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SUNDAY, OCTOBER 14, 2018

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Rate hikes ‘right course’ for US Katara Hospitality, Marriott sign monetary policy, says Fed official deal to manage Al Messila resort REUTERS NUSA DUA, INDONESIA will provide global explorers THE US Federal Reserve does The resort features 152 luxury rooms, with authentic experiences that consider the impact of interest reflect the local spirit, lifestyle rate hikes on emerging markets including 30 individual villas, and seven and design of its location.” when setting policy, but the in- distinct culinary experiences Katara Hospitality is a glo- creases are the "right course of bal hotel owner, developer and domestic policy" for the world's TRIBUNE NEWS NETWORK operator with a collection of largest economy, said a top Fed DOHA iconic hotels in key markets official on Saturday. Key features across Europe, Africa, Asia, The comments by Fed Vice KATARA Hospitality and Mar- Inspired by the conservatory and US. Chair Randal Quarles came as riott International has signed a Al Messila, a Luxury Col- some emerging markets face deal to jointly manage Al Mes- and 1,100 indigenous trees lection Resort & Spa will fea- increasing pressure this year as sila, a Luxury Collection Resort around it, the resort ture 152 luxuriously-appointed higher US interest rates draw & Spa, in Doha, the companies features key wellness rooms, including 30 individual foreign capital away, and due to announced in a press state- and recreation facilities villas, and seven distinct culi- fears of fallout from a tariff war ment on Saturday. including a swimming pool, nary experiences. between the US and China. Scheduled to open by end fitness centre, tennis and Inspired by the conserva- The Fed has also been at the of 2018, the resort marks The football courts and a tory and 1,100 indigenous trees receiving end of criticism from Luxury Collection brand’s first 12,000 sqm spa around it, the resort features President Donald Trump, who property to open in Qatar and key wellness and recreation on Thursday called its interest eighth across the Middle East facilities including a swimming rate increases a "ridiculous" and Africa. The signing also pool, fitness centre, tennis and policy. Those surprisingly caus- marks Katara Hospitality’s football courts and a 12,000 tic remarks came a day after 39th project under its portfolio Al Messila Resort & Spa is sqm spa. the president told reporters, in of hotels, the statement said. the epitome of what Katara Katara Hospitality Chairman Sheikh Nawaf bin Jassim bin Jabor al Thani and Arne M Sorenson (left), The resort also features a response to a Wall Street rout, The agreement was signed president and CEO of Marriott International shake hands after signing a deal in Doha on Saturday. dedicated kids club with its that the "Fed has gone crazy." by Katara Hospitality Chair- Hospitality looks for in a own private reception, fitness "If you look around the man Sheikh Nawaf bin Jassim hotel & managing director, Mar- rooms and climbing walls. world, I think the Asian region bin Jabor al Thani and Arne M Sheikh Nawaf bin Jassim bin riott International in Middle The signing of Al Messila as a whole is reasonably strong Sorenson, president and CEO East and Africa, said, “We are marks the eighth hotel collabo- relative to certain areas in the of Marriott International. Jabor al Thani excited to further expand our ration between Katara Hos- past," Quarles said, responding Sheikh Nawaf said, “This brand portfolio in the country pitality and Marriott Interna- to a question on the region's ca- agreement marks The Luxury with the opening of our first tional, which already includes pacity to withstand interest rate Collection brand’s first prop- sort's grand and statuesque Luxury Collection property. the Doha Marriott Hotel, Sharq shocks. erty in Qatar and our second appearance is the ultimate in As we strengthen our growing Village & Spa, a Ritz-Carlton "We do consider" the im- worldwide after Excelsior Ho- luxurious hospitality. The ho- relationship with Katara Hos- Hotel, The Ritz-Carlton Doha, plication of US monetary tel Gallia, a Luxury Collection tel is a welcome addition to pitality with today’s signing, we Sheraton Grand Doha Resort & policy on emerging markets Hotel, Milan. our growing local portfolio of see this as testament to Qatar’s Convention Hotel, Renaissance and the rest of the world, he "Al Messila Resort & Spa iconic properties, and we are robust tourism strategy and its Golden View Beach Resort, said at the annual meeting of is the epitome of what Katara delighted to be continuing to reputation as a leading luxury Sharm el Sheikh, Excelsior Ho- the Institute of International Hospitality looks for in a ho- set the standard for luxury hos- destination in the region.” tel Gallia, a Luxury Collection Finance on the Indonesian re- tel." pitality over the world.” “True to the spirit of The Hotel and The Westin Excel- sort island of Bali. He further said, “The re- Alex Kyriakidis, president An artistic view of Al Messila, a Luxury Collection Resort & Spa. Luxury Collection, the resort sior Rome. QFC, ISDA jointly hold Qatar’s non-oil