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Thursday, December 29, 2016 Rabia I 30, 1438 AH DOLLAR DEBT : Page 2 Egypt off ers GULF TIMES exchange rate relief to fi rms hit by pound BUSINESS devaluation Qatar Airways fl ies to best ever operating profi t of QR3bn-plus atar Airways has posted a “strong” Lauded for its success, Qatar Airways re- Birmingham, Boston, Helsinki, Los Angeles, Qatar Airways buys 10% of LATAM Airlines fi nancial performance in fi scal 2016, ceived a number of awards throughout the Marrakech, Pisa, Ras Al Khaimah, Sydney, LATAM Airlines Group and Qatar Airways have Qregistering an operating profi t of more year, confi rming it as one of the world’s lead- Windhoek, Yerevan, Krabi (Thailand) and announced that the latter, through its wholly- than QR3bn, the best ever for the Doha-based ing carriers for business and leisure travel. Mahe (Seychelles). owned subsidiary, Qatar Airways Investments (UK), airline. Qatar Airways has its eyes fi rmly set on the Qatar Airways Group chief executive Ak- completed its acquisition of 10% of LATAM reaching a The carrier is celebrating a successful future, with the airline already announcing bar al-Baker said, “I am extremely proud of total of 60,837,452 shares. year of continued growth achieved in 2016 some 14 new destinations for 2017-18; adding the success that Qatar Airways has achieved LATAM Airlines and Qatar Airways, are both members through strategic network, fl eet and partner- Canberra (Australia); Dublin (Ireland); Las together with our employees and partners in of the oneworld alliance. ship expansions. Vegas (US); Rio de Janeiro (Brazil); and San- 2016. I would like to extend my sincere grati- The preemptive rights off ering of 61,316,424 new At a time when a number of airlines are tiago (Chile) among others. tude to all staff for their discipline and tireless shares, at a price of $10 each, ended on December downsizing, Qatar Airways continued to see In its pursuit for excellence, the airline is pursuit for excellence. I would also like to ex- 23, in which Qatar Airways subscribed to shares strong growth and inaugurated some 14 new also preparing to launch a revolutionary busi- tend my gratitude to our loyal passengers for of LATAM through its subsidiary in its capacity as destinations across its global network. It also ness class seat in the fi rst quarter of 2017 – their continued support. assignee of the preemptive right assigned by the welcomed as many as 19 new aircraft to its building on what is already one of the most “Our passengers will see a continuation of shareholders of the Cueto, Amaro, Eblen and Bethia fl eet, taking the count to 192, as well as plac- awarded premium cabins in the industry. our commitment to providing the very best Groups to Qatar, as agreed between LATAM and Qatar ing a record aircraft order to power future Qatar Airways is one of the “fastest” grow- travel experiences in the year to come. This Airways. Other minority shareholders subscribed growth. ing airlines in aviation history, with the car- past year has truly been an exceptional year 12,140 shares of LATAM. Qatar Airways said it has made a number rier now serving more than 150 destinations and, and as we turn to 2017 to celebrate Qa- Yesterday, Qatar Airways subscribed 30,349,907 of strategic investments in other airlines and following the inauguration of 14 new destina- tar Airways 20th Anniversary, I look forward shares not subscribed by the shareholders during the airline groups, while investing heavily in the tions in 2016 alone. to celebrating future successes with our em- preemptive rights period. continued evolution of its own passenger ex- This year, the airline introduced “excit- ployees, partners and passengers in the years Al-Baker: Celebrating a successful year of perience. ing” destinations such as Adelaide, Atlanta, to come as we go places together.” Page 12 continued growth in 2016. FDI into Qatar totals QR137.2bn in 2015

By Santhosh V Perumal Business Reporter

oreign direct investment (FDI) into Qatar amounted to QR137.2bn in 2015 with manufacturing corner- Fing the maximum share of the total stock, according to the Ministry of Development Planning and Statistics (MDPS). Other American countries, the European Union, the US and the Gulf Cooperation Council (GCC) were among the principal sources of FDI, which however, was down 4% year-on-year in 2015, the MDPS said in its ‘Foreign Invest- ment Survey November 2016. A recent report from Kamco Research had said that FDI into the GCC has been on a “consistent decline” over the past fi ve years with a compound annual growth rate of -15.3%. In terms of book value, the manufacturing sector re- ceived QR72.3bn, or 53%, of total FDI infl ows in 2015, followed by mining and quarrying QR47.4bn (35%) and fi nancial and insurance QR10.1bn (7%). The MDPS survey Source: MDPS obtained data from about 150 signifi cant enterprises that had accounted for more than 90% of total investments and “Qatar had FDI abroad in about 80 countries. The top four by various functional, geographical and industrial charac- group of countries accounted for a relative share of 85% of teristics. the total at the end of 2015,” MDPS said. Otherwise, about 90% of inward FDI in 2015 went to- Of the QR103bn outward FDI in 2015, as much QR31bn, wards the oil and gas and associated downstream manu- or 30%, went towards the EU, followed by QR30bn, or facturing and other activities such as transportation and 29%, to the GCC; QR14bn, or 14%, to other Arab countries marketing, the ministry said. and QR12.4bn, or 12%, to Asia. In 2014, the EU’s share was In 2014, the manufacturing sector’s share in total FDI 29%, followed by the GCC (30%), other Arab countries was 55%, followed by mining and quarrying (33%) and fi - (14%) and Asia (11%). nancial and insurance (8%), it added. In 2015, Qatar’s outward FDI largely went into fi nancial The report found that more than 60 countries con- and insurance activities (52%), transportation, storage, tributed to the stock of FDI in Qatar at the end of 2015 information and communication (40%) and wholesale and with the top four group’s relative share of total FDI con- retail industry (4%). Their share in 2014 was 50%, 39% tinued to grow and amounted to 97% of total at the end and 4% respectively. of 2015. MDPS also disclosed that the total inward foreign port- Of the QR137.2bn inward FDI in 2015, other American folio investment into Qatar amounted to QR73.9bn, while countries’ contribution was QR48.1bn, or 35%, followed outward foreign portfolio investment was QR44.3bn. by the US QR33bn (24%) and the GCC QR6.9bn (5%). In The inward foreign other investments (excluding fi nan- 2014, other American countries’ share was 36%, followed cial derivatives) stood at QR330.7bn in 2015, whereas out- by the EU (32%), the US (23%) and the GCC (5%). ward fl ows in this account were to the tune of QR199.6bn. Qatar’s outward FDI amounted to QR103bn, which rep- Qatar’s total inward foreign investments were valued at resented a 1% increase year-on-year, with bulk of it go- QR541.8bn, while outward foreign investments stood at ing into the EU, the GCC, other Arab countries and Asia. QR347bn in 2015, the report said.

‘Tough Egyptian economic conditions to improve in 6 months’

Reuters the way they had dealt with harsh The flotation helped the cash- Cairo economic reforms. “The eff orts to strapped government clinch a $12bn alleviate those eff ects are massive,” IMF loan programme it hopes will he said. revive growth hampered by political President Abdel Fattah al-Sisi said Egypt took markets by surprise on uncertainty since the 2011 uprising yesterday that tough economic November 3 when it abandoned its that ended Hosni Mubarak’s 30-year conditions in Egypt would improve pound currency’s peg to the dollar rule. Al-Sisi came to power promising in six months and called on in a move aimed at attracting capital economic reform and stability but businessmen and investors to help inflows and weakening a currency problems have piled up. the government curb price increases. black market that had all-but With a budget deficit of 12% and Speaking at the opening of a fish displaced the banks. a looming funding gap, he was farm project in the Suez Canal city Hours later, the government hiked forced to undertake harsh economic of Ismailia, Sisi praised Egyptians for fuel prices. measures. Gulf Times 2 Thursday, December 29, 2016 BUSINESS

Bank mergers spread in Mideast as low oil signals end of boom days

Bloomberg assets worth more than QR160bn ($44bn). complete solution to the fiscal problems Banks aren’t the only entities being The Qatar Investment Authority is un- have already happened in Qatar this year, Doha/Dubai Talks are at an early stage, according to that these states face. They need a much merged. Qatar is also consolidating dergoing its biggest revamp since 2014, according to Control Risk’s Wood, consoli- the banks, which didn’t give details on the broader reform package.” its state-owned liquefied natural gas grouping investments in local companies dation is likely to continue into 2017. structure of the possible deal. The planned merger of Masraf Al Rayan - producers Qatar Liquefied Gas Co into a new unit, people with knowledge of Abu Dhabi is considering more mergers For oil-rich Gulf states, 2016 has been all Those plans follow a similar move earlier with a market value of about $7.3bn - with (Qatargas) and Ras Laffan Liquefied the matter said in May. to boost its financial services industry about consolidation. this year by Abu Dhabi lenders National privately held Barwa Bank and IBQ is Natural Gas Co (RasGas) in a move that Mubadala Development Co and Interna- after combining NBAD and FGB, people Oil’s more than 50% plunge over the past Bank of Abu Dhabi and First Gulf Bank intended to “strengthen the banks rather will save hundreds of millions of dollars, tional Petroleum Investment Co, two of with knowledge of the matter said last two years is forcing countries such as the to create one of the largest bank’s in the than acquire new market share,” said Talal Qatar Petroleum chief executive officer Abu Dhabi’s largest sovereign funds, are month. The emirate is weighing a plan to UAE, Qatar and Saudi Arabia to cut state Middle East with $175bn of assets. The Samhouri, head of asset management at Saad al-Kaabi said earlier this month. QP, merging to create an entity with assets of merge Abu Dhabi Commercial Bank and spending, tap reserves and combine some combinations come as the industry battles Doha-based Amwal. the world’s biggest producer of liquefied about $135bn and debt of about $42bn. Union National Bank and also combine of their largest banks to reduce costs and falling profits because of lower govern- The combination will “strengthen the bal- natural gas, took over its foreign invest- The emirate is reining in spending as Abu Dhabi Islamic Bank with Al-Hilal Bank, duplication. ment spending, slower economic growth ance sheets of these banks, and also cut ment arm Qatar Petroleum International the decline in oil prices slows economic they said. In Qatar, Masraf Al Rayan, Barwa Bank and and a decline in asset quality. costs by consolidating back off ice, serv- last year, as part of an eight-month growth and plans to cut costs by combin- “Some government agencies and depart- International Bank of Qatar have said they Regional consolidation is an “easy first ices, and other areas to unify operations,” restructuring. ing the investment funds with common ments, banks and state-aff iliated entities are in talks to create the country’s largest step to stemming government spending,” he said. “They have a small retail network The region’s sovereign wealth funds - assets in areas such as energy, financial may go ahead with consolidations,” said Shariah-compliant bank and the third-larg- said Allison Wood, a Dubai-based consult- with limited exposure outside Qatar, so some of the world’s biggest – are also services, healthcare. Wood. “Petrochemicals and real estate are est such lender in the Middle East, with ant at Control Risks Group Ltd. “It’s not a will complement each other.” planning overhauls. While some of the biggest mergers may also two to watch.”

Euler Hermes sees cash fl ow, debt challenging Turkish companies

Bloomberg Istanbul

urkish companies will struggle with cash fl ow Tproblems and high in- debtedness next year in an en- vironment defi ned by a slowing domestic economy and currency weakness, according to Ozlem Ozuner, CEO for Turkey of the world’s biggest credit insurer, Euler Hermes. Companies will try to lower their debt levels to survive or will look for consolidation opportu- People walk past an exchange bureau with an advertisement showing images of the US dollar and other foreign currency in Cairo. Off icials say floating the pound was a necessary measure to restore investor nities, especially in fragmented confidence and end a dollar shortage that has hammered businesses. It enabled the government to secure a $12bn loan from the IMF as it tries to attract foreign capital and revive economic growth. industries such as food, textiles and IT retailers, Ozuner said. Turkey’s economy shrank in the third quarter, led by a slump in consumption, in the most sig- nifi cant sign yet that July’s failed coup and the political turmoil it provoked are weighing on confi - dence. “We are in an environment Egypt off ers rate relief to where everybody is positioned in a wait-and see mood and look- ing for a new economic growth story,” Ozuner said in an inter- view in Istanbul on December 23. That search comes “amid falling FDI, tourism revenues and domestic confi dence,” she fi rms hit by pound fl oat said. Bankruptcies this year will Bloomberg all restrictions on the local currency on Nine of Egypt’s biggest business as- dues problems,” Tawfi k said. Offi cials over the resulting increase in the cost probably exceed Euler Hermes’ Cairo November 3. The pound has since lost sociations ran a full-page ad in newspa- say fl oating the pound was a necessary of imported raw materials. The pound estimate of 17,000, Ozuner said. more than half its value. pers on Tuesday, appealing to President measure to restore investor confi dence is currently trading at around 19 per The fi gure could drop next year, Companies need to negotiate in- Abdel Fattah al-Sisi to fi nd a solution to and end a dollar shortage that has ham- dollar. but only because the govern- gyptian companies unable to dividually with lenders to agree on a the “crisis” faced by local companies. mered businesses. The central bank will also allow com- ment banned applications to repay US-dollar denominated fi xed exchange rate that will be used to Firms are facing bankruptcy because It enabled the government to secure panies hurt by the loss in value of the delay bankruptcy following the Edebts after the devaluation of the fi nance their debts, Federation of Egyp- banks are asking them to pay for letters a $12bn loan from the International pound to make repayments over one coup attempt. The extension of pound will be allowed to negotiate fi xed tian Industries Deputy chairman Tarek of credit initiated before the pound was Monetary Fund as it tries to attract to three years, according to the state- average payment terms among exchange rates with banks. Tawfi k said in a phone interview, citing devalued at post-fl oat exchange rates, foreign capital and revive economic ment from the FEI. Local lenders were companies to 120 days, from an The move aims to alleviate fi nancial an agreement with the central bank. the ad said. growth. instructed not to take legal measures average of 60 days, is one of the pressure on manufacturers following There has been no comment from the The agreement “is very positive and But industries, including the phar- against companies unable to repay main causes of cash fl ow prob- the central bank’s decision to remove central bank on the issue. will help end most of the FX-related maceuticals sector, have complained debts, it said. lems in companies, she said. Airbus A380 woes deepen as top buyer Emirates delays jets

Six deliveries in 2017 and 2018 are the discounts customary in the each put off by one year; plane industry. The delays cap a year of maker retains double-decker’s negative news for Airbus’s flagship delivery plan for 2018 model. An order for A380s from Iran never materialised when that country Bloomberg announced purchases from Airbus Dubai/London in mid- December, meaning the company hasn’t received any advance contracts on the model this year. As a Airbus Group’s struggles with its A380 consequence of slack demand, Airbus superjumbo are deepening as the plane cut its delivery target for the A380 in maker delays deliveries of a dozen July. US competitor Boeing Co is also aircraft over the next two years to having trouble selling its competing Emirates, the double-decker’s biggest 747-8. customer. Emirates is by far the biggest buyer and The delay stems from an agreement operator of the A380, with orders for between Emirates and engine supplier more than 140 of the plane, configured Rolls-Royce Holdings, Airbus said for 489 to 615 seats. The carrier, also late on Tuesday, adding that it will the world’s biggest long-haul airline, accelerate cost cuts at the unit to make was set to take delivery of its first Rolls- up for the financial drag. Handovers of Royce-powered version of the jetliner six A380s apiece that were originally yesterday, almost four weeks later than planned for 2017 and 2018 will be planned. A further two aircraft will be shifted to a year later following a delivered this week, a spokeswoman subsequent accord with Emirates and for Emirates said by e-mail. The carrier Airbus, the plane maker said, adding it will continue to take delivery of A380s still plans to deliver about 12 A380s per as well as Boeing 777s in 2017 and year as of 2018. 2018, she said, declining to provide a Emirates and Rolls-Royce reached a breakdown. settlement in early December over The Dubai-based carrier switched to Airbus A380 aircraft owned by Emirates parked at Concourse A of Terminal 3 at the Dubai International Airport (file). Airbus Group’s struggles with its A380 the airline’s A380 engine performance Rolls-Royce engines for its latest batch superjumbo are deepening as the plane maker delays deliveries of a dozen aircraft over the next two years to Emirates, the double-decker’s biggest customer. and maintenance concerns, after of A380s after relying on General the carrier revealed technical Electric Co’s Engine Alliance joint commercial victory for Rolls-Royce In November, Emirates president Tim a “higher intervention rate” than brunt of the extra costs, he said in shortcomings a few weeks earlier. venture with Pratt & Whitney for its when it was announced in 2015. The Clark revealed that feedback on the expected for maintenance, in part December. The delays compound Airbus’s eff orts first 90 orders, the last of which will be contract for 217 powerplants - suff icient powerplants indicated “technical due to unanticipated levels of wear A spokesman for the London-based to turn around the fortunes of the delivered early next year. to power 50 four-engine planes, plus issues” that needed to be resolved to fan blades stemming from their engine maker said Rolls- Royce will A380, the world’s largest commercial Winning Emirates as a customer for spares - remains the largest in the before the first plane would be handed deployment in Dubai’s desert climate. “continue to work with Airbus and jetliner, which lists for $433mn before its Trent 900 engine was a major history of the UK’s prime manufacturer. over. Clark said the engines required Rolls-Royce will take the full financial Emirates to meet their requirements.” Gulf Times Thursday, December 29, 2016 3 BUSINESS

