DJIA -0.73% S&P500 -0.77% NASDAQ 0.22% IPC 2.73% FTSE100 0.56% DAX 0.46% CAC40 2.15%

MSCI WORLD WORLD INDEX MARKET S 0.42% ▲

One stop-shop for market Ledership is Language by Black Sea, Eurasia & SEE watchers L.David Marquet Countries in the Spotlight See at a glance the weekly performance of major A radical new book for empowering your Politics, Economy, Business, Capital stock indices of world stock markets across six team to make better decision and take greater Markets, Opinion, Analysis, News continents. p.2 &15 ownership p.05 & Data p.10-11

This Week’s Matter WORLD: DEBT to soar to $277t by year end RUSSIA

Putin ready to work with any US leader Russian President Vladimir Putin has revealed that he was ready to work with any US leader. "We will work with anyone who has the trust of the American people," Putin was quoted as saying on Russian state TV on Sunday. “But that confidence can only be given to a candidate whose victory has been recognized by the opposing party, or after the results are con - firmed in a legitimate, legal way.” That follows previous Kremlin comment that it would wait for the official results of the U.S. Danger: presidential election before com - menting on its outcome.

Ballooning world debt USA

orld debt is expected to soar nearly half of the increase. previous four years.” to a new high of $277 trillion Developed markets’ overall debt So who will pay all this debt? If for by the end of the year as gov - jumped to 432% of GDP in Q3 2020, some reason governments manage to W ernments and companies from a ratio of about 380% at the end keep on kicking these debts ever fur - continue to spend in response to the of 2019. The United States accounted ther down the road, as they tend to COVID-19, the Institute of Interna - for almost half of this rise. Emerging do, it will still be us, our children and tional Finance said in a report on market debt-to-GDP hit over 248%, grandchildren that pay the price. Wednesday. with Lebanon, China, Malaysia and To simplify, it looks like someone This would represent a debt-to-GDP Turkey experiencing the biggest rises had an expensive dinner at a fancy ratio of 365%.The Institute, whose in non-financial-sector debt. restaurant (before Covid 19) and left Sen.Ted Cruz members include over 400 banks and “The pace of global debt accumula - the bill unpaid. on free speech and financial institutions across the globe, tion has been unprecedented since said the economic consequences of 2016, increasing by over $52 trillion,” "Sharply declining democracy “Increasingly, we’re seeing free the coronavirus have caused an in - the IIF said. revenues have made speech rights vilified by the intolerant crease in world debt by $15 trillion “While some $15 trillion of this surge debt service much Left. Today’s Democrat Party has be - since the end of last year, setting a new has been recorded in 2020 amid the more onerous for EM come so radicalized, it perceives any record of over $272 trillion in the Q3 Covid-19 pandemic, the debt build-up speech with which it disagrees as of 2020. Governments - mostly from over the past four years has far out - governments despite “hate speech.” That’s wrong & dan - developed markets-accounted for stripped the $6 trillion rise over the low borrowing costs" gerous to our country’s democracy.” 2.P WORLD MARKETS DASHBOARD 2.15 % -0.73 % -0.77 % 0.22 % 0.56 % 1.26 % 3.20 % 2.73 % 0.46 % 2.06 % INDICES CAC40 DJIA S&P500 NASDAQ FTSE100 BOVESPA MERVAL IPC DAX TSXCOMP

One stop-shop for Market Watchers ( pages 02 & 15 ) See at a glance the weekly performance of main indices of world stock markets. All figures refer to the performance during Nov. 16- 20, 2020 (weekly % change). World Markets undertakes all reason - able efforts to ensure the data included in this section was correct at the time of publication. For corrections send an email at: [email protected] EUROPE 1. AUSTRIA ATX 3.83% 2. BELGIUM BEL20 1.74% 3. BULGARIA SOFIX 0.18% 4. CROATIA CROBEX 2.87% 5. CYPRUS CYMAIN 10.05% 6. CZECH REPUBLIC PX 3.36% 7. DENMARK OMXC20 0.69% 8. ESTONIA OMX TR 0.78% 9. FRANCE CAC40 2.15% 10.GERMANY DAX 0.46% 11.GREECE ATHEX AGD 6.68% 12.HUNGARY BUX 2.33% 13.ITALY FTSE MIB 3.84% 14.LITHUANIA OMX V 1.81% 15.NETHERLANDS AEX 0.80% 16.NORWAY OBX 1.94% AMERICAS 17.POLAND WIG20 4.08% 1. ARGENTINA: MERVAL 3.20% 18.PORTUGAL PSI20 1. 30 % 2. BRAZIL: BOVESPA 1.26% 19.ROMANIA BET 0.85% 3. CANADA:TSX COMP 2.06% 20.RUSSIA MOEX 7.62% 4. CHILE: IPSA 1.23% 21.SLOVAKIA SAX -0.71% 22.SLOVENIA SBITOP 2.22% 5. COLOMBIA: COLCAP 2.47% 23.SPAIN IBEX35 2.49% 6. JAMAICA: JSE COMP 2.7 8% 24.SWEDEN OMXS30 1.54 % 7. MEXICO:IPC 2.73% 25.SWITZERLAND SMI 0.03% 8. PERU: S&P LIMA GENERAL 2.80% 25.UK FTSE100 0.56% 9. VENEZUELA IBC 0.93% 10.USA: S&P 500 -0.77% 11.USA: DJIA -0.73% 12.USA:NASDAQ 0.22%

BRAZIL - Sao Paulo ( ) CZECH REPUBLIC - Prague ( PSE ) Solid financial performance in Q3 PX at almost four-month high On Nov 12, B3 reported its third high volumes on our platforms con - The Prague ever, the PX decreased 182 points quarter 2020 earnings. Total revenues tributed to a solid financial perform - (PSE) grew for the sixth straight or 16.17% since the beginning of reached R$2,535.5 million, a 48.6% ance and strong cash generation in the session on Nov 16, with the PX 2020. PSE is the largest and old - increase over the same period of the third quarter. Revenue growth com - index adding 2.55 percent to an est organizer of the securities previous year(3Q19), while recurring bined with disciplined expense man - almost four-month high of 934.75 market in the Czech Republic. EBITDA totaled R$1,665.7 million, agement resulted in higher margins, points. The last time the PX index The stock exchange’s activities up by 50.1% year-over-year. The reflecting our operational leverage” was this high was on July 22. and capital market operation are company’s recurring net income to - Chief Financial and Investor Rela - The PSE’s growth was driven by supervised by the Czech National taled R$1,143.2 million. “Sustained tions Officer, Daniel Sonder said. strengthening bank listings. How - Bank.

P.2 16-22 Nov. WORLD MARKETS WEEKLY IN FOCUS P. 3 Brent crude futures and WTI crude futures gained about 5% this week enjoying a third consecutive OIL gains, GOLD week of gains. Spot gold dropped 0.8% this week booking a second week of losses. remains depressed Oil prices moved up this week helped by hopes that OPEC+ would delay by at least three months from January a planned crude output increase. How - 20 /11 /2020 20/11 /2020 20 /11 / 2020 ever, investors continued to worry about fuel demand as several countries moved to impose fresh restrictions. Gold remained depressed by the grid - lock in Washington.

from the Editor RED GREEN VIE W World Markets or Elite Markets PPS EQUITY from now on? fter a rally and strong sector ro - Europeans have just under €9.5 tation equities consolidated this trillion at their disposal in 2020. A record $44.5 was moved into week. The sentiment in the A Per capita purchasing power global equity funds for the Mark O'Hare markets swayed between risk- week ending last Wednesday, Preqin founder & CEO on and risk-off reflecting the uncer - (PPS) shows a nominal decline of almost 5.3% in 2020 com - according to BofA Research tainty of world economic growth citing data from EPFR. U.S. following ever-growing restrictions, pared to last year's revised value, according to a GfK study. equity funds saw their second- Alternatives lockdowns and social distancing largest inflow ever with $32.5 measures in major economies. The fa - miliar tug-of-war between longer- TOURISM assets to hit term optimism and shorter-term REAL ESTATE pessimism continued. Vac - $1 7tn by 2025 cine and virus updates were once again in the driver’s Brazilian tourism lost R$41.6 UM growth in alternative seat. Asian equities received (US$7.6) billion between the U.S. home sales hit a 14-year assets will average 9.8% per a boost after 15 countries in months of March and Septem - high in October, rising 26.6% Ayear to 2025, to hit $17 trillion, the region signed the ber 2020. The figure represents from a year ago, the National according to the latest research by Kyriaki world’s largest free-trade Balkoudi a 44% drop in revenues com - Association of Realtors (NAR) London-based Preqin, the alterna - Editor agreement. All major stock pared to the same period last unveiled on Thursday. On a tives research and data provider. markets in Europe were year, according to Fecomer - monthly level, the figure in - Private equity will double to higher but US major indices ended cioSP. creased by 4.3%. $9.11 trillion and Asia will be a mixed. Federal Reserve Bank of “huge driver”. Cleveland President Loretta Mester “We expect private equity’s share stated on Thursday that data is show - BUSINESS SHIPPING of alternatives AUM to rise from ing signs of an 41 per cent to around 53 per cent, economic slowdown. Maybe I sound as the segment delivers a CAGR of boring, repeating almost the same 15.6 per cent. While all regions things every week but there’s nothing A total of 14% of businesses Maersk, the world’s largest will see growth, else to see around: across the UK have no or low container shipping firm, re - Asia will be a huge driver. The High unemployment rates and confidence over managing to ported a 39% quarterly increase capital concentration trend, accel - ever-growing economic restrictions see through the coronavirus cri - in earnings before tax, depreci - erated by COVID-19, will con - continue to hold back momentum sis, a survey conducted by the ation and amortization tinue, but our survey found 73 per in the service sector, and surge in Office for National Statistics (EBITDA) to $2.3 billion, with cent of investors want to increase debt adds to challenges down the (ONS) showed on Thursday. $1.5 billion in free cash flow. the number of fund manager rela - road. Other topics seem out of time tionships, creating opportunities and space and are very shallow amid for new funds, strategies, and mar - this turmoil and chaos. However, BANKRUPTCY SALARIES some analysts say investors are in kets” the report says. “full bull” mode. There is no doubt Commenting on the findings Mark the elite wants inequality, following O’Hare, Preqin founder and chief years of steady income concentration. More than 300 companies that Asia Pacific pay packets are ex - executive, stated: "Just as was the applied for the Paycheck Pro - pected to rise by an average of case during the GFC, alternative How will the economy get back on tection Program in the US assets are proving to be highly re - track? I even think about renaming 4.3% in 2021, up from 3.2% have since filed for bank - this year, even as global wages silient to the disruption of COVID, this publication. Why called it ruptcy, the Wall Street Journal and an attractive and growing des - “World Markets”? Maybe a better falter, according to a new salary wrote on Tuesday, citing gov - report released Thursday by tination for LPs’ capital. title would be Elite Markets? ernment data and court filings Allocations will continue to grow, In a while there will be no economy consultancy firm ECA Interna - the paper analyzed. tional. and with them so too will our in - for everybody.What do you think? dustry."

