$16BN DEAL | Page 3 $22BN BUY | Page 11 Walmart to Liberty deal buy 77% to reshape of Flipkart Europe

Thursday, May 10, 2018 Sha’baan 24, 1439 AH PRESTIGIOUS AWARD : Page 12 Commercial Bank GULF TIMES recognised by Visa for leading e-commerce BUSINESS growth in Qatar South Africa seeking International reserves of Qatar investments in Qatar seen its gas infrastructure touching

By Peter Alagos Business Reporter $16.8bn by ’20

outh Africa, which plans to in- By Pratap John its compliance obligations with the crease its gas usage from 3% to Chief Business Reporter Opec oil-cap agreement, and the S23%, is seeking Qatari invest- country was hit by the Saudi-led eco- ments to roll out its gas infrastructure nomic blockade.” plan for its energy requirements, am- atar’s international reserves The report said in the January-to- bassador Faizel Moosa has said. are expected to reach $16.8bn March period, the merchandise trade Moosa accompanied a South Afri- Qby 2020, FocusEconomics surplus grew nearly 50% compared to can delegation whose members met said and noted that the country’s the same period last year. with Qatar Chamber offi cials led by economy is growing faster now com- “Despite the blockade, Qatar still vice chairman Mohamed bin Towar pared to 2017 with a stable outlook. supplies almost a third of the world’s al-Kuwari in a business meeting at the The country’s international re- LNG. In the fi rst months of this year, Chamber’s headquarters yesterday. serves totalled $13.8bn in 2017, ac- that strong market share once again “We want to improve trade rela- cording to FocusEconomics. This supported the country’s external sec- tions with Qatar, and this meeting year, it may touch $16.6bn, $19.3bn in tor position,” FocusEconomics said. with the Chamber is an opportunity 2021 and $21.7bn in 2022. for us to do that,” Moosa told reporters In 2018, the country’s international FocusEconomics said so far on the sidelines of the meeting. reserves may cover 6.1 months of im- this year, Qatar economy has Figures provided by the Chamber ports, 5.6 months in 2020, six months shown “signs of improvement” revealed that trade volume between in 2021 and 6.4 months in 2022. compared to last year, when it Qatar and South Africa stood at The country’s merchandise trade grew at the slowest pace since QR361mn in 2017. Both al-Kuwari and balance is expected to exceed $47.5bn 1994 Moosa agreed during the meeting that in 2022. This year, Qatar’s merchan- both countries have the potential to dise trade balance may reach $42.7bn, Meanwhile, taking advantage of increase trade relations in sectors like $43.8bn (2019), $44.9bn (2020) and favourable conditions for emerg- food processing, agro-technology, $46.2bn (2021). ing market debt, Qatar raised money automotive, construction, and en- Qatar’s GDP is expected to exceed from the international bond markets ergy, among others. $176bn this year, $186bn (2019), for the fi rst time since 2016 in April, “We consider this country as a Al-Kuwari receives Moosa and his accompanying delegation during a business meeting held in Doha yesterday. $196bn (2020), $206bn (2021) and netting $12bn. potential investor into South Africa, $217bn (2022). It said “higher oil prices, economic particularly in the oil and gas sectors Moosa told Gulf Times, “We fi rst need stand that South Africa also off ers a “We have huge commodities and I GDP per capita may account for reforms and the government’s infra- where we will be increasing our gas to create the infrastructure that is why good haven for investments, so then think the opportunity is in the value $63,407 this year, $66,107 (2019), structure investment push in prepa- usage from 3% to 23%, so we do be- we are pushing on with the Qataris to they could get a good return on their add; in South Africa, we export all our $69,464 (2020), $72,998 (2021) and ration for the FIFA World Cup 2022 lieve that Qatar can play a big role to come and set up some of the receiv- investments. commodities in raw form, and we see $76,718 (2022). should support the economy this roll out our gas infrastructure for the ing terminals and then we will be able “It is our intention to bring our a lot of job creation and value add if Current account balance is pro- year.” energy requirement,” Moosa stressed. to import more LNG because at the Minister of Energy in the foreseeable we do the processing locally and ex- jected to be 4.8% of the country’s Nevertheless, the report said the The ambassador said while South moment the infrastructure is the big future and to take a high profi le busi- port the fi nished product. And we’re GDP this year, 4.4% in 2019, 4.5% blockade will “continue to weigh on” Africa is getting its gas requirements problem.” ness and government delegation from hoping that we can attract Qataris to (2020), 4.5% (2021) and 4.6% (2022). the outlook. from Mozambique, the country has He also said South Africa wants to Qatar to South Africa. The invitation come and forge joint ventures with Qatar’s public debt (as a share of FocusEconomics panelists forecast plans to import LNG from Qatar. “advance” the relationship between is already in the pipeline; we have al- South African companies to set up the GDP) may be 54.5% this year, growth of 2.9% in 2018, unchanged “If we reach our gas target usage Sasol and Qatar Petroleum “to enable ready started the process to extend the those kinds of value add industries,” 53.5% (2019), 52.7% (2020), 51.9% from last month’s projection, and of 23%, I don’t think the gas supply Qatar to come and invest,” noting that invite to Qatar, and it will be arriving he added. (2021) and 51% (2022). 2.8% in 2019. would be enough, so we are going to Qatar “does not have signifi cant in- very soon,” Moosa said. According to al-Kuwari, the Qatar FocusEconomics said so far this The country’s inflation slowed to engage with the LNG sector in Qatar vestments” in South Africa. Aside from hydrocarbons, Moosa Chamber is keen on encouraging Qa- year, Qatar economy has shown 0.4% in March (February: 0.8%). to try and give us an allocation,” he “They have invested in Africa but said there are investment opportuni- taris to invest in South Africa “as it “signs of improvement” compared to FocusEconomics sees inflation pointed out. not signifi cantly in South Africa, so ties for Qatar and South Africa in the is an ideal investment destination for last year, when it grew at the slowest averaging 2.1% in 2018 and 2.8% Asked for a specifi c timeframe, we are trying to get them to under- mining sector. Qataris.” pace since 1994 “as Qatar exceeded in 2019.

Oil prices jump aft er US quits deal Companies that rushed into Iran now prepare to rush back out Oil prices rose more than 2% yesterday, climbing to near 3-1/2 year highs, after US President Trump abandoned a nuclear deal Bloomberg develop nuclear weapons in exchange Trump off icials showed no signs of with Iran and announced the “highest level” Berlin/Munich/Paris for access to global markets, the reality compromise. Richard Grenell, the recently of sanctions against the Opec member. stands to be far more complex amid appointed US ambassador to Germany, Ignoring pleas by allies, Trump on Tuesday Trump’s plans to reinstate financial sanc- said on Twitter that “German companies pulled out of a 2015 international deal with In boardrooms and corner off ices across tions. MTN Group Ltd, Africa’s largest doing business in Iran should wind down Iran, making investors nervous about ris- Europe, executives are assessing the wireless carrier, said eff orts to repatriate operations immediately.” ing risks of conflict in the Middle East and fallout of US President Donald Trump’s about €200mn from its Iranian unit will The European Union has in the past about oil supplies in a tight market. decision to scrap the Iran nuclear deal, now become tougher. sought to shield companies from US The US will likely re-impose sanctions which threatens to choke off an invest- Trump’s decision creates “huge uncer- sanctions, but executives are reluctant to against Iran after 180 days, unless some ment boom that started after the country tainty,” as it is unclear whether contracts rely on such initiatives for fear of losing other agreement is reached. returned to the international fold two signed in the last two years can still be access to the world’s biggest economy. Brent crude futures rose $2.02 to $76.87 a years ago. honoured, according to German industry French oil giant Total SA, for example, has barrel, a 2.7% gain, by 10.52am EST (1452 Since debilitating sanctions were eased in group DIHK. The group says Germany’s said it will pull out of a joint venture in GMT). The session high of $77.43 a barrel 2016, trade with Europe surged to more trade with Iran has climbed 42% to €3.4bn Iran if Trump re-imposes sanctions and it was the highest since November 2014. than $10bn, winning Iran the reputation since the accord was signed in 2015. can’t win an exemption. US West Texas Intermediate (WTI) crude fu- as a plum opportunity for growth. Renault “It will have an impact on German and While companies have clearly benefited tures rose 2.6%, or $1.79 to $70.85 a barrel. SA initiated a joint venture to build European companies that do business from increased trade with the country of An Airbus A321 airliner arrives at the Mehrabad international airport during Prices extended gains after US Energy 150,000 cars a year in Iran, while French with Iran,” said Andrea Nahles, leader 80mn, the market remains an also-ran on the delivery of the first batch of planes to the Iranian state airline Iran Air in Information Administration data showed rival PSA Group and its Iranian partner of Germany’s SPD, the junior coalition the global stage. Siemens, for instance, the capital Tehran on January 12, 2017. Since debilitating sanctions were eased domestic crude inventories fell 2.2mn agreed to invest €400mn ($474mn) to partner in Chancellor Angela Merkel’s has done on-and-off business in Iran for in 2016, trade ties with Europe surged to more than $10bn, winning Iran the barrels in the latest week, far exceed- upgrade a factory making Peugeot autos. government. “Withdrawal from the ac- more than a century, but its revenue there reputation as a plum opportunity for growth. ing forecasts for a decrease of 719,000 Airbus Group SE won a $19bn order for cord is a grave error.” is less than 1% of its total. barrels. 100 planes. German engineering giant After Trump’s announcement on Tuesday, Germany exported less than €1bn worth dum of understanding in 2017 to build Iranian government debt or currency and The EIA report helped lift US gasoline Siemens AG agreed to supply turbines to European authorities scrambled to con- of machines to Iran last year, versus metro and suburban rail cars in Iran, but purchases involving the country’s auto- futures to $2.1674 a gallon, the highest since the country. Those deals are now up in tain the damage, but lacked a clear path almost €18bn to the US, the VDMA busi- the eff ort has gone nowhere and the mobile sector or its gold and other metals Hurricane Harvey sent prices surging in the air. forward. French Finance Minister Bruno ness federation estimates. Much of the company says it currently has no projects must end. In November, deals involving August. “Big contracts in the area, in neighbour- Le Maire said he plans to speak with US bottleneck has been created by a lack of in the country. shipping, ports, and insurance services US heating oil futures surged to $2.2258 a ing countries too, are partly a question of Treasury Secretary Steven Mnuchin this financing as banks hesitate to provide Europeans had “great hope” in the nucle- will be prohibited. While there still may be gallon, the highest since February 2015. how far along they are,” said Ralf Thomas, week to see how European companies loans for new business. ar deal, said Uwe Burkert, chief economist hope that diplomatic eff orts might reopen Crude stocks at the Cushing, Oklahoma, Siemens chief financial off icer. “We will might be shielded. And some corporate announcements at Landesbank Baden-Wuerttemberg. the country for business, companies delivery hub rose 1.4mn barrels, EIA said. be absolutely compliant there, but we will “There could be exemptions, there could made with great fanfare have fizzled. A “However, the activity there so far has are reacting cautiously in order to avoid Iran re-emerged as a major oil exporter in also complete projects, as far as legally be grandfather clauses,” Le Maire said plan by Bouygues SA and Aeroports de been negligible so that the impact won’t unwittingly invoking penalties. 2016 after international sanctions against it possible.” yesterday on France Culture radio. “The Paris to invest $2.8bn in Tehran airport be very severe.” “We’re carefully analysing the announce- were lifted in return for curbs on its nuclear While European governments have extra-territoriality of US sanctions makes was scrapped last year due to diff iculties As of today, companies aren’t allowed ment and will be evaluating next steps,” program. vowed to stand by the landmark ac- the US the economic policeman of the securing financing, according to press to strike new deals in the Iranian oil and a spokesman for Airbus said, though that cord, which ended Iran’s programme to planet, and that is not acceptable.” reports. Alstom SA signed a memoran- energy sector. By August, transactions in may “take some time.” Page 2 Gulf Times 2 Thursday, May 10, 2018 BUSINESS

Here’s how the biggest oil buyers can tackle Trump’s Iran action

Bloomberg reduce Iran’s crude sales again during China has always opposed any has been essential to reining in Iran’s Singapore and following a 180-day wind-down country imposing unilateral sanctions atomic programme. period, but once more has left the against another nation, Foreign Currencies and banks door open for countries to seek Ministry spokesman Geng Shuang For the world’s biggest oil buyers, the “significant reduction exceptions” at told a regular news briefing yesterday. In order to skirt the US financial imposition of US sanctions on Iran will the end of the period if they reduce Beijing is committed to maintaining system, Asian buyers could also be a case of deja vu. the volume of purchases during that and implementing the Iran nuclear resort to using currencies other than Earlier in the decade – before the time. deal, and will continue its cooperation the dollar to pay Iran for their oil crude market was roiled by a global Japan is one of the first countries to with Tehran, he said. purchases. Payments may be routed glut, before prices were rocked by confirm that it will seek a waiver. The Crude perks through either local or foreign banks the biggest crash in a generation, and nation plans to find out whether its that don’t have close ties to America. before American oil began getting current import volume is enough to With benchmark oil prices recovering India initially paid Iran via a Turkish shipped all over the world – refiners in get an exception or whether it needs from their crash and surging to levels bank before routing payments Asia had to contend with international to further reduce purchases, said last seen in 2014 as a global glut through a domestic financial financial measures aimed at curbing Takashi Yamada, director of petroleum disappears and demand picks up, institution the last time sanctions the Islamic Republic’s nuclear policy at the Ministry of Economy, Asian refiners may welcome any perks were in place. The nation, along with programme. Trade and Industry. Iran off ers to lure buyers in spite of the China, also sought to get around the By seeking exemptions and getting Rebel sanctions. restrictions by trading oil with the Gulf creative with payments and shipping, The Islamic Republic had provided 90 state for local currencies and goods they managed to keep buying limited Countries such as China, now the days of credit for crude purchases, at including wheat, soybean meal and volumes. Now, with US President world’s biggest oil importer, and India, least thrice the amount of time given consumer products. Donald Trump renewing sanctions where demand is growing faster than by other producers, and flexibility with The EU could seek to protect its against Opec’s third-largest producer, anywhere else, had last time around grades off ered and loading dates to entities operating in Iran by off ering they’re going to have to curb repeatedly expressed disapproval some refiners when it was last under currencies other than the US dollar purchases again. over the US measures that eff ectively sanctions. through institutions including the Here are some of the ways they forced them to curb Iranian crude As the nation’s crude production European Investment Bank, MUFG’s tackled the constraints last time imports even though broader UN and exports recovered in 2016 and it Khoman said. Indian oil buyers said around. sanctions did not. sought to recapture lost share in the they can continue to make payments Waivers China’s crude trade with Iran prized Asian market, Iran also off ered in euros as long as the European Union didn’t breach UN Security Council bigger discounts on some of its oil doesn’t impose sanctions on the Gulf At the heart of the problem for Iran’s resolutions or cause harm to the compared with Saudi Arabia’s prices state. biggest customers was a law that cut international community, and was for the first time in a decade. Buy something else Iran sanctions may be a blessing for US crude exports off access to the US banking system “completely lawful and reasonable,” Insured tankers for foreign financial institutions the nation’s foreign ministry said Last time around, buyers in Asia A revival of US oil sanctions on Opec’s production growth and widen the spread that settled trades with Middle East in 2012, after it was initially left out Buyers were also roiled in 2012 after switched to purchasing from Nigeria, third-largest producer may set the stage between West Texas Intermediate crude nation’s central bank. That meant of a list of countries that received European Union restrictions on Saudi Arabia, Kuwait, Iraq and for record-high US crude exports by the and the global benchmark, Brent. that even though there were no exemptions from the sanctions. insurance of Iranian oil aff ected about Angola, according to the US Energy end of this year, according to Bloomberg. WTI is already is trading at a nearly $6 direct restrictions on buying the While nations such as China, India and 95% of the global tanker fleet, because Information Administration. China President Donald Trump’s decision a barrel discount to Brent, compared to Gulf state’s crude, the refiners faced Turkey may oppose the US move and the ships were covered under rules increased its buying from Angola to exit the 2015 Iran nuclear deal and $2.50 at the same time last year. If the hurdles paying the Opec member for keep current levels of Iranian crude governed by the region’s law. and Iraq and other Asian countries reinstate sanctions on the Islamic spread widens further, “exports could purchases. purchases, American allies including To get around the problem, nations imported from Nigeria. Republic will remove Iranian oil from the be higher in the next seven months, Still, countries were given exemptions Japan and South Korea may comply such as India and Japan off ered state- This time, they still have all those global market, pushing prices higher and creeping up towards 2.5mn bpd by by the US – reviewed every 180 days – because of concerns of they could backed insurance to ships, helping options. And another choice: American increasing the demand for US oil, Andy December and average 2mn this year,” if they “significantly” reduced imports lose a security umbrella against North carriers resume shipments from the crude. Just about two years after a ban Lipow, president of Lipow Oil Associates Fielden said. from the Islamic Republic. While a Korea, according to MUFG Bank. Gulf state with protection against on US oil exports was lifted, varieties LLC in Houston, said in phone interview. Exports averaged 1.67mn in March, ac- specific quantity of reductions that Their desire to defy the US and risks including oil spills and collisions. ranging from West Texas Intermediate US shale, which is lighter and sweeter cording to the US Census Bureau. would make buyers eligible for waivers press ahead with purchases may Additionally, processors used tankers to Thunderhorse and Mars Blend have than Iranian crude, won’t be able to Still, US pipeline bottlenecks could limit wasn’t announced, a slew of nations be stronger this time around, given operated and covered by Iran to reached Asia, making it the biggest replace the lost barrels entirely, Sandy export growth in the near-term. WTI in including China, India and South Korea the global trade frictions that receive supplies. buyer of oil from the nation. Fielden, director of research and com- the Permian is trading at $12.75 a barrel received them. Iran’s exports dropped, have been spawned by the Trump In the current scenario, the refiners Taiwan’s Formosa Petrochemical Corp modities for Morningstar Inc in Austin, below benchmark WTI in Cushing, Okla- and so did its output, until a 2015 deal administration’s policies. Additionally, may be spared the insurance hurdle said yesterday that it can “easily” Texas, said by phone. Nevertheless, homa, the lowest in over three years, with world powers that placed limits the US pull-out from the nuclear because European nations such as buy crude from the spot market to higher prices would fuel American because of an ongoing pipeline squeeze. on its nuclear programme. accord is unilateral, so the pressure the UK and France are sticking with cover for Iranian barrels lost to US The US is going to pursue eff orts to may not be as strong as last time. the nuclear accord, saying the deal sanctions.