exports jump 26.1% conference on SPC TRIBUNE NEWS NETWORK ments under the ISDA Master DOHA Agreements are enforceable to QR2.26 bn y-o-y in August: QC in the QFC. THE Qatar Financial Cen- Key speakers at the con- tre (QFC), in partnership ference included Henk Jan (including GCC) and 16 Eu- respectively, where the first with the International Swaps Hoogendoorn, managing di- Oman tops the list of non-oil ropean countries including ten countries accounted for and Derivatives Association rector, Financial Sector Office, Turkey and 18 Asian coun- 87.9 percent of total non-oil (ISDA), held a conference on QFC; Peter Werner, senior exporting countries in August tries excluding Arab coun- exports in the said month. the process of setting up spe- counsel, ISDA; Habib Motani, tries and 11 African countries On the other hand, the cial purpose companies (SPC) partner, Clifford Chance Lon- TRIBUNE NEWS NETWORK GCC (livestock), 149 unified excluding Arab countries, GCC countries (Oman and on its platform, QFC said in a don; and Ishaq Burney, gen- DOHA Arab certificates of origin two North American coun- Kuwait) topped the blocs and statement on Saturday. eral counsel, QFC. and 26 certificates of origin tries and one from South the economic groups receiv- The conference comes in The discussions at the QATAR'S non-oil exports for preferences. America. ing the Qatari non-oil exports light of the QFC’s recognition event focused on SPC regula- jumped 26.1 percent year- QC Director General According to the report, in August with total exports by ISDA as an effective net- tions and highlighted the sim- on-year to QR2.26 billion Saleh bin Hamad al Sharqi Oman topped the list of amounting to QR812.64 mil- ting regime in July 2018, as ple and streamlined process in August 2018, according said the record increase in non-oil exporting countries lion, followed by European well as ISDA’s publication of for setting up SPCs with the to monthly report published non-oil exports in August in August with a total ex- countries including Turkey at a positive legal opinion to its QFC, which includes submit- by Qatar Chamber (QC) on affirms that Qatari products ports of QR800.365 million, QR646.757 million. members that identifies the ting a business case to the Saturday. are of high efficiency and Top quality representing 35.5 percen- Asian countries exclud- QFC as a netting friendly ju- QFC, followed by a completed The non-oil exports quality. tof the total value of non-oil ing Arab countries came in risdiction. application after which busi- reached QR1.79 for the same Sharqi said he hopes to products exports during the month, the third place with total The legal opinion confirms nesses can receive their li- period in 2017, the report see more products cover- The record increase followed by the Hong Kong exports of QR638.08 mil- that financial netting arrange- cence and begin operations. said. ing other production sector, in non-oil exports in QR301.41 million (13.3 per- lion, followed by the group QC said its Department especially those that are re- cent), Belgium QR164.66 of Arab countries excluding of Research, Studies and lated to achieving the self- August affirms that million (7.3 percent) and the GCC countries with total Management issued 2,477 sufficiency and food security Qatari products are of Singapore QR160.26 million value of exports at QR83.158 certificates of origin in Au- to Qatar. high efficiency and (7.1 percent), and Nether- million, followed by North gust. This included 2,173 The report pointed to quality lands QR128.10 million (5.7 America, the African coun- general model certificates, the trend of non-oil exports percent). tries excluding Arab coun- 128 unified certificates for to 59 countries in August QC Director General Saleh Germany, Turkey, US tries and the South Ameri- the GCC countries (indus- compared to 60 countries in bin Hamad al Sharqi and India came in differ- can countries with varying trial), one certificate for the July, with 11 Arab countries ent values and percentages values, the report said. Officials of QFC and ISDA at an event in Doha on Saturday. QNB reviews demand and supply factors of global oil market TRIBUNE NEWS NETWORK analysis published Saturday. growth in 2019 is set to stand Additionally, idiosyncratic ahead of the recent meeting in QNB concluded that DOHA So far in 2018, brent on a firm footing. On the sup- supply disruptions are affect- Algiers, agreed to raise their continued excess demand has prices have averaged $73/b, ply side, QNB said that there ing important producers, in- production levels further with been drawing down OECD QATAR National Bank (QNB) up from $55/b in 2017 and are two different key factors cluding OPEC members such Saudi Arabia’s output expect- commercial inventories since reviewed in its weekly analysis $44/b in 2016. Prices are playing out in 2018. as Venezuela and Iran. ed to reach a record high of 11 2016Q3, from 3.1 to the cur- the demand and supply fac- up 27 percent year-to-date, First, the US oil output A deepening economic million bpd by end-2018. rent 2.8 billion barrels level. tors of the oil market, con- fluctuating around the $85/b boom associated with the so- crisis has pushed Venezuelas According