GECF Countries Represent Top Global Exporter of Natural Gas

BUSINESS

Saturday 29 September 2018 PAGE | 15 PAGE | 15 Germany close to Insider favoured as finding solution for Airbus speeds up diesel pollution CEO search

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SATISH KANADY In 2016, the total exports, according to the JODI THE PENINSULA volume of natural gas Gas World Database, the world produced by GECF Top 5 Non GECF countries DOHA: The member countries Countries reached exported in 2016 a cumulative of Gas Exporting Countries volume of 325.7 Bcm, dominated Forum (GECF) represent the 2065.3 billion cubic mainly by Canada (25.2 percent), largest producer and exporter metres, representing Germany (21.7 percent), United of natural gas in the world, as 58 percent of the States (20.3 percent), Australia well the largest worldwide world natural gas (18 percent), and Slovak volume of proved natural gas Republic (14.8 percent). In terms reserves. produced in this of imports, the world Top 5 In numbers, GECF’s Proved period. countries absorbed in 2016 Natural Gas Reserves at the end around 497 Bcm of natural gas, US Securities and Exchange Commission (SEC) Co-Directors of Enforcement Steven Peiken (left) of the year 2016, stood at 141.4 which was shared by Germany and Stephanie Avakian during a news conference announcing their decision to sue Tesla CEO Elon trillion cubic metres depicting Natural Gas Production in the (30.3 percent), Japan (24.2 Musk at SEC in Washington, DC. thus a share of 73 percent in the world progressed by 0.5 point percent), United States (17.1 total world proved natural gas in 2016 and by 2.6 points in percent), China (15.3 percent), reserves, the Doha- headquar- terms of global gas trade by and Italy (13.1 percent). In per- tered GECF noted in its Annual pipeline. As per LNG exports, the centage that is a growth of Tesla shares plunge after US Statistical Bulletin (ASB) 2017. total world progressed by 2.3 almost 16 percent compared to In 2016, the total volume of percent, on Year-Over-Year 2015. natural gas produced by GECF (Y-O-Y) evolution, whereas the The GECF is an international regulator sues Musk for fraud Countries reached 2065.3 billion GECF share stepped back by 3.6 governmental organisation AFP cubic metres (Bcm), repre- points equivalent to 7.2 Bcm which provides the framework while the tech-rich Nasdaq Com- Musk from serving as an officer senting 58 percent of the world from 2015 to 2016. for exchanging experience and posite Index declined 0.3 percent of a publicly traded company. natural gas produced in this From a domestic angle of information among member NEW YORK: Tesla shares 8,019.29. Analyst notes said the SEC’s period. view, GECF countries consumed countries. plunged yesterday in the first Tesla was off about 11 move would likely increase the Within the same year, the in 2016, 1018.3 Bcm of natural The member countries of session since US securities regu- percent at $273.60 following a costs for tesla to raise capital and total volume of GECF natural gas gas, exceeding one quarter of the Forum are: Qatar, Algeria, lators sued chief Elon Musk for bombshell announcement by the could bolster private litigation exported through pipelines the total worldwide natural gas Bolivia, Egypt, Equatorial fraud, with the company US Securities and Exchange against tesla over Musk’s claims reached 479.4 Bcm, while LNG consumed in 2016. Within the Guinea, Iran, Libya, Nigeria, shedding more than 10 percent Commission late Thursday that on going private, while the exports recorded 206.2 Bcm, period 2015-2016, GECF Russia, Trinidad and Tobago, as US stocks retreated. it was charging Musk for making prospect of Musk’s complete drawing each a worldwide share domestic natural gas con- United Arab Emirates and Ven- About 20 minutes into “false and misleading” state- removal was also worrisome. of 65 percent and 61 percent sumption increased by 27.4 Bcm, ezuela. Azerbaijan, Iraq, Kaza- trading, the Dow Jones Industrial ments on Twitter on a now- “We believe it is important respectively. translating thus a Y-O-Y growth khstan, the Netherlands, Average down 0.1 percent at aborted effort to take the electric for the confidence of investors In comparison with 2015 of 2.8 percent. Norway, Oman and Peru have 26,409.49. The broad-based S&P car maker private. that Mr. Musk remain involved,” data, the share of GECF Gross As per Non GECF natural gas the status of Observer Members. 500 shed 0.2 percent to 2,909.67, The SEC is seeking to bar said a note from JPMorgan Chase.