Bloomberg QuickTake Iran’s nuclear programme

By Jonathan Tirone Germany, the UK and the European missile programme was not curtailed Vienna Union – Iran maintains the ability by the agreement. to enrich uranium for peaceful In retreating from the deal, he said he purposes. It retains about 5,000 would reinstate financial sanctions on Iran’s nuclear capabilities have been centrifuges capable of separating Iran that were lifted under the accord. the subject of global hand-wringing the uranium-235 isotope from The Background for more than two decades. While uranium ore. For 15 years, it agreed Iran’s leaders long insisted the country to refine the metal to no more than Iranian statements and international was not building nuclear weapons, 3.7% enrichment, the level needed contacts prompted the US Central its enrichment of uranium created to fuel nuclear power plants, and Intelligence Agency to warn in mistrust. After more than two years pledged to limit its enriched- 1992 that the Gulf country could of negotiations and threats to bomb uranium stockpile to 300 kilograms, develop a nuclear weapon. While the country’s facilities, Iran and world 3% of its stores in May 2015. The Iran reaffirmed its commitment to powers agreed in 2015 to settle the International Atomic Energy Agency the 1968 nuclear Non-Proliferation dispute. The deal set limits on the verified that Iran eliminated its Treaty, it wanted the country’s Islamic Republic’s nuclear work in stockpile of 20%-enriched uranium, “right” to enrich uranium recognised exchange for relief from economic which can be used to make medical before it made concessions. Few sanctions that crimped oil exports isotopes and to power research countries were prepared to do that and hobbled its economy. However, reactors but could also be purified during the eight-year presidency on May 8, US President Donald Trump to weapons-grade at short notice. of Mahmoud Ahmadinejad, who announced that he was withdrawing Inspectors also confirmed that Iran threatened Israel with destruction. the US from the agreement, creating destroyed a reactor capable of The breakthrough came after more uncertainty over whether the producing plutonium. Subsequent moderate President Hassan Rouhani Source: International Atomic Energy Agency constraints on the Iranian programme IAEA assessments since the deal was elected in 2013. would hold. took effect found Iran sticking to its The Argument or bombs. Sceptics aren’t satisfied failed to stop its nuclear programme. Defending the agreement, Trump’s The Situation obligations. US officials estimated by IAEA verification. They point out Keeping an enrichment capability predecessor, Barack Obama, has that the pact extended the time it Middle East powers including Israel that Iran only acknowledged its two was important to Iran, presumably for said that it prevented another war Trump had called the pact would take Iran to produce enough and Saudi Arabia have criticized the main uranium enrichment plants reasons of national pride. Like other in the Middle East. Without a deal, the “worst deal ever” and had fissile material for a bomb from a few agreement, saying it empowers Iran’s after they were exposed by people enriching countries such as Argentina, supporters say, Iran would have repeatedly threatened to upend months to a year. Trump says that, regime to the detriment of regional outside the country. Supporters of Brazil, Japan and South Africa, the been left free to pursue its nuclear it one way or another. Under the because of its sunset clauses, the security. Critics in the US Congress say the deal say Iran would never agree technology gives Iran the ability to ambitions unchecked by world powers agreement – which was signed by deal will “give” Iran nuclear weapons. Iran can’t be trusted to make any fissile to abandon enrichment entirely and pursue nuclear weapons should it and without the pact’s onerous Iran, the US, China, France, Russia, He also objects that Iran’s long-range material, whether for energy, medicine that a decade’s worth of sanctions choose to break its commitments. inspections. Gulf Times Thursday, May 10, 2018 3 BUSINESS

‘GM deal to ensure it remains in US fi rm Walmart to buy 77% South Korea for at least 10 years’ of India’s Flipkart for $16bn Reuters Seoul AFP brands. They added that the deal is ex- Bengaluru pected to be completed by the end of the year, subject to regulatory approval. South Korea said yesterday that Venture capitalists have pumped bil- an impending deal with General S retail behemoth Walmart said lions of dollars into Flipkart over the Motors to refinance its local unit yesterday it will buy a 77% stake past few years but the company is still will ensure the US automaker Uin Indian online sales giant Flip- posting massive losses. remains in the country for at least kart for $16bn in the world’s biggest e- Flipkart saw losses rise 68% to 10 years, as its rights to sell shares commerce deal. Rs87.71bn ($1.31bn) in the fi nancial year and assets will be curtailed. The blockbuster takeover, which is that ended 31 March 2017. GM and South Korea reached also Walmart’s most expensive acqui- Analysts said the deal helps Walmart a preliminary agreement last sition, threatens a major blow to rival gain a foothold in Indian retail with- month to inject $4.35bn into Amazon’s lofty ambitions in India. out having to open commercial stores the loss-making unit to keep it Flipkart and Amazon have been go- which is problematic under Indian for- afloat. GM has also announced ing head-to-head in a costly battle for eign direct investment rules. plans to close one of its four domination of one of the fastest grow- It currently runs 21 wholesale stores South Korean plants, cut head- ing online retail markets since 2013. in the country. count by almost 3,000 and has The deal, announced in a joint state- Walmart’s logistics expertise will reached a deal on wages with ment, values Flipkart, India’s largest e- greatly help Flipkart reach customers in its workers. tailer by sales, at just over $20bn. more remote corners of India, according “At least 10 years will be “India is one of the most attractive to experts. guaranteed,” Finance Minister retail markets in the world, given its size “Flipkart lacks the expertise in mom- Kim Dong-yeon said in a radio and growth rate, and our investment and-pop stores while Walmart under- interview, adding that one key is an opportunity to partner with the stands retail and ‘kirana’ (small family- condition of the deal will be company that is leading transformation run) stores. Korea Development Bank, which of e-commerce in the market,” Walmart “It has infrastructure in place for owns 17% of GM Korea, regaining president Doug McMillon said. supply chain management and stock- veto power over asset sales. “We The announcement ended months of ing which Flipkart doesn’t,” Sanchit Vir will make sure GM contributes to speculation that Walmart, the world’s Gogia, chief executive of Greyhound the South Korean economy by biggest retailer, was preparing to take Research, told AFP. running normal operations for over Flipkart. The logo of Flipkart is seen on the company’s off ice in Bengaluru. US retail behemoth Walmart said it would pump $2bn of The deal has faced opposition from the long term,” he said. Both had repeatedly declined to com- new equity into Flipkart, giving the Indian e-tailer a bigger war chest to fight off a huge challenge from Amazon. independent traders, however. While a final agreement is ment on the talks. The Confederation of All India Trad- expected this week, industry Walmart said it would pump $2bn The announcement came a day after make greater use of Internet access. to reporters in Tokyo that the Walmart- ers, which represents thousands of watchers are sceptical this will of new equity into Flipkart, giving the Amazon said it was injecting an extra Flipkart was founded in 2007 by Flipkart deal had been agreed. small businesses, has written to the mean the end of restructuring Indian e-tailer a bigger war chest to Rs26bn ($386mn) into its Indian sub- former Amazon employees Sachin He said SoftBank’s $2.5bn stake in the government urging it to block the deal. for the unit, as the automaker’s fi ght off a huge challenge from Amazon, sidiary. Bansal and Binny Bansal, who are not company would be worth $4bn with the “It will adversely aff ect both on- sale of its Opel brand in Europe which is rapidly expanding its reach. Boss Jeff Bezos has committed more related. acquisition. line and offl ine retailers as the Indian last year is expected to further hit Binny Bansal, Flipkart’s co-founder than $5bn to grabbing a big slice of In- Like Amazon, it started as an online Small stakes will be held by existing e-commerce space is already crippled production levels. “I expect GM and group chief executive offi cer, said dia’s e-commerce pie after failing to bookstore. Flipkart now sells every- Flipkart shareholders, including Binny with malpractices and predatory pric- to restructure its South Korean the deal “is of immense importance for make inroads in China. thing from mobile phones, televisions Bansal, Tencent Holdings, Tiger Global ing,” Pravin Khandelwal, the body’s unit on a regular basis,” said Lee India and will help fuel our ambition to E-commerce sales in India hit $21bn and juicers to running shoes, sofas and Management and Microsoft. secretary-general, told AFP. Hang-koo, a senior researcher at deepen our connection with buyers and last year according to market research beauty products. The companies said the board make- “The deal will create an uneven play- the Korea Institute for Industrial sellers and to create the next wave of re- company Forrester, and are expected to Masayoshi Son, chief executive of Ja- up was yet to be decided but that Flip- ing fi eld with retailers unable to com- Economics and Trade. tail in India”. soar as its population of 1.25bn people pan’s SoftBank, had earlier confi rmed kart and Walmart would remain distinct pete,” he added. SoftBank to transfer $12.9bn ride-sharing stakes to Vision Fund

Reuters It also aims to transfer its stakes in Grab gional rival Grab, with the US ride-sharing SoftBank has become a major global compete with bigger rivals. Faced with Tokyo and Ola, SoftBank chief executive Masay- firm focusing on a battle with Ola in India. technology investor as it looks to create a investor confusion over how mutually sup- oshi Son told a news conference. Son’s reputation as a visionary investor group of leading tech companies powered portive SoftBank’s array of investments The move would provide the fund’s has attracted enough money to create the by interconnected devices and artificial are, Sprint’s outgoing CEO Marcelo Claure Japan’s SoftBank Group Corp said yester- investors – which include Apple Inc, Hon world’s largest private equity fund which, intelligence. will become SoftBank’s chief operating day it plans to transfer its stakes in ride- Hai Precision Industry Co Ltd (Foxconn) as of last May, stood at over $93bn. The company’s growing technology off icer, pledging to enhance co-operation sharing firms to the SoftBank Vision Fund, and the sovereign wealth funds of Saudi When combined with SoftBank’s smaller investments saw it post record operating between the portfolio companies. “We will make sure GM a move which if approved would make the Arabia and Abu Dhabi – significant expo- Delta Fund, SoftBank’s private equity arm profit for the year ended March, rising 27% Also at the news conference on contributes to the South fund one of the world’s biggest investors sure to the ride-sharing industry, which is had at the end of March invested $29.7bn to ¥1.3tn ($11.86bn). Wednesday, Son let slip that US retail Korean economy by running in the fast-changing industry. being shaken up by consolidation in which in 25 technology firms, with investments Son recently decided to let go of one of giant Walmart Inc would acquire Indian normal operations for the SoftBank plans to transfer, subject to SoftBank is playing a role. this year including dog-walking app Wag SoftBank’s biggest overseas bets, US wire- e-commerce player Flipkart, ahead of an long term,” S Korea’s Finance approval, its combined $12.9bn stake in In March, Uber said it would sell its and construction startup Katerra. less carrier Sprint Corp, which will merge expected announcement by Walmart- Minister Kim Dong-yeon said. Uber Technologies Inc and Didi Chuxing. Southeast Asian business to bigger re- Steered by founder and CEO Son, with T-Mobile US Inc after struggling to Flipkart later yesterday. China to tighten rules on banks’ wealth management business

Reuters could lead to a banking crisis. The country’s regu- proposals to reduce the size of their outstanding Beijing/Shanghai lators are scrambling to keep up with fast-grow- shadow banking investments while not suddenly ing fi nancial innovation as lenders and investors choking off credit to borrowers, the three sources scrounge for higher returns while borrowers, unable said, and face quarterly reviews. hina’s banking and insurance regulator will to secure bank credit, turn to other means for fund- The April rules from the central bank were slat- soon publish detailed rules on banks’ wealth ing, creating potential systemic risk. ed to kick in after 2020, but the banking regulator Cmanagement products (WMPs) as part of In the forthcoming rules, the China Banking has informed banks that asset management prod- Beijing’s eff ort to curb risks in the fi nancial sector, and Insurance Regulatory Commission (CBIRC) ucts backed by newly-invested assets must com- three sources familiar with the matter told Reuters. is likely to adjust the limit for exposure of bank ply with the rules immediately, the sources said. The rules, which would tighten banks’ risk con- wealth management products to so-called non- All three sources declined to be named because trol of the country’s $4.63tn WMPs, follow the standard investments, known widely as “shadow the plan has not yet been made public. long-awaited publication by the central bank in banking” products, said one of the sources. The banking and insurance regulator did not April of broad new regulations on the $15tn asset Currently, such investments by banks cannot immediately respond to requests for a comment. management industry that are scheduled to kick- exceed 35% of the outstanding amount of their Structured deposits, a relatively new way for in after 2020. China is in the third year of an ambi- wealth management products or 4% of their total banks to raise funds from retail investors, have tious campaign to reduce risks in its fi nancial sys- assets. By end-2017, 562 banks had 29.54tn yuan gained popularity after banks were told to stop tem stemming from a rapid build-up in debt, which ($4.63tn) in outstanding WMPs, according to of- guaranteeing fi xed returns for wealth manage- the Bank for International Settlements has warned fi cial data. Banks are expected to come up with ment products.

As Trump pulls out of Iran deal, Asia grapples with impact on oil supplies

Reuters dle East and North Africa at Mitsubishi UFJ Financial to prevent Iran from developing a nuclear weapons Singapore/New York Group. Iran’s government lashed out at Trump, programme,” said Peter Kiernan, lead energy analyst with the speaker of Iran’s parliament stating the US at The Economist Intelligence Unit. president “does not have the mental capacity to The governments of France, Germany and the Asia’s petroleum refiners are scrambling to find deal with issues.” The United States did not consult United Kingdom all said on Tuesday they wanted to alternative supplies as they prepare for renewed US with businesses in making the decision to pull out stick to the deal. sanctions against major oil exporter Iran amid an of the deal. “We haven’t talked to any private sector Similar sentiments prevail in Asia. already tight market. companies before the President’s announcement,” “Russia, China, Turkey and India will likely all op- Iran is the third-largest oil producer in the Organi- said a senior off icial in a background briefing by the pose the sanctions and keep their current levels of sation of the Petroleum Exporting Countries (Opec) US State Department. Iranian crude purchases,” Khoman said. and a major supplier, especially to refiners in Asia. During the last round of sanctions, Iran’s oil sup- Japan’s Foreign Minister Taro Kono said his The United States plans to impose new unilateral plies fell by around 1mn barrels per day (bpd), but country still supported the agreement, which “helps sanctions after abandoning an agreement reached the country re-emerged as a major oil exporter after to strengthen international non-proliferation and the in late 2015 which limited Iran’s nuclear ambitions in sanctions were lifted in January 2016. Since then, stability in the Middle East.” exchange for removing joint US-Europe sanctions, Iran ramped up supplies, producing 3.81mn bpd in South Korea’s Ministry of Trade, Industry and which included strict curbs on crude oil exports. March 2018, almost 4% of global output. Energy said it planned “to minimise the damage” to Iran’s economy relies heavily on oil revenue. Its crude exports averaged over 2mn bpd in its companies, adding it would seek an exemption New US sanctions will include measures aimed at January-March quarter this year. from US sanctions on Iranian oil exports. its petroleum and shipping sectors, with a six-month Analysts now expect Iran’s supplies to fall by Despite this, Khoman said, “Japan and South Ko- “wind down” period “to allow both US companies 300,000 bpd to 1mn bpd, depending on how many rea may comply with the proposed US reimposition but foreign companies as well to end contracts, other countries fall in line with Washington. of Iranian sanctions on the concern of losing the US terminate business, (and) get their money out”, ac- Most US allies disagree with Trump’s decision. security umbrella vis-à-vis North Korea.” cording to the US State Department. “President Trump’s decision to withdraw the Trade data already shows a reduction of Iranian “President Trump is clearly articulating that he US from the Iran nuclear deal... formally sets US oil supplies to Japan and South Korea, and refinery has minimal desire in an alternative agreement with Iran policy on a markedly diff erent course to its sources confirmed they had started shifting pur- Iran,” said Ehsan Khoman, head of research for Mid- European allies, who see the JCPOA as the best way chases in preparation for renewed sanctions. Gulf Times 4 Thursday, May 10, 2018 BUSINESS

