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SUNDAY, FEBRUARY 17, 2019

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Quick read Qatar’s CPI drops 1.6 percent y-o-y in January 2019 HNA cuts stake in Deutsche to 6.3% cent, followed by “recreation percent, “education” (9.25 PSA said the CPI of January 2019 reached and culture” (5.05 percent), percent), “furniture and CHINESE conglomerate HNA has “clothing and footwear” household equipment” (1.33 cut its stake in Deutsche Bank to 107.57 points (with base year of 2013) (4.04 percent), “housing, wa- percent), “health” (0.10 per- 6.3 percent, according to a filing ter, electricity and other fuel” cent). with the US Securities and Ex- QNA Statistics Authority (PSA), on (2.67 percent), “food and The CPI of January 2019 change Commission. That marks DOHA Saturday. beverages” (2.51 percent), excluding “housing, water, a reduction from 7.64 percent of PSA said the CPI of Jan- “transport” (2.12 percent), electricity and other fuel” voting rights reported in the most QATAR’S January 2019 con- uary 2019 reached 107.57 “restaurants and hotels” group stood at 107.94 points, recent filing in Germany. HNA, sumer price index (CPI) de- points (base year 2013). (0.13 percent), and “miscel- a decrease of 1.21 percent even with the reduced holding, creased by 1.59 percent year- The y-o-y price decrease laneous goods and services” compared to December 2018, would remain one of the largest on-year (y-o-y) and 0.97 was primarily due to the de- (0.04 percent). and a decrease of 1.29 per- shareholders in Germany’s larg- percent month-on-month creasing prices observed in An increase in price levels cent compared to the CPI est lender. (REUTERS) (m-o-m), according to data eight groups, namely: “com- was observed in four groups of January 2018, PSA data released by the Planning and munication” by 11.45 per- People shop at a clothing store in Doha. namely: “tobacco” by 127.19 shows. Asian spot LNG Boost in fertilisers to drive prices drop to 17-month low on IQ’s earnings growth in 2019 tepid demand billets started to be sold ex- IQ reported a ternally was being used in the REUTERS were delayed this week due UAE steel facility previously,” SINGAPORE to lower production, sources 51.7% annual jump the report said. have said. in 2018 net profit “The company also noted ASIAN spot prices for liquefied But the delay was due to product prices saw around natural gas (LNG) continued minor glitches at the plant to QR5 bn: QNBFS 12 percent growth over 2017, their downward spiral this which have since been re- mostly driven by strength in week, hitting a 17-month low solved, one of the sources said. SATYENDRA PATHAK fertilisers (urea) in the sec- as the market moved further In Australia, at least one DOHA ond half of 2018 and uptick away from the peak winter- train was down briefly at in steel prices following iron demand period and inventories Chevron Corp’s Wheatstone BOOST in urea realisations ore recovery and shortage of remained high in the region. LNG plant but operations have will drive earnings growth some key consumables (elec- Spot prices for March resumed since, sources said. of Industries Qatar (IQ) in trodes). delivery to Asia LNG-AS fell Chevron declined to comment. 2019, QNB Financial Services “IQ also benefited from its to $6.50 per million British Train 3 of Chevron’s Gor- (QNBFS) has said in its latest new steel marketing strategy thermal units (mmBtu) this gon LNG project in Western company report. of selling its steel volumes week, down 20 cents from the Australia is still down after “Considering its overall through Muntajat from May previous week to their low- it was shut in mid-January strong 2018 performance is 2018 onward,” the report est since Sept. 8, 2017, trade following a mechanical issue, now in the rear-view mirror said. sources said. sources said. and neutral trends in steel “Polyethylene (PE) prices April prices are estimated Woodside Petroleum’s and petrochemicals, we think improved slightly driven by at about $6.30 per mmBtu, the Pluto LNG facility has also IQ will need a material boost strength in crude. Overall sources said. resumed full output after a in urea realisations to post group revenue, assuming Demand in China re- brief outage. earnings growth in 2019. Our proportionate consolidation, mained tepid as many facto- With prices falling, there is 2019 earnings estimate is flat came in at QR16.3 billion, ries there were still shut for also less incentive for produc- at QR5 billion. Sequentially which grew by 16 percent on Lunar New Year celebrations, ers to keep output at high for the first quarter of 2019, 2017,” the report said. trade sources said. The Lunar levels, an industry source said. trends look to be flattish-to- “IQ wrote-off its remain- New Year fell on Feb. 5 and 6 LNG exports from US LNG down given product pricing,” ing carrying value in SOLB this year, but the festival typi- terminals are returning to the report said. Steel in Saudi Arabia to the cally lasts for about two weeks. normal after loadings were de- Commenting on the com- tune of QR49.5 million. The While temperatures in layed earlier this month when pany’s fourth quarter results, company also recognised Beijing and Shanghai briefly natural gas flows to terminals the report said, “A moderate QR389 million (of its maxi- dipped below normal levels, fell to their lowest level in miss in the fourth quarter net Industries Qatar’s product prices saw around 12 percent growth over 2017, mostly driven by strength in mum exposure of QR489 mil- they are expected