Italy challenges EU with plans to boost deficit China leaves rates steady after REUTERS debt, which remains explosive.” Brussels to cut the deficit deci- Fed as two economies diverge The plan to lift deficit spending sively to curb its huge debt. REUTERS ROME: Italy’s populist rattled markets, prompting a Di Maio and League leader easing credit policies and trying government brushed off protests selloff of bonds and a rout of Matteo Salvini argue that the to reduce financing costs in from its own economy minister banking stocks, though both new budget will spur economic SHANGHAI: China’s central various ways in recent months to back a significant rise in recovered slightly in the growth, boost revenues and bank left short-term rates as economic activity has sof- deficit spending next year, afternoon. The euro slumped on allow the debt to fall as a per- unchanged on Thursday, tened and US trade threats spooking financial markets and the news overnight, then centage of output. choosing not to follow a mount. PBoC did not mention setting up a battle with Brussels. recovered. “Italy is not a problem for benchmark interest rate rise by interest rates on reverse repos After tussling with Economy Dutch Prime Minister Mark Europe,” Prime Minister the US Federal Reserve despite in a statement on the its website, Minister Giovanni Tria (pic- Rutte said he was “very Giuseppe Conte said. “I can’t the risk that it could that it could but attributed “relatively high” tured) for weeks, the four- worried”, while Finnish Finance wait to go to Brussels to illus- put renewed pressure on the liquidity levels to quarter-end month old government on Minister Petteri Orpo dead- trate the budget plan.” The EU yuan. fiscal expenditures, which could Thursday proposed a 2019 panned: “Populism and respon- executive is not the govern- The move by the People’s “absorb factors including deficit that is, at 2.4 percent of sibility do not always fit in the ment’s only concern. The budget Bank of China (PBoC) means maturing reverse repos and gov- gross domestic product (GDP), same room.” risks running afoul of ratings that it did not immediately ernment bond issuance”. three times the previous admin- Late on Thursday while a agencies as well, and that could adjust borrowing costs for Sheng Songcheng, a policy istration’s target. hackles with the European Com- cabinet meeting was still further roil markets. interbank loans after the Fed adviser to the central bank, told The spending is meant to mission, which monitors and ongoing, Deputy Prime Minister The agencies have been raised its key rate overnight. state-run Beijing News that finance the campaign promises enforces EU fiscal rules, the gov- and 5-Star leader Luigi Di Maio waiting for the fiscal plans While the PBoC had been raising interest rates does not fit of the ruling parties - the anti- ernment sees the deficit stepped onto the balcony of the before reconsidering their expected to stand pat and has China’s current economic situ- establishment 5-Star Movement remaining at 2.4 percent for the prime minister’s palace, ratings on Italy’s sovereign debt. not always followed the Fed in ation, as it needs to lower and right-wing League - to lower next three years, rather than pumping his arms to celebrate Moody’s, which has a negative lockstep, the decision highlights financing costs to support com- the retirement age, cut taxes, progressively declining towards the budget, which foresees outlook on Italy’s Baa2 rating, diverging policy paths for the panies and promote steady invest in infrastructure and boost zero as the Commission’s recipe ¤10bn for the movement’s said it would pass judgment by world’s largest economies. growth. welfare. prescribes. And yet the first flagship minimum wage for the the end of October. China’s economy is slowly China has currency and The rub is that Italy has the reaction from Brussels was poor next year. On Thursday lawmakers said losing momentum and is facing capital flow controls in place, largest debt among big European measured. Tria had wanted a deficit as Tria had offered his resignation more pressure from escalating and there remains a gap in Union economies, at 131 percent Nothing would be gained low as 1.6 percent of GDP next in protest against the deficit hike. US trade tariffs. interest rates between the China of GDP, and it is under pressure from a clash with Italy, European year, or at least below 2 percent, But on Friday, Salvini said his The Fed, on the other hand, and United States, Sheng added. from the EU to rein in spending Economics Commissioner Pierre government sources said. position had “never been in sees the US economy growing The PBoC had followed a amid fears it could sow the seeds Moscovici said, but he added, A deficit of 2.4 percent of doubt”, and Conte said the min- at faster-than-expected pace Fed hike in March by bumping of a new debt crisis in the euro “We don’t have any interest GDP remains under the 3.0 ister told him on the telephone this year, with only a slight up its short- and medium-term zone. either that Italy does not respect percent ceiling dictated by EU he had never offered to step slowdown in 2019. rates, but held its fire in June In a move certain to raise the rules and does not reduce its rules, but Italy had promised aside. China has, in fact, been despite US tightening. SATURDAY 29 SEPTEMBER 2018 BUSINESS 15