to QNB, the This is very close to the five- cluding with an outlook for mark in early October. called shale revolution is set 2019 outlook production down in 2018. outlook for 2019 points to an year average benchmark, the next year. A number of factors have for a temporary slowdown due According to QNB, the outlook The US announcement to increase in supply from the declared target for the OPEC While oil prices are reach- been pushing oil prices more to infrastructure bottlenecks. for 2019 points to an increase re-introduce sanctions on Iran 100 million bpd average for cut agreement. ing a four-year high, contin- than expected in 2018 from While a total of 1 million bpd is already affecting the Ira- 2018 to 102 million bpd. In short, QNB found that ued US output growth and a demand and supply side has been added to US output in supply from the 100 million nian oil industry and Bloomb- The OPEC+ agreement the oil market finds itself in the new Russia-Saudi Arabia perspective, QNB noted. so far this year, limited pipe- bpd average for 2018 to 102 erg estimates that production is set to expire at the end of broad balance. Therefore, oil deal are posing a ques- On the demand side, QNB line capacity in the key shale million bpd plummeted between May and 2018 and free up more supply. expected an average annual tion to whether the market is said that global GDP is on oil producing region of the September 2018. In addition, US shale output oil price of around $72/b. For entering a new era, especially course for its strongest growth Permian Basin in west Texas growth in the short-term as Such developments are should re-accelerate with the 2019, forward prices indicate that a modest excess demand since 2011, and spurs robust threatens to restrain supply producers delay output until requiring an extra effort from increase in pipeline capacity an average of $82/b and con- should continue over the next petroleum consumption. Ac- growth to lower rates than takeaway capacity is boosted. core OPEC+ countries to com- from the Permian Basin by sensus forecasts are pointing months before additional cording to the US Department previously anticipated. Second, major stakehold- pensate the losses and balance mid-2019. US crude exports, to $73/b. Hence, the outlook supply capacity is expected to of Energy (DOE), global de- A jump in drilled but ers of the OPEC+ agreement, the markets. which are currently being indicates that the moder- come on-stream. mand for crude oil is expected uncompleted wells in the Per- including GCC exporters and Russia and Saudi Arabia capped around 2 million bpd ate over-supply should push The market is expected to to average 100 million barrels mian (a key gauge of delayed Russia, have been compliant emphasised their willing- by infrastructure constraints prices down towards QNB reach a broad balance by the per day (bpd) in 2018. output for shale producers) to the output cuts allocated to ness to balance this fallout in could reach 3 million bpd by forecast average of $69/b for end of this year, QNB said in its The outlook for demand points to slowing supply them over 2016 and 2017. production. Both countries, end of 2019. 2019. Economy & Business Sunday, October 14, 2018 13 Biz opportunities galore for Qatari Qatari businessmen urged investors in to invest in India’s Gujarat Gujarat: Patel

SATYENDRA PATHAK “We invite investors in DOHA Qatar to come to Gujarat and see for themselves the devel- A high-level delegation from opment and opportunities for Gujarat interacted with the investments it has to offer,” he members of Indian Busi- told Qatar Tribune. ness and Professional Council “The last summit attracted (IBPC) recently to showcase good number of investors from various investment opportu- the Gulf region. This time also nities available in the Indian we expect many investors es- state. pecially from Qatar to visit The meeting was a part of Gujarat and discuss new cross- the delegation’s aim to invite border investment opportuni- prospective investors to the bi- ties and ways to expand their ennial investment summit Vi- existing operations,” he said. brant Gujarat 2019 to be held It is a different scenario this time due to the economic blockade of Qatar by some of its neighbouring countries, Pa- tel said adding Qatar can bene- fit a lot by investing in Gujarat’s agriculture, food, jewellery, pharmaceuticals, garments and energy sectors. “We are always ready to strengthen our trade ties with Qatar. While there are so many economic areas where Qatar can benefit from partnering with us, India sees Qatar as a major source to meet its grow- ing need for energy,” he said. From left: Indian ambassador to Qatar HE P Kumaran, Qatar Chamber First Vice-Chairperson Mohammed bin Ahmed bin Twar, Additional Chief Secretary to the state of Gujarat Dr “India requires huge invest- Rajiv Kumar Gupta and Indian businessman M S Bukhari at an event in Doha recently. (JALAL PATHIYOOR) ment in creating infrastructure IBPC President KM Varghese for receiving liquefied natural L N MALLICK visit is to invite you to come, ants establishing state of the art men to travel to Gujarat to at- gas to the country. While we DOHA see, experience and evaluate Gujarat is the world-class