to rise next almost a year due to mainte- income caps a strong year. fertilisers (urea) in the second half of 2018 lion) as provisions on financial week, weather data on Refini- nance work and a fog along the The miss against our model guarantees given to lenders in tiv Eikon showed. US Gulf Coast. was due to steel and petchems ed only twice a year,” it said. spite some planned and un- SOLB Steel,” it said. “It snowed in Beijing but Supply remained ample in with strength in urea leading In 2018, the report said, planned maintenance at some Lots of cash and zero it’s not that cold still, plus the Asia with Kuwait Petroleum to an in-line fertiliser perfor- IQ reported a 51.7 percent facilities. debt indicates expansion in factories are still shut, so the Corp and Indonesia’s Donggi- mance.” year-on-year (YoY) jump in As far as fertilisers are “In petrochems, sales vol- the horizon, the report said inventory levels are still quite Senoro LNG export plant “As far as fertilisers are net profit to QR5 billion on concerned, revenue of umes improved y-o-y as some adding IQ maintains a very high,” a China-based trade offering cargoes for March and concerned, revenue of QR1.3 increased product prices and plants returned to normal lev- strong balance sheet with source said. April. billion was bang in-line with sales volume. QR1.3 billion was bang els following unplanned out- group cash reaching QR13.1 Several unplanned outages Indonesia’s Pertamina our model, while net income Sales volumes increased in-line with our model, while ages in early 2017. Fertiliser billion with debt of just QR26 failed to lift prices, indicating sold four cargoes it had of- was 3 percent ahead of our marginally (about 4 percent) net income was 3 percent sales volumes were almost million. just how weak demand is cur- fered for March 2019 to early estimate. Quarterly figures against 2017 and reached a ahead of our estimate, flat despite a few planned “We continue to recom- rently, trade sources said. 2020 from its Bontang plant, of Qatar Fertiliser Company new record for the group, the QNBFS report said and unplanned outages, while mend a market perform with Loadings of LNG cargoes although price and buyer (Qafco) are approximations report said adding production those in the steel segment saw a price target of QR126 on the at Malaysia’s Bintulu export details could not immediately as segment results are report- volumes remained stable de- significant growth on 2017, as stock,” QNBFS said. plant, operated by Petronas, be confirmed. China-US trade talks ‘making a final sprint’ Trade war, strong dollar big risks to corporate margins 500 companies has been more Moreover, worries that a REUTERS “It is hoped that the two Analysts forecast an annual S&P 500 Energy firms resilient, with first-quarter rev- tight labour market will drive SHANGHAI sides will maintain the good earnings decline of 0.5% for first quarter enue growth estimated at 5.3 up wages have been limited in momentum of the current O A recent drop in oil percent, based on Refinitiv’s earnings calls for the fourth- CHINESE state media on Sat- consultations and strive to REUTERS strategist of Yardeni Research. prices has hurt margins for data. quarter reporting period, which urday expressed cautious opti- reach an agreement within the NEW YORK “We don’t expect that la- energy companies, a Credit Suisse strategists is nearing an end. mism over trade talks between set time limit,” it said. bour compensation and other slowdown in the said profit margins are hold- Goldman Sachs strategists the United States and China, a US duties on $200 billion AS Wall Street braces for the costs will squeeze margins. Nor semiconductor business ing up better than the estimates wrote in a note on Wednesday day after President Xi Jinping in imports from China are first quarterly decline in earn- do we expect that an increase in suggest, at least for the majority that while some companies are said a week of discussions had set to rise to 25 percent from ings in nearly three years, some those costs will boost prices,” cycle has hit companies in of S&P 500 companies. feeling the pressures of rising produced “step-by-step” pro- 10 percent if there is no deal investors are wondering if the he added. “Rather, we are bet- that space They said profit margins wages, more consumer-facing gress. by March 1 to address US de- market is factoring in a bigger ting on improving productiv- are eroding sharply for several companies, including Discover Xi made the comments at mands that China curb forced erosion in profit margins than ity.” Earnings forecast heavily weighted companies, Financial Services, viewed the a meeting on Friday with US technology transfers and bet- will actually come to pass. Besides the tightening la- OForecasts for US including Apple, Exxon Mobil trend as a positive for consum- Trade Representative Rob- ter enforce intellectual prop- Forecasts for US earnings, bour market, the trade war earnings, after a big boost and chipmakers like Micron er spending. Also, they wrote, ert Lighthizer and Treasury erty rights. after a big boost from corpo- between the United States and from corporate tax cuts in Technology, which are skewing most management teams “ex- Secretary Steven Mnuchin in In its overseas edition, the rate tax cuts in 2018, are falling China and the stronger US dol- data for the entire S&P bench- pected growth in the US econ- Beijing, after a week of senior- People’s Daily said “zero-sum sharply in 2019. But revenue lar are among the biggest po- 2018, are falling