Germany close to finding MarketWatch solution for diesel pollution QSE FTSE100 DOW BRENT REUTERS 9,784.31 7,510.20 26,498.64 $73.25 Carmakers may offer “We significantly narrowed +55.81 PTS −35.24 PTS +58.71 PTS -1.13 owners of vehicles our differences at today’s BERLIN: The German meeting,” said deputy envi- 0.57% 0.47% 0.22% Dow & Brent before going to press government is on track to find a affected by driving ronment minister Florian solution for tackling pollution bans vouchers for Pronold, standing by his minis- from diesel vehicles but there is hardware upgrades try’s call for retrofits and saying no agreement yet, a government by suppliers such as they should be paid for by Deutschland newspaper group source said after Chancellor manufacturers. they could be funded from an Insider favoured as Airbus Angela Merkel (pictured) chaired Baumot or HJS. Volkswagen, Daimler and existing clean-air programme. a meeting yesterday in Berlin. BMW could offer owners of older Earlier yesterday, the FAZ Final details of a deal that improve air quality. Yet her gov- vehicles that meet the Euro 4 newspaper reported that car- speeds up CEO search seeks to avert bans on older ernment has been split on how emissions standard, as well as makers may offer owners of REUTERS vehicles from city streets should best to tackle the problem, with owners of some Euro 5 standard vehicles affected by driving bans be hammered out when leaders Transport Minister Andreas models, to trade in their cars for vouchers for hardware upgrades of Merkel’s coalition of conserv- Scheuer siding with carmakers new ones, sources said before the by suppliers such as Baumot or PARIS: Airbus is moving swiftly atives and centre-left social dem- in calling for incentives to meeting. HJS, without citing sources. toward appointing plane- ocrats meet on Monday. encourage owners of older Scheuer, also speaking before FAZ said the scheme would making head Guillaume Faury “We’re on a good track,” the models to trade them in for the talks, told a broadcaster that apply to some Euro 5 diesel (pictured) its next chief exec- source told Reuters. “There are newer, cleaner ones. he would propose such incen- vehicles and would cover 80 utive after accelerating the only details that need to be Environment Minister Svenja tives, saying the most effective percent of the cost of upgrades, search for a successor to cleared up.” Schulze has, meanwhile, called way to reduce air pollution was up to a maximum level of ¤3,000 outgoing Tom Enders to address Merkel has set an end-Sep- for hardware retrofits on older to renew the fleet of cars plying ($3,500) per vehicle. Older a growing leadership vacuum, tember deadline to find a way to models - an option that the Germany’s city streets. vehicles meeting the Euro 4 sources said. tackle pollution from diesel industry says is only feasible in He said he supported standard would not be covered, The board could announce vehicles, and avert more driving some cases but which would hit hardware upgrades for around but their owners would be a decision within weeks, ahead Airbus said it had not been bans in cities that are being fuel consumption and per- 30,000 commercial vehicles, offered incentives to swap their of its end-year target, as the excluded that Faury would forced by courts to take action to formance in others. telling the Redaktionsnetzwerk vehicles for new ones, it said. European planemaker juggles become CEO as early as this a trio of pressures from man- year, advancing plans for a May agement changes, industrial 2019 handover. delays and a paralysing cor- “He has won his spurs at ruption probe, they said. Airbus (Commercial Aircraft). US consumer spending up modest 0.3% in August Faury, 50, was appointed He is an industrialist who head of the core planemaking knows the issues and tech- AP The government reported a tiny gain which left prices rising durable goods, a category that business last December after nology,” a source familiar with Thursday that the overall 2.2 percent over the past 12 includes autos, fell by 0.1 percent Fabrice Bregier agreed to quit the discussions said. WASHINGTON: US consumer economy, as measured by the months, down from a 2.3 percent in August which held back overall following a power battle with The soft-spoken, frugal spending edged up a moderate gross domestic product, grew at 12-month rise in July which had spending. Purchases of nondu- Enders, in a shake-up that also French engineer will none- 0.3 percent in August as sales of an annual rate of 4.2 percent in been the fastest pace in six years. rable