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Wednesday, November 30, 2016 Rabia I 1, 1438 AH

IMPROVING STANDARDS: Page 16 GULF TIMES GORD, GSO host meet on renewable energy, power BUSINESS storage technologies Mena aviation Opec deadlocked as market to see 400mn passengers Saudi, Iran harden by 2035: IATA Passenger demand in the Middle East and acceptable costs,” said de Juniac. and North Africa (Mena) region is set to He also sounded a note of caution on expand by 4.8% each year on average infrastructure privatisation and urged over the next 20 years, to become a governments to eff ectively balance public market of 400mn passengers in 2035, the and private interests. “The desire to har- positions on cuts International Air Transport Association ness commercial discipline in managing (IATA) has said in a report. airports is understandable. But, despite Bloomberg If that demand is met, the number of jobs many privatisations around the world we Tehran/London supported by aviation in the region will have not seen any examples of airport grow from 2.4mn to 3.9mn over the same privatisation that have truly met expecta- period. And aviation’s contribution to tions. It’s important to learn from experi- n Opec deal to curtail oil pro- regional GDP will increase from $157.2bn ences elsewhere, especially ensuring that duction appeared in jeopardy to $359.5bn, the IATA report said. any privatisation is driven by real user Ayesterday as Iran said it won’t IATA highlighted four priorities areas consultation throughout the process,” de make cuts while Saudi Arabia insist- in the Mena region, which must be ad- Juniac said. ed Tehran must be willing to play a dressed for aviation to deliver maximum De Juniac also called for cooperation meaningful role in any agreement. economic and social benefits. to modernise air traff ic management Ministers gathering in Vienna be- These are suff icient and aff ordable infra- (ATM) in the region. “Studies show that fore today’s crucial Opec meeting structure capacity (including air traff ic the average ATM delay in the Gulf region were attempting to resolve diff erenc- management) aligned with user needs; is some 29 minutes with the potential es obstructing an accord. Iranian Oil curbing the spate of unprecedented to double by 2025. Without an increase Minister Bijan Namdar Zanganeh laid increases in taxes and charges over the in the overall eff iciency of the ATM out his country’s position following last year; aligning consumer protection system of the region through improved talks with his Algerian and Venezue- regulations with global standards and airspace design, Mena’s world-class hubs lan counterparts. enhancing security eff orts. will be compromised with gridlock. We With little time left before the Or- “Aviation is the business of freedom. Its appreciate the many programmes that ganisation of Petroleum Exporting success generates prosperity. A safe, are in progress –including the GCC Air Countries meets to fi nalise the fi rst secure, eff icient and sustainable air Navigation Committee, the Middle East production curbs in eight years, re- transport industry contributes to the ATM Enhancement Programme and oth- sistance from Iran – and from neigh- welfare of nations. Strengthening aviation, ers. But we must drive these eff orts even bouring Iraq – made the foundations in partnership with governments, pays harder to achieve a real breakthrough.” for a deal look increasingly shaky. Top 200,000 bpd above current output, to freeze at the October level of 4.6mn the urgency of its off ensive against Is- huge social and economic dividends. said de Juniac. producer Saudi Arabia was ready to two Opec delegates said on Mon- bpd, according to one delegate. When lamic State. Airlines in Mena face very diff erent busi- IATA has sought cooperation to reverse reject an accord unless all members, day. Saudi Arabia countered with applied to Iraq’s own output estimate On Sunday, Saudi Oil Minister ness challenges. But whether building or unprecedented rises in taxes and charges bar Libya and Nigeria, participated, a proposal for Iran to cap output at of 4.8mn bpd, the proposal for Opec Khalid al-Falih for the fi rst time fl oat- protecting competitiveness, cost-eff icient – about $700mn in extra costs in 2015 people with knowledge of the king- 3.707mn. Algeria, acting as a go- members to make an average cut of ed the possibility of leaving Vienna infrastructure, global standards, reason- alone. “Every dollar that a passenger dom’s position said earlier. between, off ered an alternative that 4% to 5% would take production to without an agreement. able costs and secure operations are spends in the region creates jobs and “I don’t know” if there will be an would see Iran freeze at 3.795mn, the the roughly the same level. As Opec tries to resolve its own dif- critical,” said Alexandre de Juniac, IATA’s spreads prosperity. And every dollar col- agreement, Indonesian Energy Min- delegates said. Algeria proposed Iraq cut produc- ferences, the group is also asking oth- director general and CEO, during his lected in taxes or charges is an incentive ister Ignasius Jonan told reporters in Crude prices remain at half their tion by 240,000 bpd from the Octo- er big producers including Russia to opening remarks at the Arab Air Carriers for travellers to go elsewhere. A low-cost Vienna. “The feeling today is mixed.” level of mid-2014 as global supply ber secondary-sources level, two del- reduce output by as much as 600,000 Organisation (AACO) 49th Annual General structure is a key component of the An Opec proposal initially agreed continues to swamp demand. egates said. bpd. The Kremlin so far has resisted Meeting in Casablanca, Morocco. region’s success – particularly in the Gulf,” in Algiers in September would see At negotiations in Vienna, coun- Saudi Arabia won’t insist that Iraq requests that it join the cut, off ering “Infrastructure in Mena reflects the said de Juniac. producers trim output by about tries have fought to the very last bar- and Iran make the same size reduction instead to freeze production at cur- foresight of governments in the region IATA urged global standards to guide the 1.2mn bpd from October levels. Iran rel. as other Opec members and hasn’t rent levels. to capture aviation’s economic and social proliferation of consumer protection ini- has sought special treatment since it’s While Iraq fi nally appeared to ac- decided from which production level Energy Minister Alexander Novak benefits. However to keep this competi- tiatives in the region. Regulators in Saudi ramping up output following years of cept the Opec supply estimates they’ll be asked to cut, according to said yesterday that he has no plans to tive advantage, continuous consultation is Arabia, Oman, Qatar, Jordan and the Arab crippling sanctions. known as “secondary sources” that the people familiar with the situation. visit Vienna today, but that Russia is needed so that capital expenditure aligns Civil Aviation Commission are in various Iran has suggested it freezes pro- would determine the basis for cuts, it Iraq had previously demanded an ready to talk if the group reaches an industry growth, required service levels stages of activity in this regard. duction at 3.975mn bpd, or about was still insisting it should be allowed exemption from a supply deal, citing internal consensus. Page 3

GCC eyes VAT gain amid low taxation, oil fall impact ‘Built assets to deliver $152bn

By Santhosh V Perumal Rob Dalla Costa, Business Reporter director, VAT to Qatar economy in 2016’ leader KPMG (Lower Gulf) Low taxation and the ‘new normal’ of the oil, said VAT is not By Pratap John strategy is already paying fi nancial which has been depressed since 2014, have meant to be a Chief Business Reporter dividends, as well as creating cit- forced the Gulf Cooperation Council (GCC) cost to business, ies and communities where people members to find new revenue streams as value but it could want to live, work and visit.” added tax (VAT), according to Dr Nasser Saidi become one if uilt assets are making a “Vision 2030 has provided an (pictured), a former chief economist of the not prepared growing contribution to Qa- inspiring roadmap on how Qatar Dubai International Financial Center. well and if there Btar, according to a new report will develop over the coming years. As a percentage of GDP (gross domestic are no systems that notes they will deliver $152bn Since its inception in 2008, a sig- product), the average tax take across the region and processes in to the national economy this year. nifi cant amount of progress has is about 13%, much lower than other emerging place to recover This represents an 11% increase been made, however, the drop in oil markets, Saidi, now the president of Nasser the VAT on the over the last two years, and will see price has resulted in a very diff er- Saidi and Associates, told a seminar on VAT business inputs. the total contribution from built ent economic environment. implementation in the GCC. Finding that the staggered introduction of VAT assets account for 44% of Qatar’s “A smaller number of pro- Highlighting several areas that governments across the region as a risk, Costa said it is going total GDP in 2016, according to the grammes have rightly been pri- should prioritise when implementing VAT, he to complicate the business. ‘2016 Global Built Asset Perform- oritised, but the mechanics that said there is a need for diversified, balanced Gop Menon, head of finance for Thomson ance Index’ released by Arcadis, a support the delivery process also sources of taxation to ensure not only revenue Reuters Middle East and North Africa, said VAT global design and consultancy for need to become more effi cient. generation but also buoyancy in the tax system. isn’t just a finance problem particularly when natural and built assets. Investment in buildings and infrastructure is playing a key This includes the speed at which Finding that the current tax system is very dealing with this region, where the framework This growth in percentage is role in supporting Qatar’s economic diversifi cation agenda projects are procured, tenders as- much based on traditional goods and services, is coming in new; nor is it going to be all clear partly due to the impact of a lower sessed, and schemes ultimately he said “something like 30% of the goods and and all perfect from day one. oil price, which has seen the per- for every person that lives in Qatar, increase by 20% in this period, started. This is particularly im- services we consume today didn’t exist 20 “Whilst the governments here can learn from centage of revenue that comes the report said. reaching a total of $183bn by 2026. portant for projects relating to the years ago, so what you need is a tax system the experience of other regions, there will be a from exporting natural resources “This fi gure is signifi cantly Derek Sprackett, head, busi- 2022 FIFA World Cup, which is a that is flexible and can capture what is happen- lot of nuances in this area. With our experience decrease, but also refl ects the tre- higher than any of the other 35 ness advisory, Arcadis Middle key milestone in the overall vision, ing in the digital economy.” in Egypt, some of our services fell into grey ar- mendous progress that Qatar has countries considered in this year’s East said, “Built assets, including but which has a much earlier deliv- Also highlighting that the tax eff iciency ratio eas and it took us time to understand whether made in recent years in diversify- study, demonstrating that Qatar transport links, high quality resi- ery date,” Sprackett added. across countries in the Middle East is very low they were in or out of scope,” according to him. ing into new industry sectors. has not only invested in its built dential and commercial property, The index, developed in con- compared to emerging markets, he said the Asking businesses to look seriously at VAT Investment in buildings and in- environment, but it is also secur- and productive industrial centres junction with the Centre for Eco- region’s VAT regime should have fewer exemp- now, Clare McColl, VAT partner, KPMG (Lower frastructure is playing a key role in ing an impressive return on this all make a signifi cant contribution nomics and Business Research tions, suggesting a look at the New Zealand Gulf) said the cash-flow implications of VAT supporting Qatar’s economic diver- capital spend,” Arcadis said. to a country’s economic perform- (Cebr), examines the revenue that model. need to be considered. “There is a lot to think sifi cation agenda, the report said. The Arcadis research also ex- ance. In recent years, many coun- is generated by buildings, infra- “Taxes always introduce distortions and when about, and a lot to do. The key to success will be It said Qatar leads the world amined how the economic return tries across the Middle East have structure and other fi xed assets you do that for things like education and health, project planning over the next year and the ear- when it comes to securing a fi nan- from built assets would evolve over invested heavily and strategically (homes, schools, roads, airports, you introduce distortions into these markets, so lier that businesses start to understand the VAT cial return from their built assets, the next decade. in real estate and infrastructure, as power plants, malls, railways, you’re better off having very few exemptions,” impact and to plan how to manage it eff ectively, when this is assessed on a per- For Qatar, the study showed part of their national visions and ports) in some 36 countries around he said. the better,” she said. capita basis. In 2016, built assets that the revenue contribution that eff orts to diversify their econo- the world that collectively repre- will generate an average of $66,316 comes from built assets would mies. Our research shows this sent 78% of global GDP. Wednesday, November 30, 2016 2 ISLAMIC FINANCE GULF TIMES

EDUCATION/FAQ on Interest

May I take a loan in which the both lender and borrower share in loans, or finance car purchases, to Are interest-bearing accounts of the party I am transacting with? in which case it is permissible; it lender makes a monetary any damages (not caused by any name a few common examples; but permissible? One is not answerable for the is permissible to use a debit or investment in expectation of a particular individual’s negligence) unless the need is life-threatening, All interest-bearing bank accounts, interest dealings of the party with automated teller machine card (i.e. percentage payout? to the property to the extent of their (which the need for home ownership, however low the interest rate, are whom one transacts unless one that draws cash directly from one’s It is impermissible to take any kind ownership share. a car or an education is not) the impermissible to maintain; in the rare is also directly involved in the existing account); it is permissible of loan in which the lender makes a impermissibility of dealing in interest event that there is absolutely no access interest dealings; for example, to accept ‘points rewards’ from monetary investment in expectation Does interest become permissible remains. to an interest-free account, there is a the real estate agent who assists one’s credit card (e.g. frequent flyer of a percentage payout, because in extreme circumstances? dispensation to maintain an interest- in the purchase of a house is not mileage, vendor discounts, etc). invariably some difference will occur Interest is absolutely impermissible May I charge a monetary penalty bearing account for the individual who answerable for the interest-based between the investment and the in any situation except when one on a monetary payment? seeks the additional financial security mortgage the buyer acquires later When does riba most commonly payout, a difference that constitutes anticipates extreme harm, where It is unlawful to charge a monetary of a bank; this is only permitted on the unless the real estate agent also enter into a transaction? riba (e.g. a home equity loan that the extremity of the need would be penalty on any form of monetary condition that no other option exists assists in acquiring the mortgaging, Riba occurs when there is an invests $10,000 in a property in analogous to eating unslaughtered payment (e.g. fees for late rental (even if reasonably accessible outside at minimum, by merely providing unequal exchange of like goods return for 10% of the property’s meat when dying of hunger and payments, car payments, loan one’s city) and that the interest that one the buyer with guidance. or mediums of exchange, where selling price). It would be permissible nothing else is available. Any instalments, etc.), though it is earns is returned to the bank or given ‘like’ is defined as goods that are to instead ascribe a percentage extremity less than this degree would permissible to enter into a separate to a Muslim or non-Muslim charity May I use a credit card that charges inherently similar however much figure to a monetary investment not permit one to deal in interest. parallel contract beforehand or a zakat-eligible recipient (with the interest? they differ in quality (e.g. 1kg of and make a payout at the same Too often Muslims mistakenly believe whereby the one paying late is legally intention of eliminating the unlawful It is impermissible to use a credit high quality dates and 1kg of low percentage (e.g. a home equity loan that dealing in interest-bearing compelled to give money to a specified wealth rather than with the intention card that charges an interest rate, quality dates). that invests $10,000, or 10%, in a loans is an ‘extreme need’ these charity in the event of late payment, of earning reward) accompanied by a unless one is certain that one is property in return for 10% of the days in order to buy a home instead thereby fulfilling the lender’s need to sincere repentance. able to repay borrowed amounts Source: Ethica Institute of Islamic property’s selling price), provided of renting, purchase educational create a deterrent. Am I liable for any interest dealings before incurring the interest charge, Finance via Bloomberg

IDB seeking strategic stake Spotlight on careers of in Borsa Istanbul, women in Islamic fi nance eyeing gold By Arno Maierbrugger trade platform Gulf Times Correspondent Bangkok The Islamic Development Bank (IDB) will seek a strategic stake in Turkey’s main stock exchange ext week’s infl uential World Islamic and collaborate on developing a gold trading Banking Conference to be held from platform for use by majority-Muslim countries, NDecember 5 to 7 in Bahrain will see part of a broad agreement signed recently, a lot of interesting and highly relevant key- Reuters reported notes, debates and panels, but also a pre- The Saudi-based IDB did not specify a size or miere that highlights a phenomenon not yet timeframe for the acquisition of share capital in clearly studied in the industry: The role of Borsa Istanbul, but said in a statement the move women in Islamic fi nance and the opportu- was part of wider eff orts to develop Islamic nities that arise for them. finance in Turkey. Simply Sharia Human Capital, a London- The IDB and Borsa Istanbul would also based recruitment and training centre solely seek to develop an integrated gold trading dedicated to Islamic fi nance, at the confer- platform to be established within the stock ence will unveil a report called “Women in exchanges forum of the Organisation for Islamic Islamic Finance & Islamic Economy: Un- Cooperation. locking Talent,” one of the rare studies that The agreement aims to expand the use of actually look into roles, careers and achieve- interest-free financial products to fund large ments of women in the Islamic fi nance in- infrastructure projects, in particular through dustry, and the job opportunities it holds for Islamic bonds, or sukuk. female career seekers from an educational The IDB said it was also working alongside perspective. Turkey’s General Directorate of Foundations “There are a number of success stories to establish the first Shariah-compliant bank showcasing women’s excellence in the Islamic dedicated to Islamic endowments, to be named fi nancial industry worldwide,” says Stella Vakif Katilim, which would have a size of Cox, managing director of DDCAP Group, $300mn. a UK-based fi nancial infrastructure serv- ice provider for Shariah-compliant fi nancial products, and contributor to the report. Gulf Times Exclusive Zeti Akhtar Aziz, then governor of Bank Negara Malaysia (centre) arrives at the venue of the Global Islamic Finance Forum in Kuala Lumpur in this file photo dated September 2, 2014. Malaysian women have not only set the pace to occupy high positions in Islamic banking, but have “For example, to supplement the numer- been playing a prominent role in the overall development of the industry as well. Zeti Akhtar Aziz, who presided over Malaysia’s central bank ous instances of women now being elevated from 2000 to 2016, was a first in this position. to senior executive positions, in Malaysia and Indonesia we are witnessing an ever increas- er countries where Islamic fi nance provides Suad al-Humaidi, member of the manage- directors within professional advisory fi rms ing number of female Shariah scholars ap- a career choice for women are Pakistan and ment board of Lebanon’s Bank Audi Group as a result of their expertise in Shariah-com- pointed to the Shariah boards of banks and Lebanon. However, outside those countries which operates an Islamic Banking Division, pliant fi nancial practice,” explains DDCAP other fi nancial institutions,” she adds. women keep playing only small roles in Is- to quote a few of the few who made it to the Group’s Stella Cox. The Saudi-based IDB has said the move is part Malaysia is indeed a good example for lamic banking at a level above middle man- very top in Islamic banking. Another excel- As for grooming female talent in Islamic of wider eff orts to develop Islamic finance in the growing presence of women at senior agement and virtually no role at all when it lent example for a female top manager in fi nance, there are several academies that Turkey. levels in the Islamic finance sector. Malay- comes to Shariah advisory. Islamic fi nance was the CEO of Abu Dhabi are standing out, namely the International sian women have not only set the pace to In the Gulf Cooperation Council (GCC) Islamic Bank in Egypt, Nevine Loutfy, who Islamic University Islamabad and Interna- ‘Islamic Development Bank gives occupy high positions in Islamic banking, countries and the wider Middle East, only sadly perished last week. tional Islamic University Malaysia, the Glo- price guidance for 5-year sukuk’ but have been playing a prominent role in a handful of women hold senior positions But it is clear that a shift is under way in bal University of Islamic Finance in Kuala the overall development of the industry in Islamic fi nance, which does not have to the GCC as the region’s banks aim to draw Lumpur and a growing number of universi- as well. Remarkably, it was a woman, Zeti do with a lack of excellence, but more with more female clients as the share of the female ties in the GCC, namely Hamad bin Kha- Islamic Development Bank (IDB) has released initial Akhtar Aziz, who presided over Bank Ne- preconceived ideas of the role of women in population with investable assets grows. lifa University in Qatar, University College of price guidance for its planned five-year sukuk sale, gara Malaysia, Malaysia’s central bank, society and business and depending on how Those potential female clients need fi nan- Bahrain, University of Sharjah, about a dozen according to a document issued by the banks lead- from 2000 to 2016, as a first in this posi- gender separation is still entrenched as part cial advice which they would seek preferably universities, seminar and skills training pro- ing the transaction and seen by Reuters. tion. And on a list of London-based ISFIRE of the culture, more in Saudi Arabia and pos- from women, thus the banks have recognised viders in the UAE and quite many in the UK, The AAA-rated Saudi Arabia-based development – Islamic Finance Review, which ranks the sibly less in the UAE and Qatar. the need for more female bankers. and prominent networking groups such as bank has set initial pricing guidance in the 50 basis 20 top women in Islamic finance, 15 happen Notable examples are Lubna Olayan, CEO “While the role of women in Islamic fi - the Women in Islamic and Ethical Finance points over mid-swaps area. to be Malaysians. of Riyadh-based Olayan Financing Com- nance is increasingly apparent across the Forum, launched by Samina Akram, founder The Islamic bond, likely to be in excess of $1bn, will Indonesia, for its part, has many women pany, Nahed Taher, founder and CEO of Gulf front offi ce, there are now examples of wom- of London-based Islamic fi nance start-up price today, the document stated. sitting on its National Shariah Council. Oth- One Investment Bank based in Bahrain and en who have been appointed partners and Samak Ethical Finance Ltd. New accounting norms meet Shariah fi nance in challenge for Islamic banks