P.2 16-22 Nov. WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 16-22 Nov. P.3 .4.P AFRICA TOPICS IN BRIEF MARKETS REVIEW International Relations MSCI -Russian President Vladimir Putin Assets send mixed on Monday (Nov 16) approved the ▶ South Africa - 1.73 % construction of a Russian naval fa - messages ▶ EFM Africa EX SA cility in Sudan. The naval base will African stock markets traded day. Botswana’s DCI gained -0 .47 % be built near Port Sudan on the Red mostly higher on Monday. 0.14% while Dar Es Salaam’s Sea coast, and will be capable of Botswana’s DCI ticked down ASI lost 0.62%. Egypt’s EGX30 (Note: Weekly Change %) accommodating up to 300 military 0.04% while Dar Es Salaam’s declined 0.67%. The South and civilian personnel. NEWS TO WATCH ASI advanced 0.09% while Africa FTSE/JSE Africa added -US President Donald Trump may withdraw nearly all U.S. troops Egypt’s EGX30 added 0.35%. 0.47%. ’s ASI advanced Fitch Downgrades from The South Africa FTSE/JSE 1.68%. Nairobi’s ASI fell Zambia to 'RD' Somalia as part of a global pull - Africa moved up 0.15%. 0.30%. Namibia’s Overall Index back U.S. officials said on Tues - Lusaka’s ASI was higher by grew 0.67%. Rwanda’s ASI Fitch Ratings has downgraded Zam - day, 0.74%. Casablanca’s MASI rose ticked down 0.01%. In Mauri - bia's Long- and Short-Term Foreign- as per Reuters. 0.48%. Nigeria’s ASI declined tius, the ASI increased by 1.23% Currency Issuer Default Ratings (IDR) 0.75%. In Mauritius, the ASI while Tunisia’s TUNINDEX to 'RD' from 'C'. The issue rating on Politics & Elections rose 0.35% while Tunisia’s rose 0.14%. Uganda’s ASI was Zambia's USD1 billion Eurobond due - Nigeria’s president will do what TUNINDEX was up 0.46%. down 0.14% and Zimbabwe’s 2024 on which the government has de - it takes to prevent a repeat of Uganda’s ASI grew 0.19% and ASI jumped 2.74%. Markets ex - faulted has been downgraded to 'D' and demonstrations against police bru - Zimbabwe’s ASI increased by tended their mixed performance withdrawn for the following reason: tality last month Police Minister 1.20%. Equities in the region on Thursday. Egypt’s EGX30 bankruptcy of the rated entity, debt re - Muhammad Dingyadi told re - swung between gains and losses dropped 0.83%. structuring or issue/tranche default. porters on Tuesday. on Tuesday. Botswana’s DCI The South Africa FTSE/JSE Zambia's two other Long-Term For - -At least 19 people were killed in eign Currency issue ratings have been Uganda during protests triggered ticked down 0.02% while Dar Africa lost 1.00%. Nigeria’s ASI Es Salaam’s ASI ticked up fell 0.50%. Nairobi’s ASI was affirmed at 'C' and withdrawn for the by the arrest of presidential candi - following reason: no longer considered 0.02%. Egypt’s EGX30 gained down 1.18%. date Bobi Wine, The Guardian re - by Fitch to be relevant to the agency's 0.66%. The South Africa Namibia’s Overall Index de - ported on Thursday. coverage. FTSE/JSE Africa lost 0.37%. clined 1.44%. In Mauritius, the Armed Conflicts Lusaka’s ASI was lower by ASI depreciated by 0.34% while Ghana’s PPI records - Morocco has finished building a 0.39%. Nigeria’s ASI depreci - and Zimbabwe’s ASI advanced 8.4% in October sand barrier in a U.N.-monitored ated by 1.53%. In Mauritius, the 0.66%. buffer zone in Western Sahara, Prime The Producer Price Inflation (PPI) rate ASI advanced 0.96% while Bucking the trend, Dar Es for October 2020 in Ghana stood at 8.4 Minister Saad Eddine El Otmani told Tunisia’s TUNINDEX moved Salaam’s ASI ticked up 0.02%. Reuters on Tuesday. percent, the country’s Statistical Serv - up 0.40%. Zimbabwe’s ASI and Tunisia’s TUNINDEX grew - Ethiopia on Saturday rejected the ice (GSS), has announced on Wednes - climbed 0.67%. Stocks finished 0.33%. Stocks headed into the African Union's offer for mediation in day. The month-on-month change in in a mixed fashion on Wednes - weekend mixed. the Tigray conflict that has raged for the producer price index between Sep - the last two weeks as Ethiopian forces tember 2020 and October 2020 was 0.3 battle the Tigray People’s Liberation AFRICAN BUSINESS HIGHLIGHTS percent. The producer price inflation in Front (TPLF). Meanwhile, thousands the Mining and Quarrying sub-sector of more people flee into Sudan from increased by 3.5 percentage points over ENERGY the September 2020 rate of 31.8 per - Ethiopia's Tigray Region, according cent to record 35.3 percent in October to international aid workers. profit after tax 2020. The producer inflation for Man - ▪Increase stood at EGP ufacturing, which constitutes more CHART of the WEEK 9,068,755 in than two-thirds of the total industry, de - in Egypt Gas the first nine Oct. 2020 creased by 1.1 percentage points to capita●l CsRDtock months of the record 5.1 percent. 14.23 % year, com - gypt Gas submitted to the pared to EGP Africa’s governance E (EGX) 27,812,237 performance worsened to list the increase of authorized achieved in the capital and shares of issued and The Ibrahim Index of African Gover - • K prior-year pe - paid-in capital rise, according to riod. nance (IIAG) which rates 54 African Source: NBS EGX disclosure. Egypt Gas activities are struc - nations against criteria including secu - The Cairo-based company has in - tured into six divisions: the Nat - rity, human rights, economic stability, ● Nigerian inflation tended to increase authorized ural Gas Projects division, the just laws, free elections, corruption, in - frastructure, poverty, health and educa - surges capital from EGP 500 million to Pipeline Construction Projects di - tion, found that Africa’s governance Nigeria's inflation rate has climbed to EGP 1 billioTnr,a nas well as the is - vision, the Maintenance Projects performance worsened in 2019 for the a 30-month high, as it rose further to sued and paid-in capital from division, the Air Conditioning first time in nearly a decade. Mauritius, 14.23 percent in October, the latest EGP 240 million to EGP 480 mil - Projects segment, the Liquefied Cape Verde, Seychelles, Tunisia, and figures by the National Bureau of lion. The issued capital increase Petroleum Gas (LPG) Construc - Botswana were the 2019 top-scoring Statistics (NBS) has shown. It was amounts to EGP 240 million to be tion Projects division, and the distributed on 24 million shares at countries. South Sudan, Eritrea and the highest inflation rate since Febru - ● We Compressed Natural Gas Stations Equatorial Guinea were at the bottom a par value of 10 per each. ary of 2018, amid widespread in - division. of the classification. The report was re - Egypt GAS reported a 67% year- creases in prices. On a monthly basis, leased on Nov. 16 by the foundation in on-year decline in its net profit in (Picture: Egypt Gas consumer prices inched up 1.54 per - London. cent, the most since June 2017. January-September 2020. Net Chairman Wael Gowayed)