goods rose a sharp 0.5 saw Enders draw back from theless have to tackle industrial cars and other durable goods fell. the April-June quarter, the best The inflation slowdown will be percent, an increase that reflected plans to seek a third term in problems that could weigh on A key gauge of inflation slowed in nearly four years. welcomed at the Fed which raised in part rising gas prices, while 2019. cash generation and the pace slightly after its biggest annual However, GDP is expected to its policy interest rate for an eighth purchases of services rose 0.4 The main external can- of further production increases. gain in six years. slow in the second half of this time as it tries to make sure that percent. didate, Thales Chief Executive Besides delays on the The rise in spending repre- year to around 3 percent. That unemployment which has fallen Incomes, which provide the Patrice Caine, is reluctant to A320neo plane, Airbus now sented a slowdown from gains of pace would still be solid enough to near a 50-year low does not fuel for future spending, were up leave the French defense faces a rash of quality problems 0.4 percent in both June and July, to boost growth for the full year trigger unwanted inflation. a modest 0.3 percent for a second company but could do so if as a new assembly line beds the Commerce Department to 3 percent, the best annual per- Core inflation, which straight month although wages asked to by the French gov- down in Germany, prompting reported yesterday. Consumer formance in 13 years. excludes energy and food, was and salaries, the key component ernment, reports say. Faury to tell staff this month that spending is closely watched An inflation gauge closely up 2 percent for the 12-months of incomes, rose a strong 0.5 The timing of the transition it risked losing customer confi- because it accounts for two- watched by the Federal Reserve ending in August. The spending percent, the best showing since was not immediately clear, but dence. Quality problems can add thirds of economic activity. edged up 0.1 percent in August, report showed that purchases of January. two sources familiar with costs and further delays. BREAK TIME CROSSWORD NOVO Pearl Qatar ROYAL PLAZA VILLAGGIO & CITY CENTER Peppermint (2D/Action) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & Sui Dhaaga (Hindi) 2:30pm 11:30pm The Nun (2D/Horror) 10:00am 12:00noon, 12:30, 2:00, 2:45, Smallfoot (Animation) 3:00 & 5:00pm 4:00, 5:00, 6:00, 7:15, 8:00, 9:30, 10:00, 11:45pm & 12:00midnight The House With A Clock In Its Wall (2D/Thriller) 5:00 & 7:00pm Alpha (2D/Drama) 10:00am, 12:00noon, 2:00, 4:00, 6:00, 8:00, Searching (2D/Thriller) 7:00pm 10:00pm & 12:00midnight MEG (2D/Action) 11:00am, 3:30 & 8:30pm El Diesel (2D/Arabic) 9:00 & 11:00pm Luis And The Aliens (2D) 10:00am 1:30 & 5:00pm The Wife (2D/Drama) 9:00pm Enchanted Princess (2D/Animation) 11:45am, 3:15 & 6:45pm Al Khourouj An Al Nas (2D/Arabic) 8:30, 10:30pm & 12:00midnight Varathan (Malayalam) 10:00 & 11:15pm The Equalizer 2 (2D/Action) 1:00, 6:00 & 11:00pm Night School (2D/Comedy) 11:15pm Christopher Robin (2D/Animation) 10:15am, 2:30, 6:45 & 11:00pm Mile 22 (2D/Action) 12:30, 4:45 & 9:00pm Reprisal 10:00am, 2:00, 6:00 ASIAN TOWN & 10:00pm Slender Man 12:00noon, 4:00, 8:00pm & 12:00midnight Al Badlah (2D/Arabic) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & 11:30pm Chekka Chivantha Vaanam (Tamil) 12:00noon, 2:30, 5:15, 8:00, 10:45pm, The Nun(2D/Horror/IMAX)11:00am, 1:00, 3:00, 500, 7:00, 9:00&11:00pm 01:30 & 03:15am Nawab (Telugu) 12:45pm Varathan (Malayalam) 1:00, 3:30, 6:00, 8:30, 10:15, 11:00pm, 12:45 MALL & 02:00am Padayottam (Malayalam) 3:30pm Devdas (2D/Telugu) 6:00pm Saamy 2 (Tamil) 8:30pm Smallfoot (Animation) 2:00, 4:00 & 5:45pm Sui Dhaaga (Hindi) 5:15pm Oru Kuttanadan Blog (Malayalam) 7:45pm Devdas (2D/Telugu) 2:15pm Pataakha (2D/Hindi) 4:30pm The House With A Clock In Its Wall (2D/Thriller) 5:00 & 7:30pm ROXY Night School (2D/Comedy) 7:00pm Johnny English (2D/Action) 9:30pm El Diesel (2D/Arabic) 7:00pm Chekka Chivantha Vaanam (Tamil) 10:30am, 1:30, 4:30, 7:30 & 10:30pm Sui Dhaaga (2D/Hindi) 9:00pm 211 (Action) 9:00pm Johnny English (2D/Action) 10:30, 11:00am, 2:45, 3:15, 7:00, 7:30, 9:00, Chekka Chivantha Vaanam (Tamil) 11:00pm 9:30, 11:30pm Devdas (2D/Telugu) 3:50 & 9:30pm The Bouncer (2D/Action) 11:30pm Varathan (Malayalam) 11:30pm Smallfoot (Animation) 10:30am, 12:40, 2:50, 5:00 & 7:20pm Sui Dhaaga (Hindi) 9:30pm & 12:10am The House With A Clock In Its Walls 1:00, 12:30. 4:45, 9:30, 11:00pm LANDMARK Varathan (Malayalam) 10:30am, 1:10. 6:50pm & 12:30am

