OIL GAINS | Page 2 Q2 SCORE | Page 5 IMF warns Apple Arab states posts jump over debt in profi ts

Thursday, May 3, 2018 Sha’baan 17, 1439 AH GULF TIMES DELIVERING GREAT BENEFITS : Page 16 QNB to launch e-commerce platform ‘QNB-Simplify’ with BUSINESS Mastercard in boost for ties Fed keeps interest rates unchanged, says Listed banking assets inflation near target

Reuters Washington

The Federal Reserve held interest rates steady yesterday grow over 8% in Qatar to and expressed confidence that a recent rise in inflation to near the US central bank’s 2% target would be sustained, leaving it on track to raise borrowing costs in June. The Fed’s rate-setting committee also downplayed a recent slowdown in economic and job growth, saying that activity had been expanding at a moderate rate and job $389.4bn in 2017: KPMG gains, on average, had been strong in recent months. In a statement following the end of a two-day policy By Pratap John On the report, Omar Mah- meeting, the Fed said inflation had “moved close” to its Chief Business Reporter mood, head (Financial Services) target and that “on a 12-month basis is expected to run for KPMG in the Middle East & near the Committee’s symmetric 2% objective over the South Asia, and partner at KPMG medium term.” otal listed banking sector in Qatar, said, “Overall it has been The Fed’s decision to leave its benchmark overnight assets in Qatar increased a strong year for listed banks in lending rate in a target range of between 1.50% and 1.75% Tby 8.1% to $389.4bn in Qatar. While profi tability, as- was unanimous. 2017 from $360.2bn in 2016, driv- sets and capital have all increased Investors had all but ruled out another increase at this en by growth in corporate lend- from the comparative year, banks meeting. The Fed raised rates in March. ing, cash and equivalents and in- in Qatar have also managed to The Fed’s overall confidence in the economic outlook vestment securities, a new report reduce costs by 1.9% on average, was also highlighted by its assertion that business fixed has shown. resulting in a sector cost-to- investment had continued to grow strongly. This, according to KPMG, was income ratio of less than 30%, It added that risks to the outlook appear roughly balanced, the “highest” asset growth rate which is the lowest in the region. removing a previous reference to “near-term risks.” among all Gulf Co-operation These positive report fi ndings are Fed chairman Jerome Powell has maintained that the Council countries last year. particularly impressive, given the central bank will pursue a middle-of-the-road approach to This growth can be predomi- unique year for Qatar, both politi- monetary policy, continuing to gradually lift rates in the nantly attributed to the increase in cally and economically, and con- face of a robust economy that had yet to spark a jump in fi nancing asset balances (70%) and tinue to refl ect the resilience of inflation. higher investment securities (15%). Qatar’s banking sector.” But data released on Monday showed that price gains are In its ‘GCC Listed Banks Re- Mahmood said, “Despite this now eff ectively at the Fed’s 2% target after years of falling sults’ report, KPMG said the mar- success banks are still very well short of that mark. ket is dominated by QNB, which aware of the challenges that re- The Fed’s preferred measure of inflation soared 1.9% in had a market share of 56.3% of main. Impairment charges, non- the 12 months through March, the biggest increase since total listed banking assets at end- performing ratios and funding February 2017, after increasing 1.6% in the year through 2017, up from 2016, while Islamic costs have all increased, while February, the US Commerce Department reported. banks had a combined market At 29.5%, Qatar’s listed banks have the “lowest” CIR on average across the GCC. PICTURE: Nasar T K liquidity continues to be a key Fed policymakers had anticipated the rise and have share of 20.8%. focus area. Banks are therefore stressed that their 2% target is not a ceiling. In 2017, profi tability for listed the Islamic sector, reported a de- which banks continue to focus on The report said the Qatar Cen- reshaping strategies, targeting The central bank currently forecasts another two rate rises banks increased by 5% on aver- cline in their CIRs, which KPMG and maintain at low levels. tral Bank takes a “proactive” ap- higher quality domestic assets this year, although an increasing number of policymakers age from the previous year. This noted, “helped overall average Capital Adequacy Ratios proach to regulating banks in and looking at diversifi ed funding see three as possible. was mainly a result of higher net dip” below 30% for the fi rst time (CARs), for all except two banks Qatar. It has issued Basel III regu- sources. Investors overwhelmingly expect a rate hike at the Fed’s interest income, which increased in a number of years. are at higher levels when com- lations for all banks, which have “The focus on innovation and next policy meeting on June 12-13. by 3.8% and a further reduction Banks have continued to invest pared with 2016, refl ecting the been applied in a phased manner, effi ciency will continue as banks The pace of rate increases has picked up since the Fed in costs, despite a higher impair- in short and long-term cost-sav- “conservative approach” to busi- and has implemented numer- in Qatar look to diff erentiate began its tightening cycle in December 2015. ment charge on loans. ing initiatives. ness during the year, coupled ous regulatory requirements that themselves in a competitive mar- It raised rates once in 2016, but lifted borrowing costs Listed banks in Qatar continue Overall profi tability for listed with the specifi c capital-raising have been applied in more devel- ket, given the funding cost pres- three times last year amid a strengthening economy and to have some of the lowest cost- Qatari banks has increased year- activities undertaken. oped fi nancial markets, covering sures being faced, as well as the labour market. to-income ratios (CIR) in the re- on-year by 5%. All banks, except In addition, the regulatory cap- areas such as stress testing, capi- increasing regulatory require- Although economic growth slowed to an annualised rate gion, KPMG said. for two, reported an increase in ital adequacy requirements have tal planning, liquidity manage- ments, such as Basel III and IFRS of 2.3% in the first quarter, a period that has tended to be At 29.5%, Qatar’s listed banks net profi t from 2016, with con- been, and continue to, increase ment and recovery and resolution 9. We expect there to be contin- weaker in recent years, and job gains cooled in March, a have the “lowest” CIR, on average ventional banks outperforming with the gradual phasing in of Ba- planning. ued control around the cost side pickup is expected in the months ahead, fuelled in part by across the GCC, refl ecting “cost their Islamic counterparts. sel III regulations, with the mini- Currently, 18 banks operate of the business to ensure profi t- the Trump administration’s tax cuts and fiscal stimulus. consciousness” across the sector This increase can be primarily mum capital adequacy regulatory under the QCB, of which 11 are able growth remains and cost-to- The economy is now in its second-longest expansion since and the country as a whole. attributed to higher net interest requirement expected to reach national banks. Four of these are income ratios are maintained at World War II. All except two banks, both in income and a decrease in costs, 17% for some banks by 2018. Islamic banks. low levels.”

Milaha launches direct container feeder service German envoy lauds Qatar’s between Qatar and Iraq eff orts to fi nd new markets Milaha, a Doha-based maritime transport more convenience through greater port and logistics conglomerate, launched a coverage and reduced transit times,” said direct container feeder service between Milaha’s president and chief executive Qatar and Iraq. Abdulrahman Essa al-Mannai. and ‘recalibrate’ businesses The new service, which will be an expan- This new service will contribute to the sion of the existing Qatar-Kuwait service reconstruction eff orts in Iraq, and will that the company launched last year, will also help boost the growing trade and By Peter Alagos the sidelines of the recently-con- ing eff orts to resolve the Gulf crisis follow a Hamad Port-Umm Qasr (Iraq)- economic relations between Qatar and Business Reporter cluded Hannover Fair 2018, Muzel “as quickly as possible.” Shuwaikh (Kuwait)-Hamad Port rotation, Iraq, he said. said “while Qatar has lost some “It is a regional crisis and they are and will be initially served by one vessel Milaha continues to enhance its interna- markets in the region, it gained going to solve it, but we, as many with a 1,015 TEU (twenty foot equivalent tional presence and diverse portfolio of ermany has lauded the Qa- even more customers in the vicinity other partners – the US, France, unit) capacity and 110 reefer plugs. maritime and logistics services. Since last tari government, including and up to Asia.” and Germany - we’re putting our The service will have a transit time of two year, the company has expanded into Gmajor private sector players, “This is a new challenge but hands together to assist in fi nding days, making it particularly ideal for dry several new shipping routes and acceler- for its eff orts to “recalibrate” the as you take it positively, this just a quick and proper solution so that and refrigerated food stuff , consumer ated deployment of new supply chain country’s business environment shows how vibrant Qatar is, and we can restart and reboot the situ- electronics, and construction materials, solutions across a number of countries. and for tapping new markets amid now we are in the midst of a very ation in the business here. Even if among other cargo. The first vessel will Milaha currently calls two ports in Oman an economic blockade imposed by positive running and managed rec- it’s a regional crisis, everybody is depart from Hamad Port on May 7, 2018 (Sohar and Salalah), three ports in India some of its Arab neighbours last alibration process,” the ambassador doing their part to support all par- and reach at Umm Qasr Port on May 9, (Nhava Sheva, Mundra, and Kandla), one year. told Gulf Times. ties to come to a positive solution. 2018. port in Kuwait (Shuwaikh), one port in According to German ambassa- “Kudos to the Qatari govern- But Qatar is doing its best to recali- “There has been excellent demand on the Pakistan (Karachi), one port in Sri Lanka dor Hans-Udo Muzel, Qatar “has ment because under the current brate,” Muzel said. Qatar-Kuwait service that we launched (Colombo), and one port in Bangladesh taken the right decision” to assess circumstances, which are not easy, He added: “What we laud is that last year, and we have been looking at (Chittagong), off ering enhanced con- the situation and to recalibrate they are successfully readjusting Qatar is trying to defuse the situa- ways to further expand that service nectivity and transit times to Qatar and business interests and by fi nding economic politics and fi nding out tion actively, which is what we really to give our Iraqi clients and partners the region. new markets. new avenues for both exports and appreciate, and all the main stake- On June 5, 2017, Saudi Arabia and imports, and this just shows that holders are trying to contribute with its allies, Bahrain, the UAE, and Qatar is not only focusing on the their eff orts at the political level so Milaha continues Egypt, cut land, sea, and air links crisis and its impact, but especially that situation will be solved. to enhance its with Qatar. on what to make the best out of it, “We laud very positively the very international Citing HE the Minister of Econ- so this gives new impetus to the successful recalibration eff orts presence and omy and Commerce Sheikh Ahmed people and a positive challenge,” he of the Qatari government and the diverse portfolio bin Jassim bin Mohamed al-Thani’s continued. Qatari and foreign business com- of maritime and discussion with Dr Peter Altmaier, At the same time, Muzel said, munities, which are putting their logistics services Germany’s Federal Minister for Germany, including countries such hands together to make the best out Muzel: Qatar is making the best out of Gulf Economic Aff airs and Energy, on as the US and France, are support- of the current situation.” crisis. PICTURE: Ram Chand Gulf Times 2 Thursday, May 3, 2018 BUSINESS Saudi economic transformation is still an oil story

Bloomberg government’s plan to boost public slid in 2014, forcing them to slash Dubai spending to a record this year in subsidies and introduce fees and an attempt to revive economic value- added taxation. Now that oil is growth. trading around $70 a barrel, budget Saudi Arabia’s eff orts to shore up The latest IMF data sees Saudi Arabia’s deficits are starting to shrink for most public finances and revive economic economy expanding 1.7% in 2018, after countries. growth are still pretty much contracting 0.5% last year. But the Cumulative deficits in the Gulf dependent on oil prices, even as the rebound is mainly driven by higher Cooperation Council, the six country kingdom tries to reduce its reliance on government spending, the model that bloc that includes Saudi Arabia, the revenue from crude exports. sustained the kingdom’s economy UAE and Qatar, will fall to about 2% of The world’s biggest oil exporter will over more than four decades. gross domestic product in 2019 from need crude prices to average almost “This expected acceleration in growth almost 11% in 2016, according to the $88 a barrel this year to balance its is not a free lunch – the government IMF. budget, according to the latest IMF is picking up the bill,” said Ziad But the non-oil balance, which strips economic outlook released yesterday Daoud, chief Middle East economist out revenue earned from hydrocarbon in Dubai. That compares with $70 in for Bloomberg Economics. “The old exports, gives a better picture about the previous forecast in October. Brent model of an economy driven by progress in diversifying government crude, an international benchmark, is government spending and financed by revenue. For Saudi Arabia, the shortfall currently trading above $70 a barrel, oil hasn’t really changed.” is expected to rise to about 39% of the highest level since 2014. Middle Eastern oil exporters had the non-oil gross domestic product in The increase in the so-called to constrain government spending 2018 compared with 37% last year, IMF breakeven price reflects the in recent years after crude prices data show.

‘Lebanon IMF warns Arab states needs to address fi scal against debt complacency defi cit’ AFP Dubai Reuters Dubai he International Monetary Fund yesterday warned Arab states Tagainst complacency over a ebanon needs to address its looming debt crisis, urging continued big fi scal defi cit, work on economic reforms despite a rise in oil Lstructural reforms to help its prices. economy grow and restructure key Crude prices have rebounded in the sectors such as electricity and tel- region thanks to a deal by producers to ecoms, an International Monetary trim production, but the IMF said such Fund offi cial said. a change in fortunes should not get in Lebanese economic growth has the way of overhauling state spending. been slowed by the war in neigh- “Required reforms include further bouring Syria, by taking in huge steps toward full elimination of energy numbers of refugees from that subsidies, and changes to pension and fi ghting and by years of its own social security systems — including re- political inertia. visions to retirement age and benefi ts,” This has left it with a huge fi scal the IMF said in its Regional Economic defi cit equivalent to 9% to 10% of Outlook for May. its gross domestic product. Jihad Azour, director of the IMF’s It needs to narrow that gap, Middle East and Central Asia depart- which the IMF described as “un- ment, told AFP higher oil prices should sustainable”, gradually down to 5% spur change. of GDP, Jihad Azour, director at “We should not be complacent... the IMF’s Middle East and Central oil prices are going up. That defi nitely Asia department, told Reuters. does not mean that we should not in- The economy in Lebanon, troduce the reforms. On the contrary, which is preparing for its fi rst par- the current environment off ers the op- liamentary elections since 2009, is portunity to accelerate some of these growing at a sluggish rate of 2% to reforms,” Azour said. 2-1/2%, Azour said. Oil prices have reached around $75 a “The Lebanese economy is not barrel from under $30 a barrel in early growing enough in order to sta- 2016. bilise the fi scal situation as well Overall growth in the Middle East as also address certain number of and North Africa (Mena) region, which issues including the issue of refu- includes all Arab countries and Iran, gees.” was forecast by the IMF to reach 3.2% Over $11bn in aid pledges prom- this year compared to just 2.2% in 2017. ised to Lebanon at a Paris confer- The partial recovery in oil prices ence last month are the right in- will be a boost for the Gulf Coopera- Saudi commuters drive down a main street in the capital Riyadh (file). After GCC countries saw their economic growth shrink by 0.2% last year, impacted by a 0.7% centive for the country to “couple tion Council states — Bahrain, Kuwait, contraction by the Saudi economy, their economy is expected to return to growth in 2018. the investment programme with Oman, Qatar, Saudi Arabia and UAE — the right fi scal adjustment as well which supply almost a fi fth of global 2014, GCC members undertook fi scal Despite the improved economic each year since 2013, with countries Mena countries need to create as also the restructuring of some crude oil. measures and reforms to cut public forecast, the IMF estimated cumula- fi nancing large fi scal defi cits,” the IMF 25mn new jobs over the next five of the key sectors that are needed After the GCC saw their economic spending and boost non-oil revenues. tive overall fi scal defi cits in the region report said. years, Azour said, while warning of in order to see the economy grow- growth shrink by 0.2% last year, im- Azour said that Saudi Arabia’s eco- to be $294bn in 2018-22. An impending increase in interest the negative consequences of un- ing back”, Azour said. pacted by a 0.7% contraction by the nomic consolidation measures to cut a Around $71bn of government debt rates, making borrowing more expen- employment coupled with rising The central bank has for years Saudi economy, their economy is ex- persistent budget defi cit and diversify is expected to mature during the same sive, will complicate the problem, it debt levels. “The average debt in resorted to stimulus packages and pected to return to growth in 2018. the economy away from oil remains the period. added. the region for oil-importing coun- fi nancial operations that the IMF The Council’s economy is forecast correct policy. “The rapid buildup of debt in many According to the IMF, the economy tries exceeds 80%,” of gross domes- has called “unconventional” fi - to grow by 2.2% this year and 2.6% in “The current strategy that is based of them (Mena countries) is a cause for of oil-importers should grow by 6.2% tic product (GDP), he said, stress- nancial engineering to keep its 2019, the IMF said. on reaching a balanced budget by 2023 concern. Debt has increased by an av- annually to maintain unemployment at ing such a figure is “beyond what is foreign reserves stable and to pro- Following the oil price slump in mid- is the right one,” he said. erage of 10 percentage points of GDP the current rate of 10%. acceptable.” mote economic growth.

IMF: Bahrain needs to accelerate budget reforms to sustain its Iran urged to go faster on economy as export revenues plunge

Reuters likely to impose a value-added tax in 2019 to reforms if Trump quits deal Dubai strengthen state finances. The tax had originally been planned for introduction in January this year, at the same Bloomberg on April 14. Unifying the exchange Bahrain needs to accelerate reforms to its time as VAT was imposed in Saudi Arabia Dubai rate would help “eliminate distor- state budget to reach a deficit level that and the UAE, but the plan ran into resistance tions in the market” and “improve would make its finances sustainable over from some members of parliament. competitiveness,” Azour said. the medium term, an International Monetary “I think they’re expecting it to be introduced ran’s government will need to Gradually shrinking the budget Fund off icial said. in 2019 — this is a right measure,” said Azour. accelerate economic reforms, defi cit, which the IMF estimates Jihad Azour, director of the IMF’s Middle East Earlier this year, the minister of finance Iincluding plans to overhaul its may widen to 2.7% of gross do- and Central Asia department, was speaking said Bahrain had no new plans to cut the banking system, should President mestic product next year, would after yields on Bahrain’s international bonds subsidies it pays to keep down consumer Donald Trump decide to quit the also help the economy adjust, he jumped during a debt sale at the end of prices of fuel, food and services. 2015 nuclear accord with the Is- said. The defi cit stood at 1.9% in March because of investor concern about Azour said that to curb state spending, it was lamic Republic, according to a sen- 2017. the country’s finances. important for Bahrain to continue removing ior International Monetary Fund Azour said Iranian policy mak- Bahrain is rated as “junk” by all the major its subsidy system gradually, allowing utility offi cial. ers need to address problems credit rating agencies and lacks the financial prices to be fixed with a new formula. “The possibility that the US within the country’s banking sys- and oil reserves of its wealthier Gulf He said faster structural reforms of the walks out of the nuclear deal would tem, which currently makes it neighbours. economy were also needed to boost growth, increase uncertainty and uncer- hard for small-and-medium sized It has been hit harder than them by a which the IMF has forecast will stay largely tainty would require some meas- Traff ic flows past Tehran’s landmark Milad Tower in the morning of companies to borrow. The IMF reduction in its export revenues due to low flat at around 3% in the next couple of years. ures to stabilize the market,” Jihad January 3, 2018. Iranian policy makers need to address problems within has repeatedly urged the govern- oil prices. Bahrain has been discussing the possibility Azour, head of the IMF’s Middle the country’s banking system, which currently makes it hard for ment to urgently recapitalise and “Given the fact that Bahrain doesn’t of obtaining additional financial aid from East and Central Asia department, small-and-medium sized companies to borrow, according to the IMF. restructure lenders. have the same levels of buff ers as other Kuwait, Saudi Arabia and the UAE, bankers said in an interview in Dubai on “If you want to increase the level countries, they need to accelerate their fiscal and off icials in the Gulf say. Monday. economy, sending the rial down to halted its supply of foreign cur- of growth you need to improve ac- adjustment in order to reduce faster their Asked if additional aid from Gulf neighbours Trump will decide whether to a record low. rency “for the time being,” while cess to fi nance and this requires deficit and to tackle a level of debt that is was necessary for Bahrain to reach financial leave the deal, which curbed Iran’s Authorities responded with an also banning exchange houses good banking system,” Azour said. higher than other countries,” Azour said in an stability, Azour said the right policy mix nuclear programme in return attempt to unify its two-tier ex- from carrying out cash transfers “You need to have a certain level of interview. would allow the country to become more for sanctions relief, by May 12. change rate, with police also de- abroad through the popular ha- stability on prices and you need to Bahraini off icials have indicated they are resilient and strengthen public finances. Speculation that he will pull out taining traders who sold dollars valeh system, known elsewhere as allow the private sector to be inter- has added pressure on the Iranian illegally. The central bank then hawala, state-run media reported ested in investing.” Gulf Times Thursday, May 3, 2018 3 BUSINESS

Qatar PPI surges 19.2% on yearly basis

Qatar’s industrial producers’ earnings weight of 26.8% in the PPI basket, witnessed displayed robust performance year-on-year 11.9% yearly increase this March owing in March 2018 mainly on higher prices for to a 25.6% expansion in the price of basic Qatar Chamber discusses hydrocarbons, refined petroleum products, metals, 14.8% in dairy products, 14.3% in basic metals, dairy products and other other chemical products and fibres, 13.1% chemical products and fibres, off icial data in refined petroleum products, 10.7% in suggest. paper and paper products, 7.5% in basic Qatar’s producer price index (PPI) – a chemicals, 1.6% in grain mill and other ways to enhance trade measure of the average selling prices products and 0.5% in juices. received by the domestic producers for However, there was a 6.7% decline in the their output – surged 19.2% on a yearly price of rubber and plastics products, 5.3% basis but was down 0.3% month-on-month in cement and other non-metallic mineral during the review period, said the figures products and 0.9% in beverages. released by the Ministry of Development The manufacturing sector PPI had seen relations with Malaysia Planning and Statistics (MDPS). a marginal 0.1% gain month-on-month in MDPS had released a new PPI series in late March 2018 as price of dairy products shot atar Chamber offi cials met 2015. With a base of 2013, it draws on an up 7.5%, paper and paper products (7.2%), with a delegation from Ma- updated sampling frame and new weights. other chemical products and fibres (4%), Qlaysia yesterday to discuss The previous sampling frame dates from basic metals (3.4%), basic chemicals (0.5%) ways to enhance alliances and busi- 2006, when the Qatari economy was and grain mill and other products (0.1%). ness partnerships between the two much smaller than today and the range Nevertheless, there was a 1.8% fall in the countries’ private sectors. of products made domestically much price of rubber and plastics products, 1.1% Vice chairman Mohamed bin To- narrower. in cement and other non-metallic mineral war al-Kuwari and board member The PPI for mining, which carries the products and 0.2% in juices. Mohamed bin Ahmed al-Obaidli met maximum weight of 72.7%, saw 23.3% surge The utilities group, which has a mere 0.5% with Malaysia External Trade De- year-on-year in March 2018 due to a 23.3% weightage in the PPI basket, saw its index velopment Corporation (Mantrade) increase in the price of crude petroleum grow 6.4% in March 2018 on a yearly basis deputy CEO Dato Wan Latif Wan and natural gas and 3.9% in stone, sand and as electricity prices soared 12.2% even as Musa, including representatives of clay. The mining PPI had seen 0.5% fall on water prices were down 1.8%. 18 companies specialising in food a monthly basis as crude petroleum and The index had risen 0.6% month-on- security and building materials. natural gas prices declined 0.5% but that of month in March this year mainly on 1.8% Al-Kuwari said there are ample stone, sand and clay grew 0.2%. increase in the price of electricity; while opportunities for co-operation be- The manufacturing sector, which has a water prices fell 1.3%. tween both parties considering that the investment climate in Qatar “is set for attracting more invest- ments.” “Malaysia is a strategic trade partner to Qatar. Qatar Chamber is ready to provide the visiting delega- tion with the needed information to assist Malaysian businessmen learn about the available opportunities in Qatar. Food security and building materials are vital sectors in Qatar”, he added. Musa said the visit comes in the frame of the co-operation agree- ments signed between both coun- Qatar Chamber vice chairman Mohamed bin Towar al-Kuwari and Mantrade deputy CEO Dato Wan Latif Wan Musa tries last October, noting that bi- during a meeting at the chamber’s headquarters yesterday. lateral trade between Qatar and Malaysia “have improved.” Qatar has managed to achieve many private sector has contributed to market through business partner- Al-Obaidli said Qatar’s economy milestones during the siege, includ- mitigating the repercussions of this ships with their Qatari counter- is “steadily growing” despite the ing opening new marine lines with siege. parts, adding that “there is a mul- siege imposed on the country al- several countries. He affi rmed that Al-Obaidli encouraged Malaysian titude of opportunities in small and most one year ago. He noted that the partnership between public and companies to enter into the Qatari medium-sized enterprise sector.” Qatar bourse down on profit booking