India’s Oil prices rally in Asia after Sensex gains; rupee Trump tears up Iran deal weakens AFP Hong Kong by 19 paise il prices surged more than 2% in Asia yesterday after Donald Bloomberg OTrump pulled the United States Mumbai out of the Iran nuclear deal, fuelling fresh geopolitical uncertainty. Both main crude contracts have been ndia’s benchmark equity in- rising in recent weeks to reach three- dex extended gains, as inves- and-half-year highs on expectations Itors largely shrugged off con- the US president would withdraw from cerns that higher crude oil prices the 2015 pact, which opened up Te- may hurt the economy after the hran’s atomic programme in return for US reinstated sanctions on Iran, an easing of sanctions. keeping their focus on company In an address on Tuesday, he said he earnings. would pull out of the accord – which The S&P BSE Sensex climbed was agreed by Britain, China, Germany, 0.3% to 35,319.35 in Mumbai, Russia and the Obama administration – clocking a third day of gains. calling it “defective at its core”. Tata Motors Ltd derivative Iran’s President Hassan Rouhani said shares were the top performer the country could now resume uranium on the benchmark. enrichment “without limit” but would Nine out of 19 sector sub- discuss its response with the other sig- indexes compiled by BSE Ltd natories before making a decision. advanced, led by a gauge of soft- With the move already priced into ware exporters. markets, WTI and Brent sank soon af- “In-line corporate earnings ter the announcement with some com- and strong auto sales numbers mentators suggesting Trump could still hold promise that the economy pedal back on some of his rhetoric and is improving,” Jitendra Panda shift to a more diplomatic tone. managing director at Peerless However, they bounced back Securities Ltd said. “Investors strongly in Asia and there is talk crude are consolidating the gains and could continue rising to $80 a barrel, are in a wait and watch mode with gains helped by uncertainty in ahead of Karnataka state elec- oil-rich Venezuela, the Opec-Russia tions.” Of the 20 Nifty compa- output cap, improving global demand nies that have posted quarterly and data pointing to a drop in US results so far, net income at nine stockpiles. have matched or beaten analyst “Given the unilateral move by the US, estimates. much of the movement on oil prices had The Karnataka state poll will been factored in,” said Stephen Innes, Oil tanks are seen at a Sinopec plant in Hefei, Anhui province. Shares in Sinopec rose more than 2% yesterday as oil prices surged over 2% in Asia. be held on May 12, with results head of Asia-Pacifi c trade at OANDA. announced on May 15. He said that the market would con- Despite the energy sector’s gains, Manila and Bangkok fell but Jakarta, early days in terms of how the (Iran) de- “There is good reason to think that The advance in the Sensex tinue to be supported by other factors, Asian equity markets fl uctuated Wellington and Taipei were in positive cision will play out in terms of height- the normalisation of monetary policy was crimped by a 0.1% drop in adding that “even without Iran sanc- through the day and struggled to keep territory. ened geopolitical stress in the Middle in advanced economies should contin- a measure of oil and gas com- tions oil prices will remain fi rm”. track. There was little reaction to talks be- East.” ue to prove manageable for (emerging panies on concerns that the US The hike in oil prices boosted region- Tokyo fell 0.4% at 22,408.88, Hong tween Japanese Prime Minister Shinzo On currency markets, the dollar market economies),” he told a confer- action on Iran will lead to higher al energy fi rms, with CNOOC and Si- Kong ended up 0.4% at 30,536.14 and Abe, South Korean President Moon dipped against the pound and euro ence in Zurich on Tuesday. crude oil prices, a major import nopec up more than 2% and PetroChina Shanghai was 0.1% lower at 3,159.15 at Jae-in and Chinese Premier Li Keqiang but held most gains after Federal Re- The greenback was well up against for India. piling on 4.4% in Hong Kong. close yesterday. in Tokyo on North Korea and economic serve boss Jerome Powell indicated the most other high-yielding currencies Meanwhile, the Indian rupee Inpex added 1% in Tokyo. Singapore added 0.2%, Seoul was relations. central bank would press on with rais- with the South Korean won off 0.5%, weakened by 19 paise to 67.27 Sydney-listed Woodside Petroleum down 0.2% while Sydney was 0.3% National Australia Bank’s strategist ing interest rates, and that the risks to the Malaysian ringgit down 0.1% and against the US dollar from its and Rio Tinto were also sharply up. higher. Ray Attrill said in a commentary: “It’s emerging markets were limited. the Indonesian rupiah 0.2% lower. previous close at 67.08. Rising diplomatic tensions deepen EM currency sell-off Vietnam stock valuations seen