Chekka Chivantha Vaanam (Tamil) 8:30 & 11:15pm Smallfoot (Animation) 2:15, 4:00 & 5:45pm AL KHOR Oru Kuttanadam Blog (Malayalam) 2:15pm Chekka Chivantha Vaanam (Tamil) 10:30am, 3:45 & 9:00pm Sui Dhaaga (2D/Hindi) 2:15pm Small Foot (2D/Comedy) 12:00noon & 7:00pm The House With A Clock In Its Wall (2D/Thriller) 5:00 & 7:00pm Devdas (2D/Telugu) 1:00 & 6:00pm 211 (Action) 6:30pm El Diesel (2D/Arabic) 7:30 & 9:00pm The House With A Clock In Its Walls 2:15 & 9:15pm Yestserday’s answer Searching (2D/Thriller) 4:30pm Night School (2D/Comedy) 9:30pm Night School (2D/Comedy) 3:45 & 11:30pm Devdas (2D/Telugu) 11:00pm Varathan (Malayalam) 11:30pm Oru Kuttanadan (Malayalam) 8:45pm Sui Dhaaga (Hindi) 4:30 & 11:30pm

FLIK Mirqab Note: Programme is subject to change without prior notice. Chekka Chivantha Vaanam (Tamil) 8:50 & 10:20pm Johnny English Strikes Again 2:15, 5:00, 6:30, 7:25, 8:30, 9:20 & 11:15pm Luis & The Aliens 1:25 & 5:30pm Small Foot 1:50, 3:15, 4:05, 6:20, 7:30, 8:40, 10:35pm & 12:30am The House With A Clock In Its Walls 1:35, 2:35, 5:50, 7:00, 8:05, 9:15, 11:30pm & 12:10am The Bouncer 8:40, 10:35pm & 12:30am The How of Us 6:15 & 9:45pm The Nun 10:30pm & 12:40am Varan 3:25 & 11:55pm

CHEKKA CHIVANTHA VAANAM

Chekka Chivantha Vaanam is a 2018 Tamil-language crime thriller film co-written and directed by Mani Ratnam. The film features Arvind Swami, Vijay Sethupathi.