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Wednesday, April 21, 2021 Ramadan 9, 1442 AH DEBT UNDERWRITING: Page 7 BofA looks to link up GULF TIMES bond issuers with BUSINESS minority-run banks

Commercial Bank Masraf Al Rayan is fi rst outlook revised from ‘stable to Qatari listed company to ‘positive’ by S&P recommend up to 100%

S&P Global Ratings has revised its outlook from ‘stable’ to ‘positive’ on foreign ownership Commercial Bank while affirming its ‘BBB+/A-2’ long By Santhosh V Perumal of each company based on per- and short-term issuer credit Business Reporter centage ownership available to ratings. investors (local, regional and in- According to S&P, “Over ternational). the past few years, asraf Al Rayan has be- The (expected) increase (in Commercial Bank has de- come the fi rst listed en- the weight) translates into new risked its balance sheet Mtity to recommend up money coming to that stock and strengthened its risk to 100% foreign ownership, after mainly from international funds management.” the cabinet endorsed a plan that to match with the new weight of The ratings agency also off ered full foreign holding in the that company. highlighted the key role listed companies. “The decision to raise the per- of the Qatari authorities The bank “is the fi rst Qatari centage of foreign ownership in in providing support to listed company whose board of the shares of Qatari companies the bank, as stated in directors has approved the for- will positively aff ect the liquid- the report, “We classify eign ownership ceiling to 100% ity and trading in the market,” Commercial Bank as having after the honourable Council of al-Mansoori earlier said. high systemic importance Ministers decision in this re- Qatar is the fi rst country to and consider the authorities gard,” Qatar Stock Exchange have 100% FOL for all listed in Qatar highly supportive (QSE) chief executive Rashid bin fi rms. Since FOLs are a consid- of the country’s banking Ali al-Mansoori said in a tweet eration in the weight of stocks sector.” yesterday. in global emerging market indi- Commercial Bank Group Now that the Masraf Al Rayan ces, such as those managed by Chief Executive Officer board has approved up to 100% MSCI and FTSE, the increase in Joseph Abraham said, foreign ownership limit (FOL), a FOL will increase the weights of “This upward revision of proposal regarding amendment Qatari stocks in these indices, Commercial Bank from to Articles of Association has said Akber Khan, senior director stable to positive outlook to be discussed with the share- (Asset Management Group), Al by S&P reflects the holders by calling for an extraor- Rayan Investment. continued prudent economic dinary general assembly. The draft law, approved by the management by the State of Masraf Al Rayan, now in the Masraf Al Rayan has become the first listed entity to recommend up cabinet, includes the amend- Qatar and the Qatar Central midst of merging al khaliji with to 100% foreign ownership, after the cabinet endorsed a plan that ment of Article (7) of the law so Bank despite the challenges it, is one of the few entities that off ered full foreign holding in the listed companies. that non-Qatari investors can associated with Covid-19. saw signifi cant appreciation in own up to 100% of the capital of “For Commercial Bank, S&P’s its share value after the cabinet proved by the board of directors be the surviving entity, continu- Qatari shareholding companies positive outlook reflects the S&P Global Ratings has revised its outlook from ‘stable’ nod to allow up to 100% FOL of both banks and is expected to ing to operate as an Islamic bank. listed on the QSE. Bank’s improved quality of to ‘positive’ on Commercial Bank while affi rming its in the listed companies, a move be completed in the fi rst half of It is expected that after up Other than Masraf Al Rayan, earnings generation, strong ‘BBB+/A-2’ long and short-term issuer credit ratings. that ought to substantially en- 2021, subject to central bank and to100% FOL is implemented, Khan said Qatar Islamic Bank, capital and liquidity and the According to S&P, “Over the past few years, Commercial hance liquidity and trading in regulatory approvals. the weight of such entities in the Commercial Bank and QIIB are focused execution of our Bank has de-risked its balance sheet and strengthened the market. Upon the completion of the emerging market indices (MSCI expected to see the lion’s share five-year strategic plan.” its risk management” The merger of al khaliji with merger, al khaliji will be “dis- and FTSE) would increase as of infl ows that could be in excess Masraf Al Rayan has been ap- solved” and Masraf Al Rayan will the indices calculate the weight of $1.5bn. Oil traders buying back into Barwa Real Estate fi rst-quarter market’s bullish outlook

Bloomberg For now, the US has become the juggernaut of New York the oil market. Driving on US interstates was higher net profi t rises 7% to QR190mn than 2019 levels in the week through April 11 for the first time since the pandemic began. American arwa Real Estate Group attained a net profi t well as in the Barahat Al-Janoub project, which is Signs of oil market strength are creeping back refiners processed the most crude in almost 13 of QR190mn in the fi rst quarter of 2021, a residential city for workers. as traders gear up for an expected rebound in months last week, while manufacturing gauges Ba 7% increase compared to the same pe- The two projects will enhance the levels of sup- consumption over the summer and supplies shrink continue to boom. With vehicle use in the UK also riod in 2020. The total assets of the group reached port for the partnership with the State of Qatar, in the North Sea. now climbing higher, optimism is growing that QR34bn, and total equity of shareholders reached as the two projects will be used as part of the or- Some of the market’s more esoteric gauges have vaccination programmes will help oil demand surge QR20bn in the same period. ganisational plans for the World Cup events. The surged in recent days, buoyed in part by a barrage over the summer. But even with a more positive As a result of the group’s success in developing development of the two projects is expected to be of strong consumption data in the US as well as outlook, the record spread of Covid-19 in countries a balanced real estate portfolio that helps to cope The total assets of the group completed in mid-2022. some of the heaviest maintenance in years at fields like India serves as a reminder that the path of with market fl uctuations, and despite the eff ects reached QR34bn, and total equity of The group is also working on the economic pumping benchmark North Sea supplies. recovery is unlikely to be smooth. of the Covid-19 pandemic on the global economy, shareholders reached QR20bn in the feasibility study of many development projects Brent futures are trading at their biggest premi- For now, though, refiners are slowly emerging the group has succeeded in boosting rental in- same period proposed by the Public Works Authority under um to the next month since early March – a bullish from seasonal maintenance work across the world, come, increasing it by 45%, which is a large per- the PPP system, and the group’s participation in structure known as backwardation that indicates bringing back millions of barrels of demand for centage that refl ects the size of planning and ef- the company’s operating revenues and the sus- any of these tenders will depend on its economic tight physical supply. Meanwhile swaps tied to the physical crude cargoes. fort made at all levels within the group to enhance tainable growth of the returns of its sharehold- viability and in line with the group’s development North Sea market that prices more than two-thirds With buyers returning, weekly swaps in the North sustainable growth in operating income. ers, including the third phase of Madinat Ma- strategy. Barwa will also continue to study its of the world’s crude have also jumped. Sea market are pointing to tighter supplies in the The company also succeeded in rationalis- water project, which began in August 2019 on a available land bank to determine its optimal use It’s the first meaningful sign of recovery since coming weeks. So-called contracts for diff erence ing its various expenses, which led to a decrease 418,000sq m land, off ering 118 showrooms, hy- to help support the fi nancial position of the group market bullishness evaporated last month. That are in a backwardation of 62 cents a barrel over the in general and administrative expenses by 21% permarkets, car service centres, a centre for sell- and contribute to the development of sustainable weakness came as refiners ate their way through a nearest six weeks, compared with 23 cents a month and also a decrease in net fi nancing costs by 9%, ing auto parts, and a showroom for a car dealer- returns. deluge of oil that had been stored up when prices ago, according to data from brokerage PVM Oil which contributed to the increase in the group’s ship. This phase is considered an extension of the The group is always keen to strengthen the collapsed last year, but there are now signs that Associates. Dated-to-frontline swaps, key deriva- net cash income for the period. fi rst and second phases of the project. principle of partnership with the government much of that supply has been worked off . tives tied to the North Sea market, have surged to a Despite the challenges facing the real estate In 2020, an agreement was signed to develop of the State of Qatar to develop more real estate “A glimmer of strength is coming back,” said Kitt premium for the first time since early March. market as a result of Covid-19, the company is the Qatar Schools – Package 1 as the fi rst project projects aimed at meeting the needs of the real Haines, an analyst at consultant Energy Aspects The strength is in part because supply is about to moving towards developing a balanced real estate to be implemented under the PPP system. The estate market and in line with the Qatar National in London. “US demand looks pretty good at the take a heavy hit. portfolio that helps face market fl uctuations and project is expected to be completed in 2022. Vision 2030 and supports the company’s sustain- moment and that momentum should be picked up The key Forties stream of North Sea crude will supports continuous operating revenues. Also in 2020, construction works were able growth strategy, as well as establishes its po- by Asia” as that region’s oil refineries exit a period of slow to a trickle in June as major work is under- The development work continues in many new launched in each of the Madinatna project, which sition as a leading national company in the fi eld of heavy of refinery maintenance. taken on the pipeline that the oil flows along. projects, which will contribute to the growth of is designated as a residential city for families, as real estate development. Gulf Times 2 Wednesday, April 21, 2021 BUSINESS First intelligent vehicle co-branded with ‘Huawei Inside’ unveiled

he fi rst vehicle integrated with Hua- wei’s intelligent automotive solution was Tlaunched at the ‘2021 ARCFOX Brand Night and New Product Launch’ in Shanghai. The ARCFOX Alpha-S HI is the fi rst mass- produced vehicle featuring autonomous driv- ing for urban roads and is being billed as a new global benchmark for autonomous driving. Huawei is a provider of new components for intelligent vehicles that works closely with car OEMs through the ‘Huawei Inside’ model to build high-quality intelligent vehicles. This model off ers OEMs a brand-new digital architecture for intelligent vehicles, more than 30 intelligent components, and fi ve intelligent systems – Intelligent Driving, Intelligent Cock- pit, mPower, Intelligent Connectivity, and In- telligent Vehicle Cloud. The ARCFOX Alpha-S HI is the fi rst pre- mium intelligent electric vehicle co-branded with Huawei Inside (HI). Through partnerships such as the ARCFOX Alpha-S HI, Huawei has promised to use its 30-plus years of experience in ICT to help OEMs build better intelligent cars and drive China’s automotive industry to evolve in new cutting-edge areas such as intelligent The fi rst vehicle integrated with Huawei’s intelligent automotive solution was launched at the ‘2021 ARCFOX Brand Night and New Product Launch’ in Shanghai and autonomous driving. Huawei’s automated driving system creates This full-stack ADS was specifi cally adapted what Huawei calls “1 + 8 + N” scenarios. By bring- wei’s advanced technologies and BAIC Group’s future-oriented, intelligent vehicles. The com- new use cases: to China’s complex roads and transportation ing together smart cockpit units with users’ other comprehensive experience in vehicles. The HI pany has already announced it will also be help- The ARCFOX Alpha-S HI will be the world’s systems to provide users with a better driving devices, these technologies allow services like intelligent automobile solution is comprised ing GAC Group and Chang’an Automobile build fi rst commercial vehicle with autonomous experience across all scenarios. navigation, video, music, and voice to be seam- of powerful computing resources and operat- high-end intelligent vehicle sub-brands. driving for urban roads thanks to Huawei’s full- Huawei has been researching artifi cial intelli- lessly switched between the car and other devices, ing systems to form three computing platforms These vehicles are slotted to hit the market in stack automated driving system (ADS). The car gence applications for nearly ten years, with their making driving easier and more enjoyable. These — intelligent driving, intelligent cockpit, and Q4. Any new vehicle affi xed with the HI logo will will be able to navigate itself through busy ur- current autonomous driving algorithms entering latest technological advances turn your car into intelligent vehicle control — and three operat- come equipped with Huawei’s highest-level ADS ban terrain, high-speed roads, and parking lots. development fi ve years ago. your phone, enabling seamlessly connected video ing systems — AOS (intelligent driving), HOS-A and all intelligent automobile solutions, delivering It will be able to recognise and analyse a full This decade of research has produced a trifecta calls and more while driving. (intelligent cockpit), and VOS (intelligent vehi- an intelligent, enjoyable, and reliable experience. array of road features from traffi c lights to on- of technologies perfect for an ADS – super full- The ARCFOX Alpha-S HI also comes cle control). The auto industry is poised for a transforma- coming traffi c. From there, the vehicle can op- stack algorithms, a super data lake, and supercom- equipped with new power technologies that are Together, these elements create a software- tion the likes of which it hasn’t seen in almost a erate without instruction to any situation from puting and sensing devices. going to change the game for new energy vehi- defi ned vehicle, which means that new func- century. As a global leader in technology, Hua- going straight, turning, and stopping for pedes- The ADS will also support continuous op- cles. The exclusive AI-powered, high-voltage tions can be continuously developed. This wei is perfectly placed to provide the ICT tech- trians or other objects, to navigating on- and timization and iteration through over-the-air fl ash charging power domain solution Huawei ability to constantly iterate for better user ex- nologies needed for future autonomous driving off -ramps and unprotected turns. (OTA) updates to provide users with new and has created by leveraging their 30-plus years periences redefi ne how we view cars. and electric vehicles. For example, at intersections without left- exciting features and to keep up with quickly of experience in power electronics means that Both of the ARCFOX Alpha-S HI models, Huawei’s R&D investment into intelligent turn waiting areas, it is able to adjust its route evolving urban use cases. cars no longer need to be left charging for hours priced at 388,900 yuan and 429,900 yuan re- automotive components is forecasted to ex- to turn left safely based on analysis of oncom- During the upcoming Auto Shanghai 2021, at a time. In just 10 minutes, the ARCFOX Al- spectively, are expected to hit the market at the ceed US$1 billion in 2021. The company has ing traffi c and other vehicles turning left. In the ARCFOX Alpha-S HI will be available for pha-S HI can take on enough charge to power end of 2021. The commercial debut of the ARC- stated it will ramp up investment in com- addition, the ADS comes equipped with self- attendees to experience autonomous driving 197km of driving. The dual-motor, intelligent FOX Alpha-S HI is just the start for Huawei as ponents for intelligent vehicles, especially learning technologies to constantly self-evolve, in dense urban areas. The ARCFOX Alpha-S HI four-wheel drive also lets drivers go from 0 to its presence expands into the automobile in- autonomous driving software, to help au- increasing its intelligence based on actual expe- is equipped with HarmonyOS and a large HD 100km/h in just three seconds. The ARCFOX dustry. Huawei has committed to providing so- tomakers make vehicles that are more con- rience to become the ideal driver. display for premium interconnection between Alpha-S HI brings together the best of Hua- lutions for automakers that will help them build nected, intelligent, electric, and shared. Gulf Times Wednesday, April 21, 2021 3 BUSINESS