Reuters record lows despite the central bank jacking up interest as pricey after IPO binge London rates to 40%, Buenos Aires pulled the emergency stop by announcing it would seek a financing deal with the International Monetary Fund. The move helped stabilise Reuters A stronger dollar, higher oil prices and rising diplo- the currency which is still down 17% since the start of Singapore/Hanoi matic tensions over Washington pulling out of the Iran the year. Turkey looked next in line for trouble with the nuclear deal deepened the broad emerging markets lira tumbling around 1% and hitting a fresh record low currency sell-off yesterday. in early trading following seven days of hefty losses, ietnam has just celebrated its two Currencies of developing nations had already been prompting the central bank yesterday to provide ad- biggest IPOs and its fi rst-ever rank- under the cosh after the dollar started a relentless as- ditional liquidity measures to shore up the currency. Ving as Southeast Asia’s hottest capi- cent in mid-April and US Treasury yields climbed above However, the lira took a sharp turn and strengthened tal market. the psychological 3% threshold. more than 1% after government off icials said President But its benchmark index has also just suf- Adding to woes was US President Donald Trump’s Tayyip Erdogan will meet members of his economic fered its worst monthly fall in seven years, decision late on Tuesday to pull out of an international team later in the day to discuss the lira currency and prompting fund managers and strategists to nuclear deal with Iran, hampering risk appetite and developments in the economy. warn valuations may have peaked. sparking worries about fresh tension in the Middle East Meanwhile South Africa’s rand and Russia’s rouble The small frontier market, whose main and global oil supplies. weakened 0.5% in a third day of losses, India’s rupee hit index has a market value of $128bn, has in “US withdrawal from the agreement heightens a 15-month low while Indonesia’s rupiah slipped to a 2-1/2 recent years become an investor darling, uncertainty globally, and of course especially in the year low. The sell-off also kept emerging debt markets buoyed by a fast-growing economy and region,” said Tilmann Kolb, emerging markets analyst under pressure, with the average yield spread on the EM- expectations that it could be reclassifi ed as at UBS Global Wealth Management, adding higher oil BIG Diversified index – the premium over US Treasuries a mainstream emerging market when the prices would ramp up inflationary pressures and in turn that investors demand to hold emerging debt – hovering index provider MSCI publishes its annual impact the trajectory for US interest rates. close to the 17-month high hit on Tuesday. review in June. “More important though remains the broad based While hard-currency debt looked fragile across most Investor appetite has been whetted fur- US dollar strength (and) US Treasury yields... emerging regions, Lebanon’s issues suff ered some of the biggest ther by the government’s ambitious priva- market currencies are vulnerable to this given their high declines, with some issues dropping nearly 2 cents. tisation and market reform plans. sensitivity to global dynamics.” Lebanese markets had already been under pressure The Vietnam Index is still up 7% this year, Emerging market currency indexes plumbed new after Sunday’s election result underscored Tehran’s and 70% over the last two years, but some 2018 lows as the sell-off widened, but it was Argentina growing regional clout, with investors now fretting over analysts say that risks are rising as blue A woman rides a bicycle past the Hanoi Stock Exchange. The small frontier market, whose and Turkey which took centre stage. what Trump’s decision on the nuclear deal could mean chips become expensive. main index has a market value of $128bn, has in recent years become an investor darling, Unable to stem brutal losses which saw the peso hit for the country’s fragile political situation. Hasnain Malik, equity research head at buoyed by a fast-growing economy and expectations that it could be reclassified as a the London-based Exotix Capital, said that mainstream emerging market when MSCI publishes its annual review in June. interest in Vietnam was “built on low po- litical risk, export and consumption growth from rising US bond yields and the appre- telecoms fi rm MobiFone, and 18 others in and low infl ation”, but investors had priced ciation of the dollar. 2019 such as the coff ee company Vinacafe. in those positives already. All that could make equity fund fl ows Vietnam also plan to sell down state Pound fate to hinge on Carney “The market is more sensitive to any turn negative. holdings in a further 181 already-privatised whiff of disappointment, rather than fur- Still, the sale of shares in Vinhomes, a companies this year. ther confi rmation of the positive,” Malik residential property developer that is part Some fund managers see the party ending keeping 2018 rate hike alive said. of the country’s biggest conglomerate, Vin- for large cap stocks. In addition to a sell-off in emerging mar- group JSC, raised $2.2bn over in the past Foreigners were net buyers of $71mn Bloomberg ary high of 1.69%. “The immediate gilt market kets and concerns over new rules related month and attracted the likes of GIC, Sin- worth of Vietnamese shares in April but London reaction will be determined by whether the Bank to margin lending, worries that Vietnam- gapore’s sovereign wealth fund, and Mirae they turned net sellers this month and of- of England delivers a “hawkish hold”, or whether ese stocks are over-valued led to a 10% fall Asset Global Investments. fl oaded a combined $102mn in the fi rst fi ve it is starting to show signs that it shares our more in the market last month, which compares This eclipsed an equity off ering from sessions this month, exchange data shows. It’s not what the Bank of England does today, but pessimistic outlook for the economy,” said Daniela with a rise of 1% in MSCI’s Asia ex-Japan Techcombank, which raised about $920mn “Looking ahead, we believe the multiple what it says that may hog the headlines – and set the Russell, HSBC Holdings Plc’s head of UK rates index. from investors including Fidelity, GIC and expansion phase in the blue chips is more or pound’s fate. strategy. Large Vietnamese companies – those Dragon Capital, a local fund, last month. less over and from here the market is likely With money markets having already priced out The bank sees any weakness as an opportunity valued at more than $1bn – are on aggregate Cornerstone investors took up roughly to perform in line with profi t growth,” said an interest-rate increase, investors and traders to add to long positions at the front end of the gilt trading at 19 times estimated profi ts for the three-quarters of both issues, underlin- Mattias Martinsson, chief investment offi c- will be parsing the language of the statement to curve. next 12 months, compared with 14.7 times ing strong interest in businesses benefi ting er at Swedish fund manager Tundra Fonder. decide whether it’s a hawkish hold or a dovish The pound hovered around the $1.35 level yes- for Indonesia and 15.1 for Philippines, Reu- from the booming economy and expanding “For the next 2-3 years we expect profi t intent that will determine the possibility of a hike terday, after reaching $1.43 last month. ters data shows. middle class. growth will average at least double digit.” later in the year. Its recent slide has wiped out almost all of the Some fi rms stand out: Vingroup trades at Despite the recent slump, Vietnam’s eq- Even as they tout Vietnam’s potential, The former will lead to a sterling recovery after gains made this year against the dollar. 37 times estimated earnings. uity market still ranks as Asia’s best per- some investors say the market decline may the currency’s slump in the past month, strategists Hedge funds have pared back their long sterling Alan Richardson, senior portfolio man- former over the last two years. have been overdue. say. A rate hike looked a certainty in sterling assets positions. ager of Asean equities at Samsung Asset The country has experienced a manu- “A number of the big companies have just a few weeks ago until a string of disappointing Investec Bank Plc’s chief economist Philip Shaw Management said: “The market is over- facturing boom that spurred its export- very attractive growth propositions but economic data and governor Mark Carney’s warn- predicts the currency could get a short-term boost valued because investors have not priced in dependent economy to grow by 7.4% in the maybe, valuations have got a little bit over- ing that a May hike was far from certain. as the BoE keeps its options open on future hikes, potential risk of rising capital markets vola- fi rst quarter of this year – its fastest pace in extended,” said Lai Yeu Huan, senior port- With money markets now pricing a next rate while Mizuho Bank Ltd’s Neil Jones doubts there tility” from external factors like the brewing a decade – after growing by 6.8% last year. folio manager at Nikko Asset Management hike for December, the yield on 10-year gilts has will be any hawkishness and said the pound could trade war between China and the United The government also has ambitious pri- Asia. “It’s a good thing that it’s correct- dropped more than 20 basis points from a Febru- slip toward $1.30 this year if Brexit talks sour. States. vatisation plans and is aiming for IPOs for ing and shaking out some of the excessive He also cited tighter liquidity stemming 64 state companies in 2018, including the valuations.” Gulf Times Thursday, May 10, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 20.50 -2.01 108,781 Specialities Group Holding C 57.70 -0.52 8,240 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 16.19 -3.17 84,208 Abyaar Real Eastate Developm 19.00 -0.52 2,907,220 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 12.85 -2.58 342,247 Kgl Logistics Company Kscc 43.60 -3.54 1,867,847 Al-Hassan Engineering Co 0.05 -4.26 79,758 Saudi Printing & Packaging C 20.02 -0.10 780,406 Combined Group Contracting 426.00 0.00 9,700 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 8.70 -1.81 477,973 Jiyad Holding Co Ksc 101.00 1.00 463,601 Al-Anwar Ceramic Tiles Co 0.12 0.00 - Alinma Bank 20.37 -1.50 20,735,157 Boubyan Intl Industries Hold 26.90 -9.43 3,400 Al Suwadi Power 0.12 -1.64 56,862 Almarai Co 59.04 -1.30 421,952 Gulf Investment House Ksc 17.20 -5.49 27,577 Al Sharqiya Invest Holding 0.13 0.00 662,122 Falcom Saudi Equity Etf 31.00 -1.27 147,682 Boubyan Bank K.S.C 497.00 0.81 398,450 Al Maha Petroleum Products M 0.82 0.00 50,000 United International Transpo 34.57 -0.75 274,935 Ahli United Bank B.S.C 176.00 0.57 1,618,027 Al Maha Ceramics Co Saoc 0.23 -8.00 5,891 Hsbc Amanah Saudi 20 Etf 32.30 0.00 - Osos Holding Group Co 83.70 3.33 9,057 Al Madina Takaful Co Saoc 0.11 0.00 234,952 QATAR Saudi International Petroche 20.12 -0.84 1,353,861 Al-Eid Food Ksc 0.00 0.00 - Al Madina Investment Co 0.05 0.00 71,074 Falcom Petrochemical Etf 31.60 0.00 41 Qurain Petrochemical Industr 343.00 0.88 341,130 Al Kamil Power Co 0.39 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 30.36 -1.08 102,124 Ekttitab Holding Co Sak 29.00 7.81 134,000 Al Jazerah Services -Pfd 0.55 0.00 - Bank Al-Jazira 13.26 -2.79 6,592,776 Real Estate Trade Centers Co 19.00 -5.00 75,111 Al Jazeera Steel Products Co 0.32 0.00 - Zad Holding Co 74.00 4.95 6,048 Al Rajhi Bank 80.22 -2.28 2,948,619 Acico Industries Co Kscc 260.00 9.24 100 Al Jazeera Services 0.16 0.62 43,775 Widam Food Co 61.00 -1.29 50,396 Samba Financial Group 27.44 -2.97 1,568,930 Kipco Asset Management Co 64.50 0.00 1,500 Al Izz Islamic Bank 0.08 0.00 - Vodafone Qatar 9.07 -0.66 1,125,086 United Electronics Co 73.01 -1.84 119,726 National Petroleum Services 712.00 0.00 935 Al Buraimi Hotel 0.88 0.00 - United Development Co 14.16 -0.91 120,322 Allied Cooperative Insurance 20.99 -1.87 96,959 Alimtiaz Investment Co Kscc 129.00 0.78 143,122 Al Batinah Power 0.12 -3.13 10,800 Salam International Investme 5.46 -0.91 3,458 Malath Insurance 12.99 -6.01 2,061,894 Ras Al Khaimah White Cement 78.00 0.00 793,060 Al Batinah Hotels 1.13 0.00 - Qatar & Oman Investment Co 6.60 -0.75 2,765 Alinma Tokio Marine 23.24 -2.88 111,851 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Batinah Dev & Inv 0.10 0.00 - Qatar Navigation 55.54 -2.20 6,255 Arabian Shield Cooperative 39.80 -2.52 290,636 Kuwait & Gulf Link Transport 110.00 -1.79 605,740 Al Anwar Holdings Saog 0.15 0.00 109,756 Qatar National Cement Co 54.00 -0.86 14,117 Savola 40.39 -2.60 411,601 Human Soft Holding Co Ksc 3,700.00 -0.54 62,987 Al Ahlia Insurance Co Saoc 0.36 0.00 - Qatar National Bank 145.51 -1.07 82,578 Wafrah For Industry And Deve 14.50 -0.34 112,421 Automated Systems Co Kscc 149.00 0.00 14,000 Ahli Bank 0.16 0.00 106,952 Qatar Islamic Insurance 50.05 0.00 - Fitaihi Holding Group 12.79 0.47 210,959 Metal & Recycling Co 58.00 0.00 11,289 Acwa Power Barka Saog 0.74 0.00 - Qatar Industrial Manufactur 38.50 -0.52 2,718 Tourism Enterprise Co/ Shams 31.93 -2.38 106,628 Gulf Franchising Holding Co 24.60 -1.60 35,000 Abrasives Manufacturing Co S 0.05 0.00 - Qatar International Islamic 53.52 -0.54 18,030 Sahara Petrochemical Co 17.12 -1.27 1,995,321 Al-Enma’a Real Estate Co 32.00 -1.23 420,000 A’saff a Foods Saog 0.59 0.00 - Qatari Investors Group 31.50 -1.25 113,929 Herfy Food Services Co 46.85 -0.32 34,394 National Mobile Telecommuni 869.00 0.00 1,851 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Islamic Bank 103.51 -1.33 64,816 Saudi Ind Investment Group 25.65 -3.32 1,226,622 Unicap Investment And Financ 48.00 0.00 6,280 #N/A Invalid Security 0.00 0.00 - Qatar Gas Transport(Nakilat) 14.81 -0.94 442,991 Salama Cooperative Insurance 25.32 -3.25 295,791 Al Salam Group Holding Co 33.40 1.21 120,500 #N/A Invalid Security 0.00 0.00 - Qatar General Insurance & Re 48.00 -0.41 1,140 Emaar Economic City 13.01 -2.33 1,173,226 Al Aman Investment Company 57.50 -4.17 118,405 #N/A Invalid Security 0.00 0.00 - Qatar German Co For Medical 5.63 -1.23 14,510 Alahli Takaful Co 28.09 -1.54 155,920 Mashaer Holding Co Ksc 48.90 -7.74 50,001 #N/A Invalid Security 0.00 0.00 - Qatar Fuel Qsc 138.15 -0.61 78,337 Anaam International Holding 12.13 -1.62 213,904 Manazel Holding 31.50 -5.12 845,900 #N/A Invalid Security 0.00 0.00 - Qatar First Bank 5.80 -0.34 78,086 Saudi Telecom Co 79.57 -3.61 339,043 Tijara And Real Estate Inves 57.90 0.00 6,025 #N/A Invalid Security 0.00 0.00 - Qatar Electricity & Water Co 194.50 -0.77 36,125 Al Alamiya Cooperative Insur 27.60 -1.50 139,068 Jazeera Airways Co Ksc 705.00 2.03 5,243 #N/A Invalid Security 0.00 0.00 - Qatar Exchange Index Etf 88.27 8.85 6,482 Saudi Industrial Services Co 14.17 1.07 653,918 Commercial Real Estate Co 70.90 -0.28 215,000 Qatar Cinema & Film Distrib 22.61 0.00 - Al-Ahsa Development Co. 11.60 -1.02 836,184 National International Co 60.00 -4.76 15,951 Al Rayan Qatar Etf 23.21 5.89 72,872 National Co For Glass In/The 20.27 -1.07 132,697 Taameer Real Estate Invest C 28.00 -0.71 40,200 Qatar Insurance Co 33.71 -2.29 86,503 Dur Hospitality Co 18.73 -0.58 137,176 Gulf Cement Co 86.00 0.00 79,138 Ooredoo Qpsc 71.26 0.21 170,156 Tabuk Cement Co 13.06 -1.73 383,585 Heavy Engineering And Ship B 323.00 2.54 302,521 UAE National Leasing 9.35 -0.85 16,544 Sasco 17.49 -0.11 335,427 National Real Estate Co 108.00 0.00 66,119 Mazaya Qatar Real Estate Dev 6.57 -1.50 162,098 Saudi Cement 49.94 -0.54 109,742 Al Safat Energy Holding Comp 25.30 0.00 21,201 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 16.30 -0.43 239,359 Aseer Trading Tourism & Manu 11.64 -0.43 136,826 Kuwait National Cinema Co 1,070.00 5.94 1 Al Meera Consumer Goods Co 140.00 0.01 49,840 Nama Chemicals Co 21.06 -0.28 535,085 Danah Alsafat Foodstuff Co 50.00 1.01 42,854 Waha Capital Pjsc 1.75 -2.78 557,656 Medicare Group 63.52 -0.90 6,891 Saudi Arabian Mining Co 54.84 -2.90 468,558 Independent Petroleum Group 410.00 2.50 39,356 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 44.68 0.29 26,231 Yanbu Cement Co 27.26 -1.05 104,407 Kuwait Real Estate Co Ksc 47.00 0.21 489,120 United Arab Bank Pjsc 1.20 0.00 - Masraf Al Rayan 34.33 -0.35 247,444 Saudi Fisheries 26.88 -1.54 96,541 Salhia Real Estate Co Ksc 338.00 0.00 40,000 Union National Bank/Abu Dhab 3.65 -0.54 468,556 Al Khalij Commercial Bank 11.00 0.00 - Ash-Sharqiyah Development Co 53.40 -1.07 309,653 Gulf Cable & Electrical Ind 389.00 0.52 1,725 Union Insurance Co 1.89 14.55 2,000 Industries Qatar 112.00 0.99 173,785 Makkah Construction & Devepl 79.80 -0.78 44,032 Kuwait Finance House 528.00 -0.19 3,693,125 Union Cement Co 1.85 0.00 - Islamic Holding Group 27.19 4.74 32,995 Al Jouf Cement 9.70 -0.51 263,018 Gulf North Africa Holding Co 35.20 -0.85 95,000 Umm Al Qaiwain General Inves 1.00 0.00 - Investment Holding Group 5.55 -0.89 321,491 Abdullah A.M. Al-Khodari Son 8.15 -0.97 1,373,932 Hilal Cement Co 73.70 0.00 6,521 Sudan Telecommunications Gro 0.52 -1.89 549,014 Gulf Warehousing Company 40.96 -0.34 720 Knowledge Economic City 12.02 -1.39 444,736 Osoul Investment Kscc 60.50 0.00 5,492 Sharjah Islamic Bank 1.24 0.00 24,852 Gulf International Services 17.30 -1.20 96,240 Al-Ahlia Cooperative Insuran 10.77 0.00 64,862 Gulf Insurance Group Ksc 649.00 -0.15 2,760 Sharjah Insurance Company 3.49 0.00 - Ezdan Holding Group 9.08 -1.30 174,784 Al Rajhi Co For Co-Operative 76.06 0.09 38,931 Umm Al Qaiwain General Inves 70.80 0.00 264 Sharjah Group 1.15 0.00 - Doha Insurance Co 12.51 0.00 20,000 Alkhodar Ab Equity 51.02 -2.97 218,104 Aayan Leasing & Investment 30.40 -0.65 2,563,190 Sharjah Cement & Indus Devel 1.00 0.00 - Doha Bank Qpsc 27.15 0.97 187,796 Kec Ab Equity 28.57 -1.14 121,524 Alrai Media Group Co Ksc 128.00 -4.48 220,000 Ras Al-Khaimah National Insu 3.68 0.00 - Dlala Holding 12.41 9.92 785,408 Alahlia Ab Equity 31.29 -3.57 126,582 National Investments Co 92.80 4.27 65,001 Ras Al Khaimah White Cement 1.00 0.00 - Commercial Bank Pqsc 35.80 0.25 78,170 Arcci Ab Equity 8.81 -0.23 1,159,855 Commercial Facilities Co 168.00 2.44 17,600 Ras Al Khaimah Ceramics 2.50 0.00 - Barwa Real Estate Co 33.20 -1.89 212,549 Appc Ab Equity 27.02 -1.89 1,202,593 Yiaco Medical Co. K.S.C.C 132.00 0.00 1,000 Ras Al Khaimah Cement Co Psc 0.74 1.37 140,000 Al Khaleej Takaful Group 10.50 -7.89 400 Albabtai Ab Equity 65.38 -2.82 736,155 Munshaat Real Estate Project 79.60 -0.25 50,000 Ras Al Khaima Poultry 2.70 0.00 - Aamal Co 9.87 -0.50 30,886 Noor Financial Investment Co 46.90 1.52 288,180 Rak Properties 0.65 -1.52 9,203,594 Al Tamdeen Investment Co 280.00 0.00 5,250 Ooredoo Qpsc 81.00 0.00 - KUWAIT Credit Rating & Collection 23.00 0.00 3 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 103.00 0.00 510 National Takaful Company 0.42 0.00 - SAUDI ARABIA National Marine Dredging Co 3.11 3.32 1,119 Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 39.00 1.04 102,000 Warba Bank Kscp 239.00 1.27 976,132 National Investor Co/The 0.51 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 64.90 -3.85 323,674 Viva Kuwait Telecom Co 703.00 -0.28 24,558 National Corp Tourism & Hote 1.86 0.00 - Kuwait Foundry Co Sak 248.00 0.00 31,025 Mezzan Holding Co Kscc 712.00 2.30 28,217 National Bank Of Umm Al Qaiw 3.00 11.11 6,017 United Wire Factories Compan 16.72 -0.36 162,977 Kuwait Financial Centre Sak 105.00 0.00 10,000 National Bank Of Ras Al-Khai 4.41 0.00 - Etihad Etisalat Co 16.75 -0.42 2,663,072 Ajial Real Estate Entmt 144.00 0.00 68,739 National Bank Of Fujairah 2.65 0.00 - Dar Al Arkan Real Estate Dev 11.88 -2.38 41,011,534 Kuwait Finance & Investment 44.50 0.00 5,000 Methaq Takaful Insurance 0.74 -2.63 357,737 Alawwal Bank 12.43 -2.74 762,870 National Industries Co Ksc 190.00 19.50 40,000 OMAN Manazel Real Estate Pjsc 0.50 -1.96 14,572,701 Rabigh Refining And Petroche 25.24 -1.98 7,437,051 Kuwait Real Estate Holding C 25.00 0.00 14,900 Invest Bank 2.10 8.81 100,000 Banque Saudi Fransi 31.56 -3.99 478,777 Company Name Lt Price % Chg Volume Securities House/The 46.00 -1.92 97,606 Intl Holdings Co Pjsc 1.40 2.94 108,039 Saudi Enaya Cooperative Insu 11.06 -9.93 525,144 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 836.00 4.11 438,769 0.36 - Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 21.34 -0.84 63,611 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 312.00 -0.95 94,091 0.15 - Gulf Pharmaceutical Ind Psc 2.12 0.00 - Saudi British Bank 32.31 -1.01 432,328 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 288.00 0.00 41,000 1.00 - Gulf Medical Projects 1.75 0.00 - Red Sea International Co 18.12 -1.20 71,249 United Power Co Saog 0.00 National Bank Of Kuwait 738.00 -0.14 1,831,418 3.28 - Gulf Cement Co 1.00 -2.91 423,868 Takween Advanced Industries 9.96 6.75 1,951,599 United Finance Co 0.00 Commercial Bank Of Kuwait 480.00 3.23 156,213 0.11 - Fujairah Cement Industries 1.20 0.00 - Sabb Takaful 19.19 -3.13 188,124 Ubar Hotels & Resorts 0.00 Kuwait International Bank 220.00 0.46 402,674 0.13 - Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co 62.27 -2.31 304,363 Takaful Oman -6.47 Gulf Bank 253.00 -1.17 360,050 0.13 6,649 Foodco Holding Pjsc 3.98 0.00 - National Gypsum 13.30 0.76 493,651 Taageer Finance 0.00 Al-Massaleh Real Estate Co 38.10 0.00 3,500 0.11 - First Abu Dhabi Bank Pjsc 11.60 1.75 2,316,974 Saudi Ceramic Co 20.01 -4.03 272,923 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 32.00 0.00 52,045 1.34 - Finance House 1.70 0.00 - National Gas & Industrializa 29.65 0.10 130,099 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 0.00 0.00 - 0.12 - Eshraq Properties Co Pjsc 0.71 -1.39 6,442,076 Saudi Pharmaceutical Industr 30.82 0.13 61,811 Sohar Poultry 0.00 A’ayan Real Estate Co Sak 50.00 2.46 19,100 0.21 - Emirates Telecom Group Co 16.45 -1.50 1,443,724 Thimar 30.44 -1.07 251,192 Smn Power Holding Saog 0.00 Investors Holding Group Co.K 12.40 -2.36 1,823,321 0.60 - Emirates Insurance Co. (Psc) 6.60 0.00 - National Industrialization C 20.11 -0.20 3,652,561 Shell Oman Marketing - Pref 0.00 Al-Mazaya Holding Co 99.00 0.71 1,373,918 1.05 - Emirates Driving Company 7.50 -2.60 2,993 Batic Investments And Logist 41.10 -0.10 244,742 Shell Oman Marketing 0.00 Al-Madar Finance & Invt Co 35.00 -2.78 441,273 1.65 - Dana Gas 1.05 -0.94 15,975,087 Saudi Electricity Co 20.60 -2.97 1,643,015 Sharqiyah Desalination Co Sa 0.00 Gulf Petroleum Investment 26.50 -0.75 310,786 3.96 - Commercial Bank Internationa 0.69 0.00 - Saudi Arabia Refineries Co 40.87 2.23 446,909 Sembcorp Salalah Power & Wat 0.00 Mabanee Co Sakc 637.00 1.11 81,821 0.22 15,857 Bank Of Sharjah 1.09 0.93 100,000 Arriyadh Development Company 18.46 -0.38 204,703 Salalah Port Services 0.00 Inovest Co Bsc 68.30 0.00 1,430 0.60 - Axa Green Crescent Insurance 0.59 0.00 - Al-Baha Development & Invest 19.85 -2.22 131,861 Salalah Mills Co 0.00 Al-Deera Holding Co 20.80 0.00 4,000 1.33 - Arkan Building Materials Co 0.63 -7.35 1,190,491 Saudi Research And Marketing 97.30 -0.02 459,228 Salalah Beach Resort Saog 0.00 Mena Real Estate Co 27.50 7.00 14,745 1.38 - Alkhaleej Investment 2.15 0.00 - Aldrees Petroleum And Transp 27.23 0.48 201,163 Sahara Hospitality 0.00 Amar Finance & Leasing Co 39.00 0.00 2,500 2.38 - Aldar Properties Pjsc 2.03 -1.93 14,533,673 Saudi Vitrified Clay Pipe Co 49.93 -0.70 47,343 Renaissance Services Saog 0.00 United Projects For Aviation 700.00 -0.14 7,000 0.39 - Al Wathba National Insurance 12.75 0.00 - Jarir Marketing Co 171.70 -1.41 56,687 Raysut Cement Co 0.00 National Consumer Holding Co 0.00 0.00 - 0.71 - Al Qudra Holding Pjsc 1.21 0.00 - Arab National Bank 29.45 -3.13 427,655 Phoenix Power Co Saoc -2.99 Amwal International Investme 48.10 -3.80 12,158 0.13 7,815 Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 70.26 -2.13 202,024 Packaging Co Ltd 0.00 Equipment Holding Co K.S.C.C 28.90 -2.03 393,376 2.21 - Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 28.65 -0.59 139,291 Ooredoo 0.00 Arkan Al Kuwait Real Estate 76.00 0.00 60,000 0.48 28,078 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Middle East Specialized Cabl 8.12 -0.85 803,886 Ominvest 0.00 Gfh Financial Group Bsc 106.00 0.00 1,773,572 0.38 - Al Buhaira National Insuranc 2.20 0.00 - Al Khaleej Training And Educ 16.13 -0.68 245,405 Oman United Insurance Co 0.00 Energy House Holding Co Kscp 29.00 -2.36 350 0.33 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran 27.35 -1.37 470,201 Oman Telecommunications Co -1.96 Kuwait Co For Process Plant 162.00 0.00 5,000 0.80 1,083,239 Agthia Group Pjsc 4.38 -2.45 51,000 Trade Union Cooperative Insu 20.41 -0.87 216,165 Oman Refreshment Co 0.00 Al Maidan Dental Clinic Co K 1,220.00 0.00 70,000 1.80 - Abu Dhabi Ship Building Co 1.98 0.00 - Arabia Insurance Cooperative 17.91 -3.03 222,885 Oman Qatar Insurance Co 0.00 National Shooting Company 18.00 2.86 2,500 0.13 - Abu Dhabi Natl Co For Buildi 0.60 -4.76 64,399 Saudi Chemical Company 34.27 -0.58 105,393 Oman Packaging 0.00 Al-Ahleia Insurance Co Sakp 438.00 0.00 119 0.28 - Abu Dhabi National Takaful C 5.19 0.00 - Fawaz Abdulaziz Alhokair & C 28.78 -1.84 434,372 Oman Oil Marketing Company 0.00 Wethaq Takaful Insurance Co 27.60 1.47 1,134 1.32 - Abu Dhabi National Oil Co Fo 2.50 0.00 2,755,942 Bupa Arabia For Cooperative 103.03 -0.82 163,071 Oman National Engineering An -3.13 Salbookh Trading Co Kscp 40.00 0.25 500 0.16 10,000 Abu Dhabi National Insurance 3.40 0.00 - Wafa Insurance 10.97 -1.44 1,153,086 Oman Investment & Finance 1.69 Aqar Real Estate Investments 74.00 0.00 100 0.12 64,888 Abu Dhabi National Hotels 2.78 0.00 - Jabal Omar Development Co 46.08 0.68 395,924 Oman Intl Marketing 0.00 Hayat Communications 80.00 0.00 50 0.52 - Abu Dhabi National Energy Co 1.33 -2.92 1,016,814 Saudi Basic Industries Corp 113.85 -0.20 4,185,591 Oman Flour Mills 0.53 Soor Fuel Marketing Co Ksc 109.00 -4.39 37,580 0.76 10,000 Saudi Kayan Petrochemical Co 14.03 -0.71 15,209,013 Oman Fisheries Co 0.00 Tamkeen Holding Co 16.90 0.00 2,000 0.12 704,035 Etihad Atheeb Telecommunicat 