By Santhosh V Perumal together accounted for more than strengthened considerably to 1.22mn stocks, whereas value grew Business Reporter 62% of the total volume. QR7.54mn against QR1.26mn the 4% to QR51.59mn and transactions The Total Return Index shrank previous day. by 22% to 935. 0.68% to 15,774.9 points, All Share The Gulf institutions turned net The real estate sector saw 14% Domestic and foreign funds’ Index by 0.92% to 2,642.21 points sellers to the tune of QR5.98mn slump in trade volume to 1.02mn sustained profit booking yesterday and Al Rayan Islamic Index (Price) compared with net buyers of shares but on 8% increase in value drove Qatar Stock Exchange down by 1.1% to 2,231.63 points. QR0.73mn on May 1. to QR14.31mn and 15% in deals to below 9,000 levels. The telecom index tanked (4%), The Gulf individuals were also net 386. Strong selling – especially in realty (3.84%), insurance (1.52%), sellers to the extent of QR0.21mn However, the insurance sector’s telecom, real estate and insurance industrials (0.58%), transport against net buyers of QR0.24mn on trade volume more than counters – led the 20-stock (0.35%) and consumer goods Tuesday. quadrupled to 0.09mn equities Qatar Index shrink for the third (0.11%); whereas banks and financial Non-Qatari individuals turned and value more than tripled consecutive day by 0.68% to 8,953.4 services rose 0.2%. net profit takers to the tune of to QR3.01mn on more than points. About 76% of the traded stocks QR0.08mn compared with net quadrupled transactions to 109. Masraf Al Rayan and Doha Bank were in the red with major losers buyers of QR0.55mn the previous The market witnessed 74% surge in sponsored exchange traded funds being Ooredoo, Vodafone Qatar, day. However, local individuals’ net the telecom sector’s trade volume QATR and QETF witnessed 1.06% Ezdan, Qatari Investors Group, buying expanded substantially to to 3.75mn stocks, 53% in value to and 0.96% declines respectively. Qatar Electricity and Water, Gulf QR24.57mn against QR1.86mn on QR40.6mn and 38% in deals to 598. Nevertheless, local retail investors International Services, Milaha, Qatar Tuesday. The consumer goods sector’s trade were increasingly bullish in the Insurance, Medicare Group and Total trade volume fell 11% to volume expanded 17% to 0.35mn market, which is up 5.05% year-to- Commercial Bank; even as QNB, 9.48mn shares and value by 6% to shares, value by 25% to QR35.71mn date. Qatar National Cement, Nakilat and QR208.39mn, while transactions and transactions by 80% to 541. Selling was seen more pronounced Salam International Investment gained 21% to 3,725. There was 11% increase in the within micro and midcap segments were among the gainers. The industrials sector reported 54% transport sector’s trade volume in the bourse, whose capitalisation Domestic institutions’ net profit plunge in trade volume to 2.16mn to 0.89mn equities, 8% in value to shed 0.61% to QR489bn. booking increased influentially to equities, 46% in value to QR47.47mn QR15.69mn and 28% in deals to 457. Trade turnover and volumes were QR10.75mn compared to QR2.13mn 18% in deals to 699. In the debt market, there was on the decline in the market, where on Tuesday. The banks and financial services no trading of treasury bills and telecom and industrials sectors Non-Qatari institutions’ net selling sector’s trade volume tanked 19% to sovereign bonds.

Turkish lira nears record low on S&P downgrade and weak PMI

Reuters it was made with political aims,” he Istanbul told private broadcaster NTV. Also weighing on the lira was data showing that the Purchasing Manag- urkey’s lira fell 1.5% yesterday, ers’ Index (PMI), a gauge of manufac- nearing a record low, after turing activity, had fallen to 48.9 in TStandard & Poor’s unexpect- April, dropping below the 50-point edly cut its sovereign rating deeper line that separates expansion from into “junk” territory, and a survey contraction for the fi rst time after 13 showed manufacturing activity con- months of consecutive growth. tracted for the fi rst month in 14. “The PMI dropped particularly Once seen as a star emerging sharply in Turkey, suggesting that a market, Turkey’s reputation among fairly marked slowdown in growth is international investors has been on the horizon,” Capital Economics tarnished by the central bank’s fail- said in a note to clients. ure to rein in double-digit infl ation S&P sounded particular alarm on amid a credit boom encouraged by Turkey’s debt burden — both cor- President Tayyip Erdogan. The lira fell 1.5% yesterday, nearing a record low, aft er Standard porate and government. The lira has fallen more than 8% & Poor’s unexpectedly cut its sovereign rating deeper into “The rating action also refl ects against the dollar so far this year, be- “junk” territory, and a survey showed manufacturing activity fi scal weakening as the govern- coming one of the worst-performing contracted for the fi rst month in 14 ment continues to stimulate the emerging market currencies. economy amid growing concerns It has hit a series of record lows related to Turkey’s high external to boost economic growth. He and over distress in Turkey’s highly ex- against both the dollar and the euro. debt.” The central bank last week his ruling AK Party are heading into ternally leveraged private sector,” S&P on Tuesday cut Turkey’s raised interest rates by a more- snap parliamentary and presiden- it said, adding that the weakening sovereign rating to “BB-/B” from than-expected 75 basis points, hik- tial elections on June 24. exchange rate was driving up the “BB/B”, citing concerns about in- ing its top rate to 13.5%. Finance minister Naci Agbal yes- cost of government debt — 40% fl ation, lira weakness and rising But economists have said that terday suggested the timing of the of which is denominated in foreign private-sector debt. with infl ation in double digits, more downgrade was rooted in politics, currencies. “There is a risk of a hard landing convincing increases are needed to citing next month’s elections. A number of large Turkish com- for Turkey’s overheating, credit- put a fl oor under the lira. “When there is the June 24 proc- panies have sought to restructure fuelled economy,” the ratings agen- It is now at its weakest since mid- ess ahead of us, S&P unexpectedly their debt. Reuters reported in cy said.”The ongoing weakness of April, when it touched a record low making a statement, which also April that food giant Yildiz Hold- the Turkish lira is not only fuelling of 4.1944. Erdogan has repeatedly doesn’t fi t in with its previous state- ing would restructure $6.5bn of its infl ation, but also amplifying risks called for lower borrowing costs ments, (it) gives the impression that $8.5bn in debt. Gulf Times 4 Thursday, May 3, 2018 BUSINESS

Strong dollar and mixed data keep pressure on emerging stocks

Reuters stronger dollar — have been the London key drivers of this downturn,” the IIF said.”Foreign investors have withdrawn more than The strong dollar and mixed $5.5bn from EM debt markets economic data kept the since April 16 — a slightly faster pressure on emerging stocks pace than that seen during the yesterday but currencies taper tantrum in May 2013.” bounced back from steep losses Adding to the cautious as markets waited to hear from sentiment on the day was a raft the US Federal Reserve on the of data, painting a mixed picture future path of interest rates. for manufacturing activity. MSCI’s emerging markets index While Purchasing Manager fell 0.4% to extend losses for Index (PMI) data from India a second straight day, though showed factory growth technology stocks inched accelerating, China factory higher following forecast- activity edged up marginally beating earnings by Apple. though records shrinking export The sober mood spread as orders.. the dollar clocked up healthy Meanwhile both Malaysia and gains at the start of the week South Korea saw factory activity and broadly held onto the rises shrink, while across most Bank of America Merrill Lynch reckons the Australian dollar will rise to 77 US cents by year end driven by higher local interest rates, but Goldman yesterday as investors awaited readings, export orders show Sachs Asset Management says the currency is heading south with the central bank on hold the Fed’s policy statement. weakness. The Fed is expected to keep Data from emerging Europe interest rates steady but will showed a better picture, with likely encourage expectation both Polish and Czech PMIs that it will lift borrowing recording accelerating growth. costs in June on the back Yet data from Turkey showed of rising inflation and low the manufacturing sector unemployment. shrinking following 13 months Though pressure on emerging of growth. BofA, Goldman clash markets also manifested itself in This followed hot on the heels debt markets, with average yield of data showing Turkey’s trade spreads over safe-haven US deficit increased nearly a third Treasuries widening to a fresh year-on-year in April and a cut 10-month peak as the JPMorgan of Ankara’s sovereign rating EMBI Global Diversified climbed into deeper “junk” territory in to 313 basis points. a surprise move by S&P Global The steady rise in the Ratings, ting widening concern on Australia dollar greenback together with the about the outlook for inflation recent rise in US Treasury yields amid a recent lira sell-off . had prompted international The confluence of data made investors to pull money out of the lira gave up early gains, emerging markets for the first to trade flat against the time in April since late 2016, dollar. Meanwhile currencies the Institute of International elsewhere bounced following as rate views split Finance found in its latest two days of hefty losses. report. South Africa’s rand and Russia’s Bloomberg year, according to a survey by Bloomberg. outlook for Australia or an even stronger 6.8% GDP growth for the next couple “The rise of 10-year US Treasury rouble strengthened 0.5% while Sydney The renewed bullishness in the green- economic picture in the US could see of quarters. Don’t see a significant rally yields — in tandem with a Mexico’s peso gained 0.3%. back has prompted some strategists, the Aussie easily dip below 70 US cents, in Chinese growth above expectations, such as those from HSBC Holdings Plc, perhaps to as low as 68. Conversely, the leading to a big rally in commodity ank of America Merrill Lynch reck- to raise their dollar forecasts, while cut- gradual economic improvement slated by prices and the Aussie heading back to ons the Australian dollar will rise ting their bullish bets on Australia’s cur- the RBA and eventual delivery of the next 80 to 85 US cents. Bto 77 US cents by year end driven rency. move in interest rates being higher could ‘Hard to be bullish’ by higher local interest rates. Goldman The following are a selection of com- see it staying above 75 US cents. Philip Moffi tt, Asia-Pacifi c head of Sachs Asset Management says the cur- ments from investors and analysts: Lower interest-rate diff erentials for fi xed income at Goldman Sachs Asset rency is heading south with the central Dollar traction both cash rate and bond yields could see Management: It’s hard to be bullish on bank on hold. Tony Morriss, head of economics and reduced demand for Aussie dollar from the Aussie, which will decline to 72 US The diverging views come as the Aus- rates strategy for Australia and New Zea- off shore investors, who used to be at- cents by year’s end. sie has sunk to a 10-month low, pum- land at Bank of America Merrill Lynch: tracted to higher Aussie yields. There’s going to be a pretty decent pe- melled by a rallying greenback. Swap The US dollar has really gained some Hamlyn sees the Aussie dollar as riod of sluggish growth without much traders are pricing in a one-in-three traction in recent weeks as other cen- range-bound to slightly softer by year infl ation Down Under. Australia still has chance of a rate increase in Australia at tral banks appear to have become more end, particularly given the expected path slack in the labour market – put all of the December meeting, while the Federal dovish. He sees a low for the Aussie of of Fed rate hikes. these factors together and we’re a few Reserve is committed to lifting borrow- around 75 US cents at the end of June, No China boost years behind the US on rates. ing costs. before a recovery to 77 cents by year’s Raymond Lee, money manager at Ebbing down The Reserve Bank of Australia kept end, based on BofAML’s view that there Kapstream Capital: Our base case even Darren Langer, senior portfolio man- rates at a record low 1.5% on Tuesday as is still a case for the RBA to lift rates by before the sell-off was somewhere ager, Nikko Asset Management: Aus- employment growth moderates and in- then. An even weaker Aussie would be between low-to-mid 70 US cents by sie won’t plummet although it will ebb fl ation lingers near the bottom of its 2% expected to support activity and push up year’s end. We don’t see a lot of cata- down toward 70 to 72 US cents by year’s to 3% target. The currency fell as low as infl ation; will be watching infl ation fore- lysts for the Aussie to rally for the rest end. On a relative value basis there is no 74.73 US cents on Tuesday, its weakest casts closely in the RBA’s Statement on of this year especially on the rate dif- reason why the Aussie should be going since June. It was trading at 74.96 US Monetary Policy out on Friday. ferentials side; the RBA isn’t going to up because Australian rates aren’t likely cents yesterday. ‘As low as 68’ move this year. to rise. On most metrics, the US dollar The Aussie is forecast to trade at about Tamar Hamlyn, principal at Ardea In- The other side is commodities and has room to improve so that will probably 79 US cents by the fourth quarter of this vestment Management: A deteriorating China, which said it’s going to post take a bit of value off the Aussie.

Sensex rises; rupee ends flat

Bloomberg, Reuters Reserve’s two-day policy meeting. The home currency ended at 66.67 Asian equity markets struggle Mumbai against US dollar, down 0.01% from its Friday’s close of 66.6613. The rupee AFP India’s benchmark equity index just opened and touched a low of 66.78 a Hong Kong managed to close in the green after dollar. Markets were closed on Monday swinging between gains and losses as and Tuesday due to holidays. weak sentiment in Asia off set the good Economists have pencilled in three he dollar yesterday main- cheer from strong auto sales in April. gradual interest rate hikes this year, but tained most of its recent gains The S&P BSE Sensex rose 0.1% to the Fed has signalled in March the path Tahead of a key Federal Reserve 35,176.42 in Mumbai after falling as of future rate hikes could be “slightly policy announcement, while Asian much as 0.3%. steeper” over the next few years than equity markets struggled as investors The measure swung between gains and previously thought, Reuters reported. returned from public holidays across losses at least a dozen times. All but two Traders are also awaiting US jobless the region. of the 19 sector sub-indexes compiled by claims and non-farm payrolls data due Technology stocks were mixed, BSE fell, led by an index of metal stocks. later in the week. even after Apple released better- Kotak Mahindra Bank provided the Bond yields fell after the Reserve Bank than-expected earnings that soothed biggest boost to the Sensex. The stock of India on Friday scrapped the residual worries about iPhone sales. markets were closed on Tuesday for a maturity requirement for purchases by As trading fl oors reopened after local holiday. overseas investors of three years, and the Labour Day break, attention was Kotak Mahindra Bank climbed to a raised the cap for foreign ownership of on the Fed’s policy decision later. record after Managing Director Uday any government security to 30% from While the central bank is not ex- Kotak said he expects a 20% loan 20%. pected to lift interest rates, its post- growth in the new financial year that The yield on bonds maturing in 2021 meeting statement will be parsed began April 1. slumped 10 basis points to 7.47%, while for clues to its plans and any idea “Loan demand should revive, that on notes due in 2022 slipped six of a timetable for future hikes with Pedestrians walk past an electronic quotation board in Tokyo. The Nikkei 225 closed down 0.2% to 22,472.78 points particularly from the corporate sector as basis points to 7.72%. Yields on 10-year opinions split on whether it will an- yesterday. capacity utilisation improves, and public government bond stood at 7.736% from nounce three or four more this year. sector banks scale back due to weaker its previous close of 7.767%. That is followed by the release on summit. “The US dollar bulls con- Nikkei in Tokyo ended 0.2% low- Traders are keeping tabs on trade capital strength and asset quality woes,” Bond yields and prices move in opposite Friday of closely watched US jobs tinued to lead the charge as traders er and Hong Kong slipped 0.3%. developments as a high-level US Diksha Gera and Hui Yen Tay, analysts at directions. data. A broadly positive outlook for remain centred favourably on the Shanghai and Singapore were mar- trade delegation heads to China this Bloomberg Intelligence wrote in a note. So far this year, the rupee has fallen the US economy, along with easing entrenched US data fl ow...relative ginally down, while Taipei, Manila, week for talks. Sales for Maruti Suzuki, the country’s 4.32%, while foreign investors have geopolitical and trade worries, has to that from other major econo- Bangkok and Jakarta fell. However, The meetings come after President biggest carmaker, climbed 14% last bought $1.32bn and sold $1.59bn in provided some lift to the dollar. mies that are cooling quickly,” said Sydney rose 0.6% and Wellington Donald Trump decided Monday to month, according to data provided by equity and debt markets, respectively. The greenback is testing the ¥110 Stephen Innes, head of Asia-Pacifi c climbed 0.7%. extend exemptions for the European the company on May 1. Tata Motors’ Asian currencies were trading lower. mark for the fi rst time since the start trading at OANDA. Technology fi rms won some wel- Union, Canada and Mexico from steel sales increased 86%, while Bajaj Auto South Korean won was down 0.43%, of February while it has also surged “It’s now over to the (Fed policy come support after Apple reported a and aluminium tariff s announced in reported a 26% gain. China renminbi 0.40%, China off shore against the pound as the Bank of committee) to hold up their side of hefty jump in second-quarter earn- March. Oil prices bounced slightly Asian stocks fell and the dollar retreated 0.27%, Indonesian rupiah 0.26%, Taiwan England puts its own plans for a rate the bargain as so far, the heavy lift- ings and unveiled a new $100bn share from Tuesday’s sell-off but record from a four-month high as investors dollar 0.24%, Philippines peso 0.21%, hike on the back-burner. ing for the greenback has fallen on buyback plan, while boss Tim Cook US production, a stronger dollar and digested the latest earnings reports and Malaysian ringgit 0.07%. However, It is also building on gains against the global central bank community, was optimistic about the outlook. rising stockpile levels capped gains. many markets reopened after being Japanese yen was up 0.16%. higher-yielding currencies includ- which has turned dovish on the fi rst The news soothed recent worries In Tokyo, the Nikkei 225 closed shuttered for holidays on Tuesday. The dollar index, which measures the ing the Australian dollar, Indonesian hint of economic slack.” about the iPhone-maker, which is a down 0.2% to 22,472.78 points; Hong Meanwhile the rupee closed little US currency’s strength against major rupiah, Mexican peso and Thai baht. Wall Street’s three main indexes major customer for suppliers in the Kong — Hang Seng ended down 0.3% changed against US dollar yesterday currencies, was trading at 92.361, down The South Korean won was also in ended mixed with analysts warn- region, though tech stocks in the re- to 30,723.88 points and Shanghai ahead of the outcome of US Federal 0.1% from its previous close of 92.449. retreat after enjoying a rally on the ing the strong earnings season could gion were mixed in the afternoon as — Composite closed fl at to 3,081.18 back of Friday’s North-South Korea be be a high mark for the year. The an early rally in some faded. points yesterday. Gulf Times Thursday, May 3, 2018 5 BUSINESS