sharply in mark index. omy to moderate, but remain and deputy-level talks. thinking and games where you forecasts remain relatively ro- tential risks to corporate mar- 2019 A recent drop in oil prices positive.” The People’s Daily, the lose and I win can only create bust, leaving an expected spike gins this year. has hurt margins for energy While the labour market official paper of the ruling losses for both. Only on a basis in costs as the main reason for For the first quarter, ana- companies, a slowdown in the has been tightening, other Communist Party, said in a of mutual respect and equal profitability to weaken. But lysts are forecasting a year- semiconductor business cycle measures of inflation have not commentary that Xi’s meet- treatment, through dialogue some strategists say there is over-year S&P 500 earnings has hit companies in that space moved much. In the 12 months ing with US negotiators had and consultation, can we find little evidence yet of such cost decline of 0.5 percent, accord- and other firms have boosted through January, the US con- affirmed progress made in a solution acceptable to both pressures and that margins ing to IBES data from Refinitiv. investment expenses, said Pat- sumer price index rose 1.6 per- previous talks and “injected sides.” An English-language may hold up better than ex- Second-quarter earnings are rick Palfrey, senior equity strat- cent, the smallest gain since new impetus into the next editorial in the Global Times, pected. still expected to grow 3.5 per- egist at Credit Suisse Securities June 2017, according to US stage of the development of which is published by the Peo- “Companies since the 2008 cent, though that estimate also in New York. data released on Wednesday. Sino-US trade relations.” The ple’s Daily, said news that Chi- trauma have made it a top is down sharply from the start tive quarters of year-over-year “It’s not a broad-based Though slower than 2018, US talks “have made important na had consulted on the text priority to maintain and in- of the year. earnings declines. The last US macro issue,” he said. “When economic growth was forecast progress” for the next round of a memorandum of under- crease, if possible, their profit The drop in forecasts has profit recession ran from July you look at the median com- to average 2.4 percent this year, of negotiations in Washington standing “shows the two sides margins,” said Ed Yardeni, led to talk of a profit recession, 2015 through June of 2016. pany, we see margins quite according to a Reuters poll of next week, the paper said in its have made unprecedented president and chief investment defined as at least two consecu- Projected revenue for S&P stable.” economists. domestic edition. progress.” Economy & Business Sunday, February 17, 2019 13 Fed policymakers see one US rate hike or Indonesian rupiah recovers none as growth slows REUTERS but risks persist, says QNB BIRMINGHAM Another Fed view

WHEN the Federal Reserve last O The first broad month adopted a new “patient” indications will come in The currency is up nearly 3% so far in 2019 and 8.4% since multi-year low in Oct: Report approach to monetary policy, it March, when the Fed next gave no specific guidance about releases forecasts for the TRIBUNE NEWS NETWORK iffs on more than one thousand how long its policy pause would economy and rates DOHA consumer goods. Trade data last, or how many more inter- for December 2018 is already est-rate increases, if any, were Retail sales THE Indonesian rupiah (IDR) signalling the relative effective- in the offing. has rebounded strongly in re- ness of the measures, as price- This week, as disappoint- O This week disappointing cent months. Against the US adjusted hydrocarbon imports ing US retail sales and indus- dollar (USD), the currency is up declined significantly and im- trial production data raised the US retail sales and nearly 3 percent so far in 2019 ports of capital goods flattened. prospect that the US economy industrial production data and 8.4 percent since the multi- The bank said when it comes will slow more quickly than ex- has raised the prospect year low of October 2018, said to external developments, first, pected, three Fed policymakers that the US economy will Qatar National Bank (QNB) in markets have shifted their ex- gave an answer: one rate hike, slow more quickly than its weekly economic report on pectations on the outlook for US or perhaps none at all. expected Saturday. interest rates. It is not clear how widely The IDR has outperformed In fact, the US Federal Re- those views are shared among both the currencies of key ad- serve (Fed) has turned dov- all 17 Fed policymakers. Sev- increase isn’t there” this year, vanced economies (DXY basket) ish over recent weeks, pushing eral other policymakers speak- Daly told the Wall Street Jour- and major emerging markets down yields across the curve ing this week were careful not nal in an interview. (JP Morgan Emerging Market and favouring non-US assets. to say how long they expected Though a rate increase Currency Index). The two year nominal yield IDR- their own patience on rates to could, she said, be appropri- The QNB report delves into USD differential has widened last. The first broad read of their ate if the economy or inflation the reasons behind the recent and is now 155 bps above the views will come in March, when unexpectedly surges, “I have IDR recovery and risks for the 2018 low, the bank added. the Fed next releases forecasts moved down from having a currency over the short-term. Second, the latest bout of for the