Islamic banks adapting counts to Islamic bonds – and at ways to revise its rules for an exposure draft expected to “Some of these diff erent prac- to IFRS accounting rules; impact their bottom-lines. Islamic fi nancial institutions, be released for public comment tices are due to regulatory rea- all major Islamic financial Banks around the globe are which now hold assets worth early next year, Merah said. sons, and in other cases to the products aff ected; potential gearing up to implement IFRS around $2tn. AAOIFI will also look at lack of guidance.” impact on credit ratings, 9 from January 2018, posing a AAOIFI issues guidelines that amendments to its standard for Islamic banks’ credit rat- Banks around the globe are gearing up to implement IFRS 9 profitability particular challenge for many are followed wholly or in part investment accounts and a new ings, profi tability and the cost of from January 2018, posing a particular challenge for many Islamic fi nance contracts as they by Islamic fi nancial institutions standard covering Islamic deriv- funding to customers could be Islamic fi nance contracts as they change the way fi nancial By Bernardo Vizcaino change the way fi nancial assets across the world, so its eff orts atives such as waad and khayar, aff ected by IFRS, Hamad Abdulla assets are classifi ed and measured, requiring lenders to Reuters are classifi ed and measured, re- would help align the industry to Merah added. Eqab, chairman of AAOIFI’s ac- book expected losses in advance quiring lenders to book expected global practices. A potential clash with Islamic counting board, said during the losses in advance. The working group is revising principles could make IFRS im- organisation’s annual confer- Another issue related to IFRS ing activities depending on the econciling accounting The problem for most Islamic AAOIFI’s accounting standard plementation tricky for Islamic ence earlier this month. 9 is how some Islamic fi nance specifi c details of each contract, standards and Shariah- fi nancial products is that their for provisions and reserves and banks when it comes to account- For instance, while IFRS 9 re- transactions are classifi ed, such Belatik said. Rprinciples is challenging accounting treatment can often developing a new one for im- ing of provisions and impair- quires recognition of expected as murabaha and musharaka. Islamic bonds, or sukuk, may Islamic banks and regulators as diverge from the actual econom- pairments and expected losses, ments. losses, AAOIFI rules only permit Murabaha is a cost-plus- also be aff ected. they adapt to new international ic substance of a transaction, a secretary-general Hamed Has- “We still see diverging prac- recognition of incurred losses. profi t arrangement widely used A popular sukuk structure is book-keeping rules due to come key concept behind IFRS 9. san Merah told Reuters. tices in a number of aspects,” Islamic law does not allow to structure Islamic loans, while a sale and lease-back contract into force in 2018. This has prompted the Bah- These changes will be dis- Abdelilah Belatik, secretary- customers to be charged for a musharaka is a partnership con- known as ijara. The new rules, known as IFRS rain-based Accounting and Au- cussed at a workshop in Jordan general of the General Council future event or a future loss, said tract where two or more parties However, some sukuk could be 9, will leave their mark on all diting Organisation for Islamic on December 14 and at a meeting for Islamic Banks and Financial Eqab, who is also group chief fi - share profi ts according to a stip- classifi ed as leases and therefore major products used by Islamic Financial Institutions (AAOIFI) of AAOIFI’s accounting board Institutions, a Bahrain-based nancial offi cer at Albaraka Bank- ulated ratio. fall under a diff erent standard, banks – from simple savings ac- to set up a working group to look starting on December 26, with non-profi t organisation, said. ing Group. They could be deemed trad- IFRS 16. Gulf Times Wednesday, November 30, 2016 3 BUSINESS

Investors await Opec meet optimistic on output cut chances

Bloomberg ter Opec offi cials were said to remain Bets on higher Brent prices jumped the members - which was then cancelled - has off ered to freeze production at cur- report week. Money managers were New York divided. most in seven weeks, ICE Futures Eu- saying Opec should resolve its internal rent levels instead of reducing it. Alge- net-long 3,359 contracts of ultra-low Recent rhetoric from Opec about rope data show. divisions before negotiating with other rian and Venezuelan energy ministers sulfur diesel, from net-short 393 the a deal has been eff ective in support- WTI futures rose 4.8% to $48.03 producers. Noureddine Boutarfa and Eulogio Del previous week. Futures advanced 5.7%. il investors approached this ing prices, said John Kilduff , a partner a barrel in the report week. The US Saudi Arabia wants to see crude Pino were said to travel to Moscow on Brent has held around $50 a bar- week’s Opec meeting more op- at Again Capital, a New York-based benchmark fell 1.8% to $46.24 yester- prices at or above $60 a barrel but Monday to meet with their Russian rel even as the dollar traded near its Otimistic about the chances of hedge fund that focuses on energy. day. doesn’t want to bear the brunt of the counterpart Alexander Novak. strongest level since at least 2005, an output cut. “Shorts got scared out of their posi- Iran and Iraq were said to still have cuts, Energy Aspects chief oil analyst Shorts, or wagers that WTI prices which typically weighs on commodi- Money managers increased wagers tion by the aggressive stance the Sau- reservations about curbing produc- Amrita Sen said in a Bloomberg Tel- will fall, decreased by 2,699 contracts ties priced in the US currency. on rising prices to the highest in more dis have been taking over the past few tion as a technical meeting ended on evision interview in Vienna on Mon- after growing the previous four weeks. The oil market “is treading into than a month ahead of the Organisa- weeks. The market’s been giving the Monday. Iran has boosted its crude day. Chances of a deal remain “50- The net-long position increased by some dangerous waters” by ignor- tion of Petroleum Exporting Coun- group the benefi t of the doubt.” sales this year after sanctions over its 50,” and failure to reach an agreement 15%. In the Brent market, money ing the strength of the dollar and high tries’ meeting this week. Oil climbed Investors increased long positions, nuclear programme were lifted. could lead to a “sharp correction,” managers increased bets on a rally by inventories, said Bill O’Grady, chief on Monday as Iraq’s oil minister said or bets on higher West Texas Interme- The talks followed Saudi Arabia sending prices plunging into the $20s, 29,124 contracts and reduced short market strategist at Confl uence In- he’s “optimistic” a deal to curb out- diate crude prices, by 22,304 futures suggesting for the fi rst time that cut- she said. positions. vestment Management in St Louis. put will be reached at today’s talks in and options during the week ended ting supply may not be necessary. Opec is also asking other producers In fuel markets, net-bullish bets on “It’s levitating like this in the hope that Vienna. November 22, according to the Com- Last week, Saudi Arabia pulled out including Russia to lower output by as gasoline decreased 34% to 17,013 con- Opec is going to come up with some- Prices erased gains on Tuesday af- modity Futures Trading Commission. of a planned meeting with non-Opec much as 600,000 barrels a day. Russia tracts, as futures climbed 5.6% in the thing meaningful.” Algeria’s dwindling petrodollars drive key Opec deal broker Opec deal or not, oil’s Bloomberg industry. “There are some billions London in foreign reserves but they risk to melt like snow in eight to 10 months if the price of the barrel Algerian Energy Minister Noured- stays as it is.” dine Boutarfa’s shuttle diplomacy Should that happen, the dinar between Tehran, Moscow and would be devalued and the gov- grip on Saudi Arabia’s Vienna before Opec’s meeting to- ernment would be forced to bor- day underlines the North African row more, according to Beghoul. nation’s desperation for a deal. Ultimately, the state would have to The oil-market rout has seen Al- curb spending on housing, health geria burn through cash set aside care and basic foodstuff s, which during the boom years to plug a helped suppress dissent in the widening budget deficit. The coun- years following the Arab Spring, stocks has loosened try’s Revenue Regulation Fund, he said. formerly one of Africa’s biggest The strain on state finances Bloomberg state funds, is almost completely comes amid mounting concern Cairo depleted after slumping 87% since over the health of ailing 79-year- 2013 to about $6.7bn, according to old President Abdelaziz Bouteflika, finance ministry figures. a key ally of the West in the battle nvestors in Saudi Arabia’s stock mar- With foreign exchange reserves with Islamist militancy. Should ket can breathe easier going into to- eroding by more than a third low oil prices persist, foreign Iday’s Opec verdict on production. over the same period to $121bn in reserves will be drained and the The kingdom’s benchmark equity gauge September, the authorities started economy will deteriorate further, and the price of oil, the nation’s main borrowing from overseas for the according to Ahmed Benbitour, source of income, are negatively corre- first time in about two decades. an opposition leader and former lated for the fi rst time since January. This month, Algeria agreed a prime minister. The Tadawul All Share Index advanced €900mn ($996mn) loan from the “At that point we’ll have trouble 27% since Saudi Arabia’s record-break- African Development Bank and financing imports,” said Benbitour. ing bond sale last month, the most in the signalled more could follow. “From the moment that the budg- world during that period. Oil dropped While the government has tried et financing of state resources and about 8%. to curb imports and sell domestic the balance of payments are no The decoupling comes at a crucial time bonds to boost liquidity, that won’t longer suff icient, we risk heading for the kingdom. be enough to off set lower income to an explosion in the street due Doubts are growing that members of from oil and gas, which comprise to shortages and increases in the Organisation of Petroleum Export- 95% of export receipts, accord- product prices.” ing Countries will agree to cut oil out- ing to Mohamed Said Beghoul, a The price of benchmark Brent put when they meet this week. Brent former director of state-owned crude was about $48 a barrel on crude dropped the most in more than energy company Sonatrach. Monday. That’s an increase of 77% two months on Friday after planned “At current prices we won’t be from a 12-year low in January, but talks between producers inside and able to survive two years,” said well below the $90 the Interna- outside the group were cancelled, be- Beghoul, now an analyst in Algiers tional Monetary Fund says Algeria fore paring some losses on Monday af- following 30 years in the oil needs to balance its budget. ter Iraq’s oil minister said he’s optimis- tic for a deal. Stocks’ falling dependence on crude prices is a vindication for Deputy Crown Prince Mohammed bin Salman, who has led a campaign to cut spending, increase non-oil revenues and help attract in- stitutional investors to the $426bn ex- change. The turning point came on October 19, when Saudi Arabia raised $17.5bn Saudi Arabia’s benchmark equity gauge and the price of oil, the nation’s main source of income, are negatively in its debut international bond offer- correlated for the fi rst time since January ing and vowed to speed up payments to contractors, boosting confidence while interbank lending rates fell as a money manager at Franklin Templeton and fully alleviate the cash squeeze in in the government’s commitment to shortage of cash in the fi nancial system in Dubai who helps oversee an $86mn banks, he said. Tadawul headed for the overhaul one of the world’s 20 biggest started to ease. Middle East and North Africa fund, of highest close in almost 11 months after economies. “The bond sale has certainly ad- which Saudi shares make up more than advancing for a sixth day, adding 0.3% in Saudi stocks responded with the long- dressed some of the short- term liquid- a quarter. Still, the government has Riyadh. Brent, the benchmark for more est winning streak in more than two years, ity concerns,” said Salah Shamma, a work to do to pay off all contractors than half of the world’s oil, fell 1.2%.

Arabtec pins turnaround Shell mulls selling its Iraq oil assets hopes on industry veteran

Reuters Reuters unusual in other parts of the world, London Abu Dhabi most major Gulf business figures hold multiple roles, often within the same sector. oyal Dutch Shell is consider- Dubai construction company Arabtec There are also existing links between ing selling out of its oil fi elds in Holding said yesterday it appointed the pair: Arabtec is Depa’s largest RIraq as part of its global $30bn Hamish Tyrwhitt as its chief executive, shareholder with 24.33%, while Fahim asset disposal programme, industry hoping the industry veteran can serves as Depa chairman. sources said on Monday. help turn around its fortunes as Gulf Both companies, in their statements, Shell is seeking to slim down its contractors battle a severe downturn. said the move will have no impact on vast oil and gas portfolio following Loss-making Arabtec has been their operations. the $54bn acquisition of BG Group struggling for more than two years in In its filing, Depa said the duo had in February, which transformed it a depressed market for infrastructure signed a “settlement and cooperation into the world’s top liquefi ed natu- projects, its problems exacerbated by agreement”, which positioned Depa as ral gas trader. With oil prices having internal strife among shareholders one of Arabtec’s preferred partners slumped since 2014 the company and a number of senior management “My role with Arabtec complements wants to focus on business areas with changes. my current role with Depa and a closer the highest returns such as LNG and The last reshuff le saw acting CEO working relationship between the two deepwater oil production in Brazil Mohamed al-Fahim step down and companies can only benefit both,” said and the Gulf of Mexico. replaced by board member Saeed Tyrwhitt in the Depa statement. A spokesman for Shell in London al-Mehairbi on an interim basis in Arabtec has reported eight successive declined to comment. November 2015. quarterly losses and, in April, hired The Anglo-Dutch company, which Royal Dutch Shell is considering selling out of its oil fields in Iraq as part of its global $30bn asset disposal programme, Tyrwhitt, who served as chief executive restructuring advisory firm AlixPartners has been present in Iraq for over a according to industry sources. of Australian contractor Leighton to help it strengthen its capital structure century, has found only limited fi - Holdings, since rebranded CIMIC Group, and reform its business. nancial benefi ts in recent years from in its eff orts to increase crude output of over 10mn barrels per day (bpd) production gains. Shell holds a 45% between 2011 and 2014, joined Arabtec “The regional contracting industry its involvement in Iraq’s oil produc- as foreign oil companies such as Shell but red tape, corruption and poor in- interest in the Majnoon oil fi eld that on November 28, the company said in a remains challenged for the next few tion, where it is paid in crude oil but have found the terms of the produc- frastructure was blamed for delaying it operates under a technical service statement. years, so anybody coming to Arabtec has limited say on production strat- tion service contracts unappealing. projects, which resulted in oil output contract that expires in 2030, ac- Mehairbi will continue to serve on has legacy problems,” said Sanyalaksna egy, the sources said. The Anglo-Dutch is the operator projections being halved. cording to its 2015 annual report. Arabtec’s board. Arabtec shareholders Manibhandu, head of research at NBAD However, Shell continues to see of the giant Majnoon fi eld near Bas- National output has neverthe- Malaysia’s national oil company responded positively to the move, with Securities, adding it would be tough to value in developing its gas business rah in southern Iraq which started less recently risen sharply to around Petronas holds a 30% stake in the the stock ending yesterday 2.3% higher. turn the firm around. in Iraq and is not interested in selling production in 2014. 4.7mn bpd as some projects started fi eld while the Iraqi government Tyrwhitt, who began working in Gulf contractors are battling a downturn those interests, the sources said. Iraq signed contracts with a large paying off . holds the remaining 25%. construction 30 years ago, will retain his caused by reduced spending on Iraq accounted for around 4.4% of number of oil majors around six years Iraq has been pushing the foreign Production from Majnoon aver- position as group CEO of Dubai-based infrastructure projects by the state in Shell’s total oil and gas production in ago as it emerged from years of sanc- companies including BP, Lukoil, aged 206,000 barrels per day in 2015. interior contractor Depa Group, which the wake of the drop in oil prices, which 2015, according to its 2015 annual re- tions and internal confl ict. Exxon Mobil, Shell and China Na- Shell also has a 20% interest in he has held since April. has put schemes on hold and delayed port. The move to sell the oil interests Baghdad initially wanted to rival tional Petroleum Corp to increase the West Qurna 1 field, which is op- While such a move would be considered payments to contractors. highlights the diffi culties Iraq faces Saudi Arabia by reaching production their investments to give it further erated by Exxon. Gulf Times 4 Wednesday, November 30, 2016 BUSINESS

CSC Financial’s Hong Kong IPO seeks as much as $1.06bn

Bloomberg phone Monday. “That will help Hong Kong CSC gain more market share in areas such as brokerage and mar- gin fi nancing, because the secu- SC Financial Co, the Bei- rities space in China is rather jing-based brokerage and competitive.” Cinvestment bank, and an Citic Ltd agreed to buy about existing shareholder are seeking $309mn of stock as a corner- as much as $1.06bn in a Hong stone investor, according to Kong initial public off ering. people with knowledge of the The company, formerly known matter. China Structural Reform as China Securities Finance Co, Fund, a 350bn yuan ($50.7bn) and the National Social Secu- investment vehicle created to rity Fund are off ering a com- fi nance state-owned- enterprise bined 1.13bn shares at HK$6.36 restructuring, committed about to HK$7.26 apiece, according to $99mn, said the people, who terms for the deal obtained by asked not to be identifi ed as de- Bloomberg on Monday. Corner- tails are private. stone investors will buy about Taiping Life Insurance Co will $597mn of stock, representing invest $50mn, while seven other 60% of the base deal size, as- investors including Daiwa Secu- suming the IPO prices at the rities Group and China Huadian midpoint of the marketed range, Corp each committed $20mn, the terms show. according to the people. Such A stock off ering would add to stock buyers agree to keep their Employees work at the Tokyo Stock Exchange. Strategists are coming around to the idea that Japan is the place to be in 2017, with Morgan Stanley the latest to embrace one of the $17.2bn in Hong Kong fi rst- holdings for six months in return the year’s biggest comeback stories at the expense of America’s ageing bull market. time share sales from fi nancial for early, guaranteed allocation. fi rms this year, accounting for CSC Financial will take inves- about three-quarters of the fun- tor orders through December 2, draising from the city’s new list- Monday’s terms show. It plans ings in 2016, data compiled by to price the off ering and allocate Bloomberg show. Domestic bro- shares the weekend of December kerages like CSC Financial have 3 to December 4 and aims to start been selling shares in Hong Kong trading December 9. to fund expansion overseas. The brokerage was China’s Strategists shun ageing “It’s part of their job as a 10th-biggest securities fi rm state-owned enterprise to seek by net income in 2015, trailing a listing as the country is open- China Galaxy Securities Co at ing up the capital markets,” Li No 8 and Huatai Securities Co at Bin, a Shanghai-based analyst at No 9, according to the Securities US bull market for new Capital Securities Corp, said by Association of China. China City Construction defaults again as bond deadlines pile up one in Japan next year Bloomberg will worsen liquidity conditions in Hong Kong China’s corporate bond market.” Bloomberg tors and analysts dust off their crystal bank. The Topix slumped 19% in the fi rst for the Topix. Trump’s policy pledges are Money market rates have been Sydney balls and prognosticate on the direc- half of 2016 as the yen gained and inves- also bullish for Japanese share prices, creeping higher in China as the tion of a multitude of securities. Japan’s tors lost confi dence in Prime Minister which will build on their recent gains in China City Construction Holding central bank seeks to reduce the Topix may climb as much as 24% in 2017 Shinzo Abe’s ability to bolster economic 2017, according to Nomura’s Akedo. His Group missed an interest pay- world’s biggest corporate debt trategists are coming around to the as earnings-per-share expands faster growth. election win was a “great turning point” ment due Monday on a domestic load and cool the property market idea that Japan is the place to be than any other region in the world, ac- While global funds sold a net $56bn of for Japan equities, due to his commit- bond, five months after it de- without stalling the economy. Two Sin 2017, with Morgan Stanley the cording to Sheets. Japanese stocks through the end of Sep- ments to invest in infrastructure and cut faulted on an overseas note. other Chinese companies failed to latest to embrace one of the year’s big- Norikazu Akedo, a senior managing tember, they’ve since purchased $14.9bn taxes, he said. China Central Depository & make payments on local bonds this gest comeback stories at the expense of director at Nomura’s brokerage unit, this quarter, data compiled by Bloomberg Morgan Stanley cut its recommenda- Clearing said on Monday it hadn’t month, though they made good America’s ageing bull market. predicts the Nikkei 225 Stock Average show. tion on US shares to neutral from over- received money from the Beijing- on the obligations a day late. At Morgan Stanley joins Japan’s largest will rise as much as 14% above Friday’s The premise of Morgan Stanley’s bull- weight, while lifting Japan to overweight based builder to repay interest on least 24 onshore notes have seen brokerage Nomura Holdings in saying close of 18,381.22, according to a forecast ish stance comes from an expectation from underweight. It also trimmed a five-year bond, according to a defaults this year, still a small figure that the country’s bull run will continue issued November 18. for further weakness in the yen, strong- emerging-market stocks to underweight statement on the clearing house but up from just seven in 2015. into 2017 and recommends selling US Morgan Stanley’s position on Japan is er-than-consensus growth in Japan’s from neutral. website. The company has total A Hong Kong unit of China City shares to fund the trade. part of the fi rm’s broader strategy to cut economy and a fi rmer global economic In terms of earnings, corporate outstanding local and overseas Construction didn’t fully honour It’s a dramatic turnaround after in- credit exposure and sell equities in the expansion. profit growth looks set to accelerate bonds of around 18.2bn yuan the repayment of 2.5bn yuan Dim vestors fl ed one of the worst performing US and emerging markets, a reversal of The Topix index is still down 5% in next year, with Japan and Europe lead- ($2.6bn). The 1bn yuan five-year Sum notes on June 20, the date markets earlier this year as traders lost its previous advice. 2016, despite a 23% surge from its lows in ing the way, according to the Morgan 5.55% note involved in the default by which it had said it would pay faith in Abenomics. The Topix index has Investors should also buy shares in February. The gauge closed little changed Stanley report. matures on November 28 next after a change in equity owner- rallied for a 12th straight day to the high- Europe, where earnings are seen recov- on Tuesday. “Over the last fi ve years, the US mar- year. A separate 1.55bn yuan local ship triggered early redemption. est level since January. ering, said Sheets. He’s keeping more in Strong US economic data and the ket has been responsible for much of the security comes next week. The company said on November “The gains in a plausible bull case look cash and telling clients that volatility in prospect of increased spending under heavy lifting when it comes to global “China City Construction has a 8 it hopes to reach agreement to larger than before, fuelled by the pros- markets over the next three months may Trump have fuelled a surge in bets on earnings growth,” Sheets said. large amount of bonds outstand- give holders a 300mn yuan initial pect of fi scal expansion, rising earnings require investors to act even faster than Federal Reserve interest-rate increases, “With the potential benefi t to US ing which were held by a wide payment within two weeks. The and a return of true animal spirits,” ac- usual. sparking gains in the dollar and shares earnings from lower corporate taxes and range of investors,” Hua Chuang notes have dropped to 76 yuan cording to a 43-page report dated No- “Japan becomes our top market, with in the US, where all four major equity greater fi scal expenditure unlikely to Securities Co wrote in a note from close to 100 yuan over five vember 27 from the US bank’s cross-as- attractive long-run valuations, some benchmarks have reached records. The come through meaningfully until 2018, Tuesday. “As those investors seek months, Bloomberg- compiled set strategy team led by Andrew Sheets. cyclical strength” and good earnings S&P 500 Index trades at 17 times project- next year is likely to see Japan and Europe to liquidate their note holdings, it prices show. It’s that time of the year when inves- growth prospects, according to the US ed 12-month earnings, compared with 14 lead the global earnings recovery.”