CORPORATE RESULTS Apple reports jump in profi ts, unveils big share buyback

record profit for the current financial year, which kicked off last The company’s first-quarter results were hit by higher costs due month. Japanese trading houses are enjoying their best profits in to disruptions with its suppliers even as it races to meet record several years, driven by higher prices for commodities from met- demand from top customer Boeing Co. Spirit said ship-set deliver- als and coking coal to oil and natural gas. ies — or complete sets of parts for each aircraft — to Boeing fell “The biggest growth came from our metal division which ben- about 2% to 183 units in the first quarter ended March 29, while efited from higher coal prices, dividend from our Colombia’s coal those to Airbus rose about 3% to 208 units. mine and strong trade in our metal products units,” CFO Tsuyoshi “We expect to be back on schedule on the 737 programme by the Hachimura told an earnings news conference. middle of this year, at which point we expect to see overtime de- Non-resource segments, which account for 80% of Itochu’s profit, cline and a reduction in surge resources,” chief executive off icer including UK. tyre sales, Indonesia’s natural rubber operation and Tom Gentile said. its pulp business in Brazil and Finland, along with food and retail The deal to buy Asco Industries will help Spirit add more aircraft in Japan, also lent support, he added. parts to its portfolio and increase its business with Airbus. Itochu’s net profit for the year ended March 31 came to ¥400.33bn Spirit said its net income fell to $125.4mn, or $1.10 per share, in the ($3.7bn), marking a record for the second straight year. first quarter ended March 29, from $141.7mn, or $1.17 per share, a InterGlobe Aviation year earlier. Its revenue rose to $1.74bn from $1.69bn. Lumentum Holdings InterGlobe Aviation, owner of India’s top carrier IndiGo, reported a 73% slump in fourth-quarter profit yesterday, dragged down by Lumentum Holdings’ quarterly profit and revenue beat analysts’ higher expenses and fuel costs. estimates yesterday as the company sold more of the 3D sensing Total expenses jumped 30.2% to Rs58.91bn ($884mn), including a lasers that industry experts say power the Face ID technology on 33.5% increase in fuel costs in the January-March quarter. Apple’s latest iPhones. Profit dropped to Rs1.18bn, from Rs4.4bn a year earlier, InterGlobe Lumentum’s shares rose 9% to $57.45 before the bell. said in a statement. Revenue from Lumentum’s optical communications business, IndiGo also had to cancel hundreds of flights in March when sev- which accounts for more than 80% to the California-based firm’s eral in-flight engine failures prompted India’s aviation regulator total revenue, rose 14% to $246.3mn, beating analysts’ estimate of to ground eight of the airline’s Airbus A320neo aircraft fitted with $218.5mn, according to Thomson Reuters I/B/E/S. certain Pratt & Whitney engines. In March, Lumentum bought optical components producer The airline managed to transfer passengers to other flights, Oclaro for about $1.7bn to broaden its portfolio of laser off erings however, minimising revenue losses. Revenue per available seat and gain an edge in the fast-developing market for the 3D sens- kilometre — a measure of its operating earnings — fell over 3% to ing technology. Revenue from its lasers business rose 32.2% to Rs3.40 in January-March. $52.5mn, narrowly missing analysts’ estimate of $52.7mn. Apple reported a hefty jump in second-quarter earnings on another quarter of growth in our enterprise business,” chief Passenger yields, which gauge the average fare paid per mile per Lumentum reported net income of $2.7mn, or 4 cents per share, Tuesday and unveiled a new $100bn share buyback plan, alleviat- executive off icer Rami Rahim said. customer, dropped over 5%. However, IndiGo expects a 25% rise for the third quarter ended March 31, compared with a net loss of ing worries about the iPhone’s prospects and a hit from US-China The Sunnyvale, California-based company has been cutting costs in available seat kilometres, a measure of the airline’s passenger $56mn, or 92 cents per share, a year earlier. trade tensions. and shifting its focus to areas such as cloud computing to off set carrying capacity, in the fiscal year that began on April 1. On an adjusted basis, the company earned 78 cents per share. The company notched higher revenues in all regions and across softness in the switches and routers markets, where it faces Novo Nordisk Total revenue rose 16.8% to $298.2mn. most product categories, although iPhone sales lagged expecta- tough competition from bigger rivals such as Cisco Systems Inc Bunge tions. Juniper forecast current-quarter revenue to be about $1.18bn, plus Novo Nordisk, the world’s biggest maker of diabetes drugs, Apple chief executive Tim Cook off ered a bullish outlook on the or minus $30mn, and an adjusted profit of about 44 cents, plus reported a smaller than expected fall in first-quarter profit and US agricultural trader Bunge reported a quarterly loss yesterday, company, touting the company’s product pipeline as the “best or minus 3 cents. Total revenue fell 11.4% to $1.08bn in the first nudged up its full-year forecast as sales of new medicines helped compared with a profit a year ago, but said higher margins for we’ve ever had” and championing good sales of the iPhone 10, quarter, but topped analysts’ estimate of $1.05bn. to soften the hit from a weaker US dollar. soybean crushing should boost earnings significantly this year. a recently unveiled model whose $1,000 price tag has aroused Anadarko Petroleum With its traditional insulin treatments facing price pressures in Profit margins in the soybean crushing business have improved worries about being too high. the United States, Novo is pinning its hopes on new obesity medi- largely because a drought reduced harvests in Argentina, the Earnings for the quarter ending March 31 rose 25.3% rise in earn- Anadarko Petroleum Corp topped Wall Street estimates for first- cines and Ozempic, a once-weekly injection for diabetes expected world’s top exporter of soy products. ings to $13.8bn following 15.6% increase in revenues to $61.1bn. quarter profit due to higher crude prices and lower costs and to become its biggest drug. The higher margins prompted Bunge to raise its full-year earnings The company, flush with a huge cash pile on strong earnings en- the shale oil producer raised its annual production forecast on The initial feedback for Ozempic, known generically as semaglu- outlook for its agribusiness unit, which includes soybean crush- hanced by the US tax cut plan of 2017, announced $100bn in new Tuesday. Oil prices, which are trading around $70 a barrel, helped tide, is positive, the Danish company said. ing, to a range of $800mn to $1bn from $550mn to $700mn. share buybacks plus a 16% boost to its quarterly dividend. the company sell oil at $63.66 per barrel, up from $50.34 a year Analysts predict it will account for around 20% of sales in 2025. “I Bunge projected stronger performance after years of bumper Chief financial off icer Luca Maestri told an analyst conference earlier, despite oil output dropping 19% in the quarter. think the most important matter is that we have had quite some harvests reduced price volatility and clipped margins for the com- call that the company would undertake the share purchases at “a Total costs fell 35.5% to $2.49bn in the quarter. success in landing contracts with the payers,” said chief executive pany and its rivals, making it tough to turn a profit on their core very fast pace,” but that the schedule would depend on market Anadarko increased its full-year production guidance to 658,000- Lars Fruergaard Jorgensen. business: buying, processing and selling corn, soy and wheat. dynamics. 685,000 barrels of oil equivalent per day (boe/d) from 652,000 Sales of Ozempic are seen reaching at least 1bn Danish crowns Grain trader Archer Daniels Midland Co also showed signs of a Analysts especially praised a big jump in revenues in Apple’s — 679,000 boe/d. The company, which had increased its share this year, he said. turnaround by reporting a 16% increase in quarterly profit on services business, which is seen as an important element of diver- buyback program to $3bn in February, said it would complete the In the first quarter, sales were 69mn crowns, following its Febru- Tuesday. sification away from having revenues tied to gadgets. programme by mid-2018. ary launch in the United States, the world’s biggest drugs market. “Agribusiness is back in a big way,” Bunge chief executive Soren Angelo Zino, analyst at CFRA Research said the gain was evidence “We will consider expanding this program further should free Ozempic belongs to a class of treatments known as GLP-1s that Schroder said on a conference call with analysts. of “significant increase in paid subscriptions within (Apple’s) cash flow from the current operating environment continue to stimulate insulin production, the first of which was derived from The company’s latest financial results “signal an awaited transi- ecosystem.” increase,” chief executive off icer Al Walker said in a statement. the venomous bite of North America’s Gila monster lizard. tion into a period of much improved margins and performance, Sales of iPhones, which account for nearly two-thirds of company Anadarko, like its peers, has been under increasing shareholder So far, all have been injections, but Novo is also working on a especially in soy crush,” he said. revenues, rose during the quarter, although total volume came in pressure to keep a lid on costs and increase returns. tablet version. FLSmidth at 52.2mn units, a bit below consensus estimates of 53mn. Indivior Humana Neil Saunders, managing director of Global Data Retail, pointed Danish engineering group FLSmidth reported better-than- to “some less satisfactory nuances” in the Apple’s iPhone data in Britain’s Indivior posted a drop in first-quarter profit, as its block- US health insurer Humana reported a better-than-expected expected new orders in the first quarter as it secured its first big spite of the positive headline figure. buster treatment, Suboxone Film, lost market share in the US due quarterly profit and raised its full-year profit forecast yesterday, as contract from the minerals sector since 2015. Standard Chartered to stiff competition from generic versions, the maker of drugs it signed up thousands more for its government-backed Medicare The news sent its shares up more than 7% yesterday on optimism that treat opioid addiction said. Advantage business. about the outlook for demand from the mining sector. Standard Chartered posted a better-than-expected 20% rise in Shares in Indivior, which was spun out from Reckitt Benckiser in Membership for Medicare Advantage’s individual plans, which New orders still fell 10% from a year earlier, but that was a much pretax profit for the first three months of the year, helped by a 2014 and has risen about three-fold since, were down as much as provide insurance to the elderly and disabled, rose 6% to 3mn in smaller drop than analysts had expected. surge in loan demand and improvement in asset quality. 6% in early trading before clawing back most of it to trade 1.3% the first quarter. FLSmidth, part of a Nordic cluster of mining gear makers includ- The first-quarter profit jump yesterday builds on early signs of down yesterday. Employer or other group-based Medicare Advantage plans added ing Swedish Sandvik and Atlas Copco and Finland’s Metso, said success, including a return to dividend payments, for StanChart, Indivior’s shares have taken a beating in recent months after 14% more members. its order intake in the first quarter totalled 5.02bn Danish crowns which, under the leadership of Chief Executive Bill Winters since losing a couple of legal cases in its battle to protect the patent of The fast-growing and profitable Medicare Advantage plans ($809mn), above the 4.77bn expected by analysts, but down from 2015, has undergone a sweeping restructuring. Suboxone Film, which generates 80% of its revenues. account for about a third of Medicare members, making it an 5.56bn crowns a year earlier. Pretax profit for the bank, which focuses on Asia, Africa and the Generic rivals in tablet form are already on the US market which important growth area for private insurers. “The price level we have now throughout almost all commodities Middle East, rose to $1.26bn in the quarter ended March 31 from is grappling with an opioid addiction epidemic that killed 33,000 The health insurance has been diversifying to move deeper into is very satisfying,” chief executive Thomas Schulz told Reuters $1.05bn in the same period a year ago, it said in a statement to the people 2015, but Suboxone Film leads the market for a version patient care and drug retail, leading to a wave of consolidation in in a phone interview. The company stuck to its 2018 guidance stock exchange. which is placed under the tongue to suppress cravings. the sector. Last week, Humana paired up with two private equity with revenue seen at 18bn-20bn crowns, compared with 18bn That was above an average estimate of $1.21bn drawn from nine Indivior is also in patent disputes with Allergan Plc’s Actavis firms to buy privately held Curo Health Services for about $1.4bn, crowns last year, and an operating margin (EBITA) of between 8% analysts in a poll collated by the bank. Laboratories, Endo International’s Par Pharmaceutical and Teva the group’s second such deal in five months. and 10%. The company’s biggest order in January-March was a The bank’s operating income in the quarter rose 7% to $3.9bn. Pharmaceutical Industries. Net income fell to $491mn, or $3.53 per share, in the quarter 600mn crown copper order from Kazakhstan’s Kaz Minerals. Net impairment on financial assets in the quarter was at a similar The market share of the company’s best-selling opioid addiction ended March 31, from $1.12bn, or $7.49 per share, a year earlier. Mastercard level to the same period last year and 29% lower than in the drug fell to 55% year-to-date from 60% last year. CVS Health fourth quarter, the bank said. StanChart in February unveiled a Indivior posted a 5% fall in pretax profit to $111mn, while revenue Mastercard topped quarterly profit estimates yesterday and new medium-term goal of an 8% return on equity, as it recovers fell 3.8% to $255mn. CVS Health Corp posted a better-than-expected first-quarter raised its full-year revenue forecast, as it gained from higher from a restructuring that saw the key profitability metric fall into Swisscom profit yesterday, helped by higher sales of prescription drugs at consumer spending on credit and debit cards globally. the negative. its stores, sending its shares up 4.3% in trading before the bell. The company’s total gross dollar volume rose more than 19% to It has not announced the timetable for achieving the goal. TV, Internet and mobile phone services provider Swisscom met The company also said that it was sticking with its expectations of about $1.42tn in the first quarter, of which about 30% were trans- It posted an annualised return on equity of 7.60% in the March first-quarter forecasts yesterday and retained its annual targets closing the $69bn deal to buy Aetna in the second half of the year. actions processed in the United States. quarter, compared to 6.3% in the first quarter of 2017. despite what CEO Urs Schaeppi described as a “persistently diff i- CVS’s total same store sales increased 5.8%, while pharmacy US consumer spending got a boost from rising wages, which hit Qantas Airways cult environment”. Earnings before interest, tax, depreciation and same store sales surged 7.3% on higher prices of branded drugs their highest levels in 11 years, as companies passed on gains amortisation (EBITDA) fell 1.4% to 1.058bn Swiss francs ($1.06bn) and partnerships with other pharmacy benefits managers. from tax cuts to their employees and job market improved. Big- Qantas Airways said it expects to report record annual profit on versus the 1.050bn forecast by analysts polled by Reuters. Overall revenue from the company’s retail business increased ger rival Visa also posted a quarterly profit well above analysts’ strengthening global demand as well as hikes in domestic fares Shareholders’ net profit rose 2.1% to 381mn francs. 5.6% to about $20.4bn. estimates last week. and cuts to capacity, sending its shares up almost 7% to their lofti- Revenue increased by 1.9% to 2.885bn francs versus the 2.829bn However, the company’s retail business accounts for a shrink- Both Mastercard and Visa continued to reap the benefits of con- est since November. forecast by analysts, the government-controlled company said. ing share of its total sales, with most revenue now coming from sumers using their cards for off shore spending. The promising outlook indicates Qantas’ international division is “The demands of our customers are growing, as is the volume of its pharmacy benefits manager, which serves as a middleman Mastercard’s cross-border volumes, or transactions made by on the path to growth after years of sluggishness. data on the networks. between insurance companies, pharmacies and drugmakers. overseas cardholders, rose 31.8% in the quarter when converted Results for the so-called “Flying Kangaroo”, which controls nearly Consequently, the need for investment remains high,” CEO Net revenue from its pharmacy benefit management business to dollars. “Mastercard’s quarter exceeded expectations as the two-thirds of Australia’s domestic market, have been mainly Schaeppi said. “At the same time, prices are falling and promo- rose 3.2% to $32.22bn, driven by higher claims on costlier drugs company rides the wave of a strong global consumer,” said Gil propped up by its business at home. tions are intensifying the competition.” among other things. Net income attributable to the company rose Luria, director of research at DA Davidson. “We’re seeing solid results from each of our business units, which Swisscom has reduced its staff by 4.4% in the last year and re- to $998mn, or 98 cents per share, in the reported quarter ended The Purchase, New York-based company also raised its 2018 is a reflection of broadly positive trading conditions and the work duced spending on property, facilities and equipment. March 31 from $952mn, or 92 cents per share, a year earlier. Net growth forecast for adjusted net revenue to high-teens from we’ve done to strengthen the group,” chief executive off icer Alan In February it increased its cost-cutting target to fight competi- revenue rose 2.6% to $45.69bn. mid-teens and adjusted operating expenses to mid-teens from Joyce said in a statement yesterday. tion from more agile rivals. The company kept it guidance for Spirit AeroSystems low-double digits. Qantas projected pre-tax profit of between A$1.55bn and 2018 EBITDA of around 4.2bn on revenue of around 11.6bn. It Net income rose to $1.49bn, or $1.41 per share, in the latest quarter A$1.60bn ($1.16-$1.20bn) for the year to end-June, versus A$1.4bn proposed an unchanged dividend of 22 francs per share, the level US aircraft parts maker Spirit AeroSystems Holdings posted a ended March 31 from $1.08bn, or $1 per share, a year earlier. a year ago. Pre-tax profit is the most closely watched measure of it also targets for next year should it hit its goals. lower-than-expected profit yesterday, and said it was spending Excluding items, the company earned $1.50 per share, topping airline performance. Following the airline’s annual projections, Hugo Boss $650mn to buy European peer Asco Industries to boost sales to analysts’ estimates of $1.25 per share, according to Thomson analysts bumped up their forecasts to reflect the range given by Airbus Group. Reuters I/B/E/S. Qantas, from an earlier average of A$1.55bn, Thomson Reuters German fashion house Hugo Boss reported strong quarterly sales data shows. growth in China and the United States yesterday but saw a de- Direct Line Insurance cline in its home market and for its Hugo brand that it is updating for younger consumers. Direct Line Insurance Group raised its special dividend from last After a string of profit warnings as sales fell in China and the year as strong performance in its motor brands, rising premiums United States in 2015 and 2016, Boss has reversed eff orts to take and favourable claims helped it post a 51.4% rise in 2017 operat- the brand more upmarket and expand in womenswear, returning ing profit. Britain’s largest motor insurer, whose brands include to its roots selling men’s suits. Churchill, Green Flag and Privilege, said operating profit from It said heavy investment in integrating its websites and stores, continuing operations rose to £610.9mn ($853.5mn) for the year which is denting profitability, was bearing fruit, with online sales ended December 31, from £403.5mn a year earlier. up 43% in the quarter and same-store sales up 7%, accelerating Gross written premiums for ongoing operations rose 3.6% to from 3% in 2017. £3.39bn in the period, it said. First-quarter sales were flat at €650mn ($780mn), rising 11% in Its motor division grew in-force polices by 3.8% in the year to China and 6% in the Americas, but falling 5% in Germany. £4.0mn and premiums rose 8.5% to £1.67bn. A recovery in spending by Chinese shoppers over the past 18 Direct Line added it would pay a special dividend of 15 pence, up months has fuelled revenue rises for many top luxury brands, from the 10 pence it paid a year earlier. The FTSE 100 company although the sector still faces pressure, such as a strong euro and achieved a full-year combined operating ratio from continuing simmering US-China trade tensions. operations of 91.8%. A level below 100% indicates an underwrit- Earnings before interest, taxation, depreciation and amortisation ing profit. (EBITDA) before special items rose 1% to 99mn, ahead of average Juniper Networks analyst forecasts for 97mn, helped by lower selling and distribu- tion costs. Juniper Networks on Tuesday topped Wall Street estimates for Itochu first-quarter results and the network gear maker forecast current- quarter revenue above expectations on higher demand for equip- Japanese trading house Itochu Corp yesterday said its annual ment used by its data centre customers. net profit jumped 13.7% to a record level in the last financial year, “We hit the high-end of our guidance during the March quarter boosted by higher coal prices and a strong performance in its due to better-than-expected results from our cloud vertical and food and retail operations. The company also predicted another Gulf Times 6 Thursday, May 3, 2018 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Abdullah Al Othaim Markets 82.28 -0.01 129,688 Boubyan Intl Industries Hold 30.10 -5.35 5,005 Construction Materials Ind 0.03 0.00 50 Hail Cement 9.10 -0.87 304,345 Gulf Investment House Ksc 20.70 -0.96 3,672,063 Computer Stationery Inds 0.26 0.00 - Saudi Re For Cooperative Rei 8.37 -0.95 1,314,098 Boubyan Bank K.S.C 496.00 2.06 1,668,892 Bankmuscat Saog 0.39 0.52 998,608 Solidarity Saudi Takaful Co 22.25 -0.13 190,882 Ahli United Bank B.S.C 174.00 0.00 1,155,651 Bank Sohar 0.14 -1.37 1,643,089 Amana Cooperative Insurance 19.07 -2.36 293,269 Osos Holding Group Co 80.10 -10.00 10,001 Bank Nizwa 0.09 0.00 50 Alabdullatif Industrial Inv 13.31 -5.33 513,088 Al-Eid Food Ksc 54.00 0.00 7,000 Bank Dhofar Saog 0.19 0.00 - Saudi Printing & Packaging C 20.79 -1.38 1,057,359 Qurain Petrochemical Industr 345.00 -0.29 331,434 Areej Vegetable Oils Saoc 0.00 0.00 - Sanad Cooperative Insurance 0.00 0.00 - Advanced Technology Co 0.00 0.00 - Aloula Co 0.53 0.00 - Saudi Paper Manufacturing Co 9.68 -0.51 1,584,139 Ekttitab Holding Co Sak 26.00 0.00 126,000 Al-Omaniya Financial Service 0.28 0.00 130 Alinma Bank 20.81 0.00 36,249,386 Kout Food Group Ksc 0.00 0.00 - Al-Hassan Engineering Co 0.04 10.00 40,808 QATAR Almarai Co 59.40 -0.49 377,332 Real Estate Trade Centers Co 22.60 2.26 1,600 Al-Fajar Al-Alamia Co 0.75 0.00 - Falcom Saudi Equity Etf 31.60 -1.25 330,261 Acico Industries Co Kscc 255.00 2.00 1,120 Al-Anwar Ceramic Tiles Co 0.12 -0.86 54,443 Company Name Lt Price % Chg Volume United International Transpo 35.40 -1.17 332,877 Kipco Asset Management Co 64.50 0.00 28,285 Al Suwadi Power 0.13 0.00 59,177 Hsbc Amanah Saudi 20 Etf 32.30 -2.86 2,000 National Petroleum Services 708.00 -2.21 6,000 Al Shurooq Inv Ser 0.00 0.00 - Qatar National Bank 150.50 0.91 134,502 Saudi International Petroche 20.72 1.82 2,961,830 Alimtiaz Investment Co Kscc 128.00 0.00 606,145 Al Sharqiya Invest Holding 0.12 0.00 258,000 Industries Qatar 111.70 -0.27 85,976 Falcom Petrochemical Etf 32.75 0.00 14 Ras Al Khaimah White Cement 71.30 -4.93 12,349 Al Maha Petroleum Products M 0.84 0.00 - Masraf Al Rayan 34.80 -0.57 260,471 Walaa Cooperative Insurance 29.96 -1.29 214,639 Kuwait Reinsurance Co Ksc 192.00 0.00 122,040 Al Maha Ceramics Co Saoc 0.25 0.00 - Ooredoo Qpsc 74.06 -4.56 102,436 Bank Al-Jazira 13.69 -0.65 4,819,124 Kuwait & Gulf Link Transport 0.00 0.00 - Al Madina Takaful Co Saoc 0.11 4.72 14,805,018 Ezdan Holding Group 9.81 -6.03 216,983 Al Rajhi Bank 81.98 -0.56 2,101,486 Human Soft Holding Co Ksc 3,835.00 -0.39 256,158 Al Madina Investment Co 0.06 1.82 110,024 Qatar Islamic Bank 106.00 -0.05 45,547 Samba Financial Group 28.27 -2.48 846,629 Automated Systems Co Kscc 151.00 0.00 4,250 Al Kamil Power Co 0.39 0.00 - Qatar Electricity & Water Co 194.99 -0.01 19,462 United Electronics Co 74.25 -3.50 561,323 Metal & Recycling Co 59.00 -1.67 500 Al Jazerah Services -Pfd 0.55 0.00 - Mesaieed Petrochemical Holdi 16.75 0.66 1,524,674 Allied Cooperative Insurance 20.52 -0.34 56,638 Gulf Franchising Holding Co 25.00 0.00 81,000 Al Jazeera Steel Products Co 0.32 0.00 - Barwa Real Estate Co 34.48 -0.63 148,042 Malath Insurance 15.43 -0.13 759,566 Al-Enma’a Real Estate Co 32.90 2.81 101,100 Al Jazeera Services 0.16 1.25 236,800 Qatar Insurance Co 35.50 -1.93 79,617 Alinma Tokio Marine 24.60 2.12 307,673 National Mobile Telecommuni 870.00 -1.14 21,037 Al Izz Islamic Bank 0.08 1.30 54,891 Qatar Fuel Qsc 138.80 0.95 172,357 Arabian Shield Cooperative 42.86 -0.79 105,070 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Commercial Bank Pqsc 35.70 -0.83 194,331 Savola 41.21 0.02 149,610 Housing Finance Co Sak 0.00 0.00 - Al Batinah Power 0.13 0.00 100 Doha Bank Qpsc 26.85 -0.56 105,468 Wafrah For Industry And Deve 16.00 -1.11 131,664 Al Salam Group Holding Co 35.40 -2.21 3,780,996 Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 14.80 0.68 824,547 Fitaihi Holding Group 12.98 -1.89 516,575 United Foodstuff Industries 0.00 0.00 - Al Batinah Dev & Inv 0.10 0.00 - Qatar International Islamic 54.75 -0.49 83,557 Tourism Enterprise Co/ Shams 32.70 -3.68 291,026 Al Aman Investment Company 52.80 0.57 52,000 Al Anwar Holdings Saog 0.15 -0.67 430,122 Qatar Navigation 55.00 -1.79 51,580 Mashaer Holding Co Ksc 50.00 -0.79 4,000 Ahli Bank 0.16 0.00 12,500 Al Ahli Bank 30.00 0.00 - Manazel Holding 35.60 1.71 9,144,219 Acwa Power Barka Saog 0.74 0.00 - Vodafone Qatar 8.94 -3.14 3,644,536 Mushrif Trading & Contractin 0.00 0.00 - Abrasives Manufacturing Co S 0.05 0.00 - Aamal Co 10.33 -2.09 159,724 KUWAIT Tijara And Real Estate Inves 56.40 0.00 10,030 A’saff a Foods Saog 0.59 0.00 - United Development Co 14.30 -0.97 351,701 Kuwait Building Materials 0.00 0.00 - 0Man Oil Marketing Co-Pref 0.25 0.00 - Al Khalij Commercial Bank 11.05 0.36 10,088 Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 675.00 -0.15 57,222 Qatar General Insurance & Re 49.00 0.00 - Commercial Real Estate Co 72.40 -0.82 106,000 Qatari Investors Group 33.10 -4.61 104,500 Securities Group Co 0.00 0.00 - Future Communications Co 0.00 0.00 - Qatar National Cement Co 54.79 1.44 15,358 Sultan Center Food Products 71.00 2.90 2,167,660 National International Co 60.00 0.00 110,000 Gulf International Services 18.20 -1.57 75,208 Kuwait Foundry Co Sak 248.00 0.40 24,000 Taameer Real Estate Invest C 28.00 -2.78 151,374 UAE Al Meera Consumer Goods Co 135.45 -0.84 31,262 Kuwait Financial Centre Sak 102.00 0.00 30,000 Gulf Cement Co 90.00 2.27 3,771,500 Mannai Corporation Qsc 46.70 -0.64 4,251 Ajial Real Estate Entmt 142.00 -1.39 1,000 Heavy Engineering And Ship B 319.00 0.95 1,792,408 Company Name Lt Price % Chg Volume Gulf Warehousing Company 41.88 -0.29 15,200 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Medicare Group 64.46 -4.49 82,856 Kuwait Finance & Investment 44.50 0.00 1,000 National Real Estate Co 115.00 5.50 100 Waha Capital Pjsc 1.77 -0.56 506,671 Qatar Industrial Manufactur 38.66 -0.08 9,550 National Industries Co Ksc 144.00 0.00 8,875 Al Safat Energy Holding Comp 25.20 -0.40 50,000 United Insurance Company 2.00 0.00 - Qatar First Bank 5.71 -2.23 184,707 Kuwait Real Estate Holding C 25.00 0.00 14,900 Kuwait National Cinema Co 1,075.00 0.94 5 United Arab Bank Pjsc 1.05 0.00 - Zad Holding Co 70.00 -0.71 17,937 Securities House/The 44.80 0.22 513,406 Danah Alsafat Foodstuff Co 48.30 -1.02 188,520 Union National Bank/Abu Dhab 3.70 0.00 130,866 Widam Food Co 62.25 -1.80 7,266 Boubyan Petrochemicals Co 816.00 -1.69 242,000 Independent Petroleum Group 400.00 0.00 2,210 Union Insurance Co 1.65 0.00 - Mazaya Qatar Real Estate Dev 6.79 -0.15 305,876 Al Ahli Bank Of Kuwait 330.00 2.80 98,451 Kuwait Real Estate Co Ksc 47.80 1.06 152,400 Union Cement Co 1.85 0.00 - Qatar Islamic Insurance 50.00 -5.46 1,400 Ahli United Bank (Almutahed) 291.00 -1.02 365,000 Salhia Real Estate Co Ksc 339.00 0.00 695,000 Umm Al Qaiwain Cement Indust 1.00 0.00 - Doha Insurance Co 12.98 0.00 - National Bank Of Kuwait 739.00 -0.67 1,646,878 Gulf Cable & Electrical Ind 390.00 -0.26 47,642 Sharjah Islamic Bank 1.26 0.00 45,000 Salam International Investme 5.75 2.50 31,531 Commercial Bank Of Kuwait 415.00 0.00 25,155 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.49 0.00 - Investment Holding Group 5.68 -0.70 166,074 Kuwait International Bank 219.00 -0.90 1,649,063 Kuwait Finance House 521.00 0.39 3,088,376 Sharjah Group 1.15 0.00 - National Leasing 9.35 -0.11 28,385 Gulf Bank 260.00 -0.76 241,754 Gulf North Africa Holding Co 35.80 -0.56 1,450,000 Sharjah Cement & Indus Devel 1.16 10.48 57,831 Dlala Holding 11.05 0.27 155,497 Al-Massaleh Real Estate Co 38.00 6.15 1,550 Hilal Cement Co 73.70 0.00 6,521 Ras Al-Khaimah National Insu 3.68 0.00 - Al Khaleej Takaful Group 11.10 0.91 8,112 Al Arabiya Real Estate Co 32.00 3.56 2,716,408 Osoul Investment Kscc 60.50 0.00 1,001 Ras Al Khaimah White Cement 0.92 0.00 - Qatar & Oman Investment Co 6.65 -5.00 18,164 Kuwait Remal Real Estate Co 0.00 0.00 - Gulf Insurance Group Ksc 650.00 0.31 1,400 Ras Al Khaimah Ceramics 2.45 -2.00 3,000 Islamic Holding Group 26.01 -0.34 2,296 Alkout Industrial Projects C 0.00 0.00 - Kuwait Food Co Al Americana 1,261.00 0.00 250 Ras Al Khaimah Cement Co Psc 0.67 -6.94 100,000 Qatar Cinema & Film Distrib 22.61 0.00 - A’ayan Real Estate Co Sak 60.30 -0.99 26,100 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 2.70 0.00 - Qatar Exchange Index Etf 89.33 -0.96 12,759 Investors Holding Group Co.K 13.40 -1.47 3,914,009 Aayan Leasing & Investment 31.00 1.64 6,371,304 Rak Properties 0.67 0.00 1,141,881 Qatar German Co For Medical 5.66 0.00 2,819 Al-Mazaya Holding Co 100.00 0.00 76,949 Alrai Media Group Co Ksc 137.00 -0.72 252,470 Ooredoo Qpsc 81.00 0.00 - Al-Madar Finance & Invt Co 28.50 9.62 50,000 National Investments Co 89.30 -3.98 280,500 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Gulf Petroleum Investment 27.50 -0.36 1,126,198 Commercial Facilities Co 162.00 0.00 7,035 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - Mabanee Co Sakc 640.00 -0.78 145,497 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - National Takaful Company 0.46 0.00 - SAUDI ARABIA City Group 0.