economy and rates. penciled-in number to hav- The report said a currency risk aversion has partially waned But the projections deliv- ing a very patient outlook” on appreciation is a positive de- on the back of more positive de- ered this week - for one rate rates, she told the paper. velopment for Indonesia as the The Indonesian rupiah has outperformed both the currencies of key advanced economies and major velopments in US-China trade hike this year from both Atlan- Bostic, for his part, repeat- IDR faced a 5.7 percent depre- emerging markets. negotiations and a more dovish ta Federal Reserve Bank Presi- ed on Friday that he is in no ciation against the USD in 2018, US Fed stance. This affects posi- dent Raphael Bostic and Phila- rush to raise rates. So far, he compelling Bank Indonesia (BI) In terms of policy responses, The QNB said a currency the short-run, as spot FX de- tively EM currencies in general delphia Fed President Patrick said, “our outlook for 2019 is to tighten policy even though first, BI has conducted a series mand can be temporarily de- and EM currencies of high yield- Harker; and for perhaps none still above trend,” at around 2.3 the output gap was negative of rate hikes last year, lifting the appreciation is a positive ferred. While the mechanism ers like Indonesia in particular, at all, from San Francisco Fed percent to 2.5 percent, slower or the economy was not over- policy rates by 175 basis points development for Indonesia as still has to be tested in a period as more risk appetite tends to President Mary Daly - suggest than last year but still above heated. (bps) in total and widening the the IDR faced a 5.7 percent of more severe market pressure trigger a global search for yields. that several at the US central his view of the economy’s un- Running twin current ac- gap against other key external depreciation against the USD on Indonesia, the market’s per- All in all, despite strong pol- bank see little need to brake derlying potential. Fed officials count and fiscal deficits and re- rate benchmarks. in 2018, compelling Bank ceived prudential limit for BI’s icy responses and positive exter- the economy for some time yet. have for some time said they lying on foreign portfolio invest- This is what is behind BI peak short DNDF position is nal developments, Indonesia is If that view is widely held, expect economic growth in ments to close the financing gap, governor Perry Warjiyo’s ‘pre- Indonesia to tighten policy $25-35 billion, which amounts not completely out of the woods the Fed’s March forecasts could 2019 to be less than it was in Indonesia is often pressured to emptive, front-loaded and to between 81-113 percent of the yet, the report noted. show a suddenly flatter path for 2018, when it was propped up maintain attractive risk premi- ahead of the curve’ approach. 2018 current account deficit. The country is still vulner- interest rates that better match- by government spending and ums and asset prices, the bank Higher yields should favour do- by improving the liquidity and Third, the government has able to short-term capital flight es its new ‘patient’ policy. In tax cuts whose impact the cen- said. mestic assets and thus prevent efficiency of the onshore FX implemented several measures due to the twin deficits, a high December, when the Fed raised tral bank expects to wane. Under such constraints, or limit capital outflows, the market as well as increasing to prop up external revenues share of long-term portfolio debt interest rates a fourth time that But in recent months the the IDR is particularly sensitive bank said. overall FX supply for hedging and curb imports, which are ex- liabilities to non-residents and year, most Fed policymakers expectation of how fast and to global “push” factors such Second, the BI has under- purposes. This is important as pected to stop the recent widen- moderate to low FX reserve ad- penciled in two more rate hikes deep that slowdown might as higher or rising USD inter- taken supportive policy innova- periodic spikes in offshore fu- ing of the current account defi- equacy ratios. for this year. become has been clouded est rates, broad USD strength, tion with the launch of domes- ture prices increase FX hedging cit. Targeted policy measures This makes the IDR sensi- “If the economy evolves as by slower-than- anticipated bouts of risk-off sentiment and tic non-deliverable forwards costs and pressure both non- included an expansion in the tive to some of the most impor- I just said I expect it to - 2 per- growth overseas, and finan- lower commodity prices, the re- (DNDFs) settled in IDR. The residents and residents to exit cap for coal production, a more tant potential risks in 2019, in- cent growth, 1.9 percent infla- cial market turbulence in the port noted. tool increases hedging options domestic assets. selective approach to import- cluding a re-escalation of trade tion, no sense that (price pres- United States that can to some According to QNB, the IDR for market participants and International experiences sensitive infrastructure spend- tensions between the US and sures are) going up, no sense degree spill over into how con- rally was supported by three minimises the spillover of off- with DNDFs from other EM ing, an acceleration of the plans China, even weaker Chinese de- that we have any acceleration sumers spend and businesses policy responses and two posi- shore future contracts on the high yielders, such as Brazil, to mix domestic biodiesel into mand and a more hawkish US - then I think the case for a rate invest and hire. tive external developments. spot USD/IDR exchange rate, point to its effectiveness over petrol, and the imposition of tar- monetary policy, QNB said. The all-new Maxus D90.. the 5-star safety car Maxus D90 is available at Auto Class Cars showroom on Salwa Road TRIBUNE NEWS NETWORK DOHA