LSE to agree on sale of clearing Profi t bonanza brings mining unit as soon as this week majors back from the brink Bloomberg London Bloomberg per will rise to $5,346 a metric tonne Melbourne from $4,854 this year, and alumin- ium will advance to $1,786 a tonne London Stock Exchange Group may announce from $1,603. Zinc will reach $2,728 an agreement to sell its French clearing unit to iners had been digging in a ton next year from $2,085 in 2016, Euronext NV as soon as this week, according to one of Australia’s oldest it said. people familiar with the discussions, as part of the Mcollieries for almost a cen- Citigroup says most raw materi- exchange operator’s plan to win over competition tury until operations wound down a als will perform strongly next year. watchdogs. year ago, the victim of plunging glo- Goldman Sachs urged investors last The deal, slowed by a now-resolved disagree- bal commodity prices. Now owner month to bet on higher prices as ment over some terms, could be announced Glencore is resuming output at the global manufacturing picks up, the within days, the people said, asking not to be Queensland site, the latest sign of a fi rst time the bank has recommend- named because the discussions are private. profi t bonanza bringing the world’s ed an overweight position for the The sale of LCH.Clearnet SA could fetch at least top metals and energy producers asset class in more than four years. €500mn ($554mn), people familiar with the mat- back from the brink. Glencore, the world’s biggest ex- ter said last month. Euronext said on December Everything from coal to iron ore porter of coal, said in October that 20 that it had entered into exclusive talks to buy to zinc soared in 2016, rebounding it was hiring people for its Collins- the clearing arm. Spokesmen for Euronext and LSE from multiyear lows as output cuts ville mine in northeast Australia. declined to comment. and stronger demand trimmed sur- The site, which began production in The sale is an attempt to assuage competition pluses. 1919, is preparing to restart early in regulators’ concerns about Deutsche Boerse AG’s The rallies erased losses that sent the New Year, buoyed by rising de- $12bn takeover of the London-based exchange the industry reeling from 2015. The mand from South-East Asia. group. The deal would create Europe’s dominant biggest companies – BHP Billiton, There’s no consensus on the operator in everything from indexes to stock Rio Tinto Group, Vale and Glencore duration of the rebound. Demand markets and clearing, which is a key rationale – may earn a combined $26bn in the growth for commodities is likely for the deal and the most contentious part of the six months through December, a to slow in 2017, while materials in- transaction. two-year high and 40% more than cluding copper, coal and iron ore LCH’s French unit clears stocks, fixed-income, the fi rst half, forecasts compiled by Traders stand outside the open outcry pit following a trading session at the London Metal Exchange. The LME index are trading well above their mar- listed- derivatives and credit default swaps, and Bloomberg show. of six industrial commodities, including copper and aluminium, is headed for its first annual advance in four years ginal costs of production, accord- Euronext is among its most important customers. The windfall won’t end there. and the largest since 2010. ing to Morningstar, which forecasts The contract between Euronext and LCH expires Analysts predict more income gains weaker iron-ore prices next year at the end of 2018. The business also attracted in 2017, which would bolster bal- ity prices had sunk to the lowest in a Bloomberg, many prices will move six months to December 31, about and in 2018. interest from Nasdaq Inc and CME Group, Bloomb- ance sheets and allow mining com- quarter century, forcing companies higher next year. Goldman Sachs 35% more than the previous half, While mines are generating more erg News reported last month. panies to pursue acquisitions, raise to shut operations, sell assets and Group expects the gains to con- according to the average of three cash, “the question is looking fur- Clearinghouses collect collateral from traders dividends and cut debt. If construc- cut dividends to reduce debt as their tinue as global economic growth analysts’ estimates compiled by ther out,” according to Michelle and monitor risks to ensure a default doesn’t tion remains strong in China, the shares tumbled. Since then, mar- improves. Bloomberg. Lopez, a Sydney-based investment spiral out of control. Regulators see them as a top metals consumer, the pickup in kets have tightened and metals have “We are in this sweet spot for Profi t at Baar, Switzerland-based manager at Aberdeen Asset Man- way to help prevent a repeat of the 2008 crisis, demand may endure, according to been boosted by China’s credit- free cash fl ow,” Colin Hamilton, a Glencore will advance about 24% agement, which globally manages and they’ve since become more embedded in the Macquarie Group. Banks includ- backed expansion of infrastructure London-based commodities ana- to $4.9bn, while London’s Rio Tin- $403bn, including BHP and Rio financial system. Although Euronext’s purchase ing Morgan Stanley have boosted spending. Prospects also improved lyst at Macquarie, said by telephone to will report earnings up 20% to shares. She questioned whether the would be conditional on Deutsche Boerse success- their forecasts for metals prices and with speculation that the election of December 15, adding that the profi t- $6.4bn, the forecasts show. price gains are sustainable given fully acquiring LSE, a sale would bring to an end a earnings by producers. Donald Trump as US president will fuelling conditions for the mining The gains probably will continue. that China may reverse its policy 13-year combination with its UK counterpart. The “There’s an underlying demand revive growth in the world’s biggest industry will persist into the fi rst The top four mining companies will on using less coal and because new timing of the potential deal was earlier reported by that’s driving the pickup, and that’s economy. half. “Free cash fl ow will remain report another $27bn of combined iron-ore mines are expanding ca- the Financial Times. probably sustainable,” said Edward The London Metal Exchange in- pretty strong, and they will be giv- earnings in the fi rst six months of pacity. The French clearinghouse had €36.2mn of Smith, Melbourne-based chief in- dex of six industrial commodities, ing money back to shareholders.” 2017, according to the forecasts. But with more cash rolling in profit in 2015, compared with about €33mn when vestment offi cer at LegalSuper Pty, including copper and aluminium, In February, Melbourne-based BHP rose 3.3% in Sydney yesterday, now, mergers and acquisitions have it combined with LCH 13 years ago. The 2003 deal which manages A$3bn ($2.3bn) and is headed for its fi rst annual ad- BHP, the world’s biggest mining while Rio gained 2.4%. rebounded and dividends are back. valued it at about €600mn. holds BHP shares. “It is a recovery vance in four years and the largest company, will report earnings be- Morgan Stanley says base metals The number of mining deals in 2016 The European Union has a March 13 deadline to from those historic lows.” since 2010. According to the aver- fore interest, taxes, depreciation are a better bet next year than coal is the highest in six years, according rule on the Deutsche Boerse deal. As recently as January, commod- age of analyst forecasts compiled by and amortisation of $8.5bn for the or iron ore. The bank forecasts cop- to data compiled by Bloomberg.

Fund managers bullish on emerging markets

Reuters pledged to impose protectionist structural versus cyclical problems tries like Russia and Brazil as well as New York trade policies and restrict immi- when evaluating the sector. companies like Hungarian oil and gration which would likely dam- “Our assessment of emerging gas group, Mol Group. age most emerging market econ- markets is actually strengthening “As we get more economic data number of global fund man- omies. at the time that developed market to validate that the underlying agers say they are buying The Washington, DC bank lob- institutional framework is weaken- fundamentals in these economies Aemerging market assets for bying group, the Institute for In- ing,” he said. continues to fi rm then people are 2017 after the beating the sector has ternational Finance, reported this Similarly, Michel Del Buono, going to get more aggressive in taken since the US election in No- week that $23bn has flowed out of head of portfolio strategy at Make- investing in emerging markets,” vember, even though credit rating emerging market funds since Oc- na Capital Management, who over- Harting said. agencies have a less positive out- tober 4, with $18bn of that taking sees $18bn across asset classes, also However, credit ratings agen- look. flight since November 9. has a bullish outlook. cies S&P Global, Moody’s Inves- Since the election of Donald “The magnitude of outfl ows has “If you’re exposed in the right tors Service and Fitch Ratings have Trump as US president, emerg- diminished signifi cantly in recent way and you have a long-term per- recently lowered positive credit ing market stocks are down near- weeks, but the direction has re- spective you should keep a signifi - outlooks and written even more ly 7.0%, based on the Morgan mained persistently negative,” said cant weighting to emerging mar- negative outlooks for emerging Stanley Capital Index, and the Scott Farnham, an IIF research ana- kets,” he said. markets. yield spread of emerging market lyst. Del Buono said he favours in- Moody’s even highlighted the risk bonds over benchmark US Treas- BlackRock, the world’s largest vestments in things like healthcare, of capital fl ight and potential weak- uries is wider by 10 basis points, asset manager is expecting to reap retail and for-profi t education in ness in the banking sector. reversing some of the gains seen solid gains from all emerging mar- places like Nigeria, Indonesia and Diane Vazza, managing director earlier in the year. ket asset classes, especially bonds, the United Arab Emirates. of global fi xed income research at On November 8, the date of the the fi rm’s chief fi xed income strat- If prices keep dropping, Del Buo- S&P Global ratings agency, noted US election, the EMBI Global year- egist, Jeff Rosenberg said at the no and Adrogué said they would worries about geopolitical risk and to-date total return was 14.04%, company’s recent global outlook keep adding to their positions, energy companies not being able and a week later, on November 14, it summit. echoing what other investors told to adjust to a longer-term trend of had halved to 7.60%. Other global fund managers also Reuters, lower prices for oil and gas. Currencies such as Mexican see a rebound on the horizon. Morgan Harting, lead portfolio “About a third of (emerging mar- peso and the Turkish lira have Ricardo Adrogué, head of emerg- manager for multi-asset income ket) corporates have negative out- tumbled 10% or more in the wake ing markets debt at Baring Asset strategies at AllianceBernstein said looks,” Vazza told Reuters.”So we of the election. Management, said analysts, includ- he is especially bullish on the ener- expect additional downward pres- US President-elect Trump has ing ratings agencies, are confusing gy sector and is investing in coun- sure across emerging markets.” Corporate bond sales face hurdles ahead

Bloomberg Mead, head of the US investment- Just a few years ago, bond sales bring new investors - and tighter New York grade syndicate desk at Bank of in excess of $15bn were relatively spreads - to almost all corners of the America Corp. rare, but investors have embraced asset class. A 10% to 20% drop in new them, said Anne Daley, a managing Now, though, monetary policy Breaking habits can be hard, corporate bond sales next director on Barclays’s investment- may play a smaller role in driving especially when they involve year, as some strategists have grade syndicate desk. returns, said Jeff Cucunato, head making money. predicted, would still leave gross “The market is definitely of US investment-grade credit at That’s the prospect for bond volumes above $1tn, as they’ve accustomed to, aware of, and in BlackRock, the world’s largest asset investors in the coming year. After been since 2012. Investment- many ways used to seeing these manager. five straight years of record US grade companies sold $1.35tn of large deals,” Daley said. “Given the “As we shift into a market that is investment-grade corporate-debt bonds in 2016, a 2% increase from amount of demand, we’ve been able being driven more by political sales, bankers and investors are the 2015 record. to manage all of them eff iciently in policy and fiscal policy, it’s a pegging 2017 as the year the frenzy After banks, health care 2016.” very different environment,” finally fades. companies were the most prolific While the acquisition-funding Cucunato said. “The potential for The New Year has several hurdles in debt issuers this year, Bloomberg pipeline looks smaller next winners and losers due to that is place already. data show, thanks to a slew of year, there are still potential the greatest we’ve seen in a long For one, interest rates have risen to multi-billion dollar financings for blockbusters. Bayer has said it may time.” two-year highs, making borrowing acquisitions, including Abbott look to both the dollar and euro So far, credit investors have more costly. Laboratories’ $15.1bn deal for its bond markets to fund its takeover escaped much pain. In the last days And the pipeline for new- takeover of St Jude Medical and of Monsanto Co. of 2016, the extra yield the notes acquisition financing is smaller than a similar-sized offering from Teva The company has $57bn in bridge off er over Treasuries declined to a 2016’s, which saw such mega- Pharmaceutical Industries to fund financing that it may replace with year-to-date low of 1.23 percentage deals as Anheuser-Busch InBev’s its takeover of Allergan’s generic long-term debt in the bond market. points, even as government debt $46bn sale to fund its SABMiller Plc drug business. Investors are also eyeing AT&T’s bid has been beaten up by expectations takeover, and Dell’s $20bn off ering Despite record issuance, investors, to buy Time Warner, with its $40bn of rising interest rates. to support its EMC Corp bid. particularly beleaguered European bridge loan. “We’re sitting in a really interesting Uncertainty around potential tax and Asian buyers escaping Less certain is whether broad spot right now,” said Greg reform and trade wars in a Trump negative-yielding debt, piled into investment-grade credit will still Nassour, co-head of investment- administration may also sideline the asset class all year, allowing look like a buy under a Republican- grade portfolio management at more issuers. issuers like Molson Coors Brewing controlled government. In recent Vanguard Group, which manages “That all points to supply being Co and Nike to lock in their lowest- years, easy-money policies in more than $3.5tn. “2017 is going to down, year over year,” said Dan ever rates on new bonds. Europe and Japan have helped be equally exciting.” Gulf Times 4 Thursday, December 29, 2016 BUSINESS South Korea fi nes Qualcomm $854mn for violating laws

Reuters and forced handset makers to pay roy- The KFTC said it began its investi- mediate stay of the corrective order a $975mn fi ne in China following a to do that,” he said, adding that the Sejong, South Korea alties for an unnecessarily broad set of gations into Qualcomm’s practices in and appeal the decision to the Seoul 14-month probe, while the European dispute could take years to play out in patents as part of sales of its modem 2014 following complaints from in- High Court. Union in December 2015 accused it of South Korean courts. chips. dustry participants, but did not name The fi rm will also appeal the amount abusing its market power to thwart ri- The KFTC fi ned Qualcomm 273bn outh Korea’s antitrust regula- Qualcomm also restricted competi- specifi c companies. of the fi ne and the method used to cal- vals. won in 2009 for abusing its domi- tor fi ned Qualcomm 1.03tn won tion by refusing or limiting licensing of Foreign companies including Apple, culate it. Stacy Rasgon, an analyst with AB nant position in CDMA modem chips, S($854mn) for what it called un- its standard essential patents related to Intel, MediaTek and Huawei expressed “Qualcomm strongly disagrees with Bernstein, said the fi ne itself was large which were then used in handsets fair business practices in patent licens- modem chips to rival chipmakers such their views during the regulator’s de- the KFTC’s announced decision,” it but also said the KFTC’s orders for made by Samsung and LG. ing and modem chip sales, a decision as Intel Corp, Samsung Electronics liberation process, KFTC Secretary said in a statement. Qualcomm to alter its business prac- Regulators in other jurisdictions, in- the US chipmaker said it will challenge Co and MediaTek, the regulator said, General Shin Young-son told a media The decision in Seoul could mean tices have bigger future implications cluding the United States and Taiwan, in court. hindering their sales and leaving their briefi ng in the country’s administra- lower costs for mobile phone makers for the chipmaker. are also investigating Qualcomm. The fi ne, the largest ever levied in products vulnerable to lawsuits. tive capital. and others in the tech supply chain A major challenge for Qualcomm, he The KFTC move could serve as a South Korea, marks the latest antitrust The regulator ordered Qualcomm to “We investigated and decided on who source Qualcomm chips, said a said, would emerge if the ruling forces benchmark for some of them. setback for Qualcomm’s most profi t- negotiate in good faith with rival chip- these actions because Qualcomm’s ac- Taiwanese industry executive, declin- the company to license patents for “Korea’s decision will serve as an able business of licensing wireless pat- makers on patent licensing and rene- tions limit overall competition,” Shin ing to be named due to the sensitivity some of its chips to rivals such as Intel, important reference point for us,” Chiu ents to the mobile industry, at a time gotiate chip supply agreements with said, adding that the ruling was not of the matter. which has been competing hard to land Yung-ho, vice chairman and spokes- when the business is facing headwinds handset makers if requested — meas- about protecting domestic companies The fi ne is the latest in a series of an- its modem chips in mobile phones. man for Taiwan’s Fair Trade Commis- from a cooling smartphone market. ures that would aff ect the US firm’s such as Samsung and LG Electronics titrust rulings and investigations faced “How can they force you to license sion, told Reuters. The Korea Fair Trade Commission dealings with major tech companies Inc but about improving market com- by Qualcomm from regulators across to a competitor? That’s what I never He gave no timeline on when Tai- (KFTC) ruled yesterday Qualcomm including Apple, Intel, Samsung and petition for all players. the globe. understood. wan’s own year-long investigation abused its dominant market position Huawei Technologies Co if upheld. Qualcomm said it will fi le for an im- In February 2015, Qualcomm paid I guarantee Qualcomm won’t want would be concluded.