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 3.01 -5.94 1,119 Inovest Co Bsc 67.00 -4.01 627,516 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.51 0.00 - Company Name Lt Price % Chg Volume Kuwait Gypsum Manufacturing 0.00 0.00 - Yiaco Medical Co. K.S.C.C 132.00 0.00 1,000 National Corp Tourism & Hote 1.86 0.00 - Al-Deera Holding Co 21.00 0.00 47,000 Dulaqan Real Estate Co 0.00 0.00 - National Bank Of Umm Al Qaiw 2.67 0.00 - United Wire Factories Compan 16.98 -0.99 347,310 Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.46 0.00 25,000 Etihad Etisalat Co 17.06 -1.33 3,010,309 Mena Real Estate Co 26.50 -2.93 271,437 National Bank Of Fujairah 2.65 0.00 - Dar Al Arkan Real Estate Dev 13.48 0.37 46,090,729 National Slaughter House 0.00 0.00 - First Abu Dhabi Bank Pjsc 12.45 0.00 2 Saudi Hollandi Bank 0.00 0.00 - Amar Finance & Leasing Co 39.00 0.00 2,500 OMAN Methaq Takaful Insurance 0.79 1.28 200 Rabigh Refining And Petroche 27.75 -3.88 3,153,145 Manazel Real Estate Pjsc 0.53 0.00 85,000 United Projects For Aviation 709.00 0.00 15,633 Company Name Lt Price % Chg Volume Banque Saudi Fransi 32.40 -1.67 217,737 National Consumer Holding Co 0.00 0.00 - Invest Bank 1.93 -9.81 15,000 Saudi Enaya Cooperative Insu 14.85 -1.39 36,916 Amwal International Investme 55.00 5.77 153,502 Voltamp Energy Saog 0.36 0.00 1,007 Intl Fish Farming Co Pjsc 1.45 0.00 - Mediterranean & Gulf Insuran 23.92 2.44 722,321 Jeeran Holdings 0.00 0.00 - United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.85 0.00 - Saudi British Bank 32.33 -0.65 113,498 Equipment Holding Co K.S.C.C 29.70 -0.67 79,100 United Power Co Saog 3.28 0.00 - Gulf Pharmaceutical Ind Psc 2.34 0.00 1,848 Mohammad Al Mojil Group Co 0.00 0.00 - Nafais Holding 0.00 0.00 - United Finance Co 0.11 0.90 26,980 Gulf Medical Projects 1.80 0.00 - Red Sea International Co 18.76 -1.26 61,308 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 1.08 0.00 69,358 Takween Advanced Industries 9.96 -1.39 803,678 Arkan Al Kuwait Real Estate 75.00 -1.32 38,150 Takaful Oman 0.14 0.00 - Fujairah Cement Industries 1.20 0.00 - Sabb Takaful 21.04 -1.27 187,369 Gfh Financial Group Bsc 96.50 -1.53 180,000 Taageer Finance 0.11 0.00 - Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co 65.01 -0.05 208,391 Energy House Holding Co Kscp 26.50 9.50 6,750 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.77 0.00 - National Gypsum 13.85 -2.46 461,223 Kuwait Slaughter House Co 0.00 0.00 - Sohar Power Co 0.12 0.00 7,900 First Gulf Bank 0.00 0.00 - Saudi Ceramic Co 21.86 -3.74 365,376 Kuwait Co For Process Plant 165.00 0.00 15,000 Sohar Poultry 0.21 0.00 - Finance House 1.70 0.00 - National Gas & Industrializa 30.00 -0.03 67,392 Al Maidan Dental Clinic Co K 1,220.00 0.00 70,000 Smn Power Holding Saog 0.60 0.00 - Eshraq Properties Co Pjsc 0.71 -1.39 4,077,228 Saudi Pharmaceutical Industr 31.75 -0.31 208,316 National Shooting Company 0.00 0.00 - Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.15 -0.29 875,417 Thimar 33.26 -1.33 448,020 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.65 0.00 - Emirates Insurance Co. (Psc) 6.25 0.00 - National Industrialization C 19.90 -2.36 3,246,735 Al-Ahleia Insurance Co Sakp 438.00 0.00 119 Sharqiyah Desalination Co Sa 3.96 0.00 - Emirates Driving Company 7.70 2.67 670,000 Saudi Transport And Investme 0.00 0.00 - Wethaq Takaful Insurance Co 28.40 0.00 48,901 Sembcorp Salalah Power & Wat 0.22 0.00 - Dana Gas 0.97 0.00 15,025,869 Saudi Electricity Co 22.12 -2.08 1,739,438 Salbookh Trading Co Kscp 42.50 6.25 71,600 Salalah Port Services 0.60 0.00 - Commercial Bank Internationa 0.69 0.00 - Saudi Arabia Refineries Co 43.40 -1.70 272,946 Aqar Real Estate Investments 72.00 0.00 10,000 Salalah Mills Co 1.33 0.00 - Bank Of Sharjah 1.08 0.00 469,486 Arriyadh Development Company 18.58 -0.85 151,042 Hayat Communications 80.00 0.00 50 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.59 0.00 - Al-Baha Development & Invest 21.46 -1.78 189,359 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.38 0.00 - Arkan Building Materials Co 0.62 -3.13 2,166,596 Saudi Research And Marketing 115.60 -0.55 183,682 Soor Fuel Marketing Co Ksc 115.00 0.88 12,628 Renaissance Services Saog 0.40 0.00 - Alkhaleej Investment 2.15 0.00 - Aldrees Petroleum And Transp 28.07 -1.96 201,226 Alargan International Real 0.00 0.00 - Raysut Cement Co 0.72 0.00 - Aldar Properties Pjsc 2.05 -1.44 6,751,894 Saudi Vitrified Clay Pipe Co 49.70 -0.80 26,189 Burgan Co For Well Drilling 72.00 0.00 3,512 Port Service Corporation 0.00 0.00 - Al Wathba National Insurance 12.75 0.00 - Jarir Marketing Co 174.55 0.82 93,459 Kuwait Resorts Co Kscc 62.00 5.08 192,814 Phoenix Power Co Saoc 0.14 0.00 4,000 Al Khazna Insurance Co 0.25 0.00 - Arab National Bank 29.79 -3.37 338,457 Oula Fuel Marketing Co 114.00 -0.87 71,863 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Yanbu National Petrochemical 70.21 0.21 140,010 Palms Agro Production Co 25.00 0.00 4,750 Ooredoo 0.48 -0.42 51,850 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Arabian Cement 29.90 -0.33 62,687 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.38 -1.04 93,407 Al Buhaira National Insuranc 2.20 0.00 - Middle East Specialized Cabl 8.86 -3.59 2,508,613 Mubarrad Holding Co Ksc 68.80 0.00 15,195 Oman United Insurance Co 0.33 0.00 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Khaleej Training And Educ 17.05 -1.16 925,919 Al Mowasat Health Care Co 0.00 0.00 - Oman Textile Holding Co Saog 0.00 0.00 - Agthia Group Pjsc 4.45 1.14 29,612 Al Sagr Co-Operative Insuran 27.98 6.03 3,027,616 Shuaiba Industrial Co 230.00 0.00 12,490 Oman Telecommunications Co 0.83 0.00 12,228 Abu Dhabi Ship Building Co 2.11 0.00 - Trade Union Cooperative Insu 20.86 -0.19 235,798 Aan Digital Services Co 0.00 0.00 - Oman Refreshment Co 1.80 0.00 - Abu Dhabi Natl Co For Buildi 0.62 6.90 161,000 Arabia Insurance Cooperative 17.73 -2.53 75,803 First Takaful Insurance Co 44.10 -4.13 650 Oman Packaging 0.28 0.00 - Abu Dhabi National Takaful C 4.70 4.44 3,672 Saudi Chemical Company 35.13 -2.50 284,220 Kuwaiti Syrian Holding Co 30.80 -1.60 561,150 Oman Orix Leasing Co. 0.00 0.00 - Abu Dhabi National Insurance 3.40 -5.56 20,000 Fawaz Abdulaziz Alhokair & C 29.57 1.62 1,001,552 National Cleaning Company 55.00 0.00 1,994 Oman Oil Marketing Company 1.32 0.00 200 Abu Dhabi National Hotels 2.78 0.00 - Bupa Arabia For Cooperative 106.84 0.63 76,421 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.16 0.00 - Abu Dhabi National Energy Co 1.38 -1.43 1,457,215 Wafa Insurance 14.28 -8.23 859,001 United Real Estate Company 58.00 0.00 498 Oman Investment & Finance 0.12 1.68 253,121 Abu Dhabi Islamic Bank 3.87 0.26 198,360 Jabal Omar Development Co 47.73 -1.47 1,146,862 Agility 857.00 -0.92 962,998 Oman Intl Marketing 0.52 0.00 - Saudi Basic Industries Corp 114.03 0.07 6,367,214 Kuwait & Middle East Fin Inv 23.80 0.00 30,500 Oman Hotels & Tourism Co 0.00 0.00 - Saudi Kayan Petrochemical Co 13.98 -1.20 9,762,249 Fujairah Cement Industries 76.00 2.70 945,000 Oman Foods International 0.00 0.00 - Etihad Atheeb Telecommunicat 5.91 -0.17 651,981 Livestock Transport & Tradng 199.00 0.00 6,273 Oman Flour Mills 0.74 0.00 38,585 BAHRAIN Co For Cooperative Insurance 80.04 -0.68 156,067 International Resorts Co 25.80 0.00 15,000 Oman Fisheries Co 0.12 4.27 2,191,024 National Petrochemical Co 26.96 -1.57 450,188 National Industries Grp Hold 159.00 1.92 553,811 Oman Fiber Optics 0.00 0.00 - Company Name Lt Price % Chg Volume Gulf Union Cooperative Insur 16.11 -1.89 141,592 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 0.00 - Zain Bahrain Bscc 0.09 0.00 260,000 Gulf General Cooperative Ins 16.60 -0.48 111,231 Warba Insurance Co 1.32 Oman Education & Training In 0.18 0.00 - 77.00 10,500 United Paper Industries Bsc 0.33 0.00 460,000 Basic Chemical Industries 24.44 1.12 309,056 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 0.00 - United Gulf Investment Corp 0.00 0.00 - Saudi Steel Pipe Co 20.14 -2.28 223,387 First Dubai Real Estate Deve 0.00 Oman Chlorine 0.40 0.00 - 43.00 160,500 United Gulf Bank 0.00 0.00 - Buruj Cooperative Insurance 32.72 -1.21 82,903 Al Arabi Group Holding Co 0.00 Oman Ceramic Company 0.42 0.00 - 74.80 99,369 Trafco Group Bsc 0.32 0.00 69,250 Mouwasat Medical Services Co 186.23 0.67 23,949 Kuwait Hotels Sak 0.00 Oman Cement Co 0.36 0.00 3,051 0.00 - Takaful International Co 0.09 0.00 1,112,500 Southern Province Cement Co 40.47 -0.39 95,708 Mobile Telecommunications Co 0.77 Oman Cables Industry 0.89 0.00 - 393.00 3,313,389 Taib Bank -$Us 0.00 0.00 - Maadaniyah 19.72 -2.42 300,879 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 0.00 - Seef Properties 0.23 0.88 71,410 Yamama Cement Co 16.87 -0.47 82,723 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.12 5.98 910,664 383.00 100 Sico Bsc 0.00 0.00 - Jazan Energy And Development 16.47 -2.49 226,996 Al Mudon Intl Real Estate Co 5.10 Natl Aluminium Products 0.32 -0.61 95,000 30.90 59,000 National Hotels Co 0.00 0.00 - Zamil Industrial Investment 24.70 -0.56 67,712 Kuwait Cement Co Ksc -3.37 National Securities 0.04 0.00 - 430.00 2,274 National Bank Of Bahrain Bsc 0.61 0.00 30,000 Alujain Corporation (Alco) 28.12 -2.97 1,711,928 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 80.00 275,013 Nass Corp Bsc 0.11 0.93 45,000 Tabuk Agricultural Developme 12.12 -1.46 265,118 Kuwait Portland Cement Co 0.88 National Pharmaceutical 0.12 0.00 - 1,150.00 10,580 Khaleeji Commercial Bank 0.08 0.00 25,000 United Co-Operative Assuranc 11.54 -1.62 235,071 Educational Holding Group -9.38 National Mineral Water 0.10 0.00 - 290.00 12,000 Ithmaar Holding Bsc 0.10 -4.76 1,114,620 Qassim Cement/The 39.55 -0.30 30,317 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 0.00 - Investcorp Bank -$Us 9.30 0.00 125,000 Saudi Advanced Industries 13.69 -0.87 288,222 Asiya Capital Investments Co 0.00 National Gas Co 0.29 2.13 104,839 37.50 32,308 Inovest Co Bsc 0.26 0.00 50,000 Kingdom Holding Co 8.94 -0.11 94,355 Kuwait Investment Co -0.75 National Finance Co 0.13 0.00 - 133.00 6,005 Gulf Monetary Group 0.00 0.00 - Saudi Arabian Amiantit Co 7.62 -1.93 1,593,416 Burgan Bank 0.38 National Detergent Co Saog 0.65 0.00 - 265.00 273,500 Gulf Hotel Group B.S.C 0.52 0.00 14,445 Al Jouf Agriculture Developm 28.89 -0.65 122,759 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 248.00 438,855 Gfh Financial Group Bsc 0.33 -1.52 66,532 Saudi Industrial Development 9.44 -3.08 1,021,811 Al Madina For Finance And In 0.36 National Bank Of Oman Saog 0.19 0.00 294,600 28.00 542,006 Esterad Investment Co B.S.C. 0.11 0.00 101,260 Bishah Agriculture 0.00 0.00 - Kuwait Insurance Co -2.00 Muscat Thread Mills Co 0.08 0.00 - 245.00 49,000 Delmon Poultry Co 0.28 0.00 7,100 Riyad Bank 14.71 -1.01 289,610 Al Masaken Intl Real Estate 0.00 Muscat National Holding 0.00 0.00 - 83.00 250 Bmmi Bsc 0.71 0.00 19,450 The National Agriculture Dev 37.29 0.19 72,987 Intl Financial Advisors 1.60 Muscat Gases Company Saog 0.42 -8.73 5,100 25.40 425,350 Bmb Investment Bank 0.00 0.00 - Halwani Bros Co 54.24 -0.29 2,762 -0.84 Muscat Finance 0.11 5.00 4,703,019 First Investment Co Kscc 35.60 1,101 Bbk Bsc 0.44 0.00 30,000 Arabian Pipes Co 12.92 -3.37 1,445,209 -1.03 Majan Glass Company 0.18 0.00 - Al Mal Investment Company 19.30 133,442 Bankmuscat Saog 0.00 0.00 - Eastern Province Cement Co 26.65 -0.37 19,433 6.94 Majan College 0.44 0.00 - Bayan Investment Co Kscc 38.50 1,213,998 Banader Hotels Co 0.00 0.00 - Al Gassim Investment Holding 0.00 0.00 - 0.00 Hsbc Bank Oman 0.11 0.00 1,491,506 Egypt Kuwait Holding Co Sae 338.00 30,400 Bahrain Tourism Co ` 0.00 - Filing & Packing Materials M 34.16 -1.84 164,623 2.65 Hotels Management Co Interna 1.25 0.00 - Coast Investment Development 31.00 1,455,657 Bahrain Telecom Co 0.23 0.00 49,000 Saudi Cable Co 9.55 -1.65 183,876 -0.17 Gulf Stone 0.12 0.00 - Privatization Holding Compan 60.40 130,010 Bahrain Ship Repair & Engin 0.00 0.00 - Tihama Advertising & Public 51.02 -1.22 1,014,483 0.00 Gulf Plastic Industries Co 0.00 0.00 - Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.40 -0.50 34,650 Saudi Investment Bank/The 17.03 -1.16 166,771 -7.78 Gulf Mushroom Company 0.31 0.00 - Injazzat Real State Company 83.00 5,000 Bahrain Kuwait Insurance 0.35 1.74 57,586 Astra Industrial Group 20.12 1.26 814,815 0.00 Gulf Investments Services 0.11 0.94 2,417,875 Kuwait Cable Vision Sak 21.20 6,700 Bahrain Islamic Bank 0.13 1.54 50,000 Saudi Public Transport Co 15.99 -1.11 736,434 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Sanam Real Estate Co Kscc 0.00 - Bahrain Flour Mills Co 0.36 0.00 8,084 Taiba Holding Co 32.28 1.38 528,335 -0.99 Gulf International Chemicals 0.21 0.00 - Ithmaar Holding Bsc 30.00 532,950 Bahrain Family Leisure Co 0.00 0.00 - Saudi Industrial Export Co 263.34 -0.81 18,781 0.00 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - Aviation Lease And Finance C 360.00 94,900 Bahrain Duty Free Complex 0.72 -1.37 15,500 Saudi Real Estate Co 22.38 -0.22 61,839 4.09 Global Fin Investment 0.11 0.00 - Arzan Financial Group For Fi 28.00 125,010 Bahrain Commercial Facilitie 0.73 0.00 35,000 Saudia Dairy & Foodstuff Co 105.42 -2.30 63,938 -0.46 Galfar Engineering&Contract 0.12 3.60 16,570,057 Ajwan Gulf Real Estate Co 21.70 2,306,914 Bahrain Cinema Co 0.00 0.00 - National Shipping Co Of/The 28.97 0.00 252,434 -0.94 Galfar Engineering -Prefer 0.39 0.00 - Kuwait Business Town Real Es 42.00 710,450 Bahrain Car Park Co 0.00 0.00 - Methanol Chemicals Co 9.83 -0.51 1,051,538 -9.68 Financial Services Co. 0.18 0.00 - Future Kid Entertainment And 112.00 30,000 Arab Insurance Group(Bsc)-$ 0.00 0.00 - Chubb Arabia Cooperative Ins 24.68 -1.71 854,906 -2.60 Financial Corp/The 0.10 0.00 - Specialities Group Holding C 52.50 6,625 Arab Banking Corp Bsc-$Us 0.31 0.00 160,000 Mobile Telecommunications Co 8.14 0.87 5,537,132 1.55 Dhofar University 0.00 0.00 - Abyaar Real Eastate Developm 19.70 118,110 Aluminium Bahrain Bsc 0.61 0.00 27,242 Saudi Arabian Coop Ins Co 19.64 -1.41 222,761 0.00 Dhofar Tourism 0.49 0.00 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.31 0.00 18,000 Axa Cooperative Insurance 27.05 -0.84 146,508 0.00 Dhofar Poultry 0.18 0.00 - Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.11 0.00 59,345 Alsorayai Group 17.01 -1.96 355,401 0.66 Dhofar Intl Development 0.31 0.00 14,896 Kgl Logistics Company Kscc 45.90 1,398,559 Solidarity Bahrain Bsc 0.00 0.00 - Weqaya For Takaful Insurance 0.00 0.00 - 1.90 Dhofar Insurance 0.10 -4.81 157,218 Combined Group Contracting 430.00 14,165 Ahli United Bank B.S.C 0.61 1.68 1,155,119 Bank Albilad 23.92 -0.99 672,961 Jiyad Holding Co Ksc 0.00 0.00 - Dhofar Fisheries & Food Indu 1.28 0.00 - Al-Hassan G.I. Shaker Co 10.84 -0.28 1,626,636 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.19 0.00 - Wataniya Insurance Co 27.99 -0.99 48,135 Dhofar Beverages Co 0.26 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Thursday, May 3, 2018 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,021.59 -77.46 Apple Inc 175.45 3.76 36,601,721 S&P 500 Index 2,643.68 -11.12 Microsoft Corp 93.52 -1.56 9,045,650 Nasdaq Composite Index 7,118.12 -12.59 Exxon Mobil Corp 76.78 -0.22 5,234,078 S&P/Tsx Composite Index 15,652.37 +33.44 Johnson & Johnson 124.70 -1.04 2,067,989 Mexico Bolsa Index 48,116.09 -242.07 General Electric Co 14.25 1.42 20,397,337 Brazil Bovespa Stock Idx 84,940.03 -1,175.47 Jpmorgan Chase & Co 108.90 0.11 3,661,100 Ftse 100 Index 7,543.20 +22.84 Procter & Gamble Co/The 71.50 -0.63 3,798,045 Cac 40 Index 5,529.22 +8.72 Walmart Inc 86.75 -0.76 2,191,439 Dax Index 12,802.25 +190.14 Verizon Communications Inc 48.11 -1.45 6,150,064 Ibex 35 Tr 10,088.90 +108.30 Pfizer Inc 35.08 -0.90 9,752,157 Nikkei 225 22,472.78 -35.25 Visa Inc-Class A Shares 126.41 -0.86 3,438,078 Japan Topix 1,771.52 -2.66 Chevron Corp 125.84 0.78 2,337,584 Hang Seng Index 30,723.88 -84.57 Coca-Cola Co/The 42.10 -1.16 5,064,339 All Ordinaries Indx 6,136.66 +36.62 Intel Corp 52.40 -1.74 9,201,790 Nzx All Index 1,511.17 +10.26 Merck & Co. Inc. 57.50 -0.83 4,516,862 Bse Sensex 30 Index 35,176.42 +16.06 Cisco Systems Inc 43.97 -1.92 7,963,144 Nse S&P Cnx Nifty Index 10,718.05 -21.30 Home Depot Inc 185.59 0.52 1,215,209 Straits Times Index 3,615.28 +1.35 Intl Business Machines Corp 143.42 -1.09 1,434,368 Karachi All Share Index 32,746.63 -234.14 Walt Disney Co/The 99.94 -0.12 3,183,746 Jakarta Composite Index 6,012.24 +17.64 Unitedhealth Group Inc 233.15 -1.56 915,331 3M Co 195.72 0.36 1,160,547 Mcdonald’s Corp 162.12 -0.81 1,716,391 Nike Inc -Cl B 67.77 -0.48 1,317,440 TOKYO United Technologies Corp 118.83 -0.11 1,032,866 Boeing Co/The 326.80 -0.83 1,037,821 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 236.64 -0.01 1,077,803 Rakuten Inc 810.80 1.41 15,268,300 American Express Co 98.48 -0.10 792,857 Kyocera Corp 6,740.00 -0.41 1,934,000 Caterpillar Inc 145.02 0.42 1,636,838 Nissan Motor Co Ltd 1,127.50 -2.08 13,632,800 Travelers Cos Inc/The 127.97 -2.38 825,154 Hitachi Ltd 864.30 1.65 22,551,000 Takeda Pharmaceutical Co Ltd 4,535.00 -1.28 5,090,100 Jfe Holdings Inc 2,345.00 0.90 2,499,800 Ana Holdings Inc 4,220.00 -1.08 774,600 FTSE 100 Mitsubishi Electric Corp 1,610.50 0.56 7,601,400 Sumitomo Mitsui Financial Gr 4,483.00 -0.09 3,626,800 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,641.00 -2.39 4,273,400 Fast Retailing Co Ltd 49,220.00 0.37 579,400 Wpp Plc 1,278.00 0.79 4,789,404 Ms&Ad Insurance Group Holdin 3,669.00 -0.19 778,100 Worldpay Group Plc 0.00 0.00 - Pedestrians pass outside the Frankfurt Stock Exchange. Frankfurt’s DAX 30 ended 1.5% up at 12,802.25 points yesterday. Kubota Corp 1,825.50 -1.88 2,675,500 Wolseley Plc 0.00 0.00 - Seven & I Holdings Co Ltd 4,774.00 -0.75 1,801,600 Wm Morrison Supermarkets 239.70 -0.04 13,182,260 Inpex Corp 1,397.50 -2.44 5,139,700 Whitbread Plc 4,250.00 -1.87 872,709 Resona Holdings Inc 608.50 -0.39 5,812,500 Vodafone Group Plc 212.65 1.02 46,724,564 Asahi Kasei Corp 1,511.00 -1.27 2,665,100 United Utilities Group Plc 762.60 0.98 3,579,522 Kirin Holdings Co Ltd 3,081.00 0.06 2,270,900 Unilever Plc 4,000.00 -1.54 2,506,790 Marubeni Corp 827.60 0.24 5,113,600 Tui Ag-Di 1,698.50 2.85 1,495,505 Dollar ticks higher before Mitsubishi Ufj Financial Gro 710.20 -0.20 50,192,400 Travis Perkins Plc 1,285.00 0.74 1,064,229 Mitsubishi Chemical Holdings 1,045.00 -0.14 4,491,300 Tesco Plc 236.60 0.68 33,418,093 Fanuc Corp 23,650.00 -1.42 1,266,400 Taylor Wimpey Plc 190.70 -1.09 13,126,341 Daito Trust Construct Co Ltd 18,435.00 -0.65 293,400 Standard Life Plc 0.00 0.00 - Otsuka Holdings Co Ltd 5,670.00 -2.61 1,060,400 Standard Chartered Plc 761.40 -1.03 11,575,988 Oriental Land Co Ltd 10,985.00 0.87 396,600 St James’s Place Plc 1,162.00 1.00 1,669,164 Federal Reserve rate call Sekisui House Ltd 1,991.50 -0.62 1,588,700 Sse Plc 1,392.00 0.65 5,110,513 Secom Co Ltd 8,272.00 0.34 392,100 Smith & Nephew Plc 1,400.50 -0.25 2,979,480 Tokio Marine Holdings Inc 5,193.00 -0.04 881,700 Sky Plc 1,373.00 -0.51 2,356,552 AFP Eurozone stock markets, meanwhile, boss Tim Cook said he was optimistic Aeon Co Ltd 2,162.50 -1.48 2,948,400 Shire Plc 3,894.50 -0.23 2,181,695 closed mostly higher as they caught about the outlook. Mitsui & Co Ltd 1,987.00 -0.40 4,757,700 London Severn Trent Plc 2,008.00 0.96 982,641 up after Tuesday’s May Day closures, Traders were also keeping tabs on Kao Corp 7,640.00 0.18 1,359,700 Schroders Plc 3,356.00 0.75 479,718 with Frankfurt largely outperforming trade developments as a high-level US Dai-Ichi Life Holdings Inc 2,174.50 0.14 2,078,400 Sainsbury (J) Plc 305.00 -3.02 26,619,651 Mazda Motor Corp 1,464.00 -2.33 6,698,900 he dollar traded close to its 2018 its peers. delegation heads to China this week for Sage Group Plc/The 637.40 0.16 4,941,807 Komatsu Ltd 3,633.00 -0.87 5,279,200 highs yesterday shortly before a London’s FTSE 100 closed 0.3% up talks. Abi Sab Group Holding Ltd 0.00 0.00 - West Japan Railway Co 8,041.00 -2.60 891,500 Federal Reserve rates announce- at 7,543.20 points, Frankfurt’s DAX The meetings come after US Presi- Rsa Insurance Group Plc 649.60 -1.19 2,755,042 T Murata Manufacturing Co Ltd 14,340.00 1.45 1,348,400 Royal Mail Plc 588.60 0.62 4,697,320 ment, having overcome an early bout 30 ended 1.5% up at 12,802.25 points dent Donald Trump on Monday decid- Kansai Electric Power Co Inc 1,552.50 1.01 2,664,100 Royal Dutch Shell Plc-B Shs 2,607.50 0.48 4,728,754 of weakness against its main rivals. and Paris’ CAC 40 finished 0.2% ed to extend exemptions for the Euro- Denso Corp 5,719.00 0.62 1,448,700 Royal Dutch Shell Plc-A Shs 2,531.50 0.38 5,289,386 As a two-day US central bank meet- higher at 5,529.22 points, while EURO pean Union, Canada and Mexico from Sompo Holdings Inc 4,604.00 -0.20 748,700 Royal Bank Of Scotland Group 272.50 1.00 9,630,876 Daiwa House Industry Co Ltd 4,014.00 -0.27 1,162,500 ing was set to wind down, markets STOXX 50 gained 0.5% at 3,556.54 steel and aluminium tariff s announced Rolls-Royce Holdings Plc 836.80 -0.26 4,831,530 Jxtg Holdings Inc 700.00 -3.11 12,024,300 expected the Fed to leave its monetary points at close. in March. Rio Tinto Plc 4,029.00 2.93 3,605,323 Nippon Steel & Sumitomo Meta 2,400.00 0.00 2,476,300 policy unchanged, but rates are widely “It has been a good day for European Attention is on also Trump’s May Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 5,875.00 -0.32 855,800 12 deadline for deciding on whether to Relx Plc 1,561.00 0.00 2,648,700 anticipated to start rising soon, dealers stocks, most notably the German DAX Nippon Telegraph & Telephone 5,179.00 -1.16 2,643,100 Reckitt Benckiser Group Plc 5,620.00 -0.05 1,325,535 said. index,” said Fawad Razaqzada, a market scrap a nuclear deal with Iran. Ajinomoto Co Inc 2,013.00 0.45 1,365,500 Randgold Resources Ltd 5,968.00 1.05 431,236 The Fed’s upcoming statement “will analyst at Forex.com. “The Iran sanctions deal issue has Mitsui Fudosan Co Ltd 2,765.50 -2.91 4,985,900 Prudential Plc 1,888.00 -0.16 3,126,068 likely be closely scrutinised as the mar- Wall Street was soft overall in morn- not gone away because what the presi- Ono Pharmaceutical Co Ltd 2,543.00 0.67 1,914,500 Provident Financial Plc 644.20 -0.53 892,316 Daikin Industries Ltd 12,785.00 -0.58 583,500 kets try to gauge how many more rate ing business, but Apple results delight- dent does about the deal is still a po- Persimmon Plc 2,711.00 -1.27 1,065,030 Bank Of Yokohama Ltd/The 0.00 0.00 - hikes are in the offi ng this year”, bro- ed investors who pushed the phone tential fl ashpoint,” said Greg McKen- Pearson Plc 833.80 0.29 5,554,353 Toray Industries Inc 1,010.50 -0.15 2,886,600 kers Charles Schwab said in a note. maker’s stock sharply higher. na, an analyst at AxiTrader. Paddy Power Betfair Plc 6,800.00 -6.27 916,035 Astellas Pharma Inc 1,598.00 -0.71 4,816,600 Old Mutual Plc 253.00 0.40 14,925,602 Payrolls fi rm ADP reported yesterday “Strong demand for iPhones and a “My sense is he’ll renegotiate or seek Bridgestone Corp 4,493.00 -1.32 2,776,300 Next Plc 5,200.00 -0.27 667,661 that job creation among private com- massive share repurchase plan put to to. Sony Corp 5,083.00 0.20 9,066,700 National Grid Plc 845.00 -0.12 6,464,266 panies in the US, although robust, fell bed fears of a disappointing quarter And I’m not sure that’s enough to Hoya Corp 5,852.00 -0.61 643,200 Mondi Plc 2,036.00 0.10 1,338,715 short of expectations in April, further from Apple,” said Jasper Lawler, head drive (oil) prices up and through the Sumitomo Mitsui Trust Holdin 4,625.00 0.35 821,600 Merlin Entertainment 377.60 0.56 4,501,499 Japan Tobacco Inc 3,050.00 5.70 11,897,100 strengthening the case for steady rates. of research at London Capital Group. recent range highs.” Mediclinic International Plc 687.60 0.82 1,597,768 Osaka Gas Co Ltd 2,368.50 0.45 882,500 Higher US interest rates would make Apple reported a hefty jump in sec- Oil futures were mixed in late Euro- Marks & Spencer Group Plc 285.80 0.32 9,476,743 Sumitomo Electric Industries 1,699.00 -0.09 2,306,100 holding dollars more attractive to in- ond-quarter earnings and unveiled a pean trading after a strong rise in US London Stock Exchange Group 4,374.00 0.44 637,811 Daiwa Securities Group Inc 660.50 -0.90 8,669,000 Lloyds Banking Group Plc 64.33 -0.02 144,089,374 vestors. $100-billion share buyback plan, while inventory and production data. Softbank Group Corp 8,490.00 -0.78 3,620,000 Legal & General Group Plc 273.30 0.85 14,812,796 Mizuho Financial Group Inc 196.70 0.25 67,238,000 Land Securities Group Plc 981.70 -0.79 1,818,981 Nomura Holdings Inc 616.70 -0.74 17,188,200 Kingfisher Plc 290.60 -1.92 26,688,846 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 3,824.00 -2.20 2,126,600 Johnson Matthey Plc 3,324.00 0.70 460,653 Subaru Corp 3,717.00 -0.13 2,578,800 Itv Plc 151.55 -1.65 18,569,197 Ntt Docomo Inc 2,769.50 0.02 3,676,200 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 194.80 -0.26 4,176,047 Sumitomo Realty & Developmen 4,384.00 -0.59 1,093,000 Intl Consolidated Airline-Di 648.40 1.12 5,297,038 Aluminum Corp Of China Ltd-H 4.41 -1.78 40,910,626 Hong Kong & China Gas 16.62 1.09 18,028,928 Sumitomo Metal Mining Co Ltd 4,684.00 -0.53 1,145,500 Intertek Group Plc 4,937.00 0.49 354,134 Bank Of East Asia Ltd 34.55 -0.14 1,963,647 Hong Kong Exchanges & Clear 259.20 0.78 4,873,772 Orix Corp 1,979.50 2.83 6,697,300 Intercontinental Hotels Grou 4,627.00 0.06 692,689 Bank Of China Ltd-H 4.24 -1.40 250,697,894 Hsbc Holdings Plc 78.45 -0.32 13,978,028 Asahi Group Holdings Ltd 5,587.00 -0.59 1,270,800 Inmarsat Plc 391.20 8.13 4,871,331 Bank Of Communications Co-H 6.31 -2.32 36,478,272 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 68,130.00 0.96 303,900 Informa Plc 757.20 1.20 3,731,744 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 6.93 -0.72 173,348,205 Nidec Corp 16,990.00 -0.90 759,800 Imperial Brands Plc 2,612.00 -0.08 2,205,791 Boc Hong Kong Holdings Ltd 41.15 0.73 14,720,995 Li & Fung Ltd 4.12 3.78 30,576,553 Isuzu Motors Ltd 1,673.50 -0.71 1,469,100 Hsbc Holdings Plc 729.80 0.10 20,394,607 Cathay Pacific Airways 12.64 0.00 2,784,149 Mtr Corp 43.85 -0.90 7,972,807 Unicharm Corp 3,054.00 -0.65 800,100 Hargreaves Lansdown Plc 1,811.50 2.46 830,539 Ck Hutchison Holdings Ltd 92.55 -0.59 4,316,780 New World Development 11.50 -0.86 11,621,994 Shin-Etsu Chemical Co Ltd 11,235.00 2.18 1,306,900 Hammerson Plc 548.40 0.22 2,917,596 China Coal Energy Co-H 3.46 1.17 27,229,443 Petrochina Co Ltd-H 5.70 -1.55 127,245,775 Smc Corp 41,280.00 0.24 155,000 Glencore Plc 357.90 3.16 37,039,017 China Construction Bank-H 8.23 -1.08 236,046,555 Ping An Insurance Group Co-H 76.70 -1.10 61,304,535 Mitsubishi Corp 3,048.00 -0.13 2,911,700 Glaxosmithkline Plc 1,460.00 -0.53 6,122,817 China Life Insurance Co-H 22.30 -0.89 28,817,853 Power Assets Holdings Ltd 58.20 -0.43 5,306,734 Nintendo Co Ltd 46,180.00 0.04 1,379,200 Gkn Plc 471.60 0.96 3,116,460 China Merchants Port Holding 17.50 -0.91 5,272,931 Sino Land Co 13.54 -0.29 6,578,185 Eisai Co Ltd 7,441.00 0.16 820,200 Fresnillo Plc 1,280.00 2.81 1,157,304 China Mobile Ltd 74.80 -0.53 13,659,516 Sun Hung Kai Properties 125.80 -0.79 3,648,770 Sumitomo Corp 1,963.00 -0.66 2,442,300 Experian Plc 1,689.00 -0.12 2,761,739 China Overseas Land & Invest 26.50 -0.19 10,285,002 Swire Pacific Ltd - Cl A 77.80 -0.26 1,064,768 Canon Inc 3,775.00 -0.16 4,061,600 Easyjet Plc 1,639.00 1.52 2,128,685 China Petroleum & Chemical-H 7.69 0.26 124,803,606 Tencent Holdings Ltd 393.40 0.61 19,203,910 Japan Airlines Co Ltd 4,153.00 -1.94 1,355,300 Dixons Carphone Plc 203.60 0.54 3,369,736 China Resources Beer Holdin 33.60 -1.03 4,696,608 Wharf Holdings Ltd 25.85 -1.52 6,203,476 Direct Line Insurance Group 365.80 -2.79 9,560,994 China Resources Land Ltd 30.00 0.84 13,452,570 China Resources Power Holdin 15.10 -0.13 6,475,094 Diageo Plc 2,606.00 0.00 4,702,455 SENSEX Dcc Plc 7,255.00 2.11 360,113 China Shenhua Energy Co-H 19.16 -1.54 23,707,633 GCC INDICES Crh Plc 2,639.00 2.17 1,674,823 China Unicom Hong Kong Ltd 11.00 -1.61 24,317,929 Compass Group Plc 1,570.00 -0.06 3,166,928 Company Name Lt Price % Chg Volume Citic Ltd 11.82 -1.83 6,528,816 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,453.00 -0.89 571,992 Clp Holdings Ltd 81.50 0.00 2,502,597 Doha Securities Market Zee Entertainment Enterprise 596.30 1.40 2,650,933 8,953.40 -60.92 Centrica Plc 155.60 0.74 21,930,422 Cnooc Ltd 13.28 0.91 76,537,016 Saudi Tadawul Yes Bank Ltd 354.25 -2.14 13,634,302 8,098.75 -59.31 Carnival Plc 4,757.00 1.08 662,207 Cosco Shipping Ports Ltd 6.90 -0.43 2,748,000 Kuwait Stocks Exchange Wipro Ltd 275.55 -1.15 2,470,739 6,633.44 +29.93 Capita Plc 197.35 3.30 7,352,928 Esprit Holdings Ltd 2.74 0.74 3,162,203 Bahrain Stock Exchage Vedanta Ltd 283.40 -5.03 13,178,758 1,261.12 -+3.24 Burberry Group Plc 1,850.00 0.43 1,285,908 Fih Mobile Ltd 1.35 0.00 5,836,431 Oman Stock Market Ultratech Cement Ltd 4,016.50 -2.25 232,434 4,730.83 -0.44 Bunzl Plc 2,157.00 -1.01 1,341,045 Hang Lung Properties Ltd 18.74 0.54 4,180,146 Abudhabi Stock Market Tech Mahindra Ltd 662.55 -1.20 1,825,910 4,634.97 -38.34 Bt Group Plc 242.25 -1.12 26,624,198 Hang Seng Bank Ltd 202.20 1.30 1,936,295 Dubai Financial Market Tata Steel Ltd 574.50 -3.44 4,531,946 3,002.96 -27.79 British Land Co Plc 669.40 -0.53 2,494,825 Henderson Land Development 49.80 -0.50 5,410,488 Tata Power Co Ltd 87.00 -1.47 6,595,634 British American Tobacco Plc 3,919.50 0.50 4,055,964 Tata Motors Ltd 336.05 -1.28 17,181,780 Bp Plc 547.40 -0.05 42,017,875 Tata Consultancy Svcs Ltd 3,499.75 -0.92 1,643,879 Bhp Billiton Plc 1,561.00 2.78 6,693,727 Sun Pharmaceutical Indus 515.20 -2.50 6,167,926 Berkeley Group Holdings/The 4,091.00 -0.41 513,212 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 241.00 -2.19 13,525,145 Barratt Developments Plc 554.60 -1.77 2,676,198 Reliance Industries Ltd 972.70 0.98 6,427,607 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 205.45 -0.02 42,242,526 Punjab National Bank 92.80 -2.73 11,646,874 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 613.00 0.13 7,851,265 Power Grid Corp Of India Ltd 205.15 -1.30 4,159,381 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 728.40 0.77 3,687,715 Oil & Natural Gas Corp Ltd 180.05 -0.28 4,898,278 this data.” Aviva Plc 536.20 0.00 9,515,284 Ntpc Ltd 170.40 -1.02 2,268,421 Astrazeneca Plc 5,202.00 -0.21 1,983,309 Maruti Suzuki India Ltd 8,744.50 -0.80 860,868 Associated British Foods Plc 2,698.00 -0.07 761,845 Mahindra & Mahindra Ltd 863.15 -1.16 1,473,282 Ashtead Group Plc 2,063.00 1.73 1,703,972 Lupin Ltd 800.55 -1.36 762,324 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,403.15 0.16 4,136,686 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 980.20 2.19 4,050,301 DINAR DINAR Kotak Mahindra Bank Ltd 1,256.85 3.78 9,336,067 Anglo American Plc 1,757.40 3.17 4,179,651 Itc Ltd 287.25 2.06 17,054,750 Admiral Group Plc 1,989.50 -0.77 1,056,783 Infosys Ltd 1,197.05 -0.20 5,409,360 3I Group Plc 951.40 1.11 1,769,769 Indusind Bank Ltd 1,868.30 -1.56 1,403,610 #N/A 0.00 0.00 - Idea Cellular Ltd 67.25 -2.75 13,323,727 Icici Bank Ltd 276.90 -2.57 14,772,879 TOKYO Housing Development Finance 1,910.60 1.45 4,903,674 Hindustan Unilever Ltd 1,471.95 -2.45 1,134,690 Hindalco Industries Ltd 228.05 -3.23 9,342,150 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,664.10 -1.83 757,313 East Japan Railway Co 10,495.00 -1.78 1,021,200 Hdfc Bank Limited 1,969.50 1.30 1,868,156 Itochu Corp 2,144.00 -2.55 10,956,000 Hcl Technologies Ltd 1,000.50 -4.96 7,769,040 Fujifilm Holdings Corp 4,123.00 -5.46 5,056,200 Grasim Industries Ltd 1,095.75 0.19 2,679,587 Yamato Holdings Co Ltd 2,981.50 6.24 4,950,600 Gail India Ltd 323.70 -0.43 4,579,358 Chubu Electric Power Co Inc 1,747.00 -0.77 2,570,300 Dr. Reddy’s Laboratories 2,118.20 0.40 216,043 Mitsubishi Estate Co Ltd 1,991.50 -1.61 5,349,000 Coal India Ltd 280.50 -1.58 2,539,184 Mitsubishi Heavy Industries 4,309.00 -0.55 970,200 Cipla Ltd 612.00 0.76 1,944,744 Toshiba Corp 292.00 -0.68 22,777,000 Cairn India Ltd 0.00 0.00 - Shiseido Co Ltd 7,019.00 -0.54 1,598,300 Bosch Ltd 19,531.60 0.65 5,951 Shionogi & Co Ltd 5,659.00 0.05 1,508,600 Bharti Airtel Ltd 408.45 -0.27 6,244,596 Tokyo Gas Co Ltd 2,956.00 1.04 1,394,600 Bharat Petroleum Corp Ltd 380.95 -1.65 2,456,992 Tokyo Electron Ltd 20,740.00 -0.19 1,019,000 Bharat Heavy Electricals 87.85 0.06 5,849,760 Panasonic Corp 1,605.00 -0.59 3,809,000 Bank Of Baroda 144.30 -3.12 8,668,608 Fujitsu Ltd 673.70 1.84 16,506,000 Bajaj Auto Ltd 2,965.95 0.45 551,667 Central Japan Railway Co 21,735.00 -0.71 219,000 Axis Bank Ltd 523.75 1.25 25,798,083 T&D Holdings Inc 1,840.50 -0.22 1,915,600 Asian Paints Ltd 1,222.30 1.71 2,318,661 Toyota Motor Corp 7,165.00 -0.42 3,143,000 Ambuja Cements Ltd 245.45 -2.07 1,643,012 Kddi Corp 2,906.00 -0.77 4,417,900 Adani Ports And Special Econ 401.10 -1.52 3,166,783 Nitto Denko Corp 8,646.00 5.05 1,928,700 Acc Ltd 1,557.15 -1.89 282,780 Gulf Times 12 Thursday, May 3, 2018 BUSINESS