UTO Class Cars, the author- ised general distributor of AMaxus in Qatar and a subsidi- ary company of Nasser Bin Khaled Holding, is proud to introduce the all-new Maxus D90 in Qatar. The new SUV concept is an ex- Auto Class Cars to provide United Car cellent example of the innovation of Chinese auto brands and recently received a five-star recognition in Rentals with 60 MG 360 and MG ZS terms of safety from the ANCAP safety ranking. TRIBUNE NEWS NETWORK The MG 360 is proud to offer gonomic driving experience, with The Maxus D90 is the first DOHA plenty of room for both the driver smart and customisable vehicle the largest interior space in its and all the passengers. With its type, which can be mass-produced. UTO Class Cars, the authorised class. The super-long wheelbase natural exquisite design, the MG It is representative of the company’s distributor of MG in Qatar, gives a more comfortable and 360 is the latest addition in an ex- products targeted at the middle and Asigned a deal to supply United ergonomic driving experience, tensive line of beautiful cars from high-end SUV market, and repre- Car Rentals (UCR) with 60 MG with plenty of room for both the the MG family. The meticulously sents the collective wisdom of users, cars of models 360 and ZS. The crafted details give the car a bold designers and engineers. agreement, which is open to in- driver and all the passengers and confident identity on the road. The Maxus D90 has accom- “business to customer” (B2C), where functions and configurations. In the clude more cars, aims to upgrade The MG 360 comes with a 1.5L en- plished five stars in the ANCAP the car manufacturers produce ve- future, it will offer choices of vehicle the UCR fleet of cars and meet the brand MG is one of the very best gine, with a dual variable camshaft safety rating making it one of the hicles on a large scale and market type, rim, seat layout, exhaust and increasing demands of clients who options for customers in Qatar”. and a 4 automatic BOSCH man- safest cars in its SUV category. With them to customers, to “customer to interior decoration. are looking for reliable cars. Auto Class Cars and MG con- agement system transmission, top scores in all segments, the AN- business” (C2B), where users’ par- D90 uses the popular bigmouth Sheikh Faleh bin Nawaf al tinue to build on their success, along with a multi-mode Intelli- CAP report shows the Maxus D90 ticipation becomes an essential part style, with aggressive lattice grid and Thani, Operations Director, Auto, a journey which began last year gent Control. scored high grades in all tests. Start- of the manufacturing process and fashionable LED source in front at Nasser Bin Khaled Holding when a partnership agreement United Cars Rental is a lead- ing from the dual frontal, side and their individual demands are fully headlight group. Besides, the new said, “Auto Class Cars is pleased was signed between SAIC Motor ing company that offers a bouquet head airbags the D90 scored 14.5 considered. model also equips with six-spoke to sign this agreement with United and Auto Class Cars that made of car rental and allied services out of 16 in the frontal offset test that During the production of the wheel, showing a sporting style. Car Rentals, under which we will Auto Class Cars the authorised to meet the specific needs of cus- includes head/neck, chest, and up- SUV D90 concept car, more than The new model has a body size of supply the national company with local distributor of MG in Qatar. tomer portfolio including MNC’s per and lower legs tests. In the side 1,000 users participated in an of- 5,005/1,932/1,875 mm and wheel- functional cars that meet the re- Auto Class Cars showroom on and SME’s requiring cost effective impact test, the vehicle scores 16 out fline survey and over 300,000 users base of 2,950 mm. Its tail light also quirements of their clients. Salwa Road displays a wide range options with young & varied fleet. of 16. The side impact test normally took part in the test drives of differ- shows a fashionable style. “With the increasing demand of MG cars, including sedan and UCR has a network of various lo- used by ANCAP, simulates a small ent products via its interactive plat- It adopts a Maxus family-style on car rental in Qatar and the SUVs. cations in Qatar and a dedicated car striking the driver’s door of the form, putting forward suggestions in interior decoration, with simple pressure on transport, Auto Class The MG ZS is the perfect op- team of 75 plus trained profes- test vehicle. In the pole test, which for the product’s 18 specifications. central console and fashionable in- Cars is responding to such de- tion for buyers seeking a good- sional staffs. detects the side curtain airbags, Based on customers’ feedback, SAIC dependent LCD screen. Besides, the mands and providing solutions for looking, well-equipped, well-built Since its acquisition of MG the vehicle scored the maximum 2 Maxus incorporated the driving ex- new model also adopts a dashboard the transport sector through reli- car at a sensible price and efficient Motor, SAIC Motor, as a Global points for head protection. perience of luxury and sports SUVs design equipped with a large-size able and new cars. We are looking fuel consumption. Top 500 company, has opened a Whiplash protection is assessed to the D90. Apart from features display screen. It was found out that forward to more deals with UCR The arrival of MG’s new cross- new chapter for this British-born to the RCAR protocol, the D90 such as diamond-shaped stitching, the model will have 5-seat, 6-seat and a range of other companies over marks an exciting new era of brand. The introduction of the all- showed high abilities of safety with 21-inch wheels, a 3D dashboard and and 7-seat version to meet differ- which will allow us to continue design for the famous British car new MG 6 follows the launch of good mark, the highest in ranking. 