A policy a day rattles bond traders as India volatility surges again UBS wealth management arm sees Trump Bloomberg coming and markets are going to Mumbai react to everything now. Volatility will stay for some time.” bubble burst strengthening yen to 98 Foreign holdings of Indian Bond traders in India are facing the government and corporate debt have most turbulent times in almost three dropped by Rs140bn this month, set Bloomberg years as the central bank grapples for the biggest decline since October Tokyo with the gush of funds flowing into 2013, National Securities Depository the financial system following the data compiled by Bloomberg show. government’s surprise currency ban. The outflows have come amid an BS Group’s $2tn wealth-man- Prime Minister Narendra Modi’s emerging-market selloff triggered agement arm says yen trad- November 8 decision to withdraw by rising odds for a US interest-rate Uers have got Donald Trump all about 86% of the currency in increase next month. wrong, and the currency will strengthen circulation flooded lenders with cash The 30-day historical volatility for to 98 per dollar by this time next year. as people rushed to submit the old India’s benchmark 10-year bonds The fi rm’s Tokyo-based head of bills, sending benchmark bond yields has jumped to 14.7% from 7% at the Japanese equity research Toru Iba- to seven-year lows on bets banks will end of October. The yield on the yashi says expectations for fi scal ex- use some of the funds to buy bonds. securities fell one basis point to 6.32% pansion have become overblown, and Meanwhile, concern excess money in Mumbai yesterday, after climbing protectionist policies will come fi rst in supply will fan inflation and threaten nine basis points on Monday in its the new US administration. financial stability saw the central biggest increase since August 2015. Trump campaigned on pledges of bank take extraordinary measures to It is down 47 basis points this month “massive” tax cuts and spending of as drain liquidity, hurting the debt rally. and set for the steepest decline since much as $1tn over a decade to rebuild With the rupee plunging to a record May 2013. infrastructure, while also promising to low last week amid foreign outflows November’s rally in bonds has also tear up existing trade deals and pun- from bonds, a gauge of historical been supported by expectations that ish companies that send jobs overseas. volatility for Indian sovereign notes policy makers will lower benchmark Speculation the president-elect will due in a decade has more than interest rates at the December 7 unleash refl ationary stimulus drove doubled since the end of last month monetary review. Consumer prices the yen to an eight-month low near UBS Group’s $2tn wealth-management arm says yen traders have got Donald Trump all wrong, and the to reach the highest level since rose 4.20% in October from a year 114 on Friday, capping the biggest currency will strengthen to 98 per dollar by this time next year January 2014. earlier, the smallest pace of increases three-week decline since 1995. The Reserve Bank of India told since August 2015. “The market has latched on to only yen estimates at the fastest pace since into policy. He has already backed away in calls made at the start of the year for lenders to set aside more deposits as “The 10-year bond is expected the juicy bits of Trump’s policies, and January of last year. from a pledge to build a wall along the the yen to appreciate, when most ana- reserves in a statement on Saturday, to remain volatile in the coming wrapped them up with unreasonable A reversal of the yen’s post-elec- southern border paid for by Mexico, lysts predicted an extension of the cur- adding that it will review the step in months as clarity on the impact of euphoria, which we think is pretty tion slump would negate what has saying some parts could be a fence. rency’s record four years of weakness two weeks’ time. It then added about demonetisation and subsequent RBI much a misinterpretation,” Ibayashi been a welcome tailwind for Japan’s But he reiterated last week that against the dollar. The yen remains the Rs3.3tn ($48.1bn) via repurchase and government steps is reached,” said in a phone interview Monday. struggling economy, as the Bank of the Trans Pacific Partnership, also best performer among its developed- agreements on Monday. ICICI Bank analysts, led by Niharika “A market that’s been overbought on Japan’s sway over the exchange rate signed by Japan and 10 other na- market peers in 2016, strengthening “It’s been quite a roller-coaster ride Tripathi, wrote in research note dated hope will quickly fall apart.” has dwindled. The yen was at 111.97 tions, would be “a potential disaster 7.4% against the greenback. for bonds, a new day everyday as November 28. “We maintain our call UBS Wealth Management joins per dollar in Tokyo yesterday. The for our country.” That trend is something Trump you don’t know what to expect,” said and expect the RBI to deliver at least bulls including former Japanese cur- median forecast among analysts is for Sakikibara forecast the yen would and other US policy makers won’t be Killol Pandya, Mumbai-based head a 25-basis point rate cut in December. rency chief Eisuke Sakakibara and JP- it to be at 110 by the end of 2017, from strengthen as far as 90 per dollar with- keen to change, according to UBS’s of fixed income at Peerless Funds However, a deeper rate cut cannot be Morgan Chase & Co in forecasting the a consensus estimate of 106 as of the in six months of Trump’s surprise elec- Ibayashi. “A strong dollar will be a Management Co, which oversees ruled out.” yen will gradually strengthen to be- end of last month. The yen hasn’t tion victory, while JPMorgan’s Tokyo- drag on revenue for US businesses,” about Rs9.7bn. “We are hearing that The rupee rose 0.2% to 68.6550 yond 100 per dollar next year because traded at 98 since November 2013. based head of Japan markets research he said. “It’s a headwind for employ- other cash-control measures are also per dollar. of Trump’s “America fi rst” stance on It’s unclear how much of Trump’s Tohru Sasaki sees it at 99 as of the end ment, and Americans would find trade, even as strategists raised dollar- campaign trail promises will translate of 2017. Both forecasters were correct that unacceptable.” Gulf Times Wednesday, November 30, 2016 5 BUSINESS

Asia traders adopt a World’s most stable stock trade cautious sparks race for 360% gains approach AFP Hong Kong Bloomberg Shanghai sian traders moved cau- tiously yesterday, with o have a shot at the global stock Athe recent Trump-fuelled market’s closest thing to a guar- rally subdued by profi t-taking, Tanteed windfall, you’re going to uncertainty over a crucial vote need a really accurate clock. in Italy at the weekend and wor- Because with this trade, success has ries about an Opec plan to cut oil nothing to do with corporate funda- production. mentals or technical patterns. It’s all Markets worldwide have about timing, and fractions of a sec- soared since Donald Trump was ond can mean the diff erence between a elected US president, on hopes 360% return or nothing at all. his spending policies will ramp They call the strategy “hit stock” in up the world’s top economy. China. And it’s there, on the country’s However, analysts said dealers most-active exchange in Shenzhen, were taking a breather as other that a unique mix of market rules and issues come to the fore, with the government intervention has turned oil reduction plan in immediate newly-listed shares into huge winners focus. for investors who place their bids at just There are increasing concerns the right moment. that members of Opec will not In an otherwise lacklustre year for be able to agree the details of an China’s equity market, the gains have agreement in September to re- helped fuel a technological arms race duce output and support prices, among local brokers eager to give their with Iran and Iraq saying they clients an advantage. Even after Shen- should be exempt. zhen’s bourse tweaked its order system Opec members and non- to level the playing fi eld in June, enthu- members including Russia are siasm for the hit stock trade shows little scurrying to hammer out a deal sign of letting up. before the group’s twice-yearly “It’s one of the few strategies that’s meeting today. consistently profi table,’’ said Hao The uncertainty has fed vola- Hong, a strategist at Bocom Inter- tility on oil markets, with both national Holdings Co in Hong Kong. main contracts diving about four “Traders will try to fi nd a way around % Friday but rebounding two % the Shenzhen exchange’s new set- People walk in front of the Shenzhen Stock Exchange building in China. Even after Shenzhen’s bourse tweaked its order system to level the playing field in June, Monday. tings.’’ enthusiasm for the hit stock trade shows little sign of letting up. Prices were down early Tues- To understand the strategy, it helps to day. “Whether Opec manages to start with how Chinese IPOs are priced to CFIN. For traders who come away arrive at 9:15am or later. Under the old ties in Shenzhen. Of the 29 IPOs that fi rm for eight years before quitting to make black gold instead of fools before they begin trading. Unlike in the empty-handed, the hit stock strategy system, traders with computer sys- had begun trading through June 6, the manage his own money. gold from its ongoing negotia- US and Europe, where market forces off ers a second chance. tems located closest to the exchange broker was a top-fi ve purchaser of six “This suggests less distinct advan- tions, we expect intra-day vola- play the deciding role, new off erings in The challenge is to buy before the had the advantage because it took less during their debut trading sessions. tages for some after the adoption of the tility to ratchet higher again into China are subject to a regulatory ceiling mispricing disappears. In markets like time for their orders to travel through After the change, the Chinalin branch new trading system, as well as a more tomorrow,” Jeff rey Halley, senior on valuations. The cap was designed the US and Hong Kong, IPO discounts fi bre-optic cables to the bourse’s serv- ranked as a top-fi ve buyer in just two of fair and random ordering process,” market analyst at OANDA, said to protect individual investors, but has vanish quickly because there’s no limit ers, according to a person familiar with 70 IPOs. The new leaders are a Dong- he said. “But it’s unlikely to make the in a note. resulted in dramatically under-priced to how much shares can climb on the the matter. hai Securities branch in Changzhou, game entirely fair.’’ And Son Jae Hyun, a global IPOs that surge once they hit the sec- fi rst trading day. Shake Shack, for ex- Under the system started in June, the about 730 miles from Shenzhen, and a Representatives from the Shenzhen market analyst at Mirae Asset ondary market. ample, opened with a 124% gain in its Shenzhen exchange allows brokers to Zheshang Securities branch in Shang- exchange and its counterpart in Shang- Daewoo in Seoul, added: “What All of this year’s initial share sales New York debut last year, leaving little gauge their transmission time (or la- hai. They both secured a top-fi ve rank- hai declined to comment. Odds of suc- we are seeing now is a tug of war in China have been valued at 23 times short-term upside for investors who tency in the industry jargon) and place ing in seven new listings, versus none cess for hit stock trades in Shanghai among Opec members to get earnings or less, versus the median bought in the secondary market. orders slightly before the opening auc- under the old system. have always been lower than those in their share of the pie. ratio of 68 for stocks in the Shenzhen In China, a 44% limit on fi rst-day tion begins, accepting those that arrive Calls to the Chinalin and Donghai Shenzhen, according to senior manag- If a deal isn’t made this time, Composite Index, according to data gains and a 10% cap thereafter ensures at 9:15am or later. That means a buyer branches went unanswered. An employ- ers at Chinese brokerages who asked none of them will benefi t.” compiled by Bloomberg and China Fi- IPO discounts narrow over several ses- from Beijing, 1,200 miles from Shen- ee at the Zheshang Shanghai branch, not to be named because the informa- There is a growing nervous- nance Information Network. And every sions. That increases the chance of a zhen, could theoretically beat a rival who declined to identify himself, said tion isn’t public. ness about a weekend referen- one of the 99 new listings in Shenzhen seller unloading their position too soon, located right next to the exchange, the the offi ce didn’t notice a diff erence be- The trade’s biggest drawback is that dum in Italy on constitutional has climbed by the daily maximum on either because they’re uninformed or person said. tween the earlier and current systems, it’s diffi cult to execute in bulk. A dearth reform. its trading debut. have urgent liquidity needs, according While it’s unclear whether the new based on feedback from clients. of sellers keeps volumes low, with the Tensions between Italian The biggest returns go to those who to Ken Chen, a Shanghai-based analyst system has substantially aff ected the “Some broker branches with tech- average fi rst-day turnover for new of- Prime Minister Matteo Renzi invest at the initial off ering stage. But at KGI Securities. chances of success on hit stock trades, nological edges used to appear quite ferings in Shenzhen this year totalling and the European Union have in China’s IPO lottery system, intense The key to buying those shares is exchange fi gures compiled by Bloomb- frequently on the top buyer lists of just 280,000 yuan ($40,500). Daily reached boiling point ahead of competition means the odds of actually getting your order to the bourse before erg News show a changing mix of win- new shares, but we are seeing more di- turnover averaged 37mn yuan over the the poll and he has suggested he winning an allocation are minuscule. anyone else. ners. Before the system upgrade took versifi ed lists now,’’ said Paul Yang, a fi rst 10 days, versus 176mn yuan for the would step down if voters reject Just 0.05% of orders were fi lled for the Each morning during its opening eff ect, this year’s most active fi rst-day 33-year-old private investor in Shang- Shenzhen Composite’s median stock the proposal. average Chinese IPO in 2016, according auction, Shenzhen accepts bids that buyer was a branch of Chinalin Securi- hai who traded shares at an investment by market value. There are fears his resignation could spark elections in which populist anti-euro parties could do well, and possibly even lead to the country leaving the EU. Sensex climbs for a third day; rupee ends stronger The unease hit European fi - nancials, dragging regional mar- kets, while US investors took Bloomberg month,” Sudip Bandyopadhyay, group accelerated to 7.5% in July-September, Meanwhile the rupee yesterday closed directions. So far this year, FIIs have profi ts after a string of record Mumbai chairman at Mumbai-based Inditrade according to the median of 25 stronger against the US dollar tracking bought $4.3bn in equities and sold closes for the Dow. Capital Ltd, said by phone. “Selling by estimates in a Bloomberg survey of gains in the local equity markets and $3.09bn in debt. Asian markets moved in and foreigners has reduced in the last few economists. However, analysts are fall in international prices of crude oil. Asian currencies were trading weaker. out of positive territory through Indian stocks climbed for a third day, sessions, aiding Indian equities.” active cutting forecasts for growth to 7.4% The rupee closed at 68.66 a dollar, up Japanese yen was down 0.58%, Thai the morning. Tokyo closed down helping the benchmark index pare the Global funds sold $805mn of shares last from 7.7% for the year through March. 0.17% from its previous close of 68.78. Baht 0.44%, Taiwan dollar 0.26%, 0.3%, while Hong Kong closed worst monthly drop since February, as week, compared with the $900mn they Stocks may remain volatile as investors The home currency opened at 68.74 Singapore dollar 0.23%, Indonesian down 0.4% in the afternoon and automakers and telecom companies withdrew in the previous week, data adopt a cautious tone ahead of key against the US dollar and touched rupiah 0.21%, Malaysian ringgit 0.05%. Shanghai ended up 0.2%. advanced in volatile trade. compiled by Bloomberg show. They events from Opec talks on production a high and a low of 68.62 and 68.76 However, China renminbi was up 0.29%, Sydney slipped 0.1% while Maruti Suzuki India jumped 4%, the have pulled $2.3bn from local stocks cuts to the US jobs report and a respectively. So far this year, it has South Korean won 0.13%. Seoul, Singapore and Wellington most in four months. The carmaker will since November 9, the day after Donald referendum on constitutional reform in fallen 3.7%. The dollar index, which measures the were all fl at. be least impacted among automobile Trump’s surprise US election victory Italy, according to Inditrade Capital. The Traders are cautious ahead of the key US currency’s strength against major In early European trade Lon- companies after India recalled high- and India’s currency recall that’s sucked Reserve Bank of India is scheduled to gross domestic product (GDP) data, currencies, was trading at 101.26, down don and Frankfurt each dropped value currency bills two weeks ago, out 86% of the bills in circulation. review its monetary policy next week. which will be released on 30 November. 0.05% from its previous close of 101.33. 0.2% and Paris slipped 0.1%. BNP Paribas Securities said in a note. A gauge of emerging-market equities “Aside from these events, investors Bloomberg estimates, GDP will be Oil prices fell yesterday on signs that On currency markets the dol- Tractor maker Mahindra & Mahindra trimmed its monthly loss to less than will watch the monthly production 7.6% for the September quarter from leading oil exporters were struggling lar was subdued, having chalked and Hero MotoCorp were among the 5% as investors bet the so-called Trump and sales data to assess the economic 7.1% in June quarter. Traders are also to agree a deal to cut production up multi-month highs against best performers on the benchmark trade, which has bolstered the dollar, impact after the demonetisation, which cautious ahead of the US payroll data to reduce global oversupply. The most peers last week on expec- index. Gail India, the largest natural-gas was excessive. India’s Sensex gauge is will cause specific stocks and sectors to on Friday, Italian referendum scheduled Organisation of the Petroleum tations US interest rates will rise supplier, capped its biggest three-day still set for its worst November since react,” said Dilip Bhat, joint managing for December 4 and mid-December US Exporting Countries will meet in in December and again next year. gain in two months. 2011 on concern the cash crunch will director at Prabhudas Lilladher, a Federal Reserve policy. Vienna today aiming to implement an In Tokyo, the Nikkei 225 down “Foreign investors are getting less dent economic growth in coming Mumbai-based brokerage. “Without The benchmark 10-year government agreement outlined in September to 0.3% to 18,307.04 points; Hong risk averse as normalcy seems to months. foreign investors’ support, it will be bond yield closed at 6.325%, compared cut output by around 1mn barrels per Kong – Hang Seng down 0.4% to be returning after what has been Today’s gross domestic product diff icult for the market to sustain higher to Monday’s close of 6.327%. Bond day (bpd), from around 33.82mn bpd in 22,737.07 points and Shanghai – an extremely turbulent and volatile report may show expansion probably levels.” yields and prices move in opposite October, Reuters reported. Composite up 0.2% to 3,282.92 points at the close yesterday. Emerging equities, currencies down after 2 days of gains