P.4 16-22 Nov. WORLD MARKETS WEEKLY BOOK to READ Leadership is Language The Hidden Power of What You Say and What You Don’t

hat does “leadership is lan - book (minus the introduction and conclusion) prove, don’t prove–Ask your people to im - guage” mean? Marquet argues Marquet gives six plays or techniques that all prove on plans and processes, rather than W that “the magic of leadership is leaders should use to improve how their teams prove that they can meet fixed goals or that by changing your words you operate. deadlines. Connect, don’t conform–Flatten will change the world around you because The six plays are: Control the clock, don’t obey hierarchies in your organization and con - if you ask a question a different way, the clock--Pre-plan decision points and give your nect with your people to encourage them to you’ll get a different answer.” He defines people the tools they need to hit pause on a plan contribute to decision-making. leadership as “[e]mbedding the capacity of action if they notice something wrong. Col - If you find your company or organization for greatness in the people and the prac - laborate, don’t coerce–As the leader, you should sinking in the complexity of today’s net - tices of an organization and decoupling it be the last one to offer your opinion. Commit, worked, information-dense, technologi - from the personality of the leader” and don’t comply–Rather than expect your team to cally wired, business climate then read explains how to implement intent-based comply with specific directions, explain your this book. leadership (IBL) defining IBL as “a sys - overall goals, and get their commitment to tem of leadership that pushes authority to achieving it one piece at a time. Complete, not those with the information. The goal of continue–If every day feels like a repetition of IBL is to create an organization where the last, you’re doing something wrong. Im - people are healthier and happier because they have control over their lives.” In the

AUTHOR’S BIO

David L.Marquet

A retired United States Navy captain, L. David Marquet served in the submarine force for 28 years. He was the com- mander of the nuclear submarine USS Sante Fe and turned it from the worst in the fleet to being the most successful by using a leader-leader model of leadership. Marquet retired from the Navy in 2009 but since his retirement the submarine has continued to win awards. He is also the author of the bestseller "Turn the Ship Around!" He lives in Florida and helps leaders build environments where people contribute and feel valued —where everyone is a leader.

P.4 16-22 Nov. WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 16-22 Nov. . P.5 .

6.P AMERICAS TOPICS IN BRIEF MARKETS REVIEW Politics & Elections MSCI -US President Donald Trump fired on Pause in risk rally but Tuesday Chris Krebs, the Director of ▶ North America -0.21 % the Cybersecurity and Infrastructure ▶ EM Latin America 3.91 % Security Agency (CISA), which Nasdaq outpaces peers This was also worsened by eco - oversaw the security of the 2020 elec - CANADA: The benchmark (Note: Weekly Change %) nomic data mostly pointed to a slow - tion. S&P/TSX Composite Index ing of activity: Jobless claims were - Peruvian lawmaker Francisco climbed to its highest level since NEWS TO WATCH up by 31,000 to 742,000. Retail sales Sagasti was sworn in as interim pres - late February. Technology was inched up just 0.3% in October rela - Sustainable investing ident on Tuesday. A new presidential among the top-performing sec - tive to September, marking a slow - election is scheduled for April 11. tors. E-commerce giant Shopify assets reach $17.1T down in the positive momentum - Trump’s reelection campaign on announced a new partnership with The US SIF Foundation's 2020 bien - from recent months. The Empire Wednesday filed for a partial recount Alipay, Asia’s biggest digital pay - nial Report on US Sustainable and State Manufacturing Index fell more in Wisconsin. The campaign claimed ment platform, which will help Impact Investing Trends, released on than expected. “illegal” voting activity was carried merchants unlock the power of Monday, found that sustainable in - out by Wisconsin election officials. cross-border commerce. Shopify LATAM: Mexico’s IPC returned vesting assets now account for $17.1 - Head of the Trump campaign legal continues to benefit from the 2.73% this week. The government trillion—or 1 in 3 dollars—of the team, Rudy Giuliani, said on Thurs - "stay-at-home" trends which led won approval from the IMF to total US assets under professional day that "almost exact" fraudulent pat - to a boom in on-line shopping. maintain its flexible credit line at management. This represents a 42 tern was seen in all large cities Crude oil prices which remained $63.4bn. It had originally in - percent increase over 2018. From the controlled by the Democratic Party above the 40 mark lifted the en - tended to reduce it by 20%. In first report in 1995 when assets to - during the 2020 elections. ergy sector. In economic news, Chile the IPSA Index returned taled just $639 billion to today, the -The Trump campaign withdrew its Canadian retail sales rose 1.1 per 1.23%. A new piece of legislation sustainable investing industry has last remaining federal lawsuit in cent to $53.9 billion in September allowing Chileans to withdraw grown more than 25-fold, a com - Michigan Thursday. to mark the fifth consecutive money from the pension system pound annual growth rate of 14 per - -More than 7,000 people gathered in monthly increase. due to the pandemic-driven eco - cent. The most rapid growth has Guatemala City to protest the nomic downturn was approved occurred since 2012. recent budget bill. The National Con - US: The S&P 500 and the Dow retreated to end the week lower by the lower chamber of the leg - Argentina loosens gress building was also set on fire, AP islature. Argentina’s Merval reported on Saturday. while the NASDAQ was mod - estly positive. The rotation out of jumped 3.20%. The lower house capital controls for International Relations the technology sector and into of Argentina’s Congress on gas investments - U.S. House of Representatives more cyclicals stocks continued. Tuesday began debating a bill The central bank of Argentina on unanimously approved on Wednes - More US states talking about a seeking to raise 300 billion pesos Thursday loosened restrictions on nat - day a bill that would prohibit Russia shut down and a public disagree - ($3.75 billion) through a tax on ural gas producers to buy dollars for from taking part in the Group of ment between the Treasury and large fortunes to finance pro - new projects to increase production as Seven (G7). the Federal Reserve over releasing grams aimed at helping families part of a 2020-2024 incentives pro - -The United States formally with - funds aimed at supporting the hit by the COVID-19. Brazil’s gram. “The Board of Directors of the drew from the Treaty on Open Skies economy weighed on sentiment. Bovespa returned 1.26%. Central Bank of the Argentine Republic on Sunday. The 1992 treaty allows approved the conditions for free access the 34 member countries to conduct AMERICAS BUSINESS HIGHLIGHTS to the exchange market of companies short notice, unarmed, reconnais - that participate in the Plan for the Pro - sance flights over the other countries motion of Natural Gas Production to collect data on their military forces TECHNOLOGY 2020-2024...,” the bank said in a state - and activities. ment. Since August 2019, the Latin deal weren't American country has had strict cur - CHART of the WEEK ▪CISCO acquires available. rency controls in place aimed at protect - Cisco plans ing foreign reserves. Oct. 2020 Banzai Cloud to acquire -based tech giant Cisco on the startup’s Fitch places Guatemala 222,734 Units US Monday announced its in - assets by the on negative watch tent to acquire Hungarian end of its Credit rating agency Fitch Ratings startup Banzai Cloud, which spe - second quar - placed Guatemala's BB- long-term for - cializes in cloud- native applica - ter. Banzai eign-currency rating on Rating Watch tions. "Banzai Cloud has demons - Cloud, Negative on Friday, citing a missed SOURCE: CMHC trated experience with complete founded in coupon payment on the country's eu - ●Canada Housing end-to-end cloud-native application 201,wasranked seventh on the list of robond due 2026 due to an outstanding development, deployment, runtime, the hottest Hungarian startups in commercial dispute with U.S.-based Starts and security workflows," Cisco 2019. The startup employs 37 peo - electric distribution company TECO The trend in housing starts was SVP of emerging technologies and ple. The acquisition follows Cisco’s Guatemala Holdings. Guatemala failed 222,734 units in October 2020, up incubation Liz Centoni wrote. Q1 fiscal 2021 earnings call, during to make a coupon payment of $15.75 from 214,372 units in September 2020 "They have built and deployed soft - which the US-based firm reported a million due Nov. 3 after a New York but missing market expectations of ware tools that solve critical real- 9% revenue decline. But that first- court received a restraining notice di - 222,000 units, according to Canada world pain points and are active quarter drop wasn’t as steep as in - rected at the government's account at Mortgage and Housing Corporation participants in the open-source com - vestors had expected, and that beat, Bank of New York Mellon Corp., Fitch (CMHC). “Higher single-detached munity as sponsors, contributors, coupled with a relatively sunny Q2 said. The agency affirmed the country's SAAR starts in October drove the and maintainers of several open- outlook, sent Cisco shares up 9% local-currency rating at BB-, with a sta - overall trend higher” said Bob Dugan, source projects,” she added. The fi - after the call with investors. ble outlook. CMHC's chief economist. nancial terms of the Banzai Cloud (Picture: Liz Centoni Cisco SVP)

P.6 16-22 Nov. WORLD MARKETS WEEKLY .