12.3-inch screen, the D90 has had ent customers’ demand. It is also supporting the journey of progress brand with the introduction of a two SUV models earlier this year, In the pedestrian protection, this its length adjusted from 5.2 metres equipped with lane-departure warn- in Qatar across all sectors.” totally modern design philosophy. the MG RX5 compact SUV and the vehicle scored 27.37 out of 36 points to 5 meters to make itself more suit- ing system, a 360-degree camera Hisham al Sahn, general man- The more expressive design lan- MG ZS SUV, as well as the second- (acceptable). The bonnet provided able for driving in cities, and also all system, reversing camera and LED ager of Auto Class Cars, said, “As a guage showcased by the MG ZS is generation of MG GS. Together, predominantly ‘good’ or ‘acceptable’ seats except the driver’s seat are now headlights. brand, MG represents comfort, re- set to feature across all upcoming these models join the existing MG protection to the head of a struck movable –– offering a more flexible The model will be equipped liability and peace of mind. Since models and emphasises the pre- 360 to complete the brand’s Mid- pedestrian. Protection of the pelvis interior of the vehicle for passengers. with a 2.0T turbo-supercharged it was relaunched last year by Auto mium experience and commit- dle East line-up. area was mostly ‘good’, while the In addition, the intelligent-con- engine with the maximum power Class Cars in Qatar, it has attract- ment to quality of the ambitious The cars are available now bumper showed ‘good’ results for nected system enables functions of 224 horsepower. It will also be ed the attention of a huge number brand. in Auto Class Showroom on leg impacts. such as auto payments, online mu- equipped with a 6-speed automat- of car enthusiasts. This agreement The MG 360 is proud to of- Salwa road. Customers can visit The D90 is a pioneer product of sic, online navigation, remote con- ic transmission and 4WD system. with United Car Rentals reflects fer the largest interior space in its the showroom from Saturday to SAIC Maxus, which adopts the C2B trol and voice interaction. The vehi- Apart from the engine, the new the confidence that all companies class. The super-long wheelbase Thursday 8 am to 9 pm and on model. The automobile industry cle’s distinctiveness also includes the model may also be equipped with and customers have in MG. Our gives a more comfortable and er- Friday from 5 pm to 9 pm. is transforming from the model of ability to customise almost all key diesel engine in the future. 14 Sunday, February 17, 2019 Economy & Business US drafts WTO reform to halt handouts for big and rich states

REUTERS members claim to be develop- current and future trade ne- in Doha in 2001, must be kept these members’ success in lev- GENEVA ing, including major trading gotiations should withhold before the WTO can move on eraging the WTO’s flawed ap- powers like China and India such special treatment from to negotiating new rules in proach to developing-Member THE United States proposed and some of the richest coun- countries classified as “high other areas. status,” US Ambassador Den- a reform of the World Trade tries in the world, such as South income” by the World Bank, The United States rejects nis Shea said in December. Organisation on Friday that Korea, Saudi Arabia, Brunei, OECD members or acceding such demands, partly because A study published earlier would slash the number of Hong Kong, Qatar and Oman. members, G20 nations and China joined the WTO in the this year by three former sen- countries that are eligible for Special and differential any state accounting for 0.5 same year the Doha promise ior WTO officials, Patrick Low, “special and differential treat- treatment (S&D) entitles de- percent or more of world trade. was made, and its meteoric Hamid Mamdouh and Evan ment”, a plan likely to be re- veloping countries to longer Many countries see “devel- rise since then has under- Rogerson, said that S&D had sisted by China, India and time periods for implement- opment” as the fourth role of mined the argument for giving become a political football and other countries. ing agreed commitments, the WTO, alongside negotiat- developing countries special a new balance was needed. The United States has long measures to increase trading ing, refereeing and monitoring deals. “It is conceded with in- complained that WTO mem- opportunities, and twice the compliance with trade rules. “Previous negotiations creasing reluctance on one bers can self-designate as “de- amount of agricultural sub- Some WTO members, were undermined by certain side and clung to as an arti- veloping countries”, entitling sidies available to developed such as India, insist that a members’ repeated unwilling- cle of faith by the other,” they them to a range of benefits and countries. promise to reform the trade ness to make