Reuters oil producers’ meeting will be downgraded state-run utility rose to one-week highs as state- spectre of more capital fl ight and London able to implement an output cut. Eskom last week. run banks stepped in to buy the Societe Generale analysts noted Markets will likely focus on “Usually they are more nega- currency for the second straight that the domestic money stock South Africa, which dodged rel- tive than the other ratings agen- day and sources said the coun- was still growing faster than he South African rand egation to a junk credit rating cies regarding South Africa... try’s forex regulator would step nominal GDP and valuations for fell almost 2% yesterday, last week but faces another test When you read all the state- up measures to stem capital out- local assets such as property and Tleading emerging cur- from S&P this Friday. ments from S&P regarding South fl ows through tighter vetting of stocks looked stretched. rency losses as the ruling par- The rand reversed some of Africa they always mention the outbound investment deals. “It is going to be an uphill bat- ty’s eff orts to remove President Monday’s 3% gains against indebtedness of the public com- Off shore-traded yuan also tle for the PBoC to retain control Jacob Zuma failed and the dollar the dollar after a newspaper panies,” Tresca said. slipped after hitting record lows over the speed of currency ad- fi rmed after a two-day slide. reported that scandal-tinged He said politics too would re- last week. justments,” SocGen said, pre- Most other emerging assets President Jacob Zuma had main messy.”The feud between Mainland China blue-chip dicting the yuan would trade at also slipped, with the excep- survived a ruling party vote to Zuma and (fi nance minister stocks rose to 11-month highs, 7.30 per dollar by end-2017, re- tion of the yuan, which rose to oust him. Pravin) Gordhan is not over. taking heart from Monday’s data vising the previous 7.20 forecast. one-week highs thanks to dol- Bond yields rose fi ve basis The market is maybe too com- hinting at stronger manufactur- Dollar/yuan non-deliverable lar-buying by state-run banks points off two-week lows. placent and too optimistic.” ing and corporate earnings. forwards price a 7.10 exchange and reports of fresh capital Credit Agricole strategist Other emerging currencies However, capital outfl ows rate in a year’s time. curbs. Guillaume Tresca predicted also eased against the dollar, via both legal and illegal chan- The Turkish lira slipped 0.2%, Emerging stocks slipped 0.3% more rand weakness after the with the rouble down 0.4% and nels are increasing pressure on staying off recent record lows. after hitting two-week highs, as past week’s 7% gain, and expects the Malaysian ringgit hovering the yuan, which has depreciated Data showed October tourist Asian markets reacted to Mon- S&P to cut South Africa’s credit near 14-month lows on the back nearly 6% against the dollar this arrivals dropping 25.8% year- day’s weak Wall Street close and rating. of a 1% decline in oil prices. year. on-year but this was the smallest doubts that the upcoming Opec He noted the agency had However, the Chinese yuan Yuan weakness raises the percentage fall in seven months. Gulf Times 6 Wednesday, November 30, 2016 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 5.43 -2.16 2,926,220 Boubyan Intl Industries Hold 20.50 -2.38 486,870 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 8.60 -3.04 2,033,736 Gulf Investment House Ksc 27.00 3.85 2,570,202 Construction Materials Ind 0.03 0.00 3,193 Amana Cooperative Insurance 7.89 -1.74 1,066,746 Boubyan Bank K.S.C 390.00 0.00 1,298,092 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 14.02 -1.61 652,273 Ahli United Bank B.S.C 192.00 -1.03 135,000 Bankmuscat Saog 0.42 0.00 2,245,271 Saudi Printing & Packaging C 18.43 1.38 9,046,101 Osos Holding Group Co 214.00 0.00 250 Bank Sohar 0.15 0.00 935,800 Sanad Cooperative Insurance 15.23 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.08 -1.23 176,988 Saudi Paper Manufacturing Co 9.55 -0.10 7,955,410 Qurain Petrochemical Industr 212.00 0.00 55,666 Bank Dhofar Saog 0.22 0.93 682,000 Alinma Bank 14.15 -0.21 27,089,257 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils 4.05 0.00 - Almarai Co 65.77 0.75 1,110,340 Ekttitab Holding Co Sak 36.50 0.00 584,000 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 27.20 1.12 245,116 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.28 0.00 - QATAR United International Transpo 32.21 1.74 515,282 Real Estate Trade Centers Co 34.00 0.00 1 Al-Hassan Engineering Co 0.06 -3.28 130,150 Hsbc Amanah Saudi 20 Etf 26.60 0.00 - Acico Industries Co Kscc 265.00 0.00 12,981 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 15.15 -2.51 786,941 Kipco Asset Management Co 112.00 0.00 1,010 Al-Anwar Ceramic Tiles Co 0.17 -0.60 415,334 Falcom Petrochemical Etf 23.40 0.00 111 National Petroleum Services 790.00 0.00 4,102 Al Suwadi Power 0.19 0.00 50,000 Zad Holding Co 76.20 0.13 160 Saudi United Cooperative Ins 17.86 0.34 1,325,072 Alimtiaz Investment Co Kscc 98.00 5.38 11,303,167 Al Shurooq Inv Ser 1.04 0.00 - Widam Food Co 60.00 -1.96 30,427 Bank Al-Jazira 13.33 -0.89 2,703,448 Ras Al Khaimah White Cement 90.00 0.00 10,433 Al Sharqiya Invest Holding 0.13 -0.77 83,300 Vodafone Qatar 8.83 0.34 2,039,510 Al Rajhi Bank 63.02 -0.69 1,988,047 Kuwait Reinsurance Co Ksc 186.00 0.00 15,064 Al Maha Petroleum Products M 1.44 0.00 - United Development Co 18.49 0.00 38,132 Samba Financial Group 23.01 0.00 753,929 Kuwait & Gulf Link Transport 53.00 1.92 4,150,264 Al Maha Ceramics Co Saoc 0.47 0.00 - Salam International Investme 10.90 0.93 11,457 United Electronics Co 21.90 1.48 695,229 Human Soft Holding Co Ksc 2,020.00 3.06 147,267 Al Madina Takaful Co Saoc 0.07 0.00 290,160 Qatar & Oman Investment Co 9.30 -2.11 26,551 Allied Cooperative Insurance 13.26 -4.60 1,562,670 Automated Systems Co Kscc 260.00 0.00 600 Al Madina Investment Co 0.05 0.00 757,431 Qatar Navigation 87.50 2.46 29,833 Malath Cooperative & Reinsur 7.77 -6.27 2,488,332 Metal & Recycling Co 63.00 -7.35 27,600 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 84.00 0.00 3,200 Alinma Tokio Marine 16.33 -2.04 1,631,281 Gulf Franchising Holding Co 30.00 0.00 500 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 143.50 -3.69 198,001 Arabian Shield Cooperative 27.13 1.23 346,851 Al-Enma’a Real Estate Co 40.50 0.00 1,290,000 Al Jazeera Steel Products Co 0.22 0.00 90,800 Qatar Islamic Insurance 48.55 0.00 - Savola 38.04 2.07 1,120,144 National Mobile Telecommuni 1,160.00 5.45 2,005 Al Jazeera Services 0.19 -4.59 33,433 Qatar Industrial Manufactur 42.55 1.31 1,669 Wafrah For Industry And Deve 21.36 -2.95 1,373,991 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 -1.47 491,000 Qatar International Islamic 61.00 0.00 - Fitaihi Holding Group 11.90 -1.57 706,374 Housing Finance Co Sak 45.50 0.00 34,200 Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 54.00 0.00 9,214 Tourism Enterprise Co/ Shams 31.37 -1.66 2,098,000 Al Salam Group Holding Co 44.00 1.15 32,000 Al Batinah Power 0.19 0.00 120,000 Qatar Islamic Bank 99.10 0.00 31,728 Sahara Petrochemical Co 11.86 0.17 5,546,618 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 22.75 0.00 96,645 Herfy Food Services Co 77.75 3.27 192,783 Al Aman Investment Company 50.00 -1.96 3,000 Al Batinah Dev & Inv 0.09 -1.16 29,303 Qatar General Insurance & Re 45.00 1.12 10,000 Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.17 -0.58 227,965 Qatar German Co For Medical 9.45 -1.56 11,880 Manazel Holding 27.00 -1.82 554,250 Ahli Bank 0.18 0.00 - Qatar Fuel Qsc 138.40 0.29 11,436 Mushrif Trading & Contractin 56.00 0.00 257,489 Acwa Power Barka Saog 0.70 0.00 - Qatar First Bank 9.49 -0.94 212,598 KUWAIT Tijara And Real Estate Inves 39.50 -3.66 39,291 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 207.10 -0.43 22,069 Kuwait Building Materials 0.00 0.00 - A’saff a Foods Saog 0.82 0.00 - Qatar Cinema & Film Distrib 25.40 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 800.00 0.00 100,000 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 81.00 0.87 198,403 Commercial Real Estate Co 80.00 -1.23 8,682 Ooredoo Qsc 92.80 2.20 116,166 Securities Group Co 85.00 0.00 68 Future Communications Co 95.00 0.00 64,827 National Leasing 13.90 0.07 113,415 Sultan Center Food Products 56.00 -1.75 42,408 National International Co 61.00 0.00 50 Mazaya Qatar Real Estate Dev 11.90 -0.34 77,171 Kuwait Foundry Co Sak 172.00 1.18 31,660 Taameer Real Estate Invest C 19.50 0.00 22,000 UAE Mesaieed Petrochemical Holdi 15.10 0.33 26,355 Kuwait Financial Centre Sak 83.00 1.22 1,170 Gulf Cement Co 74.00 0.00 43,600 Al Meera Consumer Goods Co 154.00 2.67 80,123 Ajial Real Estate Entmt 172.00 0.00 197,184 Heavy Engineering And Ship B 154.00 -1.28 230,388 Company Name Lt Price % Chg Volume Medicare Group 63.60 -0.63 43,859 Gulf Glass Manuf Co -Kscc 300.00 -3.23 4,043 Refrigeration Industries & S 310.00 0.00 10,000 Mannai Corporation Qsc 77.90 2.50 98 Kuwait Finance & Investment 36.00 1.41 5,500 National Real Estate Co 89.00 -1.11 4,068,250 Waha Capital Pjsc 1.80 0.00 121,703 Masraf Al Rayan 33.10 -1.05 168,810 National Industries Co Ksc 206.00 0.00 2,000 Al Safat Energy Holding Comp 36.00 1.41 274,000 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 17.45 1.45 12,660 Kuwait Real Estate Holding C 22.00 0.00 1,500 Kuwait National Cinema Co 940.00 0.00 2,401 United Arab Bank Pjsc 1.70 0.00 - Industries Qatar 104.00 -0.10 94,656 Securities House/The 42.00 0.00 1,666,451 Danah Alsafat Foodstuff Co 91.00 2.25 805,180 Union National Bank/Abu Dhab 4.40 -0.23 442,928 Islamic Holding Group 54.00 0.00 1,424 Boubyan Petrochemicals Co 455.00 -1.09 3,000 Independent Petroleum Group 355.00 0.00 112 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 49.65 -0.90 46,593 Al Ahli Bank Of Kuwait 305.00 0.00 65,619 Kuwait Real Estate Co Ksc 55.00 0.00 1,125,000 Union Cement Co 1.10 0.00 18,118 Gulf International Services 28.80 -0.69 78,538 Ahli United Bank (Almutahed) 380.00 -2.56 80,815 Salhia Real Estate Co Ksc 375.00 -1.32 30,800 Umm Al Qaiwain Cement Indust 0.90 0.00 - Ezdan Holding Group 14.67 -0.74 588,804 National Bank Of Kuwait 630.00 0.00 42,983 Gulf Cable & Electrical Ind 370.00 0.00 8,000 Sharjah Islamic Bank 1.48 0.00 - Doha Insurance Co 17.81 0.00 - Commercial Bank Of Kuwait 410.00 -1.20 27 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 33.70 -0.15 215,138 Kuwait International Bank 204.00 0.00 130,846 Kuwait Finance House 510.00 0.00 245,066 Sharjah Group 1.50 0.00 - Dlala Holding 19.62 -1.90 57,465 Gulf Bank 232.00 -1.69 291,100 Gulf North Africa Holding Co 33.00 0.00 443,780 Sharjah Cement & Indus Devel 0.95 0.00 - Commercial Bank Qsc 34.00 1.19 1,019,957 Al-Massaleh Real Estate Co 39.00 0.00 4,000 Hilal Cement Co 118.00 0.00 3,659 Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 29.70 -0.67 133,790 Al Arabiya Real Estate Co 28.00 0.00 16,000 Osoul Investment Kscc 60.00 0.00 1,500 Ras Al Khaimah White Cement 1.11 -0.89 5,355 Al Khaleej Takaful Group 19.70 2.82 5,008 Kuwait Remal Real Estate Co 46.50 -2.11 932,920 Gulf Insurance Group Ksc 620.00 0.00 275 Ras Al Khaimah Ceramics 2.35 0.00 405,485 Aamal Co 13.20 0.38 13,901 Alkout Industrial Projects C 620.00 5.08 2,145 Kuwait Food Co (Americana) 2,620.00 -0.76 395,700 Ras Al Khaimah Cement Co Psc 0.77 1.32 14,280 A’ayan Real Estate Co Sak 63.00 1.61 10,000 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 2.27 0.00 - Investors Holding Group Co.K 20.50 0.00 2,008,017 Aayan Leasing & Investment 27.00 -1.82 925,190 Rak Properties 0.67 1.52 7,460,689 Al-Mazaya Holding Co 114.00 -1.72 10,750 Alrai Media Group Co Ksc 140.00 -1.41 6,180 Ooredoo Qsc 85.50 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 0.00 0.00 - National Investments Co 98.00 0.00 3,076,319 Oman & Emirates Inv(Emir)50% 1.18 0.00 - Gulf Petroleum Investment 40.00 0.00 1,389,000 Commercial Facilities Co 156.00 0.00 59,010 Nbad Oneshare Msci Uae Ucits 6.26 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 830.00 0.00 12,752 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.89 - City Group 0.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 4.55 14.90 650 United Wire Factories Compan 23.40 -1.27 146,525 Inovest Co Bsc 74.00 -1.33 59,005 Strategia Investment Co Ksc 0.00 0.00 - National Investor Co/The 0.52 0.00 - Etihad Etisalat Co 24.15 2.29 1,595,092 Kuwait Gypsum Manufacturing 95.00 0.00 6,645 Yiaco Medical Co. K.S.C.C 405.00 0.00 2,535 National Corp Tourism & Hote 2.80 0.00 - Dar Al Arkan Real Estate Dev 5.75 -2.54 95,899,944 Al-Deera Holding Co 32.50 -1.52 60,530 National Bank Of Umm Al Qaiw 3.00 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.90 0.00 - Rabigh Refining And Petroche 10.49 -1.04 3,266,154 Mena Real Estate Co 19.00 -2.56 34,000 National Bank Of Fujairah 4.78 0.00 - Banque Saudi Fransi 26.26 -1.65 563,390 National Slaughter House 0.00 0.00 - National Bank Of Abu Dhabi 9.40 0.00 344,897 Saudi Enaya Cooperative Insu 13.49 -2.74 515,413 Amar Finance & Leasing Co 54.00 0.00 20,000 OMAN Methaq Takaful Insurance 0.84 -2.33 5,156,449 Manazel Real Estate Pjsc 0.52 1.96 4,389,307 Mediterranean & Gulf Insuran 20.99 -5.41 2,802,334 United Projects For Aviation 660.00 0.00 8,900 Company Name Lt Price % Chg Volume Saudi British Bank 24.18 -0.04 610,708 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.20 0.00 - Mohammad Al Mojil Group Co 12.55 0.00 - Amwal International Investme 19.00 2.70 1,500 Voltamp Energy Saog 0.47 1.74 8,555 Intl Fish Farming Co Pjsc 1.52 0.00 - Red Sea Housing Services Co 25.78 -0.96 393,656 Jeeran Holdings 56.00 0.00 400 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.73 0.00 - Takween Advanced Industries 12.36 -0.16 8,405,097 Equipment Holding Co K.S.C.C 43.50 -1.14 793,063 United Power Co Saog 3.25 0.00 - Gulf Pharmaceutical Ind Psc 2.19 0.00 - Sabb Takaful 24.27 0.04 1,416,961 Nafais Holding 212.00 0.00 200,000 United Finance Co 0.16 0.00 - Gulf Medical Projects 2.50 0.00 - Saudi Arabian Fertilizer Co 72.50 0.00 132,094 Safwan Trading & Contracting 385.00 0.00 50,000 Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 0.93 1.09 10,000 National Gypsum 11.68 1.57 1,648,426 Arkan Al Kuwait Real Estate 77.00 -2.53 9,478 Takaful Oman 0.18 -1.09 10,000 Fujairah Cement Industries 0.89 0.00 - Saudi Ceramic Co 32.01 -0.22 307,373 Gfh Financial Group Bsc 148.00 4.23 6,538,104 Taageer Finance 0.12 -0.85 136,000 Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 29.24 -1.22 73,843 Energy House Holding Co Kscp 43.00 4.88 1 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.60 0.00 - Saudi Pharmaceutical Industr 35.20 -0.56 60,808 Kuwait Slaughter House Co 140.00 0.00 2,000 Sohar Power Co 0.26 0.00 4,220 First Gulf Bank 11.85 0.42 1,486,190 Thimar 31.80 -0.97 2,300,740 Kuwait Co For Process Plant 154.00 -3.75 41,500 Sohar Poultry 0.21 0.00 - Finance House 1.75 0.00 - National Industrialization C 16.77 -2.50 956,035 Al Maidan Dental Clinic Co K 0.00 0.00 - Smn Power Holding Saog 0.71 0.00 - Eshraq Properties Co Pjsc 0.99 4.21 74,425,969 Saudi Transport And Investme 49.26 -0.42 717,057 National Ranges Company 28.00 -1.75 147,835 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.60 -0.85 706,953 Saudi Electricity Co 19.01 -1.45 1,729,654 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.96 0.00 - Emirates Insurance Co. (Psc) 5.80 0.00 - Saudi Arabia Refineries Co 40.45 5.31 3,351,526 Al-Ahleia Insurance Co Sakp 460.00 0.00 3,328 Sharqiyah Desalination Co Sa 4.50 0.00 - Emirates Driving Company 7.00 0.00 - Arriyadh Development Company 19.74 0.20 942,736 Wethaq Takaful Insurance Co 30.00 -1.64 583,700 Sembcorp Salalah Power & Wat 0.23 0.00 - Dana Gas 0.55 0.00 1,284,698 Al-Baha Development & Invest 13.50 0.00 - Salbookh Trading Co Kscp 54.00 -3.57 60,000 Salalah Port Services 0.65 0.00 - Commercial Bank Internationa 1.99 0.00 - Saudi Research And Marketing 33.38 2.11 2,585,481 Aqar Real Estate Investments 0.00 0.00 - Salalah Mills Co 1.48 0.00 - Bank Of Sharjah 1.33 0.00 - Aldrees Petroleum And Transp 38.31 2.16 289,081 Hayat Communications 47.50 3.26 60 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.54 0.00 - Saudi Vitrified Clay Pipe Co 73.54 -2.48 48,553 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.94 0.00 21,900 Jarir Marketing Co 117.70 5.71 439,204 Soor Fuel Marketing Co Ksc 114.00 0.00 16,483 Renaissance Services Saog 0.22 -3.08 68,810 Alkhaleej Investment 1.15 0.00 - Arab National Bank 21.50 -0.46 442,653 Alargan International Real 160.00 1.27 220,000 Raysut Cement Co 1.54 0.00 - Aldar Properties Pjsc 2.46 0.00 4,747,853 Yanbu National Petrochemical 49.11 -0.14 579,579 Burgan Co For Well Drilling 96.00 0.00 2,240 Port Service Corporation 0.23 0.00 622,729 Al Wathba National Insurance 4.40 0.00 - Arabian Cement 48.02 1.01 535,626 Kuwait Resorts Co Kscc 76.00 -2.56 163,014 Phoenix Power Co Saoc 0.14 0.72 677,618 Al Khazna Insurance Co 0.36 -2.70 307,366 Middle East Specialized Cabl 7.18 1.13 3,864,198 Oula Fuel Marketing Co 114.00 -1.72 8,677 Packaging Co Ltd 2.01 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 17.79 -1.33 661,986 Palms Agro Production Co 95.00 0.00 500 Ooredoo 0.62 -0.64 321,393 Al Dhafra Insurance Co. P.S. 5.00 0.00 - Al Sagr Co-Operative Insuran 34.39 -0.38 1,665,200 Ikarus Petroleum Industries 35.50 0.00 40,000 Ominvest 0.48 -0.82 44,528 Al Buhaira National Insuranc 2.35 0.00 - Trade Union Cooperative Insu 13.96 -0.29 1,727,762 Mubarrad Transport Co 58.00 5.45 3,083,821 Oman United Insurance Co 0.31 -0.65 162,268 Al Ain Ahlia Ins. Co. 60.00 0.00 - Arabia Insurance Cooperative 9.90 -1.00 1,088,723 Al Mowasat Health Care Co 230.00 0.00 14,000 Oman Textile Holding Co Saog 0.31 0.00 - Agthia Group Pjsc 6.30 -0.63 57,191 Saudi Chemical Company 37.20 1.92 1,468,194 Shuaiba Industrial Co 300.00 0.00 19,329 Oman Telecommunications Co 1.47 0.34 450,817 Abu Dhabi Ship Building Co 2.65 0.00 - Fawaz Abdulaziz Alhokair & C 33.00 0.49 1,444,220 Hits Telecom Holding 43.50 1.16 2,265,818 Oman Refreshment Co 2.15 0.00 - Abu Dhabi Natl Co For Buildi 0.60 0.00 - Bupa Arabia For Cooperative 136.01 2.53 435,037 First Takaful Insurance Co 49.50 0.00 1,000 Oman Packaging 0.30 0.00 - Abu Dhabi National Takaful C 4.25 0.00 - Wafa Insurance 14.28 -1.45 1,277,944 Kuwaiti Syrian Holding Co 27.00 0.00 52,350 Oman Orix Leasing Co. 0.13 0.00 - Abu Dhabi National Insurance 2.58 0.00 - Jabal Omar Development Co 74.98 1.24 4,216,590 National Cleaning Company 45.00 1.12 3,203,829 Oman Oil Marketing Company 1.88 0.00 - Abu Dhabi National Hotels 3.19 0.00 12,686 Saudi Basic Industries Corp 90.85 -0.02 3,468,542 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.16 0.00 - Abu Dhabi National Energy Co 0.50 0.00 585,000 Saudi Kayan Petrochemical Co 8.06 -1.47 6,106,595 United Real Estate Company 95.00 0.00 49,684 Oman Investment & Finance 0.19 -0.52 551,800 Abu Dhabi Islamic Bank 3.49 0.00 1,255,460 Etihad Atheeb Telecommunicat 3.07 -1.60 425,215 Agility 560.00 0.00 1,081,948 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 99.76 1.80 760,130 Kuwait & Middle East Fin Inv 21.00 -8.70 148,000 Oman Hotels & Tourism Co 0.40 0.00 - National Petrochemical Co 18.99 -0.58 220,536 Fujairah Cement Industries 80.00 0.00 378,516 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 10.04 2.66 1,421,735 Livestock Transport & Tradng 218.00 0.00 2,000 Oman Flour Mills 0.70 0.00 275,549 BAHRAIN Gulf General Cooperative Ins 14.03 -0.71 1,115,552 International Resorts Co 26.00 0.00 245,000 Oman Fisheries Co 0.06 -1.64 66,000 Basic Chemical Industries 24.82 -0.92 692,383 National Industries Grp Hold 116.00 0.00 153,566 Oman Fiber Optics 4.57 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co -1.78 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 15.97 412,278 86.00 100 Zain Bahrain Bscc 0.11 0.00 1,000,000 Buruj Cooperative Insurance 0.10 Warba Insurance Co 0.00 Oman Education & Training In 0.15 0.00 - 19.46 616,518 99.00 15,085 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co -3.14 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 131.73 29,490 176.00 2,000 United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 1.07 First Dubai Real Estate Deve 0.00 Oman Chlorine 0.49 0.00 - 73.78 46,831 55.00 11,000 United Gulf Bank 0.38 0.00 4,000 Maadaniyah -1.78 Al Arabi Group Holding Co 0.00 Oman Ceramic Com 0.40 0.00 - 23.23 1,001,656 49.00 3,277 Trafco Group Bsc 0.23 0.00 20,000 Yamama Cement Co -0.40 Kuwait Hotels Sak 0.00 Oman Cement Co 0.45 0.00 66,500 20.13 766,447 265.00 1,000 Takaful International Co 0.00 0.00 - Jazan Development Co -2.14 Mobile Telecommunications Co 0.00 Oman Cables Industry 1.51 0.00 - 10.04 3,104,372 405.00 412,895 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -2.31 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 26.27 675,753 0.00 - Seef Properties 0.21 -0.93 10,000 Alujain Corporation (Alco) -1.60 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.12 -1.64 214,418 17.83 621,866 470.00 128,607 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -1.71 Al Mudon Intl Real Estate Co 0.00 Natl Aluminium Products 0.19 -1.55 8,992 10.90 3,365,802 33.00 1,075,000 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -0.73 Kuwait Cement Co Ksc 0.00 National Securities 0.17 0.00 - 12.26 1,721,254 420.00 199 National Bank Of Bahrain Bsc 0.70 0.00 20,000 Qassim Cement/The 1.26 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 62.89 177,936 77.00 200,590 Nass Corp Bsc 0.11 0.00 190,000 Saudi Advanced Industries -2.03 Kuwait Portland Cement Co 0.00 National Pharmaceutical 0.11 0.00 - 10.12 1,041,679 940.00 10,724 Khaleeji Commercial Bank 0.06 0.00 662,198 Kingdom Holding Co -0.53 Educational Holding Group 0.00 National Mineral Water 0.05 0.00 - 11.34 359,032 0.00 - Ithmaar Bank Bsc 0.12 4.35 60,000 Saudi Arabian Amiantit Co 0.70 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 7.15 1,061,624 0.00 - Investcorp Bank -$Us 8.10 0.00 5,000 Al Jouf Agriculture Developm -1.47 Asiya Capital Investments Co 1.59 National Gas Co 0.60 0.00 - 31.41 219,277 32.00 31,373 Inovest Co Bsc 0.18 0.00 37,000 Saudi Industrial Development -1.05 Kuwait Investment Co -2.44 National Finance Co 0.13 0.00 - 9.45 2,335,158 80.00 10,919 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank 0.00 National Detergent Co Saog 0.70 0.00 - 69.75 - 315.00 20,308 Gulf Hotel Group B.S.C 0.64 0.00 12,000 Riyad Bank -0.27 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 11.19 556,487 510.00 129,380 Gfh Financial Group Bsc 0.50 0.00 13,700 The National Agriculture Dev 1.62 Al Madina For Finance And In 