KUWAIT KUWAIT OMAN

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

Kuwait Real Estate Holding C 30.00 3.45 344,102 Oman Qatar Insurance Co 0.10 0.00 - Al Salam Group Holding Co 25.00 0.81 4,940,566 Kuwait Reinsurance Co Ksc 424.00 9.84 1 Oman Packaging 0.31 0.00 41 Al Tamdeen Investment Co 224.00 3.70 9,557 Kuwait Remal Real Estate Co 17.00 -2.30 945,131 Oman Oil Marketing Company 0.72 0.00 - Al-Ahleia Insurance Co Sakp 510.00 0.39 141,541 Kuwait Resorts Co Kscc 67.00 -0.45 3,310,236 Oman National Engineering An 0.09 1.19 8,503 Al-Deera Holding Co 200.00 -4.76 98,100 Kuwait Telecommunications Co 898.00 -0.11 36,478 Oman Investment & Finance 0.09 6.98 5,673,876 Al-Eid Food Ksc 193.00 1.58 184,020 Kuwaiti Syrian Holding Co 35.00 2.94 41,148 Oman Flour Mills 0.68 0.00 21,344 Al-Enma’a Real Estate Co 61.30 1.83 4,102,682 Livestock Transport & Tradng 183.00 -0.54 52,228 Oman Fisheries Co 0.09 0.00 27,174 Al-Madar Finance & Invt Co 110.00 6.80 3,073,085 Mabanee Co Kpsc 707.00 -0.70 344,638 Oman Europe Foods Industries 1.00 0.00 - Al-Massaleh Real Estate Co 43.80 0.00 - Manazel Holding 49.00 0.20 4,058,875 Oman Education & Training In 0.24 0.00 - Al-Mazaya Holding Co 68.50 1.63 5,800,263 Mashaer Holding Co Ksc 69.50 0.87 2,595,843 Oman Chromite 3.64 0.00 - QATAR Alargan International Real 109.00 0.00 - Mena Real Estate Co 39.00 1.56 2,906,502 Oman Chlorine 0.25 0.00 - Alimtiaz Investment Group 115.00 0.88 2,419,240 Metal & Recycling Co 175.00 0.00 3,541 Oman Ceramic Company 0.42 0.00 - Company Name Lt Price % Chg Volume Alkout Industrial Projects C 642.00 0.00 - Mezzan Holding Co Kscc 575.00 -0.52 84,693 Oman Cement Co 0.23 -1.29 200,633 Alrai Media Group Co Ksc 28.80 0.70 114,901 Mobile Telecommunications Co 610.00 0.83 3,052,784 Oman Cables Industry 0.73 3.39 104,470 Zad Holding Co 15.17 0.00 36,775 Amar Finance & Leasing Co 48.10 0.00 - Mubarrad Holding Co Ksc 93.40 9.24 16,085,138 Oman Arab Bank Saog 0.15 0.00 - Widam Food Co 5.62 -0.78 179,589 Amwal International Investme 17.00 0.00 10,000 Munshaat Real Estate Project 76.00 -5.00 20,350 Oman & Emirates Inv(Om)50% 0.05 9.52 372,260 Vodafone Qatar 1.77 1.72 5,415,507 Aqar Real Estate Investments 66.90 -8.36 200,102 National Bank Of Kuwait 831.00 0.12 3,687,586 Natl Aluminium Products 0.12 6.48 1,359,624 United Development Co 1.68 0.90 11,391,871 Arkan Al Kuwait Real Estate 99.00 0.00 11,351 National Cleaning Company 51.30 5.77 2,438,790 National Real Estate Develop 5.00 0.00 - Salam International Investme 0.85 4.31 219,487,692 Arzan Financial Group For Fi 106.00 0.00 6,587,521 National Consumer Holding Co 42.70 -0.70 100,001 National Mineral Water 0.09 0.00 - Qatar & Oman Investment Co 0.93 5.83 20,996,297 Asiya Capital Investments Co 36.80 1.10 2,763,139 National Industries Co Ksc 152.00 0.00 37,301 National Life & General Insu 0.39 0.00 - Qatar Navigation 7.50 0.64 70,678 Automated Systems Co Kscc 97.00 -0.82 14,820 National Industries Grp Hold 210.00 2.44 3,074,207 National Gas Co 0.14 1.48 37,921 Qatar National Cement Co 5.00 0.58 466,457 Aviation Lease And Finance C 209.00 0.97 959,781 National International Co 71.00 -1.39 492,370 National Finance Co 0.12 -4.17 6,048,016 Qatar National Bank 18.00 2,681,849 0.00 Bahrain Kuwait Insurance 191.00 0.00 - National Investments Co 189.00 2.16 1,017,633 National Detergent Co Saog 0.67 0.00 - Qlm Life & Medical Insurance 5.12 420,083 0.39 Bayan Investment Co Kscc 40.90 8.78 27,514,259 National Mobile Telecommuni 647.00 0.00 9,460 National Biscuit Industries 3.96 0.00 - Qatar Islamic Insurance Grou 7.88 -0.25 17,022 Boubyan Bank K.S.C 645.00 1.74 1,670,984 National Petroleum Services 1,000.00 0.00 - National Bank Of Oman Saog 0.15 0.00 3,033 Qatar Industrial Manufactur 3.02 1.51 53,147 Boubyan Petrochemicals Co 950.00 2.81 926,146 National Real Estate Co 106.00 7.07 27,395,757 Muscat Thread Mills Co 0.08 0.00 - Qatar International Islamic 9.50 0.92 1,763,604 Boursa Kuwait Securities Co 1,111.00 0.45 129,159 National Shooting Company 36.30 0.00 551,352 Muscat Insurance Co Saog 0.35 0.00 - Qatari Investors Group 2.15 -0.88 2,055,026 Burgan Bank 227.00 1.34 6,086,280 Noor Financial Investment Co 237.00 1.28 515,761 Muscat Gases Company Saog 0.19 0.00 100 Qatar Islamic Bank 17.65 -0.84 2,454,582 Burgan Co For Well Drilling 139.00 -2.11 1,133,152 Osos Holding Group Co 87.70 -1.46 288,283 Muscat Finance 0.04 0.00 200,880 Qatar Gas Transport(Nakilat) 3.20 -0.16 8,500,295 Coast Investment Development 43.20 3.85 2,198,628 Osoul Investment Kscc 76.50 0.00 - Muscat City Desalination Co 0.09 0.00 321 Qatar General Insurance & Re 2.40 0.00 3,952,680 Combined Group Contracting 255.00 4.51 1,478,654 Oula Fuel Marketing Co 117.00 -0.85 6,007 Musandam Power Co 0.32 0.00 - Qatar German Co For Medical 2.95 3.40 13,107,041 Commercial Bank Of Kuwait 500.00 0.00 1 Palms Agro Production Co 66.50 0.00 - Majan Glass Company 0.18 0.00 - Qatar Fuel Qsc 18.45 0.82 529,031 Commercial Facilities Co 189.00 0.53 394,000 Privatization Holding Compan 43.00 -0.23 2,212,584 Majan College 0.15 0.00 - Qatar First Bank 1.97 0.26 3,256,296 Commercial Real Estate Co 98.90 1.44 5,824,498 Qurain Petrochemical Industr 0.74 359,887 Hsbc Bank Oman 0.00 110,230 Qatar Electricity & Water Co 16.95 -0.70 239,145 410.00 0.10 Credit Rating & Collection 28.40 0.00 - Ras Al Khaimah White Cement Hotels Management Co Interna - Qatar Exchange Index Etf 11.02 0.27 700,000 68.00 0.00 - 1.25 0.00 Danah Alsafat Foodstuff Co 11.80 0.00 - Real Estate Asset Management Gulf Stone Qatar Cinema & Film Distrib 3.81 0.00 - 90.20 0.00 - 0.12 0.00 - Dar Al Thuraya Real Estate C 56.90 1.25 32,086 Real Estate Trade Centers Co Gulf Mushroom Company Al Rayan Qatar Etf 2.59 0.15 28,299 37.50 -12.79 1,472,310 0.25 0.00 - Dulaqan Real Estate Co 0.00 Qatar Insurance Co 2.48 -0.68 895,822 274.00 - Salbookh Trading Co Kscp 41.00 8.18 3,628,986 Gulf Invest. Serv. Pref-Shar 0.00 0.00 - Educational Holding Group Qatar Aluminum Manufacturing 1.42 -1.18 12,853,948 550.00 -3.85 309,663 Salhia Real Estate Co Ksc 528.00 -0.38 90,096 Gulf International Chemicals 0.10 0.00 - Ooredoo Qpsc 7.09 -0.83 1,030,975 Eff ect Real Estate Co 20.50 0.00 - Sanam Real Estate Co Kscc 42.60 -4.27 209,918 Gulf Hotels (Oman) Co Ltd 3.88 0.00 - Alijarah Holding Company Qps 1.23 0.49 9,939,181 Egypt Kuwait Holding Co Sae 359.00 0.00 - Securities House/The 50.90 1.19 12,071,860 Global Fin Investment 0.05 0.00 - Mazaya Real Estate Developme 1.22 -0.08 4,717,599 Ekttitab Holding Co Sak 16.20 -1.82 631,001 Shamal Az-Zour Al-Oula For T 267.00 0.00 722,949 Galfar Engineering&Contract 0.05 4.08 5,974,601 Mesaieed Petrochemical Holdi 1.86 -0.54 5,268,152 Energy House Holding Co Kscp 28.20 -2.08 233,000 Sharjah Cement & Indus Devel 44.30 0.68 346,063 Galfar Engineering -Prefer 0.39 0.00 - Al Meera Consumer Goods Co 19.39 -1.27 198,734 Equipment Holding Co K.S.C.C 30.20 0.67 1,129,366 Shuaiba Industrial Co 195.00 0.00 100 Financial Services Co. 0.18 0.00 - Medicare Group 9.60 -1.17 143,852 First Dubai Real Estate Deve 52.80 4.97 4,421,421 Sokouk Holding Co Sak 23.30 0.00 - Financial Corp/The 0.08 0.00 - Mannai Corporation Qsc 3.96 -1.76 94,539 First Investment Co Kscc 74.30 -2.75 18,280,988 Soor Fuel Marketing Co Ksc 116.00 -3.33 39,323 Dhofar Tourism 0.49 0.00 - Masraf Al Rayan 4.50 0.00 9,495,164 First Takaful Insurance Co 49.00 2.08 500 Specialities Group Holding C 85.00 6.25 3,063,946 Dhofar Poultry 0.18 0.00 - Al Khalij Commercial Bank 2.17 -0.41 4,241,219 Fujairah Cement Industries 31.50 -2.78 160,105 Sultan Center Food Products 106.00 2.91 555,836 Dhofar Intl Development 0.27 0.00 - Industries Qatar 13.20 0.76 681,780 Future Kid Entertainment And 82.00 0.00 - Taameer Real Estate Invest C 22.70 -0.87 9,115,155 Dhofar Insurance 0.16 0.00 - Inma Holding Company 5.18 0.17 738,329 Gfh Financial Group Bsc 62.00 3.33 13,971,866 Tamdeen Real Estate Co Ksc 242.00 0.83 23,875 Dhofar Generating Co Saoc 0.16 0.00 5,780 Investment Holding Group 1.14 3.35 78,479,251 Gulf Bank 207.00 -1.43 23,440,534 Tamkeen Holding Co 0.00 0.00 - Dhofar Fisheries & Food Indu 1.28 0.00 - Gulf Warehousing Company 5.12 0.75 247,044 Gulf Cable & Electrical Ind 822.00 0.61 458,375 Tijara And Real Estate Inves 48.60 1.25 4,852,057 Dhofar Cattlefeed 0.09 1.11 20,000 Gulf International Services 1.50 -0.07 19,046,102 Gulf Franchising Holding Co 60.40 0.00 - Umm Al Qaiwain General Inves 76.90 2.53 1 Dhofar Beverages Co 0.26 0.00 - Al Faleh Education Holding 2.33 -0.89 422,747 Gulf Insurance Group Ksc 634.00 0.63 100,600 Unicap Investment And Finance 54.40 4.62 3,177,687 Construction Materials Ind 0.03 0.00 - Ezdan Holding Group 1.78 0.91 21,042,379 Gulf Investment House Ksc 130.00 0.00 608,284 Computer Stationery Inds 0.26 0.00 - Doha Insurance Co 1.89 -1.51 85,072 Gulf North Africa Holding Co 60.50 1.85 32,681 Bankmuscat Saog 0.39 0.00 2,294,678 Doha Bank Qpsc 2.36 -0.08 210,080 Gulf Petroleum Investment 21.50 0.94 60,692,760 OMAN Bank Nizwa 0.10 1.06 21,052 Dlala Holding 1.78 1.14 1,526,347 Hayat Communications 71.40 0.42 112,442 Bank Dhofar Saog Company Name Lt Price % Chg Volume 0.10 1.96 190,308 Commercial Bank Psqc 5.33 -1.28 2,829,453 Heavy Engineering And Ship B 427.00 -0.47 398,059 Arabia Falcon Insurance Co 0.10 0.00 257 Barwa Real Estate Co 3.30 0.55 8,843,619 Hilal Cement Co 77.00 -4.94 10,089 Aman Real Estate Inve Reit 0.09 0.00 - Baladna Voltamp Energy Saog 0.14 2.94 35,800 1.66 -0.60 10,372,967 Humansoft Holding Co Ksc 3,840.00 -0.05 201,543 Aloula Co 0.04 0.00 - Al Khaleej Takaful Group 3.41 5,747,368 Vision Insurance Saoc 0.08 0.00 - -2.09 Ifa Hotels & Resorts Co. K.S 46.20 -4.15 7,103,548 Al-Omaniya Financial Service 0.08 0.00 - Aamal Co 0.99 21,849,930 United Power/Energy Co- Pref 0.90 0.00 - 4.12 Independent Petroleum Group 490.00 0.00 233,093 Al-Hassan Engineering Co 0.01 0.00 - Al Ahli Bank 3.78 400 United Power Co Saog 0.81 0.00 68 4.71 Injazzat Real State Company 71.00 -0.56 12,000 Al-Fajar Al-Alamia Co 0.69 0.00 - United Finance Co 0.04 0.00 800 Inovest Co Bsc 86.50 -3.78 4,364,658 Al-Anwar Ceramic Tiles Co 0.33 0.00 50,000 Ubar Hotels & Resorts 0.13 0.00 - KUWAIT Integrated Holding Co Kcsc 423.00 2.67 2,254,887 Al Suwadi Power 0.06 0.00 18,000 Takaful Oman 0.11 0.00 - Intl Financial Advisors 106.00 -2.75 1,658,143 Al Sharqiya Invest Holding 0.08 3.75 2,193,918 Taageer Finance 0.08 0.00 - Company Name Lt Price % Chg Volume Investors Holding Group Co.K 15.60 -1.27 5,245,180 Al Maha Petroleum Products M 0.57 0.00 20,000 Sweets Of Oman 0.55 0.00 - Jazeera Airways Co Ksc 618.00 -0.32 279,383 Al Maha Ceramics Co Saoc 0.27 0.37 78,591 A’ayan Real Estate Co Sak 100.20 -1.76 8,975,155 Sohar Power Co 0.05 -10.00 6,330 Jiyad Holding Co Ksc 39.50 -1.25 146,453 Al Madina Takaful Co Saoc 0.09 1.15 153,998 Aan Digital Services Co 11.40 1.79 3,182,795 Sohar International Bank 0.09 0.00 45,000 Kfh Capital Reit 1,059.00 -1.12 41,844 Al Madina Investment Co 0.02 9.52 135,000 Aayan Leasing & Investment 147.00 2.08 5,064,057 Smn Power Holding Saog 0.07 0.00 - Kgl Logistics Company Kscc 30.50 4.45 7,984,981 Al Kamil Power Co 0.25 0.00 - Acico Industries Co Kscc 87.30 1.75 480,531 Shell Oman Marketing - Pref 1.05 0.00 - Kipco Asset Management Co 91.90 -1.92 3,648,975 Al Jazerah Services -Pfd 0.55 0.00 - Advanced Technology Co 520.00 0.00 - Shell Oman Marketing 0.80 0.00 - Kuwait & Gulf Link Transport 50.50 1.20 952,924 Al Jazeera Steel Products Co 0.29 4.00 2,570,433 Agility 779.00 1.30 1,784,259 Sharqiyah Desalination Co Sa 0.12 0.00 - Kuwait & Middle East Fin Inv 144.00 3.60 255,242 Al Jazeera Services 0.31 0.00 1,380 Ahli United Bank (Almutahed) 313.00 -0.63 305,469 Sembcorp Salalah Power & Wat 0.08 0.00 5,000 Kuwait Business Town Real Es 69.80 7.38 6,490,114 Al Buraimi Hotel 0.88 0.00 - Ahli United Bank B.S.C 216.00 1.41 11,652,171 Salalah Port Services 0.60 0.00 - Kuwait Cement Co Ksc 232.00 -1.28 449,134 Al Batinah Power 0.06 0.00 2,000 Ajial Real Estate Entmt 199.00 -1.97 500,000 Salalah Mills Co 0.55 0.00 3,000 Kuwait Co For Process Plant 567.00 0.18 226,944 Al Batinah Hotels 1.13 0.00 - Ajwan Gulf Real Estate Co 10.70 0.00 - Salalah Beach Resort Saog 1.38 0.00 - Kuwait Finance & Investment 107.00 -1.83 384,296 Al Batinah Dev & Inv 0.05 -9.09 31,422 Al Ahli Bank Of Kuwait 200.00 -0.50 16 Sahara Hospitality 2.78 0.00 - Kuwait Finance House 730.00 0.97 10,941,097 Al Anwar Investments Co Sao 0.09 3.49 3,723,710 Al Arabi Group Holding Co 198.00 0.00 - Renaissance Services Saog 0.38 1.05 319,681 Kuwait Financial Centre Sak 91.00 3.76 8,637,107 Al Ahlia Insurance Co Saoc 0.31 0.00 - Al Arabiya Real Estate Co 30.00 5.26 4,608,616 Raysut Cement Co 0.27 1.50 206,864 Kuwait Foundry Co Sak 275.00 0.36 3,029 Ahli Bank 0.10 0.00 2,000 Al Bareeq Holding 92.80 1.98 15,700 Phoenix Power Co Saoc 0.05 -2.13 671,500 Kuwait Hotels Sak 55.60 -4.96 89,694 Acwa Power Barka Saog 0.48 0.00 - Al Madina For Finance And In 16.20 0.00 - Packaging Co Ltd 2.21 0.00 - Kuwait Insurance Co 380.00 0.00 - Abrasives Manufacturing Co S 0.05 0.00 - Al Maidan Dental Clinic Co K 1,240.00 0.00 - Ooredoo 0.38 1.60 159,059 Kuwait International Bank 208.00 1.46 5,872,310 A’saff a Foods Saog 0.50 0.00 - Al Mal Investment Company 5.90 0.00 - Ominvest 0.31 2.65 600,000 Kuwait Investment Co 162.00 -2.99 1,686,087 0Man Oil Marketing Co-Pref 0.25 0.00 - Al Manar Financing & Leasing 63.10 -2.92 108,000 Oman United Insurance Co 0.38 0.00 135,000 Kuwait National Cinema Co 738.00 0.00 - Al Masaken Intl Real Estate 35.60 -0.56 2,982,990 Oman Telecommunications Co 0.75 1.62 196,742 Kuwait Portland Cement Co 887.00 0.11 7,667 Al Mudon Intl Real Estate Co 20.60 0.00 - Oman Reit Fund 0.10 0.00 4,595 Kuwait Projects Co Holdings 165.00 1.85 5,614,856 Al Safat Energy Holding Comp 34.40 0.29 3,260,367 Oman Refreshment Co 1.32 0.00 88 Kuwait Real Estate Co Ksc 137.00 0.00 2,589,235 LATEST MARKET CLOSING FIGURES China not to replace dollar with Asian markets fall after overnight digital yuan: PBoC offi cial Wall Street retreat