ASIA & PACIFIC P. 7 TOPICS IN BRIEF MARKETS REVIEW International Relations MSCI - Japan and Australia agreed on a de - Higher on data and RCEP fence pact on Tuesday allowing recip - ▶AC Asia Pacific 2.10 % rocal visits for training and operations. trade pact ▶Asia ex Japan 1.83 % -Canberra's cold war mentality is nomic Partnership (RCEP), a JAPAN: Stocks ended the week cause to fraught ties with Beijing, China-backed trade pact on Sunday with relatively modest gains. (Note: Weekly Change %) China’s Foreign Ministry spokesper - also supported sentiment. Fifteen Japan's economy in the July-Sep - son Zhao Lijian said on Tuesday. The Asia-Pacific economies formed the NEWS TO WATCH tember period grew an annualized remarks came as Western media re - world's largest free trade bloc on real 21.4% from the previous quar - ports said that China has taken a spate Sunday that excludes the United APEC seeks ways to ter, which was its fastest growth rate of restrictive moves against importing States. revive economies Australian products. since 1968, as exports and con - AUSTRALIA: The ASX finished Leaders from the Asia-Pacific Eco - - The Chinese Foreign Ministry said sumption powered growth. Econo - the week with a 0.1% dip to 6539.2. nomic Cooperation (APEC) forum on Thursday it "firmly opposes" the mists had forecast an 18.9% Investors still managed to add 2.1% began a virtual meeting on Friday to statement on Hong Kong issued by the expansion. Private consumption, which makes up more than half of across the five sessions for a third seek ways to revive their economies. so-called Five Eyes intelligence al - “We need to trade and invest our way liance which consists of the U.S., Aus - the economy, gained 4.7% from the straight week of gains. The week previous quarter, compared with a kicked off on Monday with a glitch out of the current economic downturn. tralia, Canada, New Zealand, and the We must come together and work con - U.K. 5.2% increase forecast by analysts. which froze trading at 10.24am Despite some signs of improvement AEDT. The trading recommenced structively towards navigating the re - - Chinese Xi Jinping said Thursday gion along a path of robust, inclusive in recent months, analysts expect at 10am on Tuesday and ASX the world's second-largest economy and sustainable economic recovery the world’s third-largest economy jumped above 6500 for the first would cut tariffs and sign more free and growth” this year's host, to shrink 5.6% in the current fiscal time in months following the trade agreements, according to state Malaysian Prime Minister Muhyiddin year ending in March 2021. media. overnight gains on Wall Street as Yassin said in his opening remarks. -Leaders from the Asia-Pacific Eco - CHINA: Equities rose strongly the surge in crude oil prices lifted oil APEC brings together Australia, nomic Cooperation hosted a virtual after upbeat economic data lifted stocks. The benchmark index rose Brunei, Canada, Chile, China, Hong summit in Malaysia on Friday to seek investors’ risk appetite. Retail sales 0.5% to a new nine-month high of Kong, Indonesia Japan, South Korea, ways to revive their economies. continued on their general recovery, 6531.1 on Wednesday extending Malaysia, Mexico, New Zealand, Politics & Elections up 4.3% y-o-y in October while in - gains from the previous session. Papua New Guinea, Peru, Philippines, dustrial production was also again Gains by banks and gold miners Russia Singapore, Taiwan, Thailand -At least 41 people were hurt during up and even much better in cement offset weakness in the mining and and the United States. protests in Thailand’s capital and steel. On the banking front, the oil sectors. ASX recouped early Bangkok on Tuesday, including five People’s Bank of China (PBOC) in - losses to close modestly higher on Indonesia SWF to with gunshot wounds, the city’s Er - jected RMB 800 billion (about Thursday, with financials leading raise $15bn awan Emergency Medical Centre USD 121 billion) into the financial the surge. The ASX extended Indonesia’s new sovereign wealth fund said. Protesters were attempting to system and kept borrowing costs gains from the previous session on (SWF) aims to raise $15 billion by of - reach parliament where lawmakers unchanged for the seventh straight Friday. Upbeat Australian retail fering multiple funds, finance minister were debating possible changes to month. The signing of the 15-nation sales data for October boosted Sri Mulyani Indrawati told Reuters on the constitution. Regional Comprehensive Eco - sentiment. Tuesday (Nov. 17).International in - -The Solomon Islands Cabinet vestors will have the flexibility to invest passed a ban on the use of social ASIA/PACIFIC BUSINESS HIGHLIGHTS in many portfolios Sri Mulyani told the media platform Facebook in the news agency, citing electricity, toll road country, citing public misuse of the and health sectors as examples.The platform, and a need for stricter cy - ASSET MANAGEMENT SWF, to be known as the Indonesia In - bercrime legislation and regulation, vestment Authority, seeks to attract in - RNZ reported on Tuesday. sustainable vestment to finance infrastructure ▪Pathfinder annual income projects and stimulate economic CHART of the WEEK that supports growth, picks up prize those charities Oct. 2020 ew Zealand’s fund manager to increase the RBA raises concern N Pathfinder picked up a top impact of their over ASX outage ¥ 872.9 bn prize at the Sustainable Business work. The Australian Securities Exchange Awards (SBA) last week for its re - In March 2020 (ASX) opened for less than half an cently launched KiwiSaver scheme. Pathfi-nder hour before a software issue forced it The Auckland-based firm won the donated to close for the rest of Monday’s ses - SBA ‘social impactor’ category for $20,000 to the sion. It was the longest shutdown in SOURCE:MOF the group’s charitable donation group of charities. It’s aiming to well over a decade. The Reserve Bank ●Japan Trade Surplus strategy established as part of the increase that to $100,000 in 2021,” of Australia (RBA) voiced concerns Japan's total merchandise trade sur - CareSaver scheme. the SBA said in a release. “Ulti - over the issue. “The Board is con - plus in October landed at ¥872.89 bn, Launched in July last year, Care - mately it plans to secure 2% of the cerned about the recent operational is - compared with a ¥11.2 bn surplus a Saver is a KiwiSaver plan for KiwiSaver market which would sues affecting CHESS and ASX’s year earlier and market expectations Kiwis who care about investing mean an annual donation of more trading systems,” the RBA’s payments of a ¥250 billion surplus. It was the wisely for their retirement as well than $2 million.” board said in a statement after a meet - fourth straight month of surplus and as their community and the planet Pathfinder is part of the Alvarium ing on Friday. The outage came as the largest since February. Exports and donates 20 per cent of its man - group, a consortium between Al - other exchanges have faced disruptions this year, including Japan and New were down 0.2% year-on-year to agement fee to a panel of charities, varium and Tailorspace. stand at ¥6.56 trillion while imports currently numbering 17. “This pro - Zealand. sank 13.3%. vides a passive, long term and (Picture: John Berry Pathfinder

P.6 16-22 Nov. WORLD MARKETS WEEKLY W O R L D M A R K E T S W E E K L Y 1 6 - 2 2 Nov. P.7 i 8.P EUROPE &EU TOPICS IN BRIEF MARKETS REVIEW Politics & Elections MSCI -Hungarian Prime Minister Viktor Up but prospects of more Orban in a statement published by ▶Europe 1.44 % state news agency MTI on Nov 18 economic grief remain ▶Large Cap 1.02 % said the European Union is trying pean Union have "increased un - EU: European stocks rose for a to use the bloc's budget to "black - certainly," which has, along with mail" countries that oppose its third consecutive week. How - the COVID-19, restrained invest - (Note: Weekly Change %) immigration policies. ever, persistent worries over ment in the country. BoE Deputy lockdowns, Brexit and Europe’s Governor for Markets and Bank - NEWS TO WATCH Law & Crime stimulus plan put a lid on the up - - German Parliament on Nov 18 ing Dave Ramsden said that fi - ward trend. Several major Euro - Poland, Hungary veto adopted amendments to law on pro - nancial markets are pricing pean countries are considering tection against infections, which ex - around a roughly one-in-five EU budget whether to extend monthlong pands government powers in the chance that Britain and the EU Hungary and Poland on Monday lockdowns and Hungary and anti-coronavirus crisis as large will fail to strike a trade deal blocked the adoption of the 2021-2027 Poland vetoed the European re - crowds protested in Berlin. ahead of the Dec. 31 end of the budget and recovery fund by European Brexit transition period. He also - Protests have begun to spread covery fund. EU leaders at their Union governments. The two member said that the bank would imple - across major French cities on Tues - Thursday videoconference sum - states announced their intention to veto ment any measure necessary to day, including Paris, over the contro - mit did not indicate how the the combined €1.8-trillion ($2.1 trillion) maintain its inflation target at 2% standoff might be resolved. In pandemic recovery plan and the long- versial security bill that grants more "in a way that helps to sustain local currency terms, the pan-Eu - term budget over objections to new rule autonomy to the local police, ex - growth and employment. pands the use of surveillance drones ropean STOXX Europe 600 of law requirements. European Union and portable cameras by police pa - Index returned 1.15% this week. ECB: European Central Bank leaders made no progress Thursday to - trols, and illegalizes the The oil and banking sectors led President Christine Lagarde said ward resolving the dispute. If leaders fail dissemination of images where po - gains on hopes that the economy on Thursday that fiscal stimulus to break the stalemate before the end of lice officers or gendarmes can be would return to normal by the remains "critical" in order for the the year, the bloc will continue to spend eurozone to recover from the personally identified. end of 2021. European Commis - but function on limited resources coronavirus crisis. She also said -Thousands of Slovaks protested sion Vice President Valdis Dom - the economic outlook for the Hotspots for UK real against the government and its anti- brovskis warned on Wednesday that debt levels will rise further area is characterized by "high un - estate investment coronavirus restrictions on Tuesday. certainty." In currency trading, for companies, households and Westminster, Kensington & Chelsea -Russia could block major U.S. so - the euro was the most used cur - governments, as he presented the cial media platforms for “censoring” rency for international payments and Camden are some of the most Autumn Semester Package. content from Russian state media, ac - last month, the first time it has popular London boroughs with for - cording to draft legislation submitted UK: The benchmark FTSE 100 outpaced the dollar since Febru - eign owners, according to Pure to the State Duma, Russia's lower Index added 0.55% this week. ary 2013. Foreign exchanges Property Finance which analysed house of parliament, Thursday. On the Brexit front, Bank of moves between the U.S. dollar data from the Land Registry on International Relations England's (BoE) Governor An - and the euro are something to overseas companies that own prop - - Russian Foreign Minister Sergey drew Bailey asserted on Tuesday worry about and we will keep erty in England and Wales. There Lavrov criticized on Tuesday the EU that the negotiations between the monitoring it, ECB policymaker were 10,938 in the City of Westmin - claiming that the bloc "created new United Kingdom and the Euro - Pablo Hernandez de Cos said. ster, 5,847 in Kensington and dividing lines" through its foreign Chelsea, and 2,363 in Camden. In policies. EUROPEAN BUSINESS HIGHLIGHTS terms of areas outside London, - UK-Canada trade talks at advanced 1,770 were in Manchester and 1,516 stage, British PM Boris Johnson's were in Liverpool. Of note, overseas spokesperson stated on Thursday LOGISTICS investors will be charged a stamp has been at duty surcharge of 2% from April CHART of the WEEK ▪GoRamp gets the forefront next year. Oct. 2020 € 45 0K to expand of educating MS: Europe set for strong Lithuanian logistics start-up the industry L GoRamp has secured an ad - about the 2021 rebound -1.4 % ditional 450,000 euros from the benefits of Morgan Stanley expects Europe to venture capital funds Startup - real-time experience a "strong rebound" in WiseGuys and Presto Ventures to solutions for economic activity next. According further its expansion into Poland logistics, es - to CNBC, Morgan Stanley analysts and Western European markets. pecially in SOURCE: ONS told investors on Tuesday the conti - GoRamp was founded in 2016 the Baltics. nent's recovery from the COVID-19 ●UK Producer by a passionate team of logistics “As a busi - crisis will be three times faster than and product professionals. The ness, we are young, stubborn and after the global financial crisis of Prices fall company brings over 23 years of adaptable to the needs of our Factory gate prices of goods produced 2008. The bank believes that con - experience in Logistics & Supply customers. Together, we strive to sumers’ willingness to spend, and a by the UK manufacturers dropped1.4 provide the competitive advan - Chain management, and over 15 high level of savings, will help the percent year-on-year in October 2020, tage needed to thrive in the digi - years in IT product development economic recovery, coupled by con - after an upwardly revised 1.7 percent – understanding industry pain tal age. The key to our success in tinued fiscal and monetary support. fall in the previous month and worse points, and how to solve them. this area – our focused experi - UBS Global Wealth Management than market expectations of a 0.7 per - GoRamp’s goal is to provide a ence and industry expertise, cent decline. The largest downward single cloud solution for manu - combined with customer feed - also expects a faster rebound in contribution to output annual inflation facturing companies in the SME back.” (Picture: Jevgenij Polonis comparison with 2008. came from petroleum products. space. Since its launch, GoRamp CEO & founder GoRamp)