contributions wrote. “It was part of a trade- lenient treatment at the WTO. The US draft reform post- rules to boost developing na- World Trade Organisation Director-General Roberto Azevedo (right) in commensurate with their role off that does not make sense Most of the WTO’s 164 ed on the WTO website said tions, made by WTO ministers Addis Ababa recently. (AFP) in the global economy, and by anymore, if it ever did.” Big US exchanges Automakers brace for US to sue SEC over ‘overreaching’ govt report on import tariffs fee experiment Tariffs on imported REUTERS rebates rather than to those cars would cost hun- NEW YORK that would obtain the best results for the end clients. dreds of thousands THE three largest US stock The exchanges argue re- exchange operators said they bates are needed to compen- of jobs throughout will sue the Securities and sate brokers for providing li- the US economy Exchange Commission for quidity and that the SEC has overstepping its authority by not shown that they harm REUTERS ordering a pilot program to the market. WASHINGTON test banning lucrative pay- “The SEC is required by ments exchanges make to statute to determine there is A confidential Commerce De- brokers for resting stock or- a problem, not go on a fact- partment report due to be sent ders. finding mission,” Ed Tilly, to Donald Trump on Sunday “We disagree with the chief executive officer of is widely expected to clear the government overreach, and Cboe, said in an interview on way for the US president to this really represents an un- February 8. threaten tariffs on imported precedented attempt by the Cboe, Nasdaq, and NYSE autos and auto parts by desig- SEC to distort the free mar- vigorously opposed the pilot nating the imports a national ket mechanisms that govern when it was proposed early security threat, auto industry the competition among trad- last year. officials said on Friday. ing venues,” Michael Blaugr- They argued it would The report’s recommen- und, head of transactions at create winners and losers, dations may bring the global NYSE, told reporters in New as private stock trading ven- auto industry a step closer to York on Friday. ues, which execute around its worst trade nightmare - US Intercontinental Ex- 40 percent of US stock trans- tariffs on millions of imported change Inc’s NYSE, Nasdaq actions, would not be subject cars and parts of up to 25 per- Inc, and Cboe Global Mar- to the restrictions, giving cent that many in the industry kets, which together oper- them a competitive advan- fear would add thousands of ate 13 of the 14 US stock tage. They also said bid-ask dollars to the cost of vehicles exchanges, each filed sepa- spreads would widen with- and potentially cost hundreds rate notices that they intend out rebates, creating hun- of thousands of jobs through- to sue the SEC. At issue is a dreds of millions of dollars in out the US economy. pilot program the regulator new costs for investors. The contents of the report approved in December that The pilot was expected are expected to remain clas- will restrict the amount ex- to begin later this year, but sified while Trump considers changes can charge for stock NYSE said it will request its recommendations, leaving trade executions, as well as a delay while it pursues its the industry and major car ex- the rebates exchanges pay lawsuit. porters Japan, the European brokers for orders that oth- The SEC did not immedi- Union and South Korea in the ers can trade against, for one ately respond to a request for dark about its consequences. to two years. comment. Auto industry officials said The programme aims “It’s a very difficult deci- they expect the report to rec- Cars are unloaded from trucks before being loaded onto a ship at the port in Lianyungang in China’s eastern Jiangsu province recently. (AFP) to shed light on whether re- sion to decide to take your ommend at least some tariffs bate payments, collectively primary regulator to court,” so that the administration can recommendation options will A report from the well- million vehicles as part of around $2.5 billion last year, said NYSE’s Blaugrund. use the findings of the probe include broad tariffs of up to respected Center for Automo- a new North American free create conflicts of interest by “That being said, we feel this as negotiating leverage during 20-25 percent on assembled tive Research in Ann Arbor, trade deal even if the admin- incentivising brokers to send is overreaching, and we need negotiations this year with Ja- cars and parts, or narrower Michigan, published on Fri- istration moves ahead with the customer orders to the ex- to draw a clear line in the pan and the EU. tariffs targeting components day showed that its worst-case tariffs. changes that pay the biggest sand.” The report is the result of and technologies related to scenario of a 25-percent tariff Senator Rob Portman, an an investigation started by new energy cars, autonomous, Nightmare for would cost 366,900 US jobs in Ohio Republican, recently the Commerce Department in internet-connected and shared automakers the auto and related industries. introduced legislation that May 2018 at Trump’s request. vehicles. US light duty vehicle prices would shift responsibility for Known as a Section 232 inves- “Nobody I’ve talked to in the Implementing 25 percent tariff would increase by $2,750 on Section 232 investigations tigation, the probe’s purpose is industry thinks the report won’t would increase the price of US average — including US-built from Commerce to the US to determine the effects of im- recommend