Bloomberg Beijing AFP A weak greenback against the yen and Hong Kong other benchmark currencies was also weighing on Japanese trade. hina sought to allay fears it “US dollar weakness...mostly appears wants to topple the dollar as the okyo led a sell-off in Asian mar- to be driven by European strength,” said Cworld’s main reserve currency kets on Tuesday after Wall Street NAB analyst Rodrigo Catril. as Beijing makes bigger strides in creat- Tpulled back from record levels in “The market has become slightly ing its own digital yuan. overnight trade and with Japan fearing a more optimistic around the European People’s Bank of China Deputy Gov- renewed Covid-19 surge. vaccine rollout and economic outlook ernor Li Bo said the goal for interna- Both the Dow and the S&P 500 fi n- of late...As the rollout picks up, Euro- tionalising its currency is not to replace ished last week at new peaks and also pean equities should also start to out- the dollar, and the eff orts to create a posted their fourth consecutive weekly perform,” he wrote in a note. digital yuan are aimed at domestic use. gains, following on the heels of strong Wall Street’s dream run was also like- “For the internationalisation of the data for American housing starts, em- ly to lose momentum with an ongoing renminbi, we have said many times ployment and retail sales. Senate battle in Washington over the that it’s a natural process, and our goal But analysts said that a combination size of proposed corporate tax increases is not to replace the US dollar or other of dollar weakness and a lull in fresh and the extent of infrastructure stimu- international currencies,” Li said on a data ahead of upcoming corporate re- lus, Catril added. panel at the Boao forum on Sunday. “I sults had tamped down enthusiasm. Hong Kong was up 0.1% and Shang- think our goal is to allow the market to “It seems like investors might be hav- hai was down the same amount at the choose, to facilitate international trade ing a bit of a second thought up here as end of the Asian day, while London was and investment.” Bundles of yuan notes at a bank in Shanghai. China sought to allay fears it wants to topple the dollar as the world’s main US earnings season starts to heat up and down 0.2% an hour into morning trade. China’s central bank is currently reserve currency as Beijing makes bigger strides in creating its own digital yuan. peak optimism is beginning to set in,” Sydney was down 0.7% after a Re- testing the use of a “digital yuan” in said Stephen Innes of Axi. serve Bank meeting while Mumbai various pilot programmes across the sue and we are not in a hurry to reach could benefi t its use in cross-border payments and central bank reserves is Investors were looking to “cash in climbed 0.1% after fi nishing Monday country. A report earlier this week any particular solution yet,” although transactions, the key factor in deter- still only about 2%. some chips” to move back into real nearly 2% lower as India battles a snow- showed the Biden administration is in- there could be cross-border use “in the mining the currency’s global role is “The digital yuan is a means to help world assets, he added, citing the big balling Covid-19 outbreak. creasing its scrutiny of China’s progress long term,” Li said. whether China will relax its capital monetary policy effi ciency and cross- drop in bitcoin down to around $54,400 Oil’s forward curve continued on toward the digital yuan amid concern The central bank is planning to test controls, said Shen Jianguang, chief border usage with partners that tend on Tuesday. Tuesday with both major benchmarks it could kick off a long-term bid to dis- the cross-border use of the digital yuan economist at JD.com Inc. “If you want to trade with China in goods and serv- The digital currency had crept above up by more than 1%, a year after the place the dollar. at the 2022 Beijing Winter Olympics, to have a global reserve currency, you ices, less so the major economies like $62,000 in a fresh high last week de- pandemic pushed them into negative The PBoC has been working on a dig- where it could be used by both domes- need to allow foreigners to hold it, to the US,” said Stephen Chiu, Asia FX spite bubble concerns. territory. ital currency since 2014 and its moves tic users as well as athletes and visitors use it.” China will also need to allow its and rates strategist at Bloomberg Intel- The Nikkei was down 2% at the end Axi’s Innes cautioned the commod- have heightened interest among cen- from overseas, Li said. citizens to buy more foreign assets, fur- ligence. “Digital or not, it’s not so easy of trade after investors took in calls for ity was still “trading on a jittery note” tral banks and policymakers, while the Agustin Carstens, general manager ther develop its fi nancial markets and to move the dollar’s dominance, be it as new states of emergency in the Osaka in the wake of rising coronavirus cases spread of cryptocurrencies has added to of Bank for International Settlements, allow greater exchange rate fl exibility in a trade settlement or reserve currency.” region and possibly Tokyo, prompted by in Asia. a sense that competitors to regular cash said on the same panel there was huge order to push for the internationalisa- The initial plans for a digital currency rising case numbers. Expectations that the United States could change how the fi nancial sector potential in the cross-border use of tion of yuan, Shen said in an interview weren’t motivated by considerations of The new measures could involve and Iran could eventually return to operates. The PBoC has moved closer to digital currencies as they could make at the forum. cross-border use, according to former tougher restrictions including asking a nuclear deal, potentially within becoming the fi rst major central bank foreign exchange transaction and pay- China has seen a fl ood of capital People’s Bank of China Governor Zhou shops and restaurants to close, accord- weeks, were also stabilising price to launch a virtual currency, rolling out ment settlement extremely effi cient. fl ows into its fi nancial markets since Xiaochuan, who noted that there are ing to local media. growth, he added. a trial for consumers and businesses in He said countries can explore various last year, boosting the amount of yuan many issues with using a digital cur- “Along with increased new coronavi- In Tokyo, the Nikkei 225 closed down 11 cities across the country. ways to achieve international interop- traded globally. Yet, in the context of rency across national borders. Interna- rus infections, the possibility of a state 2.0% to 29,100.38 points; Hong Kong “The motivation for the e-yuan, for erability, including making diff erent its vast markets, foreign ownership of tional use could aff ect monetary policy of emergency declaration is growing, — Hang Seng Index ended up 0.1% to now at least, is focusing primarily on systems compatible and creating con- local stocks and bonds remains rela- independence, and it’s important it which is turning on an amber light for 29,135.73 points and Shanghai — Com- domestic use,” Li said. International nectivity links among the systems. tively low at around 5% and 3% re- isn’t used for crime, he said on the same economic recovery,” Okasan Online Se- posite closed down 0.1% to 3,472.94 “interoperability is a very complex is- While the digitisation of the yuan spectively. The yuan’s share of global panel in Boao. curities said in a commentary. points yesterday. Gulf Times 4 Wednesday, April 21, 2021 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 33,786.26 -291.37 Apple Inc 133.15 -1.25 6,878,413 S&P 500 Index 4,127.81 -35.45 Amgen Inc 258.77 1.09 144,559 Nasdaq Composite Index 13,761.77 -153.00 American Express Co 145.35 -2.15 160,372 S&P/Tsx Composite Index 18,989.91 -214.51 Boeing Co/The 234.38 -4.00 1,475,610 Mexico Bolsa Index 47,952.55 -120.07 Caterpillar Inc 226.74 -2.43 233,359 Brazil Bovespa Stock Idx 120,223.50 -710.30 Salesforce.Com Inc 227.64 -1.24 385,102 Ftse 100 Index 6,859.87 -140.21 Cisco Systems Inc 51.99 -1.63 2,077,432 Cac 40 Index 6,165.11 -131.58 Chevron Corp 100.95 -2.24 756,144 Dax Index 15,129.51 -238.88 Walt Disney Co/The 182.42 -2.67 788,797 Ibex 35 Tr 8,459.40 -252.00 Dow Inc 62.60 -3.02 232,165 Nikkei 225 29,100.38 -584.99 Goldman Sachs Group Inc 333.86 -2.69 215,679 Japan Topix 1,926.25 -30.31 Home Depot Inc 323.26 -1.10 372,764 Hang Seng Index 29,135.73 +29.58 Honeywell International Inc 226.01 -2.15 160,751 All Ordinaries Indx 7,282.13 -45.91 Intl Business Machines Corp 138.70 4.19 1,366,352 Nzx All Index 2,074.47 -13.91 Intel Corp 62.96 -1.05 2,116,290 Bse Sensex 30 Index 47,705.80 -243.62 Johnson & Johnson 166.83 2.54 1,134,916 Nse S&P Cnx Nifty Index 14,296.40 -63.05 Jpmorgan Chase & Co 150.08 -1.68 968,030 Straits Times Index 3,192.17 -17.55 Coca-Cola Co/The 54.35 0.65 1,325,093 Karachi All Share Index 30,863.37 +332.51 Mcdonald’s Corp 231.96 0.06 173,127 Jakarta Composite Index 6,038.32 -14.22 3M Co 198.21 -0.19 159,844 Merck & Co. Inc. 78.69 1.32 1,017,426 Microsoft Corp 257.50 -0.48 2,249,782 Nike Inc -Cl B 126.92 -4.26 951,290 TOKYO Procter & Gamble Co/The 138.02 1.03 1,169,052 Travelers Cos Inc/The 155.44 0.69 122,261 Company Name Lt Price % Chg Volume Unitedhealth Group Inc 392.72 0.74 207,617 Eisai Co Ltd 927.20 -0.92 