P.8 16-22 Nov. WORLD MARKETS WEEKLY EUROPE &EU MIDDLE EAST P. 9 TOPICS IN BRIEF MARKETS REVIEW Law & Crime Equities turn in a mixed MSCI Iraq hangs 21 convicted terrorists and ▶EM Europe Middle East murderers at the Nasiriyah Central Prison, DW reported on Monday. performance Middle Eastern stock markets tinued their mixed performance 1.94 % International Relations closed in positive territory on on Wednesday. Bahrain's ASI (Note: Weekly Change %) -UAE crown prince and Israeli presi - Monday. Bahrain's ASI grew dropped 0.07% while Tel Aviv's dent exchange invitations for visits. 0.17% while Tel Aviv's TA35 TA35 rose 0.41%. Muscat's NEWS TO WATCH - Qatar’s Foreign Minister has said climbed 0.46%. MSM30 lost 0.46%. Riyadh's Arab states that establish ties with Is - Muscat's MSM30 ticked up TASI advanced 0.41%. UAE bank profits rael undermine efforts for Palestinian 0.05%. Qatar's Exchange Index Qatar's Exchange Index grew keep falling statehood. gained 0.24%. Abu Dhabi's Gen - 0.36%. Abu Dhabi's General de - Total interest income of the ten -The Pentagon announced on Tuesday eral advanced 0.24%. clined 0.16%. Palestine's AL largest banks in the UAE continued a partial withdrawal of 2,000 more Palestine's AL QUDS rose QUDS jumped 2.03%. to fall for the third consecutive time U.S. troops from Afghanistan by mid- 0.50%. Lebanon's BLOM moved Lebanon's BLOM was off by 7.7 percent quarter over quarter, January. up 0.17%. Tehran’s TEDPIX in - 0.09%. Markets closed mixed while net income dropped by 3 per - - Palestinian Minister of Civil Af - creased by 1.31%. Equities in the on Thursday. Bahrain's ASI cent due to lower interest and other fairs Hussein Al-Sheikh said on region, traded mixed on Tuesday. moved up 0.26% while Tel operating income, according to Al - Tuesday that his government was Bahrain's ASI gained 0.06% Aviv's TA35 fell 0.69%. Mus - varez & Marsal. “Challenging ready to resume negotiations with while Tel Aviv's TA35 dropped cat's MSM30 grew 0.09%. macroeconomic conditions, low oil Israel, after the discontinuation that 0.35%. Muscat's MSM30 ticked Riyadh's TASI dropped 0.50%. prices and effects of COVID-19 took place last May. down 0.07%. Riyadh's TASI ad - Qatar's Exchange Index was have severely impacted overall asset - U.S. Secretary of State Mike Pom - vanced 0.54%. Qatar's Exchange lower by 1.37%. quality and resulted in higher non- peo visited settlements in the Israeli- Index fell0.16%. Abu Dhabi's Abu Dhabi's General declined performing loan (NPL) reporting, at occupied territories of West Bank General advanced 0.17%. 0.78%. Palestine's AL QUDS 3.6 percent quarter over quarter in - and Golan Heights on Thursday, Palestine's AL QUDS rose jumped 2.63%. Lebanon's crease,” the global professional making him the first high US offi - 0.06%. Stocks in the region, con - BLOM was up 0.26%. cial to do so. services firm said. “The challenging -World leaders at the virtual G20 MIDDLE EAST BUSINESS HIGHLIGHTS economic environment impacted summit in Riyadh, Saudi Arabia on credit uptake as [loans and ad - Saturday discussed the Covid-19 INVESTMENT vances] remained flat in Q3 2020 and economic crises. compared to Q2 2020,” it added. options. CHART of the WEEK ▪Investcorp “Xpressbees Saudi PIF offloads US invests in is, in our stocks, ETFs Oct. 2020 view, at the Saudi Arabia's Public Investment Xpressbees strategic Fund (PIF) cut its exposure to North 51.4 pt ahrain-based asset manager sweet spot of American equities by $3 billion in B Investcorp has announced its the consump - the third quarter. PIF, which manages investment in Xpressbees, an tion shift to $360 billion worth of funds, was Indian end-to-end e-commerce lo - digital and e- holding $7.05 billion worth of U.S. gistics platform. The investment commerce, equities as of Sept. 30, compared was made as part of a Series E and the signif - with nearly $10.12 billion in the sec - funding with participation from a icant growth potential of the $200 ond quarter, a regulatory filing consortium of local and global in - billion-plus logistics industry in showed on Monday. The fund cut its ●Egypt Non-Oil vestors. Founded in 2015 by serial India,” Varun Laul, a member of In - holdings of ETFs to $1.96 billion by entrepreneurs Amitava Saha and vestcorp India's private equity lead - Sept. 30, from nearly $4.7 billion in Private Sector PMI Supam Maheshwari, Xpressbees is ership team, said. Xpressbees is in the second quarter. The filing showed The IHS Markit Egypt PMI rose to amongst the market leaders in e- the process of transforming itself that the Saudi sovereign wealth fund 51.4 in October 2020 from 50.4 in commerce logistics in India and of - into a fully-fledged supply chain sold some stocks, including Berk - September. The latest reading fers services including firstand company with Express Cargo, 3PL shire Hathaway, Canadian Natural marked the second monthly expan - last-mile delivery, reverse logistics and Cross Border Logistics. Resources and Cisco Systems in the sion in the sector and the highest real-time tracking, and multiple (Picture: third quarter. reading since December 2014. payment collection and processing Rishi Kapoor Investcorp co-CEO)

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P.8 16-22 Nov. WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 16-22 Nov. P.9 10 .P BLACK SEA-EURASIA-SE EUROPE