0.00 National Bank Of Oman Saog 0.23 0.00 - 23.90 1,873,646 42.00 1,061,065 Esterad Investment Co B.S.C. 0.00 0.00 - Halwani Bros Co 1.47 Kuwait Insurance Co 1.74 Muscat Thread Mills Co 0.11 0.00 - 58.50 141,573 234.00 6,000 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.74 Al Masaken Intl Real Estate 0.00 Muscat National Holding 1.79 0.00 - 14.82 837,489 44.00 35,010 Bmmi Bsc 0.83 0.00 7,000 Eastern Province Cement Co 1.62 Intl Financial Advisors -1.59 Muscat Gases Company Saog 0.62 0.00 - 30.20 234,816 31.00 270,000 Bmb Investment Bank 0.00 0.00 - Al Qassim Agricultural Co 1.46 First Investment Co Kscc 0.00 Muscat Finance 0.12 0.00 - 9.06 8,041,442 46.50 630,352 Bbk Bsc 0.36 0.00 76,127 Filing & Packing Materials M -3.02 Al Mal In 2.78 Majan Glass Company 0.19 0.00 - 34.73 862,741 vestment Company 18.50 2,717,188 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co -1.97 0.00 Majan College 0.52 0.00 - 5.48 1,738,469 Bayan Investment Co Kscc 33.00 637,469 Banader Hotels Co 0.07 0.00 33,386 Tihama Advertising & Public 0.00 2.41 Hsbc Bank Oman 0.11 0.88 604,800 25.67 - Egypt Kuwait Holding Co Sae 170.00 665,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 1.27 1.32 Hotels Management Co Interna 1.25 0.00 - 14.35 479,872 Coast Investment Development 38.50 3,526,136 Bahrain Telecom Co 0.28 0.00 30,194 Astra Industrial Group -0.38 0.00 Gulf Stone 0.11 0.00 - 15.64 595,608 Privatization Holding Compan 43.00 17,856 Bahrain Ship Repair & Engin 1.60 0.00 2,013 Saudi Public Transport Co 0.15 0.00 Gulf Plastic Industries Co 0.00 0.00 - 13.73 6,789,749 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.00 0.00 - Taiba Holding Co -1.25 -1.37 Gulf Mushroom Company 0.34 0.00 - 37.90 46,667 Injazzat Real State Company 72.00 55,000 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co -3.12 0.00 Gulf Investments Services 0.11 -1.79 25,848 32.61 1,201,526 Kuwait Cable Vision Sak 0.00 - Bahrain Islamic Bank 0.12 0.00 115,000 Saudi Real Estate Co 0.05 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 21.79 529,773 Sanam Real Estate Co Kscc 30.00 349,751 Bahrain Flour Mills Co 0.39 0.00 23,562 Saudia Dairy & Foodstuff Co -0.08 2.70 Gulf International Chemicals 0.27 0.00 - 130.89 148,427 Ithmaar Bank Bsc 38.00 3,478,757 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The -2.05 -3.60 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 41.66 1,006,982 Aviation Lease And Finance C 214.00 200,000 Bahrain Duty Free Complex 0.78 1.30 20,000 Methanol Chemicals Co -0.77 -1.56 Global Fin Investment 0.17 -0.57 850,000 6.45 4,044,164 Arzan Financial Group For Fi 31.50 8,750 Bahrain Commercial Facilitie 0.65 -0.76 323,658 Ace Arabia Cooperative Insur -0.58 0.00 Galfar Engineering&Contract 0.09 0.00 490,879 36.29 510,308 Ajwan Gulf Real Estate Co 40.00 100 Bahrain Cinema Co 1.29 0.00 1,500 Mobile Telecommunications Co -0.87 0.00 Galfar Engineering -Prefer 0.39 0.00 - 8.00 2,939,891 Kuwait Business Town Real Es 41.00 726,800 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co -1.78 0.00 Financial Services Co. 0.17 0.00 - 15.41 1,009,770 Future Kid Entertainment And 114.00 3,938 Arab Insurance Group(Bsc)-$ 0.33 0.00 60,000 Axa Cooperative Insurance 0.57 -6.10 Financial Corp/The 0.11 0.00 - 14.11 1,358,632 Specialities Group Holding C 77.00 3,500 Arab Banking Corp Bsc-$Us 0.31 0.00 100,000 Alsorayai Group -1.16 2.56 Dhofar University 1.49 0.00 - 9.35 754,275 Abyaar Real Eastate Developm 20.00 1,773,000 Aluminium Bahrain Bsc 0.32 0.00 15,000 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 19.39 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.44 -4.35 82,350 Bank Albilad -1.17 0.00 Dhofar Poultry 0.18 0.00 - 18.64 336,947 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.09 -4.17 45,000 Al-Hassan G.I. Shaker Co -0.59 0.00 Dhofar Intl Development 0.37 0.00 - 15.05 1,782,734 Kgl Logistics Company Kscc 67.00 636,000 Al-Ahlia Insurance Co 0.26 0.00 60,575 Wataniya Insurance Co 2.13 0.00 Dhofar Insurance 0.21 0.00 - 23.04 1,796,061 Combined Group Contracting 640.00 27,403 Ahli United Bank B.S.C 0.64 0.79 171,643 Abdullah Al Othaim Markets 91.73 2.21 170,926 Zima Holding Co Ksc 41.00 0.00 36,900 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 11.15 -0.62 958,189 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.22 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Wednesday, November 30, 2016 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 19,114.41 +16.51 Apple Inc 110.97 -0.54 9,926,337 S&P 500 Index 2,204.66 +2.94 Microsoft Corp 60.83 0.36 2,834,689 Nasdaq Composite Index 5,389.25 +20.44 Exxon Mobil Corp 85.56 -1.05 3,312,531 S&P/Tsx Composite Index 14,963.92 -51.44 Johnson & Johnson 112.35 -0.69 2,254,548 Mexico Bolsa Index 45,411.40 -59.21 General Electric Co 31.26 0.02 5,875,450 Brazil Bovespa Stock Idx 61,972.05 -883.45 Jpmorgan Chase & Co 79.01 0.87 4,296,189 Ftse 100 Index 6,759.47 -40.00 Procter & Gamble Co/The 82.94 -0.16 1,494,801 Cac 40 Index 4,547.22 +36.83 Wal-Mart Stores Inc 71.70 0.71 1,647,868 Dax Index 10,601.84 +19.17 Verizon Communications Inc 50.95 -0.33 3,004,340 Ibex 35 Tr 8,664.40 +45.10 Pfizer Inc 31.82 0.88 5,368,173 Nikkei 225 18,307.04 -49.85 Visa Inc-Class A Shares 79.16 0.10 1,902,972 Japan Topix 1,468.57 -1.01 Chevron Corp 108.76 -1.57 2,166,271 Hang Seng Index 22,737.07 -93.50 Coca-Cola Co/The 41.29 -1.11 3,314,270 All Ordinaries Indx 5,520.46 -12.14 Intel Corp 35.47 -0.11 3,962,083 Nzx All Index 1,287.51 -0.79 Merck & Co. Inc. 62.14 0.55 1,457,231 Bse Sensex 30 Index 26,394.01 +43.84 Cisco Systems Inc 29.91 -0.05 3,579,469 Nse S&P Cnx Nifty Index 8,142.15 +15.25 Home Depot Inc 130.10 -0.41 1,037,453 Straits Times Index 2,879.14 +4.49 Intl Business Machines Corp 163.43 -0.67 892,744 Karachi All Share Index 29,677.48 -121.48 Walt Disney Co/The 99.32 0.35 2,470,797 Jakarta Composite Index 5,136.67 +22.10 Unitedhealth Group Inc 157.31 3.42 2,165,680 3M Co 172.40 -0.06 235,757 Mcdonald’s Corp 120.18 -1.35 2,334,832 Nike Inc -Cl B 51.21 0.39 1,223,760 TOKYO United Technologies Corp 109.35 0.83 602,447 Boeing Co/The 150.19 0.28 601,216 Company Name Lt Price % Chg Goldman Sachs Group Inc 212.47 1.01 945,393 Rakuten Inc 1,151.50 -0.73 5,029,300 American Express Co 72.12 -0.01 1,021,943 Kyocera Corp 5,445.00 -0.09 1,227,100 Du Pont (E.I.) De Nemours 70.81 -0.11 432,392 Nissan Motor Co Ltd 1,073.50 -0.32 12,943,300 Caterpillar Inc 94.29 -0.64 1,375,861 Hitachi Ltd 610.90 -1.08 14,205,000 Travelers Cos Inc/The 113.92 0.10 358,384 Takeda Pharmaceutical Co Ltd 4,733.00 -0.19 2,379,000 Jfe Holdings Inc 1,745.50 -1.86 4,707,900 Ana Holdings Inc 317.40 0.32 9,990,000 FTSE 100 Mitsubishi Electric Corp 1,580.00 -1.80 6,095,500 Sumitomo Mitsui Financial Gr 4,253.00 0.12 8,813,800 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,307.00 -0.54 3,387,600 Traders at the Frankfurt Stock Exchange. The DAX 30 closed up 0.4% at 10,620.49 points yesterday. Fast Retailing Co Ltd 40,200.00 -2.57 894,400 Wpp Plc 1,715.00 0.53 2,556,105 Ms&Ad Insurance Group Holdin 3,542.00 -0.92 1,917,400 Worldpay Group Plc 270.70 0.41 2,615,600 Kubota Corp 1,723.00 0.35 2,771,200 Wolseley Plc 4,623.00 -0.58 347,144 Seven & I Holdings Co Ltd 4,500.00 0.07 1,917,600 Wm Morrison Supermarkets 220.50 1.19 5,281,764 Inpex Corp 1,097.00 0.83 4,861,200 Whitbread Plc 3,475.00 -0.69 361,248 Resona Holdings Inc 553.70 1.08 17,037,100 Vodafone Group Plc 193.70 -0.79 51,272,839 Asahi Kasei Corp 1,013.00 0.60 6,780,000 United Utilities Group Plc 899.50 -0.88 999,123 Europe markets gain slightly Kirin Holdings Co Ltd 1,847.00 0.87 2,559,900 Unilever Plc 3,133.50 -0.41 1,538,369 Marubeni Corp 633.40 -0.42 9,148,500 Tui Ag-Di 1,048.00 0.87 955,804 Mitsubishi Ufj Financial Gro 673.90 0.39 124,877,800 Travis Perkins Plc 1,365.00 -0.94 957,852 Mitsubishi Chemical Holdings 727.00 1.62 5,890,900 Tesco Plc 208.00 -0.76 8,017,177 Fanuc Corp 19,420.00 0.62 1,168,000 Taylor Wimpey Plc 148.90 1.71 13,805,602 Daito Trust Construct Co Ltd 17,545.00 -0.03 365,100 amid Opec producers’ meet Standard Life Plc 345.10 0.44 1,931,503 Otsuka Holdings Co Ltd 4,677.00 0.34 853,300 Standard Chartered Plc 629.80 -0.03 5,113,583 Oriental Land Co Ltd 6,235.00 -0.62 663,300 St James’s Place Plc 942.00 0.32 762,089 Sekisui House Ltd 1,862.00 -0.21 2,568,200 tycoon was elected US president, on oil markets, with both main contracts Sse Plc 1,490.00 -0.33 2,511,572 AFP Secom Co Ltd 8,291.00 0.29 724,100 hopes that his spending policies will diving about 4% Friday but rebound- Smith & Nephew Plc 1,123.00 0.54 4,607,530 London Tokio Marine Holdings Inc 4,890.00 -1.53 2,688,200 Sky Plc 772.00 0.39 2,580,989 ramp up the world’s top economy. ing 2% on Monday, before heading Aeon Co Ltd 1,579.00 -0.32 1,973,400 Shire Plc 4,710.50 -0.20 3,886,542 However, analysts said dealers were south once more. Mitsui & Co Ltd 1,549.00 -0.26 6,739,800 Severn Trent Plc 2,213.00 -0.81 469,541 uropean and US stocks mostly taking a breather as other issues come Italy’s referendum on constitutional Kao Corp 5,247.00 2.18 3,252,400 Schroders Plc 2,780.00 -1.38 221,041 inched higher yesterday but to the fore. reform is also setting nerves on edge. Dai-Ichi Life Holdings Inc 1,848.00 -1.41 7,267,400 Sainsbury (J) Plc 233.20 0.17 3,101,291 Mazda Motor Corp 1,839.00 -1.02 5,394,200 London fell as oil prices slumped All eyes are set on whether Opec Tensions between Italian Prime Sage Group Plc/The 677.00 -0.44 1,703,136 E Komatsu Ltd 2,603.50 -0.12 4,690,500 by nearly two dollars on the eve of a members agree to reduce the gushing Minister Matteo Renzi and the Euro- Sabmiller Plc 0.00 0.00 - West Japan Railway Co 6,940.00 1.79 1,218,900 highly-awaited Opec producers’ meet- crude that has long hurt producers and pean Union have reached boiling point Rsa Insurance Group Plc 536.50 -0.28 3,305,762 Murata Manufacturing Co Ltd 15,530.00 0.49 825,700 Royal Mail Plc 465.00 1.93 4,217,538 ing. slashed prices. ahead of the poll and he has suggested Kansai Electric Power Co Inc 1,122.50 0.40 1,834,700 Royal Dutch Shell Plc-B Shs 2,030.50 -2.00 3,449,661 Asian traders earlier moved cau- Concerns are growing that members he would step down if voters reject the Denso Corp 4,967.00 0.87 2,215,200 Royal Dutch Shell Plc-A Shs 1,945.50 -2.21 3,480,702 tiously, with the recent Donald will not be able to agree the details of proposal. Sompo Holdings Inc 3,668.00 -0.68 1,149,700 Royal Bank Of Scotland Group 196.20 0.00 9,231,292 There are fears his resignation could Daiwa House Industry Co Ltd 3,225.00 -0.46 2,218,200 Trump-fuelled rally in stocks subdued an accord in September to reduce out- Rolls-Royce Holdings Plc 674.00 0.22 2,203,850 Jx Holdings Inc 443.00 -0.25 11,042,500 by profi t-taking, uncertainty over a put and support prices, with Iran and spark elections in which populist anti- Rio Tinto Plc 3,057.50 -2.63 2,245,233 Nippon Steel & Sumitomo Meta 2,517.50 -1.26 2,711,500 key vote in Italy at the weekend and Iraq saying they should be exempt. euro parties could do well, and possibly Rexam Plc 0.00 0.00 - Suzuki Motor Corp 3,631.00 -1.71 7,030,900 even lead to the country leaving the EU. Relx Plc 1,375.00 -0.07 1,435,152 worries about Opec’s plan to cut oil Prices also dipped yesterday when Nippon Telegraph & Telephone 4,610.00 -0.07 3,705,500 Reckitt Benckiser Group Plc 6,739.00 -0.04 718,584 production. non-Opec Russia confi rmed it would The unease hit European fi nancials Ajinomoto Co Inc 2,201.50 0.39 2,429,500 Randgold Resources Ltd 5,825.00 -2.35 523,382 “Equities are mixed, with the FTSE not send a delegation to the talks. on Monday. Mitsui Fudosan Co Ltd 2,694.50 0.20 4,195,000 Prudential Plc 1,544.00 0.06 2,919,372 in the red on continued oil price vola- Capital Economics’ Tom Pugh said Wall Street stocks rebounded mod- Ono Pharmaceutical Co Ltd 2,577.00 -1.34 2,410,600 Provident Financial Plc 2,961.00 0.24 100,794 Daikin Industries Ltd 10,580.00 -0.89 1,119,800 tility and metals prices pulling back he believed the most likely outcome of erately after dipping when trading be- Persimmon Plc 1,725.00 2.01 692,594 Bank Of Yokohama Ltd/The 0.00 0.00 - from highs,” said Mike van Dulken, the meeting was “some sort of face- gan, as worries about Opec overshad- Pearson Plc 776.50 0.26 1,382,127 Toray Industries Inc 933.00 -0.45 7,157,000 head of research at traders Accendo saving deal”. owed data revealing the world’s largest Paddy Power Betfair Plc 8,555.00 1.36 30,528 Astellas Pharma Inc 1,589.50 1.08 6,214,400 Old Mutual Plc 189.30 -0.05 5,951,190 markets. “After all, the group will be well economy grew even faster than initially Bridgestone Corp 4,349.00 0.00 3,193,500 Next Plc 4,959.00 2.88 453,025 Paris’ CAC 40 pushed higher, while aware that a failure to come up with thought in the third quarter. Sony Corp 3,311.00 -0.36 3,764,800 National Grid Plc 925.90 -0.44 5,963,230 the DAX in Frankfurt closed up 0.4% any agreement could see prices plunge On currency markets the dollar Hoya Corp 4,500.00 0.22 1,838,700 Mondi Plc 1,631.00 -0.06 822,516 at 10,620.49 points with a last-minute back below $40 per barrel and make it was mixed, having chalked up multi- Sumitomo Mitsui Trust Holdin 4,185.00 -0.48 1,952,400 Merlin Entertainment 437.10 0.14 1,277,107 Japan Tobacco Inc 3,948.00 0.95 4,212,700 rally after a hesitant start to trading on diffi cult for Opec to convince the mar- month highs against most peers last Mediclinic International Plc 702.00 -2.84 1,526,389 Osaka Gas Co Ltd 430.50 -0.39 4,720,000 Wall Street. ket that it is able to function eff ective- week on expectations that US interest Marks & Spencer Group Plc 329.30 -0.21 4,305,972 Sumitomo Electric Industries 1,622.50 -0.25 2,771,300 Stocks worldwide have won strong ly,” he wrote in a note to clients. rates will rise in December and again London Stock Exchange Group 2,769.00 -0.68 143,523 Daiwa Securities Group Inc 679.30 -0.32 7,864,000 Lloyds Banking Group Plc 57.58 -0.48 94,023,987 support since the Republican property The uncertainty has fed volatility on next year. Softbank Group Corp 6,675.00 -0.40 14,141,600 Legal & General Group Plc 237.30 0.17 5,840,225 Mizuho Financial Group Inc 203.00 0.45 200,605,100 Land Securities Group Plc 971.50 0.00 1,001,785 Nomura Holdings Inc 605.70 -1.29 28,328,200 Kingfisher Plc 355.50 -0.17 3,859,839 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,411.00 1.09 3,042,000 Johnson Matthey Plc 3,138.00 -0.25 441,815 Fuji Heavy Industries Ltd 4,616.00 -0.92 3,680,900 Itv Plc 170.30 2.16 7,390,729 Ntt Docomo Inc 2,632.00 -0.36 5,697,600 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 271.20 0.86 1,454,511 Sumitomo Realty & Developmen 3,124.00 1.03 2,393,000 Intl Consolidated Airline-Di 445.00 1.85 9,515,748 Aluminum Corp Of China Ltd-H 3.61 -0.82 21,565,667 Hong Kong & China Gas 14.50 0.42 11,501,943 Sumitomo Metal Mining Co Ltd 1,579.50 -0.94 2,931,000 Intertek Group Plc 3,242.00 -0.25 201,027 Bank Of East Asia Ltd 32.35 -0.46 1,483,045 Hong Kong Exchanges & Clear 203.60 -0.59 3,118,057 Orix Corp 1,800.50 0.31 5,537,900 Intercontinental Hotels Grou 3,304.00 0.03 286,277 Bank Of China Ltd-H 3.51 -0.85 304,899,598 Hsbc Holdings Plc 60.60 -1.46 22,342,866 Asahi Group Holdings Ltd 3,712.00 -0.35 1,337,400 Inmarsat Plc 718.00 1.27 1,395,835 Bank Of Communications Co-H 5.98 -0.83 31,270,393 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 78,880.00 0.29 111,000 Informa Plc 652.00 0.93 955,694 Belle International Holdings 4.44 -0.45 29,621,163 Ind & Comm Bk Of China-H 4.78 0.42 265,674,434 Nidec Corp 10,225.00 0.25 964,400 Imperial Brands Plc 3,507.00 -0.55 1,009,524 Boc Hong Kong Holdings Ltd 29.00 0.52 14,032,813 Li & Fung Ltd 3.39 0.30 19,063,849 Isuzu Motors Ltd 1,329.00 -0.45 2,808,700 Hsbc Holdings Plc 630.70 -0.33 13,647,060 Cathay Pacific Airways 10.42 -0.57 4,543,880 Mtr Corp 38.80 -0.13 6,324,020 Unicharm Corp 2,431.00 2.29 2,572,300 Hargreaves Lansdown Plc 1,185.00 -1.17 631,160 Ck Hutchison Holdings Ltd 94.40 -0.21 3,672,378 New World Development 8.56 -0.23 16,155,219 Shin-Etsu Chemical Co Ltd 8,335.00 2.02 1,748,900 Hammerson Plc 548.00 -0.18 875,377 China Coal Energy Co-H 4.03 -3.82 16,532,000 Petrochina Co Ltd-H 5.34 -0.19 98,282,207 Smc Corp 32,800.00 0.77 185,400 Glencore Plc 279.90 -1.79 28,419,136 China Construction Bank-H 5.83 0.17 307,564,675 Ping An Insurance Group Co-H 43.00 -0.81 38,026,892 Mitsubishi Corp 2,498.00 0.44 4,557,900 Glaxosmithkline Plc 1,510.00 -1.15 4,524,763 China Life Insurance Co-H 22.25 -0.67 71,681,400 Power Assets Holdings Ltd 73.15 0.07 1,394,558 Nintendo Co Ltd 27,990.00 0.07 1,164,300 Gkn Plc 307.50 -0.36 6,237,724 China Merchants Port Holding 19.68 0.10 3,505,187 Sino Land Co 11.62 0.17 3,928,989 Eisai Co Ltd 6,611.00 -0.71 959,700 Fresnillo Plc 1,234.00 -3.44 856,654 China Mobile Ltd 84.00 -0.88 12,138,345 Sun Hung Kai Properties 100.40 -0.50 3,678,492 Sumitomo Corp 1,361.00 -0.04 3,882,200 Experian Plc 1,499.00 0.60 2,172,583 China Overseas Land & Invest 22.40 -0.67 18,425,959 Swire Pacific Ltd - Cl A 77.10 -0.06 986,449 Canon Inc 3,232.00 0.40 3,936,600 Easyjet Plc 1,010.00 0.50 1,633,597 China Petroleum & Chemical-H 5.44 -0.37 85,981,854 Tencent Holdings Ltd 193.00 -1.18 19,743,663 Japan Airlines Co Ltd 3,369.00 0.39 1,373,400 Dixons Carphone Plc 334.90 1.64 3,665,439 China Resources Beer Holdin 16.56 -0.84 3,252,084 Wharf Holdings Ltd 55.00 -0.27 3,863,357 Direct Line Insurance Group 351.60 -0.37 2,377,285 China Resources Land Ltd 18.90 -1.05 13,465,693 China Resources Power Holdin 12.90 0.31 17,927,006 Diageo Plc 2,009.00 -0.05 2,626,247 SENSEX Dcc Plc 6,085.00 0.08 103,589 China Shenhua Energy Co-H 16.24 -2.75 31,284,486 GCC INDICES Crh Plc 2,633.00 -0.94 1,538,581 China Unicom Hong Kong Ltd 8.77 -0.34 36,623,097 Compass Group Plc 1,387.00 0.51 3,445,216 Company Name Lt Price % Chg Citic Ltd 12.10 -0.82 9,506,965 Indices Lt Price Change Coca-Cola Hbc Ag-Di 1,674.00 -0.48 138,084 Clp Holdings Ltd 76.25 1.67 3,841,585 Doha Securities Market Zee Entertainment Enterprise 457.40 -0.07 2,129,232 9,636.40 -52.67 Centrica Plc 209.10 -0.14 8,309,805 Cnooc Ltd 9.91 -0.90 84,038,475 Saudi Tadawul Yes Bank Ltd 1,144.55 -0.44 2,840,910 6,896.83 -7.02 Carnival Plc 4,112.00 0.29 327,162 Cosco Shipping Ports Ltd 7.68 -1.03 3,491,633 Kuwait Stocks Exchange Wipro Ltd 465.15 0.99 711,937 5,543.59 +3.83 Capita Plc 558.50 -1.15 1,194,119 Esprit Holdings Ltd 6.44 2.71 2,337,911 Bahrain Stock Exchage Vedanta Ltd 228.55 -0.02 15,743,588 1,177.31 +0.16 Burberry Group Plc 1,406.00 -0.14 787,548 Fih Mobile Ltd 2.48 -0.80 1,646,000 Oman Stock Market Ultratech Cement Ltd 3,536.25 0.90 382,148 5,481.30 -4.92 Bunzl Plc 2,055.00 -0.48 343,830 Hang Lung Properties Ltd 17.22 -1.15 4,183,946 Abudhabi Stock Market Tech Mahindra Ltd 483.85 -1.12 2,147,831 4,261.23 +4.25 Bt Group Plc 353.50 0.91 24,463,824 Hang Seng Bank Ltd 146.40 -0.27 1,277,227 Dubai Financial Market Tata Steel Ltd 408.95 0.58 6,865,251 3,333.73 +23.25 British Land Co Plc 598.00 0.08 2,117,468 Henderson Land Development 42.85 0.47 1,395,760 Tata Power Co Ltd 72.25 -0.62 5,023,578 British American Tobacco Plc 4,452.00 0.08 1,916,479 Tata Motors Ltd 459.85 1.13 9,001,969 Bp Plc 442.10 -2.24 20,143,077 Tata Consultancy Svcs Ltd 2,259.85 -1.00 756,553 Bhp Billiton Plc 1,305.50 -3.62 5,932,909 Sun Pharmaceutical Indus 706.50 -1.21 4,047,300 Berkeley Group Holdings/The 2,516.00 3.62 703,149 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 252.70 -0.34 13,842,255 Barratt Developments Plc 479.00 2.90 4,845,747 Reliance Industries Ltd 997.70 1.12 2,549,295 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 214.35 1.16 28,276,723 Punjab National Bank 136.10 -0.73 8,837,257 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 602.00 -0.17 4,089,878 Power Grid Corp Of India Ltd 189.45 -0.55 7,301,016 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 942.50 0.59 2,306,148 Oil & Natural Gas Corp Ltd 284.80 0.28 5,094,957 this data.” Aviva Plc 450.80 -0.46 6,847,718 Ntpc Ltd 163.00 -0.82 5,313,832 Astrazeneca Plc 4,242.50 -0.14 1,060,338 Maruti Suzuki India Ltd 5,088.15 3.97 951,290 Associated British Foods Plc 2,563.00 -0.35 491,035 Mahindra & Mahindra Ltd 1,185.85 2.01 1,101,504 Ashtead Group Plc 1,500.00 1.01 1,175,403 Lupin Ltd 1,518.15 0.59 832,599 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,352.45 -0.33 1,227,736 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 693.00 -4.87 2,170,166 DINAR DINAR Kotak Mahindra Bank Ltd 745.40 -0.63 1,048,813 Anglo American Plc 1,196.50 -3.27 4,879,100 Itc Ltd 231.05 -1.13 9,022,592 Admiral Group Plc 1,899.00 -0.89 196,920 Infosys Ltd 972.60 -0.73 3,172,581 3I Group Plc 671.00 -0.67 1,642,273 Indusind Bank Ltd 1,059.95 0.91 1,363,669 #N/A 0.00 0.00 - Idea Cellular Ltd 79.25 4.55 19,509,562 Icici Bank Ltd 255.45 0.06 31,494,526 TOKYO Housing Development Finance 1,255.80 0.73 3,497,618 Hindustan Unilever Ltd 832.70 -0.61 1,221,901 Hindalco Industries Ltd 175.40 -1.82 11,424,038 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,163.25 1.83 630,441 East Japan Railway Co 9,800.00 -0.75 1,623,900 Hdfc Bank Limited 1,178.75 -0.48 1,030,906 Itochu Corp 1,568.00 -0.35 5,072,900 Hcl Technologies Ltd 805.30 -0.09 860,984 Fujifilm Holdings Corp 4,270.00 -0.37 1,614,000 Grasim Industries Ltd 849.40 1.11 725,762 Yamato Holdings Co Ltd 2,350.50 0.71 1,437,700 Gail India Ltd 428.00 2.51 3,606,605 Chubu Electric Power Co Inc 1,614.50 -0.31 1,370,600 Dr. Reddy’s Laboratories 3,188.25 0.48 261,564 Mitsubishi Estate Co Ltd 2,269.50 0.91 4,941,000 Coal India Ltd 308.40 1.15 3,255,143 Mitsubishi Heavy Industries 501.90 -1.20 16,636,000 Cipla Ltd 569.15 -0.25 926,145 Toshiba Corp 425.10 1.46 47,256,000 Cairn India Ltd 247.85 -0.86 2,627,482 Shiseido Co Ltd 2,920.50 0.45 1,966,600 Bosch Ltd 20,171.10 3.93 26,540 Shionogi & Co Ltd 5,434.00 0.67 1,343,800 Bharti Airtel Ltd 324.85 1.90 4,266,387 Tokyo Gas Co Ltd 488.20 -1.15 10,226,000 Bharat Petroleum Corp Ltd 643.80 -1.15 2,625,031 Tokyo Electron Ltd 10,350.00 1.47 975,600 Bharat Heavy Electricals 129.20 1.25 5,204,696 Panasonic Corp 1,136.00 3.04 18,506,500 Bank Of Baroda 161.50 -0.95 7,306,211 Fujitsu Ltd 655.40 -0.33 8,189,000 Bajaj Auto Ltd 2,664.15 1.03 272,447 Central Japan Railway Co 18,535.00 0.00 663,700 Axis Bank Ltd 464.65 -1.74 8,579,085 T&D Holdings Inc 1,435.00 -0.76 4,209,100 Asian Paints Ltd 958.55 2.40 2,613,862 Toyota Motor Corp 6,640.00 -0.20 7,384,800 Ambuja Cements Ltd 205.05 0.42 3,275,947 Kddi Corp 2,951.50 -0.64 8,051,400 Adani Ports And Special Econ 276.90 1.52 5,306,374 Nitto Denko Corp 7,922.00 -0.41 881,800 Acc Ltd 1,320.00 0.17 231,951 Gulf Times Wednesday, November 30, 2016 13 BUSINESS