hospitals. Patients tend Vibrant Gujarat Summit already have two LNG receiv- Gujarat, which has been a des- across the world are coming and explore mutually beneficial Summit ing terminal in Qatar, we need THE Vibrant Gujarat Global tination of direct investment petrochemical and to Gujarat, primarily because partnerships. more terminals to meet the Summit to be held in India’s for the last many years,” said Dr chemical capital of India of the availability of top medi- “Qatar is a very important The last Vibrant Gujarat growing demand. This is the industrialised state Gujarat Rajiv, who was heading a busi- with 63 percent of cal facilities at very cheap rates partner for us. The bilateral summit attracted good area where Qatar can play a big next year will offer a plethora ness delegation from Gujarat. petrochemicals and 53 with no queues and waiting pe- trade between the two coun- number of investors from role. This will also facilitate for of investment opportunities to He said Gujarat has some percent of chemicals riods, he remarked. He noted tries is about $ 10 billion,” re- the Gulf region. This time importing more LNG from Qa- Qatari entrepreneurs, said Dr of the world’s best infrastruc- being produced and that lot of other activities such marked the ambassador add- many investors especially tar,” Patel said. Rajiv Kumar Gupta, Additional ture, which of course is the as tourism and shopping will ing that a large amount of it is Chief Secretary to the Govern- best in India. He noted that exported to more than from Qatar are expected to Indian Business and Pro- 150 countries also be held on the sidelines of Qatar’s LNG and LPG exports visit Gujarat and discuss fessional Council (IBPC) Presi- ment of Gujarat. Gujarat has excellent network the summit. to India. Indian exports to Qa- new cross-border dent KM Varghese, who led the Speaking at a business of roads, communications and Qatar Chamber First Vice- tar stood at $ 1.5 billion. “Last Indian businessmen active in luncheon hosted by promi- power supply and above all Automobile giants like Honda, Chairperson Mohammed bin year alone, we had a massive investment opportunities Qatar, said, “It’s really remark- nent Indian businessman M S the state has good governance Ford, Suzuki and many others Ahmed bin Twar welcomed the increase of 87 percent in Indian and ways to expand their able how an initiative like Vi- Bukhari at Radisson Blu Ho- system. have set up their manufactur- Gujarat delegation and noted exports to Qatar. The explana- existing operations brant Gujarat can contribute to tel on Thursday, Dr Rajiv said He noted that Gujarat con- ing facilities. They are not only that there existed a large scope tion for this is that lot of supply the progress of a state by way the purpose of his visit was tributes to 22 percent of the selling in India but also export- of mutually beneficial partner- chains in the region are realign- India requires huge of FDI, industrial partnerships, to extend invitation to Qatari industrial production of India. ing in large numbers to many ships in various fields between ing,” said Kumaran. investment in creating investments and technology businessmen and investors to Gujarat is the petrochemical countries of the world. Qatar and India. He said earlier Indian infrastructure for receiving partnerships. IBPC has always attend the 9th edition of the and chemical capital of India In the agricultural sector, Indian ambassador to Qa- exports to Qatar were com- liquefied natural gas to the been supporting these kind of summit to be held from Janu- with 63 percent of petrochemi- especially food, vegetable and tar HE P Kumaran assured the ing through Jabel Ali port in country initiatives, especially Vibrant ary 18 to 20, 2019 and to see cals and 53 percent of chemicals agro-processing, Gujarat has delegation of his full support. Dubai. “Now that channel has Gujarat Summit, by attract- what Gujarat and India has to being produced and exported to shown remarkable growth in “It’s good to see that an increas- closed and exports have started ing delegates from Qatar to offer. more than 150 countries. “Gu- the last 10 years. “These are ing number of delegations are coming directly which prob- in January next year. the event. This time also, IBPC The Vibrant Gujarat Global jarat is also the pharmaceutical some of the areas which might visiting Qatar from India. This ably explains the substantial Meghmani Organics Lim- would be leading a delegation Summit was initiated by the capital of India with more than be of interest to Qatar. Pro- shows the kind of interest in the increase in our exports which ited Managing Director Natu of businessmen based in Qatar, Prime Minister of India Naren- 50 percent of pharmaceuticals duction of rice, wheat, organic business sector of India in the were earlier shown as UAE ex- M Patel, who led the Vibrant from Indian, Qatari and other dra Modi in 2003 when he was being produced and exported fruits and vegetables has come new developments happening ports into Qatar,” said the en- Gujarat 2019 delegation on the expatriate business communi- the chief minister of Gujarat. from Gujarat,” noted Dr Rajiv. a large way in Gujarat,” said Dr in the Qatari economy,” said