6,842,100 Visa Inc-Class A Shares 222.44 -1.48 536,603 Eneos Holdings Inc 2,555.00 -1.67 3,275,000 Verizon Communications Inc 58.21 -0.31 1,245,699 Fanuc Corp 1,518.50 -1.62 3,250,900 Walgreens Boots Alliance Inc 53.33 -0.86 545,599 Fast Retailing Co Ltd 1,834.50 -2.11 4,520,100 Walmart Inc 140.76 0.75 562,068 Fujifilm Holdings Corp 7,754.00 1.03 1,898,300 Fujitsu Ltd 3,271.00 -1.98 1,391,600 Hitachi Ltd 11,295.00 0.67 316,100 FTSE 100 Honda Motor Co Ltd 5,646.00 -0.42 920,600 Hoya Corp 4,083.00 1.24 3,173,200 Company Name Lt Price % Chg Volume Itochu Corp 2,265.50 -0.72 1,260,200 Japan Exchange Group Inc 48,900.00 -2.30 975,700 Anglo American Plc 3,067.00 -3.75 2,247,679 Japan Post Holdings Co Ltd 1,366.00 -2.98 5,748,900 Associated British Foods Plc 2,314.00 -5.93 1,220,630 Japan Tobacco Inc 63,070.00 -1.61 580,300 Admiral Group Plc 3,142.00 -1.63 520,922 Kansai Electric Power Co Inc 7,345.00 0.08 738,400 Ashtead Group Plc 4,578.00 -0.48 917,695 The walkway seen outside the London Stock Exchange building in Paternoster Square. The FTSE 100 closed down 2.0% to Kao Corp 4,400.00 0.41 988,900 Antofagasta Plc 1,841.00 -1.42 1,283,008 6,859.87 points yesterday. Kddi Corp 19,035.00 -1.75 1,006,900 Auto Trader Group Plc 571.80 -1.31 1,639,023 Keyence Corp 65,900.00 -0.05 149,800 Aviva Plc 396.70 -2.91 13,765,475 Kirin Holdings Co Ltd 3,012.00 -1.47 3,460,700 Avast Plc 477.60 1.27 5,366,362 Komatsu Ltd 4,549.00 -3.56 2,205,000 Aveva Group Plc 3,768.00 -0.89 145,200 Kubota Corp 50,590.00 -2.03 539,400 Astrazeneca Plc 7,494.00 1.02 2,259,910 Kyocera Corp 13,630.00 -2.71 1,726,500 Bae Systems Plc 518.00 -0.96 8,374,999 M3 Inc 2,666.00 -2.34 1,618,200 Barclays Plc 181.80 -3.13 56,308,276 Marubeni Corp 576.50 0.31 15,719,600 Europe stock markets post British American Tobacco Plc 2,692.50 -7.60 8,399,123 Mitsubishi Chemical Holdings 2,921.50 -2.06 3,154,400 Barratt Developments Plc 765.80 -1.57 1,670,885 Mitsubishi Corp 2,089.50 -2.84 2,916,800 Bhp Group Plc 2,167.00 -2.28 3,755,608 Mitsubishi Electric Corp 3,616.00 -3.16 1,105,200 Berkeley Group Holdings/The 4,569.00 -0.74 705,220 Mitsubishi Estate Co Ltd 1,781.00 -1.22 3,269,700 British Land Co Plc 510.00 -2.19 1,894,728 Mitsubishi Heavy Industries 4,770.00 0.40 1,412,800 B&M European Value Retail Sa 568.60 0.00 2,489,477 Mitsubishi Ufj Financial Gro 577.30 -1.82 3,466,000 worst day of the year Bunzl Plc 2,504.00 -0.63 749,427 Mitsui & Co Ltd 9,821.00 -1.84 9,220,400 Bp Plc 291.75 -3.02 49,105,346 Mitsui Fudosan Co Ltd 1,533.50 -0.58 5,550,800 Burberry Group Plc 2,005.00 -3.00 650,495 bounce back than expected, helped Japan’s Nikkei ended the day down Mizuho Financial Group Inc 11,865.00 -1.04 3,628,200 Reuters, AFP Bt Group Plc 153.10 -1.00 15,436,313 Ms&Ad Insurance Group Holdin 13,370.00 -2.52 863,300 by higher prices and strong Chinese two % after investors took in calls for Coca-Cola Hbc Ag-Di 2,469.00 -1.44 456,420 London Murata Manufacturing Co Ltd 561.90 -1.02 9,681,700 demand. new states of emergency in the Osaka Compass Group Plc 1,551.00 -1.56 2,364,069 Nidec Corp 3,706.00 -1.28 1,367,900 The STOXX 600 has hit a series region and possibly Tokyo, prompted Croda International Plc 6,720.00 0.24 181,155 Nintendo Co Ltd 2,077.00 -1.80 5,904,100 Crh Plc 3,391.00 -2.42 774,007 uropean shares lost nearly 2% of all-time highs this month and by rising case numbers. Nippon Steel Corp 1,672.50 -2.36 2,382,000 Dcc Plc 6,376.00 -1.21 144,557 on Tuesday, after hitting record climbed about 9% so far in 2021, The new measures could involve Nippon Telegraph & Telephone 2,170.50 -1.27 1,298,400 Diageo Plc 3,198.50 -0.70 1,791,711 highs a day earlier, as tobac- broadly in line with New York’s tougher restrictions including asking Nissan Motor Co Ltd 2,389.00 -3.20 3,145,000 E Evraz Plc 608.00 -2.03 1,385,127 shops and restaurants to close, ac- Nitori Holdings Co Ltd 2,880.00 -0.31 1,723,700 co companies weighed on London S&P 500. Experian Plc 2,687.00 -0.26 874,818 Nomura Holdings Inc 22,010.00 -4.28 883,700 stocks and many regional indexes All major indexes in Europe ended cording to local media. Ferguson Plc 9,208.00 -1.29 373,725 Olympus Corp 1,653.50 -0.06 4,920,600 edged off pre-pandemic highs. the day in the red. “Along with increased new coro- Flutter Entertainment Plc-Di 14,675.00 -3.20 228,367 Ono Pharmaceutical Co Ltd 4,406.00 -1.19 1,414,500 Travel & leisure, banks and insur- navirus infections, the possibility Fresnillo Plc 923.00 0.37 1,117,010 British American Tobacco and Im- Oriental Land Co Ltd 689.60 -0.48 5,096,100 Glencore Plc 290.75 -4.30 24,575,523 perial Brands fell more than 7% each ers fell after strong gains this year. of a state of emergency declaration Orix Corp 477.00 -0.54 16,701,000 Glaxosmithkline Plc 1,325.20 -0.96 7,746,182 following a report the Biden admin- Austrian sensor specialist AMS is growing, which is turning on an Otsuka Holdings Co Ltd 1,916.00 -1.08 4,863,300 #N/A Invalid Security 0.00 0.00 - istration was considering requiring slumped almost 13% after traders cite amber light for economic recovery,” Panasonic Corp 4,566.00 -2.21 1,534,300 Hikma Pharmaceuticals Plc 2,378.00 -0.13 297,283 Recruit Holdings Co Ltd 2,803.00 -0.62 5,588,400 tobacco companies to lower the nico- a media report that the company has Okasan Online Securities said in a Hargreaves Lansdown Plc 1,668.50 -0.89 721,854 Resona Holdings Inc 3,260.00 -2.51 1,397,200 tine levels in all cigarettes sold in the lost some Apple business. commentary. Halma Plc 2,562.00 0.71 651,481 Secom Co Ltd 4,076.00 -1.83 712,300 United States. Danske Bank lost 7.6% after the Losses were also sharp in Europe, Hsbc Holdings Plc 417.25 -2.53 15,271,670 Sekisui House Ltd 3,245.00 -3.71 3,699,400 Homeserve Plc 1,144.00 -1.38 725,851 BAT shares recorded their biggest United States and the Federal Retire- with both London and Paris ending Seven & I Holdings Co Ltd 5,592.00 -2.22 1,379,200 Intl Consolidated Airline-Di 193.10 -8.11 52,608,655 percentage drop since March 2020. ment Thrift Investment Board filed a around 2% lower. Shimano Inc 8,945.00 -1.58 1,779,100 Intermediate Capital Group 1,969.00 -1.75 440,844 Britain’s blue-chip FTSE 100 fell claim for compensation against the “Stocks in Europe appear to have Shin-Etsu Chemical Co Ltd 1,069.00 -0.83 1,906,800 Intercontinental Hotels Grou 4,952.00 -3.96 444,379 2% and logged its sharpest percent- Danish bank and its former chief ex- run out of steam after the gains of the Shionogi & Co Ltd 7,130.00 -2.22 1,217,000 3I Group Plc 1,214.50 -2.37 1,217,070 Shiseido Co Ltd 1,981.50 -1.95 3,299,600 age decline in two months, while ecutive Thomas Borgen. last seven weeks, with profit taking Imperial Brands Plc 1,465.50 -7.31 4,460,984 Smc Corp 2,276.50 -1.45 4,325,500 Germany’s DAX was down 1.6%. French food group Danone slipped appearing to be the order of the day,” Informa Plc 568.00 -3.92 2,670,470 Softbank Corp 7,115.00 -0.56 1,292,200 Spain’s IBEX dropped 2.9% for its 1.8% after reporting a 3.3% fall in said Michael Hewson, chief market Intertek Group Plc 6,026.00 -0.07 218,085 Softbank Group Corp 4,277.00 -1.72 828,300 Jd Sports Fashion Plc 881.20 -3.50 1,506,207 worst session since December. first-quarter sales as lockdowns con- analyst at CMC Markets UK. Sompo Holdings Inc 2,308.50 -1.09 2,276,900 Just Eat Takeaway 7,930.00 -0.54 82,924 The pan-regional STOXX 600 tinued to dent its bottled water and Meanwhile shares in tobacco firms Sony Corp 15,430.00 0.59 901,800 Johnson Matthey Plc 3,182.00 -0.50 809,660 index dropped 1.9% in its biggest baby food sales. took a beating after the Wall Street Subaru Corp 5,335.00 -1.22 1,727,200 Kingfisher Plc 360.10 -0.17 7,453,461 While both the Dow and the S&P Journal reported that the US is con- Sumitomo Corp 9,006.00 -1.78 808,900 one-day decline this year, accelerat- Land Securities Group Plc 715.00 -1.35 1,397,484 Sumitomo Electric Industries 3,091.00 -1.75 1,842,300 ing losses after a lower opening on 500 finished last week at new peaks sidering requiring them to lower the Legal & General Group Plc 269.40 -2.78 10,397,202 Sumitomo Metal Mining Co Ltd 3,434.00 -1.38 3,105,200 Wall Street. and also posted their fourth consecu- nicotine in all cigarettes sold in the Lloyds Banking Group Plc 42.05 -3.91 210,906,965 Sumitomo Mitsui Financial Gr 7,314.00 -1.32 1,221,300 tive weekly gains, this week has seen country to levels that are no longer #N/A Invalid Security 0.00 0.00 - After bumper earnings reports Sumitomo Mitsui Trust Holdin 6,915.00 -1.17 1,235,400 Mondi Plc 1,947.00 -1.12 936,990 from US banks last week, investors shares slide as the earnings season addictive. Sumitomo Realty & Developmen 1,309.00 -0.34 1,460,400 M&G Plc 211.80 -3.29 6,856,425 are awaiting results from mega-cap enters its second week. “Despite the fact that rumours of Suzuki Motor Corp 900.60 -2.07 5,811,800 Melrose Industries Plc 162.20 -4.92 14,293,802 technology firms, which helped a “It seems like investors might this regulation have been around for Sysmex Corp 585.00 -0.83 42,669,200 Wm Morrison Supermarkets 181.30 -1.31 5,202,904 Takeda Pharmaceutical Co Ltd 840.00 -1.77 5,183,900 strong US market recovery last year be having a bit of a second thought years, and while some may down- National Grid Plc 911.30 0.42 3,842,453 Terumo Corp 26,740.00 -2.48 675,100 but have lagged recently. up here as US earnings season