Influence-peddling scandal rocks S Korea: Quicktake Q&A

Park’s resignation could Bloomberg Seoul

South Korean President Park Geun-hye is embroiled in her biggest political crisis since coming to power in 2013. Allegations that her old friend, Choi leave South Korean Soon-sil, peddled influence through their relationship have added to public disenchantment with the nation’s first female president, sinking Park’s ap- proval rating to an all-time low. Prosecutors say she “colluded” with former aides, and a growing number of lawmakers are seeking her impeachment. Park now says she’s willing to resign, but opponents say that’s a ruse. economic policy in limbo What are the allegations? Choi has been arrested on suspicion of attempted fraud over allegations that she used her relationship with Park to pressure some of the country’s Bloomberg biggest Corps into donating tens of millions of dollars to her foundations. Seoul Park has apologised three times over the scandal in national televised ad- dresses, and has acknowledged she consulted Choi on “certain documents.” Her lawyer has rejected the prosecutors’ allegations, saying they are based outh Korean President Park Geun- on “imagination and conjecture.” hye’s announcement yesterday Sthat she is willing to step down Who is Choi? over a scandal raises a question among Choi is the daughter of a man who ran a little-known religious sect and investors and economists: Who will be founded a volunteer group that Park helped run. The two women formed in charge of economic policy? a friendship when Park became acting first lady for her father, Park Chung- Park ousted her prime minister and fi - hee, after her mother died during a botched assassination attempt on the nance minister earlier this month as the dictator in 1974. Park has long been hounded by allegations that she al- scandal over infl uence peddling deep- lowed the Chois to take advantage of her high profile to extract money from ened, and though they remain on the job businesses - claims she denied in her media address. in the interim, the process of approv- ing their chosen replacements has been Why is this shaking South Korea? stalled since. Park’s response to the crisis has fanned suspicions that Choi may have med- That means Park’s resignation could dled more extensively in government aff airs, as well as peddling influence leave Asia’s fourth-largest economy over businesses. Hundreds of thousands of people have taken to the streets rudderless at a time of rising challeng- of Seoul in recent weeks to call for Park’s resignation and arrest. Even voters es, including a new president in the US, in Park’s political stronghold in the southeast of the country are turning South Korea’s second-largest trading against the president. partner, who has vowed fundamental changes to trade policies. What does this mean for Park? South Korea’s economy is already While the constitution protects a president from indictment, it allows for struggling to maintain growth. Its ship- impeachment by a two-thirds vote of the 300-member National Assembly. building and steel industries are facing A faction of Park’s ruling Saenuri party is calling for her ouster, putting the diffi culties, and Bank of Korea governor opposition closer to the numbers needed to impeach her. After showing few Lee Ju-yeol has cited record household signs that she planned to step down, with about 16 months left in her single debt as a potential risk to fi nancial sta- five-year term, she now says she is willing to resign and asked parliament to bility. decide the direction of a power transition. The legislature will now have to The scandal has already hit consumer debate how to deal with Park’s proposal. sentiment, which this month plunged to a seven-year low, meaning people are more So is this the end for Park? pessimistic than the days when a deadly Not necessarily. Kim Yun-cheol, who teaches political science at the respiratory disease kept shoppers at home Humanitas College of Kyung Hee University in Seoul, says she’s buying in 2015, and when a ferry sank in 2014, time and knows lawmakers can’t easily reach agreement. The opposition killing about 300 people, many of them Democratic Party of Korea says that by off ering to resign, Park is employing school students. a “petty ruse” to avoid being impeached. Park said yesterday that she will let the parliament decide her term, indicat- What does the law say? ing that she was willing to step down ac- South Korean law stipulates that the Constitutional Court should make the cording to a plan set by parliament. final decision within 180 days after it receives an impeachment proposal Park’s statement gives opposition and from the National Assembly. At least seven judges are required to try an ruling parties a chance to discuss the impeachment case, while at least six have to vote for the proposal to be next steps forward, said Kim Jung-sik, eventually passed. Park’s resignation would trigger a presidential election a professor of economics at Yonsei Uni- within 60 days, with the prime minister taking over as interim leader. versity. “Now progress can be made to discuss Why should markets care? the new prime minister and the fi nance South Korean President Park Geun-Hye speaks during an address to the nation, at the presidential Blue House in Seoul. South Asia’s fourth-largest economy already faces questions about its ability to minister, and let them take care of eco- Korea’s economy is already struggling to maintain growth. Its shipbuilding and steel industries are facing diff iculties, and Bank of maintain economic growth. Its shipbuilding and steel industries are falter- nomic issues including responding to Korea governor Lee Ju-yeol has cited record household debt as a potential risk to financial stability. ing while electronic giants like Samsung Electronics face stiff competition president-elect Donald Trump’s poli- from Chinese manufacturers. The political instability may add to what Bank cies,” Kim said. Chang Jae-chul, a Seoul- until a new president is elected, posing pects South Korea’s economy to expand single fi ve-year term is due to expire in of Korea governor Lee Ju-yeol calls uncertainties. It may also deepen wor- based economist for Citibank Korea Inc, downside risks to the economy. 2.6% in 2017, lower than forecasts by the February 2018, with elections set for ries about long-term growth prospects and the country’s competitiveness. cautioned that uncertainty would linger The OECD said on Monday that it ex- central bank and the government. Park’s December next year. China forex regulator Tata Steel, Thyssenkrupp looking tightens controls to at reducing Port Talbot’s capacity

Reuters at which point one of them is due to close in the Port Talbot was losing £1mn a day in the stem capital outfl ows London/Frankfurt absence of further investment. fi nancial year which ended in March but has “Three years is nowhere near enough. been making an operating profi t since then, Our line in the sand has always been keep- thanks to a weaker pound, higher steel prices Reuters proval to buy foreign exchange, but the money ata Steel and Thyssenkrupp are looking ing two blast furnaces running (long term). We and cost cutting. Shanghai/Hong Kong had not been fully transferred, the remainder at reducing the size of Britain’s largest want guarantees and besides, they’ve given us Separately, the union chiefs said in their e- of the quota was now subject to further ap- Tsteel plant in Port Talbot, Wales, indus- guarantees before that haven’t materialised,” mail that Tata Steel planned to start formal proval if it exceeds $50mn, which is regarded try sources said, as the two fi rms press ahead said a union source. talks “within weeks” about closing its costly hina is stepping up measures to stem as a “large sum”. with plans to merge their European steel oper- Indian-owned Tata Steel, which employs defi ned benefi t UK pension scheme to fu- capital outfl ows after its yuan currency Two other sources confi rmed the new rules. ations and deal with the overcapacity affl icting 11,000 people in Britain, said it could not com- ture accruals. The Thyssenkrupp merger plan Cskidded to more than eight-year lows, The sources said the forex regulator told the industry. ment on speculation over its merger plans, hinges on Tata striking a deal with the British sources said yesterday, taking aim at outbound banks about the new rules on Monday, the The move could see one of Port Talbot’s two while Thyssenkrupp declined to comment. government to separate itself from the defi cit- investments that have soared to a record high. same day the government said it would stick blast furnaces shut, halving the plant’s capac- “The most important thing for us is that by laden pension scheme. The State Administration of Foreign Ex- to its “going out” strategy of encouraging out- ity. a consolidation and by the underlying plan Union leaders said in the e-mail that they change (SAFE) has begun vetting transfers bound investment. Up to 4,000 people are employed at the site. we can address the issues of overcapacity,” would ballot for industrial action if Tata uni- abroad worth $5mn or more and is increasing China has been using its foreign currency re- An industry source close to Thyssenkrupp’s Thyssenkrupp’s chief fi nancial offi cer Guido laterally triggered a 60-day consultation on scrutiny of major outbound deals, even those serves to keep the yuan from falling too rapidly board said the German group expected the Kerkhoff said last week, in reference to the closing the scheme without their agreement with prior approval, sources with knowledge of against the dollar, managing market expecta- struggling plant to be downsized in the event merger. on outstanding matters. the new rules told Reuters. tions, and restricting outfl ows into overseas of a merger, without specifying by how much. The fate of the Port Talbot plant has been The union is seeking assurances on the long- Capital outfl ows, both legal and illegal, have securities. Wang Zhenying, a senior Chinese Two senior offi cials from the Community up in the air since Tata Steel said in March it term future of Port Talbot and is opposed to the pressured the yuan. central bank researcher, said in a recent inter- labour union said in a message emailed to un- planned to sell all of its loss-making British pension scheme being spun off due to concerns The Chinese currency has depreciated nearly view that Beijing needed to stem outfl ows that ion members last week and seen by Reuters, assets. In July, however, it announced it was in that it would be taken over by the Pension Pro- 6% against a strong dollar this year and many risk putting the yuan into a potentially de- that Tata has only pledged to keep the two blast talks with ThyssenKrupp about creating a joint tection Fund (PPF), which would cut current traders are betting on further losses, raising the structive feedback loop. furnaces at Port Talbot running for three years, venture for its European operations. employees’ pension benefi ts. spectre of more capital fl ight. “At the moment, the fall in the yuan’s ex- The new rules would govern transfers abroad change rate is shaping market expectations. under the capital account for transactions such Depreciation triggers capital fl ight, and as portfolio or foreign direct investment, and capital fl ight exerts even bigger pressure on the Tata forces India Inc to pick sides at $100bn empire could knock some momentum from China’s yuan,” Wang said. overseas asset shopping spree, analysts say. “Therefore, it’s necessary to break this feed- Bloomberg “We definitely have a significant issue at hand, Tata Sons. The ousted Tata chief has also gained Chinese outbound investment deals totalled back loop...for example, by slowing capital Mumbai which is increasingly threatening to escalate support from HDFC chairman Deepak Parekh $530.9bn in the fi rst nine months of 2016, outfl ows,” he said. beyond conceivable proportions,” said Monish during the board meeting of the Tata hotels unit surpassing 2015’s record volume and helping Chinese state-owned banks were seen sell- Chatrath, a managing partner at MGC & KNAV that runs the Pierre in New York, according to China outstrip the United States as the top ac- ing dollars in the onshore foreign exchange The brawl atop India’s largest conglomerate isn’t Global Risk Advisory. “While a certain degree people familiar with the matter. quirer for foreign companies, Thomson Reu- market for a second straight day yesterday, in just splitting the $100bn Tata Group, it’s also of constructive tension at the board level is Mistry’s “attempts to turn around and discon- ters data show. what traders called a bid to support the yuan. forcing the nation’s business community to pick healthy and should be encouraged, it is criti- tinue some loss-making businesses of the “The new rules will have a very big impact The yuan has rebounded around 0.5% in the sides. cal to identify signs of conflicts that have the Tata group should have been applauded,” said on outbound deals,” said Luke Zhang, a part- past few sessions. That’s because many of India’s industry captains potential to intensify in magnitude and to nip Serum Institute of India chief executive officer ner at Zhong Lun Law Firm, who expects the While still the largest in the world, China’s are board members at Tata’s dozens of units. them in the bud.” Adar Poonawalla. “It is a loss for the Tatas for number of deals to go down “quite a lot”. foreign currency reserves have fallen to $3.17tn They include the heads of the nation’s oldest In the latest escalation, longtime Tata ally-turned- having lost such a person of integrity and SAFE always supports legitimate and com- at the end of September from a $3.99tn peak in conglomerate – the Wadia Group – top mortgage foe Nusli Wadia – whose group traces its roots competence.” pliant overseas direct investments, the regula- June 2014, indicating that authorities sold dol- provider Housing Development Finance Corp back to 1736 and built the ship on which the In Tata’s corner are the likes of Harvard’s Nitin tor said on its microblog late yesterday. lars to prop up the yuan’s value. and even the dean of Harvard Business School. American national anthem was composed – has Nohria, TVS Group chairman Venu Srinivasan, “Previously, only forex transfers worth Selling of the yuan and other emerging mar- Given the inter-linkages in the nation’s corporate threatened legal action after Tata Sons took steps Piramal Enterprises chairman Ajay Piramal and $50mn or more needed to be reported to SAFE. ket currencies has intensifi ed since Donald sector, the repercussions of this fight may be felt to oust him from the boards of various group Bain Capital India managing director Amit Chan- Now, the threshold has been drastically low- Trump’s upset presidential victory on Novem- for years. units. He was among directors that supported dra, all of whom voted in favour of Mistry’s ouster ered to $5mn, and covers both foreign currency ber 8. Expectations of higher fi scal spending At the heart of the tussle is the October ouster Mistry staying on as chairman of Tata Chemicals. as Tata Sons chairman, according to people and yuan,” said one of the sources with direct and interest rates under a Trump administra- of Cyrus Mistry as chairman of group holding Intensifying the divide, Tata Sons wrote on familiar with the boardroom coup. knowledge of the rules. tion have boosted US bond yields and the lure company Tata Sons by his 78-year-old predeces- November 24 to Wadia that it does not need to The feud is likely to escalate next month, when “All we can do is to ask clients to be patient, of the dollar. sor Ratan Tata. Ever since then, both sides have provide a reason in seeking his removal as an Tata units will begin holding extraordinary gen- and tell them that the transaction is being vet- The new curbs, if adopted, are likely to have traded a relentless string of accusations, with independent director at a group company, ac- eral meetings to vote on the removal of Mistry ted by SAFE for authenticity and may not be an impact on deals, said Greg Burch, who works the animosity exacerbated by Mistry’s eff orts to cording to a letter seen by Bloomberg. from the boards of individual group units such as approved.” on mid-market China outbound M&A deals as remain chairman of key listed companies such as Mistry is backed by his father, who is India’s Tata Consultancy Services, Tata Chemicals and One of the sources said that even if an out- a Hong Kong-based partner at the Locke Lord Jaguar Land Rover-owner Tata Motors. fourth-richest man, and the family holds 18.5% of Tata Power. bound investment had already obtained ap- law fi rm. Gulf Times 14 Wednesday, November 30, 2016 BUSINESS