Woolworths to sell its Toshiba shares dive petrol stations chain to BP for $1.3bn

Reuters Caltex Australia, which also bid Sydney for the business. Under the new arrangement BP will eventually more than 20% after supply and sell the fuel. ustralia’s top grocer Wool- The fuel business reported worths said yesterday it earnings before tax and signifi - Awill sell its chain of pet- cant items of A$117.8mn for the rol stations to BP for A$1.8bn year ended June 30. ($1.3bn), the latest disposal in a Its sale “is not expected to bid to return the company’s focus have a material impact on Wool- to its core supermarket business. worths Group earnings”, the it fl ags one-off loss The sale of the fuel business, company said. comprising 527 petrol stations “The release of A$1.785bn AFP and 16 development sites was from the sale will be used to Tokyo fl agged in September and fol- strengthen our balance sheet lows its earlier exit from a dis- and reinvest in our core busi- astrous foray into hardware, nesses,” Woolworths Chief Ex- oshiba shares dived more than which led to a A$1.8bn impair- ecutive Brad Banducci said. 20% yesterday in their second ment charge. The 92-year-old company Tstraight double-digit plunge, as “Hardware wasn’t so great... posted its fi rst annual loss since the company said it may book a one-time this is another area of their its 1993 listing in August, hit hard loss of several billion dollars over its US business that they weren’t re- by the hardware impairment and nuclear business. ally managing well,” said Ju- squeezed margins amid a price The stock price dropped by 20.42% liana Roadley, a market analyst war with rival Coles, owned by to ¥311.60, the largest fall allowed for a at stockbroker Commonwealth Wesfarmers, and new entrants single day, about 30 minutes after the Securities. such as Germany’s ALDI. opening bell, as the company failed to Woolworths “didn’t under- The deal, which was signed ease investor worries over the poten- stand” the fuel business and on Christmas Eve, is subject to tial risk. would be best to concentrate on regulatory approval and is not It fi nished the session at that level. The selling groceries, she added. The expected to be completed until Tokyo-based conglomerate said Tuesday fuel sold at Woolworths’ petrol January 2018 at the earliest, the in a statement that costs linked to the stations is currently supplied by statement said. acquisition last year by its US subsidi- ary of a nuclear service company would possibly amount to “several billion US dollars, resulting in a negative impact on China seeks to boost natural Toshiba’s fi nancial results”. The exact fi gure of the potential write- gas share amid pollution fight down is still being worked out, Toshiba president Satoshi Tsunakawa told re- Bloomberg week, President Xi Jinping made porters after the announcement, apolo- Shanghai a plea for cleaner winter heating gising for “causing concern”. to help reduce air pollution as the The company statement suggested nation’s capital faced its worst the fi gure would be released soon, citing China will cap annual energy bout of smog this year. an end-of-year deadline for settling the consumption and aim to “aggres- “Those targets for the next year valuation of the nuclear deal. sively” boost the share of cleaner- are mostly within the broader blue- The announcement came after The headquarters of Toshiba Corporation headquarters is seen in Tokyo. Toshiba shares dived more than 20% yesterday in their second burning natural gas as it moves to print announced earlier by govern- Toshiba shares closed nearly 12% lower straight double-digit plunge, as the company said it may book a one-time loss of several billion dollars over its US nuclear business. cut pollution. ment such as capping energy on Tuesday on media reports about the Primary energy consumption consumption and boosting natural potential loss. total write-down may not end up as big nuclear construction and services busi- Toshiba’s nuclear woes are the latest in the world’s largest user will be gas use,” Tian Miao, a Beijing-based After the market closed yesterday, as the ¥500bn ($4.3bn) reported by local ness of Chicago Bridge & Iron. Westing- blow to the once-proud pillar of corpo- capped at 4.4bn metric tonnes of analyst at North Square Blue Oak, Standard & Poor’s cut two of Toshiba’s media. house and Chicago Bridge & Iron have rate Japan. standard coal in 2017, about 0.9% said by phone. “The government credit and debt ratings by one notch each Nomura Securities analyst Masaya Ya- turned to an independent accountant to It has been besieged by problems, higher than this year’s estimated still needs to initiate more meas- in response to the company’s announce- masaki said in a report issued late Tues- resolve a dispute over diff erences in asset most notably a profi t-padding scandal 4.36bn tonnes, Chairman of the ures in order to meet its goal of ment. S&P also placed the ratings on day that the expected loss “is negative valuations, Toshiba said earlier this year. in which bosses for years systematically National Energy Administration boosting gas consumption.” watch, suggesting they could be down- for the company as its fi nancial standing Toshiba said Tuesday the potential pushed subordinates to cover up weak fi - Nur Bekri said in a statement Beijing and other regions of graded further. is fragile”. write-down would “far exceed” the nancial results. posted on the administrator’s north China were blanketed by Analysts said uncertainty was fuelling Tsunakawa at the press conference an- $87mn fi rst expected, resulting in a “far In an intensive overhaul, the company website. The share of natural the year’s worst bout of noxious investor anxiety. swered in the affi rmative when asked if lower asset value than originally deter- has been shedding businesses and an- gas of total energy use will rise smog earlier this month. More “Concerns have yet to be cleared away Toshiba is considering boosting capital. mined”. nounced the sale of its medical devices to 6.8% next year, while coal will than 20 cities in the region issued as they said they didn’t know the fi g- Chief fi nancial offi cer Masayoshi Hi- Toshiba’s latest full-year forecast is for unit to camera and offi ce equipment fall to about 60%, he said at the red alert warnings because of ure,” Yukihiko Shimada, senior analyst at rata said that after the fi gure is confi rmed annual net profi t of ¥145bn ($1.24bn), up maker Canon. National Energy Work conference. severe pollution levels, prompting SMBC Nikko Securities, told AFP. the company will “explain and seek sup- 45% from an earlier estimate, on sales of Investors had welcomed the makeo- Making energy use greener cities to restrict vehicle usage or SMBC Nikko credit analysts Yutaka port” from fi nancial institutions. ¥5.4tn. ver, with Toshiba shares having climbed and more eff icient will help halt or limit some industrial pro- Ban and Kentaro Harada said in a re- Toshiba said the possible loss was re- But Tuesday it said it would release a 77.3% this year through Monday. the government in its drive to duction, according to the off icial port that investors “can’t be optimistic lated to the valuation of the purchase by revised earnings forecast as soon as pos- But after this week’s declines they are improve the environment. Last Xinhua news agency. about the situation” even though the subsidiary Westinghouse Electric of the sible to refl ect the coming write-down. only up 24.7% Longer JGB yields rise as BoJ adjusts buying operation

Reuters with between 10 and 25 years left to year yield edged down 0.5 basis point Tokyo maturity. (bp) to 0.055%, while 10-year JGB fu- On December 14, the BoJ had of- tures ended up 0.12 point at 149.94. fered to buy ¥120bn of JGBs with over The yield curve steepened as enchmark Japanese govern- 25 years left to maturity, and ¥200bn of longer maturities pulled away from ment bonds (JGBs) edged up JGBs with between 10 and 25 years left session lows and climbed in after- Byesterday in the waning days of to maturity. noon trading. the year, while prices of longer ma- A Bank of Japan official had said The 20-year yield added 2.5 bps to turities fell as the Bank of Japan (BoJ) the December 14 increase was aimed 0.595%, its highest since December 19, slightly reduced its bond-buying in at steering the JGB yield curve to- up from a session low of 0.565%. that zone. ward what the central bank deems The 30-year yield rose 3.5 bps to A senior BoJ official said the buy- appropriate, and that the move took 0.715%, its highest since December 16, ing adjustment marked a return to into account recent rapid rises in from a session low of 0.670%. the status quo, after the central bank super-long yields and the possibil- Minutes of the BoJ’s rate review increased its purchase amounts ear- ity of further volatility. on November 1 released earlier this lier this month to address rising On Friday evening, ahead of the week showed BoJ policymakers dis- yields. Japanese New Year holiday, the central agreed on how much emphasis the “After the increase in the middle of bank will release the details of its bond central bank should place on the size this month, taking into consideration buying operations for January. of its bond purchases under its new the fact that the sudden rise in interest “It’s getting more diffi cult for us to policy framework targeting interest rates has stopped and they have stabi- predict how the BoJ will behave, and rates. lised, we returned the level of buying to the timing,” said Keiko Onogi, senior Some board members insisted the where it was before the increase,” the strategist at Daiwa Securities. “We’ll BoJ continue to off er guidance because offi cial said. have the BoJ’s announcement for next deleting it could send “a wrong signal The BoJ off ered to buy ¥110bn month’s purchases on Friday. to markets” by making it appear as if it ($935.22mn) of JGBs with over 25 years I expect the BoJ to keep its purchase was considering tapering its asset pur- Men walk towards the Bank of Japan building in Tokyo. The BoJ off ered to buy ¥110bn of JGBs with over 25 years left to left to maturity and ¥190bn of JGBs pace,” she said. The benchmark 10- chases, the minutes showed. maturity and ¥190bn of JGBs with between 10 and 25 years left to maturity. Gulf Times Thursday, December 29, 2016 5 BUSINESS

Global equity surge, stronger commodity prices lift EM stocks

Reuters excluding China A-share funds, London in the week ended December 21, the second largest outflow week in 2016. Global equity gains and But global equity gains and stronger commodity prices signs of perkier growth have lifted emerging stocks 0.7% lifted commodities, with yesterday, though worries about copper, widely used in power China weighed, with off shore and construction, up around yuan overnight rates hitting 20% this year on the Shanghai three-month highs. exchange and on track for its Data showing steadily rising largest annual rise since 2010. US house prices and consumer Iron ore on the Dalian exchange confidence at its highest in is up 170%. more than 15 years underscored That is likely to benefit the strength of the economic commodity producing recovery, boosting equity emerging markets such as markets and allowing MSCI’s Russia, Brazil and South Africa emerging stocks to rise to six- in 2017. day highs. “Our portfolios retain a However, emerging markets strong commodities/oil bias face headwinds from a stronger throughout, to benefit from dollar and US yields at one-week the current price stabilisation, highs. improved outlook and the Asian currencies touched multi- prospect of a Trump-induced month lows, also feeling the infrastructure boost next heat from the yuan which has year,” JPMorgan Asset lost 6.6% against the dollar this Management’s head of year and is trading near 8-1/2 emerging debt, Pierre-Yves year highs. Bareau, told clients. Traders expect depreciation In eastern Europe the Romanian People stand in front of a sculpture of bulls at the entrance to the Shenzhen Stock Exchange building. China’s markets are seeing renewed pressure this month as the Federal pressures on the Chinese leu slipped 0.22% to approach Reserve projects a faster pace of rate increases for 2017 and its Chinese counterpart tightens monetary conditions to spur deleveraging and defend the exchange rate. currency to extend into January six-month lows against the euro when individuals get a fresh after President Klaus Iohannis $50,000 foreign-exchange rejected the Social Democrat conversion quota. Party’s nominee for prime Authorities’ eff orts to check minister. outflows via tighter liquidity Two weeks after an election, saw Hong Kong’s overnight Romania remains without a yuan borrowing rate jump to its government and is facing the highest level in more than three risk of a serious political crisis. China markets to stay months. The Ukrainian hyvnia fell “All eyes are on yuan weakness, sharply for a second day, although all currencies are staying close to 3-1/2-month wilting against the vicious lows to the dollar. dollar rally at the moment,” TD The central bank attributed the Securities said in a note. volatility to end-month debt Jitters about emerging markets repayments and said it would under pressure as fuelled outflows of $3.35bn from sell $100mn to support the dedicated EM equity funds, currency. liquidity fears loom