Amazon China prepares tech sector off ers to buy 60% stake in for battle as US team arrives India’s AFP Beijing Flipkart he fi rst salvos in the budding US- China trade confl ict struck old- Reuters Tschool sectors like steel and ag- Bengaluru riculture, but Beijing is now bracing for moves against its strategic ambitions in hi-tech. mazon.com Inc has As a US trade delegation heads to made a formal off er to Beijing for talks starting today, China’s Abuy a 60% stake in In- race to catch up to the United States in dian online retailer Flipkart, technology looms large. CNBC-TV18 reported yesterday, The skirmish is taking place up- threatening to complicate Wal- stream of the consumer applications mart Inc’s bid to buy a majority made by tech giants like Google and stake in the Indian e-commerce Facebook or Alibaba and Tencent, and player. focusing on semiconductors, the criti- Sources told Reuters earlier cal building blocks of electronics. this month that Walmart was Semiconductors, or computer chips, likely to reach a deal to buy a are the brains of electronic devices, majority stake in Flipkart, Ama- enabling them to run programmes and zon’s biggest competitor in In- store memory. dia, by the end of June for $10bn Most are made by US giants such as to $12bn. Intel, Qualcomm and Micron, which The deal would be the US retail have decades of experience developing giant’s biggest acquisition of an the integrated circuits, as well as manu- online business and would kick facturers in US allies South Korea and off a battle with Amazon in an Taiwan. Indian e-commerce market that Chips are among China’s biggest analysts forecast will be worth imports, rivalling oil, and have become $200bn a year within a decade. a stark reminder of its dependence on CNBC-TV18 reported that American technology. Amazon had off ered Flipkart Last month, Washington banned a breakup fee of $2bn to con- Chinese telecom and smartphone giant vince it to discuss an off er which ZTE from purchasing crucial US com- analysts say would bring with it ponents for seven years, threatening its substantial antitrust challenges, survival, as punishment for breaking US as Flipkart and Amazon domi- export controls. nate the online shopping space The US has also reportedly opened a in Asia’s third-largest economy. similar probe into another Chinese tel- Two sources close to the mat- ecom major, Huawei. Last month, Washington banned Chinese telecom and smartphone giant ZTE from purchasing crucial US components for seven years, threatening its survival, as ter, asking not to be named, con- Both companies depend on US chips punishment for breaking US export controls. The US has also reportedly opened a similar probe into another Chinese telecom major, Huawei. fi rmed to Reuters that Amazon to build their gadgets and equipment, was interested in buying Flip- reinforcing for Beijing the need to con- fi ndings against Beijing in an investi- Industry Investment Fund. After the pouring into chip designers, new fac- noting state-led eff orts may be less ef- kart, but declined to give further trol every piece of the technological gation that has led to proposed tariff s export ban against ZTE was announced, tories, and testing and materials fi rms fective for semiconductors. details. supply chain. on tens of billions of dollars in Chinese offi cials in Beijing confi rmed they were across China, according to corporate China can direct state-owned enter- One of the sources said that China must rely on itself for core goods. The Trade Representative probe mustering investment for a second na- records. prises to make purchases of the large Flipkart had vetoed an approach technologies, President Xi Jinping told looked at Beijing’s intellectual prop- tional fund. Before boarding a plane for talks in aircraft and high-speed trains it builds, from Amazon for a 51% to 55% scientists when visiting an IT fi rm last erty practices and innovation policies, One fi rm to benefi t recently was Hua China, US Commerce Secretary Wilbur Cao said, but the consumer is the end in the company two years ago, week. with a subsequent report taking aim at Hong Semiconductor, a state-control- Ross called the plan “frightening”, and user for semiconductors. judging its off ered price as far “In the past we had no choice but to its “Made in China 2025” programme, led company listed in Hong Kong that noted the trade defi cit was in part “in- “They don’t want to use second-rate too low at the time. rely on our own eff orts. which is designed to spring China from in January received a major investment spired by evil practices”. technology,” he said. “Now with Walmart in the mix Back then we even created two atom- a maker of sports shoes and denims into from the state chip fund, with which Washington has blocked several at- State-led investment can also push things are diff erent,” the source ic bombs and launched a satellite while high-tech goods. building a $2.5bn chip factory in the tempts by Chinese fi rms to buy up funds the wrong way. said. “To the best of my knowl- tightening our belt and gritting our China relies on foreign imports for eastern city of Wuxi. American semiconductor companies. A decade ago, Beijing lavished fund- edge no decision has been made teeth,” he said. China’s advantages, he 80% of its chips, which Beijing intends Hua Hong benefi ts from a lower tax But even with the large outlays, Chi- ing on a breakthrough in domestic chip yet. There is no deadline per se.” said, include being able to “gather our to change. rate and said in fi lings it expects its na remains behind in the semiconduc- production called the “China chip”. CNBC-TV18, citing unnamed strength to do big things”. To get there, central and local gov- Wuxi venture to receive plentiful debt tor race, analysts say. The project came crashing down sources, said Amazon’s new bid And that is what concerns Washing- ernments have sunk roughly $100bn fi nancing from Chinese banks, along “It will take many, many years for when a whistleblower alerted authori- was likely to be on a par with ton. China’s marshalling of industrial into building its semiconductor indus- with land subsidies and help recruiting those kinds of investments to make ties that the professor behind the pro- Walmart’s, but that Flipkart’s policy to catch up in semiconductors try since 2014, the US report said. talent from the city. progress,” said Cao Cong, an expert in gramme was buying imports, etching investors and founders continue and other technologies fi gures promi- About $20bn has been funnelled The project is just one of the fund’s China’s science policy at the University off their markings and stamping on to favour the deal with Walmart, nently in the Trump Administration’s through the China Integrated Circuit more than 50 investments, with cash of Nottingham’s campus in Ningbo, those of his own company. with founder Sachin Bansal overseeing fi nal negotiations. A spokesman for Walmart declined to comment, while Amazon said it does not of- US hopeful about China talks to resolve trade dispute fer comments on rumours and speculation. Flipkart did not im- AFP March for what the administration says we believe that, as long as the US is this issue of intellectual property.” in 2000, before Beijing joined the World mediately respond to an email Washington is rampant theft of US technology and sincere, to resolve the relevant issues, In comments earlier on Tuesday, Ross Trade Organisation. seeking comment. Walmart’s know-how. the negotiation will be a positive one,” declined to say what would be suff icient The Trump administration’s aggressive urgency to stem market share Lighthizer said the problems were said foreign ministry spokeswoman Hua to satisfy the White House but stressed it trade strategy has fuelled concerns the losses to rivals like Aldi or Ama- Senior US off icials are due to travel to grave since practices such as forced tech- Chunying said. was time for action on the trade deficit, exchange of reprisals would harm econo- zon has also seen it launch talks Beijing to hold talks on resolving an nology transfers and even outright theft Vice-Premier Liu He, the country’s top which he described as “too big, too chron- mies just starting to find firmer footing to merge its UK arm ASDA with J escalating trade dispute and say they are undermine the US ability to position itself economic off icial, will head the Chinese ic and too inspired by evil practices.” after years of sluggish growth. Sainsbury, in which it will hold a hopeful of finding a solution but warn the for the economy of the future. side at the talks, according to state news Still, “I wouldn’t be going all the way China has promised to retaliate with minority stake. issues are complex. “They are using their own law to get agency Xinhua. over there if I didn’t think there was some tariff s on $50bn in US goods, prompting It also marks a shift in Wal- If they fail to agree on a course of ac- technology without paying for it,” he told US off icials have highlighted Beijing’s hope,” he said in an interview with CNBC. Trump to boost the US threat by another mart’s traditional approach of tion to protect intellectual property rights a US-China business conference. “China 2025” industrial development plan Economists have faulted the adminis- $100bn. US manufacturers over the past building a business on its own. from depredation, US punitive tariff s on He is due to travel to China with Treas- as a source of concern — Ross called it tration’s focus on reducing trade deficits two months have reported sharp increas- Overall, sales from Walmart $50bn in Chinese goods are set to take ury Secretary Steven Mnuchin, Commerce “frightening” — since they say it is a map with specific countries, since it is not es in prices of steel and aluminium as a International, which runs about eff ect May 22 and are certain to set off a Secretary Wilbur Ross and White House for dominating key high tech industries. a good measure of the benefits of the result of the biting tariff s also imposed in 6,300 stores globally, stood at chain of retaliation that could spill over economic advisers Peter Navarro and Lighthizer said China had already fol- relationship. March, and the EU also has threatened $118bn in the fi scal year ended into the global economy. Larry Kudlow to meet with their counter- lowed that path with steel and aluminium But Lighthizer said Trump was right retaliation against those duties if their 2018, down nearly 14% from “I’m always hoping but not always parts on Thursday and Friday. — products now subject to steep US tariff s that “deficits do matter,” adding that the exemption expires on June 1. $136.5bn in 2014. hopeful,” US Trade Representative Robert China on Wednesday welcomed the US — as well as semiconductors and “now imbalance with China was “completely Ross downplayed the concerns about This was in large part due to Lighthizer said on Tuesday. “It’s a big, big delegation’s visit but cautioned against they want to do it in all these areas, many lopsided,” which made it fair to ask if their retaliation on the US economy, saying, adverse currency movements, challenge.” high expectations for the trade talks. of which will drive the economy.” policies contributed to the increase. “We are the ones in the deficit position. which hurt the money repatriat- President Donald Trump announced “It is not realistic to resolve all issues “The whole relationship has a lot of The US deficit in goods with China last That means they have more to lose at ed from its foreign arms, but also the punitive action against China in late through one round of negotiations, but negatives,” he said, but “the most sinful is year was $375bn, compared to just $83bn the end of the day.” because of a series of missteps in major markets. China’s Fosun eyes global tourism deals, shrugs off crackdown

