trade volumes rose 61% to QR13.04mn and deals by 60% to 392. he Qatar Stock Exchange yester- the session, thus the index settled 91 The Total Return Index rose 1.02% ing strengthened considerably to 8.27mn shares and value almost tripled The market witnessed 22% expan- day saw more than 63% of the points higher against the previous close. to 15,084.28 points, All Share Index by QR30.23mn compared to QR6.07mn on to QR337.73mn on 63% rise in deals to sion in the telecom sector’s trade vol- Ttraded stocks extend gains and Buying interests were seen within 0.75% to 2,555.57 points and Al Rayan Sunday. 3,028. ume to 2.14mn stocks and 54% in value capitalisation add QR4bn as it inched large, small and midcap segments in the Islamic Index by 0.76% to 3,557.73 Domestic institutions’ net buying The real estate sector’s trade volume to QR24.31n on more than doubled near 9,000 levels. bourse, which, however, saw increased points. also increased perceptibly to QR11.15mn almost quadrupled to 1.28mn equi- transactions to 209. Stronger buying support from lo- net selling by foreign institutions. The insurance index gained 2.32%, against QR5.55mn the previous day. ties and value more than quadrupled to However, the insurance sector’s trade cal and non-Qatari retail investors as Islamic stocks were seen gaining banks and fi nancial services (1.06%), Non-Qatari retail investors’ net QR22.71mn on more than quadrupled volume plummeted 29% to 0.05mn well as domestic institutions led the slower than the main index and other industrials (0.83%), transport (0.69%) buying rose infl uentially to QR2.16mn transactions to 598. shares, value by 10% to QR1.9mn and 20-stock Qatar Index gain more than indices on the bourse, which also saw and consumer goods (0.53%); where- compared to QR0.45mn on July 9. The banks and fi nancial services sec- deals by 20% to 51. 1% to 8,995.12 points. Gulf retail investors and institutions as telecom and realty fell 0.76% and However, non-Qatari institu- tor’s trade volume more than doubled The industrials sector reported 19% Buying was largely skewed towards turn bearish. 0.27% respectively. tions’ net selling grew substantially to 3.18mn stocks and value more than decline in trade volume to 0.88mn eq- insurance and banks in the market, Market capitalisation added ex- Major gainers included Qatar In- to QR37.83mn against QR12.33mn on quadrupled to QR232.26mn on 31% uities but on 25% surge in value to whose year-to-date losses were con- panded 0.14% to QR484.46bn as large, surance, QNB, Industries Qatar, QIIB, Sunday. jump in deals to 1,035. QR31.68mn and 25% in transactions to tained at 13.81%. small and midcap equities gained 1.1%, Qatar Islamic Bank, Qatar National The GCC (Gulf Cooperation Coun- There was 80% surge in the con- 520. Opening the day stronger, the mar- 0.54% and 0.3% respectively; while Cement, Masraf Al Rayan, Qatari In- cil) funds were net sellers to the tune of sumer goods sector’s trade volume to In the debt market, there was no ket was then on a weak net selling for microcaps were down 0.17%. vestors Group, Barwa, Mazaya Qatar, QR4.56mn compared with net buyers 0.18mn shares to more than double trading of treasury bills and govern- the next 15 minutes, after which it was Trade turnover and volumes were Milaha and Nakilat; even as Doha Bank, QR0.09mn the previous day. The GCC value to QR11.84mn on 81% increase ment bonds.