starts play the effectiveness of the ban, it Natwest Group Plc 193.00 -2.92 15,999,576 Tokio Marine Holdings Inc 452.40 -0.26 12,459,500 In Europe, profits for STOXX 600 to heat up and peak optimism is be- is clear that more governments are Next Plc 7,794.00 -3.92 517,345 Tokyo Electron Ltd 1,220.00 -1.97 3,968,800 Ocado Group Plc 2,178.00 -2.16 1,155,786 companies are expected to jump more ginning to set in,” said Stephen Innes moving in this direction and that it Tokyo Gas Co Ltd 2,053.50 -1.39 2,728,800 Phoenix Group Holdings Plc 733.40 -2.08 864,326 than 55% in the first quarter, accord- of Axi. is becoming a real possibility in the Toray Industries Inc 16,270.00 -1.45 357,200 Pennon Group Plc 1,044.50 0.05 626,030 ing to Refinitiv IBES data, with much Wall Street’s main indices were short term,” said XTB market analyst Toyota Motor Corp 8,186.00 -2.09 2,379,300 Polymetal International Plc 1,578.00 1.48 1,082,267 of the support coming from consum- showing losses in late morning trad- Walid Koudmani. Unicharm Corp 15,410.00 -1.31 606,300 Prudential Plc 1,498.50 -3.57 6,553,838 West Japan Railway Co 20,115.00 -1.71 361,800 er cyclical and industrial companies. ing, with the Dow down 0.8%. Shares in Lucky Strike maker Persimmon Plc 3,139.00 -1.44 590,198 Z Holdings Corp 5,008.00 -0.54 3,422,000 “It’s earnings and results have been “There are some festering con- British American Tobacco plunged Pearson Plc 789.00 -3.05 1,774,008 fantastic, but it’s starting to come at cerns about rising coronavirus cases 7.66%. Reckitt Benckiser Group Plc 0.00 0.00 - Royal Dutch Shell Plc-A Shs 1,350.20 -3.34 4,371,615 the higher end, so people are start- around the world, ongoing lock- EURO STOXX 50 closed down Royal Dutch Shell Plc-B Shs 1,291.00 -3.44 5,388,205 ing to think there is no more upside, down restrictions around the world, 2.0% to 3,940.46 points; London Relx Plc 1,917.50 -0.39 3,513,539 SENSEX how much better can it get,” said ETX and vaccination efforts around the — FTSE 100 ended down 2.0% to Rio Tinto Plc 5,955.00 -2.20 2,015,275 Capital analyst Michael Baker re- world that aren’t up to full speed for 6,859.87 points; Frankfurt — DAX 30 Rightmove Plc 602.60 -1.34 1,146,799 Company Name Lt Price % Chg Volume garding the day’s pull-back. a variety of reasons, including sup- closed down 1.6% to 15,129.51 points Rolls-Royce Holdings Plc 99.28 -5.61 63,137,446 Adani Ports And Special Econ 720.45 -0.07 21,315,167 BMW’s first-quarter earnings on ply problems,” said Patrick O’Hare at and Paris — CAC 40 closed down Rsa Insurance Group Plc 682.40 0.03 1,450,195 Asian Paints Ltd 2,553.65 -0.71 1,489,287 Tuesday showed a much stronger Briefing.com. 2.1% to 6,165.11 points yesterday. Rentokil Initial Plc 516.40 -0.54 1,857,782 Axis Bank Ltd 651.75 0.56 12,296,248 Sainsbury (J) Plc 248.50 -2.43 5,120,494 Bajaj Finance Ltd 4,613.65 2.99 3,394,597 Schroders Plc 3,567.00 -2.06 173,297 Bharti Airtel Ltd 530.20 0.71 7,233,304 Sage Group Plc/The 641.00 -0.47 2,420,848 Bajaj Auto Ltd 3,600.90 2.43 676,558 HONG KONG HONG KONG Segro Plc 1,004.50 1.61 1,884,709 Bajaj Finserv Ltd 9,819.40 3.69 798,732 Smurfit Kappa Group Plc 3,521.00 -1.34 271,592 Bharat Petroleum Corp Ltd 408.10 -0.16 3,513,444 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Standard Life Aberdeen Plc 276.10 -2.85 5,013,502 Britannia Industries Ltd 3,729.90 -0.34 331,477 Ds Smith Plc 415.40 -1.28 2,345,903 Ck Hutchison Holdings Ltd 0.62 Cipla Ltd 949.30 0.32 10,205,616 64.90 5,117,494 Hong Kong & China Gas 12.46 -0.32 13,091,795 Smiths Group Plc 1,605.00 -2.13 605,972 Hang Lung Properties Ltd 0.00 Coal India Ltd 124.50 -0.08 7,738,871 21.35 2,162,536 Bank Of Communications Co-H 5.09 1.19 22,089,100 Scottish Mortgage Inv Tr Plc 1,190.00 -2.14 2,585,524 Ck Infrastructure Holdings L 0.42 Divi’s Laboratories Ltd 3,779.70 -0.72 594,570 47.90 776,592 China Petroleum & Chemical-H 4.25 -0.47 70,803,639 Smith & Nephew Plc 1,414.00 0.11 3,279,132 Hengan Intl Group Co Ltd -0.10 Dr. Reddy’s Laboratories 5,156.75 3.80 3,484,976 51.60 2,384,130 Hong Kong Exchanges & Clear 486.80 1.50 4,486,544 Spirax-Sarco Engineering Plc 12,155.00 -0.25 84,603 Cspc Pharmaceutical Group Lt -1.54 Eicher Motors Ltd 2,340.00 -1.28 1,040,931 9.60 30,790,274 Bank Of China Ltd-H 3.14 0.96 342,715,216 Sse Plc 1,481.00 -0.87 2,098,491 Hang Seng Bank Ltd 0.26 Gail India Ltd 134.40 -1.47 18,926,713 152.80 1,315,004 Hsbc Holdings Plc 46.10 0.22 12,387,721 Standard Chartered Plc 475.00 -4.08 4,853,387 China Resources Land Ltd -0.40 Grasim Industries Ltd 1,291.90 -2.48 3,688,197 37.15 6,307,475 Power Assets Holdings Ltd 47.35 1.18 3,724,121 St James’s Place Plc 1,305.50 -1.84 1,047,664 Ck Asset Holdings Ltd 2.09 Hcl Technologies Ltd 961.30 -3.35 9,742,418 48.75 6,795,455 Mtr Corp 44.00 -0.34 2,857,155 Severn Trent Plc 2,461.00 0.04 414,339 Sino Biopharmaceutical -1.09 Housing Development Finance 2,415.90 -3.07 7,365,765 8.19 39,335,478 Techtronic Industries Co Ltd 139.90 0.79 3,485,203 Tesco Plc 227.00 -3.20 29,786,577 Henderson Land Development 0.43 Hdfc Bank Limited 1,391.40 -1.49 11,593,135 35.30 2,861,672 China Overseas Land & Invest 20.00 0.40 11,922,076 Taylor Wimpey Plc 184.60 -3.05 7,557,363 Aia Group Ltd 0.05 Hdfc Life Insurance Co Ltd 685.20 2.89 5,373,233 98.05 13,463,227 Tencent Holdings Ltd 622.50 -0.72 15,227,980 Unilever Plc 4,128.00 -0.10 3,949,965 Ind & Comm Bk Of China-H 0.55 Hero Motocorp Ltd 2,823.70 1.37 740,095 5.50 124,296,497 China Unicom Hong Kong Ltd 4.53 0.22 31,285,555 United Utilities Group Plc 973.80 0.04 1,243,978 Sun Hung Kai Properties 0.34 Hindalco Industries Ltd 359.35 -0.57 15,526,407 119.80 2,105,232 Link Reit 74.60 0.40 3,448,027 131.48 -2.81 50,997,618 New World Development 0.35 Vodafone Group Plc Hindustan Unilever Ltd 2,397.45 -1.61 1,589,508 42.75 2,190,671 Petrochina Co Ltd-H 2.81 -1.06 72,729,722 Wpp Plc 941.80 -3.42 3,465,904 Geely Automobile Holdings Lt 23.10 1.09 96,239,706 Icici Bank Ltd 559.10 -0.12 24,425,842 Cnooc Ltd 8.36 -0.36 95,087,432 Whitbread Plc 3,350.00 -4.80 814,909 Xiaomi Corp-Class B 26.80 0.75 131,890,095 Indusind Bank Ltd 845.00 1.56 8,240,669 China Construction Bank-H 6.55 0.00 297,090,290 - Swire Pacific Ltd - Cl A 61.65 -1.44 1,796,957 Infosys Ltd 1,351.35 -0.82 8,560,766 China Mobile Ltd 52.35 0.48 27,723,987 Sands China Ltd 37.75 2.17 16,876,798 Indian Oil Corp Ltd 87.80 -0.34 10,866,044 Alibaba Group Holding Ltd 228.20 -1.64 19,985,710 Wharf Real Estate Investment 45.20 -2.16 4,428,641 Itc Ltd 203.55 -1.00 21,364,882 Clp Holdings Ltd 76.80 0.33 2,679,264 TOKYO Jsw Steel Ltd 620.60 0.78 13,626,064 Country Garden Holdings Co 9.78 0.41 10,826,541 Kotak Mahindra Bank Ltd 1,697.70 -0.18 3,317,008 Aac Technologies Holdings In 46.00 -2.02 8,047,944 Company Name Lt Price % Chg Volume Larsen & Toubro Ltd 1,331.50 1.61 2,989,204 Wuxi Biologics Cayman Inc 108.60 0.28 10,795,972 Mahindra & Mahindra Ltd 811.15 2.04 4,830,957 GCC INDICES Aeon Co Ltd 87,400.00 -2.17 635,500 Shenzhou International Group 174.90 -0.68 3,437,217 Maruti Suzuki India Ltd 6,646.65 2.07 914,142 Indices Lt Price Change Ajinomoto Co Inc 3,158.00 -1.37 964,300 Ping An Insurance Group Co-H 90.40 0.44 21,667,653 Nestle India Ltd 17,095.65 0.03 103,687 Ana Holdings Inc 2,551.50 -2.05 2,141,600 China Mengniu Dairy Co 43.75 -4.79 16,061,878 Ntpc Ltd 99.05 0.00 16,528,675 Doha Securities Market 10,914.12 -6.57 Asahi Group Holdings Ltd 4,556.00 0.44 2,206,700 Sunny Optical Tech 194.80 0.10 5,718,679 Oil & Natural Gas Corp Ltd 102.85 -0.19 23,082,015 Asahi Kasei Corp 3,674.00 -0.86 5,933,000 Boc Hong Kong Holdings Ltd 27.70 0.54 8,864,624 Power Grid Corp Of India Ltd 203.70 1.24 8,138,061 Kuwait Stocks Exchange 4,882.18 +21.90 Astellas Pharma Inc 4,255.00 -0.77 1,746,300 China Life Insurance Co-H 15.74 0.00 25,148,182 Reliance Industries Ltd 1,901.15 -0.03 7,939,490 Bandai Namco Holdings Inc 2,315.50 -2.30 4,676,500 Citic Ltd 8.05 0.50 14,110,779 Sbi Life Insurance Co Ltd 898.95 -0.81 3,593,124 Oman Stock Market 3,696.63 +29.68 Bridgestone Corp 1,661.00 -1.07 3,534,300 Galaxy Entertainment Group L 69.55 -0.43 14,473,220 State Bank Of India 329.50 -0.50 41,296,147 Canon Inc 3,827.00 -1.26 5,590,700 Wh Group Ltd 6.72 0.60 43,897,902 Central Japan Railway Co 2,261.00 -2.69 2,430,700 Shree Cement Ltd 29,320.70 -2.45 72,618 Chubu Electric Power Co Inc 26,860.00 0.06 151,000 Sun Pharmaceutical Indus 645.15 0.70 13,831,258 Chugai Pharmaceutical Co Ltd 3,274.00 -2.27 3,530,100 Tata Steel Ltd 894.00 0.67 16,915,293 Dai-Ichi Life Holdings Inc 8,140.00 -2.26 616,200 Tata Consultancy Svcs Ltd 3,144.55 -0.55 3,141,893 Daiichi Sankyo Co Ltd 5,056.00 -2.62 2,934,700 Tech Mahindra Ltd 983.40 -1.67 4,028,636 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Daikin Industries Ltd 8,418.00 -1.22 5,599,700 Titan Co Ltd 1,522.90 0.28 1,789,104 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Daiwa House Industry Co Ltd 3,367.00 -1.69 4,767,800 Tata Motors Ltd 298.05 -1.11 56,740,291 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Daiwa Securities Group Inc 7,055.00 -2.70 965,500 Upl Ltd 591.75 -0.95 3,403,144 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Denso Corp 557.20 -2.42 18,648,000 Ultratech Cement Ltd 6,200.85 -4.75 1,272,134 this data.” East Japan Railway Co 1,436.50 -0.48 9,623,600 Wipro Ltd 470.10 -0.56 17,730,691 Gulf Times Wednesday, April 21, 2021 7 BUSINESS