3. KAZAKHSTAN Nur-Sultan KASE 2. RUSSIA Moscov -MOEX Nov.26 non- Meeting on in - vesting in ETFs .ROMANIA Bucharest -BNR trading day for 4. KYRGYZSTAN 1 On Nov.18, KASE together with Bshkek NBK MOF raises US securities NGDEM Finance held an online RON537M selling On Nov.26 (Thanksgiving Day in meeting with investors on the topic Central bank the US), MOEX will keep its mar - "Investing in exchange-traded funds." continues bonds kets closed for trading of shares of As part of the event, investors were Romania's finance ministry (MOF) on US companies in its central T+ provided with information on finan - interventions Thursday (Nov. 19) raised 537 million order books. According to cial instruments traded on KASE, in - The National Bank of Kyrgyzstan lei (EUR70.3 million), above the MOEX’s trading procedures, US cluding securities of investment funds has made another foreign ex - RON300 million level planned, selling securities are not available for (ETF). The representative of change intervention on Friday bonds maturing in October 2030, at an trading in the central order books NGDEM Finance, which initiated the average yield of 3.31%, National Bank on trading days which are non- admission of SPDR Gold Shares (Nov 20), selling over $2 million, of Romania (BNR) data showed. The business and non-trading days in (ETF) securities to KASE, spoke 5th time for a week, to support country’s public debt stood at the US. All other instruments will about the investment fund, the use of som. Since the beginning of No - RON451 billion, or 42.9% of the gross be traded as usual on Nov. 26. its securities to diversify investment vember, the National Bank has al - domestic product at the end of Septem - MOEX launched trading in for - portfolios and as a protective invest - ready sold $ 53.3 million in the ber 2020 according to MOF data. eign securities on Aug.24, 2020. ment instrument. foreign exchange market. 2 3 5 1 CAPITAL MARKETS 4 6 7 8

5. CROATIA Zagreb- ZSE 6. TURKEY Ankara-CBRT 7. ARMENIA Yerevan-AMX 8. AZERBAIJAN The first ETFs in ArmSwissBank Baku-CBA Lira rallies after Manat Croatia interest rate hike bonds to be listed For the first time, ETFs (Exchange The lira appreciated as much as On Nov 23 ArmSwissBank will exchange rate Traded Funds) are traded on the 2.5% per dollar following the central conclude listings of bonds on Arme - , the bourse unchanged bank’s decision to hike the key rate nia Securities Exchange (AMX). The official exchange rate of the announced on Tuesday (Nov. 17). by 475 basis points, helping the cur - Coupon rate: 8.5% Maturity Date: Azerbaijani manat against the One of the ETFs 7CRO is linked to rency buck declines among emerg - 28/09/2026. ArmSwissBank is a pri - US dollar set by the Central CROBEX10tr (index of the 10 most ing-market currencies on Thursday. vate and investment bank founded in Bank of Azerbaijan (CBA) re - liquid shares of the Zagreb Stock Ex - The committee said its “transparent Yerevan on February 2005 after re - mained unchanged this week. change), and the other 7SLO to and strong” tightening step would ceiving its banking license N84 from Accordingly, the average rate SBITOP (index of the 11 most liquid lower double-digit inflation.” the Central Bank of Armenia. was 1.7 AZN/1 USD. The offi - shares of the Ljubljana Stock Ex - Shortly after, the bank was also cial rate of the manat against the change), which allows investors to granted brokerage license and cus - euro dropped by 0.0057 manat. invest in eminent Croatian and tody license to expand its activities. The average AZN/EUR rate was Slovenian in a very simple and cost- The bank collaborates with KfW 2.0166. effective way. The issuer of ETFs is and EBRD within the scope of re - the investment company InterCapital newable energy and corporate lend - Asset Management (ICAM). ing programs.

P.10 16-22 Nov. WORLD MARKETS WEEKLY POLITICS-ECONOMY-MARKETS-ANALYSIS P. 11 POLITICS - ECONOMY - BUSINESS ANALYSIS AGRICULTURAL Nick Piazza OUTPUT ■ BULGARIA - POLITICS ■ TURKEY - ECONOMY Founder & CEO Sofia blocks EU Dramatic interest of SP Advisors ROMANIA accession talks with rate hike by CBTR The Central Bank of Turkey raised its bench - Skopje mark one-week repo rate by a whopping 475 With €19.0 bn (or about North Macedonia remains in the waiting bps to 15 percent on Thursday, saying the 18% of the EU total), Ro - room of the European Union after Bulgaria tightness of monetary policy will be deci - mania had the highest total on Tuesday refused to approve the EU’s sively sustained until a permanent fall in agricultural output among membership negotiation framework for inflation is achieved. The decision was an - EU’s Southeastern Euro - Skopje, effectively blocking the official start nounced in a statement following the bank's pean Member States. of accession talks with its neighbour before first policy meeting under its new governor, the year’s end aspreviously envisaged. Bul - former Finance Minister Naci Agbal, who GREECE garia’s foreign minister, Ekaterina Zaharieva, was appointed on Nov. 7. Policymakers also Ukraine set told media that her country was willing to said that the central funding will be provided open negotiations with Albania, but not with through the one-week repo rate, which will up for fast North Macedonia due to disputes over history be the main policy tool and the only indica - With €11.9 bn Greece had and language. She added, however, that Bul - tor for the monetary stance. recovery the second highest total garia remained open to new talks. Bulgaria kraine is set up for a agricultural output objects in particular to the EU referencing the ■ROMANIA - BUSINESS fast recovery in the among EU’s Southeastern Macedonian language, which Sofia says is U coming quarters as European Member States. just a dialect of the Bulgarian language. Three companies in Deloitte 2020 the economy has adapted ■RUSSIA - POLITICS successfully to quarantine BULGARIA Putin warns Yerevan Tech Fast 50 mode and as strong do - DCS Plus, Druid and Tremend are the Ro - mestic demand supports backing out o fNagorno manian companies recognized in the Deloitte growth, according to SP 2020 Central Europe Technology Fast 50 pro - Advisors, a Kyiv-based deal gram in the Impact Star category that recog - full-service investment With €4.3 bn Bulgaria Armenian Foreign Minister Zohrab Mnat - nizes companies that are inspired by making house. Average real had the third highest total sakanyan resigned on Monday, after a cease - an impact on the business, environment, so - salaries grew 9.7% y-o-y agricultural output among fire signed by leaders of Armenia, ciety and diversity among employees. DCS in September, meaning the EU’s Southeastern Euro - Azerbaijan and Russia on Nov. 10 halted Plus focuses on developing and delivering pace of growth is now pean Member States. military action in and around Nagorno- business enterprise products for the travel and back to pre-crisis levels. Karabakh but sparked protests against Ar - tourism industry, Druid specializes in devel - Retail sales grew an im - CROATIA menian Prime Minister Nikol Pashinyan's oping intelligent virtual assistants dedicated pressive 10.4% y-o-y in government. Russian President Vladimir to complex enterprise processes, and September (+6.4% in Putin has said it would be “suicidal” for the Tremend, which has been included in previ - 9M20). Monetary and FX Armenian government to back out of the ous editions of the Technology Fast 50 rank - policies have remained With €2.4 bn Croatia ceasefire, the Guardian wrote. In a Russian ing for the fastest growing companies in CE, steady, even following a had the fourth highest state television interview about the deal aired develops agile digital transformation solutions change in management total agricultural output on Tuesday evening, Putin was asked about by using artificial intelligence. This years’ at the central bank this among EU’s Southeast - a new government potentially coming to competition, now at its 21st edition, is domi - summer. The external ern European Member power reneging on the deal. “That would be nated by software companies (30 entries). trade environment has States. a huge mistake,” he said. The deal gave ■ SERBIA- BUSINESS also been favourable for Azerbaijan significant territorial concessions the recovery. Global iron seen by many in Armenia as a capitulation. ore, steel and agricultural SLOVENIA Foreign Direct Invest - produce prices have been ■KAZAKHSTAN - ECONOMY ment drops 30% high YTD, which has sup - Mike Michel, CEO of Telenor Serbia and ported Ukrainian produc - IMF sees GDP president of the country’s Foreign Investors ers. However, Ukraine's With €1.3 bn Croatia had contracting by 2.7% Council, said on Thursday that foreign invest - work with IFIs is on hold. the fifth highest total agri - ment in Serbia had fallen by 30 per cent in Returning to smooth co - cultural output among in 2020 2020 due to the coronavirus crisis. “The next operation with the IFIs is a EU’s Southeastern Euro - Kazakhstan’s GDP shrunk by about 2.8 per year will see less foreign investment,” Michel must for Ukraine, and fail - pean Member States. cent in the January-September 2020, due to told state TV station RTS. “It is therefore im - ure to do so on time will declining activity in service sectors and oil portant to focus on developing business undermine investor confi - production cuts under the OPEC+ agreement, through reforms to attract more foreign in - dence and pose serious CYPRUS according to the International Monetary Fund vestors. We expect the next year to be diffi - risks to economic stability, (IMF). However, the Washington-based insti - cult,” he added. His comments came after SP Advisors argues. tution also said that the agriculture, manufac - Serbia’s Finance Minister Sinisa Mali stated Established in 2011, SP turing, and construction sectors had on Tuesday that in January-September 2020, Advisors focuses on advi - With €0.8 bn Croatia had the sixth highest total agri - maintained positive growth, thanks to govern - the inflow of foreign direct investment stood sory, asset management, cultural output among ment support programs. The Fund projects at 1.9 billion euros. Most investments in Ser - and merchant banking, operating in Ukraine, EU’s Southeastern Euro - that economy will contract overall by 2.7 per bia came from EU countries – about 68.4 per Georgia, and Eastern Eu - pean Member States. cent in 2020 and that growth will return to cent – and Russia, about 5.3 per cent, while the investments from Asian countries had a rope, assist international positive territory next year, although signifi - investors. Source: Eurostat cant risks remain. 20.2 per cent share B92 reported.