Reuters The government crackdown on debt has ing for a getaway as the world’s second- Sanya, China had a stark impact in China. largest economy shifts to a consumption- HNA has been on a selling spree this driven economy. year to raise funds, while Wanda off loaded Fosun spun off the tourism unit in Fosun International Ltd’s tourism arm is billions of dollars of tourism and entertain- 2016, paving the way for a potential initial hunting for more overseas deals to grow ment assets last year to reduce its debt public off ering, which Thomson Reuters its leisure vacation business, the unit’s load. publication IFR reported could raise at least chief told Reuters, adding that a recent “Rational investment means companies $500mn. crackdown on conglomerates’ was actually need to follow market rules and China’s After the spin off , a restructuring of the helping the firm. industry policy,” added Qian. “If everyone newly created tourism group has contin- Fosun, one of the country’s most acquisi- fights for one meaningless, expensive, and ued. tive overseas dealmakers, threw open on low-return investment target, and brings The unit may also take on other related Saturday its $1.74bn Atlantis Sanya resort, financing risks, that would be irrational.” assets to gain assets along the whole indus- looking to lure domestic and foreign tour- Fosun, co-founded by China’s self-styled try chain of the vacation market, he added. ists to the Chinese island of Hainan, the Warren Buff ett Guo Guangchang, has Qian added any listing plans would country’s Hawaii. escaped Beijing’s battle on debt relatively depend on capital market conditions and Qian Jiannong, chairman and president unscathed. the restructuring. of Fosun’s Tourism & Cultural Group, said The tourism unit is now looking for Fosun’s annual profit jumped 28.2% to that a recent squeeze on overseas deals – investment targets in Asia, Europe and the a record high in 2017, its fastest growth in that has stymied conglomerates including Americas, Qian said. four years, on the back of stronger growth Dalian Wanda Group and HNA Group – had The unit, an important profit growth from its core operations and successes in actually played in Fosun’s favour. driver for Fosun, controls French resort op- exiting and listing several investments. “If some companies are told to rec- erator Club Med, and has a stake in British On the company’s outlook, Qian said he tify due to irregularities, that gives more travel firm Thomas Cook Group. felt there was little competition facing the Attendants are trained at the executive lounge of Atlantis Sanya hotel in Hainan province. Fosun International’s strength to the others such as Fosun,” Qian Qian added he wanted to make the Sanya firm. “If you are at the forefront of an indus- tourism arm is hunting for more overseas deals to grow its leisure vacation business, the unit’s chief told Reuters, told Reuters at the Sanya resort on Sunday. resort a one-stop-shop for the country’s try, you have few competitors. I think we adding that a recent crackdown on conglomerates’ was actually helping the firm. He did not name the companies. deep-pocketed middle class tourists look- have no competitor, except us,” he said. Gulf Times Thursday, May 3, 2018 13 BUSINESS

Oil surge, rupee weakness ADB to outline future in Asia fuels early India rate hike calls amid growing China infl uence

Reuters Bloomberg Manila Mumbai he Asian Development Bank will A surge in prices of crude oil, look to confront a range of eco- India’s biggest import item, and Tnomic challenges at its four-day a sharp weakness in the rupee annual meeting this week, including are pushing some economists the future relevance of the organisa- to change their minds on when tion amid China’s increasing presence the central bank will raise inter- in infrastructure fi nance. est rates. Free trade, globalisation, popula- Deutsche Bank AG and DBS tion ageing, worsening environmental Bank Ltd are among lenders who problems, gender equality, the trend have brought forward their rate towards automation, are key topics of increase calls, more in line with discussions at the May 3-6 meeting in what the markets have been the Philippines, one of Asia’s fastest predicting – that the Reserve growing economies. Bank of India may be forced to ADB vice president Stephen Groff raise rates faster than what most said the Manila-based lender is craft- analysts are forecasting. ing a new long-term corporate strat- The onshore swap markets egy to 2030 to achieve a “prosperous, are pricing in at least 50 basis inclusive, resilient, and sustainable” points of rate hikes over the Asia and the Pacifi c. next year with one full hike of “Asia is a region of the world whose 25 basis points priced in by Au- economic success over the last quar- gust, according to Vivek Rajpal, ter century is very much built on free a Singapore-based rates strate- trade, and clearly we are hearing more gist at Nomura Holdings Inc. negative voices from some corners The repurchase rate is at 6%, of the globe on free trade and glo- currently. A Bloomberg survey balisation,” Groff told Reuters in an shows the consensus is for the interview. first rate increase in the second The ADB raised its 2018 economic quarter of 2019. growth estimate for developing Asia to Only a tiny minority expect 6% from 5.8%, citing solid export de- rate increases this year and they mand, but said US protectionist meas- include Wall Street investment ures and any retaliation against them firms Goldman Sachs Group Inc could undermine trade. and Morgan Stanley. Concern is growing about a trade Now, Deutsche Bank has row between China and the United joined them. “Given the sharp States in which the two nations have and substantive increase threatened each other with tariff s. Asian Development Bank vice president Stephen Groff at a press conference in Manila. Groff said the Manila-based lender is crafting a new long-term corporate strategy in crude oil prices, we now A delegation of senior Trump ad- to 2030 to achieve a “prosperous, inclusive, resilient, and sustainable” Asia and the Pacific. expect the rate hike cycle to ministration offi cials is set to visit Bei- be brought forward,” Kaushik jing this week for trade talks. sert itself as the regional powerhouse AIIB, which has 84 member coun- competition. “What is often missed is The ADB estimates developing Asia Das, the Mumbai-based chief Founded in 1966 with a mandate to with its high-profi le “One Belt, One tries, was set up by China as its answer that the from what I’ve seen, most of needs to invest $1.7tn per year in in- India economist at the German lift hundreds of millions of Asians out Road” initiative, has raised questions to the Western-dominated World Bank AIIB investments have been done on a frastructure until 2030 to maintain its lender wrote in a note last week, of poverty, the Japanese-led ADB has about the future role and relevance to help meet the massive need for in- multilateral basis... that is deliberate, growth momentum, tackle poverty, calling for a rate increase as 67 member countries ranging from of ADB. frastructure spending in Asia through that is a confi dence building measure,” and respond to climate change. early as in June. struggling Bangladesh and Pakistan Many OBOR projects are supported 2030. said Chamorro. The ADB and AIIB have so far co- Credit Agricole CIB had to booming China and India, with its by China’s state-owned banks and its Dane Chamorro, head of South East Given Asia’s vast infrastructure fi - fi nanced four infrastructure projects already pencilled in an increase largest donors Japan and the United fl edgling regional lender, the Asian In- Asia at risk consultancy Control Risks, nance needs, ADB’s Groff sees scope in Pakistan, Bangladesh, Georgia and in the second quarter. States. frastructure Investment Bank (AIIB), said it is premature to describe the re- for ADB and the AIIB to co-operate India, with total loans amounting to Das wrote that higher global But China’s bid to increasingly as- could become a potential rival of ADB. lationship between ADB and AIIB as with each other. more than $700mn. crude oil prices are a drag for the economy, given it pushes inflation higher, widens the fis- cal and current account deficits and exerts downward pressure on the rupee. The central bank Accounting concerns wipe $6bn off Samsung BioLogics’ M-cap may need to act early to main- tain macro-economic stability, he said. “A pre-emptive rate hike Reuters take concerning the suspected breach. ment over a 2015 merger between Sam- about Samsung BioLogics’ 1.9tn won that according to IFRS rules, the possi- in June can help strengthen Seoul The watchdog did not elaborate on sung affi liates. ($1.77bn) net profi t in 2015. bility of the call option being exercised RBI’s credibility as an inflation its allegation, but political activists and South Korea’s powerful family-run A year earlier it had posted a roughly meant Bioepis needed to be categorised targeting central bank, stabilise lawmakers have long questioned the conglomerates, of which Samsung 28bn won net loss. as an affi liate, not a unit, which in turn the rupee and help pace the outh Korean biotech drug manu- company’s swing into profi t two years Group is the largest, are under mount- The world’s third-largest biotech meant the stake needed to be refl ected rate hikes with a comfortable facturer Samsung BioLogics Co ago. Samsung BioLogics said it would ing political and investor pressure to contract manufacturer after Lonza in BioLogics’ books by fair value, not time gap, which will impact SLtd lost almost $6bn in market prove it followed rules backed by South boost transparency since Samsung Group and Boeringer Ingelheim in book value, BioLogics said yesterday. growth less adversely,” he said. value yesterday in its biggest intra-day Korea’s three major accounting fi rms, Group heir Jay Y Lee was arrested last terms of manufacturing capacity said The change to fair value, and the Echoing those macro-eco- share drop, after the country’s fi nancial and would sue if the country’s top fi - year on bribery and embezzlement the profi t was the result of following subsequent net profi t, was approved by nomic risks, DBS has brought watchdog said it breached accounting nancial regulator, which makes the fi nal charges. IFRS accounting standards. KPMG Korea, Deloitte Korea and Price- forward its forecast to the third rules. decision, found otherwise. Lee, who has denied charges, was In late 2015 and early 2016, when waterhouseCoopers Korea, and the FSS quarter of this year. Shares in the $30bn company, an “If a decision is made that we cannot set free in February after a court sus- BioLogics’ books for 2015 were being did not raise an issue when it released “As a defence against market affi liate of technology giant Samsung accept, we plan to fi le an administrative pended his sentence. Samsung BioLog- compiled, the perceived market value the 2015 books in 2016, the company volatility, particularly a weaker Electronics Co Ltd, plunged almost lawsuit,” BioLogics’ vice-president By- ics’ shares fell as much as 19.8% to their of its unit Samsung Bioepis skyrock- added. rupee, and sticky core inflation, 20% amid suspicion it breached ac- unghwa Shim told reporters. lowest since late January, before paring eted on the back of approvals for its An FSS offi cial declined to comment. a measured 25 basis point rate counting rules to infl ate its net profi t The dispute is latest controversy to losses to trade down 17.2%. copies of blockbuster biotech drugs in Shares in Samsung C&T Corp, which hike is likely in the third quarter before its 2016 listing. hit a Samsung affi liate after Samsung It was their biggest intra-day drop Europe and South Korea. held a 43% stake in Samsung BioLogics of 2018 and another in the first The Financial Supervisory Service Securities’ damaging fat fi nger mistake since listing in late 2016. As Bioepis’s perceived value rose, as of end-2017, also fell more than 5%. quarter of 2019,” Radhika Rao, (FSS), South Korea’s fi nancial regula- last month. The benchmark KOSPI was down minor shareholder Biogen said it could Shares of Samsung Elec, which an economist at DBS in Singa- tor, said on Tuesday it had given pre- It also follows on the heels of US 0.4%. Activist group the People’s Soli- exercise its call option to increase its owned a 31.5% stake in Samsung Bio- pore, wrote in a note Friday. liminary notice to Samsung BioLogics hedge fund Elliott launching a legal darity for Participatory Democracy and stake to 50% minus one share. Logics as of end-2017, were on a trading and its auditors of measures it could case against the South Korean govern- lawmakers raised questions last year Accounting experts told BioLogics halt yesterday ahead of a stock split.