Bloomberg year for investors during which bonds, The three-month interbank rate The onshore yuan’s surging trading Hong Kong shares and currency all slumped. known as Shibor rose for a 50th day, its volume suggests outfl ows are quicken- “You have Chinese New Year quite longest streak since 2010, to an 18-month ing, according to Harrison Hu, chief early, and because of that one-month high yesterday. greater China economist at Royal Bank of hina bulls could be facing a grim window, most of the banks will try to The overnight repurchase rate on the Scotland Group. New Year’s eve. lock the money in a three-month cycle,” Shanghai Stock Exchange jumped to as The daily average value of transactions C The fi rst day of 2017 is when said Arthur Lau, Hong Kong-based head high as 33% the day before, the highest in Shanghai climbed to $34bn in Decem- an annual $50,000 quota to convert the of Asia ex-Japan fi xed income at PineB- since September 29. ber as of yesterday, the highest since at yuan into foreign exchange resets, stok- ridge Investments. As banks become more reluctant to least April 2014, according to data from ing concern there will be a rush to sell the “The current situation in the bond offer cash to other types of institu- China Foreign Exchange Trade System. local currency. market is partly because of year-end and tions, the latter have to turn to the ex- The off shore exchange rate dropped With tax payments and a regulatory because of Chinese New Year.” change for money, said Xu Hanfei, an 0.15% yesterday to trade near a record assessment also tightening liquidity in The week-long Lunar New Year holi- analyst at Guotai Junan Securities Co low, while the onshore rate was little the money market toward year-end, days are traditionally a time when people in Shanghai. changed. January may bring scant relief as lenders give out cash gifts and companies pay Bond and money markets may sta- “In the new year, the new foreign- prepare for stronger cash demand before employee bonuses. bilise after Lunar New Year holidays – exchange purchase quota starts, so we Lunar New Year holidays, which are only China’s 10-year government bond which start January 27 and end Febru- expect yuan positions in January to drop a month away. yield has surged 21 basis points in De- ary 2 – though they’re unlikely to return signifi cantly,” Liu Dongliang, an analyst China’s markets are seeing renewed cember, poised for its biggest monthly to levels before the latest rout owing to at China Merchants Bank Co, wrote in a pressure this month as the Federal Re- increase since August 2013, and its fi rst yuan weakness and tighter monetary note this month. serve projects a faster pace of rate in- annual gain since that same year, China- policy, said Lau. “Within the foreseeable future, the creases for 2017 and its Chinese coun- bond data show. The People Bank of China’s (PBoC) market will be pessimistic about funding terpart tightens monetary conditions The yuan’s 6.6% decline in 2016 puts yuan position – a gauge of capital fl ows conditions. It happens to be near year- to spur deleveraging and defend the ex- it on course for its worst year since 1994, – dropped the most in 10 months in No- end now, where money markets are tight, change rate. while the Shanghai Composite Index is vember amid expectations for faster US and after New Year’s Day it’s almost Chi- The declines are capping off a tough headed for its largest drop in fi ve years. rate increases. nese New Year.” Tokyo ends flat in quiet trade Sensex gives up gains; rupee falls further AFP Australian shares rose 1%, the most Hong Kong in three weeks, after a long holiday weekend to continue a pre-Christmas Bloomberg PIEL climbed 1.8%. Sunil Hitech rally albeit on low volumes. Mumbai Engineers rallied 4.7% after its ven- Tokyo shares ended flat yesterday Seoul ended the day 0.9% down as ture in Arunachal Pradesh received a despite Toshiba’s second straight a political crisis dragged on while Rs4.34bn order. double-digit plunge, in quiet Asian Singapore up 0.4%. ndia’s mid and small-cap stocks Meanwhile the rupee yesterday trading before the New Year, while US crude prices drifted lower, with the rose for a second day, helped by closed one month low against the US crude oil finally ended a winning US benchmark contract down slightly Ihealth-care companies and utili- US dollar on consistent selling by streak. yesterday to finally snap a wining ties, even as the benchmark gauge foreign institutional investors in the Stock in the troubled Japanese streak ahead of US energy inventory gave up gains to close little changed local equity and debt markets. This conglomerate plummeted more than data to be released today. before the expiry of derivative con- was the second consecutive sessions 20% as the company said it may book On Tuesday, US oil prices finished at tracts on Thursday. when the rupee fell. a one-time loss of several bn dollars $53.90 a barrel, their highest level of Divi’s Laboratories capped its big- The rupee closed at 68.24 per US over its US nuclear business. the year. gest two-day gain since August 2015. dollar — a level last seen on Decem- On a quiet day for the region, Hong But analysts said trading volumes The stock lost a record 31% over Fri- ber 1, down 0.27% from its previous Kong was up 0.4% on the market’s were around half typical levels. “On day and Monday amid observations close of 68.06. The home currency first working day since the Christmas such low volumes it’s diff icult to made by the US Food and Drug Ad- opened at 68.05 against the US dollar break, while Shanghai slid 0.4% by read much into the moves and focus ministration about the company’s and touched a low of 68.25 — a level the close. will turn to Opec in the new year,” manufacturing facility. last seen on December 5. So far this Chinese investors have endured said CMC Markets sales trader Alex JSW Energy Ltd surged as much year, it has fallen 3%. a tough year during which bonds, Furber, referring to planned output as 6.4% in a second day of advances Since November 8, the foreign shares and currency have all curbs by the oil cartel to bolster the after the board approved a fundrais- institutional investors have sold a slumped. market. ing plan. Mangalore Refi nery & Pet- combined of $10bn in domestic eq- Shanghai is heading for its largest The yen drifted lower against the rochemicals rallied 8.9%, the most in uity and debt markets. So far this drop in five years. dollar for a second day, with analysts a month. The S&P BSE Sensex climbed as much as 0.8% yesterday as year, foreign institutional investors The thin trading volume is pointing to strong US consumer data The S&P BSE Sensex climbed traders closed bearish bets before the expiry of the December have bought $3.18bn in equities and expected to continue in Asian supporting the greenback. as much as 0.8% as traders closed derivatives sold $6.73bn in debt. markets during the last week of a The Japanese currency declined bearish bets before the expiry of the Fall in the Asian currencies also volatile 12 months. despite data showing the nation’s December derivatives expiry. The caps than overseas investors. That’s Overseas investors have sold about dampened the local currency. Japanese Investors have displayed resilience industrial production rose 1.5% in gains evaporated in the fi nal hour of why mid-caps have outperformed $875mn of Indian shares this month, yen was down 0.24%, South Korean in the face of shocks such as the November from the previous month. the session characterised by below- this year.” adding to $2.6bn of withdrawals in won 0.21%, China Off shore 0.13%, Brexit vote and Donald Trump’s US Regional investors were following average volumes. Local funds have bought $6bn of November. That’s pared this year’s Singapore dollar 0.11%, Indonesian presidential win, helping to weaken a weak lead from Wall Street, with With overseas investors away on shares since January 1, extending infl ow to $3.2bn. rupiah 0.11%, Malaysian ringgit 0.1%, the yen and propel Japan’s Nikkei to the Dow again failing to break year-end holidays, attention turned last year’s record infl ow of $10bn, Bharat Financial rose 10%, most China renminbi 0.1%, Taiwan dollar 12-month highs. through the landmark 20,000 barrier to mid-sized companies, according according to data compiled by since July 22; Morgan Stanley bought 0.08%, Philippines peso 0.07%. “The environment isn’t bad, but with although the Nasdaq finished at a to Citrus Advisors. Bloomberg. A bulk of the purchases 1.1% stake on December 23, the com- The 10-year bond yield closed some foreign investors away on fresh record Tuesday. “Lower foreign investor activity have been in companies whose earn- pany said in a fi ling yesterday after at 6.584%, compared to Tuesday’s vacation, there are few participants In Tokyo, the Nikkei 225 down less and relatively higher participation ings are tied to the local economy trading ended. close of 6.615%. Bond yields and and the market lacks momentum to than 0.1% to 19,401.72 points; Hong by local funds due to the holiday sea- such as providers of fi nancial serv- Electrosteel Steels jumped prices move in opposite directions. push prices beyond recent highs,” Kong — Hang Seng up 0.4% to son is the reason why mid-caps con- ices, staffi ng fi rms and operators of 9.4%, the steepest gain in 5 The dollar index, which measures Chihiro Ohta, a Tokyo-based senior 21,669.41 points and Shanghai — tinued to beat the large-caps today,” diagnostics chains. That’s pushed months; Financial Express re- the US currency’s strength against strategist at SMBC Nikko Securities, Composite down 0.4% to 3,102.24 Sanjay Sinha, founder of Citrus, up the S&P BSE MidCap Index 5.6% ported earlier yesterday that Pi- major currencies, was trading at told Bloomberg News. points at the close yesterday. said by phone from Mumbai. “Local this year, compared with a 0.4% gain ramal Enterprises (PIEL), Renais- 103.25 — up 0.22% from its previous funds direct more money to mid- in the Sensex. sance group may buy 51% stake; close of 103.02. Gulf Times 6 Thursday, December 29, 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 6.02 -0.82 2,179,511 Boubyan Intl Industries Hold 25.00 2.04 9,123,010 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 8.55 -0.12 2,188,578 Gulf Investment House Ksc 31.00 -1.59 3,287,500 Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 8.52 0.83 1,788,499 Boubyan Bank K.S.C 395.00 0.00 283,100 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 15.43 0.33 385,856 Ahli United Bank B.S.C 194.00 0.00 1,821,100 Bankmuscat Saog 0.47 0.43 683,266 Saudi Printing & Packaging C 20.30 -1.07 2,259,423 Osos Holding Group Co 130.00 3.17 43,850 Bank Sohar 0.16 0.00 850,505 Sanad Cooperative Insurance 15.23 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.08 1.22 4,943,426 Saudi Paper Manufacturing Co 10.45 -0.38 3,452,648 Qurain Petrochemical Industr 230.00 -0.86 84,117 Bank Dhofar Saog 0.23 0.00 110,000 Alinma Bank 15.11 -0.53 31,212,912 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils 4.05 0.00 - Almarai Co 67.74 -0.03 570,692 Ekttitab Holding Co Sak 37.50 -1.32 200,125 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 28.10 0.36 202,925 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.29 0.00 - QATAR United International Transpo 33.63 0.24 883,365 Real Estate Trade Centers Co 29.00 7.41 1 Al-Hassan Engineering Co 0.06 0.00 2,700 Hsbc Amanah Saudi 20 Etf 26.60 0.00 - Acico Industries Co Kscc 275.00 1.85 19,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 19.57 5.44 1,658,893 Kipco Asset Management Co 95.00 -2.06 19,440 Al-Anwar Ceramic Tiles Co 0.17 -0.59 80,531 Falcom Petrochemical Etf 26.20 0.00 63 National Petroleum Services 820.00 0.00 8,000 Al Suwadi Power 0.18 0.00 5,000 Zad Holding Co 83.00 0.00 - Saudi United Cooperative Ins 22.70 0.84 1,101,659 Alimtiaz Investment Co Kscc 104.00 1.96 25,695,106 Al Shurooq Inv Ser 1.04 0.00 - Widam Food Co 67.00 3.08 62,597 Bank Al-Jazira 14.44 -0.35 2,500,795 Ras Al Khaimah White Cement 90.00 0.00 210,000 Al Sharqiya Invest Holding 0.14 -0.72 90,022 Vodafone Qatar 9.24 -0.11 1,319,366 Al Rajhi Bank 63.01 -0.19 3,736,762 Kuwait Reinsurance Co Ksc 180.00 0.00 520 Al Maha Petroleum Products M 1.49 1.02 150,410 United Development Co 19.95 -0.75 62,620 Samba Financial Group 24.55 -1.76 1,191,098 Kuwait & Gulf Link Transport 63.00 -7.35 2,170,060 Al Maha Ceramics Co Saoc 0.50 0.00 50,000 Salam International Investme 11.05 0.00 68,145 United Electronics Co 26.40 1.97 1,141,664 Human Soft Holding Co Ksc 2,600.00 4.00 130,513 Al Madina Takaful Co Saoc 0.07 1.41 21,000 Qatar & Oman Investment Co 10.10 1.00 6,118 Allied Cooperative Insurance 14.99 -1.19 1,105,413 Automated Systems Co Kscc 244.00 0.00 19,850 Al Madina Investment Co 0.06 -1.75 186,534 Qatar Navigation 96.90 2.00 121,936 Malath Cooperative & Reinsur 8.78 0.92 6,214,313 Metal & Recycling Co 65.00 -4.41 5,000 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 85.70 0.35 1,239 Alinma Tokio Marine 19.05 0.53 1,844,615 Gulf Franchising Holding Co 30.00 0.00 5,000 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 161.10 -0.25 107,384 Arabian Shield Cooperative 41.14 -0.34 1,170,166 Al-Enma’a Real Estate Co 38.00 1.33 8,489,718 Al Jazeera Steel Products Co 0.24 0.00 - Qatar Islamic Insurance 51.00 0.59 14,946 Savola 40.00 0.15 380,539 National Mobile Telecommuni 1,160.00 3.57 5,355 Al Jazeera Services 0.20 -1.02 110,670 Qatar Industrial Manufactur 44.80 1.13 22,595 Wafrah For Industry And Deve 25.72 -1.04 842,014 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 1.41 186,918 Qatar International Islamic 62.80 0.48 77,552 Fitaihi Holding Group 13.37 0.68 1,577,313 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 58.40 1.39 32,409 Tourism Enterprise Co/ Shams 33.39 0.48 2,199,456 Al Salam Group Holding Co 48.50 0.00 2,019,774 Al Batinah Power 0.18 0.00 6,000 Qatar Islamic Bank 103.10 0.49 148,262 Sahara Petrochemical Co 14.61 0.48 3,047,647 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 22.96 0.26 191,637 Herfy Food Services Co 79.12 -0.05 122,162 Al Aman Investment Company 49.50 0.00 1,635,512 Al Batinah Dev & Inv 0.10 2.04 10,000 Qatar General Insurance & Re 47.00 0.00 - Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.19 0.53 210,828 Qatar German Co For Medical 10.10 0.50 27,967 Manazel Holding 28.00 0.00 5,493,200 Ahli Bank 0.19 -1.05 515,109 Qatar Fuel Qsc 145.20 0.00 4,597 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.71 0.00 - Qatar First Bank 10.05 0.70 1,046,412 KUWAIT Tijara And Real Estate Inves 48.00 -1.03 9,644 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 222.00 1.56 15,256 Kuwait Building Materials 190.00 0.00 393,000 A’saff a Foods Saog 0.80 0.00 - Qatar Cinema & Film Distrib 27.45 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 770.00 0.00 2,000 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 82.90 0.85 41,941 Commercial Real Estate Co 82.00 1.23 62,717 Ooredoo Qsc 101.70 1.70 52,719 Securities Group Co 89.00 0.00 50 Future Communications Co 80.00 0.00 44,300 National Leasing 15.44 0.92 79,977 Sultan Center Food Products 59.00 0.00 212,365 National International Co 62.00 0.00 102,000 Mazaya Qatar Real Estate Dev 14.35 2.50 3,331,064 Kuwait Foundry Co Sak 182.00 0.00 5,000 Taameer Real Estate Invest C 21.50 -2.27 227,000 UAE Mesaieed Petrochemical Holdi 15.66 0.38 89,449 Kuwait Financial Centre Sak 87.00 4.82 135,448 Gulf Cement Co 74.00 0.00 240,000 Al Meera Consumer Goods Co 176.00 -0.28 22,256 Ajial Real Estate Entmt 190.00 0.00 45,000 Heavy Engineering And Ship B 170.00 -1.16 292,800 Company Name Lt Price % Chg Volume Medicare Group 62.50 -0.79 45,238 Gulf Glass Manuf Co -Kscc 300.00 -1.64 401,750 Refrigeration Industries & S 315.00 0.00 700 Mannai Corporation Qsc 78.90 0.00 3,109 Kuwait Finance & Investment 39.50 -5.95 39,000 National Real Estate Co 104.00 -1.89 3,596,447 Waha Capital Pjsc 1.84 1.10 4,252,996 Masraf Al Rayan 37.40 0.67 611,125 National Industries Co Ksc 210.00 0.00 150,422 Al Safat Energy Holding Comp 34.50 1.47 458,890 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 16.83 -0.36 40,724 Kuwait Real Estate Holding C 25.00 2.04 116,000 Kuwait National Cinema Co 1,160.00 0.00 12,550 United Arab Bank Pjsc 1.60 0.00 - Industries Qatar 116.50 0.00 60,251 Securities House/The 44.50 2.30 9,042,783 Danah Alsafat Foodstuff Co 87.00 0.00 30,000 Union National Bank/Abu Dhab 4.56 0.88 190,360 Islamic Holding Group 61.10 0.00 1,977 Boubyan Petrochemicals Co 500.00 0.00 445,108 Independent Petroleum Group 365.00 0.00 185 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 55.50 0.54 181,010 Al Ahli Bank Of Kuwait 295.00 -1.67 13,742 Kuwait Real Estate Co Ksc 62.00 0.00 1,511,658 Union Cement Co 1.09 0.00 - Gulf International Services 31.00 0.00 173,668 Ahli United Bank (Almutahed) 405.00 0.00 439,930 Salhia Real Estate Co Ksc 360.00 0.00 75,000 Umm Al Qaiwain Cement Indust 0.90 0.00 - Ezdan Holding Group 15.10 -0.20 1,092,975 National Bank Of Kuwait 650.00 -1.52 738,488 Gulf Cable & Electrical Ind 380.00 0.00 242,800 Sharjah Islamic Bank 1.45 -3.33 1,304,991 Doha Insurance Co 17.82 -3.41 500 Commercial Bank Of Kuwait 415.00 1.22 786,949 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 34.40 0.00 165,729 Kuwait International Bank 208.00 -0.95 1,250,429 Kuwait Finance House 540.00 -1.82 3,092,813 Sharjah Group 1.50 0.00 - Dlala Holding 21.29 1.87 8,130 Gulf Bank 240.00 0.00 305,246 Gulf North Africa Holding Co 36.00 -1.37 779,000 Sharjah Cement & Indus Devel 1.08 0.00 - Commercial Bank Qsc 30.20 -2.58 263,208 Al-Massaleh Real Estate Co 40.00 0.00 10,500 Hilal Cement Co 0.00 0.00 - Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 33.10 0.30 175,497 Al Arabiya Real Estate Co 31.50 5.00 3,181,732 Osoul Investment Kscc 61.00 1.67 8,000 Ras Al Khaimah White Cement 1.11 0.00 - Al Khaleej Takaful Group 21.00 0.33 49,252 Kuwait Remal Real Estate Co 69.00 4.55 3,949,077 Gulf Insurance Group Ksc 620.00 0.00 53,959 Ras Al Khaimah Ceramics 2.50 4.17 375,800 Aamal Co 13.56 0.37 94,745 Alkout Industrial Projects C 660.00 0.00 1,179 Kuwait Food Co (Americana) 2,600.00 0.00 795,984 Ras Al Khaimah Cement Co Psc 0.73 -2.67 29,000 A’ayan Real Estate Co Sak 66.00 3.13 992,522 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.45 0.00 - Investors Holding Group Co.K 23.00 -2.13 11,020,825 Aayan Leasing & Investment 33.50 0.00 3,332,465 Rak Properties 0.66 -1.49 16,547,663 Al-Mazaya Holding Co 110.00 0.00 160,000 Alrai Media Group Co Ksc 142.00 1.43 72,177 Ooredoo Qsc 92.50 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 0.00 0.00 - National Investments Co 97.00 0.00 1,087,298 Oman & Emirates Inv(Emir)50% 1.18 0.00 - Gulf Petroleum Investment 43.50 3.57 27,758,327 Commercial Facilities Co 156.00 -2.50 488,918 Nbad Oneshare Msci Uae Ucits 6.26 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 850.00 1.19 131,500 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.90 - City Group 0.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 4.30 0.00 - United Wire Factories Compan 26.19 1.24 703,029 Inovest Co Bsc 76.00 -3.80 873,056 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.52 0.00 - Etihad Etisalat Co 24.37 -0.53 1,386,113 Kuwait Gypsum Manufacturing 95.00 0.00 6,645 Yiaco Medical Co. K.S.C.C 360.00 -4.00 500 National Corp Tourism & Hote 2.80 0.00 - Dar Al Arkan Real Estate Dev 6.12 0.66 68,198,840 Al-Deera Holding Co 32.50 1.56 252,769 National Bank Of Umm Al Qaiw 3.10 3.33 570,884 Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.95 1.85 30,000 Rabigh Refining And Petroche 11.99 0.33 2,736,569 Mena Real Estate Co 20.00 2.56 2,641,602 National Bank Of Fujairah 4.78 0.00 - Banque Saudi Fransi 26.67 -1.59 474,027 National Slaughter House 0.00 0.00 - National Bank Of Abu Dhabi 9.85 0.00 209,640 Saudi Enaya Cooperative Insu 16.48 2.68 2,131,464 Amar Finance & Leasing Co 54.00 0.00 300,000 OMAN Methaq Takaful Insurance 0.90 -3.23 2,510,509 Manazel Real Estate Pjsc 0.58 -1.69 16,099,232 Mediterranean & Gulf Insuran 27.52 1.14 1,993,992 United Projects For Aviation 660.00 -1.49 500 Company Name Lt Price % Chg Volume Saudi British Bank 25.10 -0.75 223,113 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.26 0.44 300,000 Mohammad Al Mojil Group Co 12.55 0.00 - Amwal International Investme 24.50 0.00 5,504,332 Voltamp Energy Saog 0.49 0.00 111,601 Intl Fish Farming Co Pjsc 1.87 -3.11 4,058,233 Red Sea Housing Services Co 30.03 -1.22 160,582 Jeeran Holdings 49.00 0.00 30,350 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.73 0.00 - Takween Advanced Industries 13.79 -1.01 3,022,287 Equipment Holding Co K.S.C.C 55.00 -6.78 4,109,205 United Power Co Saog 3.25 0.00 - Gulf Pharmaceutical Ind Psc 2.20 0.00 - Sabb Takaful 29.03 -1.36 1,186,365 Nafais Holding 206.00 0.00 201,000 United Finance Co 0.16 0.64 290,768 Gulf Medical Projects 2.98 -0.67 20,000 Saudi Arabian Fertilizer Co 75.43 1.25 233,468 Safwan Trading & Contracting 385.00 0.00 50,000 Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 0.90 0.00 - National Gypsum 13.30 -0.67 663,114 Arkan Al Kuwait Real Estate 92.00 0.00 1,650 Takaful Oman 0.18 0.00 5,000 Fujairah Cement Industries 1.11 0.00 - Saudi Ceramic Co 33.72 -0.09 209,204 Gfh Financial Group Bsc 168.00 2.44 4,441,673 Taageer Finance 0.12 1.67 83,000 Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 33.55 0.75 412,003 Energy House Holding Co Kscp 41.50 -4.60 14,400 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.60 0.00 - Saudi Pharmaceutical Industr 39.90 -1.38 207,802 Kuwait Slaughter House Co 136.00 0.00 5,500 Sohar Power Co 0.23 0.00 50,000 First Gulf Bank 12.60 -0.79 932,321 Thimar 37.12 3.98 2,215,975 Kuwait Co For Process Plant 172.00 0.00 30,000 Sohar Poultry 0.21 0.00 - Finance House 1.73 0.00 - National Industrialization C 17.69 -0.56 384,719 Al Maidan Dental Clinic Co K 1,220.00 0.00 500,000 Smn Power Holding Saog 0.71 0.00 - Eshraq Properties Co Pjsc 1.02 2.00 23,481,133 Saudi Transport And Investme 58.82 3.16 564,746 National Ranges Company 27.50 1.85 584,178 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 18.35 0.82 916,700 Saudi Electricity Co 22.47 -2.30 4,380,815 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.99 0.76 35,000 Emirates Insurance Co. (Psc) 5.20 0.00 - Saudi Arabia Refineries Co 40.03 -0.05 971,239 Al-Ahleia Insurance Co Sakp 455.00 0.00 7,370 Sharqiyah Desalination Co Sa 4.50 0.00 - Emirates Driving Company 8.05 15.00 100,000 Arriyadh Development Company 22.73 -0.53 726,770 Wethaq Takaful Insurance Co 30.00 0.00 385,560 Sembcorp Salalah Power & Wat 0.23 -0.86 10,000 Dana Gas 0.53 -1.85 28,479,693 Al-Baha Development & Invest 13.50 0.00 - Salbookh Trading Co Kscp 68.00 1.49 171,100 Salalah Port Services 0.63 0.00 - Commercial Bank Internationa 1.99 0.00 - Saudi Research And Marketing 34.18 -1.04 580,407 Aqar Real Estate Investments 69.00 0.00 1,000 Salalah Mills Co 1.48 0.00 - Bank Of Sharjah 1.40 0.72 230,000 Aldrees Petroleum And Transp 39.05 0.18 211,671 Hayat Communications 47.00 -1.05 104,050 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.64 6.67 42,000 Saudi Vitrified Clay Pipe Co 71.28 -0.10 259,477 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.83 -2.35 181,000 Jarir Marketing Co 116.21 0.68 102,826 Soor Fuel Marketing Co Ksc 116.00 1.75 11,850 Renaissance Services Saog 0.25 0.82 120,000 Alkhaleej Investment 1.18 0.00 - Arab National Bank 22.15 -0.63 255,446 Alargan International Real 172.00 0.00 200 Raysut Cement Co 1.47 -1.01 40,000 Aldar Properties Pjsc 2.59 -1.52 11,431,867 Yanbu National Petrochemical 53.73 -1.07 193,103 Burgan Co For Well Drilling 99.00 -2.94 20,000 Port Service Corporation 0.24 0.43 169,437 Al Wathba National Insurance 6.50 8.33 195,229 Arabian Cement 45.18 -0.68 217,735 Kuwait Resorts Co Kscc 79.00 -3.66 3,952,671 Phoenix Power Co Saoc 0.15 0.00 163,667 Al Khazna Insurance Co 0.37 2.78 53,536 Middle East Specialized Cabl 8.26 -0.84 2,979,248 Oula Fuel Marketing Co 118.00 -1.67 44,108 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 20.19 -0.88 922,314 Palms Agro Production Co 95.00 0.00 1 Ooredoo 0.66 0.00 406,655 Al Dhafra Insurance Co. P.S. 5.00 0.00 - Al Sagr Co-Operative Insuran 39.91 0.38 554,052 Ikarus Petroleum Industries 39.50 1.28 151,400 Ominvest 0.51 0.00 60,400 Al Buhaira National Insuranc 2.35 0.00 - Trade Union Cooperative Insu 16.45 0.92 1,951,780 Mubarrad Transport Co 59.00 0.00 750,100 Oman United Insurance Co 0.33 0.00 60,279 Al Ain Ahlia Ins. Co. 55.00 0.00 - Arabia Insurance Cooperative 11.41 0.44 1,571,381 Al Mowasat Health Care Co 240.00 0.00 10,000 Oman Textile Holding Co Saog 0.31 0.00 - Agthia Group Pjsc 6.94 2.06 3,531 Saudi Chemical Company 39.71 -0.65 245,606 Shuaiba Industrial Co 295.00 7.27 35,000 Oman Telecommunications Co 1.52 -0.66 138,400 Abu Dhabi Ship Building Co 2.83 0.00 - Fawaz Abdulaziz Alhokair & C 36.98 0.33 671,035 Hits Telecom Holding 41.00 -1.20 1,466,776 Oman Refreshment Co 2.16 0.00 - Abu Dhabi Natl Co For Buildi 0.65 0.00 - Bupa Arabia For Cooperative 129.92 2.07 345,252 First Takaful Insurance Co 49.00 -1.01 2,000 Oman Packaging 0.30 0.00 - Abu Dhabi National Takaful C 4.25 0.00 - Wafa Insurance 16.32 -0.18 1,792,065 Kuwaiti Syrian Holding Co 29.50 0.00 294,564 Oman Orix Leasing Co. 0.13 0.00 - Abu Dhabi National Insurance 2.57 0.00 - Jabal Omar Development Co 74.77 0.04 599,576 National Cleaning Company 46.00 2.22 1,152,199 Oman Oil Marketing Company 1.86 0.00 - Abu Dhabi National Hotels 3.20 0.00 - Saudi Basic Industries Corp 92.34 -0.83 4,723,172 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.16 1.88 48,000 Abu Dhabi National Energy Co 0.52 0.00 66,974 Saudi Kayan Petrochemical Co 8.96 -0.44 10,549,694 United Real Estate Company 96.00 2.13 387 Oman Investment & Finance 0.20 2.00 105,926 Abu Dhabi Islamic Bank 3.75 -0.27 288,796 Etihad Atheeb Telecommunicat 2.95 -1.01 499,940 Agility 620.00 -1.59 1,169,273 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 