voy. He hoped the realignment occasion, highlighted Gujarat’s ties.” The summit will be attended by He said Gujarat has been Rajiv. the ambassador. He announced of supply chains will bring new position as a leader in infra- The meeting was also at- heads of states and top business the leader amongst all states He said Gujarat has also that Made in India exhibition opportunities for direct part- structure development in the tended by Indian ambassador leaders in the world. in India as far as the direct for- developed medical tourism in a will soon be held in Qatar. nerships between India and country. to Qatar HE P Kumaran. “The main purpose of the eign investment is concerned. big way with pharmaceutical gi- He invited Qatari business- Qatar. Doha Bank gets ISO 2000 certification Qatari businesswomen to take

TRIBUNE NEWS NETWORK fication in 2007 and remains certification, in addition to the sary to ensure the highest level part in Germany business meet DOHA the ONLY financial organisa- other certifications we hold, of customer service. Doha tion in Qatar to be accredited. reflects the dedication of the Bank believes in technology TRIBUNE NEWS NETWORK DOHA Bank, one of the larg- “The ISO 20000 certifica- IT and business departments and business convergence to DOHA sectors, where the role of wom- nesswomen's Association at the est private banks in Qatar, tion validates not only how provide maximum automation en in establishing companies German residence in Doha. has successfully achieved IT services are set up initially and maintain highest stand- THE Qatari Businesswomen and businesses creating new Muzel said that his country continuous compliance to the but also the ongoing improve- ards in service culture for its Association is participating jobs is increasing, thus support- appreciates its close partnership ISO20000 standard, a press ments that are involved in customers,”adde Seetharaman in a high-level delegation at ing the vitality and development with Qatar, and highly appreci- release said on Saturday. providing the services,” said The ISO 20000 certification ISO20000 is the world- German-Arab Women Busi- of the economy. ates the visit made by the Amir The outcome of the Au- R Seetharaman, Doha Bank validates not only how IT wide standard specifically ness Leaders Summit from 15- The conference will be held His Highness Sheikh Tamim dit determines an organisa- CEO. aimed at IT service manage- 17 October, a press release said under the patronage of the bin Hamad al Thani to Germa- tion’s commitment towards He said business depart- services are set up initially ment. It describes an integrat- on Saturday. Federal Ministry of Economic ny a month ago, during which complying with the Industry ments and branches of the but also the ongoing ed set of management proc- Headed by Aisha Alfardan, Affairs and Energy and will be he opened the Qatar-Germany standards. By passing the Sur- bank can be assured that tech- improvements that are esses for the effective delivery the conference will discuss en- attended by a large number of Business and Investment Fo- veillance audit, Doha Bank nology team of the bank are involved in providing the of IT services to the business hancing the role and participa- Arab and German women busi- rum in the capital Berlin. has once again proven that following global standards services and its customers. tion of women in the economy, ness leaders. The German Ambassador they have mature IT Service to improve and maintain the Doha Bank has defined its which is an important topic in In this context, Ambassador also commended the success Management processes which high-quality IT service deliv- R Seetharaman, Doha Bank CEO policy for IT Service Manage- the future of Arab-German eco- of the Federal Republic of Ger- of the recent forum and the are aligned with the Business ery processes so that they can ment as “To adopt and adapt nomic cooperation. many to Qatar HE Hans-Udo remarkable results achieved, strategies of the Bank. concentrate on doing their state of the art IT with peoples Increasingly, women's eco- Muzel and his wife Lilian, who especially after HH the Amir Doha Bank was the first or- core business with minimum and commitment of the Man- expectations in order to sup- nomic role is growing through is active in promoting female announced a new investments ganisation in the GCC to have interruptions. agement team to provide the port and improve all business assuming leadership positions leadership issues, hosted the worth 10 billion euros over the achieved the ISO 20000 certi- "Achieving the ISO 20000 resources and guidance neces- processes”. both in the public and private delegation of the Qatari Busi- next five years. QNB CEO highlights global economic matters at IIF annual meet