S Korea considers fi nancing of CPEC brings boon for China restaurants in Pakistan Internews customers visit his restaurant frequently for Pa- Belt and Road is greatest economic Islamabad kistani cuisine and enjoy local dishes especially initiative of 21st century: Envoy possible inter-Korea projects biryani which is among their favourites. In addition to Chinese increased number of The number of Chinese restaurants is growing restaurants and some small setups at homes China’s “One Belt, One Road” project, of which Reuters significantly in Pakistan capital Islamabad and the are also off ering Sino foods to their potential China-Pakistan Economic Corridor is a part, will Sejong, South Kore post-China-Pakistan Economic Corridor (CPEC) customers. bring economic prosperity to all nations through situation has also forced local eateries to off er A Chinese national running his own small regional connectivity, Pakistan’s ambassador to Chinese dishes after an influx of Chinese nation- setup in a rented apartment said, “Pakistan’s the United Nations, Maleeha Lodhi, has said.” outh Korea’s fi nance minister said yester- als in Islamabad. spicy food for a long time does not suit us we We in Pakistan view the Chinese initiative as day the government was discussing how The Capital Development Authority (CDA) data have to get back to our traditional food to which the most important 21st century enterprise,” Sto fi nance possible economic projects revealed that there are around 15 Chinese restau- we are more accustomed”. she said in an interview with Chinese media. with North Korea, although any projects with rants in total in the city while 12 among them have The Chinese nationals working in big busi- The mega, $46bn project with 3,000kms of Pyongyang must fi rst be approved by the inter- been opened after 2013. ness outlets like ZTE and Huawei were his roads, railways, pipelines and infrastructure national community. A Chinese restaurant’s manager said Mei Kong potential clients and they were enjoying their programmes will connect China’s Kashghar in “We’re internally carrying out preparations, in was the first restaurant introduced in Rawalpindi local taste at aff ordable rates. Another Chinese Xinjiang province with Pakistan’s Gwadar port. It terms of what to prepare, and how to co-operate back in the 1970s. Ten years later a restaurant restaurant Jade’s Operational Manager negating is expected to help improve the lives of billions with the international community, and how to known as China Town was established in the the impression that the restaurant only had of people in China, South Asia and Central Asia, fi nance (possible inter-Korea projects),” Kim federal capital. Chinese customers said majority of their clients who would benefit from the economic corridor. Dong-yeon told reporters in Sejong. The restaurants’ growth, he said, is not only were Pakistanis and foreign nationals. CPEC is set to be completed in three phases “But we need support from the international South Korean Finance Minister Kim Dong-yeon associated with the China-Pakistan Economic “Chinese eateries, due to being hygienic and by 2030. “It is the greatest economic initiative community and need to watch the (upcoming) attends the IMF/World Bank spring meeting in Corridor (CPEC) but a large number of Chinese abdominal friendly are now popular across the of the 21st century,” ambassador Lodhi said of summit between the United States and North Washington. Kim said yesterday the government traders and tourists who are potential customers globe,” he remarked. the flagship project. Highlighting Pakistan’s geo- Korea,” Kim said, without elaborating on specif- was discussing how to finance possible economic who do not have direct links with the project. “We are no longer restricted to our traditional strategic location at the intersection of East and ics of any government fi nancing. projects with North Korea. However, he said that after CPEC’s launch- dishes and besides oriental cuisines, fast foods West, she said Islamabad’s role as a partner with Kim’s comments come after South Korean ing, the inflow of the Chinese customers has like pizzas and burgers are also being off ered China to promote regional connectivity was President Moon Jae-in and his North Korean tors due to tensions between the two countries. increased substantially which has helped the here in Chinese eating houses, which was not going to be especially important. counterpart Kim Jong-un agreed last Friday on a “The number of Chinese tourists is noticeably economic growth of the hotels and restaurants expected in the past,” he informed. “I have always said that regional connectivity common goal of a “nuclear free” peninsula, and increasing since March, although it hasn’t recov- industry. Moreover, he stated that earlier the He however admitted that the Chinese is not just about connecting our countries, it is to “adopt practical steps towards the connection ered to the pre-THAAD level,” Kim said. Chinese workforce was confined to mining and dishes are a bit expensive in comparison with about connecting our people, it is about connect- and modernisation of the railways and roads”. Tourist numbers plunged last year after South energy projects areas such as Saindak energy local cuisines and that is why these facilities are ing hearts,” the Pakistani envoy remarked. The Many speculate that the two Koreas will start Korea angered China by deploying a US Termi- plants etc. adding that now they were present in established in the well-paying areas. people-to-people aspect of One Belt One Road joint infrastructure projects as soon as interna- nal High Altitude Area Defence (THAAD) system major cities of Pakistan in large numbers. “A good Chinese restaurant costs over initiative, a win-win formula, was aimed at the tional sanctions on North Korea are lifted. that features radar which Beijing believes could Another Chinese restaurant Kim Mun’s Man- Rs30mn to establish while some Rs15mn money welfare of all people not just about China and Pa- Currently, North Korea is under sanctions be used to penetrate its territory. ager Andrew said his restaurant receives a large is extra required to run future aff airs,” he said. kistan, almost 100 countries, are now participat- imposed by the UN Security Council to stop its Kim did not cite any numbers showing an in- number of locals and foreign customers which The off icial data reveals that 43 projects that ing in the project, Ambassador Lodhi said, adding nuclear weapons and missiles programmes. Kim crease in Chinese tourists in March. shows that appreciation for Chinese food is not directly fall under the CPEC banner have seen it has now become a global initiative aimed at the also said there was a rise in the number of Chi- The Bank of Korea estimated earlier that the limited only to Chinese nationals. a tripling of the number of Chinese nationals in economic welfare of all people and all countries.” nese tourists in March although the services sec- THAAD backlash knocked 0.4 percentage points An owner of a Pakistani hotel, said Chinese Pakistan to more than 30,000. tor has not yet recovered from a drop in such visi- off South Korea’s economic growth rate in 2017. Gulf Times 14 Thursday, May 3, 2018 BUSINESS

Sage cuts Icahn ousts Xerox boss, puts about 30 senior $6.1bn Fujifi lm deal in limbo executives

Bloomberg after sales New York warning erox Corp’s top executive and six board members agreed to step Xdown in a victory for Carl Icahn’s Bloomberg battle against the company’s planned London $6.1bn takeover by Fujifi lm Holdings Corp. The resignations, which include chief executive offi cer Jeff rey Jacobson age Group Plc has cut about and chairman Robert Keegan, are part 30 senior executives since of an agreement with activist investors Smid-April, when the UK’s to settle a lawsuit that will put in place largest software company warned executives close to Icahn. sales failed to hit expectations. Keith Cozza, CEO of Icahn Enter- The company has also prises, is expected to be elected chair- changed incentives for manag- man while John Visentin, who has been ing directors and rolled out a a consultant to Icahn in the feud against global marketing system for its Xerox, is slated to be appointed as its sales team, it said in an earnings new CEO. statement yesterday. The surprise settlement potentially Sage surprised investors in puts the deal struck in January with April when it cut its 2018 guid- Fujifi lm at risk, and comes after a New ance by a percentage-point, York judge last week temporarily halted down to around 7% organic the transaction. revenue growth, causing shares The news is a major win for Icahn and to fall by 20%, the biggest drop Darwin Deason, who railed against the since July 1993. terms of Fujifi lm’s takeover of Xerox and accused Jacobson of striking the The 30 or so senior job cuts deal without the board’s authorisation have all been made since to preserve his own job. mid- April “to simplify the The new board plans to meet imme- organisation, speeding diately to evaluate alternatives, “in- up decision making and cluding terminating or restructuring improving accountability,” Xerox’s relationship with Fujifi lm and Sage said in its earnings the proposed transaction with Fujifi lm,” statement. The cuts were according to a company statement. all at director and vice Xerox said it approached the Japa- president level, of which nese maker of offi ce products to sweet- the company has around en the deal, but said Fujifi lm hasn’t The Fuji Xerox logo is seen on a photocopier in this illustration. Xerox’s top executive and six board members agreed to step down in a victory for Carl Icahn’s battle 600 such employees made a proposal to enhance the trans- against the company’s planned $6.1bn takeover by Fujifilm. action terms. The company currently tran- Fujifi lm said it has “serious con- actually force Fuji to put a higher bid.” before the deal was announced, while tional TV shows like House of Cards or The developments could be disap- sitioning to a subscription mod- cerns” about the announced settlement The feud between the shareholders also calling for Jacobson to be replaced. Billions.” pointing for Fujifi lm investors as the el, attempting to get new cus- and plans to appeal the court ruling that and the once-iconic American compa- Icahn hailed the Xerox agreement. Under the terms of the deal an- transaction was expected to help the tomers to purchase cloud-based temporarily blocked the takeover deal, ny is among a spate of recent activism He and Deason are among the largest nounced in January, Xerox, which has Japanese company expand its docu- products. Over the next three according to a statement yesterday. that focuses on bolstering shareholder shareholders with a combined 13%. a market value of $8.2bn, would fi rst ments solutions business, establish a years, Sage is expecting recur- The Japanese company said Xerox’s value. Billionaire Paul Singer’s activ- “This agreement marks a watershed merge with a joint venture that the global presence and lower its costs, said ring revenue to increase from new board has an obligation to comply ist fund, Elliott Management Corp, is moment for corporate governance gen- company operates with Fujifi lm in Asia. Bloomberg Intelligence analyst Simon 78% of the total to between 85% with the deal’s agreements. escalating pressure on Hyundai Motor erally and for Xerox specifi cally,” said Tokyo-based Fujifi lm would ulti- Chan. and 90%. “We believe the record shows our Group on a plan to merge units. Icahn in the statement. “With new mately end up owning 50.1% of the “It’s a setback for Fujifi lm,” he said. Shares of Sage fell as much as good faith and arms-length negotia- Xerox, whose name became synony- leadership in place, we believe Xerox combined entity, which would expand The agreement requires the company 2.7% in early trading yesterday tions for the benefi t of all sharehold- mous with offi ce products, has faced will be much better positioned to take the joint venture to encompass all of to hold its annual meeting within four in London, before rebounding by ers,” it said. diffi culties as Canon Inc and Asian advantage of multiple potential value- Xerox’s operations. months. 2.3% at 11:00am at 651 pence. The Japanese company’s shares competitors eroded its dominance enhancing opportunities, including Xerox holders would receive a cash The Xerox defendants denied any “Inconsistent operational dropped 5.5% in Tokyo trading yester- while e-mail and other electronic com- restructuring its relationship with Fu- dividend of $9.80 a share under the wrongdoing and agreed to the settle- execution” was blamed for the day, the most in three months. munications slashed the demand for jifi lm.” proposed transaction. ment to eliminate the risk of further slowdown in recurring revenue “It cannot possibly be, sentiment- its products. The feud has been long- Icahn alluded to tensions with Fu- Jacobson, who joined Xerox in 2012 litigation, the company said. growth, particularly in the UK, wise, very positive for Fuji,” said Amir running, with Deason and Icahn push- jifi lm, “our supposed ‘partner’ whose and became CEO at the beginning of The settlement must still be ap- alongside a drop in sales con- Anvarzadeh, senior strategist at Asym- ing Xerox to explore alternatives and conduct over the last year is more un- last year, was slated to lead the newly proved by a New York judge in Manhat- tracts at Sage’s enterprise busi- metric Advisors in Singapore. “It might shake up its joint venture with Fujifi lm believable than what you see on fi c- combined company. tan, according to a court fi ling. ness in the Africa and Middle East region as well as the US. The 30 or so senior job cuts have all been made since mid- April “to simplify the organi- sation, speeding up decision making and improving account- Euro-area factories fret about euro as economic growth cools ability,” Sage said in its earnings statement. The cuts were all Bloomberg The European Commission may unfavourable exchange rates after at director and vice president Athens take a similar view when it updates a drop in reported revenue for the level, of which the company has its economic forecasts today. Eu- fi rst quarter. around 600 such employees. ropean Union Economic Aff airs The euro area’s year-on-year Sage is continuing to pay uro-area economic growth Commissioner Pierre Moscovici pace of GDP growth was 2.5% in down its debt and increased its slowed in the fi rst quarter, said last week that momentum re- the fi rst quarter, marking the fi rst interim dividend per share by Eposing a challenge for the mains “strong, solid, robust.” slowdown in eight quarters. Still, 8.6% to 5.65 pence. The com- European Central Bank as it con- The numbers are “still consist- the 2.8% level reached at the end of pany is also considering bolt-on templates paring back monetary ent with quite good economic 2017 was the strongest in years. acquisitions, Steve Hare, chief stimulus measures. growth,” said Marco Valli, chief In its report, Markit noted that fi nancial offi cer at Sage, said in The 0.4% expansion was the euro-area economist at UniCredit the factory index was at its highest an interview. weakest in six quarters and fol- Bank in Milan. “The downward ad- in more than 20 years at the end of First half revenue reached lowed a reading of 0.7% at the end justment suggests a moderation in 2017, a level that wasn’t sustainable £899mn ($1.2bn), compared of 2017. While temporary factors growth, but not the beginning of a in the long term. to estimates for £907.8mn. Its such as bad weather played a part, downturn.” “Let’s not lose sight of the fact guidance for organic operating another report showed manufac- The factory report from IHS that the overall pace of expansion margin of around 27.5% for fi scal turing continued to cool this quar- Markit showed that export growth remains encouragingly solid,” said 2018 remained unchanged. ter and some fi rms are concerned softened in April. Some companies Chris Williamson, chief business “We have already started the about the stronger euro. blamed the single currency, up 10% economist at Markit. “The trend implementation of robust plans to Lingering economic weakness against the dollar in the past year. in the surveys in coming months address these execution issues and could increase caution among poli- German manufacturer Osram will provide important clues as to to accelerate our growth through cymakers. ECB president Mario AG issued a profi t warning late the degree to which underlying de- high-quality recurring revenue A sculpture of euro symbol is seen in front of the European Parliament in Brussels. Euro-area Draghi has acknowledged the mod- last month, citing diffi cult market mand may be waning and the ex- throughout the rest of FY18 and economic growth slowed in the first quarter, posing a challenge for the European Central eration this year, though hasn’t ex- conditions and foreign- exchange tent to which policymakers should beyond,” said Stephen Kelly, Sage’s Bank as it contemplates paring back monetary stimulus measures. pressed any deep concerns just yet. headwinds. L’Oreal SA also noted be concerned.” chief executive offi cer. Germany poised for solar record as hot April weather lingers

Bloomberg ing, a meteorologist at the Weather last month’s temperatures were acomo Masato, analyst and meteor- London Company. on average as much as 6 degrees ologist at Marex Spectron in London. Output from photovoltaic panels Celsius (10.8 Fahrenheit) higher- “This is price positive.” in Germany could reach as high as than-normal in southern Germany, Some other views: The warmest Germany is headed for record solar 28,318 megawatts on May 7, accord- Poland and the Balkans. And April 19 areas, relative to normal, will be Swe- power generation next week as ing to Bloomberg’s weather model. was the warmest day in the month den, Finland and the Baltic States, forecasters predicted warm weather That would beat a peak from last for 70 years. where temperatures will be an aver- for central and eastern Europe and May of 27,796 megawatts. Another The cold winter has depleted age of 1 degree Celsius higher than even raised the prospect of heat- sunny spell in mid to late May, not Europe’s gas stores, sending levels usual, according to Rebecca Fuller, a waves hitting the southeast region too hot but strong sunshine, could to their lowest for at least a decade, meteorologist at Radiant Solutions; later this month. provide new solar peaks, according on a percentage basis. They’ve re- France and UK will have some “occa- While Europe’s renewable en- to Matt Dobson, an energy meteor- covered to 25% full after bottoming sional” warm spells too in May, while ergy revolution has fundamentally ologist at Meteogroup. out at 18% a month ago, according to seasonal heatwaves are predicted for changed how the power market After the hottest April since 1981, data from Gas Infrastructure Europe, southeast Europe: Meteogroup. works, it’s probably most notable six weather forecasters surveyed a lobby group. After a colder-than-usual start at this time of year. German prices by Bloomberg all say that central Eff orts to fill up reserves is sup- there will be a 12-day stretch where slumped below zero on Tuesday as and eastern Europe will be warmer porting the region’s prices, according temperatures will be above normal solar and wind output flooded the than usual in May. But the west to Marex Spectron Group Ltd. The for the UK, France, the Baltic States, market at the same time as Euro- and southwestern fringes – the UK Dutch front- month gas contract south Scandinavia and the Balkans, pean factories had ramped down France, Spain and Portugal – are ended April at its highest level this according to Tyler Roys, meteorolo- consumption because of a holiday. most likely to be cooler than normal, year. gist at AccuWeather Inc. “A prominent high is expected to according to Meteogroup UK Ltd. Reserves were “exceptionally The weather pattern is driven anchor over northern and central Europe’s weather has become low when the recharging phase by a high pressure that will be Europe from the end of this week, more extreme of late, testing commenced a couple of weeks ago, centred between the British Isles and While Europe’s renewable energy revolution has fundamentally changed how the power market bringing dry and settled weather to energy traders who typically buy and to get back on track sites across Scandinavia, coupled with a stalled works, it’s probably most notable at this time of year. German prices slumped below zero on large swathes of Europe through the power and natural gas in advance. Europe will have to be replenished area of low pressure in the central Tuesday as solar and wind output flooded the market at the same time as European factories had majority of May,” said Katie Green- After the coldest winter since 2012, much quicker than usual,” said Gi- Mediterranean. ramped down consumption because of a holiday. Gulf Times Thursday, May 3, 2018 15 BUSINESS

Apple earnings show growing immunity to smartphone malaise

Bloomberg evolve beyond its reliance on a device that increasing output of its surprisingly popu- thesis evolves from one of product cycle results in recent weeks, sparking concern analyst, wrote in an e-mail following the San Francisco still accounts for more than 60% of revenue. lar Watch portfolio,” said Neil Mawston, an to services-led growth.” that Apple’s numbers would be weak. But results on Tuesday. “Slowly but surely, [Apple] is morphing analyst at Strategy Analytics. An Apple Music subscription costs $10 per these companies don’t gain from Apple’s Cook hinted at additional sources of into more than just an iPhone story and Revenue from services surged 31% to a month (unless they’re on a family plan), expanding services off erings. growth in terms of both geographical ar- Apple Inc’s results confirmed that, while is displaying ability to sustain revenue record $9.2bn in the quarter. The App and the number of paying users recently Some Asia suppliers did rally after Apple’s eas and product categories. He said India the days of double-digit smartphone growth irrespective of iPhone trajectory,” Store, Apple Music, iCloud storage and hit 40mn. The middle tier for iCloud stor- report, with South Korea’s LG Innotek Co is an attractive new market for iPhones, industry growth are over, chief executive Amit Daryanani, an analyst at RBC Capital Apple Pay all generated record sales, Cook age costs $2.99 a month. The company up as much as 7.3%. But the reaction was similar to China several years ago. off icer Tim Cook has a plan to withstand Markets, wrote in a research note. said. The company is expanding these now has 270mn paid subscribers across muted for most partners given the limited “There’s obviously huge opportunities the slowdown. The company reported iPhone unit sales off erings with original videos and a news applications and its own services, up by growth in iPhone sales. there for us and we have extremely low The shares gained after the company grew just 2.9% in the fiscal second quarter. subscription service. As long as Apple con- 100mn from the same period a year ago. Synovus’s Morgan recently estimated that share in that market overall and so we’re reported iPhone sales in line with analysts’ While the flagship iPhone X may not have tinues to sell around the same number of Cook suggested new services are in the services will drive about 60% of Apple’s putting a lot of energy there,” Cook said expectations, gave a bullish revenue fore- matched the hype from its launch late devices each year — 217mn iPhones, more works and that Apple’s installed base of revenue growth over the next five years. on Tuesday’s call with analysts. cast and highlighted a surging services last year, the device’s $999 starting price than 40mn iPads, and almost 20mn Macs devices grew by double digits from a year That’s a big change from the previous Still, he rejected the idea that the smart- business. A new $100bn stock repurchase helped boost phone revenue growth 14%. in fiscal 2017 — it can sell users of these earlier. “This is just a huge opportunity for half decade when 86% of the company’s phone market has become saturated. plan and higher dividend also helped. Cheaper iPhone models for emerging mar- devices a growing list of services that us and we feel very good about the track growth came from iPhone sales. There were still a half a billion feature The numbers show that Cook’s strategy of kets, and wearable gadgets like the Apple integrate tightly with the hardware. that we’re on,” he said. “The Services segment will grow between phones sold in the world last year, he selling a growing array of services through Watch, also drove revenue growth. “You have to start thinking about Apple Thanks to this new stream of recurring 13% and 20% per year over the next five noted. “Over time, every phone sold will a base of more than 1.3bn Apple devices “Growth in the near-term will come from diff erently going forward,” Dan Morgan, revenue, the health of the smartphone years driven by continued growth in be a smartphone and so it seems to us is working. The smartphone sector saw higher iPhone X pricing, a lower-cost senior portfolio manager at Synovus Trust industry is becoming less relevant to existing services along with new, innova- that with that many feature phones being shipments fall 2% in the past year, according iPhone SE update, selling more services Company, wrote in a recent note. “Apple Apple. Several iPhone suppliers and tive services,” Gene Munster, co-founder sold, that’s a pretty big opportunity,” the to Strategy Analytics, so the company must like Pay to its premium subscribers, and can support the stock as the investment manufacturers reported disappointing of Loup Ventures and a veteran Apple CEO told analysts. US factories showing signs of US lifts debt sales as defi cit buckling from demand surge grows, plans Bloomberg Washington