109.85 -1.10 178,234 Kuwait & Middle East Fin Inv 23.50 2.17 124,010 Oman Hotels & Tourism Co 0.40 0.00 - National Petrochemical Co 21.71 9.65 1,046,009 Fujairah Cement Industries 76.00 0.00 357,300 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 11.46 -0.69 494,261 Livestock Transport & Tradng 224.00 -0.88 61,681 Oman Flour Mills 0.70 0.00 - BAHRAIN Gulf General Cooperative Ins 15.91 1.27 1,388,363 International Resorts Co 27.50 0.00 341,000 Oman Fisheries Co 0.06 0.00 59,700 Basic Chemical Industries 25.93 2.37 1,808,913 National Industries Grp Hold 122.00 0.00 2,394,519 Oman Fiber Optics 4.57 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 0.42 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 19.01 359,082 63.00 16,621 Zain Bahrain Bscc 0.10 -5.66 15,500 Buruj Cooperative Insurance 0.62 Warba Insurance Co 3.03 Oman Education & Training In 0.14 0.00 - 24.22 1,433,415 102.00 2,305 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co -0.24 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 147.65 41,013 200.00 21,100 United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 0.36 First Dubai Real Estate Deve -4.55 Oman Chlorine 0.49 0.00 - 82.75 67,714 63.00 9,630,417 United Gulf Bank 0.35 2.34 68,000 Maadaniyah -0.86 Al Arabi Group Holding Co -1.56 Oman Ceramic Com 0.42 0.00 - 24.29 496,261 63.00 645,199 Trafco Group Bsc 0.24 0.00 65,197 Yamama Cement Co -0.13 Kuwait Hotels Sak 0.00 Oman Cement Co 0.47 3.04 57,050 22.77 240,408 0.00 - Takaful International Co 0.00 0.00 - Jazan Development Co 1.20 Mobile Telecommunications Co 0.00 Oman Cables Industry 1.54 2.68 22,490 10.93 3,685,347 410.00 802,993 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -1.06 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 30.85 101,525 0.00 - Seef Properties 0.22 0.00 110,000 Alujain Corporation (Alco) 0.65 Tamdeen Real Estate Co Ksc -5.26 Oman & Emirates Inv(Om)50% 0.13 0.00 145,800 20.06 1,831,967 450.00 52,100 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -0.34 Al Mudon Intl Real Estate Co 5.26 Natl Aluminium Products 0.19 0.00 - 11.57 1,621,628 40.00 12,563,702 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -0.77 Kuwait Cement Co Ksc 0.00 National Securities 0.10 0.00 - 12.87 773,914 395.00 22,833 National Bank Of Bahrain Bsc 0.71 0.00 10,000 Qassim Cement/The -0.74 Sharjah Cement & Indus Devel 2.53 National Real Estate Develop 5.00 0.00 - 67.25 18,665 81.00 294,000 Nass Corp Bsc 0.12 0.00 157,378 Saudi Advanced Industries 2.17 Kuwait Portland Cement Co -1.10 National Pharmaceutical 0.11 0.00 - 12.24 3,018,397 900.00 81,966 Khaleeji Commercial Bank 0.07 1.41 900,000 Kingdom Holding Co -0.33 Educational Holding Group 0.00 National Mineral Water 0.05 0.00 - 12.25 213,493 204.00 2,000 Ithmaar Bank Bsc 0.13 0.00 768,015 Saudi Arabian Amiantit Co 3.19 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 8.40 3,013,652 0.00 - Investcorp Bank -$Us 8.10 0.00 25,000 Al Jouf Agriculture Developm -0.71 Asiya Capital Investments Co -3.13 National Gas Co 0.57 -0.35 25,838 35.00 129,334 31.00 13,000 Inovest Co Bsc 0.21 0.00 19,586 Saudi Industrial Development 1.15 Kuwait Investment Co 3.49 National Finance Co 0.13 0.00 - 10.58 2,461,299 89.00 179,063 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -1.61 National Detergent Co Saog 0.70 0.00 - 69.75 - 305.00 2,774,461 Gulf Hotel Group B.S.C 0.64 0.00 10,000 Riyad Bank -0.68 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 11.64 1,013,525 510.00 64,300 Gfh Financial Group Bsc 0.51 0.00 35,000 The National Agriculture Dev 0.76 Al Madina For Finance And In -1.14 National Bank Of Oman Saog 0.24 -0.42 233,500 24.02 335,905 43.50 990,243 Esterad Investment Co B.S.C. 0.17 0.00 42,043 Halwani Bros Co -0.56 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.11 0.00 - 62.39 29,829 255.00 10,000 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co 0.29 Al Masaken Intl Real Estate 4.41 Muscat National Holding 1.79 0.00 - 17.40 739,411 71.00 474,012 Bmmi Bsc 0.83 0.61 84,641 Eastern Province Cement Co -0.14 Intl Financial Advisors 1.61 Muscat Gases Company Saog 0.61 0.00 - 34.50 68,123 31.50 711,325 Bmb Investment Bank 0.00 0.00 - Al Qassim Agricultural Co -0.11 First Investment Co Kscc -1.05 Muscat Finance 0.12 0.00 5,000 9.43 2,703,929 47.00 830,686 Bbk Bsc 0.39 0.51 25,000 Filing & Packing Materials M 0.87 Al Mal In 0.00 Majan Glass Company 0.19 0.00 - 35.83 1,470,060 vestment Company 20.00 993,551 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co -0.33 1.49 Majan College 0.51 0.00 - 6.10 1,770,753 Bayan Investment Co Kscc 34.00 329,001 Banader Hotels Co 0.07 0.00 33,386 Tihama Advertising & Public 1.61 0.00 Hsbc Bank Oman 0.12 0.00 3,156,092 34.64 8,147,988 Egypt Kuwait Holding Co Sae 176.00 10,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 0.20 0.00 Hotels Management Co Interna 1.25 0.00 - 15.23 146,841 Coast Investment Development 38.00 486,532 Bahrain Telecom Co 0.28 0.00 40,600 Astra Industrial Group -0.63 0.00 Gulf Stone 0.11 0.00 - 17.26 545,510 Privatization Holding Compan 43.50 31,010 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 0.79 0.00 Gulf Plastic Industries Co 0.00 0.00 - 15.32 5,656,585 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.00 0.00 - Taiba Holding Co -0.65 -1.33 Gulf Mushroom Company 0.34 0.00 - 39.90 167,964 Injazzat Real State Company 74.00 400,000 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co 2.34 -9.84 Gulf Investments Services 0.11 0.00 94,789 36.26 1,866,835 Kuwait Cable Vision Sak 55.00 420 Bahrain Islamic Bank 0.13 0.00 206,321 Saudi Real Estate Co 0.50 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 26.35 160,343 Sanam Real Estate Co Kscc 31.00 10 Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co -0.42 0.00 Gulf International Chemicals 0.29 0.35 53,000 124.27 31,225 Ithmaar Bank Bsc 39.00 9,879,841 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The -0.25 -0.83 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 43.11 759,384 Aviation Lease And Finance C 240.00 978,975 Bahrain Duty Free Complex 0.79 0.00 10,195 Methanol Chemicals Co 7.89 -1.54 Global Fin Investment 0.17 0.00 - 8.20 11,056,563 Arzan Financial Group For Fi 32.00 672,000 Bahrain Commercial Facilitie 0.67 0.00 6,586 Ace Arabia Cooperative Insur -0.30 5.75 Galfar Engineering&Contract 0.10 0.00 326,613 42.97 280,630 Ajwan Gulf Real Estate Co 46.00 1,109,159 Bahrain Cinema Co 1.29 0.00 2,000 Mobile Telecommunications Co -0.71 -1.20 Galfar Engineering -Prefer 0.39 0.00 - 8.39 3,405,674 Kuwait Business Town Real Es 41.00 5,558,207 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co -0.94 0.00 Financial Services Co. 0.10 -39.39 10,000 18.96 967,306 Future Kid Entertainment And 106.00 381 Arab Insurance Group(Bsc)-$ 0.33 0.00 150,000 Axa Cooperative Insurance 2.44 0.00 Financial Corp/The 0.10 0.00 - 16.80 2,163,499 Specialities Group Holding C 80.00 1,500 Arab Banking Corp Bsc-$Us 0.34 0.00 20,000 Alsorayai Group 0.00 0.00 Dhofar University 1.49 0.00 - 10.56 2,335,031 Abyaar Real Eastate Developm 23.00 7,020,000 Aluminium Bahrain Bsc 0.32 0.00 60,500 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 0.49 0.00 243,940 Bank Albilad -1.13 0.00 Dhofar Poultry 0.18 0.00 - 21.00 942,821 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.11 1.89 4,351,000 Al-Hassan G.I. Shaker Co 0.54 1.37 Dhofar Intl Development 0.37 0.00 - 16.66 905,339 Kgl Logistics Company Kscc 74.00 355,620 Al-Ahlia Insurance Co 0.00 0.00 - Wataniya Insurance Co -1.00 -3.45 Dhofar Insurance 0.21 0.00 - 25.65 633,065 Combined Group Contracting 560.00 10,150 Ahli United Bank B.S.C 0.64 0.00 390,000 Abdullah Al Othaim Markets 98.91 4.15 397,203 Zima Holding Co Ksc 43.00 2.38 3,967,211 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 12.00 0.08 692,261 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.22 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Thursday, December 29, 2016 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 19,926.65 -18.39 Apple Inc 116.80 -0.40 7,008,385 S&P 500 Index 2,259.91 -8.97 Microsoft Corp 63.19 -0.15 3,686,030 Nasdaq Composite Index 5,463.16 -24.28 Exxon Mobil Corp 90.81 0.07 1,223,697 S&P/Tsx Composite Index 15,388.97 +60.82 Johnson & Johnson 115.68 -0.20 755,137 Mexico Bolsa Index 45,335.92 +36.25 General Electric Co 31.85 -0.16 5,109,351 Brazil Bovespa Stock Idx 59,598.67 +901.98 Jpmorgan Chase & Co 86.85 -0.32 2,356,164 Ftse 100 Index 7,098.52 +30.35 Procter & Gamble Co/The 84.53 -0.08 1,010,011 Cac 40 Index 4,841.45 -6.83 Wal-Mart Stores Inc 69.86 0.23 1,516,711 Dax Index 11,464.72 -7.52 Verizon Communications Inc 53.60 -0.08 1,610,066 Ibex 35 Tr 9,324.90 -51.70 Pfizer Inc 32.58 0.15 3,677,803 Nikkei 225 19,401.72 -1.34 Visa Inc-Class A Shares 78.26 -0.11 1,734,078 Japan Topix 1,536.80 +0.58 Chevron Corp 118.25 0.03 839,396 Hang Seng Index 21,754.74 +179.98 Coca-Cola Co/The 41.60 -0.02 2,447,293 All Ordinaries Indx 5,732.38 +57.28 Intel Corp 36.88 -0.51 2,379,614 Nzx All Index 1,279.67 +0.03 Merck & Co. Inc. 59.63 -0.28 1,475,329 Bse Sensex 30 Index 26,210.68 -2.76 Cisco Systems Inc 30.50 -0.59 2,820,451 Nse S&P Cnx Nifty Index 8,034.85 +2.00 Home Depot Inc 135.24 -0.01 833,178 Straits Times Index 2,898.30 +12.54 Intl Business Machines Corp 166.62 -0.31 501,655 Karachi All Share Index 32,461.98 +362.45 Walt Disney Co/The 104.59 -0.55 1,431,052 Jakarta Composite Index 5,209.45 +106.49 Unitedhealth Group Inc 162.25 -0.24 349,115 3M Co 178.66 -0.14 256,863 Mcdonald’s Corp 122.97 -0.08 492,762 Nike Inc -Cl B 51.10 -0.38 2,025,327 TOKYO United Technologies Corp 110.54 -0.40 409,367 Boeing Co/The 156.05 -0.91 606,748 Company Name Lt Price % Chg Goldman Sachs Group Inc 244.13 1.06 1,375,608 Rakuten Inc 1,178.50 1.25 5,337,900 American Express Co 74.54 -0.59 686,436 Kyocera Corp 5,913.00 0.03 1,033,400 Du Pont (E.I.) De Nemours 75.04 0.11 362,859 Nissan Motor Co Ltd 1,197.50 -0.08 6,982,800 Caterpillar Inc 94.18 -0.40 614,473 Hitachi Ltd 644.90 1.30 14,724,000 Travelers Cos Inc/The 122.44 0.38 207,558 Takeda Pharmaceutical Co Ltd 4,849.00 -0.04 1,196,700 Jfe Holdings Inc 1,845.50 1.48 2,505,400 Ana Holdings Inc 318.80 0.03 7,945,000 FTSE 100 Mitsubishi Electric Corp 1,647.00 2.36 6,929,700 Sumitomo Mitsui Financial Gr 4,558.00 -0.61 4,693,200 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,490.00 -0.20 2,728,100 Fast Retailing Co Ltd 43,270.00 -0.80 339,900 Pedestrians walk past the London Stock Exchange Group off ices in the Paternoster Square in London. The British capital’s Wpp Plc 1,810.00 0.84 905,071 Ms&Ad Insurance Group Holdin 3,658.00 -0.27 1,120,500 Worldpay Group Plc 267.70 0.00 1,708,376 benchmark FTSE 100 index of top blue-chip firms yesterday won 0.5% from last Friday as traders returned from a four-day Kubota Corp 1,676.50 -0.42 2,620,900 Wolseley Plc 4,954.00 0.30 145,429 holiday weekend, closing at a record high of 7,106.08 points, beating the previous record of 7,103.98 set in April 2015. Seven & I Holdings Co Ltd 4,485.00 -0.04 1,376,100 Wm Morrison Supermarkets 229.00 -0.30 3,285,952 Inpex Corp 1,193.00 -0.13 3,613,600 Whitbread Plc 3,740.00 -0.58 327,463 Resona Holdings Inc 615.60 0.52 8,244,700 Vodafone Group Plc 199.20 -0.67 24,876,375 Asahi Kasei Corp 1,033.00 0.63 3,579,000 United Utilities Group Plc 894.50 -0.61 756,571 Kirin Holdings Co Ltd 1,900.50 -1.96 2,125,200 Unilever Plc 3,273.50 0.03 984,690 Marubeni Corp 676.00 0.18 5,661,400 Tui Ag-Di 1,133.00 -1.31 392,013 Mitsubishi Ufj Financial Gro 734.50 -0.49 46,428,400 Travis Perkins Plc 1,462.00 0.00 477,642 Mitsubishi Chemical Holdings 776.80 0.32 2,799,400 ‘Santa Rally’ gifts record Tesco Plc 203.60 -1.09 5,880,211 Fanuc Corp 20,415.00 1.14 472,600 Taylor Wimpey Plc 153.10 -0.52 5,817,150 Daito Trust Construct Co Ltd 17,395.00 0.32 156,000 Standard Life Plc 366.40 0.60 7,138,338 Otsuka Holdings Co Ltd 5,031.00 -1.12 1,115,700 Standard Chartered Plc 659.70 -0.29 2,600,086 Oriental Land Co Ltd 6,651.00 0.50 483,400 St James’s Place Plc 997.00 -0.15 280,743 Sekisui House Ltd 1,961.00 0.69 1,868,700 Sse Plc 1,546.00 -0.51 2,218,667 close to London stocks Secom Co Ltd 8,615.00 0.31 524,600 Smith & Nephew Plc 1,211.00 0.67 1,252,731 Tokio Marine Holdings Inc 4,826.00 -0.68 2,237,300 Sky Plc 984.50 0.20 2,451,757 Aeon Co Ltd 1,683.00 0.18 1,518,500 Shire Plc 4,627.50 1.75 650,947 boosting a number of FTSE 100 stocks. establish a strategic partnership with Mitsui & Co Ltd 1,626.00 -0.18 4,188,300 AFP Severn Trent Plc 2,207.00 -0.94 298,940 The record close came as US stocks Woolworths in a deal for the pur- Kao Corp 5,558.00 -1.65 1,785,800 London Schroders Plc 2,977.00 -0.27 70,310 have also been setting new highs fol- chase, rebranding and operation of Dai-Ichi Life Holdings Inc 1,953.50 -0.13 3,935,400 Sainsbury (J) Plc 248.10 -0.24 2,344,294 Mazda Motor Corp 1,975.50 0.10 3,599,800 lowing the US election victory of Don- Woolworths’ existing 527 fuel and Sage Group Plc/The 655.00 0.15 604,754 Komatsu Ltd 2,735.50 1.71 3,408,100 ondon stocks closed at a record ald Trump sparking hopes of addition- convenience stores, plus 16 sites un- Sabmiller Plc 0.00 0.00 - West Japan Railway Co 7,264.00 0.19 357,600 high yesterday on the back of al spending and tax cuts, with the Dow der construction, for the equivalent of Rsa Insurance Group Plc 576.00 -0.17 624,306 Murata Manufacturing Co Ltd 15,905.00 0.19 450,500 a Santa Rally in subdued trade having fl irted with the 20,000 level in A$1.8bn. Royal Mail Plc 455.70 -0.11 954,945 L Kansai Electric Power Co Inc 1,310.50 0.19 1,566,200 Royal Dutch Shell Plc-B Shs 2,345.00 1.03 2,791,628 after a long Christmas holiday, while recent weeks. The company’s share price bumped Denso Corp 5,179.00 -0.46 1,020,600 Royal Dutch Shell Plc-A Shs 2,235.00 0.97 1,986,527 Wall Street retreated from record Rising commodity prices have also 1.2% higher to close at 508.90 pence. Sompo Holdings Inc 3,998.00 -0.45 813,400 Royal Bank Of Scotland Group 224.90 -2.68 7,058,954 Daiwa House Industry Co Ltd 3,202.00 -0.74 1,635,800 highs. boosted mining companies on the Thin trading volumes are expected Rolls-Royce Holdings Plc 684.00 0.51 2,237,499 Jx Holdings Inc 498.80 0.38 14,660,800 The British capital’s benchmark FTSE. to continue during what is the last Rio Tinto Plc 3,175.50 3.64 2,038,524 Nippon Steel & Sumitomo Meta 2,683.50 1.80 2,664,700 FTSE 100 index of top blue-chip “The FTSE 100 is the star performer trading week of 2016. Rexam Plc 0.00 0.00 - Suzuki Motor Corp 4,186.00 0.14 1,463,800 On the Wall Street, the tech-heavy Relx Plc 1,438.00 0.00 955,767 firms won 0.5% from last Friday as today, helped on its way higher by an Nippon Telegraph & Telephone 4,929.00 0.04 1,925,000 Reckitt Benckiser Group Plc 6,826.00 0.22 610,195 traders returned from a four-day excellent turn from the index’s mining Nasdaq pushed higher at the open af- Ajinomoto Co Inc 2,354.00 -0.74 1,315,900 Randgold Resources Ltd 6,115.00 4.80 555,285 holiday weekend, closing at a record contingent,” said analyst Chris Beau- ter having finished at a fresh record Mitsui Fudosan Co Ltd 2,737.50 -0.36 2,544,000 Prudential Plc 1,606.50 0.09 1,353,353 high of 7,106.08 points, beating the champ at online trading fi rm IG. Tuesday, with the Dow once again Ono Pharmaceutical Co Ltd 2,583.00 -0.44 3,980,000 Provident Financial Plc 2,789.00 -0.92 73,822 Daikin Industries Ltd 10,890.00 0.14 568,600 previous record of 7,103.98 set in Shares in Anglo American shot up briefly flirting with the 20,000 mile- Persimmon Plc 1,740.00 -1.42 524,896 Bank Of Yokohama Ltd/The 0.00 0.00 - April 2015. 3.6% and BHP Billiton jumped 4.3% stone. Pearson Plc 814.00 -0.37 1,246,357 Toray Industries Inc 951.70 -3.12 9,040,000 Elsewhere in Europe, Frankfurt’s and Fresnillo soared 5.2%. Rangold US stock prices quickly pulled back, Paddy Power Betfair Plc 8,760.00 0.69 14,102 Astellas Pharma Inc 1,620.50 -0.89 4,508,200 Old Mutual Plc 200.80 0.96 3,236,227 DAX 30 was up 0.02% to close at rose 4.9% and Rio Tinto 3.4%. however, with the Dow and Nasdaq Bridgestone Corp 4,284.00 -2.12 2,069,800 Next Plc 4,935.00 0.26 257,346 11,474.99, while Paris’ CAC 40 was The main corporate deal of the day down modestly approaching midday. Sony Corp 3,338.00 0.42 3,888,600 National Grid Plc 944.80 -0.68 2,924,338 down 0.01% at 4,848.01. was British energy giant BP, which Meanwhile the dollar, which has Hoya Corp 4,866.00 -0.04 568,900 Mondi Plc 1,657.00 3.24 755,935 The “Santa Rally bullishness appears announced it has bought a network of strengthened on expectations of rising Sumitomo Mitsui Trust Holdin 4,332.00 -0.80 1,680,100 Merlin Entertainment 442.90 -1.12 534,144 Japan Tobacco Inc 3,839.00 -2.12 3,499,400 to remain fi rm on hopes of an Opec-led Australian petrol stations from super- US interest rates, pushed higher. Mediclinic International Plc 762.00 1.33 679,277 Osaka Gas Co Ltd 461.30 0.13 4,031,000 production cut and Trump stimulus,” market chain Woolworths for $1.3bn The euro fell back below the $1.04 Marks & Spencer Group Plc 350.60 -0.40 1,592,720 Sumitomo Electric Industries 1,714.50 1.33 1,718,600 Accendo Markets analyst Mike van (€1.2bn). level, which it briefl y breached last London Stock Exchange Group 2,850.00 0.21 141,144 Daiwa Securities Group Inc 739.10 -0.19 6,122,000 Lloyds Banking Group Plc 63.34 -0.72 52,013,867 Dulken told AFP, with rising oil prices BP said in a statement that it will week. Softbank Group Corp 7,858.00 -0.13 3,085,500 Legal & General Group Plc 245.00 -0.81 4,291,291 Mizuho Financial Group Inc 214.50 -0.56 100,763,000 Land Securities Group Plc 1,039.00 -2.90 986,265 Nomura Holdings Inc 703.80 -0.17 17,829,500 Kingfisher Plc 347.60 0.26 2,682,423 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,387.00 0.29 1,457,600 Johnson Matthey Plc 3,161.00 0.25 222,980 Fuji Heavy Industries Ltd 4,887.00 1.10 2,169,200 Itv Plc 202.50 -0.49 4,958,423 Ntt Docomo Inc 2,670.50 0.38 2,525,300 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 274.80 -0.65 1,722,903 Sumitomo Realty & Developmen 3,152.00 -0.76 1,735,000 Intl Consolidated Airline-Di 444.50 -2.78 3,560,013 Aluminum Corp Of China Ltd-H 3.11 0.00 7,712,771 Hong Kong & China Gas 13.60 0.00 8,488,299 Sumitomo Metal Mining Co Ltd 1,548.50 2.86 3,161,000 Intertek Group Plc 3,429.00 0.94 127,860 Bank Of East Asia Ltd 29.75 -0.17 1,779,738 Hong Kong Exchanges & Clear 180.70 0.44 3,927,790 Orix Corp 1,849.00 -0.08 4,525,200 Intercontinental Hotels Grou 3,561.00 -1.11 250,910 Bank Of China Ltd-H 3.39 1.19 306,441,887 Hsbc Holdings Plc 61.95 -0.40 19,717,962 Asahi Group Holdings Ltd 3,694.00 -0.48 1,387,200 Inmarsat Plc 740.00 -1.73 646,446 Bank Of Communications Co-H 5.52 1.10 27,291,101 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 79,720.00 1.19 178,100 Informa Plc 672.50 0.15 397,281 Belle International Holdings 4.28 -0.23 12,543,957 Ind & Comm Bk Of China-H 4.54 1.11 295,724,899 Nidec Corp 10,195.00 0.49 548,200 Imperial Brands Plc 3,520.00 -0.54 755,814 Boc Hong Kong Holdings Ltd 27.60 -0.72 10,872,729 Li & Fung Ltd 3.42 -2.01 38,199,919 Isuzu Motors Ltd 1,520.50 0.83 1,821,300 Hsbc Holdings Plc 652.40 0.91 9,181,193 Cathay Pacific Airways 10.20 -0.20 2,894,529 Mtr Corp 37.40 0.27 2,515,146 Unicharm Corp 2,584.00 0.82 872,400 Hargreaves Lansdown Plc 1,209.00 -0.90 296,398 Ck Hutchison Holdings Ltd 88.10 0.00 8,645,808 New World Development 8.16 0.00 10,738,093 Shin-Etsu Chemical Co Ltd 9,299.00 0.70 768,900 Hammerson Plc 557.50 -2.02 1,141,027 China Coal Energy Co-H 3.55 0.28 7,050,769 Petrochina Co Ltd-H 5.84 0.52 101,711,755 Smc Corp 28,455.00 1.39 300,000 Glencore Plc 277.10 2.38 22,477,717 China Construction Bank-H 5.89 4.80 919,614,741 Ping An Insurance Group Co-H 38.50 0.26 22,198,826 Mitsubishi Corp 2,537.50 0.65 2,745,000 Glaxosmithkline Plc 1,552.00 0.19 2,927,231 China Life Insurance Co-H 20.20 0.75 37,952,620 Power Assets Holdings Ltd 68.05 -0.15 2,011,144 Nintendo Co Ltd 24,345.00 -0.86 1,312,200 Gkn Plc 329.40 -0.33 2,434,567 China Merchants Port Holding 19.04 0.95 2,155,689 Sino Land Co 11.38 0.00 3,330,978 Eisai Co Ltd 6,717.00 -0.40 439,300 Fresnillo Plc 1,170.00 5.22 531,876 China Mobile Ltd 81.05 0.68 13,046,728 Sun Hung Kai Properties 97.15 -0.10 3,119,194 Sumitomo Corp 1,399.00 0.00 2,460,500 Experian Plc 1,565.00 0.77 713,137 China Overseas Land & Invest 20.45 0.25 15,268,801 Swire Pacific Ltd - Cl A 72.60 -0.68 971,326 Canon Inc 3,302.00 -3.34 7,171,600 Easyjet Plc 1,019.00 -1.55 703,015 China Petroleum & Chemical-H 5.49 0.18 105,341,648 Tencent Holdings Ltd 183.60 2.17 18,221,383 Japan Airlines Co Ltd 3,467.00 -0.69 1,266,900 Dixons Carphone Plc 351.60 0.54 1,664,775 China Resources Beer Holdin 15.00 2.46 5,743,743 Wharf Holdings Ltd 50.50 0.50 3,599,838 Direct Line Insurance Group 361.30 -1.77 2,060,632 China Resources Land Ltd 17.42 0.58 8,552,253 China Resources Power Holdin 12.04 0.17 6,478,939 Diageo Plc 2,089.00 -0.38 1,411,393 SENSEX Dcc Plc 6,080.00 0.41 76,069 China Shenhua Energy Co-H 14.48 1.26 19,573,433 GCC INDICES Crh Plc 2,746.00 0.44 383,023 China Unicom Hong Kong Ltd 9.08 1.11 27,949,170 Compass Group Plc 1,466.00 0.69 1,643,838 Company Name Lt Price % Chg Citic Ltd 10.94 0.37 7,457,738 Indices Lt Price Change Coca-Cola Hbc Ag-Di 1,711.00 -0.29 171,160 Clp Holdings Ltd 71.20 -0.56 2,652,263 Doha Securities Market Zee Entertainment Enterprise 443.10 1.56 1,864,049 10,336.05 +31.28 Centrica Plc 231.60 0.48 4,199,860 Cnooc Ltd 9.70 1.36 50,463,773 Saudi Tadawul Yes Bank Ltd 1,113.05 -1.33 1,934,739 7,240.66 -16.51 Carnival Plc 4,138.00 -0.22 290,587 Cosco Shipping Ports Ltd 7.76 0.52 1,823,323 Kuwait Stocks Exchange Wipro Ltd 469.35 0.89 1,412,869 5,753.36 +8.32 Capita Plc 516.50 -0.77 1,347,404 Esprit Holdings Ltd 6.19 -0.48 4,081,317 Bahrain Stock Exchage Vedanta Ltd 211.90 -1.28 10,176,417 1,213.35 +2.01 Burberry Group Plc 1,483.00 1.37 852,501 Fih Mobile Ltd 2.46 1.23 7,531,819 Oman Stock Market Ultratech Cement Ltd 3,159.50 0.09 211,374 5,765.05 +4.10 Bunzl Plc 2,086.00 -0.10 304,957 Hang Lung Properties Ltd 16.06 -0.12 2,774,087 Abudhabi Stock Market Tech Mahindra Ltd 474.15 1.27 1,725,006 4,471.57 +2.49 Bt Group Plc 367.25 -0.84 5,175,325 Hang Seng Bank Ltd 143.10 -0.56 1,288,726 Dubai Financial Market Tata Steel Ltd 388.45 -1.01 4,405,834 3,519.71 -22.45 British Land Co Plc 624.50 -2.57 1,935,650 Henderson Land Development 40.50 0.00 1,514,031 Tata Power Co Ltd 73.90 0.41 1,532,543 British American Tobacco Plc 4,566.00 0.18 2,368,410 Tata Motors Ltd 463.35 -0.77 3,981,268 Bp Plc 508.10 1.01 13,564,418 Tata Consultancy Svcs Ltd 2,313.40 -0.43 708,905 Bhp Billiton Plc 1,309.00 4.10 4,413,035 Sun Pharmaceutical Indus 621.35 0.04 2,805,779 Berkeley Group Holdings/The 2,811.00 -1.44 335,235 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 247.75 -0.40 13,078,150 Barratt Developments Plc 464.50 -1.02 1,274,133 Reliance Industries Ltd 1,049.70 -1.41 2,749,704 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 224.05 -0.40 14,090,837 Punjab National Bank 113.95 -1.77 9,973,418 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 597.00 0.59 2,609,960 Power Grid Corp Of India Ltd 180.00 -0.58 2,267,051 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 -0.16 434,662 Oil & Natural Gas Corp Ltd 189.90 -0.21 5,997,244 this data.” Aviva Plc 483.10 0.58 2,990,525 Ntpc Ltd 160.75 0.22 2,312,045 Astrazeneca Plc 4,417.50 0.24 1,235,782 Maruti Suzuki India Ltd 5,231.25 0.14 641,240 Associated British Foods Plc 2,714.00 0.56 335,868 Mahindra & Mahindra Ltd 1,174.10 0.59 1,096,911 Ashtead Group Plc 1,607.00 2.55 637,984 Lupin Ltd 1,454.35 0.57 615,283 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,349.95 -0.42 945,198 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 689.50 2.07 1,433,619 DINAR DINAR Kotak Mahindra Bank Ltd 713.05 0.13 1,264,422 Anglo American Plc 1,168.50 3.82 3,987,938 Itc Ltd 235.45 0.60 15,039,717 Admiral Group Plc 1,797.00 -0.11 140,448 Infosys Ltd 998.50 -0.05 3,190,841 3I Group Plc 694.50 -0.07 395,480 Indusind Bank Ltd 1,082.10 1.76 1,339,408 #N/A 0.00 0.00 - Idea Cellular Ltd 71.40 2.00 7,617,863 Icici Bank Ltd 251.75 -0.71 8,847,228 TOKYO Housing Development Finance 1,237.95 0.47 2,175,109 Hindustan Unilever Ltd 810.30 0.44 879,216 Hindalco Industries Ltd 153.60 -1.25 9,993,664 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,001.60 -1.10 204,796 East Japan Railway Co 10,265.00 0.15 369,200 Hdfc Bank Limited 1,186.75 0.13 1,716,808 Itochu Corp 1,583.50 -0.41 4,495,300 Hcl Technologies Ltd 807.05 0.27 745,050 Fujifilm Holdings Corp 4,498.00 0.60 1,001,500 Grasim Industries Ltd 811.10 -0.04 367,183 Yamato Holdings Co Ltd 2,424.50 0.98 648,000 Gail India Ltd 424.65 0.14 1,415,545 Chubu Electric Power Co Inc 1,670.00 0.15 1,308,800 Dr. Reddy’s Laboratories 3,069.55 1.14 167,515 Mitsubishi Estate Co Ltd 2,334.50 0.11 2,726,000 Coal India Ltd 295.20 2.16 4,415,617 Mitsubishi Heavy Industries 544.60 1.06 10,574,000 Cipla Ltd 562.40 -0.22 799,473 Toshiba Corp 311.60 -20.43 41,897,000 Cairn India Ltd 238.45 -1.69 1,500,913 Shiseido Co Ltd 2,985.50 -1.01 679,000 Bosch Ltd 20,172.00 1.07 17,101 Shionogi & Co Ltd 5,526.00 -0.31 657,200 Bharti Airtel Ltd 299.50 -0.03 2,707,659 Tokyo Gas Co Ltd 540.20 -0.50 5,299,000 Bharat Petroleum Corp Ltd 615.15 -0.06 2,950,955 Tokyo Electron Ltd 11,260.00 0.85 577,800 Bharat Heavy Electricals 119.35 0.08 2,792,858 Panasonic Corp 1,218.00 0.25 6,740,300 Bank Of Baroda 150.15 0.17 8,182,830 Fujitsu Ltd 662.60 0.11 6,085,000 Bajaj Auto Ltd 2,633.15 -0.02 282,306 Central Japan Railway Co 19,480.00 -0.03 266,900 Axis Bank Ltd 440.05 0.55 5,323,699 T&D Holdings Inc 1,552.00 0.32 1,723,400 Asian Paints Ltd 875.70 -0.03 1,185,665 Toyota Motor Corp 6,970.00 0.03 4,747,600 Ambuja Cements Ltd 201.25 -0.81 1,388,558 Kddi Corp 2,963.50 -0.35 3,738,400 Adani Ports And Special Econ 268.50 0.58 4,028,068 Nitto Denko Corp 9,124.00 0.41 674,600 Acc Ltd 1,294.80 0.00 289,038 Gulf Times Thursday, December 29, 2016 11 BUSINESS Global M&A down, but not out, after weathering 2016 surprises