5.32 -3.80 846,992 Oman Europe Foods Industries 0.00 Burgan Co For Well Drilling 72.00 0.00 3,512 1.00 - Co For Cooperative Insurance 69.40 -0.81 249,816 Oman Education & Training In 0.00 BAHRAIN Kuwait Resorts Co Kscc 58.00 -4.61 214,384 0.18 - National Petrochemical Co 26.83 -0.63 344,246 Oman Chromite 0.00 Oula Fuel Marketing Co 112.00 -1.75 12,221 3.64 - Gulf Union Cooperative Insur 15.41 -1.03 332,564 Oman Chlorine 0.00 Palms Agro Production Co 80.00 0.00 8,200 0.40 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 15.67 -3.45 150,654 Oman Ceramic Company 0.00 Mubarrad Holding Co Ksc 62.50 0.00 21,000 0.42 - Basic Chemical Industries 24.32 3.14 591,695 Oman Cement Co 0.00 Zain Bahrain Bscc 0.09 0.00 260,000 Shuaiba Industrial Co 249.00 0.00 8,000 0.36 2,500 Saudi Steel Pipe Co 18.96 -3.22 458,284 Oman Cables Industry 0.00 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 20.50 -1.91 141,000 0.89 805 Buruj Cooperative Insurance 31.55 -1.41 25,954 Oman & Emirates Inv(Om)50% 0.00 United Gulf Holding Bsc 0.76 -1.95 5,000 First Takaful Insurance Co 50.50 0.00 121 0.13 186,658 Mouwasat Medical Services Co 177.60 -1.45 29,326 Natl Aluminium Products 0.00 Trafco Group Bsc 0.32 0.00 69,250 Kuwaiti Syrian Holding Co 31.50 0.00 221,005 0.35 - Southern Province Cement Co 40.12 -0.89 143,663 National Securities 0.00 Takaful International Co 0.00 0.00 - National Cleaning Company 50.00 0.00 136,372 0.04 - Maadaniyah 18.29 -2.45 127,235 National Real Estate Develop 0.00 Seef Properties 0.23 -0.87 63,738 United Real Estate Company 59.00 0.00 5,049 5.00 - Yamama Cement Co 16.20 -1.88 225,135 National Pharmaceutical 0.00 National Bank Of Bahrain Bsc 0.61 0.00 30,000 Agility 880.00 0.34 746,032 0.12 - Jazan Energy And Development 14.62 -4.19 672,487 National Mineral Water 0.00 Nass Corp Bsc 0.11 0.00 45,000 Kuwait & Middle East Fin Inv 25.00 5.49 5,104 0.10 - Zamil Industrial Investment 24.43 -0.45 50,720 National Life & General Insu 0.60 Khaleeji Commercial Bank 0.08 0.00 40,500 Fujairah Cement Industries 73.00 0.00 70,965 0.34 13,800 Alujain Corporation (Alco) 30.49 0.73 2,699,556 National Gas Co 0.00 Ithmaar Holding Bsc 0.10 0.00 495,000 Livestock Transport & Tradng 198.00 -0.50 73,000 0.34 798,917 Tabuk Agricultural Developme 11.62 -0.77 187,597 National Finance Co 0.00 Investcorp Bank -$Us 9.30 0.00 125,000 International Resorts Co 25.00 -1.96 10,300 0.13 - United Co-Operative Assuranc 11.21 -2.18 97,377 National Detergent Co Saog 0.00 Inovest Co Bsc 0.27 3.85 50,000 National Industries Grp Hold 160.00 1.27 774,128 0.65 - Qassim Cement/The 39.09 -0.05 14,161 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.52 0.00 14,445 Warba Insurance Co 79.00 0.00 55,000 3.75 1,400 Saudi Advanced Industries 12.99 -0.54 186,576 National Bank Of Oman Saog 0.00 Gfh Financial Group Bsc 0.38 1.35 1,984,000 First Dubai Real Estate Deve 43.00 4.88 1,000 0.18 4,288 Kingdom Holding Co 8.75 -0.91 110,637 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.11 0.00 101,260 Al Arabi Group Holding Co 74.70 5.96 5,000 0.08 - Saudi Arabian Amiantit Co 6.93 -0.57 971,551 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.10 0.00 450,000 Mobile Telecommunications Co 380.00 -1.04 2,654,283 0.80 - Al Jouf Agriculture Developm 26.54 -4.70 176,356 Muscat Gases Company Saog 0.00 Delmon Poultry Co 0.28 0.00 7,100 Eff ect Real Estate Co 15.00 0.00 95,000 0.42 300 Saudi Industrial Development 8.87 -0.22 326,299 Muscat Finance -1.00 Bmmi Bsc 0.71 -0.70 5,000 Tamdeen Real Estate Co Ksc 383.00 0.00 100 0.10 32,175 Riyad Bank 13.88 -3.28 1,319,012 Muscat City Desalination Co 1.43 Bbk Bsc 0.45 0.00 30,000 Al Mudon Intl Real Estate Co 29.10 -1.36 2,000 0.14 11,273 The National Agriculture Dev 34.37 -5.24 117,037 Majan Glass Company 0.00 Bahrain Telecom Co 0.24 0.00 376,200 Kuwait Cement Co Ksc 444.00 0.68 334,100 0.18 - Halwani Bros Co 51.41 -2.04 8,229 Majan College 0.00 Bahrain National Holding 0.40 0.00 34,650 Sharjah Cement & Indus Devel 89.00 0.00 100,000 0.44 - Arabian Pipes Co 12.69 0.16 472,786 Hsbc Bank Oman 0.00 Bahrain Kuwait Insurance 0.35 0.00 57,586 Kuwait Portland Cement Co 1,005.00 0.00 600 0.10 - Eastern Province Cement Co 25.43 -5.39 339,143 Hotels Management Co Interna 0.00 Bahrain Islamic Bank 0.13 0.00 50,000 Educational Holding Group 317.00 0.00 1 1.25 - Al Gassim Investment Holding 12.21 -0.33 220,879 Gulf Stone 0.00 Bahrain Flour Mills Co 0.36 0.00 8,084 Asiya Capital Investments Co 37.50 0.54 218,592 0.12 - Filing & Packing Materials M 34.05 -0.12 120,087 Gulf Mushroom Company 0.00 Bahrain Duty Free Complex 0.73 0.00 10,000 Kuwait Investment Co 111.00 -5.13 74,805 0.31 - Saudi Cable Co 8.16 -3.66 334,798 Gulf Investments Services 0.00 Bahrain Commercial Facilitie 0.74 1.37 11,000 Burgan Bank 263.00 0.00 155,102 0.11 243,022 Tihama Advertising & Public 49.00 -0.47 900,071 Gulf Invest. Serv. Pref-Shar 0.00 Bahrain Cinema Co ` 0.00 27,500 Kuwait Projects Co Holdings 242.00 -1.22 600,526 0.11 - Saudi Investment Bank/The 17.06 -0.76 16,521 Gulf International Chemicals 0.50 Arab Banking Corp Bsc-$Us 0.31 0.00 15,000 Al Madina For Finance And In 27.00 -1.82 13,225 0.20 58,000 Astra Industrial Group 19.42 2.26 516,661 Gulf Hotels (Oman) Co Ltd 0.00 Aluminium Bahrain Bsc 0.61 0.00 9,050 Kuwait Insurance Co 247.00 0.00 61,780 10.50 - Saudi Public Transport Co 14.89 0.20 435,887 Global Fin Investment 0.00 Albaraka Banking Group 0.31 0.00 429,851 Al Masaken Intl Real Estate 83.00 0.00 250 0.11 - Taiba Holding Co 30.93 0.16 121,822 Galfar Engineering&Contract 0.00 Al-Salam Bank 0.11 0.00 50,000 Intl Financial Advisors 26.30 2.73 1,538,329 0.11 444,000 Saudi Industrial Export Co 245.73 1.17 134,311 Galfar Engineering -Prefer 0.00 Ahli United Bank B.S.C 0.61 -0.82 558,000 First Investment Co Kscc 40.90 -0.24 93,832 0.39 - Saudi Real Estate Co 21.91 -0.41 30,800 Financial Services Co. 0.00 #N/A Invalid Security 0.00 0.00 - Al Mal Investment Company 19.20 -3.03 447,250 0.18 - Saudia Dairy & Foodstuff Co 99.10 -0.69 94,413 Financial Corp/The 0.00 #N/A Invalid Security 0.00 0.00 - Bayan Investment Co Kscc 38.10 -4.75 107,977 0.10 - National Shipping Co Of/The 28.53 -0.52 365,957 Dhofar Tourism 0.00 #N/A Invalid Security 0.00 0.00 - Egypt Kuwait Holding Co Sae 328.00 0.00 10,066 0.49 - Methanol Chemicals Co 9.33 1.19 896,884 Dhofar Poultry 0.00 #N/A Invalid Security 0.00 0.00 - Coast Investment Development 31.90 0.95 551,938 0.18 - Chubb Arabia Cooperative Ins 23.01 -1.33 107,979 Dhofar Intl Development 0.00 #N/A Invalid Security 0.00 0.00 - Privatization Holding Compan 60.30 0.84 20,198 0.31 - Mobile Telecommunications Co 6.77 -6.49 16,642,813 Dhofar Insurance -3.03 #N/A Invalid Security 0.00 0.00 - Injazzat Real State Company 85.00 -5.56 20,000 0.10 50,000 Saudi Arabian Coop Ins Co 18.64 0.32 168,824 Dhofar Fisheries & Food Indu 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Cable Vision Sak 29.00 0.00 21 1.28 - Axa Cooperative Insurance 27.56 1.62 438,082 Dhofar Cattlefeed 0.00 #N/A Invalid Security 0.00 0.00 - Sanam Real Estate Co Kscc 30.80 0.00 6,465 0.19 - Alsorayai Group 18.05 0.06 625,489 Dhofar Beverages Co 0.00 #N/A Invalid Security 0.00 0.00 - Ithmaar Holding Bsc 30.00 0.00 4,087,338 0.26 - Bank Albilad 22.66 -1.65 413,949 Construction Materials Ind 0.00 #N/A Invalid Security 0.00 0.00 - Aviation Lease And Finance C 352.00 -2.22 363,196 0.03 6,098 Al-Hassan G.I. Shaker Co 10.31 -1.34 290,581 Computer Stationery Inds 0.00 #N/A Invalid Security 0.00 0.00 - Arzan Financial Group For Fi 28.50 4.01 3,900 0.26 - Wataniya Insurance Co 26.48 -0.86 13,797 Bankmuscat Saog -0.53 #N/A Invalid Security 0.00 0.00 - Ajwan Gulf Real Estate Co 21.30 -2.29 415,553 0.38 20,335 Abdullah Al Othaim Markets 77.52 -1.41 231,174 Bank Sohar 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Business Town Real Es 40.00 -5.88 1,389,560 0.14 907,310 Hail Cement 8.87 -0.22 194,301 Bank Nizwa -1.15 Future Kid Entertainment And 110.00 0.00 100,000 0.09 134,722 Saudi Re For Cooperative Rei 8.11 -1.46 1,093,033 Bank Dhofar Saog 0.19 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, May 10, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,390.57 +30.36 Apple Inc 185.85 -0.11 9,023,023 S&P 500 Index 2,678.91 +6.99 Microsoft Corp 95.55 -0.27 7,960,829 Nasdaq Composite Index 7,285.42 +18.52 Exxon Mobil Corp 79.57 1.90 7,680,073 S&P/Tsx Composite Index 15,836.70 -6.01 Johnson & Johnson 122.73 0.10 2,127,674 Mexico Bolsa Index 46,251.45 -468.06 General Electric Co 14.57 2.10 22,293,044 Brazil Bovespa Stock Idx 83,780.91 +824.86 Jpmorgan Chase & Co 112.34 1.22 3,997,402 Ftse 100 Index 7,662.52 +96.77 Procter & Gamble Co/The 72.07 0.88 2,848,662 Cac 40 Index 5,534.63 +12.70 Walmart Inc 82.54 -3.73 18,800,618 Dax Index 12,943.06 +30.85 Verizon Communications Inc 46.70 -0.69 6,235,492 Ibex 35 Tr 10,221.20 +53.10 Pfizer Inc 35.11 0.36 7,340,056 Nikkei 225 22,408.88 -99.81 Visa Inc-Class A Shares 129.81 -0.07 2,342,156 Japan Topix 1,772.91 -6.91 Chevron Corp 128.91 1.85 5,907,080 Hang Seng Index 30,536.14 +133.33 Coca-Cola Co/The 41.74 -0.17 3,232,526 All Ordinaries Indx 6,204.44 +21.20 Intel Corp 53.54 -0.17 7,559,837 Nzx All Index 1,533.62 +4.78 Merck & Co. Inc. 57.45 1.22 2,651,187 Bse Sensex 30 Index 35,319.35 +103.03 Cisco Systems Inc 45.28 -0.94 9,083,209 Nse S&P Cnx Nifty Index 10,741.70 +23.90 Home Depot Inc 184.59 -0.24 1,270,006 Straits Times Index 3,548.54 +5.37 Intl Business Machines Corp 141.90 -0.77 1,563,793 Karachi All Share Index 31,766.53 -208.03 Walt Disney Co/The 99.74 -2.01 9,185,995 Jakarta Composite Index 5,907.94 +133.22 Unitedhealth Group Inc 229.73 -0.99 1,005,466 3M Co 202.78 0.52 1,315,159 Mcdonald’s Corp 163.36 -0.86 798,482 Nike Inc -Cl B 67.36 -1.61 3,116,691 TOKYO United Technologies Corp 122.23 0.36 786,519 Boeing Co/The 341.22 0.84 1,373,790 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 239.68 1.13 1,054,556 Sumitomo Realty & Developmen 4,361.00 -0.59 1,322,000 American Express Co 100.15 0.41 623,693 Sumitomo Metal Mining Co Ltd 4,643.00 -1.36 1,114,900 Caterpillar Inc 151.38 0.97 1,951,576 Orix Corp 1,981.50 -1.34 5,099,600 Travelers Cos Inc/The 129.20 0.42 356,141 Daiwa Securities Group Inc 655.00 -1.13 10,765,000 Softbank Group Corp 8,555.00 0.78 3,646,900 Mizuho Financial Group Inc 197.60 -0.30 93,828,900 Central Japan Railway Co 21,310.00 -0.63 305,200 FTSE 100 Nitori Holdings Co Ltd 18,565.00 -0.16 203,400 T&D Holdings Inc 1,805.00 -0.22 1,027,200 Company Name Lt Price % Chg Volume Toyota Motor Corp 7,424.00 3.76 16,844,600 Hoya Corp 5,781.00 -0.74 1,148,700 A trader is seen at the London Stock Exchange. The FTSE 100 gained 1.3% to 7,662.52 points yesterday. Wpp Plc 1,270.50 0.87 3,120,957 Sumitomo Mitsui Trust Holdin 4,678.00 0.75 1,119,600 Worldpay Group Plc 0.00 0.00 - Japan Tobacco Inc 2,993.50 -1.85 7,199,200 Wolseley Plc 0.00 0.00 - Osaka Gas Co Ltd 2,379.50 1.43 1,723,800 Wm Morrison Supermarkets 245.40 -0.69 13,409,674 Sumitomo Electric Industries 1,662.50 -0.78 2,542,500 Whitbread Plc 4,242.00 -0.31 492,151 Ono Pharmaceutical Co Ltd 2,494.00 -1.83 2,285,600 Vodafone Group Plc 208.70 0.55 79,132,790 Ajinomoto Co Inc 2,017.00 -0.64 1,522,500 United Utilities Group Plc 775.00 0.78 2,125,898 Mitsui Fudosan Co Ltd 2,743.00 -1.14 3,620,900 Unilever Plc 4,093.50 0.99 2,872,720 European stock markets Daikin Industries Ltd 12,850.00 -0.35 521,900 Tui Ag-Di 1,727.50 -1.45 1,449,324 Toray Industries Inc 994.40 -0.91 5,120,600 Travis Perkins Plc 1,304.50 -0.23 686,066 Bridgestone Corp 4,512.00 -0.04 1,715,100 Tesco Plc 241.80 0.79 34,235,255 Sony Corp 5,138.00 -0.85 5,223,100 Taylor Wimpey Plc 193.85 0.73 8,921,573 Astellas Pharma Inc 1,650.50 -0.96 10,115,000 Standard Life Plc 0.00 0.00 - Jxtg Holdings Inc 709.40 0.30 11,448,600 Standard Chartered Plc 749.20 1.30 8,530,793 gain as oil prices surge Nippon Steel & Sumitomo Meta 2,427.50 -0.53 1,987,900 St James’s Place Plc 1,175.00 0.04 1,318,734 Suzuki Motor Corp 5,721.00 -1.85 1,824,300 Sse Plc 1,404.00 1.23 2,797,883 Nippon Telegraph & Telephone 5,273.00 -0.21 2,902,700 oil supply, said Thomas Pugh, com- “Both these fi rms have seen their Smith & Nephew Plc 1,299.00 -0.42 5,841,349 AFP Sompo Holdings Inc 4,656.00 0.47 988,200 share price rise to its highest level in Sky Plc 1,354.00 0.30 2,895,289 London modities economist at Capital Eco- Daiwa House Industry Co Ltd 4,021.00 -2.02 1,337,800 Shire Plc 3,978.00 -1.40 3,811,479 nomics. several years,” said Cheetham. Komatsu Ltd 3,570.00 -0.97 4,091,900 Severn Trent Plc 2,011.00 0.68 899,514 “However, geopolitical tensions Wall Street rose as New York- West Japan Railway Co 7,984.00 -1.05 664,100 Schroders Plc 3,417.00 0.80 319,615 il prices surged yesterday to have intensifi ed and if Iran decides to listed energy stocks, including Murata Manufacturing Co Ltd 14,395.00 0.59 959,000 Sainsbury (J) Plc 299.50 1.39 14,247,490 Kansai Electric Power Co Inc 1,658.00 -0.66 5,608,000 levels not seen in over three pull out of the nuclear deal, the impact ExxonMobil and Chevron, were up Sage Group Plc/The 662.20 1.38 3,381,156 Denso Corp 5,576.00 -0.38 1,858,300 years after President Donald on oil supply could be more severe,” he sharply. Abi Sab Group Holding Ltd 0.00 0.00 - O Dai-Ichi Life Holdings Inc 2,120.50 -0.52 3,393,200 Trump pulled the United States out of said, predicting that oil prices would Saudi Arabia, the world’s largest oil Rsa Insurance Group Plc 635.40 -1.12 3,643,579 Mazda Motor Corp 1,452.50 -0.65 4,499,500 Royal Mail Plc 603.80 0.87 4,677,352 the Iran nuclear deal, resulting in sanc- probably “remain elevated for the next exporter, has meanwhile said it will Mitsui & Co Ltd 1,935.50 0.62 7,308,800 Royal Dutch Shell Plc-B Shs 2,722.00 3.38 6,011,167 tions on the Islamic Republic’s crude few months at least”. take all necessary measures to prevent Kao Corp 7,656.00 -1.05 1,667,500 Royal Dutch Shell Plc-A Shs 2,633.50 3.25 7,928,332 exports. A surprise fall in last week’s oil supply shortages. Sekisui House Ltd 1,992.00 -0.90 1,905,000 Royal Bank Of Scotland Group 276.10 1.06 13,294,661 Oriental Land Co Ltd 11,365.00 -1.00 500,800 The main crude futures contracts stocks in the US, reported yesterday, Trump reinstated US sanctions Rolls-Royce Holdings Plc 830.00 -1.54 4,568,723 Secom Co Ltd 8,338.00 0.17 383,300 had already been rising in recent weeks, added to upward pressure on oil con- which could curtail Iran’s ability to Rio Tinto Plc 4,127.00 2.56 3,509,655 Tokio Marine Holdings Inc 5,242.00 -0.06 1,363,800 hitting 3.5-year highs, on expectations tracts. Analysts had expected crude export oil, its mainstay for public rev- Rexam Ltd 0.00 0.00 - Aeon Co Ltd 2,126.50 -1.51 2,151,900 enues. Relx Plc 1,583.50 0.06 2,474,911 Trump was going to withdraw from the inventories to show an increase. Fanuc Corp 23,415.00 -1.20 922,400 Reckitt Benckiser Group Plc 5,726.00 0.12 1,102,047 2015 pact that had opened up Tehran’s “Traders believe the sanctions will In an initial reaction to Trump’s an- Daito Trust Construct Co Ltd 18,500.00 1.12 273,800 Randgold Resources Ltd 6,100.00 1.57 390,894 atomic programme in return for an further tighten global supply at a time nouncement Tuesday Brent and WTI Otsuka Holdings Co Ltd 5,324.00 -5.47 1,863,000 Prudential Plc 1,934.50 1.23 3,886,836 easing of sanctions. when some of the world’s largest pro- eased back, with some commentators Resona Holdings Inc 615.20 0.62 8,166,200 Provident Financial Plc 695.60 8.35 2,586,710 Asahi Kasei Corp 1,524.00 1.13 2,854,800 Yesterday, they each gained nearly ducers have already signifi cantly re- suggesting he could still pedal back on Persimmon Plc 2,773.00 0.84 884,112 Kirin Holdings Co Ltd 2,965.50 -3.28 5,979,600 3%. duced inventories,” said Craig Erlam, some of his rhetoric and shift to a more Pearson Plc 914.20 0.35 3,943,158 Mitsubishi Ufj Financial Gro 716.80 0.25 48,624,000 “The geopolitical repercussions of an analyst with OANDA. diplomatic tone. Paddy Power Betfair Plc 7,045.00 2.10 112,059 Marubeni Corp 864.70 0.57 19,089,100 Old Mutual Plc 255.00 -0.86 11,142,544 this decision will no doubt be widely Oil’s surge in turn helped lift shares But when that did not happen they Mitsubishi Chemical Holdings 1,018.50 -0.73 5,353,500 Next Plc 5,246.00 1.31 581,657 felt, and due to as many as one million prices in energy majors, with Royal bounced back strongly. Fast Retailing Co Ltd 48,850.00 0.25 332,300 National Grid Plc 844.30 0.27 8,537,062 barrels of crude supply per day being Dutch Shell and BP higher in London. There is now talk that crude could Ms&Ad Insurance Group Holdin 3,681.00 0.52 1,409,600 Mondi Plc 2,001.00 1.01 1,506,563 eff ectively taken off the market,” said In European stock markets, London’s rise to $80 a barrel, with gains helped Kubota Corp 1,831.00 -0.08 1,820,400 Merlin Entertainment 372.30 -0.83 2,033,815 Seven & I Holdings Co Ltd 4,780.00 -0.42 2,000,200 David Cheetham, chief market analyst FTSE 100 gained 1.3% to 7,662.52 points, also by uncertainty in oil-rich Ven- Mediclinic International Plc 706.40 1.06 1,381,190 Inpex Corp 1,402.00 1.01 7,733,500 at traders XTB. Frankfurt’s DAX 30 was up 0.2% to ezuela, an Opec-Russia output cap, Marks & Spencer Group Plc 293.20 0.62 7,264,247 Sumitomo Mitsui Financial Gr 4,473.00 -0.33 5,752,700 Trump’s decision alone was unlikely 12,943.06 and Paris’ CAC 40 rose 0.2% improving global demand and a drop in London Stock Exchange Group 4,402.00 1.17 479,313 Ana Holdings Inc 4,222.00 -0.19 830,000 Lloyds Banking Group Plc 66.54 1.00 149,986,793 to have a major impact on the world’s at 5,534.63 at close yesterday. US energy stockpiles. Mitsubishi Electric Corp 1,626.50 -0.28 5,136,800 Legal & General Group Plc 279.20 1.68 21,277,557 Honda Motor Co Ltd 3,547.00 -2.29 5,242,500 Land Securities Group Plc 981.60 -0.28 1,795,044 Tokyo Gas Co Ltd 2,924.50 -0.29 1,690,800 Kingfisher Plc 288.30 0.17 8,936,158 HONG KONG HONG KONG Tokyo Electron Ltd 21,100.00 0.21 745,400 Johnson Matthey Plc 3,407.00 1.98 358,791 Panasonic Corp 1,556.00 -2.54 10,621,200 Itv Plc 151.20 0.63 20,410,840 Fujitsu Ltd 681.60 -0.58 9,261,000 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 195.95 -0.78 2,816,767 East Japan Railway Co 10,650.00 -0.37 707,800 Intl Consolidated Airline-Di 694.40 -0.83 6,212,231 Aluminum Corp Of China Ltd-H 4.39 0.23 10,576,665 Hong Kong & China Gas 16.62 0.12 8,458,320 Itochu Corp 2,033.50 -2.38 8,654,300 Intertek Group Plc 5,058.00 0.52 261,803 Bank Of East Asia Ltd 33.90 0.44 1,091,217 Hong Kong Exchanges & Clear 257.00 0.31 5,337,220 Fujifilm Holdings Corp 4,201.00 -0.50 1,291,400 Intercontinental Hotels Grou 4,794.00 0.42 728,513 Bank Of China Ltd-H 4.16 0.24 139,150,930 Hsbc Holdings Plc 76.10 0.26 12,025,213 Yamato Holdings Co Ltd 2,971.50 -2.16 1,931,000 Inmarsat Plc 385.80 -1.28 2,469,176 Bank Of Communications Co-H 6.28 0.80 19,308,300 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,770.50 -2.16 3,186,800 Informa Plc 755.80 -0.92 3,993,346 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 6.77 -0.15 134,779,210 Mitsubishi Estate Co Ltd 1,997.50 -0.05 3,397,800 Imperial Brands Plc 2,780.00 6.17 4,672,521 Boc Hong Kong Holdings Ltd 40.75 0.25 7,936,816 Li & Fung Ltd 4.19 0.96 18,434,175 Mitsubishi Heavy Industries 4,113.00 0.07 2,610,400 Hsbc Holdings Plc 719.50 1.25 30,955,605 Cathay Pacific Airways 12.86 2.88 7,767,660 Mtr Corp 45.10 0.67 3,843,327 Shiseido Co Ltd 7,219.00 -0.82 1,414,300 Hargreaves Lansdown Plc 1,866.50 1.39 542,344 Ck Hutchison Holdings Ltd 91.80 0.22 2,471,592 New World Development 11.28 -0.35 8,872,334 Shionogi & Co Ltd 5,477.00 -3.66 2,387,000 Hammerson Plc 553.00 -0.65 2,916,033 China Coal Energy Co-H 3.44 -0.58 6,257,809 Petrochina Co Ltd-H 5.95 4.39 286,700,935 Recruit Holdings Co Ltd 2,717.00 3.01 5,415,200 Glencore Plc 366.85 2.10 48,004,104 China Construction Bank-H 8.09 0.25 169,434,536 Ping An Insurance Group Co-H 76.95 0.46 30,567,855 Japan Airlines Co Ltd 4,058.00 -1.74 1,881,700 Glaxosmithkline Plc 1,478.60 0.49 7,265,655 China Life Insurance Co-H 22.55 0.45 23,956,961 Power Assets Holdings Ltd 59.20 1.28 4,426,736 Nitto Denko Corp 8,239.00 -2.78 1,172,800 Gkn Plc 473.00 -0.21 986,836 China Merchants Port Holding 17.36 0.23 3,493,907 Sino Land Co 13.20 -0.90 3,355,357 Kddi Corp 2,860.50 -1.55 4,880,600 Fresnillo Plc 1,299.50 1.76 757,165 China Mobile Ltd 73.55 -0.34 10,881,006 Sun Hung Kai Properties 124.90 -0.08 2,700,145 Rakuten Inc 807.30 -0.79 7,142,200 Experian Plc 1,738.00 1.13 1,662,920 China Overseas Land & Invest 26.80 1.32 11,371,156 Swire Pacific Ltd - Cl A 77.25 -0.19 963,375 Kyocera Corp 6,664.00 -0.46 1,364,400 Easyjet Plc 1,658.00 -0.42 1,578,767 China Petroleum & Chemical-H 7.88 2.20 159,917,804 Tencent Holdings Ltd 394.60 1.02 20,938,751 Nissan Motor Co Ltd 1,099.00 -1.26 17,578,300 Dixons Carphone Plc 221.60 1.05 3,389,357 China Resources Beer Holdin 35.15 -0.71 4,164,584 Wharf Holdings Ltd 25.35 -0.20 4,000,841 Direct Line Insurance Group 371.20 0.60 4,355,153 China Resources Land Ltd 29.40 2.08 10,513,157 China Resources Power Holdin 14.94 -2.23 6,884,636 Diageo Plc 2,659.50 -0.04 4,060,259 SENSEX Dcc Plc 7,395.00 0.54 657,321 China Shenhua Energy Co-H 19.76 -0.60 24,057,767 GCC INDICES Crh Plc 2,710.00 1.08 1,556,355 China Unicom Hong Kong Ltd 10.74 -0.74 14,479,781 Compass Group Plc 1,508.00 -4.77 6,876,575 Company Name Lt Price % Chg Volume Citic Ltd 11.86 0.34 5,816,400 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,466.00 -0.08 722,439 Clp Holdings Ltd 81.85 0.24 2,281,031 Doha Securities Market Zee Entertainment Enterprise 591.45 -0.52 930,292 8,824.26 -45.90 Centrica Plc 155.45 1.17 33,052,186 Cnooc Ltd 13.52 2.27 43,703,858 Saudi Tadawul Yes Bank Ltd 347.85 1.33 10,269,755 7,878.29 -134.30 Carnival Plc 4,797.00 -0.62 952,406 Cosco Shipping Ports Ltd 6.90 -0.72 2,519,654 Kuwait Stocks Exchange Wipro Ltd 270.25 -0.92 2,030,329 #N/A N/A #N/A N/A Capita Plc 200.20 0.86 49,553,183 Esprit Holdings Ltd 2.54 -3.05 4,757,117 Bahrain Stock Exchage Vedanta Ltd 283.15 0.09 10,882,746 1,271.05 -2.16 Burberry Group Plc 1,770.00 -6.08 4,700,753 Fih Mobile Ltd 1.21 -1.63 19,321,331 Oman Stock Market Ultratech Cement Ltd 3,966.25 -2.41 240,524 4,676.49 -14.88 Bunzl Plc 2,202.00 0.73 918,982 Hang Lung Properties Ltd 18.56 1.31 4,823,969 Abudhabi Stock Market Tech Mahindra Ltd 654.10 0.11 2,290,756 4,486.65 +7.16 Bt Group Plc 238.60 0.91 22,945,343 Hang Seng Bank Ltd 196.50 -0.51 1,001,150 Dubai Financial Market Tata Steel Ltd 603.15 1.14 6,641,130 2,889.70 -59.14 British Land Co Plc 684.80 0.65 2,921,481 Henderson Land Development 49.80 0.00 1,706,567 Tata Power Co Ltd 83.35 -1.07 4,752,776 British American Tobacco Plc 3,909.00 2.63 4,993,834 Tata Motors Ltd 341.95 2.95 20,019,758 Bp Plc 572.00 3.92 57,746,230 Tata Consultancy Svcs Ltd 3,489.30 1.40 1,357,318 Bhp Billiton Plc 1,631.80 3.49 7,386,075 Sun Pharmaceutical Indus 506.15 -1.04 2,673,689 Berkeley Group Holdings/The 4,142.00 0.73 557,238 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 248.00 -0.82 13,498,512 Barratt Developments Plc 568.20 1.43 3,363,464 Reliance Industries Ltd 976.70 0.99 4,828,082 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 210.95 1.96 42,467,225 Punjab National Bank 93.00 0.38 7,278,397 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 614.00 0.62 8,409,214 Power Grid Corp Of India Ltd 211.85 -0.42 7,901,768 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 755.20 0.83 1,430,376 Oil & Natural Gas Corp Ltd 182.85 -0.14 3,258,725 this data.” Aviva Plc 540.60 0.19 10,487,888 Ntpc Ltd 170.40 -0.58 10,577,608 Astrazeneca Plc 5,257.00 0.34 1,951,977 Maruti Suzuki India Ltd 8,718.35 -0.65 331,886 Associated British Foods Plc 2,741.00 0.26 792,194 Mahindra & Mahindra Ltd 860.10 -0.60 1,703,784 Ashtead Group Plc 2,200.00 1.95 1,714,132 Lupin Ltd 762.15 -1.64 1,121,593 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,375.65 0.79 1,338,921 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 1,013.50 2.00 2,789,947 DINAR DINAR Kotak Mahindra Bank Ltd 1,251.15 0.75 1,713,545 Anglo American Plc 1,750.00 1.21 4,883,826 Itc Ltd 282.30 -0.14 4,467,652 Admiral Group Plc 2,012.00 0.60 633,637 Infosys Ltd 1,170.70 0.44 2,015,869 3I Group Plc 956.60 1.64 2,263,667 Indusind Bank Ltd 1,879.10 0.51 1,415,739 #N/A 0.00 0.00 - Idea Cellular Ltd 60.65 -0.82 9,403,066 Icici Bank Ltd 306.80 -0.81 21,033,583 TOKYO Housing Development Finance 1,897.65 -0.30 1,710,135 Hindustan Unilever Ltd 1,496.00 0.00 795,305 Hindalco Industries Ltd 238.15 -0.23 20,072,124 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,654.40 -0.08 381,246 Hitachi Ltd 864.80 0.79 17,540,000 Hdfc Bank Limited 1,978.40 0.58 1,134,832 Takeda Pharmaceutical Co Ltd 4,529.00 -2.35 21,208,200 Hcl Technologies Ltd 927.50 0.80 1,464,458 Jfe Holdings Inc 2,329.50 -1.67 3,126,900 Grasim Industries Ltd 1,094.95 0.22 306,519 Sumitomo Corp 1,948.50 -2.36 5,299,900 Gail India Ltd 341.90 0.01 3,469,036 Canon Inc 3,789.00 0.13 5,064,400 Dr. Reddy’s Laboratories 2,064.35 -0.51 267,670 Nintendo Co Ltd 46,240.00 -2.12 1,738,000 Coal India Ltd 267.35 -0.30 3,292,347 Eisai Co Ltd 7,295.00 -1.49 684,500 Cipla Ltd 588.00 -0.45 692,173 Isuzu Motors Ltd 1,621.00 -2.82 2,183,400 Cairn India Ltd 0.00 0.00 - Unicharm Corp 3,163.00 3.26 4,302,000 Bosch Ltd 18,923.80 -0.53 11,934 Shin-Etsu Chemical Co Ltd 11,080.00 -0.09 968,400 Bharti Airtel Ltd 402.45 0.32 8,396,190 Smc Corp 41,910.00 -1.48 176,100 Bharat Petroleum Corp Ltd 385.45 -1.82 11,338,658 Mitsubishi Corp 3,168.00 -0.28 7,569,300 Bharat Heavy Electricals 83.60 0.36 3,055,891 Asahi Group Holdings Ltd 5,904.00 7.15 3,222,300 Bank Of Baroda 144.30 -0.89 10,355,928 Keyence Corp 66,530.00 -0.72 283,100 Bajaj Auto Ltd 2,872.00 -0.70 177,332 Nidec Corp 16,785.00 0.24 563,000 Axis Bank Ltd 548.50 1.15 8,268,811 Nomura Holdings Inc 604.00 -0.41 17,245,700 Asian Paints Ltd 1,222.55 1.05 895,250 Daiichi Sankyo Co Ltd 3,846.00 -3.80 1,711,200 Ambuja Cements Ltd 224.65 -2.09 3,064,903 Subaru Corp 3,662.00 -0.38 1,977,000 Adani Ports And Special Econ 413.35 0.13 1,507,904 Ntt Docomo Inc 2,795.00 -0.23 2,934,800 Acc Ltd 1,509.65 -0.59 400,558 Gulf Times 10 Thursday, May 10, 2018 BUSINESS