TRIBUNE NEWS NETWORK few key issues, including eco- tor, which is now more than 50 quality is high with NPLs at DOHA nomic and policy outlook and percent of the economy, is con- 1.6%. key risks for Asia and the global tinuing strong growth, In this context, the QNB QNB Group Chief Executive Of- economy over the next year. Kuwari pointed outthat a Group CEO said that the bank- ficer Ali Ahmed al Kuwari, took Panelists also discussed their buoyant five percent growth in ing system is well-capitalized part in a seminar on ‘Views implications for financial mar- the non-hydrocarbon sector is as Tier 1 capital adequacy was from the C-Suite: Global Out- kets and fund flows, as well as, expected this year after solid 16.5 percent in 2017 while prof- look,’ held on the sidelines of the outlook for the emerging growth of 3.6 percent in 2017 itability is also high with ROE the 2018 IIF Annual Meeting market economies. despite the blockade. almost 14 percent. At Aa3, plac- hosted by Bali, Indonesia, on Al Kuwari, said that after Drivers of non-hydro- ing Qatar as one of the highest October 12 -13,a press release more than one year, Qatar now carbon growth are the con- rated sovereigns in the world. said on Saturday. regards the blockade as a ‘new struction, trade and logistics, The Group’s presence Several senior industry normal’ for the region and is manufacturing and agriculture through its subsidiaries and leaders participated at the sem- confident that the strong eco- sectors, he stressed. associate companies now ex- inar, including. Vijay Chandok, nomic performance and resil- He also highlighted Qa- tends to more than 31 countries Executive Director at ICICI ience seen over the last year will tar’s trade flexibility as exports across three continents provid- Bank, Martin Gilbert, Chief Ex- continue. have grown by 31 percent since ing a comprehensive range of ecutive at Standard Life Aber- The economy of Qatar has the start of the blockade, with advanced products and serv- deen plc, Jean Lemierre, Chair- shown resilience since the im- trade re-routes especially to ices. man of the Board, BNP Paribas, posed blockade over a year India and Turkey but also The total number of em- and Axel A. Weber, Chairman ago, he said, adding that GDP through growing LNG demand ployees is around 29,000 op- of the Board of Directors, growth of 1.6 percent in 2017 from Asia. erating through more than Chairman, UBS Group AG, IIF. is expected to be followed by He described the Qatari 1,200 locations, with an ATM The topics discussed dur- growth of 2.6 percent in 2018 financial system as healthy network of more than 4,300 ing the seminar highlighted a The non-hydrocarbon sec- and resilient, noting that asset machines. QNB Group Chief Executive Officer Ali Ahmed al Kuwari (centre), at an event in Indonesia, recently 14 Sunday, October 14, 2018 Economy & Business Asian LNG spot China pledges to avoid prices fall as traders offload using yuan as trade tool Nov cargoes US Treasury Secretary Mnuchin says China wants to avoid more yuan falls

REUTERS ary, according to several LONDON sources. In the absence of a ASIAN spot LNG prices fell surge in demand, supplies this week as sellers strug- were so far healthy going gled to offload the last of into the winter months, their November cargoes traders said. and Chinese demand for Japan’s Inpex said last December supplies failed to week it had shipped its first materialise significantly af- condensate cargo from the ter a frenzy of Asian buying mammoth Ichthys LNG last month. project in Australia, which November spot LNG fell was seen as a prelude to 50 cents to $10.50 per mil- LNG exports. lion British thermal units Russia’s Yamal facil- (mmBtu) though trades ity in the Arctic pumped a were sparse and the bid- record 2.4 million tonnes offer spread was wide. De- of LNG in September and cember prices were cited as operator Novatek said its low as $10.50 although a third train would begin op- trade was heard at around erations in December, some $11.10. 6 months ahead of sched- Crude, which was head- ule. ing for a first weekly fall Traders say Yamal’s in over a month as part of restrictions lie more in a global market rout, also the number of Arctic-class weighed on LNG as many vessels available to ship contracts are linked to the the LNG than output. Two oil index. more Arc7 vessels, the Spot Asian LNG spiked Georgiy Brusilov and the last month in anticipation Boris Davydov are now un- of winter demand after a dergoing sea trials before hot summer depleted stock- joining Yamal, according to piles. China was seen as Refinitiv Eikon data. providing support to prices The start-up of a after the country got caught number of export projects International Monetary Fund Managing Director Christine Lagarde (centre front) poses with finance ministers and central bank governors at the International Monetary Fund (IMF) short last winter with its in the United States will and World Bank annual meeting in Nusa Dua, on Indonesia’s resort island of Bali on Saturday. (AFP) storage capacity still low. also add to supply, with However, that has not some still expecting the REUTERS The yuan has fallen more member countries also agreed gling to contain capital out- a finance conference in Bali. been the case so far this first cargoes from Cheniere NUSA DUA, INDONESIA than 8 percent against the dol- to debate ways to improve the flows prompted by higher US Blaming the Sino-US trade month. Energy’s Sabine Pass 5 and lar since the end of April to World Trade Organization so interests rates. dispute and tighter financial “China has been pacing Corpus Christi 1 to hit the CHINA'S top central banker on about 6.91 on