Bloomberg surprised them and the factors that will There is a concern that geopolitical contrasting forces. Capital is available and these will translate into growth in M&A cash for M&A transactions, and investors London shape next year. tensions could impact CEO confidence cheap, equity markets trade at high valu- volumes across regions will very much are focusing on growth, it is possible that Gilberto Pozzi, M&A Global Co-Head at and their willingness to push forward ations and CEO confidence is still at high depend on political and related factors, the M&A market will remain moderately Goldman Sachs Group: with transformational deals. However, levels by historical standards. Neverthe- at the domestic level in each country and cautious until more clarity is achieved on With volatile markets driven by political We have experienced a year with very we continue to have very active dia- less, coupled with a most likely rate rise, internationally. the implementation of the UK referen- upsets like the UK’s Brexit vote, a mount- diff erent momentum at the beginning logues with a number of clients about the shift away from conventional politics We expect to continue to see significant dum decision and the implications of the ing number of failed deals and a hangover compared to the end. What surprised us in large-scale consolidation options and and lack of economic growth in EMEA may levels of activity in sectors that have had policies of the new US administration. from last year’s record shopping spree, 2016 is how volatile M&A activity can be, could see significant moves during the continue to create uncertainty and limit important M&A volumes in recent years, The commodity related sectors have 2016 had the makings of a disappointing whilst the deal itself is by definition a long year. investment. On balance though we believe from consumer products to TMT, industri- been inwardly focused for a long time, year for M&A. term decision. We see increased levels of Luca Ferrari, head of EMEA M&A at 2017 is likely to be at least as good as 2016. als or health care for example. In addition, and may see some developments in 2017. Still, global spending this year is about deal activity when there is confidence in Bank of America Corp: Paulo Pereira, partner at Perella Wein- some sectors that have been relatively The financial services sector will con- $3tn, on pace for its third-best year in the the market outlook. The biggest surprise has been not only berg Partners: underweight in M&A in recent years, such tinue to evolve, with increased focus on last decade, according to data compiled We are moderately optimistic given the how important geopolitical events have Year 2017 has many ingredients to be as financial institutions or oil & gas, have a streamlining group structures to enhance by Bloomberg. Dealmakers say the market expected acceleration of global growth been in the minds of all market commenta- a strong M&A year, from a relatively more new backdrop going into 2017, with rising returns. Health care and chemicals may has been resilient and may even improve supported by stimulus in various coun- tors and participants, but how, after some positive macroeconomic environment interest rates and a rising oil price respec- continue to see consolidation on a global in 2017 as industries such as energy and tries. Financial conditions remain favour- of the most surprising polling outcomes in the US, coupled with the prospects for tively — this will bring new M&A capacity scale. financial services stabilise. able and investors continue to support the in decades, the equity and credit markets corporate tax reform, to the accelera- and opportunities. Finally, the media sector has seen Below, investment bankers based in the right deals. In addition, the M&A market in were able to shrug off concerns almost tion of long-term trends in a number of Pier Luigi Colizzi, head of M&A for EMEA significant activity at the end of 2016 and US and Europe share their perspectives on the US is looking positive which generally immediately. important sectors, particularly driven by at Barclays: could see continued developments in the the environment for deals in 2016, what feeds across to Europe at some point. The M&A market will be aff ected by technological change. Whether or not While there is significant availability of new year.