CORPORATE RESULTS Toyota posts record full-year net profi t, but warns on outlook

for the year to March 2019. Led by flamboyant Operating profit fell by 65% to 652mn crowns of its biggest markets, which include Germany, the founder Masayoshi Son, SoftBank has embarked on ($74mn). Analysts polled by Reuters had expected a Netherlands, Australia and Poland. a string of international acquisitions large and small 51% fall to 901mn. Marriott International in recent years. Danielsson, a company veteran who shook up Last week, SoftBank’s Sprint and US rival T-mobile the management team on taking up his new job, Marriott International’s quarterly profit topped Wall announced that they would merge to form a new told Reuters he did not expect to book further Street forecasts on Tuesday, as the world’s largest company and push development of a super-fast 5G restructuring costs this year, and currently there hotel chain benefited from higher room prices dur- network. was nothing to indicate the programme would need ing a period of growing global travel. Compass Group to be expanded. Marriott, which owns the Ritz-Carlton and St Regis HeidelbergCement luxury brands, also increased its forecast for a key Compass Group missed first-half earnings expecta- measure of hotel health. tions yesterday hurt by stagnant revenue and a HeidelbergCement yesterday said a weak dollar The company now expects revenue per available steep decline in margins in Europe, sending shares and cold winter temperatures that hampered room (RevPAR) to rise 3% to 4% this year, compared in the world’s biggest catering firm lower. construction activity contributed to a 34% drop in with an earlier forecast of a 1% to 3% increase. Underlying operating profit rose by 4.5% to £875mn first-quarter core earnings. Last month, Marriott’s smaller rival Hilton World- ($1.18bn), below the £892mn expected by Morgan Freezing weather conditions in North America and wide Holdings also raised its RevPAR forecast, Stanley analysts and the £886mn expected by RBS Europe, coupled with fewer working days, were thanks to higher spending from consumers and Capital Markets. behind the fall in profits from current operations businesses, which contributed to stronger demand In Europe — which makes up about a quarter of before depreciation and amortisation to €252mn for hotel rooms. Compass’ revenue — profit fell by 9.6% on a con- ($299mn) in the quarter. Marriott, which also owns the JW Marriott, Auto- stant currency basis. That was below the €348mn average expected by graph and Courtyard brands, said room rates in The group’s operating margin declined 10 basis analysts in a Reuters poll. North America rose 1.1% in the first quarter. points to 7.5% as growth in the UK was off set by Bigger rival LafargeHolcim, which reported results Its net income rose to $398mn or $1.09 per share in inflation and restructuring costs. on Tuesday, also blamed the harsh winter for a 13% the three months ended March 31, from $371mn or “Inflation and cost of change actions in the UK, decline in first-quarter earnings. 95 cents per share a year earlier. along with the impact of extreme weather across HeidelbergCement, the world’s second biggest Excluding items Marriott reported earnings of $1.34 Japanese car giant Toyota reported a record full- the rules of the competition”. He said the company the region (Europe), were not fully off set by pricing cement maker, said deliveries of aggregates and per share, ahead of analysts’ average expectation year net profit yesterday thanks to a weaker yen now faced rivals that include IT companies with and eff iciencies,” chief executive Dominic Blake- ready-mixed concrete were both down 2%, as of $1.22, according to Thomson Reuters I/B/E/S. and US tax cuts, but warned about the outlook for massive capital and the ability to adapt swiftly and more said in a trading statement. growth in the Asia-Pacific region could not off set Revenue inched up 1.9% to $5bn but fell well short the next 12 months. that Toyota would invest in new technology and Shares in the FTSE 100 listed company fell as much the weather-related weakness in Europe and the of analysts’ estimates of $5.75bn. Company president Akio Toyoda said the industry look for alliances to create novel products and as 6.7% to 1,477.50 pence in response, marking US market. Deutsche Telekom was facing “profound change” and pledged to services. He gave no further specifics. their largest intraday percentage decline in nearly HeidelbergCement kept its forecast for 2018, transform the auto giant into “a mobility company”. Soft Bank 4 years. still expecting profit from current operations to Germany’s Deutsche Telekom lifted its earnings Japan’s leading carmaker said net profit jumped Skanska increase by a mid- to high-single digit percentage forecast for 2018 yesterday as it presented first- 36.2% to ¥2.49tn ($23bn) in April-March, but for the Japanese telecom giant SoftBank yesterday report- before exchange rate and consolidation eff ects. quarter results, saying fast growth especially in US current year it expects that to fall 15% to ¥2.12tn. ed a surge in its annual operating profit, driven by Construction group Skanska yesterday reported ING Group arm T-Mobile would juice its operating income. The boost was driven by a weaker yen and cost- the increasing value of its Vision Fund and robust a bigger-than-expected fall in first-quarter profit Net profit at the firm increased 32.8% year-on-year cutting measures, but also US tax cuts, which have performances from its telecoms units. mainly on the back of writedowns related to project ING Group, the largest Dutch-based financial between January and March, to €992mn ($1.2bn). pushed up profits for other automakers in recent Full-year annual operating profit was up 27.1% to delays in Poland, sending its shares down. services company, reported yesterday a 2.1% rise The group reported falling revenues, down 3.9% months. ¥1.3tn ($11.8bn), while sales rose 2.9% to ¥9.16tn. The Nordic region’s biggest building company in first quarter underlying pretax profit to €1.69bn at €17.9bn, as currency headwinds from the strong “Toyota quickly recovered thanks to the US tax The firm booked a loss in annual net profit however, embarked on a restructuring in January under new ($2.0bn), beating expectations on lower provisions euro clouded the growth picture. cuts and a weak yen for the last fiscal year,” Satoru for one-off reasons related to the sale of its stake in CEO Anders Danielsson to improve profitability, for bad loans. Operating, or underlying profit also fell 11.6%, to Takada, an analyst at TIW, a Tokyo-based research Chinese e-commerce giant Alibaba. which is focused on several of its markets, but Analysts polled for Reuters had seen the figure €5.3bn. Nevertheless, “we will remain on course for and consulting firm, said. Full year net profit was down 27.2%, the company mainly Poland. falling to €1.48bn, compared to €1.65bn in the same success in 2018,” chief executive Tim Hoettges said, Toyota said sales rose 6.5% to a record ¥29.3tn said, with the losses amplified by the firm’s sale last The results included 670mn crowns of restruc- quarter a year ago. pointing to Telekom’s “unique” growth and slightly despite a 0.1% decline in vehicle sales by unit, and year of mobile game subsidiary Supercell Oy. turing costs and around 600mn of new project CEO Ralph Hamers said in a statement “commercial increasing the group’s annual forecast for adjusted operating profit was up 20.3%. SoftBank said overall sales rose on the robust per- writedowns for Poland. momentum remained strong” during the quarter operating profit to €23.3bn. It said it expected the market in developing coun- formance of key operations including its domestic It had in January estimated restructuring costs for and the company had weathered the change to In the first quarter, the former state telecoms tries to stay steady, with the market in emerging telecom business, Yahoo Japan, and chip designing the whole year at around 600mn. new Basel and IFRS accounting rules with a com- provider passed a milestone of 10mn German cus- economies expanding gradually. unit Arm. “Disappointingly, the weak performance of our mon equity tier 1 (CET1) ratio of 14.3%. tomers connected to the Internet via its fibre-optic But it also warned of “profound transformation” US tax cuts also helped boost income from the Polish operations continued during the quarter. ING said core lending grew by €12.3bn and it added lines. And Telekom booked continuing growth at in the industry as a whole because of “increasing, firm’s US Sprint mobile service, it said. After a deeper review by the new management in 400,000 new customers, while the bank’s underly- carrier T-Mobile US, with 1.4mn net new customers serious environmental issues and other social The rising value of its SoftBank Vision Fund, an Poland, additional project delays and cost increases ing interest margin was steady at 1.52%. and a double-digit year-on-year increase in adjusted challenges, (and) technological innovation such as investment arm created in 2016 with money from were identified,” Danielsson said. Loan provisions fell to 85mn euros from 133mn, operating profit. But it off ered was no new informa- automated driving”. Saudi Arabia’s sovereign wealth fund and other “For the remainder of the year we expect the opera- which ING said was due in part to IFRS account- tion about its proposed merger of the unit with Toyoda said the company was facing a “once-in-a- sources, also gave the company a boost. tions (in Poland) to stabilise, but at limited profit ing changes. However, it said the unusually low competitor Sprint, which would combine the third- century” challenge, “as our rivals change, as well as As is customary, SoftBank did not disclose forecasts levels,” he said. numbers reflect good economic conditions in most and fourth-largest mobile operators in America. Gulf Times Thursday, May 10, 2018 11 BUSINESS