BANKING ON KNOWLEDGE Emerging economies cautiously optimistic amidst surging Covid-19, inflation risks

By Dr R Seetharaman economy is expected to grow by 3.7% in stance as long as necessary to sustain 2021 and 2.6% in 2022 respectively. growth on a durable basis and continue The Brazilian capital market is flat this to mitigate the impact of Covid-19 According to IMF April 2021, the year. on the economy, while ensuring that Chinese economy is expected to grow The bond issuances in Brazil exceeded inflation remains within the target by 8.4% in 2021 and 5.6% in 2022 $4.12bn in first quarter 2021 as against going forward. respectively. $2.1bn in first quarter 2020.The Brazilian Russian capital market is flat this year. 3.5% in March 2021.The bond issuance The Indian rupee is at near 75 levels The Chinese producer price index real is at 5.58 against the US dollar and In February 2021, the annual consumer was $4.12bn in first quarter of 2021 as against the US dollar and has fallen by rose 1.7% from a year earlier stronger has weakened by close to 7% YTD. price growth rate rose to 5.7%. In March against $2.1bn in first quarter of 2020. more than 2% YTD. The Indian bond than the forecast in February 2021. Brazil’s producer price inflation jumped 2021, the central bank decided to The capital market is up by close to issuances were close to $29.35bn in The Chinese stock market had fallen to 28.6% in February 2021. increase the key rate by 25 basis points 8%. The South African rand is below first quarter 2021 as against $30.94bn by more than 2% YTD. The Chinese The central bank raised interest rates to 4.5% per annum. 14 against the US dollar and has in first quarter 2020. All the emerging bond issuances were at $625bn in first by 75 basis points to 2.75% in March The Russian rouble is at 76.25 against strengthened by more than 3% YTD. economies growth have been revised quarter 2021 as against $587.2bn in first 2021 – the first increase in six years and the US dollar and has weakened by According to IMF, the Indian economy recently in the recent IMF April 2021 quarter 2020. Chinese yuan is at 6.5 the biggest in over a decade. more than 2% YTD. is expected to grow by 12.5% in 2021 growth forecast. However, the Covid-19 levels against the US dollar and is flat The bank’s monetary policy committee The South African economy is expected and 6.9% in 2022 respectively. The has surged recently in emerging this year. suggested as much, saying it would to grow by 3.1% in 2021 and 2% in 2022 Consumer Price Index (CPI) or retail economies namely India and Brazil In April 2021, People’s Bank of China boost rates by the same amount again respectively. The annual inflation rate in inflation spiked to 5.52% in March 2021 significantly. A cautious optimism warned of financial risks in the at its next meeting in May 2021 “unless South Africa eased to 2.9% in February compared to 5.03% of the previous prevails in emerging economies amidst country that have accumulated over shocked the domestic financial markets. there is a significant change in inflation of 2021 from 3.2% in January, below month. Amidst surge in Covid-19 in the current wave of Covid-19 and the years, as well as shocks from People’s Bank of China maintained that projections or in the balance of risks”. market expectations of 3.1% and the India, the RBI voted unanimously to surging inflation. overseas uncertainties. The coronavirus monetary policy would remain stable According to IMF April 2021, Russian South African reserve bank’s target leave the policy repo rate unchanged pandemic and high volatility in and supportive. economy is expected to grow by 3.8% in range of 3-6%. South Africa reserve at 4%. It also unanimously decided  Dr R Seetharaman is Group international capital flows have also According to IMF April 2021, the Brazil 2021 and 3.8% in 2022 respectively. The bank kept the repo rate steady at to continue with the accommodative CEO of Doha Bank.