Five things to know about holding company review

Reuters Samsung considers split as Seoul

Tech giant Samsung Electronics said yesterday it is considering whether to create a holding company as part of a corporate restructuring review. investor’s pressure builds Following are some details on the deliberations and implications of any change implemented: Reuters Seoul What is a holding company? A holding company is one that owns other companies’ stock. Holding companies typically do not run their own businesses and ech giant Samsung Electronics, are used to control various aff iliates or subsidiaries. under pressure from shareholders South Korea’s government is pushing local conglomerates to Tto improve investor returns, said gradually move to a holding company structure to improve yesterday it will consider creating a hold- transparency and corporate governance. ing company in what would be the biggest Some of the country’s biggest conglomerates such as LG Group shake-up in its 47-year history. have established a holding company in order to streamline their The move and a plan to raise dividends ownership structure. come after US hedge fund Elliott Manage- ment in October called for the South Kore- Why would Samsung Electronics consider such a move? an fi rm to split itself into a holding vehicle Investors and analysts have long suspected that Samsung and an operating company. Electronics will move to split itself into an ownership company and However, the world’s top maker of an operating company as part of a complicated set of steps to boost smartphones, memory chips and tel- Jay Y Lee and other Samsung Group founding Lee family heirs’ evisions, said it was “absolutely neutral” control of the conglomerate’s top company. about whether to proceed and provided While Samsung did not comment on how it might transition to a little detail on the potential restructuring, holding company structure, analysts say Samsung could engineer a underwhelming investors. split in a way that existing shareholders are left with shares in both “The review does not indicate the man- the ownership company and the operating company. agement or the board’s intention one way Samsung’s holding company then can off er its own shares to or another,” the company said in a state- investors in exchange for shares in the operating company. ment, adding it had hired external advis- This would boost the ownership company’s stake in the operating ers for a review expected to take at least six company while providing a way for the Lee family and other months. Samsung Group aff iliates to raise their stake in the ownership Shares in Samsung, worth $224bn com- company. bined, fi nished unchanged on the day at 1.677mn won ($1,434) each. Why now? The 2016 dividend boost fell short of US activist hedge fund Elliott Management, which owns 0.6% of some expectations, while uncertainty over Samsung, in October proposed that Samsung be split in two as the restructuring kept investors at bay, part of a wide-ranging set of proposals the fund says will boost analysts said. shareholder value. “There is some disappointment that the Samsung said last month it would respond to Elliott’s proposals by dividend wasn’t even higher or possibly a the end of November. special dividend and this is the reason for a fl at share price today,” said Sat Duhra, How would such a restructuring benefit investors? asset manager at Henderson Global Inves- Elliott has argued such a move would help streamline Samsung tors. Group’s complicated ownership structure and improve Samsung did not directly mention El- transparency, thus improving valuation of Samsung. liott in its statement, but the Korean fi rm Some investors say Samsung Electronics may boost payouts promised to respond to the fund’s ideas by once the Lees and other Samsung aff iliates have bolstered their the end of November. ownership of the company. Samsung pledged to return 50% of free Jay Y Lee and his two sisters face a multi-billion dollar inheritance cash fl ow to shareholders for 2016 and tax burden in the event their father and Samsung Group patriarch, 2017, falling short of Elliott’s call for 75% The headquarters of Samsung Electronics in Seoul. The world’s top maker of smartphones, memory chips and televisions, said it 74-year-old Lee Kun-hee, passes away. to be returned and to pay a $26bn special would increase dividends for 2016 by 36% to 28,500 won ($24.36) per share, and buy back and cancel additional shares in January The elder Lee remains incapacitated following a May 2014 heart dividend. 2017 with whatever excess free cash remains from 2016. attack. Samsung rejected another Elliott pro- Increased payouts following a restructuring would also benefit posal by saying that even if it adopts They have said that Samsung shares in the holding fi rm, strengthening their ity shareholders.” Samsung said it would Samsung’s other investors. a holding company, it has no plans at trade at steep discounts to global peers due grip. Samsung Electronics would then re- increase dividends for 2016 by 36% to present to merge that with Samsung C&T to what they say is a complex ownership turn more capital to shareholders, inves- 28,500 won ($24.36) per share, and buy What are the potential obstacles? Corp, the group’s current de facto holding structure, poor corporate governance and tors say. Such a move would boost earnings back and cancel additional shares in Janu- Samsung Electronics executives said yesterday they need to company. ineffi cient cash management. for Samsung Group fi rms and the Lee heirs, ary 2017 with whatever excess free cash consider various potential implications of moving to a holding “I don’t think Samsung said much that The hope is that a major restructuring who face a multi-billion dollar inheritance remains from 2016. company structure, such as potential changes in how the company was surprising or beyond what inves- would address those concerns and boost tax in the event that 74-year-old Samsung The fi rm also said it needed to maintain would be taxed and other regulatory requirements. tors already had in mind,” said HDC Asset the company’s value. Group patriarch Lee Kun-hee dies. a net cash position of between 65tn won South Korean laws also mandate a holding company must own at Management fund manager Park Jung- Samsung executives did not elaborate The senior Lee has been in hospital since and 70tn won, suggesting it is not likely to least 30% of its publicly traded aff iliates. hoon. on the restructuring in a conference call May 2014 following a heart attack. pay the special dividend sought by Elliott. Samsung Electronics would need to buy additional shares in Investors and analysts have long viewed yesterday. Henderson’s Duhra said the asset man- Elliott says Samsung has the highest net companies such as Samsung SDI Co Ltd, Samsung Electro- a split for Samsung Electronics as a way But under a restructuring, investors ager would be satisfi ed with a restructur- cash position and lowest dividend payout Mechanics Co Ltd and Samsung SDS Co Ltd to meet such for the Lee family scion, Jay Y Lee, and his would expect the Lees and affi liates in the ing if it addresses “decades of ineffi cient ratio compared with its global peers of requirements, which could cost it billions of dollars. two sisters to boost their control of Sam- Samsung group of companies to exchange structures, poor governance and weak Qualcomm, Apple and TSMC due to its sung Group companies. their operating company shares for stock corporate behaviour towards minor- conservative cash management. DBS, Bank of Singapore ready for Nissan to off er maintenance-alert acquisitions in wealth mission service in foray into connected cars Reuters The new service will be enabled by a telematics Bloomberg Bahren Shaari said in a separate TV inter- That takes it closer to DBS, which was Yokohama control unit which will enable the automaker and Singapore view. ranked fi fth in Private Banker Internation- its dealer network to access information about the The two banks have already announced al’s annual survey of Asia Pacifi c banks, with car’s diagnostics and location, alerting the driver to at least $400mn of acquisitions this year $79bn of high-net worth client assets. issan Motor will make its fi rst major foray any required maintenance work. BS Group Holdings and Bank of Sin- as they seek to compete with larger western DBS is among companies considering into Internet-connected cars by off ering an “With connectivity we can provide better infor- gapore, Asia’s largest home-grown rivals such as UBS Group. OCBC completed bids for ABN Amro Group’s private-banking Noption in some new vehicles that will use mation and better service off erings to our custom- Dprivate banks, will consider more ac- its purchase of Barclays Plc’s wealth-man- business in Asia, a deal that could fetch more big data technology to notify drivers when vehicle ers,” Kent O’Hara, Nissan corporate vice president quisitions as they grapple for a bigger slice of agement units in Singapore and Hong Kong than $300mn, people with knowledge of the maintenance is required. and head of its global aftersales division, told re- business from the region’s growing number on Monday, while DBS said last month it will matter said last month. As automakers compete fi ercely to develop self- porters at a briefi ng. “We’ll know what’s wrong of millionaires. buy Asian retail and wealth businesses from Tan didn’t comment directly when asked driving cars and improve the customer experience with that vehicle, we’ll know where the vehicle is, DBS would look at any deal that fits with Australia & New Zealand Banking Group. about a bid by her bank for those assets, in- inside vehicles, Japan’s second-largest car maker we’ll know what parts are needed for the vehicle... its strategy and is at the “right” price, the “Consolidation will continue,” Shaari stead reiterating her earlier statements that said yesterday it will begin rolling out the service in and we can provide convenient service and alterna- bank’s consumer and wealth head Tan Su said. “That’s to be expected. You need scale, a deal would have to fi t with the direction of Japan and India in 2017, followed by other countries tive transportation options.” Shan told Bloomberg Television’s Haslin- you need a competitive advantage to work in the bank. through 2020. He added that connectivity services and other da Amin yesterday. Bank of Singapore, this highly regulated, competitive environ- “We look at deals if it fi ts in with our over- With the availability of new mobility options new technologies would contribute 25% of the au- Oversea-Chinese Banking Corp’s private- ment.” all strategy and there’s price discipline and including ride-hailing and car-sharing services tomaker’s aftersales revenues by 2022, from “low, banking arm, “will definitely evaluate” The Barclays deal pushes his fi rm’s as- we have both the bandwidth and the opera- threatening to cool demand for individual car own- single digits” at the moment. any opportunities, chief executive officer sets under management to more than $75bn. tional expertise to do so,” Tan said. ership, automakers are looking for new ways to at- Aftersales generally account for around 14% of tract loyal drivers. automaker revenues, according to industry experts. Toyota Motor Corp, Japan’s biggest car maker, O’Hara said that connectivity services would en- announced earlier this month that it will have a able Nissan to “enjoy some growth in our retention similar alerting feature in the domestic version of of customers over what we experience today”. the upcoming Prius plug-in model. Nissan declined to off er pricing details on the de- And Ford Motor last month announced that by vice, but the company is focusing on marketing new year’s end, some of its models will be able to com- technology in mass-market models. municate with smart home devices using Amazon’s Many automakers often reserve sophisticated Alexa voice service. services and functions to higher-end models. Ear- Nissan said that it would also market the device lier this year, Nissan launched a minivan in Japan required to access the service, which can be retro- which can self-drive on single-lane motorways and fi tted into existing models. navigate congestion, while this month it launched In the future, 30% of its existing vehicles would its new gasoline-electric hybrid powertrain in its eventually be equipped with the hardware, it said. Note subcompact car for the Japanese market.

Rio seeks iron ore premium from China mills in likely pricing war revival

Australian miner Rio Tinto is asking Chinese steel Previously, Rio was selling the ore at a premium mills to pay a premium for its highest grade iron ore only to traders. product for the first time since an annual pricing The miner has also pushed up the premium it seeks system collapsed in 2010, two sources familiar with from traders to between $2 and $2.50 per tonne over the situation said. the index price for the same product for January to The demand by the world’s No 2 iron ore miner April, they said. comes as Chinese steel producers recover from years That would be a record high and up from a pre- of losses, buoying demand for the steelmaking raw mium of $1.50 for the four-month period through De- material, but could revive tensions between miners cember this year, said one of the sources who works and mills over pricing that they seemed to have closely with Rio in China. ditched six years ago. From Chinese mills, Rio initially sought a 15-cent Rio is seeking up to $1 per tonne more than the premium, but this week increased it to about $1, said index price for its Pilbara iron ore product, or PB fines, the same source. from Chinese mills on long-term contracts for 2017, “The steel market is so hot this year and they think the sources said, in a break from a years-long trend of it’s something that buyers can accept,” the source A DBS booth is seen at the Fintech Festival in Singapore. The bank is among companies considering bids for ABN Amro’s private-banking pricing at spot values. said. “If Rio gets it, other miners may follow.” business in Asia, people with knowledge of the matter said. Gulf Times Wednesday, November 30, 2016 15 BUSINESS

Facebook’s plans for WhatsApp stumble over EU privacy concerns

Bloomberg in an interview in Paris. “It’s probably a bit their October letter urged the Menlo – in other words, improve eff iciency, behaviour helps pay for web services that she’s seen “a real change in the behaviour Paris more complicated than that.” Park, California-based technology giant Williamson said. But it’s also an opening people think of as free. Antitrust regula- of US technology companies with the Facebook already suspended its policy to better explain its plans. “We told them into new business opportunities, because tors might see problems if a company EU group and national data protection shift after European privacy regulators that such a merging of data is not neces- cross-analysing data gives advertisers holds data that can’t be duplicated by authorities.” Facebook’s stalled plans to leverage What- warned last month they had “serious sarily welcomed,” said Falque-Pierrotin. ammunition to better target users on each anyone else. While European watchdogs’ fining pow- sApp’s user data are about to hit another concerns” about the sharing of What- Facebook didn’t immediately respond to platform, she said. Facebook’s recent suspension of ers remain minimal, in some cases even regulatory bump in Europe. sApp user data for purposes that weren’t an e-mailed request for comment. “There’s always the spectre of regula- cross-platform sharing of personal data non-existent, new EU-wide rules will take Isabelle Falque-Pierrotin, who heads a included in the terms of service and “Data is at the root of what Facebook tion when it comes to targeted advertising, throughout the EU “might be seen as a eff ect in 2018 that could boost sanctions panel of Europe’s privacy watchdogs, said privacy policy when people signed up to does – what users do on and off the privacy is always lurking in the back- watershed moment” in European privacy by any of the bloc’s national regulators to Facebook will probably face “additional the service. But Facebook’s response to platform, it uses that data to improve its ground as a serious concern,” Williamson law and regulation, said David Cantor, a as much as 4% of a company’s global an- action” over using WhatsApp’s data for its the letter needs a much closer look, said service and fuel its advertising business,” said. “Anything that happens on WhatsApp Brussels-based lawyer at Telecommunica- nual sales. The rules have also killed once own advertising purposes when the group Falque-Pierrotin. Debra Aho Williamson, principal analyst at could trickle into the rest of Facebook as tions Law & Strategy. “This, however, is and for all the argument that European of regulators meets next month. Facebook The merging of WhatsApp’s data is the research firm eMarketer, said in a phone it tries to put the data from all its services a provisional position, which ensued in privacy laws don’t apply to US companies, has stopped merging some of the mes- first step by Facebook towards monetising interview. “Facebook has been building into one giant data warehouse.” reaction to multiple national objections said Falque-Pierrotin. saging service’s data with its own, but not the platform since the social network’s a business based on advertising using The companies’ August announcement and expressions of concern.” “That argument is dead and the last necessarily all of it, she said. chief executive off icer Mark Zuckerberg data, and the ability to generate a revenue also triggered renewed questions from the The case shows that “the only way word’s been said about how seriously “Looking at the evidence we have, bought the company for about $22bn in stream from WhatsApp is part of that.” EU’s antitrust watchdog, who had cleared to address these big companies” is to these companies should take European the companies have stopped merging 2014. The EU’s 28 privacy commission- Using WhatsApp’s data combined with the takeover deal two years earlier. coordinate actions across Europe, Falque- privacy laws,” she said. “But this still needs data but possibly not for all WhatsApp ers, who meet regularly as the so-called its own is important to Facebook because EU Competition Commissioner Mar- Pierrotin said. patience. The stakes are extremely high services,” Falque-Pierrotin, who also heads Article 29 Working Party, coordinated it lets the company off er advertisers a grethe Vestager has warned that personal Since privacy regulators began col- for the companies and I understand that France’s data privacy authority CNIL, said their actions against Facebook and in single entry into its several platforms data gathered by searches and online laborating in Europe, Falque-Pierrotin said they’re fighting this with tooth and nail.”