VW buys mobile Petronas said to eye payment provider PayByPhone for new island for $27bn parking services Bloomberg ating billions of euros in rev- Munich enue from the unit. The move is part of chief executive offi cer Matthias Mueller’s response olkswagen bought North to industrywide technology American parking- developments such as mobil- Canada LNG plan Vpayment operator Pay- ity services, automated driving ByPhone in the latest move by and electric powering systems, Bloomberg Europe’s biggest carmaker to as Wolfsburg-based Volkswa- Vancouver expand from manufacturing gen emerges from its diesel- into mobility services. emissions cheating scandal. The purchase of Vancouver- The fi nancial-services unit, alaysia’s Petroliam based PayByPhone, which which oversees Volkswagen’s Nasional is seeking processed more than $250mn auto-loan and leasing opera- Mto move ahead with a in transactions this year, will tions, bought a 92% stake last proposed $27bn liquefi ed natu- turn the German company’s year in Sunhill Technologies, ral gas plant in western Canada Volkswagen Financial Services Germany’s market leader for after identifying a new site for unit into the leader in mobile mobile parking payments. The shipping the fuel, a shift that payments for parking, the au- acquisition of PayByPhone, may help reduce costs and quell tomaker said in a statement which says it’s adding about local opposition. yesterday. The companies 7,000 users daily to a custom- Petronas’s Pacifi c NorthWest aren’t disclosing the cost of the er base of 12.5mn, adds sites LNG project would continue as acquisition. in London, Paris, Boston, San planned with the liquefaction Volkswagen set up a ride- Francisco and Seattle. The unit plant on Lelu Island in British hailing and car-sharing divi- will run continue to run parking Columbia. The company would sion named Moia this month, payments while Moia, estab- move the docking facilities to giving it the same status as lished less than a month ago, neighbouring Ridley Island, the company’s vehicle brands will keep its initial focus on ride where ships would berth to take such as Audi or Porsche, with hailing and car sharing, a fi nan- deliveries of the fuel for export, the aim of eventually gener- cial services spokesman said. according to two people familiar with the negotiations. Such a re-design would elimi- nate the need for a costly sus- pension bridge that was part of Deutsche Bank 2017 the original plan and also cir- cumvent an environmentally capital requirements sensitive marine area that’s been a fl ash point of controversy. lowered in ECB review Petronas and its partners — China Petrochemical Corp, Japan Petroleum Exploration Bloomberg strength, after it agreed last Co, Indian Oil Corp and Brunei Zurich week to a $7.2bn settlement to National Petroleum Co — are end a US investigation that had expected to decide whether or roiled Deutsche Bank’s shares. not to proceed with the project Deutsche Bank will have to The settlement, for about half in early 2017. The facility would A view of the Petronas Twin Towers in Kuala Lumpur. Petronas’s Pacific NorthWest LNG project would continue as planned with the clear a lower capital hurdle next the amount US authorities had produce as much as 19.2mn liquefaction plant on Lelu Island in British Columbia. The company would move the docking facilities to neighbouring Ridley Island, where year, joining other European initially sought, removed the metric tonnes a year of LNG and ships would berth to take deliveries of the fuel for export, according to two people familiar with the negotiations. lenders who are benefiting from biggest challenge for chief open up a new trade route for a change in how the European executive officer John Cryan Canadian gas to be shipped to stakeholders to see if the modi- tember following more than Mackenzie Ltd. Petronas chose as much as $1bn by eliminat- Central Bank sets the require- as he tries to restructure the Asia. fi cation could be carried out three years of regulatory review. a highly contentious site for its ing the need for that suspen- ments. bank. “Pacifi c NorthWest LNG is without sparking fresh regula- In that time, the global LNG proposed terminal near an eco- sion bridge, according to one The lender’s minimum phase- Many banks in the eurozone conducting a total project re- tory delays, according to the market tanked with spot prices logically sensitive islet called of the people. Instead, the LNG in common equity tier 1 ratio, a are seeing lower capital require- view over the coming months,” people. for the fuel falling by more than Flora Bank — a breeding ground could be transported by pipeline measure of financial strength, ments after the ECB, which spokesman Spencer Sproule Canada’s Environmental As- two-thirds amid a supply glut. for salmon and considered sa- across a less contentious route to was set at 9.51% for next year in supervises the biggest lenders, said in an e-mail. “During this sessment Agency hasn’t re- Petronas is reassessing the cred by local indigenous groups, Ridley Island to be shipped from the ECB’s Supervisory Review replaced a portion of binding time, the project is continuing ceived any information yet project’s costs before it goes to who have joined with environ- there, according to both people. and Evaluation Process, or SREP, requirements with non-binding to work with area First Nations, about potential changes, the the partners to make a fi nal in- mental activists to block the Petronas has identifi ed an Frankfurt-based Deutsche Bank guidance. The change makes stakeholders and regulators to agency said in an e-mail. “If we vestment decision, a process it project. available spot on Ridley Island said in a statement on Tuesday. it less likely that banks will manage any potential impacts receive any new information expects to complete by about The company modifi ed the that was formerly held by Can- That’s down from the current re- face restrictions on dividends, through mitigation measures from Petronas, we will review it April, Rich Coleman, British project in 2014 to minimise the potex, according to both peo- quirement of 10.76% and below bonuses and some coupon and design optimisation.” and determine the appropriate Columbia’s minister of natural impact on Flora Bank by agree- ple. Canpotex relinquished its the bank’s last reported CET1 payments. It’s unclear how changing the next steps, including any poten- gas development, said in a No- ing to build a 1.6km (1 mile) long lease for a potash export termi- ratio of 12.58%. Banks are unlikely to trim design might impact the con- tial environmental assessment vember 15 interview. It would suspension bridge linking the nal on Ridley earlier this year, The outcome of the review capital levels, even if minimum struction timeline — the Kuala requirements,” it said. be the fi rst major onshore LNG LNG plant to marine berths fur- according to the Prince Rupert could further alleviate con- requirements drop, Fitch Ratings Lumpur-based company is in The project won Canadian project to be built from scratch ther out at sea. Port Authority, which oversees cerns about the bank’s capital said in a report last week. talks with the government and government approval in Sep- since 2013, according to Wood The new proposal would save the area.