Credit Suisse investors seek answers after Greensill BofA looks to link up and Archegos debacle

AFP begin moving their money else- Zurich where. The bank’s early April announcement of two internal investigations into the crisis has nvestors in Swiss banking not stemmed calls for more ac- bond issuers with giant Credit Suisse are de- countability. Imanding answers about its In an open letter published on risk-taking after the bankrupt- his website, US Senator Sher- cies of British fi nancial fi rm rod Brown, who heads the Sen- Greensill and US hedge fund ate Banking Committee, listed Archegos bled it for billions of a long line of questions over the dollars. Archegos collapse, demanding a Shareholders will pick apart response by April 22. minority-run banks quarterly earnings data later this One of his questions focused week seeking clarity over how on “co-ordination with other Bloomberg the losses occurred and if more banks to sell, or to refrain from San Francisco could be lurking on the horizon. selling, stocks related to Arche- “Obviously, there is a risk gos transactions”. In an inter- management problem,” said Du- view with Swiss newspaper ank of America Corp held a confer- san Isakov, a corporate fi nance NZZ, Credit Suisse chief Tho- ence last week to connect minori- and governance professor at Fri- mas Gottstein insisted that the Bty-run banks with companies that bourg University. losses linked to the fund marked borrow in bond markets in an eff ort to Switzerland’s second-largest “an isolated event,” vowing that increase diversity in debt underwriting. bank was heavily invested in the bank would allow for the The Charlotte, North Carolina-based Greensill, a fi rm specialised in “necessary consequences, with lender – consistently one of the largest short-term corporate loans via no taboos.” underwriters of US investment-grade a complex and opaque business The Greensill and Arche- corporate bond sales over the last two model, and was forced to sus- gos shocks have meanwhile re- decades – is also looking to increase the pend four funds after the fi rm vived long-standing criticism proportion of fees that companies direct declared insolvency last month. of Credit Suisse’s commercial to minority-owned dealers that join its Meanwhile a sudden share banking division. syndicates for bond sales, said Andrew selloff by Archegos Capital Man- “We have been warning about Karp, the bank’s head of investment- agement triggered upset on fi - the risks from trading in deriva- grade capital markets. He declined to nancial markets that hit Credit tive products since 2009, since provide specifi c fi gures. Suisse particularly hard. the fi nancial crisis,” Karin Lan- Last week’s event included more than The Archegos meltdown dolt, spokeswoman for major 200 companies and 27 banks run by mi- alone infl icted a 4.4bn Swiss Swiss shareholder organisation norities, women and veterans. franc (€3.9bn, $4.7bn) charge Actares, told AFP earlier this “It’s important for us to do our part to on Credit Suisse’s fi rst-quarter month. increase diversity, inclusion and equality earnings, prompting ratings The small size of the com- in the fi nancial sector and we take that agency S&P to review but ulti- mercial banking division, which seriously,” Karp said. “There is a broader mately maintain its creditwor- deals in mergers and acquisi- goal here and a bigger picture perspective thiness. tions, initial public off erings, that expands beyond just thinking about And the bank has already said and prime brokerage invest- the last dollar in revenue, even if it means A pedestrian walks past a Bank of America bank branch in San Francisco. Bank of America held a conference last week to connect it expects to book a pre-tax loss ments, raised fears of risky earning less on a transaction.” minority-run banks with companies that borrow in bond markets in an eff ort to increase diversity in debt underwriting. of 900mn Swiss francs when it behaviour to compete against Bank of America has taken steps to im- presents its quarterly results on larger US banks. prove its outreach to minority commu- the event, have led prominent bond of- making their syndicate groups more di- paid for the whole of last year, according Thursday. The division last year saw its nities and help foster equality, including ferings run in part by minority-owned verse. Citigroup Inc worked solely with to data compiled by Bloomberg. Analysts with the Zurich revenues soar 19% to $10.2bn. pledging $1.25bn over the next fi ve years banks. The fi rms are working on more Black-owned fi rms to distribute $2.5bn Even outside of the banking industry, Cantonal Bank (ZKB) expect By comparison, the bank’s to address racial and economic inequal- transactions, and are often hired in more of bonds in January, while Deutsche Bank more companies are embracing diversity Credit Suisse’s results to of- more conservative wealth man- ity. CtW Investment Group, which does signifi cant roles, responsible for selling AG paid one of the largest fee shares ever in their debt deals, a trend that Bank of fer only limited answers on agement division saw its rev- shareholder activism on behalf of union more notes and earning more fees in the to minority underwriters on a bond sale America’s Karp expects to continue. its oversized exposure in the enues shrink 8% to 13.6bn Swiss pensions, has fi led a shareholder resolution process. last month. In its last two US dollar-denominated Greensill collapse. francs. to force the bank to do a racial equity audit. “It’s a self-fulfi lling vote of confi dence Bank of America has worked with the bond sales, Verizon has appointed one of That would leave questions Although speculative fund Bank of America told shareholders to vote for banks to be out front in the conversa- fi rms in its own off erings as well, includ- the lead underwriters to make sure there around the debacle and in par- failures are not uncommon and against the measure, and said any audit is tion,” said Annie Seelaus, chief execu- ing a $2bn bond in September whose pro- was enough focus on taking orders from ticular compensation to inves- Archegos hit other fi nancial unnecessary because of the progress the tive offi cer of R Seelaus & Co, a women- ceeds will be used to try to advance racial diversity fi rms and that there are fair al- tors hanging over the bank like a fi rms, Isakov said Credit Su- fi rm has made on racial equality. owned broker dealer. equality through activities such as mort- locations, especially if the deal is over- “sword of Damocles” for the rest isse “either...lent out too much Firms owned by minorities, women But progress has been slow, and al- gage lending and fi nancing businesses in subscribed. Last month’s $25bn off ering of the year, they warned. money, or they poorly evaluated and veterans have been winning more though minority fi rms have been in the Black and Latino communities. drew $109bn of demand at its peak. “We So far Credit Suisse has prom- the risks.” business since George Floyd was killed by corporate bond market for decades, their Big banks have paid minority fi rms are going to be looking at our large banking ised to return $4.8bn to inves- Combined with the bank’s re- police last year, igniting a greater racial share of corporate bond underwriting about $17.8mn in fees this year through partners to embrace that role,” said Scott tors from its four Greensill funds peated ignoring of warning signs reckoning in the US Companies like Ve- was just 2% to 3% as of 2020. the middle of last week for helping to un- Krohn, the company’s treasurer. “And if — less than half the original on Greensill, this showed that rizon Communications Inc, Allstate Corp Financial companies, some of the most derwrite bonds issued by the dealers in you don’t, it could mean less opportuni- amount — and analysts have “there is clearly a governance is- and State Street Corp, which all spoke at frequent sellers of bonds, have been the US. That’s close to the $23.8mn they ties in doing business with Verizon.” warned that angry clients could sue,” Isakov said. CEO debacle at Danske Bank draws warning from shareholders

Bloomberg number of candidates for top managerial months’ pay with him as he heads out the Denmark’s government would be Copenhagen positions, it may become problematic door, will do next. willing to look into making changes to from a shareholder’s point of view.”Shares The outgoing CEO got just over 15mn existing financial legislation if the regula- in Copenhagen-based Danske slid for a kroner ($2.4mn) in salary and benefits last tor deems it necessary, said Olav Hav, a Danske Bank has once again lost a chief second day on Tuesday, with their 3.8% year, and 4.2mn kroner in incentive pay. spokesman for the ruling Social Demo- executive, ushered out under yet another decline putting the bank at the bottom Danske’s board has now promoted its crats on the parliamentary committee cloud of scandal. Denmark’s main share- of the Bloomberg index of European chief risk off icer, Carsten Egeriis, to the overseeing bank laws. holder group says the question now is financial stocks. top job. “If the Danish FSA sees a need to make whether there’s such a thing as a qualified Danske’s board chose Vogelzang back The 44-year-old former Barclays Plc adjustments to rules, I am confident that CEO with a perfectly clean record. in 2019, after a drawn-out and diff icult CRO points out that he’s had “more than both parliament and the government will The biggest Danish bank stunned process. The bank, which is itself being in- 20 years of experience across various dif- listen very closely to that,” he said. investors on Monday when it revealed it vestigated in the US and Europe for its role ferent financial services and institutions.” The regulator declined to comment. was parting ways with Chris Vogelzang, its at the centre of a vast Estonian laundering “I’m very comfortable in the work and Meanwhile, Hav said that it’s “a concern third CEO in as many years. scandal, had fired Thomas Borgen as CEO the decisions that I have done in that ca- that people with the necessary experience The 58-year-old is leaving Danske after in late 2018. Eff orts to get Danske’s chief reer so far,” Egeriis said by phone. Dybvad to enter Danske Bank at this level can becoming the subject of an investigation financial off icer promoted to the top job said the Danish regulator has already told only be recruited among people working tied to his former employer, ABN Amro, backfired when the Danish regulator said Danske that Egeriis can be CEO. very closely to the thin ethical line in the and its alleged failure to live up to anti- he wasn’t experienced enough. Denmark’s financial laws and regula- international world of finance.” money laundering laws. An interim CEO was then kicked out af- tions, including those guiding qualifica- Egeriis says bank CEOs have to accept Mikael Bak, the head of the Danish ter he got caught up in a separate scandal. Danske Bank headquarters in Copenhagen. The biggest Danish bank has once tions for executives and board members, the new rules of the game, which he says Shareholders’ Association, says Vogel- Vogelzang was thoroughly vetted, again lost a chief executive, ushered out under yet another cloud of scandal. have been tightened considerably since require being “hyper-vigilant” when it zang’s departure is “regrettable.” He also according to Chairman Karsten Dybvad, Denmark’s main shareholder group says the question now is whether there’s Danske’s money laundering scandal comes to the risk of financial scandals. says it’s possible that the modern-day whose predecessor was ousted for failing such a thing as a qualified CEO with a perfectly clean record. erupted in late 2018. “There is clearly a lot that’s happened in “code of ethics, in a way, makes it diff icult to prevent Danske’s laundering scandal. The bank admitted in September of the banking industry in terms of improv- to recruit top managers.” “We really looked into everything at that Denmark’s financial workers’ union said Chairman Kent Petersen and Danske that year that a large part of €200bn ing controls and processes, and invest- “It’s good for society that the ethical time. We were very careful.” So news of Vogelzang’s departure was “disappoint- Bank’s union representative, Kirsten Ebbe ($240bn) in non-resident funds that ments,” he said. “But it is not easy and it is judgment is tough,” he said. “But when the Dutch criminal investigation was a ing.” Danske’s staff “are now being ex- Brich, said in a joint statement. It’s not flowed through a now-shuttered Estonian something that takes up a lot of manage- it becomes so tough that it limits the “surprise,” Dybvad said by phone. posed to yet another [leadership] change,” clear what Vogelzang, who’s taking 18 unit was suspicious. ment time and will continue to do so.” Wednesday, April 21, 2021 GULF TIMES BUSINESS