Friday, close to it can better address trade dis- Fears that rates could conditions in emerging mar- down supplies, so as not spot markets this year. Saturday pledged to keep the the psychologically important putes. spike sharply higher - and the kets, the IMF this week cut to spike prices again,” said Several traders men- yuan currency's value "broadly 7.0 level not seen in a decade. "We acknowledge that free, international trade tensions - global growth forecasts for one LNG trader. “Storage tioned the private tenders stable," a sign that Beijing may "China will continue to let fair, and mutually beneficial touched off a searing sell-off in 2018 and 2019. is a fact but I guess they are of multi-year strips from be trying to prevent a bruising the market play a decisive role goods and services trade and global stock markets over the "The recovery is increas- replacing volumes a little Corpus Christi 2, expected trade dispute with the United in the formation of the RMB investment are key engines for past week. ingly uneven, and some previ- wiser than last winter.” to begin operations next States from spilling over into a exchange rate," Yi said in an growth and job creation," the European Central Bank ously identified risks have par- Another trader said year, and Dominion Ener- currency war. International Monetary and IMFC said in the statement. Governor Mario Draghi tially materialised," the IMFC a November cargo was gy’s Cove Point. People's Bank of China Financial Committee (IMFC) "We will refrain from com- warned on Saturday that a communique said, referring to bought by Osaka Gas for They said India’s Gail, Governor Yi Gang's statement statement posted on Saturday. petitive devaluations and will "snap back" in rates and a threatened tariffs and outflow $10 per mmBtu although which is committed to buy- at the International Monetary "We will not engage in com- not target our exchange rates sharp repricing of asset prices pressures. the Japanese utility had a ing 5.8 million tonnes of Fund and World Bank annual petitive devaluation, and will for competitive purposes," it were the biggest risks to the The United States and wide delivery window and LNG a year from the United meetings in Bali came as US not use the exchange rate as added. economic outlook. China have slapped tit-for-tat quality specification to States, was tendering Cove Treasury Secretary Steven a tool to deal with trade fric- On Thursday, IMF Manag- Federal Reserve Vice Chair tariffs on hundreds of billions make the sale attractive to Point cargoes from 2021. Mnuchin said Chinese officials tions." ing Director Christine Lagarde Randal Quarles said the US of dollars of each other's goods suppliers. Australia’s Woodside Pe- had told him that further yuan His statement echoes cur- warned countries against en- central bank considers the ef- over the past few months, “There’s some dis- troleum and Indonesia’s depreciation was not in Chi- rency pledges made in a com- gaging in currency and trade fect of its actions on emerging sparked by US President tressed sellers out there; Pertamina, both big LNG na's interest. munique issued by the IMF's wars, which would hurt global markets, but getting domestic Donald Trump's demands for the bid offer spread is players, were also looking Mnuchin has reiterated member countries on Sat- growth as well as "innocent monetary policy right was the sweeping changes to China's wide,” said one LNG trader. to sell Corpus Christi 2 car- his concerns that a major drop urday to step up their trade bystander" nations, including Fed's priority. intellectual property, industri- Turkey’s Botas closed a goes. in the yuan's value this year dialogue as rising tariff fric- emerging markets that supply "It's not going to be in the al subsidy and trade policies. tender on Friday for 13 car- A three week planned against the dollar could be tions, and higher borrowing commodities interest of anyone in the world Trump has frequently ac- goes to be delivered in the outage at Cove Point part of an effort to gain a trade costs threaten to knock global Some of these countries, ... for us to get behind the curve cused China of cheapening first week of each month is expected to end at advantage for Chinese exports growth. including Indonesia, the host in the US by moderating what its currency to gain a trade from November to Febru- the weekend. or to offset the impact of US In the statement from the of the IMF and World Bank we think is the right course of advantage, claims Beijing has tariffs. IMF's steering committee, the meetings, are already strug- domestic policy," Quarles told consistently rejected. Alibaba’s Ma to open institute for tech entrepreneurs in Indonesia REUTERS portunities for young Indo- nesian businesses more digit- Ma to look into ways to har- NUSA DUA, INDONESIA nesian people to learn,” Ma al-savvy. ness Alibaba’s businesses to told reporters after meeting The country is a key mar- increase its exports, particu- JACK Ma, executive chair- Indonesian ministers on the Ma said his company would ket for Alibaba, whose cloud larly to China. man of China’s Alibaba Group sidelines of the International continue to invest ‘not only computing arm Alibaba Cloud McKinsey estimated in a