UK regulator goes to ECB ‘ready to buy’ more Europe to force reform at BT Openreach

Reuters optics which currently connect Italian bonds if Sunday’s London only 2% of premises, and is run to serve BT’s bottom line rather than the interests of Britain’s ritain’s telecoms regula- broadband needs. tor will go to the Euro- TalkTalk said Openreach had Bpean Commission to try become a household name “for to force BT to legally separate all the wrong reasons”. crucial vote rocks market Openreach, the division that “We do not think legal sepa- supplies broadband to millions ration goes far enough to de- Rome would need to formally of homes and businesses, in a liver the broadband consumers ask for longer-term support; major reform aimed at spurring deserve, (but) it is at least a step ‘no’ vote in referendum could investment in the country’s in the right direction,” TalkTalk trigger resignation of PM ageing network. chief executive Dido Harding Renzi The regulator, which despite said in a statement. Britain’s vote to leave the Eu- Shares in TalkTalk rose 4.2% Reuters ropean Union still needs Euro- as analysts said a more trans- Frankfurt pean Commission support to parent Openreach would show force through change at Open- whether it and other smaller reach, wants BT Openreach to providers had been paying over he European Central Bank plough more money into up- the odds for access to the net- is ready to temporarily grading its copper networks to work. Tstep up purchases of Ital- fi bre to catch up some European BT has taken steps to make ian government bonds if the re- rivals and the likes of South Ko- Openreach more independent sult of a crucial referendum on rea and Japan. and transparent, and on Mon- Sunday sharply drives up bor- Ofcom’s decision to up the day it appointed former Ofcom rowing costs for the eurozone’s ante follows the failure to reach board member Mike McTighe largest debtor, central bank a voluntary deal after more as the fi rst chairman of a new sources told Reuters. than a year of talks. independent Openreach board. Italian government debt and “(The board) will ensure that bank shares have sold off ahead The regulator wants BT Openreach treats all customers of the December 4 referendum Openreach to plough more equally whilst investing in bet- on constitutional reforms be- money into upgrading its ter service, broader coverage cause of the risk of political tur- copper networks to fi bre to and faster speed broadband,” moil. catch up some European BT said. Opinion polls suggest the rivals and the likes of South It said it believed its pro- ‘No’ camp is heading for victo- Korea and Japan posals were fair and sustain- ry, which could force out Prime able and met Ofcom’s objec- Minister Matteo Renzi in the It said it was “disappointed” tives without disproportionate latest upheaval against the rul- that BT had not done enough costs. But it has been reluctant ing establishment sweeping the to separate Openreach from the to surrender ultimate control developed world. rest of the group. over Openreach. The ECB could use its €80bn It had ordered the former It said two issues were out- ($84.8bn) monthly bond-buying state monopoly to run the net- standing: the reporting line of programme to counter any im- work arm as a legally separate the Openreach CEO and the mediate, further spike in bond A rower paddles on the River Main on sun rise, as the ECB headquarters stands beyond in Frankfurt. The ECB could use its €80bn ($84.8bn) company in July. form of legal incorporation. yields after the vote, smoothing monthly bond-buying programme to counter any immediate, further spike in bond yields after Sunday’s crucial referendum, smoothing “Some progress has been Ofcom said BT’s proposals market moves and supporting market moves and supporting bonds, according to four eurozone central bank sources who asked not to be named. made, but this has not been did not go far enough in trans- bonds, according to four euro- enough, and action is required ferring people and assets, and zone central bank sources who space to help Italy, which will be parture would lead to political near the 7% level that prompted cue programme for its banking now to deliver better outcomes in reducing the level of infl u- asked not to be named. used, if needed. instability and bolster the anti- emergency ECB purchases in sector. for phone and broadband us- ence that BT Group could still The sources added the scheme The asset purchase pro- establishment 5-Star Move- 2010-11 and eventually led to the This would also unlock fur- ers,” the regulator said yester- exert on Openreach. was fl exible enough to allow for gramme has built-in fl exibility,” ment, which has called for a resignation of Prime Minister ther, country-specifi c ECB pur- day. It said it remained open to a temporary increase in Italian said one of the sources. “The key referendum on eurozone mem- Silvio Berlusconi. chases of Italian debt, known Shares in BT rose 1.7% to BT bridging the gap between its purchases and that such a move is that the ECB has to be con- bership. Italian banks’ share prices in- as Outright Monetary Trans- 356 pence by 1159 GMT, with proposal and what is required would not necessarily need to be vinced the volatility can be over- Speaking in public, ECB offi - dicate investors are concerned actions (OMT). These, unlike analysts saying that the pros- to address its “strong competi- rubber-stamped by the ECB’s come by using this fl exibility.” cials remain sanguine. about their ability to raise the the current asset-purchase pect of a long legal tussle in tion concerns”. Governing Council, which is due The ECB declined to com- Draghi emphasised on Mon- cash they need to work off their programme, are not tied to the Europe and uncertainty over “We will continue to work to meet on December 8 to de- ment. With one of the world’s day that Italy’s debt was sus- huge piles of unpaid loans, a “capital key”, or how much capi- how Brexit may aff ect this ef- with Ofcom to reach a volun- cide on whether to keep buying largest public debt piles, Italy’s tainable, albeit with no room legacy of the fi nancial crisis that tal each country has paid into fectively bought BT time to tary settlement that is good for bonds after March. borrowing costs are closely for complacency given its huge is hampering confi dence in the the central bank. reach a deal. customers, shareholders, em- But they stressed this would watched as a potential fl ash- sovereign debt pile. Vice Presi- sector and curbing economic “There is a risk that a bout of Citi said in a note that it ployees, pensioners and invest- be limited to days or weeks, to point for market instability in dent Vitor Constancio opened growth. volatility would have a broader was positive that Ofcom had ment in the UK’s digital future,” counter any immediate market the wider eurozone. the door to an ECB intervention Shares in Italian bank Monte impact on the bank sector,” one stopped short of breaking up it said. volatility, because the asset- They risked spiralling out of last week but also stressed that dei Paschi di Siena are near all- of the sources said.” At that the company, while Accendo BT has said Ofcom’s pro- purchase programme was de- control during the sovereign debt still-low Italian bond yields did time lows over concerns it may point, it’s not for the ECB to act. Market’s Mike van Dulken said posals to separate its assets signed to shore up infl ation and crisis until ECB President Mario not point to investor fears that fail to raise the €5bn it needs as That’s typically where OMT that “BT shares have bounced and people would have a dam- economic growth in the entire Draghi pledged in 2012 to do the country may crash out of the part of a rescue plan agreed with needs to come in with all the re- back to positive territory on aging impact on its pension, eurozone and was not intend- whatever it took to save the euro. eurozone. the ECB, which is also the euro- quirements, including a (rescue) hopes that Europe, for all its which is the largest private- ed to fi ght crises in individual Renzi has said he will resign if Indeed, the health of Italian zone’s banking supervisor. The programme.” red tape, will actually compli- sector scheme in Britain and countries. Italians reject his constitutional banks, rather than the govern- stock of larger peer UniCredit, Asking for such a programme cate the matter and delay the which had a deficit of €7bn This means that, if Italy or reforms, which would drastical- ments’ own borrowing costs, which is also planning a cash has been an unpalatable option process”. ($8.73bn) when last measured its banks needed longer-term ly reduce the powers of the up- may be Rome’s biggest worry in call, is also close to a record low. for Rome as it would require pri- BT’s rivals, including Sky, in 2014. fi nancial support, Rome would per house of parliament and take the aftermath of a ‘No’ vote. Eurozone central bank sources vate investors in banks to lose TalkTalk, Vodafone, say Open- Ofcom said the pension is- need to formally ask for help. back some decision-making Italy’s 10-year bond yields say there is little the ECB can do their money in a so-called bail- reach delivers poor service, sues could be overcome, with a “The Governing Council un- powers from the regions. stand at 2%, the highest level in about the banks’ need for capital in before European public fund- does not invest enough in the number of possible mitigations derstands that there is some Investors worry that his de- more than a year but nowhere unless Italy itself asks for a res- ing can be used. network, particularly in fi bre available. Bank regulators seek ‘miracle’ deal on capital before Trump

Bloomberg the European Central Bank, is racing to nancial services, said on November 25. Byres, chairman of the Australian Pru- rules, about which the two nations have resolve their disagreements in Santiago, London meet a year-end deadline for complet- “On the other hand, we take the posi- dential Regulation Authority, said ear- frequently been at odds. outstanding issues would probably be ing the standards. tion that a quick deal isn’t necessarily a lier this month. “Behind the scenes “A coordinated and concerted ap- kicked up to the regulator’s oversight The US has pushed for strict rules good deal. We won’t necessarily accept there is still much horse trading to do.” proach by the French and German fi - body, led by ECB president Mario Draghi, lobal banking regulators are to protect against future market melt- timing over quality.” Germany added to the drama sur- nancial supervisors proves to be a valu- according to two people familiar with the scrambling to reach a compro- downs, whereas Europe and Japan have At issue are curbs on banks’ abil- rounding the talks, warning earlier this able support in the negotiations at the deliberations. The goal would still be to Gmise on new capital standards, warned the Basel Committee’s pro- ity to use their own complex models to month that it’s prepared to walk away Basel Committee,” Dombret said. “The complete the overhaul on schedule at the as political support wanes in Europe posals could hit banks with billions in estimate asset risk for setting capital from the negotiating table unless it wins positions of the Banque de France and January meeting of the oversight group, and the US for new curbs on the indus- costs. The election of Donald Trump, requirements. The US has long been major concessions. The rare public ulti- the Bundesbank are closely aligned.” the people said, declining to be identifi ed try. who has vowed to roll back fi nancial sceptical of such models, while Europe matum delivered by Andreas Dombret, European regulators have called for because the talks are private. The Basel Committee on Banking regulations, created uncertainty before and Japan insist they provide more ac- a member of the Bundesbank Executive the Basel Committee to scrap key ele- “We should have something which Supervision met in Santiago, Chile, on the meeting about possible changes of curate assessments in many cases. The Board, capped months of increasingly ments of the rules, including an “output works for Europe, which works for Sunday and yesterday to try to bridge the US position and its commitment to Basel Committee is trying to prevent strident opposition in Europe to the Ba- fl oor” that limits the extent to which European banks,” Frederic Oudea, deep divides between the US, Europe the international framework. banks gaming the rules while living up sel Committee’s proposals. banks can lower their capital require- chief executive officer of Societe and other nations on a package of rules “Missing the end-year deadline for to a pledge that capital requirements The German position is shared by ments by using internal models com- Generale, said last week. “Definitely billed as the fi nal international regu- an agreement would damage the cred- won’t increase signifi cantly as a result France, Dombret said in an opinion piece pared with formulas set by regulators. there is a need to change what was latory response to the 2008 fi nancial ibility of the standard-setting process,” of the revised rules. “If the committee published in French business daily Les The US has supported fl oors to guard initially proposed. And we’re saying crisis. The Basel Committee, which John Berrigan, the European Commis- achieves all these things to everyone’s Echos on Sunday. That’s not always the against banks gaming regulations. that it’s better to have no agreement includes the US Federal Reserve and sion’s deputy director general for fi - satisfaction, it will be a miracle,” Wayne case when it comes to European banking If the Basel Committee members can’t than a bad agreement.” Wednesday, November 30, 2016 GULF TIMES BUSINESS

QSE languishes in negative terrain for the second straight session

By Santhosh V Perumal cal Holding and Aamal Compa- Business Reporter ny saw their stocks appreciate modestly. Non-Qatari institutions’ oreign institutions’ in- net selling increased consider- creased net selling and ably to QR55.31mn compared to Flocal retail investors’ QR18.99mn on Monday. bearish outlook yesterday led Local retail investors turned the Qatar Stock Exchange lan- net sellers to the tune of guish in the negative terrain for QR7.19mn against net buyers Participants of the GSO Technical Committee for Renewable Energy and Power Storage Technologies (GSO-TC13) inspecting a solar panel facility in Doha during their field trip. the second straight session. of QR12.13mn the previous day. Notwithstanding the strong However, domestic institu- buying support from domes- tions’ net buying strengthened tic and Gulf institutions, the perceptibly to QR42.89mn 20-stock Qatar Index shed compared to QR7.31mn on No- 53 points or 0.54% to 9,636.4 vember 28. points as investors look to to- The GCC (Gulf Coopera- day’s meeting of the Organisa- tion Council) institutions were tion of Petroleum Exporting net buyers to the extent of GORD, GSO host meet on Countries on production cut. QR17.15mn against net sellers The market’s year-to-date loss- of QR1.98mn on Monday. es have widened to near 8%. The GCC individual inves- Banking stocks largely came tors’ net buying increased under severe selling pressure to QR0.53mn compared to on the bourse, where domestic QR0.29mn the previous day. renewable energy, power institutions and Gulf individual Non-Qatari individual investors were increasingly net investors’ net buying also buyers. strengthened to QR1.92mn Trade turnover and vol- against QR1.22mn on Novem- umes were on the increase in ber 28. the market, where telecom and Total trade volume rose 7% to banking sectors together ac- 5.88mn shares, value by 28% to storage technologies counted for about 72% of the QR188.7mn and deals by 18% to total volume. 2,805. he Gulf Organisation for such committees between the gard at the international level GORD, representing Qatar in the the meeting, a number of field Islamic stocks were seen The insurance sector’s trade Research and Develop- GCC states is beyond doubt very and shared regional case stud- committee. visits were arranged for the dropping slower than the con- volume grew seven-fold to Tment (GORD) recently benefi cial as it will facilitate im- ies with a discussion “on their Abdul Aziz Shuweir, repre- members of the committee. ventional ones in the bourse, 0.21mn equities and value by hosted in collaboration with proving the codes and specifi ca- outcomes and learnings” in the sentative of the Standardisation They first visited Technohub where non-Qatari retail inves- about 13-fold to QR16.52mn GCC Standardisation Organisa- tions of materials and systems relevant fi eld. Organisation of the Gulf Coop- — located at the Qatar Science tors were also increasingly net on almost quadrupled transac- tion (GSO) the inaugural meet- related to renewable energy and A fi ve-year action plan has eration Council (GCC) endorsed & Technology Park, where Dr buyers. tions to 149. ing of the GSO Technical Com- hence, its performance in our been developed by the com- the importance of the GSO- Essam al-Sarrag, director (Re- Market capitalisation erod- The banks and fi nancial serv- mittee for Renewable Energy region’s climate.” mittee for its future projects in TC13 and its role in standardis- search) at GORD, briefed them ed about QR4bn or 0.74% to ices sector’s trade volume more and Power Storage Technologies The GSO-TC13 members re- compliance with the interna- ing regional specifi cations and about the various research QR518.6bn mainly on 1.05% than doubled to 2.06mn stocks, (GSO-TC13) in Doha. viewed the topics presented by tional and regional standards. assured that GSO was ready to projects related to renewable slump in large cap equities, value soared 76% to QR85.04mn The two-day meeting held each state and discussed the ac- Al-Horr praised the achieve- support the technical committee energy. although small and midcaps and deals by 21% to 776. at the Movenpick Hotel was at- tion plan for regional standardi- ments and contributions from to carry out the tasks assigned They also visited Texas A&M gained 0.68% and 0.38% re- There was 58% surge in the tended by members from vari- sation in the fi eld of renewable the GCC states that were pre- to it in line with the objectives University at Qatar campus to spectively. real estate sector’s trade vol- ous GCC countries. energy technologies and energy sented during the meeting of the member states to maxim- see two of their research projects The Total Return Index ume to 0.84mn shares, 43% in In his opening address, Dr storage. and shared the recent research ise the use of renewable energy — Smart Grid Center and the shrank 0.54% to 15,591.05 value to QR14.28mn and 24% in Yousef al-Horr, founding chair- Members also discussed the projects in “dual solar thermal sources. Sustainable Energy and Clean points, All Share Index by transactions to 226. man, GORD, said, “Organising latest developments in this re- and solar panels” undertaken by Following the first day of Air Research Laboratory. 0.53% to 2,658.09 points and Al However, the transport sec- Rayan Islamic Index by 0.19% tor’s trade volume plummeted to 3,561.87 points. 51% to 0.17mn equities and val- Banks and fi nancial serv- ue by 23% to QR7.16mn, while ices saw its index plunge 1.67%, deals expanded 31% to 149. Saudi stocks pull back with oil retreat; profi t-taking resumes in Egypt real estate (0.64%) and indus- The consumer goods sector trials (0.07%); whereas tel- reported 51% plunge in trade Reuters major technical resistance on the April peak of 6,876 analysts had feared. Insurance stocks favoured by local ecom gained 1.88%, insurance volume to 0.19mn stocks, 35% Dubai points. retail speculators also surged yesterday, with Al Rajhi (0.89%), transport (0.8%) and in value to QR18.84mn and 5% The banking and petrochemical sectors, which led Takaful up 3.9%. consumer goods (0.74%). in transactions to 338. the market up during most of its rebound this month, Speculative activity in small caps also supported markets Major losers included QNB, The telecom sector’s trade Saudi Arabia’s stock market gave up early gains by the underperformed yesterday; banks dropped 0.3% and in the UAE. Dubai’s index rose 0.7% as Dubai Investments Masraf Al Rayan, Qatar First volume tanked 27% to 2.16mn close yesterday as oil prices pulled back, while other Gulf petrochemicals lost 0.6%. surged 3.2%. Abu Dhabi’s index edged up 0.1%, buoyed by Bank, Ezdan, Barwa, Mazaya shares and value by 17% to bourses were mixed. Profit-taking pulled Egypt’ market Much activity focused on smaller stocks with retailer Jarir banks, with Abu Dhabi Commercial Bank adding 1.8%. Qatar, Industries Qatar, Gulf QR28.74mn, whereas deals lower after big gains this month. Marketing, beaten down earlier this year by economic Egypt’s index fell 0.9% as profit-taking resumed after its International Services and were up 5% to 801. Brent crude oil fell around 2% to below $47.50 a barrel slowdown due to low oil prices, jumping 6.1%. 37% jump in the weeks after the November 3 float of the Qatari German Company for The market witnessed 7% yesterday afternoon on signs that oil exporters were Central bank data showed cash withdrawals from Egyptian pound. Medical Devices. decline in the industrials sec- struggling to agree a deal to cut production. This pulled automated teller machines edged up in October, Elsewhere in the Gulf, the Kuwait index edged up 0.1% to Nevertheless, Ooredoo, Vo- tor’s trade volume to 0.25mn the Saudi stock index down 0.1% in active trade to 6,897 suggesting cuts to public employees’ financial allowances 5,544 points, the Oman index edged down 0.1% to 5,481 dafone Qatar, Milaha, Qatar In- equities but on 27% increase in points at the close. It failed to confirm a clear break of might not be hurting consumption as much as some points and the Bahrain index was flat at 1,177 points. surance, Commercial Bank, Al value to QR18.11mn and 29% in Khaliji, Mesaieed Petrochemi- transactions to 366.

Qatargas wins ‘Sword and Globe of Honour’ awards

atargas’ Shipping De- partment has received Qthe Sword and Globe of Honour awards from the British Safety Council for the third con- secutive year, it was announced in a statement. “These awards represent the pinnacle of achievement in health, safety, and environmen- The Sword and Globe of Honour were presented to Qatargas CEO tal management, and are testa- Khalid bin Khalifa al-Thani at a ceremony held recently in London. ment to Qatargas’ commitment to safe working practices and Council, I sincerely congratulate You can legislate for compli- environmental stewardship,” Qatargas’ Shipping Department ance, but you have to inspire the statement said. on winning a Sword and Globe people towards excellence. The Sword of Honour recog- of Honour for 2016.” “The winners of the Sword nises excellence in health and She said the Sword of Honour of Honour and Globe of Hon- Doha Bank off icials with the latest awards from ‘The Banker Middle East Industry Awards’. safety management, while the and Globe of Honour represent our Awards are exemplars of Globe of Honour is awarded to the “most prestigious” awards best practice and all have in- businesses that demonstrate for the management of health spirational stories to tell about excellence in environmental and safety and environmental their journey towards achieving Doha Bank bags 3 awards at ‘The Banker management. Both awards were risks. these accolades. These stories presented to Qatargas CEO Kha- Leading organisations, ac- will inspire other organisations lid bin Khalifa al-Thani at a cer- cording to her, are increasingly to follow their lead and move all Middle East Industry Awards 2016’ emony held recently in London. adopting an integrated approach, employers towards our vision Khalid bin Khalifa al-Thani placing environmental protec- that no-one should be injured or Doha Bank has again bagged top honours source of great encouragement for us to Doha Bank’s Al Dana savings account off ers said: “We are deeply honoured tion on an equal footing with made ill at work.” at ‘The Banker Middle East Industry Awards push our limits in creating products and customers a wide range of banking benefits, to receive both the Sword of health and safety, making their To compete for the Sword of 2016’ in three main categories, it was services that meet the changing needs of including a free Visa International debit card Honour and the Globe of Hon- operations more sustainable. Honour and Globe of Honour, announced in a statement. our customers,” said Doha Bank CEO Dr R and online-, SMS-, and the newly-introduced our for the third consecutive “The winners of the Sword Qatargas’ Shipping Department The awards, ‘Best Web/Mobile Banking Seetharaman. Apple Watch-banking services. year. These prestigious awards and Globe of Honour awards are was fi rst required to achieve the Service’ for the Doha Bank mobile app, The Lulu Doha Bank shopping credit card Customers can also manage their utility bill are testament to the world class beacons of excellence in their maximum fi ve stars in both the ‘Best Savings Account’ for Al Dana Savings off ers an “unbeatable” value proposition on payments through their Al Dana account standards we maintain at Qa- sector and they should be ex- British Safety Council’s occupa- scheme and ‘Best Co-Branded Credit Card’ everyday spends, with cardholders saving and transfer funds across multiple accounts targas, and our commitment to tremely proud of their achieve- tional health and safety and en- for the Lulu Doha Bank shopping credit card, 5% on every purchase via shopping points and to third parties, as well as send money operating safely, effi ciently and ment. It takes many years of vironmental management audit were received by the head of IT, Mohamed each time they shop at Lulu stores in Qatar. overseas at the most competitive exchange reliably. Our dedication to safe hard work and commitment to schemes from August 2015 to Abid, head of Retail Gul Khan, and Corporate It is the only product of its kind that allow rates. operations and environmental reach this level of performance July 2016. branch manager Hassan Kamal. customers to enjoy instant savings on “Doha Bank has consistently won top protection are two of the reasons and we are delighted that we can The company also had to “The awards indicate the success of Doha groceries as the points earned can be honours at The Banker Middle East Industry why Qatargas is the world’s pre- celebrate their success togeth- demonstrate to an independent Bank’s innovation in the retail segment. redeemed without any limitations or Awards, which have become acknowledged mier LNG company.” er,” she added. panel of experts that they have These awards are an acknowledgement for restrictions, and customers are further kept as the most important recognition of Lynda Armstrong OBE, chair Mike Robinson, chief execu- a proven track record and a cul- the innovative off erings to our customers engaged in a year-round calendar of off ers financial excellence in the Middle East,” the of the British Safety Council, tive of the British Safety Coun- ture of best practice for excel- using technology. The awards are also a and promotions. statement added. said: “On behalf of the trustees cil, said: “Leadership is a key lence in health, safety, and envi- and staff of the British Safety factor in achieving excellence. ronmental management.