FOCUS World needs all energy sources; apt laws necessary to curb emissions

By Saad al-Kuwari governments must adopt policies that an annual decline of about two million pandemic, and the cycle begins again. power increases? And why did the contribute to stopping it. barrels per day, and this negatively The problem is that during these cycles, consumption of gasoline and diesel Accordingly, global climate conferences aff ects the refined oil derivatives as generations in developing countries not decrease in Norway by the same  Coronavirus pandemic…Western and related agreements have been well as the consumption and future gas are destroyed as a result of poverty, rate as the increase in the number of governments take control of held, and governments have spent price as it is linked to oil. neglect, and a slowdown in the global electric cars? And why was Norway, volatile energy markets and hundreds of billions of dollars in Oil prices could enter a “final drop”, economy. However, in the midst of which promotes renewable energy and climate change subsidies to develop the renewable with the international benchmark Brent these painful and costly changes, electric cars, the most active country  A sustainable future and oil energy and electric vehicles sectors. crude falling to between $37 and $42 a there is a great opportunity for some in the world in the last two years in oil could drop to $10 by 2050 if the Hence, it can be said that governments barrel by 2030. emerging economies to grow rapidly exploration? Paris climate goals are met have used climate change to re- Therefore, we have seen many people by ignoring these developments in the In sum, the world needs all energy  Can we say that governments establish their control over the calling for the necessity to exploit the West, especially countries such as the sources, but market forces determine have used climate change to economy and their foreign relations, opportunity and for governments to Gulf (GCC), Turkey and Brazil. these sources. Within this general re-establish their control over through aid, which ultimately means promote renewable energy and electric The truth is that fossil fuels cannot be framework, governments can issue energy markets? buying the loyalty of specific sectors of cars by issuing laws and providing eliminated, and governments cannot appropriate laws to reduce emissions the economy. more subsidies, while the fossil fuel continue to provide financial support in those cities and localities, which may The coronavirus pandemic has enabled The environmentalists and the industry is “penalised” and huge taxes for renewable energy projects and include preventing cars from entering governments, especially European and Between big spending and big debts, beneficiaries of spending on climate are imposed on it. electric cars forever due to the high the city centre, for example. some Asian countries, to control their it will generate inflation and a rise in change in Europe and the United States This legal imposition of policies, the so- cost. Also, what advocates of climate The current demand for more economies in a way that they had never taxes, which means an additional layer realised that they are facing a historic called criminalisation of a free industry change ideology have called for seems government intervention under the dreamt of! The pandemic also forced of government intervention in these opportunity that will not be repeated, in a free market, and the imposition of to completely ignore the foundations pretext of climate change means that them to restructure foreign trade and countries. and that the governments of these huge taxes on it, is seen inconsistent of energy security, which are based on they realise that market forces do not international relationship in a way that In short, coronavirus has destroyed countries may restore their control over with everything that the West has diversifying its sources and sources of support their projects, and that what was not possible before its spread. a large part of the globalisation that the global economy and change energy historically called for in terms of free imports. they are saying about the continuing In short, coronavirus has changed the has spread in the last 30 years, as systems properly under the garb of markets, freedom of expression, and None of them may not be able to cost reduction is not necessarily true. world in a way that history books will well as what is left of any thought to coronavirus, its clean environment and the need to reduce taxes and customs answer the following question yet Otherwise, why are they asking record as a major historical event that limit the role of governments and renewable alternatives. duties. – Why are electricity prices highest governments for more laws, more may not be repeated at all! give the private sector a greater role Under this scenario, oil demand could One of the results of these (in the world) in countries that have subsidies, and more taxes on industries, Then came the massive government in participating in government sector decline by 70% by 2050 from current developments could be to divide the adopted renewable energy on the which they don’t want? spending to buy vaccines and revive activities. levels. It is expected that the demand world into two halves, with the western largest scale? In addition, why did the economy, which means more Specifically in Western countries, the for oil will begin to decline from 2023 part controlling the other. France finally raise electricity prices?  Saad Abdulla al-Kuwari is an expert in government control, and also more private sector may not do anything under this scenario, and this decline The Western world will witness a new And why have electricity prices in oil and gas and is exploring the future debt accumulation. to stop climate change, and then will accelerate rapidly after that, with phase in response to the coronavirus Texas soared as the share of wind of energy. Local retail investors turn GPCA calls for modernisation of bullish on Qatar bourse, WTO to support chemical trade but index settles lower he Gulf Petrochemicals ple and diff ering standards, limited and Chemicals Association protection of trade secrets as well By Santhosh V Perumal tially to QR98.94mn against T(GPCA) issued a list of rec- as trade defence measures. Business Reporter QR167.42mn on April 19. ommendations for the modernisa- To realise its potential and en- The Arab funds had no major tion of the World Trade Organisa- sure its sustainable growth, the net exposure compared with net tion (WTO) in line with supporting industry requires an enabling le- he Qatar Stock Exchange profi t takers of QR0.22mn on free and fair trade and enabling gal framework, and free access to yesterday witnessed local Monday. the regional chemical industry’s global markets, which means the Tretail investors turn bull- Total trade volume rose 31% growth. removal of tariff and non-tariff ish even as it settled marginally to 517.65mn shares, while value In a position paper GPCA re- barriers. down. shrank 1% to QR837.79mn and cently praised the WTO’s vital No organisation is better placed The increased net buying transactions by 18% to 13,696. role in supporting trade in com- than the WTO to act as conduit of from the Arab individuals and The industrials sector’s modities and goods across the free and fair trade and enable con- the Gulf funds notwithstand- trade volume soared 68% to world. However, it highlighted sistent and compliant trade prac- ing, the 20-stock Qatar Index 140.99mn equities, value by that the organisation needs to do tices between countries. was down 0.06% to 10,914.12 42% to QR186.64mn and deals more to achieve multilateral com- Dr Abdulwahab al-Sadoun, sec- points, recovering from an in- by 20% to 3,038. mitments from its members on retary-general, GPCA, said, “En- traday low of 10,849 points. The transport sector reported further trade liberalisation and suring the uninterrupted supply The Islamic index witnessed 49% surge in trade volume to emerging trade rules. of chemicals to the world is a key gains vis-à-vis other losses in 8.82mn stocks and 30% in value GPCA went on to recommend imperative for global and regional the other indices in the bourse, to QR28.99mn but on 23% de- that the WTO, of which all GCC leaders, as chemicals serve as key whose year-to-date gains were cline in transactions to 427. states are members, should take building blocks to scores of prod- at 4.58%. The domestic institu- The real estate sector’s trade proactive steps towards its mod- ucts and materials we use every tions’ net selling pressure sub- volume shot up 45% to 46mn ernisation in several key areas, day, and cater to many end-user stantially weakened in the market, shares and value by 45% to including: Process (reform) and industries. From healthcare to food whose capitalisation neverthe- QR91.48mn, while deals shrank substance (negotiations); regula- packaging, to construction, trans- less saw QR95mn or 0.15% jump The increased net buying from the Arab individuals and the Gulf funds notwithstanding, 17% to 1,257. The consumer tory co-operation on chemical portation, and many more, chemi- to QR630.36bn, mainly owing to the 20-stock Qatar Index was down 0.06% to 10,914.12 points yesterday, recovering from goods and services sector saw substances to prevent barriers to cal trade is an important enabler midcap segments. an intraday low of 10,849 points 30% expansion in trade volume trade; trade agendas to support for socio-economic development. The insurance and banking to 244.15mn equities, 24% in sustainability; improved transpar- “I am pleased to announce that counters witnessed higher than and All Share Index by 0.01% to However, Qatar Oman In- The foreign institutions’ value to QR260.13mn and 6% in ency, and eff ective enforcement of GPCA has joined peer associa- average selling pressure in the 3,444.49 points, while Al Rayan vestment, Ahlibank Qatar, net buying declined signifi - transactions to 3,756. commitments. tions to develop a position paper bourse, where the foreign insti- Islamic Index (Price) rose 0.1% Salam International Invest- cantly to QR65.68mn against The insurance sector’s trade GPCA estimates that regional which highlights the importance of tutions continued to be net sell- to 2,534.15 points. ment, Aamal Company, Qa- QR190.56mn the previous day. volume was up 4% to 11.12mn chemical export volume declined a modernised and fully functioning ers but with lesser intensity. The insurance sector index tari German Medical Devices, However, Qataris turned stocks, whereas value declined by 15%-20% to 66-70mn tonnes World Trade Organisation. The foreign individuals declined 0.7%, banks and fi nan- Dlala, Qatar Industrial Manu- net buyers to the tune of 6% to QR33.72mn and deals in 2020, due to signifi cant demand “The paper comes at just the turned net profi t takers in the cial services (0.22%) and telecom facturing, Investment Holding QR30.83mn compared with net by 31% to 473. There was 3% disruptions in chemical supply right time – as global free trade bourse, which saw a total of (0.03%); while real estate gained Group, Vodafone Qatar, Gulf sellers of QR37.41mn on April jump in the telecom sector’s markets as a result of the corona- comes under a growing threat in 728,299 exchange traded funds 0.7%, industrials (0.34%), con- Warehousing and Milaha were 19. The Arab individuals’ net trade volume to 6.45mn shares virus pandemic. On the back of in- countries across the world and (Masraf Al Rayan sponsored sumer goods and services (0.25%) among the losers. buying increased notably to but on 2% shrinkage in value to creased demand and gradual eco- trade protectionism is on the rise QATR and Doha Bank sponsored and transport (0.22%). The Gulf individuals turned QR13.32mn against QR6.84mn QR16.76mn and 15% in transac- nomic recovery, regional chemical – and we call on the WTO to fulfi l QETF) valued at QR7.77mn Major losers included Oore- net sellers to the tune of on Monday. tions to 562. trade is expected to increase by up its mandate in supporting and pri- changed hands across 69 deals; doo, Qatar Insurance, Al Khaleej QR11.06mn against net buyers The Gulf institutions’ net However, the banks and fi - to 10% in terms of volume in 2021. oritising a multilateral approach while in the debt market, there Takaful, Mannai Corporation, of QR1.94mn on April 19. buying strengthened mark- nancial services sector’s trade The chemical industry in the re- to trade. I would like to thank the was no trading of sovereign Doha Insurance, Commer- The foreign individuals were edly to QR7.71mn compared to volume shrank 12% to 60.13mn gion still faces key barriers to trade GPCA’s International Trade Com- bonds and treasury bills. cial Bank, Al Meera, Medicare net sellers to the extent of QR4.22mn on Monday. equities, value by 40% to including costly tariff s, unclear mittee (ITC) for working closely The Total Return Index was Group, Widam Food, Baladna QR7.54mn compared with net Domestic funds’ net profi t QR220.06mn and deals by 41% rules of origin, discrepancies be- with the Secretariat to develop this down 0.06% to 21,596.65 points and Qatari Investors Group. buyers of QR1.6mn on Monday. booking weakened substan- to 4,183. tween national legislations, multi- position paper.”

Microsoft Qatar urges foreign firms to choose Doha as ‘gateway of choice’

Microsoft Qatar has asked foreign companies, which eye the Middle East region for their expansion, to choose Doha as the “gateway of choice”. “Qatar is an innovation powerhouse and has in recent years established itself as a global hub for investments. A range of initiatives by the government has contributed to a start-up friendly environment – a place where businesses can come, set up and grow with ease,” Lana Khalaf, country manager, Microsoft Qatar, told a webinar on Qatar’s digital landscape, jointly organised by the Qatar Financial Centre, the Embassy of Poland and the Qatar-Poland Business Council (QPBC). Abby Chan, vice president, Business Development, QFC, said Qatar’s burgeoning digital market is rich with opportunities for new and established companies wishing to set up a presence in the region. Qatar Financial Centre supports Qatar’s “The QFC supports this growth by providing a platform burgeoning digital market for all forms of digital companies to operate in Qatar and expand to other markets,” he said. time to invest here.” In this regard, she said Qatar’s real Setting up or expanding a business in Qatar comes with gross domestic product of GDP is set to grow 2.52% this many advantages, from entrepreneurship support for year and average 2.73% growth over the subsequent start-ups, billions worth of digital spending, streamlined four years. More than 60 Qatari and Polish participants business setup to advanced ICT or information, yesterday attended the event, which aims to inform communication and technology infrastructure. It also attendees about the digital landscape and potential adds to the economic relation between Poland and business opportunities in Qatar. Qatar, which in 2019 reached a trade value of $852.4mn. Poland’s ambassador to Qatar Janusz Janke recently Highlighting that Qatar could be chosen as their highlighted the existing co-operation and partnership gateway for those companies eyeing the region for between the two countries in various fields and their expansion, Khalaf said “there has never been a better keenness to consolidate and develop them.