Holding, said on Saturday he Monetary Fund and World on e-commerce, but also launched a data center in In- report released on August 30 plans to open an institute to Bank meetings being hosted donesia in March. that the value of Indonesia’s train thousands of tech entre- by Indonesia. cloud computing, logistics Ma said his company e-commerce market will surge preneurs in Indonesia, where The co-founder of Alibaba, and...infrastructure’ in would continue to invest “not to at least $55 billion (£42 bil- he is already an adviser to the China’s biggest e-commerce Indonesia, while also helping only on e-commerce, but also lion) by 2022 from $8 billion government on e-commerce. firm, said it is important for local businesses to grow cloud computing, logistics in 2017. Ma did not say when the Indonesia to invest in human and...infrastructure” in Indo- On Friday, Ma told a panel Jack Ma Institute of Entrepre- capital because “only when nesia, while also helping local discussion at the IMF and neurs would launch, but said people improve, when peo- of trained engineers in tech- businesses to grow. World Bank meetings that the aim was to train 1,000 tech ple’s minds change, when peo- nology and the institute will Indonesian Communica- “the internet is designed for leaders a year over the next 10 ple’s skills improve, then we also train hundreds of devel- tions Minister Rudiantara told developing countries”, with years. can enter the digital period”. opers and engineers on cloud Reuters in September that In- “great opportunities in Africa” Alibaba founder Jack Ma (right) speaks with World Bank President “We’re giving a lot of op- Indonesia has a shortage computing to help make Indo- donesia was partnering with also. Jim Yong Kim (left) during a seminar in Bali on Friday. (AFP)

EXPANSION STRATEGY Malabar Gold & Diamonds to triple number of outlets to 750

the next five years to manage the ing aspect of jewellery that is fast The jeweller eyes annual turnover of over $6 bn growth and expansion. growing in India and other coun- Chairman of Malabar Group tries and use it as a growth-driver and group turnover of $6.85 bn by 2023 MP Ahammed said, “Silver Ju- of our jewellery business.” bilee is a major milestone in any Malabar India Operations TRIBUNE NEWS NETWORK print across all Tier 1 and Tier II company’s history and during this Managing Director Asher O said, DOHA cities in north and central India time Malabar Group grew from “The company’s expansion will – in order to cater to the growing a local entity to an international help generate about 12,000 new MALABAR Gold & Diamonds jewellery market. brand with a large customer base. jobs and help the youths to earn a has announced ambitious global The company’s plan of major “Today, Malabar is a name to better living. growth plan on the eve of its Silver expansion in international market reckon with and known to almost “We are also planning to set up Jubilee (25 years) celebrations. includes new territories such as every consumer. During the last three more manufacturing units The company will triple its re- Bangladesh, Sri Lanka, Australia, 25 years, Malabar Gold & Dia- and in order to manage the expan- tail network from 250 showrooms Canada, Egypt and Turkey. As mond has grown from strength sion and to fix the skill shortage in this year to 750 outlets in the next much as 40 percent of the group to strength and rose from being jewellery manufacturing, we are five years with annual turnover turnover will be generated from a small outfit to an international in the process of setting up a skill exceeding $6.16 billion and the the company’s operations outside player across a number of verticals development centre to groom the Group turnover to $6.85 billion India, Malabar said. including gold and diamond jewel- youth and absorb them in various by 2023, Malabar said in a press Considering the characteris- lery retail, jewellery manufactur- job profiles, in line with the Skills statement on Saturday. tics of the new market planned ing and multi-retail concepts.” India campaign.” The Group currently operates to enter, Malabar Group has The company plans to in- from north and central Indian He said, “The culture of gifting The group has earmarked 5 retail outlets spread across ten introduced a new concept – MGD vest $960 million to manage states. lives along with human beings to percent of its annual profit for countries in the India, Middle Lifestyle Jewellery – a smaller the growth and expansion. The The new expansion will see express their love, affection and CSR activities in five key areas East, Southeast Asia and America. format store offering daily wear expansion will see Malabar Group Malabar nearly double its head- emotion for their loved ones. Our such as housing, health, environ- Its massive expansion plan will small-ticket jewellery and lifestyle expand its investor base from count from 13,000 to 25,000 pro- aim is to be No 1 in this segment ment, women empowerment and see the company expand its foot- articles. 2,752 and include more investors fessionals on direct payroll within and we will strengthen the gift- education. www.guide.com.qa  Sunday, October 14, 2018

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