Italian manufacturing confidence rises to highest in a year Deutsche Bank pays smaller fi ne; off ers bigger consumer relief

Bloomberg In a December 9 report, the Rome Bank of Italy revised down its Bloomberg The cash fi ne aff ects a fi rm’s gross domestic product forecast New York bottom line immediately and by about 0.2 percentage points directly. The consumer relief is Italian manufacturing sentiment on average each year for the spread over fi ve or more years, rose to the highest in a year, as period 2016-18 compared eutsche Bank and Credit making it less conspicuous the government tries to put the with a June projection, citing Suisse Group may have and more digestible. Deutsche economic recovery on a steady “less favourable assumptions Dgotten a break from the Bank’s $7.2bn total settlement is upward path. regarding foreign demand and US Justice Department as the third-biggest among the deals The business gauge climbed interest rates on international outgoing Obama administra- announced, while its cash fi ne is in December to 103.5 from markets.” tion rushes to fi nish years-long only fi fth-largest. a revised 102.2 last month, Prime Minister Paolo Gentiloni’s negotiations with global banks The Frankfurt-based lender statistics agency Istat said government has earmarked as on their alleged mis-selling of said it will take a $1.2bn charge yesterday in Rome. The median much as €20bn ($20.9bn) to mortgage-related bonds before this quarter to make up for the estimate in a Bloomberg help recapitalise Banca Monte the crisis. amount exceeding what it had survey of 10 analysts called for dei Paschi di Siena and the The cash portions of the set- set aside. Zurich-based Credit a reading of 101.8. Consumer country’s other troubled lenders tlements are smaller than what Suisse will take a $2bn hit. Inves- confidence increased to 111.1 this if necessary. The funding is the European banks promised tors were concerned about Deut- month from a revised 108.1 in viewed as crucial to support to provide in customer relief for sche Bank’s ability to pay a much November. a banking industry that’s homeowners whose loans were larger fi ne when the govern- Italy emerged from its longest burdened with about €360bn packaged into the toxic securi- ment’s $14bn starting position recession since World War II last in troubled loans, a level that ties. For the US banks that set- was leaked earlier this year. The year, but the recovery failed to hurts the economy by limiting tled similar allegations earlier, agreement is about half of that, pick up speed in recent months. lending. the cash fi nes always exceeded and the cash portion is about the consumer relief. one-fi fth of the original ask. Thursday, December 29, 2016 GULF TIMES BUSINESS Subsidy reforms Qatar Airways adds must not aff ect limited-income 19 new aircraft; fl eet groups: OAPEC

ember countries need come individuals benefi ted from to carefully plan and the system more than those with Mensure that subsidy limited-income. An IMF study reforms would not aff ect limit- said that high-income catego- ed-income categories, accord- ries, which are less populated, strength reaches 192 ing to the Organisation of Arab claim more than 40% of the oil Petroleum Export Countries products subsidies. atar Airways has taken (OAPEC). Also, energy subsidy policies delivery of some 19 new This, it said, can happen by helped highly energy-consum- Qaircraft in 2016, creating adopting clear strategies and ing industries to grow more a total fl eet of 192 aircraft. goals through which reform than small and medium size Having been the global launch impacts can be assessed to de- industries, which resulted in a customer of the A350, the “most sign the necessary measures decline in energy effi ciency and technologically advanced” air- to reduce any negative eff ects an increase in public budget craft in the world, Qatar Airways of these policies. At the same burdens for member countries. now operates a fl eet of 13 A350s, time, surpluses resulting from On another note, low fuel serving destinations as diverse these reforms can be used in prices contributed to a drop in as Boston, London and Adelaide. building up new aspects of the revenues of the petroleum Qatar Airways continues to public spending. and electricity sectors’ invest- deliver on its fl eet expansion and In a bulletin, OAPEC said ment, which hugely caused in- renewal strategy, having placed economic policies adopted by vestment in new and renewable a record $11.7bn order for 30 most member countries’ focus energy sectors to drop, and fuel B787-9 Dreamliners and 10 777- on subsidising basic goods, es- smuggling from countries that 300ERs, as well as signing a Let- pecially energy. subsidise fuel to their neigh- ter of Intent for up to 60 737 Max These goods are made avail- bours to rise. 8s valued at $6.9bn. able at aff ordable prices for In light of the big develop- The landmark order, com- citizens, institutions, and local ments in the world economy bined with previous orders re- companies, within these coun- and the global oil market due sults in a total of 350 Airbus and tries’ eff orts to realise prosperity to the drop of oil prices, which Boeing aircraft to be delivered to for their people by avoiding the led to the creation of great eco- the airline over the coming years negative impact of fuel and pe- nomic challenges for oil and gas valued at more than $90bn. troleum products price fl uctua- exporting countries, includ- Qatar Airways has one of the tions from one side, and helping ing OAPEC members, most youngest fl eets in the world, av- local producers to reduce pro- member countries announced eraging just fi ve years, and the duction costs, especially the in- comprehensive revision of their combination of its short and long dustrial sector, to benefi t the end energy subsidies policies to haul mixed fl eet provides the air- consumer from the other side. control domestic energy con- line with the operational agility An OAPEC study entitled sumption, ensure that their to maximise effi ciency and profi t “Energy subsidies in OAPEC energy subsidies policies do by putting the right aircraft on member countries and their not deviate from their planned the right route — every time. implications for their national goals, and handle the increas- Qatar Airways’ private jet economies” indicated that en- ing burden on public budgets. arm, Qatar Executive, was the ergy subsidy policies achieved OAPEC, while closely ob- “global launch customer” for positive results in the begin- serving developments in the the Gulfstream G650ER, and Al-Baker receiving the prestigious ‘Skytrax World Airline’ Awards in July. ning, but as time lapsed, nega- Arab and international petro- has placed an order for a further tive signs started to appear, leum industry, appreciates the three G650ERs — the “fastest New code-share relationships especially in terms of the huge member countries’ efforts in and longest range” private jet with oneworld members Fin- and rapid increase of domes- this regard. OAPEC sees that aircraft in the world — at the nair and Sri Lankan were signed, tic energy consumption rates, continuing with the current Farnborough Airshow in July. along with oneworld affi liate which are the highest world- energy subsidy programmes The latest order will make Qatar member Comair, and Vueling wide. This can be mainly at- in a general way would not Executive the largest dedicated and Air Botswana. tributed to the rapid increase help limited-income cat- G650 operator globally. Qatar Airways continued its in population, which led to an egories targeted by these pro- Strategic partnerships form “commitment” to build its home, increasing number of cities, grammes, and might hinder an important part of Qatar Air- Doha, into a “world-class desti- residential areas, roads, power opportunities for an overall ways’ success, as the airline in- nation” for sport, entertainment generation plants, and the in- sustainable economic growth vests in airlines that have clear and the arts, and marketing Doha frastructure in general. on one hand, and reaching marketplace advantages or op- as an excellent stopover destina- As a result of the current ener- an ideal use of economic re- portunities. tion to its millions of passengers. gy subsidy mechanism, high-in- sources on the other hand. Qatar Airways raised its stake The airline hosted the fi rst ever in British Airways’ parent com- Qatar Airways Cup, welcom- pany International Airlines ing FC Barcelona and Saudi’s Al Group (IAG) to 20%, signed an Ahli for a ‘Match of Champions’, Second-tier Saudi petchems agreement to acquire up to 10% while sponsoring other world- of LATAM Airlines Group, South class events in tennis, squash and rise in mixed Gulf trades America’s largest consolidated cycling. As title sponsor for the carrier, and made signifi cant seventh year, the annual Qatar progress towards the acquisition International Food Festival saw a Reuters project management services. of a 49% stake in Italian airline, record number of visitors and at- Dubai Gulf Navigation will use the Meridiana, in early 2017. tendees to the world-stage event. tie-up to expand its business The airline also formed a new Qatar Airways also lead the in- in these areas in the Middle joint business agreement with itiative to introduce a new transit Major Gulf stock markets were East and Africa, it said. British Airways and celebrated visa scheme, opening up unprec- mixed in quiet trade yesterday Abu Dhabi’s index was almost its one-year anniversary of its edented access for travellers and although some second-tier flat, supported by a 0.8% gain joint business agreement with new opportunity for the coun- Al-Baker and Boeing Commercial Airplanes President and CEO Ray Conner (right) following the Saudi petrochemical stocks by telecommunications firm Royal Air Maroc. try’s booming tourism industry. announcement of Qatar Airways’ “landmark” order in October. rose sharply after oil prices Etisalat. climbed overnight. The Egyptian stock index The main Saudi index traded climbed 0.6% as trading higher for much of the day but volume shrank by about half closed 0.2% lower as Saudi from Tuesday’s high level. Electricity, which had risen Qalaa Holdings jumped 7.5%, after last week’s state budget rising in unusually heavy trade for 2017 promised to raise for a second straight day. electricity tariff s, fell back 2.6%. Arabian Cotton Ginning Petrochemical stocks were dropped back 4.7% after the top three gainers, with surging earlier this week on Petrochem up by its 10% daily the board’s plan to split the limit, Chemanol gaining 8.5% company into two. and Sipchem adding 5.4%. The Saudi index fell 0.2% to Dubai’s index dropped 0.6% 7,241 points, the Abu Dhabi to 3,520 points in moderate index edged up 0.1% to 4,472 trading volume because points, the Kuwait index of a 2.5% drop by Emaar edged up 0.1% to 5,753 points, Properties. the Oman index edged up Gulf Navigation closed flat 0.1% to 5,765 points and the after rising as much as 1.9% on Bahrain index rose 0.2% news it formed a partnership to 1,213 points yesterday, A Qatar Airways A380. The airline has one of the youngest fleets in the world, averaging Qatar Airways Boeing 777 flying over Sydney Opera House on its inaugural service to with SeaQuest, a Geneva- whereas the Egypt index just five years. the city in March. The services are now operated by the airline’s flagship A380. based firm providing ship and climbed 0.6% to 12,260 points. QSE snaps three days of bearish spell on strong buying support

By Santhosh V Perumal large and midcap equities. Trade turnover and laha, Qatar Insurance, Mazaya Qatar, Qatari However, local retail investors turned net 63% to QR21.45mn and transactions by 50% to Business Reporter volumes expanded in the market, where realty, Investors Group, Qatar Electricity and Wa- sellers to the extent of QR32.81mn compared 428. banking and telecom sectors together accounted ter, Aamal Company, Mesaieed Petrochemical with net buyers of QR5.12mn on Tuesday. The insurance sector’s trade volume more for about 89% of the total trade volumes. Holding, Qatar Islamic Bank, Masraf Al Rayan, Domestic institutions’ net profi t booking than doubled to 0.11mn equities and value more he Qatar Stock Exchange yesterday Market capitalisation rose more than QR1bn Qatar First Bank and Widam Food; even as QNB, increased perceptibly to QR4.02mn against than doubled to QR5.27mn on more than dou- snapped three days of bearish spell to re- or 0.23% to QR558.15bn with microcap equi- Commercial Bank, Ezdan and United Develop- QR1.86mn the previous day. bled deals to 92. Tport 31 points gain mainly on the back of ties gaining 0.77% and large and midcaps (0.3% ment Company were among the losers. Total trade volume rose 53% to 9.92mn shares, The real estate sector’s trade volume more strong buying in telecom, transport, insurance each). Non-Qatari institutions turned net buyers to value by 59% to QR242.31mn and deals by 49% than doubled to 4.66mn stocks, value grew 53% and industrials stocks. The Total Return Index gained 0.3% to the tune of QR18.38mn compared with net sell- to 3,156. to QR72.11m and transactions by 81% to 752. Strong buying support from foreign and Gulf 16,723.05 points, All Share Index by 0.25% to ers of QR0.18mn on December 27. The transport sector’s trade volume more The banks and fi nancial services sector saw institutions helped the 20-stock Qatar Index 2,842.99 points and Al Rayan Islamic Index by The GCC (Gulf Cooperation Council) institu- than doubled to 0.49mn equities and value also 20% expansion in trade volume to 2.56mn rise 0.3% to 10,336.05 points. 0.35% to 3,856.68 points. tions’ net buying strengthened to QR13.06mn more than doubled to QR26.3mn on 56% rise in shares, 69% in value to QR86.91mn and 26% in The marginally bullish outlook of non-Qatari Telecom sector saw its index expand 1.4%, against QR1.11mn on Tuesday. transactions to 288. deals to 953. and Gulf individual investors also played its part transport (0.97%), insurance (0.55%), industri- Non-Qatari individual investors turned net The consumer goods sector’s trade volume However, the telecom sector’s trade volume in lifting sentiments on the bourse, whose year- als (0.51%) and consumer goods (0.06%), while buyers to the extent of QR2.5mn compared with more than doubled to 0.23mn stocks and value declined 9% to 1.37mn equities and value by to-date losses were at 0.89%. real estate fell 0.09% and banks and fi nancial net sellers of QR3.23mn the previous day. almost tripled to QR12.81mn on 74% increase in 18% to QR17.47mn, whereas transactions shot Islamic stocks were seen gaining relatively services (0.04%). The GCC individual investors were also net deals to 282. up 33% to 361. faster than the conventional ones in the market, About 59% of the traded stocks extended buyers to the tune of QR1.89mn against net The industrials sector’s trade volume more In the debt market, there was no trading of where buying was particularly within micro, gains with major movers being Ooredoo, Mi- profi t takers of QR0.98mn on December 27. than doubled to 0.49mn shares, value soared treasury bills and government bonds.