P.10 16-22 Nov. WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 16-22 Nov. P.11 48

12 .P BONDS-FOREX-CRYPTO-COMMODITIES CURRENCIES Banco de Mexico puts new banknotes into circulation new 1000-peso banknote was placed in side with the figures of President Francisco I. state of Campeche. Calakmul has been recog - circulation on Nov. 19 by the central bank Madero, Hermila Galindo and Carmen Serdán, nized as a natural and cultural world heritage A of Mexico. The historical process of the driving forces of the revolutionary ideals of site by UNESCO. Mexican Revolution is represented on one democracy, equality and justice. The predominant color on the banknote is gray. These figures are accompanied by an image of On Nov 12, a locomotive, the revolutionaries’ main means Banco de Mexico put also a new 100-peso ban - of transportation. knote into circulation, featuring On the reverse side, the rainforest ecosystem is the likeness of 17th century feminist poet and represented with the jaguar and the ceiba and nun Sister Juana Inés de la Cruz on one side and zapote trees, in the Ancient Mayan City and an image of monarch butterflies in a pine, protected tropical forests of Calakmul, in the oak and fir forest on the other.

● CURRENCIES World Government 10-Year Yield NOTE: Major FOREX rates performance ( 16-20/11/2020 ) ■ Argentina* ■ Mexico Lowest: 0.7418 Lowest: 0.01290 ■ AFRICA Highest: 52.55 Highest: 5.860 ■ • PLN/USD - Polish Zloty US • EGP/USD - Egyptian Pound AMERICAS Lowest: 51.45 Lowest: 5.620 US Dollar Index (DXY) - Dollar - Highest: 0.2664 US Dollar - Highest: 0.06423 Change: 0.67% Change: -3.209% Lowest: 0.06349 Highest: 92.84 Lowest: 0.2632 ■ ■ Lowest: 92.21 Australia Poland • ZAR/USD - South African ■ MIDDLE EAST Highest: 0.951 Highest: 1.230 • USD/CAD - US Dollar Cana - Rand US Dollar - Highest: • TRY/USD - Turkish Lira US Lowest: 0.851 Lowest: 1.160 dian Dollar - Highest: 1.3143 0.06544, Lowest: 0.06416 Dollar - Highest: 0.1332 Change: -4.000% Change: -1.411% • GHS/USD - Ghanaian Cedi Lowest: 1.3032 Lowest: 0.1282 ■ ■ • MXN/USD - Mexican Peso Belgium Russia US Dollar - Highest: 0.1730 • JOD/USD - Jordan Dinar US Highest: 0.000 Highest: 5.920 US Dollar - Highest: 0.04988 Lowest: 0.1685 Dollar - Highest: 1.4129 Lowest: -0.396 Lowest: 5.790 Lowest: 0.04891 • USD/NGN-US Dollar Niger - Lowest: 1.4080 Change: 9.972 % Change: -0.172% ian Naira – Highest: 382.345 • ARS/USD - Argentinian Peso • KWD/USD - Kuwaiti Dinar US Dollar - Highest: 0.01255 ■ Brazil ■ South Africa Lowest: 380.250 US Dollar - Highest: 3.2757 Highest: 7.790 Highest: 8.900 Lowest: 0.012540• Lowest: 3.2664 ■ ASIA BRL/USD - Brazil Real US Lowest: 7.380 Lowest: 8.740 • JPY/USD - Japanese Yen US • ILS/USD - Israeli Shekel US Change: 4.284% Change: -0.955% Dollar – Highest: 0.1896 Dollar - Highest: 0.2998 Dollar-Highest: 0.964850 Lowest: 0.1832 ■ Canada ■ South Korea Lowest: 0.951100 Lowest: 0.2966 Highest: 0.775 Highest: 1.645 • HKD/USD - Hong Kong ■ EUROPE ■ OCEANIA Lowest: 0.653 Lowest: 1.592 Dollar US Dollar - Highest: • EUR/USD - Euro US Dollar - • AUD/USD - Australian Dol - Change: -10.302% Change: -1.352% 0.1290, Lowest: 0.1290. Highest: 1.1895 Lowest: 1.1813 lar US Dollar - Highest: 0.7340 ■ China ■ Spain • INR/USD - Indian Rupee US • GBP/USD - British Pound Lowest: 0.7254 Highest: 3.418 Highest: 0.131 Dollar - Highest: 0.01350 US Dollar - Highest: 1.3313 • NZD/USD - New Zealand Lowest: 3.255 Lowest: 0.064 Lowest: 0.01340 Lowest: 1.3162 Dollar US Dollar - Highest: Change: 1.834% Change: -40.517% • KRW/USD - Korean Won US • EUR/CHF - Euro Swiss 0.6953, Lowest: 0.6835 ■ France ■ Switzerland Dollar - Highest: 0.000907 Franc - Highest: 1.0833 • FJD/USD - Fiji Dollar US Highest: 0.000 Highest: 0.000 Lowest: 0.000894 Lowest: 1.0784 Dollar – Highest: 0.4827 Lowest: -0.354 Lowest: -0.502 SGD/USD - Singapore Dollar • RUB/USD - Russian Ruble Lowest: 0.4696 Change: 12.500% Change: -7.645 % US Dollar – Highest: 0.7463 US Dollar - Highest: 0.01324 ■ Germany ■ Taiwan Highest: 0.000 Highest: 0.285 Lowest: -0.588 Lowest: 0.280 ●CRYPTOCURRENCIES Change: 6.387% Change: -8.772% ■ ■ NOTE: Leading cryptocurrencies indices performance India Turkey Highest : 5.891 Highest:12.130 16-20/11/2020. Source: Investing.com Lowest: 5.860 Lowest: 11.520 Change: -0.017 % Change: -4.680% •BTC/USD,Bitcoin USD Highest: 85.518 Highest: 2.1838 ■Indonesia ■ UK Highest: 18,811.0 L2owest: 62.084 Lowest: 1.9978 Highest: 6.313 Highest: 0.388 Lowest: 15,870.7 •EOS/USD - EOS USD • ADA/USD - Cardano USD Lowest: 6.165 Lowest: 0.300 •ETH/USD-Ethereum USD Highest: 2.8244 Highest: 0.11891 Change: -1.961% Change: -10.819% Highest: 513.06 Lowest: 2.4568 Lowest: 0.09954 ■ Italy ■ USA Lowest: 445.82 • BNB/USD-Binance Coin • XMR/USD - Monero USD Highest: 0.644 Highest: 0.931 •XRP/USD - Ripple USD USD Highest: 29.3042 Highest: 122.90 Lowest : 0.574 Lowest: 0.818 Highest: 0.33050 Lowest: 27.4526 Lowest: 111.03 Change : -5.818% Change: -8.533% Lowest: 0.26748 • BCHSV/USD -Bitcoin Cash • TRX/USD - Tron USD ■ Japan ■EURO BUND •USDT/USD- Tether USD SV USD Highest: 171.13 Highest: 0.027235 Highest: 0.028 Highest: 175.73 Highest: 1.0333,Lowest 0.9994 Lowest 152.70 Lowest: 0.025308 Lowest: 0.010 Lowest: 174.45 •BCH/USD-BitcoinCash USD • XLM/USD - Stellar USD • HT/USD - Huobi Token USD Change: -56.522% Change: 0.34% Highest: 259.83 Highest: 0.09070 Highest: 4.3999 Lowest: 233.20 Lowest: 0.07919 Lowest: 3.5129 * 1-Y Bond Yield Note: •LTC/USD -Litecoin USD • XTZ/USD - TEZOS USD Performance 16-20/11/2020 P.12 16-22 Nov. WORLD MARKETS WEEKLY 48

Banco de Mexico puts new banknotes into circulation Reminiscences of a Stock Operator There is nothing new in Wall Street

escribed by the Wall Street Journal ket manipulator, and finally to Wall Street happen again.” The book has been reprinted as a “classic”, Reminiscences of a where he won and lost million-dollar for - in almost every decade since its original pub - D Stock Operator by Edwin Lefèvre tunes several times between 1901 and 1921. lication in 1925, the latest put out by John was published in 1923 and despite its age, it Along the way, Livermore learns many les - Wiley & Sons in hardcover and a paperback continues to offer insights into the art of sons, which he happily shares with the edition in 1994 that remains in print. It has trading and speculation. reader. been translated into the Chinese, German, The book is effectively a narrative about the The book is also filled with numerous pearls French, Polish, and Italian languages, life and times of Jesse Livermore, a man of wisdom on trading that are still often amongst others. Human failings never go out considered by many to be the greatest stock quoted today, such as "There is nothing new of style. trader of all time. Livermore began his trad - in Wall Street. Especially when they’re larger than life, ing career in the 1890s via the "bucket There can't be because speculation is as old and well-written. shops" and progressed from day trading to as the hills. Whatever happens in the stock market speculator, market maker, and mar - market today has happened before and will

Edwin Lefèvre

The son of a steamship agent, trained as a mining engineer, Lefevre was born in Panama in 1871. At the age of nineteen he began his career as a journalist and eventu - ally became a stockbroker, as well. His short stories and books on Wall Street business put him in the hall of fame spotlight. In 1909, he was appointed ambassador to Spain and Italy by his native country. At the end of his diplomatic career in 1913, Lefévre returned to his home in Vermont where he resumed his literary work. He died in 1943.