S factories are having too 2-month bills much of a good thing, Uwith surging demand leading to system-wide bottle- Bloomberg also boost fi ve-, seven-, 10-, necks that are weighing on busi- Washington and 30-year note sales by $1bn ness and potentially the broader starting in May and lift fl oating economy. rate notes by $1bn in May. The The latest evidence came on he US Treasury De- changes will result in an addi- Tuesday in the Institute for Sup- partment will boost tional $27bn of new issuance. ply Management’s April manu- Tthe amount of long- Treasury plans to conduct facturing survey, which showed term debt it sells to $73bn this small-value buyback this that despite robust orders, pro- quarter as President Donald month, it said, adding details duction cooled as suppliers’ de- Trump’s administration seeks will come later. The department livery times lengthened, backlogs to fi nance budget defi cits set said the buyback shouldn’t be mounted, materials prices picked to widen further because of tax seen as a change in policy. up and hiring slowed. Exacerbat- cuts and higher spending. The US budget defi cit wid- ing the issues are policies includ- In its quarterly refunding ened to $600bn halfway ing the Trump administration’s announcement yesterday, the through the fi scal year that tariff s on imported metals, as department again lifted the began Oct. 1, as spending in- well as new trucking regulations auction sizes of coupon-bear- creased at three times the pace that have delayed deliveries. ing and fl oating-rate debt after of revenue growth in the Octo- Together, these forces could doing so last quarter for the ber-to-March period, accord- restrain manufacturing, which fi rst time since 2009. It again ing to Treasury fi gures released accounts for about 12% of the left infl ation-linked security last month. US economy, after solid job sizes unchanged. Treasury Tax reductions and higher gains and global growth spurred also announced plans to issue spending approved by Con- a wave of optimism and fi lled or- a new two-month bill later in gress and Trump are expected der books over the past year. The 2018. to push the budget shortfall constraints — which threaten After keeping borrowing to $804bn in the current fi scal profi t margins — may also blunt relatively stable in recent years, year, from $665bn in fi scal 2017, the eff ects of the $1.5tn tax cut the Treasury announcement and then surpass $1tn by 2020, for Corps and individuals, which highlights the Trump admin- according to the Congressional was signed by President Donald istration’s need to sell debt to Budget Offi ce. Trump in December and was help pay the government’s bills The US set a fi rst-quarter aimed partly at revving up fac- as the defi cit swells and the record, by borrowing a net tory investment even faster. Federal Reserve allows matur- $488bn, or $47bn more than “Overall conditions are solid ing securities on its $4.4tn bal- previously estimated, the Treas- in the manufacturing sector right ance sheet to roll off gradually. ury said on Monday in a quarterly now - there’s no doubt about The possible new bill maturity announcement on its borrowing that. But all of this good news comes after a deluge of sales needs. Still, Treasury Secretary could be laying the foundation An employee prepares fabric for jeggings at the 9B Apparel manufacturing facility in Los Angeles. In the Institute for Supply Management’s over the fi rst quarter was partly Steven Mnuchin has indicated for a slowdown later on,” Societe April manufacturing survey showed that despite robust orders, factory production in the US cooled as suppliers’ delivery times lengthened, to blame for money-market he’s unconcerned about the Generale senior US economist backlogs mounted, materials prices picked up and hiring slowed. rates rising sharply. bond market’s ability to absorb Omair Sharif said. The added The Treasury will sell $31bn rising government debt. costs to companies for freight level since July. A similar index for Moreover, the new orders com- tight labour market. success passing along costs, ac- in three-year notes on May Earlier this week, bond deal- transportation and materials, New York state slumped by the ponent remained at a particularly The unpredictability of road cording to the Fed surveys. 8, versus $30bn it sold last ers meeting with Treasury offi - along with higher tariff s, will most since the terrorist attacks in solid level despite a slight soften- conditions means that drivers Still, the expansion in manu- month and $26bn in Febru- cials indicated that foreign de- contribute to a slowdown or even September 2001. The Richmond ing. That suggests that the head- are pulling over on the sides of facturing remains broad-based, ary, according to a state- mand for Treasuries “remained recession in late 2019, he said. Fed’s indexes showed orders and line reading may be overstating highways or stopping early in with 17 of 18 industries in the ment released in Washington. robust,” according to minutes The ISM report on Tuesday shipments shrank last month for any cooling signals and that un- the drive for fear of being pe- ISM survey reporting growth in The government increased from the Treasury Borrowing showed its main manufactur- the fi rst time since 2016. derlying economic activity con- nalised. Many publicly traded April, including wood products to $25bn the sale of 10-year Advisory Committee released ing index fell to 57.3 in April, the “The bigger picture globally is tinues to build momentum, says US companies highlighted the and electrical equipment and notes, from $24bn last quar- yesterday. That assessment lowest since July. That indicates that manufacturing surveys have Niraj Shah and Carl Riccadonna transportation-cost issue on appliances. ter, and the 30-year bonds echoed comments Mnuchin expansion remains solid, though peaked in recent months, and we of Bloomberg Economics. their fi rst-quarter earnings The question economists are to $17bn from $16bn, also to made on Monday. the pace is moderating. don’t expect to see new highs in The more pressing issue is calls. Coca-Cola Co executives increasingly grappling with is be auctioned next week. The “It’s a very large, robust mar- The fi gures came on the heels the ISM in this cycle even if the transportation. Companies said April 24 that the company how long the good times can sales will raise new cash of ket — it’s the most liquid mar- of several regional Fed surveys trade war talk fi zzles out com- face bottlenecks on America’s faces “signifi cant freight head- last. $33.9bn. ket in the world, and there is a over the past two weeks show- pletely,” Ian Shepherdson, chief highways getting products from winds in North America” this “The market has to brace for In the statement, the Treas- lot of supply,” he said in the in- ing companies are paying more economist at Pantheon Macr- ports, warehouses and factories year. the potential of a downside trend ury said it plans over the com- terview. “But I think the market for materials and their opti- oeconomics Ltd, wrote in a note. to their destinations. Anixter International Inc, a in a lot of this incoming data,” ing quarter to boost auction- can easily handle it.” mism about future business has “The manufacturing ISM New safety rules requiring distributor of wiring and com- said Lindsey Piegza, chief econo- sizes of other maturities. A recent report from the In- dimmed, amid the overhang of eased for a second month in truckers to use electronic log- munications products, said April mist at Stifel, Nicolaus & Co. The department will notch ternational Monetary Fund US tariff s and a potential trade April, having reached a near 14- ging devices to record hours on 26 that freight costs boosted “We really underestimated higher sales of two- and three- showed that the US’s debt load war. year high in February. That still the road, ensuring they don’t operating expenses and man- how much of the activity in 2017 year note auctions by $1bn per by 2023 will be worse that the The Philadelphia Fed’s index of leaves the measure at an elevat- fudge their times on paper logs, agement is seeing double-digit was built on pure optimism, month over the quarter, com- fi scal position of Italy, the per- business activity in the coming ed level consistent with robust are putting further upward increases in some freight prices. confi dence, people feeling bet- pared with monthly rises over ennial poor man of the Group of six months dropped to the lowest growth in the second quarter. pressure on costs in an already US factories are having some ter. That only lasts for so long.” the past quarter of $2bn. It will Seven industrial nations. Regulatory uncertainty overshadows T-Mobile’s acquisition of Sprint

Reuters majority owner, would own 42% and questions about foreign control of assuming that things must be pretty it, arguing the deal was already the commission by the end of May. Washington control the board of the combined major players in the US wireless bleak at Sprint for Masa to return to generous enough for Sprint and that In September, the FCC approved a company. market,” they said. the negotiating table after a mere four the companies should demonstrate report that found, for the first time since The Federal Communications Macquarie Research said in a note months to take a lower off er.” confidence in the deal’s regulatory 2009, there is “eff ective competition” in Winning US regulatory approval for a Commission must review whether the that uncertainty could result in a wide Sprint and T-Mobile had called off their prospects by having no such breakup the wireless market, a finding that could $26bn tie-up of Sprint Corp and rival transaction is in the “public interest.” A spread in shares as a “regulatory last merger talks in November, partly fee, the sources said. help Sprint and T-Mobile make the case T-Mobile US Inc is the biggest hurdle spokeswoman for FCC Chairman Ajit Pai review” could delay the deal’s closing because SoftBank did not want to cede With no appetite to terminate deal for the merger. to completing the deal, investors and declined to comment. beyond the first half of 2019.”The control of Sprint. negotiations for the third time in four A decade ago, there were seven major analysts said on Monday. T-Mobile Chief Executive John Legere regulatory backdrop is unpredictable,” This time, the companies touted tax years, Sprint accepted, the sources said. US wireless carriers and today the Shares of Sprint closed down 13.7% at is scheduled to meet with two FCC it added. reforms from the Trump administration, “The lack of a break-up fee suggests largest four carriers — led by Verizon $5.61, and T-Mobile fell 6.2% to $60.51. commissioners in Washington on The Justice Department’s antitrust synergies at present value of $43bn, that both companies are willing to ‘give Communications Inc and AT&T Inc — Sprint’s stock had gained 27% since Tuesday to discuss the deal, people chief, Makan Delrahim, has expressed and plans to invest billions on it a try’ from a regulatory point of view control 98.8% of the US market, the FCC April 10 following media reports that briefed on the matter said. Two top US opposition to “behavioural remedies,” developing a 5G network. given the very significant synergies said. the companies restarted deal talks. House Democrats on Tuesday asked for preferring structural changes to ensure They are also promising job growth and opportunities,” Morgan Stanley analyst In case the deal falls through, Sprint, In situations with a risk that a deal will a hearing on the merger. deals are not anti-competitive. lower costs for wireless customers. Simon Flannery said. with long-term debt of more than not win regulatory approval, stocks Representatives Frank Pallone and Changes the government may require Sprint asked T-Mobile to be paid Under their contract, T-Mobile is still $32bn, will be under much more stress trade at a discount of 10% to 20% to the Mike Doyle said in a statement the deal could take away from the $6bn in run- a breakup fee should regulators liable to pay Sprint a $600mn fee if than T-Mobile, analysts said. deal price, said Cowen analyst Colby “could also trigger ripple eff ects for rate synergies, Macquarie analysts said. block their deal, people familiar with it walks away from the deal despite However, brokerage Oppenheimer Synesael. everyone who uses a mobile phone.” SoftBank CEO Masayoshi Son “rejected the confidential negotiations said, it having been cleared by regulators expects 80% approval probability, but Shareholders of Sprint, controlled by “Considering that the combined a deal with T-Mobile four months ago a standard form of insurance for and met other requirements to close, a with conditions. Japan’s SoftBank Group Corp, would get company would be overwhelmingly that was better for him than the deal he acquisition targets when it comes to regulatory filing on Monday showed. Another analyst with CFRA Research $6.62 for every share held. controlled by foreign entities, this is taking now,” said Jonathan Chaplin mergers with high antitrust risk. Company off icials told the FCC they estimated a 50% chance of regulatory Deutsche Telekom AG, T-Mobile’s transaction also raises significant at New Street Research.”The market is However, T-Mobile managed to avoid expect to file a formal application with approval. Thursday, May 3, 2018 GULF TIMES BUSINESS

Ecuador business delegation visits LuLu Hypermarket, Al Messila

A high-level delegation of 20 businessmen from Ecuador visited LuLu Hypermarket, Al Messila, as part of the ‘International Trade Networking: Ecuador-Qatar Edition 2018’ held in Doha recently. Ecuador’s ambassador, Ivonne A-Baki, accompanied the delegation during a meeting with LuLu Group Qatar regional manager Shanavas P M; and LuLu Hypermarket Al Messila general manager Mohamed Nazar. The networking event was aimed at promoting the export of chocolate, coff ee, banana, flowers, processed food, fishery, aquaculture, textile, handcrafts, and other products through matchmaking meetings with the local importers.

QIB wins Visa Qatar Airways wins two award for ‘Best awards for ‘outstanding’ Prepaid Product’ in Qatar

atar Islamic Bank (QIB) this award to QIB for their has received the ‘Best prepaid card, which is helping on-board experience QPrepaid Product in Qa- drive prepaid usage in Qatar. It tar’ award from Visa for its re- is well-suited for a wide range atar Airways was once Airways by stylish Italian lug- claiming more than 50 indi- loadable prepaid card. The card of consumer and commercial again recognised for its gage brand BRIC’S. The minia- vidual awards across multi- has been receiving “excellent” needs, and as with any prepaid Q“outstanding” on-board ture versions of the Bellagio and ple categories, demonstrating feedback from its users since card, not only is this product experience at the TravelPlus Sintesis suitcase features a hard- its continued commitment to it was launched in November safer than cash and accepted Readers’ Awards ceremony, shell with a Tuscan leather trim. exceeding passenger expecta- 2017. worldwide at over 46 million which took place recently at the Each bag contains exclusive tions with its innovative ap- Instantly available at any QIB merchants, but it is also an ef- Helmut Schmidt Auditorium, products from Italy’s Castello proach to product development Branch, the prepaid card caters fective way to manage and track Hamburg. Monte Vibiano Vecchio, the en- and dedication to customer ex- to customers allocating money spending.” The airline received two prod- vironmentally friendly olive oil perience. to family members, including uct awards: the ‘Gold Award’ company. The skin care range Leading the host of awards re- children studying abroad and for its First and Business Class includes lip balm, hydrating fa- ceived by the airline last year is domestic helpers responsible bedding set, and the ‘TravelPlus cial mist, and anti-ageing mois- the prestigious accolade of 2017 for the daily household expens- Readers Award’ for its First and turiser in business class, with ‘Airline of the year,’ awarded by es and groceries. Business Class limited edition added night recovery cream for the 2017 Skytrax World Airline The card can also be used by pink breast cancer awareness Qatar Airways won two product awards: the ‘Gold Award’ for its fi rst class kits. Socks, eyeshades Awards, which was held at the corporate entities to manage amenity kits. First and Business Class bedding set, and the ‘TravelPlus Readers and ear plugs complete the range Paris Air Show. This is the fourth the daily company expenses, Qatar Airways senior vice- Award’ for its First and Business Class limited edition pink breast with the addition of a BRIC’S time that Qatar Airways has been bills, government fees or gener- president (Marketing and Cor- cancer awareness amenity kits. signature luggage tag for fi rst given this global recognition. al expenses of their employees. porate Communications) Salam class. In addition to being voted Best The prepaid card encourages al-Shawa said, “We are especial- brates the design excellence of breast cancer amenity kits were Medium-haul customers fl ying Airline by travellers from around proper expense management ly excited to have received these the best onboard amenity kits created exclusively for Qatar in First Class and Business Class the world, Qatar’s national car- and allows customers to moni- awards, as they are testament to including First and Business Airways by luxury Italian lug- can enjoy bespoke luxury amenity rier also won a raft of other tor their spending whether it is our commitment to continuous Class kits, overnight kits, chil- gage brand BRIC’S, in a care- kits developed by artisan brand, major awards at the ceremony, personal or business-related. innovation, in order to off er our dren’s goody bags, bedding and fully chosen shade of pink called Nappa Dori, which has gained including ‘Best airline in the The prepaid card also enables passengers an onboard experi- sleeper suits. ‘Rose Pompadour’, featuring a global recognition for its luxury Middle East,’ ‘World’s best busi- customers to reload it instantly ence like no other. We are truly The Qatar Airways First and range of skincare products from handcrafted travel and fashion ness Class’ and ‘World’s best through QIB mobile App, In- passionate about making our Business Class sleep collection Castello Monte Vibiano Vec- accessories. The kits feature se- fi rst class airline lounge’. ternet banking, call centre, or passengers’ experience the best it consists of a quilted mattress, a chio to mark the airline’s con- lect images from destinations Qatar Airways recently revealed any QIB branch. The ‘Best Prepaid Product in can be, and will continue to push plush quilted blanket, soft but tinuing support of Breast Cancer around the world served by Qatar a host of forthcoming global des- D Anand, general manager Qatar’ award that QIB has won the boundaries and go that extra fi rm pillow and a message pillow Awareness Month. Airways, and contain socks, eye- tinations in line with its expedited of the Personal Banking Group, for its reloadable prepaid card. mile to make their experience developed by the product devel- Qatar Airways passengers fl y- shades and lip balm from Castello expansion plans, including the said, “We would like to thank even more special.” opment and design team. ing in First Class and Business Monte Vibiano Vecchio. announcement that it will be the Visa for this recognition. This Customers can load and TravelPlus is an independ- The award-winning First and Class can enjoy luxury amenity Qatar Airways enjoyed a fi rst GCC carrier to begin direct represents the prestigious po- reload the prepaid card with ent industry event that cele- Business Class limited edition kits created exclusively for Qatar record-breaking year in 2017, service to Luxembourg. sition that QIB has achieved in any amount between QR200 terms of off ering the best Sha- to QR25,000 and use the card riah-compliant payment solu- for POS and online purchases tions to the people of Qatar. only. These cards are issued “Every bank considers and instantly from any QIB branch, Commercial Bank wins award for best remittance service in Mideast answers to its customers’ fi - with individual customers be- nancial needs, and what sets ing able to issue up to 10 pre- In recognition of its “market leading” Commercial Bank was the first bank in have the ability to transfer money “The Asian Banker award for ‘Best QIB aside is that we anticipate paid cards linked to their QIB remittance services, Commercial Bank Qatar to introduce “60 seconds” online to these destinations in less than 60 remittance service in the Middle East’ the needs and promptly create accounts, while corporates can was awarded “The Best Remittance remittances to bank accounts in India seconds with market-leading exchange recognises how fast, convenient and innovative products that meet apply for as many cards based Service for the Middle East” at The Asian last year, and the initiative has since rates and competitively priced fees. competitive our money transfer service those aspirations. Our bank on their business needs. The Banker’s Excellence Services Awards been extended to the Philippines and Sir Commercial Bank Group CEO Joseph is. Thousands of our customers of fully-understands its custom- cards, which are valid for fi ve 2018. Lanka, catering to Qatar’s large expatriate Abraham said, “Commercial Bank leads multiple nationalities are switching to ers and is always striving here years, can be personalised and The Asian Banker’s Retail Financial populations. digital banking in Qatar and we have this service every month and when to exceed their expectations.” are available to all QIB cus- Services programme is one of the Commercial Bank’s “60 seconds” invested in our Internet and Mobile used on our Mobile Banking App, the Shahebaz Khan, Visa coun- tomers. most rigorous and transparent awards remittance service is available to 30 Banking platforms to create a world class voice recognition and favourites option, try manager for Qatar, said: For more information, visit programmes that recognises the banks in India, 27 banks in Sri Lanka and remittance service that is easy to use, means you prepare the instruction as “We are delighted to present www.qib.com.qa outstanding companies and initiatives in Banco De Oro (BDO) accounts in the secure and available 24 hours, seven days quickly as we send it.” the consumer financial services industry, Philippines. a week.” To start making a transfer, customers evaluating more than 300 banks and Using Commercial Bank’s “simple, secure Commercial Bank executive general have to simply log-in to Internet banking non-bank retail financial services players and convenient” Mobile Banking App and manager and head (Retail and or download Commercial Bank’s Mobile in some 42 countries. Internet Banking services, customers Consumer Banking) Amit Sah said, Banking App from their app store. Mideast carriers mark air freight growth of 0.8% in March: IATA QNB to launch e-commerce platform ‘QNB-Simplify’ with Mastercard Middle East carriers saw air The sharp growth slowdown freight growth of 0.8% in is principally due to the March compared to the same end of the restocking cycle, period last year, IATA said during which businesses yesterday. rapidly increased their “This is consistent with the inventory to meet general weakening in regional unexpectedly high demand. performance over recent A softening of global trade is months, and in particular may also evident. reflect an especially strong All regions except Latin March 2017 result,” IATA said America reported year-on- in its latest data on global air year declines in growth in freight markets. March, with Africa in negative The report showed that territory. demand, measured in freight IATA’s director general and tonne kilometres (FTKs), rose CEO Alexandre de Juniac said, 1.7% in March 2018, compared “It’s normal that growth slows with the same period the at the end of a restocking year before. This was five cycle. That clearly has percentage points lower than happened. Looking ahead, the February result and the we remain optimistic that air slowest pace of growth in 22 cargo demand will grow by months. 4-5% this year. But there are The year-on-year increase obviously some headwinds. Oil in capacity, measured in prices have risen strongly, and available freight tonne economic growth is patchy. kilometres (AFTK) fell to 4.4% The biggest damage could be compared to 6.3% in February. political. The implementation QNB and Mastercard, a leading technology company in the global payments industry, recently held a meeting to discuss the ongoing relationship between both the sides This was the first time in 20 of protectionist measures and best ways to improve mutual co-operation. The meeting was headed by QNB Group chief executive Ali Ahmed al-Kuwari and Mastercard’s president — Middle East and months, however, that annual would be an own-goal for all Africa, Raghu Malhotra, and attended by several executives from both teams. The discussion was concluded by the formal signing of an agreement to launch the capacity rose faster than involved — especially the US “QNB-Simplify” e-commerce platform and plans for partnership to deliver greatest benefit through Mastercard’s solutions in multiple markets that QNB operates in. demand. and China.”