tariffs” in view of light duty vehicles by $2,750 vehicles — reducing annual US Defense Department. The law ports on national security. the Trump administration’s on average — including sales by 1.3 million units and containing the provision was The final version will be stated trade priorities, said an US-built vehicles — reducing forcing many consumers to passed in 1962 to keep US in- sent to the White House on automotive official who spoke annual US sales by 1.3 million the used car market, the think dustries healthy to meet Cold Sunday to meet a statutory on condition of anonymity. tank’s report said. War defense needs. deadline, a Trump administra- “And there’s not much units and forcing many Major automaker groups “There is no way that tion source told Reuters. chance that Trump decides not consumers to the used car said last year that the cumula- minivans from Canada are a Confidential draft ver- to impose them.” Administra- market, the think tank’s report tive effect for the United States national security threat,” Port- sions of the recommendations tion officials have said tariff said would be an $83 billion an- man told reporters. have circulated to the White threats on autos are a way to nual price increase and argued Under the statute, Trump House and other government win concessions from Japan in a productive manner. that there is no evidence auto has 90 days to consider the agencies for review since last and the EU. Last year, Trump The Commerce Depart- imports pose a national secu- report and act on its recom- A trader works on the floor of the New York Stock Exchange in November. agreed not to impose tariffs as ment alluded to a focus on rity risk. mendations. New York recently. (AFP) Automakers and parts long as talks with the two trad- emerging vehicle technologies Canada and Mexico each “I love tariffs, but I also love suppliers are anticipating its ing partners were proceeding when it opened the probe. won duty-free access to 2.6 them to negotiate,” he said. Uber’s Q4 loss narrows to Amazon invests in Tesla rival startup Rivian $865 mn, revenue up 25% AFP leader hit by a wave of miscon- Rivian has a team of more than 750 people; SAN FRANCISCO duct scandals. development centres in US and England Revenue for the full year UBER on Friday released earn- rose 43 percent to $11.3 billion, AFP ian’s vision for the future ings figures that showed its loss with Uber’s annual loss shrink- SAN FRANCISCO of electric transportation,” narrowed in the final quarter of ing 15 percent to $1.8 billion, Amazon worldwide consum- last year while revenue growth according to the startup. ELECTRIC vehicle startup er chief Jeff Wilke said in slowed as the ridesharing giant Uber operates its rideshare Rivian on Friday announced a release. prepares for a stock market de- business in dozens of countries a $700 million investment “We’re thrilled to invest in but. and has expanded to new areas round led by Amazon, which such an innovative company.” The loss for the final three including food delivery, electric recently pumped money into Rivian founder and chief months of the year amounted scooters and bikes. The com- a young self-driving car tech- executive RJ Scaringe re- to $865 million, compared with pany is seen as the largest of the nology firm. ferred to the investment $1.1 billion in the same period a venture-backed startups with Details of Amazon’s stake round as an important mile- year earlier. a presumed valuation of some in US-based Rivian were not stone for the startup on a road The San Francisco-based $70 billion. disclosed, but the company to “sustainable mobility.” firm reported revenue of $3 bil- “Last year was our strong- said it will remain independ- Rivian has a team of more lion, a 25 percent increase from est yet, and Q4 set another ent. than 750 people and develop- a year earlier. record for engagement on our The potential Tesla rival ment centers in the US and Uber remains a private platform,” Uber chief financial late last year unveiled an elec- England, according to the company, but routinely disclos- officer Nelson Chai said in a re- tric pickup truck and an elec- startup. es some earnings information. leased statement. tric sport utility vehicle at an Its vehicles use the com- Chief executive Dara Khos- “Our ridesharing business auto show in Los Angeles. pany’s “flexible skateboard The electric Rivian R1S SUV. (AFP) rowshahi, who is steering the maintained category leadership The vehicles were to be platform” and will be pro- high-value startup to a stock in all regions we serve, Uber manufactured at the startup’s duced at its manufacturing Innovation, a self-driving car technology for autonomous rather than compete with, market debut this year, has Freight gained exciting traction plant in Illinois, with deliver- plant in Illinois, according to technology startup founded vehicles, but leaving the mak- leading automakers. promised greater transparency in the US, JUMP e-bikes and e- ies to customers expected to the release. by former Google, Tesla and ing of cars to other compa- Aurora is led by Chris Urm- as he seeks to restore confi- scooters are on the road in over begin late in 2020. Amazon earlier this month Uber executives. nies and said in a blog post son, former head of the Google dence in the global ridesharing a dozen cities.” “We’re inspired by Riv- said it was investing in Aurora Aurora is developing the it wants to work alongside, self-driving car initiative. www.guide.com.qa  Sunday, February 17, 2019

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