US producer prices rise slightly Vodafone’s $22bn Liberty deal in April Reuters to reshape European telecom Washington

Bloomberg vergence of TV and cable services at S producer prices barely London such a scale could be harmful for de- rose in April after strong mocracy in the country, and yesterday Ugains in the fi rst quarter, said the tie-up would “distort compe- held down by a moderation in odafone Group is shaking up tition” by creating a “giant.” Deutsche the cost of both goods and serv- Europe’s fragmented media and Telekom was forced by regulators to ices, which could ease fears that Vtelecom market with an €18.4bn sell off its cable assets last decade and infl ation pressures were rapidly ($22bn) deal to buy almost a third of Colao suggested his counterpart’s re- building up. Liberty Global, part of a global push for marks stemmed from concern about The slowdown in wholesale scale as carriers face massive network increased competition. price growth reported by the investments and competition from The deal is “exactly what German Labour Department yesterday is digital players. market needs, which is a stronger, more likely temporary as manufactur- With the acquisition of Liberty Glo- consolidated competitor to Deutsche ers have been reporting paying bal’s German and Eastern European Telekom in a market that has really more for raw materials. Econo- units, Vodafone chief executive offi cer lagged in innovation and investment,” mists also expect oil prices to Vittorio Colao is reshaping spheres of in- Mike Fries, Liberty Global’s CEO, said surge after President Donald fl uence in a way that has already drawn a in an interview. “So I think this will Trump on Tuesday pulled the US harsh rebuke from his closest rival, Deut- get approved and I think it’s defi nitely out of an international nuclear sche Telekom. The purchase, the largest in the best interests of consumers and deal with Iran. by Colao in his decade running Newbury, we’ll make that argument.” “Infl ation isn’t breaking out, England-based Vodafone, threatens the The tie-up, scheduled to close although with Trump exiting the continent’s biggest carrier Deutsche Tel- around mid-2019, may not mark the Iran nuclear deal, higher energy ekom in its home market. end of Liberty and Vodafone’s discus- prices could kick-start a new The deal, announced yesterday after sions. Executives on both sides have round of infl ation at the producer months of talks, has the CEO of Ger- publicly mused about the potential for level,” said Chris Rupkey, chief man’s former phone monopoly spit- a merger of the companies, to create a economist at MUFG in New York. ting fi re. Tim Hoettges, seeking his own European challenger with the mobile The Labour Department said $26.5bn American tie-up of unit T-Mo- and fi xed assets to better take on in- yesterday its producer price in- bile US Inc with Softbank Group Corp’s cumbents. dex for fi nal demand edged up Sprint Corp, vowed to fi ght against what Yesterday, Colao told reporters a deal 0.1% last month after increasing he characterised as a remonopolisation Pedestrians walk past a Vodafone store in central London. The British telecommunications giant agreed yesterday to buy in the UK is not on the agenda and that 0.3% in March. That lowered the of Germany’s cable market by Vodafone, a raft of US cable giant Liberty Global’s European activities for $22bn, which it said would catapult it into being the largest Vodafone is very happy with how the year-on-year increase in the PPI while Colao appealed to ambitions by operator in the EU. Netherlands arrangement is working, to 2.6% from 3.0% in March. European regulators to challenge in- while Fries said no other arrangements Economists polled by Reuters cumbents to invest. inked a joint venture in the Netherlands they operate, but Liberty Global had players,” said Paolo Pescatore, a media are currently being contemplated. had forecast the PPI gaining 0.2% “The EU has always been talking in 2016, discussions about more trans- been struggling to fi nd a way to gain and telecom analyst at CCS Insight Still, the transaction sets the stage last month and rising 2.8% from about the need to have cross-country formative mergers or asset swaps had clout with mobile services in Germany. in London. “We expect Liberty to use for Vodafone to potentially scoop up a year ago. A key gauge of under- competitors in telecoms,” Colao told stalled on disagreements over valua- Vodafone in February said it was in talks these funds to strengthen its position the rest of Liberty Global in a few years, lying producer price pressures reporters on a call. “This is actually tions and debt. with Liberty about acquiring some con- on other markets such as the UK,” or in if it’s cheap enough, said RBC analyst that excludes food, energy and the fi rst and biggest creation of one of Vodafone rose as much as 2.4%, tinental assets where the two compete. Switzerland, he said. Jonathan Dann. After acquisitions by Trade services also nudged up those, both in mobile and fi xed.” trading at 210.20 pence in London yes- The agreement appears to signal a The deal marks a signifi cant con- Deutsche Telekom in the Netherlands 0.1% last month. The so-called The transaction gives Vodafone, al- terday. Liberty Global, listed in New retreat by Malone, by focusing Liberty solidation for European carriers, which and Austria and its move for Sprint in core PPI had increased by 0.4% ready Germany’s largest cable opera- York, fell 5.4% on Tuesday. Global more on the UK and Ireland, its remain signifi cantly more fragmented the US, as well as Wednesday’s acqui- in each of the past three months. tor, the second-biggest cable network, Vodafone will pay Liberty Global largest market, and follows the sale of than their US peers. It will face scru- sition by Vodafone, the telecom deals In the 12 months through as well as Liberty Global’s Czech Re- €10.8bn of cash and assume €7.6bn of its Austrian cable division to Deutsche tiny from regulators, either in Ger- that make sense for the major European April, the core PPI rose 2.5% af- public, Hungary and Romania divi- debt, Vodafone said. After paying for the Telekom late last year. However, Liber- many or at the European Union, the players are fi nally happening, Dann ter jumping 2.9% in March. Core sions, providing more scale to bundle integration, cost and capex synergies are ty Global could choose to take the cash latter having blocked the merger of CK said. goods prices increased 0.3% in internet, phone and TV services. It valued at €6bn by Vodafone, while rev- and double down in markets where it Hutchison Holdings Ltd’s Three and “I think now Vodafone hope Liberty April, matching March’s gain. follows years of on-and-off talks be- enue synergies amount to €1.5bn. can buy rivals to scale up. Telefonica’s O2 in the UK in 2016. will now be very Swiss, Belgian and stocks on Wall Street were tween Vodafone and US billionaire John The companies both seek to be top “We’re moving to a region that’s go- Hoettges in February called for such UK-centric and very underperforming, trading higher, with shares of Malone’s Liberty Global. While the two carriers in each of the markets where ing to be dominated by a handful of a deal to be blocked, saying the con- and then be cheap,” Dann said. energy companies getting a boost from surging Oil prices af- ter the US exited the Iran nuclear deal and imposed the ‘highest level’ of sanctions against the Maersk likely to shelve plans Opec member. Oil prices rose Bank of England hike pushed to August more than 2.5%. US Treasury to list drilling division yields rose while the dollar fell against a basket of currencies. on Carney comments, downbeat data Reuters while Diamond Off shore did not re- Infl ation is fl irting with the London/Copenhagen spond to a request for comment. Federal Reserve’s 2% target. The One of the sources said that the US central bank’s preferred in- Reuters Governor Mark Carney on April 19, what sort of deal Britain strikes with Maersk family’s investment company, fl ation measure, the personal London softening activity data, a downside the EU before it leaves in March next Shipping group AP Moller-Maersk is AP Moller Holding, could itself consider consumption expenditures surprise on infl ation and GDP growth year has left consumers, investors and likely to shelve plans to list its struggling buying the unit. (PCE) price index excluding of just 0.1% quarter-on-quarter in economists wary. off shore drilling division because of The holding company of the family, food and energy, increased 1.9% he Bank of England will wait un- Q1, the probability has fallen,” Si- Signals that Britain’s economy is weak market conditions, according to which is the biggest Maersk group year-on-year in March and is til August before raising interest mon Wells at HSBC told clients when slowing suggest “unreliable boyfriend” five finance sources familiar with the shareholder with a stake of 41.5%, expected to breach its target in Trates, according to a Reuters poll changing his forecast. Carney — whose recent comments up- matter. declined to comment. the coming months. in which nearly all economists pushed Bank Rate will instead rise to 0.75% ended expectations the BoE would raise The Danish company is now expected The proposed sale is part of Maersk This comes as last year’s big de- back previous expectations of a hike in August, medians in the poll said, and rates this month — may just be in touch to focus on a trade sale of Maersk Drill- group’s restructuring plan of divesting clines in prices of cell phone serv- today. then to 1.0% in the second quarter of with his data-sensitive side. ing, and extend the timeline to divest energy businesses — including oil explo- ice plans drop out of the calcula- That dramatic turnaround from a 2019, just after Britain is scheduled to The bank governor’s guidance on the the unit beyond its initial target of ration, oil tankers and supply services — tion. Fed offi cials have in recent poll taken just a few weeks ago was leave the European Union. path for interest rates has repeatedly the end of 2018, said the sources who to focus on shipping, ports and logistics. days signalled they would not be triggered by dovish comments from “We expect the data to improve been knocked off course by surprises declined to be named as the discussions The strategy could allow the compa- too concerned if infl ation over- BoE governor Mark Carney, together in the coming months, allowing the in the economy, hence the accusation are private. ny to shed any conglomerate discount shot the central bank’s target, re- with a slew of downbeat data suggest- Monetary Policy Committee to hike of unreliability from a lawmaker. Maersk group has not publicly put a in the way investors value its shares. iterating a message in a statement ing Britain’s economy is barely grow- Bank Rate in August. “It all boils down to how the Com- price tag on the division, but analysts The aim is to build an integrated con- issued at the end of a two-day ing. But we acknowledge that the risks mittee sees the recent weakness in value it at around $4.8bn. tainer shipping firm, giving customers policy meeting last Wednesday. All but three of the 62 economists now look skewed to the downside,” British fi gures like GDP and infl ation,” It has not yet received any firm off ers the chance to deal with one company Prices for goods were un- polled from May 3-8 expect no move noted Andrew Wishart at Capital Eco- said Andreas Wallstrom at Nordea, for the unit, according to two of the when transporting goods, from factory changed last month after rising from 0.5% this month — a complete nomics. who added he was not super confi dent sources. to shop shelf. 0.3% in March. Wholesale food reversal from an April 18 poll when 69 Some of the economists polled have in his call for an increase this week. But off shore rig firm Borr Drilling, The listing option was shelved prices declined 1.1% last month, of 76 economists had a 25 basis point no rate hike this year or in their fore- “The signals from the Bank if you whose biggest shareholder is the because of sluggish investor appetite the largest drop since August 2016, increase pencilled in for May 10. cast horizon. go back to before those outcomes was world’s largest oil service firm Schlum- in the drilling sector, which plagued by after surging 2.2% in March. Gaso- Just under a third of economists The BoE also publishes its quarterly quite clear that they had the intention berger, and Houston-based Diamond an oversupply of rigs and has not yet line prices fell 0.4% in April after polled now expect no change in August Infl ation Report forecasts today. to hike. It is not set in stone.” Off shore were considering bids, recovered from a downturn in oil prices. dropping 3.7% in the prior month. either. Financial markets have made a Based on experience, economists Infl ation, while still considerably sources said. Maersk group declined to More broadly, investors and bankers In a separate report, the Com- similar about-face. and traders tend to view the BoE as above target, has fallen faster than the comment on the divestment process, have cautioned initial public off erings merce Department said whole- At the start of April they were pric- more likely to change policy dur- Bank expected and wage growth — which it announced in September 2016, will become tougher in Europe as the sale inventories increased less ing in a 90% chance of a hike, but that ing months when it has forecasts to which has long underpinned the BoE’s adding it was “thoroughly reviewing all year progresses to do as money gets than initially estimated in March has plummeted to around 10%. Ster- explain its decisions. But Britain’s view that rates will need to rise gradu- structural options available”, including a tighter and potential investors are more amid declines in the stocks of ling has plunged from above $1.43 in economy has fallen from top to bot- ally over the next few years — dropped listing or trade sale. cautious after being burnt by some motor vehicles and a range of mid-April to around $1.35 now. tom of the list of G7 countries in terms to less than 1% annualised in the three Borr Drilling declined to comment, high-profile failures. other goods. “Following dovish comments from of growth rate, and uncertainties over months to February. Tesla urged to ‘raise its game’ as activist seeking shakeup

Bloomberg recognising the need for independent and eff ective independent board service at a according to Waizenegger. He became San Francisco eff ective board leadership, Tesla has re- public company.” director of Chipotle Mexican Grill in 2013, nominated three directors who exemplify Gracias, a Tesla director since 2007, and shareholders rejected the company’s the company’s failure to evolve.” has both personal and professional ties executive compensation plan the next An activist firm representing Tesla share- The letter escalates long-held criticisms to Musk, 46. The founder of Valor Equity year. The stock slumped during a pro- holders has excoriated the electric-car of a board that CtW and several inves- Management invested in Paypal, which longed food-safety crisis. maker, claiming that it’s veered off the tors have faulted for being beholden to Musk co-founded, and participated along “We would find it inexplicable if Tesla path to profit and urging a major overhaul Musk, Tesla’s chief executive off icer. The with Valor in funding rounds and a debt were anything like a well-run public com- of the Elon Musk-led board. company has burned through almost raise that Tesla conducted before its 2010 pany,” Waizenegger said of Kimbal Musk’s CtW Investment Group, working with $4bn during the past year while scaling up initial public off ering. Musk gave Gracias re-nomination. union pension funds that are Tesla inves- operations for the Model 3, intended to be the second Roadster sports car that the CtW was among the group of influential tors managing more than $250bn, op- its first mass-manufactured car. The sedan company built. He’s also on the board of investors that pressed Tesla in April 2017 to poses the re-election of three board mem- has missed several production targets Space Exploration Technologies Corp. add new directors who didn’t have ties to bers who are up for votes during Tesla’s and stoked concerns about whether the “The lead independent director should Elon Musk, citing concerns about the lack of June 5 annual meeting. The firm calls for company has enough cash. be leading a process of renewing and independence on the board. The carmaker shareholders to cast ballots against Anto- While praising Tesla as a “successful modernising the board by recruiting named longtime media executives James nio Gracias, a private-equity investor and innovator with an environmental mission,” well-qualified, diverse, and independent Murdoch, the son of News Corp executive Tesla’s lead independent director; Kimbal CtW’s Waizenegger writes that the com- directors with a combination of industry chairman Rupert Murdoch; and Linda John- Musk, Elon’s brother; and James Murdoch, pany’s prospects for continued success and governance experience,” Waizeneg- son Rice, chairman of Johnson Publishing Co. CEO of Twenty-First Century Fox. are “more tenuous than ever” and that the ger writes. “Given his longstanding Waizenegger listed scandals involving “Tesla has failed to hit critical produc- board needs to “raise its game.” related to the company’s controversial tetic focus – he is also CEO of SpaceX, a conflicts, we see no likelihood that Gracias companies James Murdoch managed, tion milestones and has consequently The wide-ranging letter raises concerns acquisition of SolarCity Corp. proponent of the hyperloop, and appar- will change course and initiate this long including News Corp’s phone-hacking seen its past progress toward profitability with matters including Musk’s combative “In response to these considerable ently about to start a candy company – is overdue process.” episode and Twenty-First Century Fox’s sharply reverse,” Dieter Waizenegger, earnings call with analysts last week, financial and operational challenges, the exacerbated, rather than contained, by a CtW also knocks Tesla for re-nominat- sexual harassment lawsuits. Murdoch CtW’s executive director, wrote in a letter safety issues at Tesla’s California assembly Tesla board has been unduly deferential board most of whose members have fam- ing Kimbal Musk, 45, who lacks relevant doesn’t appear to have any experience filed yesterday with the Securities and plant, fatal crashes involving the driver- toward Chairman and CEO Elon Musk,” ily or non-Tesla ties to him, lack industry industry experience or “a track record of in manufacturing or engineering, Wai- Exchange Commission. “But instead of assistance system Autopilot and litigation Waizenegger writes. “Musk’s peripa- experience, and have no track record of eff ective public company board service,” zenegger writes. Thursday, May 10, 2018 GULF TIMES BUSINESS

Vodafone Qatar appoints Khames al-Naimi as chief human resources officer

Vodafone Qatar an- nounced yesterday the appointment of Khames Mohamed Abdulrahman al-Naimi as the com- pany’s new Chief Human Resources Off icer. Al-Naimi brings with him years of demonstrated success in delivering human resources management programmes and serv- ices in leading Qatari organisations. He joins Vodafone Qatar from the Supreme Committee for Al-Naimi: New role. Delivery & Legacy where he held the position of HR director. Vodafone Qatar CEO Sheikh He has also built extensive HR Hamad Abdulla Jassim al-Thani experience working for the likes said: “I am delighted to welcome of Qatar Foundation and Dolphin al-Naimi to Vodafone Qatar’s man- Energy. agement team whose outstanding Al-Naimi holds a BSc in Busi- leadership experience in HR will ness Administration from the be invaluable to our company. I Applied Science University and is am confident that he will play a presently studying for a master’s key role in further building our degree in Strategic Business Man- team of talented employees and agement from HEC Paris – Doha. growing the company.”

The award recognises excellence among Visa card issuers in the market that drives e-commerce business growth through best-in-class products, innovation and constant customer engagement Woqod’s EGM on June 10

oqod said the com- to 1%. The amendment will read pany’s extraordinary as follows: “Except for the owner Commercial Bank receives Wgeneral meeting, which of the privileged share, Shafallah could not be held twice earlier Center and the State of Qatar (as due to a lack of quorum, will now defi ned in Qatar Financial Mar- be held on June 10 at 9pm. In a ket Authority Decision No 1 of statement yesterday, Woqod chief 2016), the Qatar Foundation for award from Visa for highest executive offi cer Saad Rashid Education, Science and Com- al–Muhannadi said the meeting munity Development, The Qatar slated for May 6 and 9 were “un- Investment Authority and Qatar successful” due to the lack of the Holding Company, no natural required quorum to hold it. or legal person may at any time He explained that this meet- - directly or indirectly - hold e-commerce growth in Qatar ing would be the third and last shares in the Company in excess as per the company’s Articles of of 1% of the issued capital. ommercial Bank has received an superior products and services in the ture to our cardholders and we are now Enrolling in Visa Checkout is a sim- Associations, where the quorum Subject to the provisions of award from Visa, the “world’s local market, backed up by top quality off ering Visa Checkout to make e-com- ple, one-time process, taking only a few would be attained regardless of the above paragraph, non-Qa- Cleader” in digital payments, for service.’’ merce transactions faster and even more minutes. the attendance percentage. taris may hold a total percentage “highest e-commerce growth” in Qatar. Roya Khajeh, Commercial Bank as- secure.” Consumers simply store their shipping The agenda includes amend- of the capital of the Company The award recognises excellence sistant general manager and head (Cards Shahebaz Khan, Visa country man- and payment information in a secure ac- ment of Article 9.1 of the Qatar not exceeding 49% of the is- among Visa card issuers in the mar- and Payments) said, “This award is a ager (Qatar) said, “Consumers in gen- count with Visa once, and they never Fuel (Woqod) Regulations by sued capital in accordance with ket that drives e-commerce business testament to Commercial Bank’s com- eral are increasingly demanding se- have to re-enter it again when shopping setting a cap for the ownership of the provisions of Law No 9 of growth through best-in-class prod- mitment to off er a diversifi ed range cure and easy-to-use digital payments online at all merchants globally who off er non-Qataris in Qatar fuel capital 2014 regulating the investment ucts, innovation and constant custom- of payment solutions to our custom- when making purchases online – this is Visa Checkout. of 49% and increasing the per- of foreign capital in economic er engagement. ers and we will continue to focus on e- of course true as well for Qatari card- Users simply enter a username and centage of individual ownership activity”. Commercial Bank executive general commerce, where we are seeing a clear holders. log-in to pay, rather than a 16-digit cred- manager and head (Retail and Consumer shift in our customers’ preferred mode Commercial Bank has been playing it card number and expiry date at every Banking) Amit Sah said, “We are delight- of transaction. a leading role in driving e-commerce transaction. Nakilat EGM to be held on May 13 ed to win such a prestigious award from E-commerce is growing in Qatar and in Qatar and we are delighted they are Customers can enrol in Visa Check- Visa, the world’s leader in digital pay- Commercial Bank has worked closely offering Visa Checkout to its customers out on www.cbq.qa website, Visa.com Nakilat said its extraordinary general meeting will now be held on ments. with Visa to make e-commerce trans- who can now enjoy a consistent, sim- (https://qa.visamiddleeast.com/en_QA/ May 13 at La Cigale Hotel, at 6:30pm. The previous extraordinary Commercial Bank has a long and proud actions safer and more convenient. We ple, and secure shopping experience pay-with-visa/vco.html) or the website general meeting could not be held due to a lack of quorum, the strategic relationship with Visa which were one of the fi rst banks to off er a dy- across any device – desktop, mobile of any online retailer subscribed to the company said in a statement. has allowed Commercial Bank to off er namic OTP based 3D-secure online fea- and apps.” digital payment service.

Milaha vessel ‘Oshairij’ launches direct container feeder service between Qatar, Iraq Sonatrach to buy ExxonMobil’s Augusta oil refi nery in Sicily

Reuters for Algerian crude and improve London fuel supplies for the Opec mem- ber, he said. A Sonatrach source confi rmed the deal. Ould Kad- lgeria’s state energy fi rm dour also told Les Echos Sonat- Sonatrach plans to buy rach was about to sign a deal with AExxonMobil’s 175,000 bar- French oil company Total to build rel-per-day Augusta refi nery in a petrochemical plant in Algeria. Sicily, Italy, Exxon said yesterday, “It will be the fi rst unit to pro- as the North African oil producer duce propylene and polypropyl- seeks to cut its hefty fuel bills. ene in Algeria...most of it will be Algeria, which needs to meet exported to Europe,” Ould Kad- surging domestic fuel demand, dour told Les Echos. paid $800mn for fuel imports in Algeria has struggled to at- 2016 but that more than tripled tract foreign investment in re- in 2017 to a record $2.5bn, be- cent years and has seen its oil cause of refi ning problems. and gas production stagnate. Exxon’s Italian subsidiary said Since Ould Kaddour took the that the deal included three fuel helm of Sonatrach in March last storage terminals and related year, he has been trying to make pipelines in Augusta, Palermo Sonatrach’s culture more busi- and Naples and that the transac- ness-friendly and resolve long- tion was expected to close at the standing legal disputes with for- end of 2018. eign companies. Milaha’s vessel ‘Oshairij’ has launched a direct container feeder service between Qatar and Iraq. The ship that departed Hamad Port on Monday arrived at Umm Qasr Abdelmoumen Ould Kaddour, Sonatrach said in January that Port yesterday, the Ministry of Transport and Communications said in a release. “The new service will be initially served with this only one vessel with a 1,015TEU capacity who heads state-owned Sonat- it had signed a crude for refi ned and 110 reefer plugs. The service takes a transit time of only two days, making it particularly ideal for dry and refrigerated foodstuff s, electronics, building materials and rach, told French news outlet Les products deal with the world’s other cargo,” the release added. The new service follows a Hamad Port-Umm Qasr-Shuwaikh (Kuwait)-Hamad Port rotation. “The direct container feeder service between Echos of the decision in an inter- largest oil trader Vitol to cut its Qatar and Iraq enhances their already-growing trade and economic relations and provides Iraqi customers and partners with more flexibility via providing bigger seaport view earlier yesterday. fuel bills, the fi rst deal of its kind coverage and making navigation faster,” the Ministry of Transport and Communications said. The deals will assure an outlet in decades.

Emirates profi t rises, looks at closer Etihad ties Emirates airline reported a sharp Last year, Emirates president Tim increase in annual profit yesterday Clark said the airline was open to Emirates is facing cabin crew shortages and said it would be careful not to cooperation with Etihad in areas flout competition rules as it explores including procurement. a closer relationship with rival The two airlines are both based Reuters to meet the requirements of long-haul in April meant it would have to cut back or pilots than required by regulations or Etihad Airways. in the United Arab Emirates but Dubai routes. The Dubai-based airline denied on the frequency of some routes this sum- that employees were exceeding working The airline will continue looking compete with each other via hubs in it had a cabin crew shortage and said it mer. Major airlines are having to adapt to hours set by regulators. at ways to operate “more ef- Dubai and Abu Dhabi. had slowed down recruitment across the a more competitive marketplace and the The airline is holding recruitment open ficiently,” including working with Airlines around the world have mirates is facing a cabin crew company last year, including for crew, impact this has on staffi ng. days for new crew in at least 12 countries Abu Dhabi’s Etihad as long as it is been battling pressure on fares over shortage and is struggling to fully but had recently started actively recruit- Ryanair, Europe’s biggest budget air- this month, including the United States, not against the law or in breach of the last couple of years due to vola- Estaff some fl ights after a spate of ing crew again. line, was forced last year to recognise United Kingdom and France, according competition rules, chairman Sheikh tile demand and fierce competition. resignations and other workforce con- “Our recruitment activity, as well as unions to avoid a Christmas strike after to one of its websites. According to an Ahmed bin Saeed al-Maktoum told Sheikh Ahmed said though busi- straints, several employees told Reu- our adjustment of the crew complement a shortage of standby pilots forced it to internal Emirates e-mail dated April 8, reporters. “We will always be happy ness conditions improved they had ters. Seven Emirates employees said the on some aircraft types, is all part of any cancel fl ights. seen by Reuters, a “signifi cant increase in to cooperate with them,” he said at remained tough. airline was operating fl ights with fewer normal business review,” the airline said Emirates, which employs about 25,000 on-the-day sicknesses reports” due to a Emirates headquarters in Dubai. “It Profits at Emirates more cabin crew than usual and increasingly in a statement to Reuters. cabin crew staff from around the world, change in the way sick leave is reported has nothing to do with a merger.” than doubled to 2.8bn dirhams reassigning fl ight attendants to other Four employees told Reuters that a has seen growth aff ected over the last few was impacting “crew rostering and op- The two airlines could consider ($762mn) in the financial year to routes at the last minute to enable them series of resignations among cabin crew years by lower oil prices, a major driver erations”. joint purchases and sharing facilities March 31, helped by a favourable to operate. and a spike in the number of crew calling of wealth in the Gulf region, and vola- Some employees said the carrier has in countries that they both fly to, dollar exchange rate and lower Emirates’ fl eet of Airbus A380 and in sick had put pressure on the airline. tile demand. The employees said there tried to mitigate staff shortages by ask- Sheikh Ahmed said. staff numbers. Revenue rose 9% to Boeing 777-300 jets requires more cabin The cabin crew staffi ng issue follows on was no suggestion that the airline was ing pilots and cabin crew to work longer He did not give more details. 92.3bn dirhams. crew per fl ight than smaller aircraft and from a pilot shortage which Emirates said operating fl ights with fewer cabin crew hours each month.