WORLD MARKETS WEEKLY 16-22 Nov. P.13 14 .P the WEEK AHEAD ECONOMIC CALENDAR

CE & SE EUROPE ext week's interna - Assessment Nov, Ifo Busi - ▪FRANCE: France Job - Q3, Plant/Machinery Cap tional economic cal - ness Climate Index Nov seekers Total ital Expenditure QoQ Q3, EVENTS N endar will provide ▪TURKEY:Capacity Uti - ▪BRAZIL: FGV Con - Private New Capital Ex - some market-moving data lization Nov, Manufac - sumer confidence, Mid- penditure QoQ Q3 with reports of note includ - turing Confidence Nov Month CPI MoM & YoY ▪SOUTH KOREA: ● 25/11/2020 ing: Composite PMI and ▪FRANCE:Business Sur - Nov, FGV Consumer con - Interest Rate Decision ACCESS MBA Manufacturing PMIs out of vey Nov, Consumer Confi - fidence Nov,Current Ac - ■ THURSDAY Bucharest, Romania Germany and the UK, GDP dence, French GDP QoQ count USD Oct, Current ▪JAPAN:Coincident In - Venue: Online Organiser: out of Germany and the US, Q3 Preliminary Release Account USD, Foreign di - dicator MoM, Leading FOMC Meeting Minutes, ▪USA:S & P / CS HPI rect investment USD Oct Advent Group Access MBA Index MoM , Tokyo CB Consumer Confidence, Composite - 20 n.s.a. ▪USA: Core Durable continues to help aspiring busi - Core CPI YoY Nov, CPI Initial Jobless Claims YoY Sep, CB Consumer Goods Orders MoM Oct, ness leaders build a solid and Tokyo Ex Food and En - Confidence Nov, Red - Core PCE Price Index sustainable career path though ■ ergy MoM Nov MONDAY book YoY & Mo, House MoM, Core PCE Price top international ▪SINGAP. : CPI YoY Oct ▪SINGAPORE:Industrial Price Index YoY & MoM Index YoY & MoM Oct, MBA and EMBA studies. ▪FRANCE:Manufacture Production MoM & YoY Sep, House Price Index Durable Goods Orders PMI Nov, Markit Com - Oct ● 25-26/11/2020 Sep, Dallas Fed Services MoM, Employment Cost posite PMI Nov, French ▪ Index QoQ, GDP QoQ Q3 GERMANY: GfK Ger - RETAILSHOW Services PMI Nov Pre - Revenues, Richmond Preliminary Release, GDP man Consumer Climate Warsaw, Poland Venue: liminary Releases Manufacturing Index Price Index QoQ Q3 Pre - Dec, Business Expecta - Warszawskie Centrum EXPO ▪GERMANY: Composite Nov, Richmond Manu - liminary Release, Goods tions, Current Assessment, XXI Organiser: ECP Polska PMI Nov, Manufacturing facturing Shipments Nov, Trade Balance Oct, Initial ▪SWITZERLAND:Em - Exhibition for the B2B retail PMI Nov, Services PMI Richmond Services Index Jobless Claims, PCE Price ployment Level Q3 sector in Poland where compa - Preliminary Releases Nov, Texas Services Sec - index YoY & MoM Oct, ▪EUROZONE:M3 Money ▪EUROZONE: Manufac - tor Outlook, API Weekly nies showcase their latest shop Personal Spending MoM Supply YoY Oct, Loans to turing PMI Nov, Markit Crude Oil Stock, design, shop furnishing, cash Oct, Retail Inventories Ex Non Financial Corpora - Composite PMI Nov, ▪ARGENTINA:Eco - registers, scales, IT systems for Auto Oct, Seevol Cushing tions Oct, Private Sector Services PMI Nov Pre - nomic Activity YoY Sep, management of distributive Storage Report, Michi - Loans YoY, ECB Publishes liminary Releases Trade Balance Oct networks, loyalty system. gan Consumer Expecta - Account of Monetary Pol - ▪UK: Composite PMI, ▪N. ZEALAND: RBNZ tions Nov, Michigan icy Meeting, ECB Mone - ● 01-03/12/2020 Manufacturing PMI Nov, Financial Stability Report Consumer Sentiment Nov, tary Policy Statement Services PMI Nov Prelim - ▪SOUTH KOREA:Man - BLACK SEA PORTS New Home Sales Oct ▪SOUTH AFRICA: PPI inary Releases, 10-Year ufacturing BSI Index Dec New Home Sales MoM YoY & MoM Oct & SHIPPING Treasury Gilt Auction ▪SINGAPPORE:GDP Oct, Autumn Budget, ▪TURKEY: CBRT Mone - Istanbul, Turkey Venue: Mar - ▪BRAZIL:BCBFocus QoQ & YoY Q3 Crude Oil Inventories, tary Policy Meeting Minutes mara Taksim Hotel Organiser: Market Readout ▪AUSTRALIA:Con - Cushing Crude Oil Inven - ▪RUSSIA:Central Bank Transport Events Black Sea ▪USA: Chicago Fed Na - struction Work Done tories, FOMC Meeting reserves USD Ports and Shipping continues tional Activity Oct, Man - QoQ Q3 Minutes ▪CHINA:Chinese Industrial to be the biggest annual Con - ufacturing PMI Nov, ■ WEDNESDAY ▪N.ZEALAND:Exports profit YoY & YTD Oct tainer Ports, Shipping and Markit Composite PMI ▪SOUTH AFRICA:Core Oct, Imports Oct, Trade Transport Logistics Display Nov, Services PMI, 10- ■ FRIDAY CPI MoM & YoY Oct, Balance MoM & YoY Oct and Conference in the Black Year Note Auction ▪UK: Nationwide HPI CPI YoY & MoM Oct ▪JAPAN:Corporate Serv - Sea region. ▪SOUTH KOREA: Con - (MoM) ▪SWITZERLAND:ZEW ices Price Index CSPI sumer Confidence Nov ▪COLOMBIA:Interest Expectations Nov YoY, Foreign Bonds Buy - Rate Decision Nov ▪EUROZONE: ECB Fi - ■ TUESDAY ing, Foreign Investments ▪JAPAN: Retail Sales YoY Note: ▪GERMANY: GDP YoY nancial Stability Review in Japanese Stocks GERMANY: German Due to corona restrictions & QoQ Q3, Business Ex - ▪ ▪AUSTRALIA:Building UK: CBI Distributive Import Price Index MoM please contact the organiser pectations Nov, Current Trades Survey Capital Expenditure MoM & YoY Oct

Juan José Echavarría in FOCUS Central Bank of Colombia Governor Colombia Central Bank Interest Rate Decision The central bank of Colombia unani - end of a 250-basis-point easing cycle that mously decided to keep its benchmark started in March. Meanwhile, in an unan - interest rate steady at 1.75% during its ticipated move, Governor Juan José October meeting, as expected after the Echavarría announced his plans to retire annual inflation rose to 1.97% in Sep - from his position at the end of the year tember from near a 7-year low in the pre - when his four-year term expires. vious month. Additionally, the Bank stressed that in - The decision, which was widely in line flation expectations are seen remaining with market expectations, marked the within target in 2021 and 2022.

P.14 16-22 Nov. WORLD MARKETS WEEKLY WORLD MARKETS DASHBOARD P. 15 -1.15 % 7.62 % 0.92 % 2.39 % 2.09 % 2.04 % 0.56 % 1.09 % 0.56 % 1.13 % INDICES JSE/Top40 MOEX SZSE COMP KOSPI ASX200 SSECOMP NIKKEI225 NIFTY50 SENSEX30 HANGSENG

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MIDDLE EAST 1. ABU DHABI ADX GENERAL 1.1 9% 2. BAHRAIN ASI 0.20% 3. IRAQ ISX60 -1.00% 4. IRAN TEDPIX 31-10/04-11/ 2020 0.2 % 5. ISRAEL TA35 0.39% 6. LEBANON BLOM 16-20 /11/2020 -0.34% 7. PALESTINE AL-QUDS 5.30% 8. OMAN MSM30 -0.01% 9. QATAR QE GENERAL -1.03% 10.SAUDI ARABIA 1.70% 11.TURKEY BIST100 16-20/11/2020 2.53%

AFRICA ASIA & PACIFIC 1. COTE D'IVOIRE BRVM COMP 0.16% * 2. EGYPT EGX30 -0.50% 1. AUSTRALIA ASX200 2.0 9% 3. KENYA NSE20 -0.20% 2. BANGLADESH DSE BROA D 0.25% 4. MOROCCO MASI 2.28% 3. CHINA SSE COMP 2.04% 5. MAURITIUS SEMDEX 3.30% 4. CHINA SZSE COMP 0.92% 6. NAMIBIA FTSE/NSX OI -0.3 % 5. HONG KONG HSI 1.13% 7. NIGERIA ASI -2.57% 6. INDIA NIFTY50 1.02% 8. SOUTH AFRICA JSE/TOP40 -1.1 5% 7. INDIA SENSEX30 0.56% 9. TANZANIA DSE ASI 1.1 4% 8, INDONESIA IDX COMP 2.03% 10.TUNISIA TUNINDEX 1.48% 9. JAPAN NIKKEI225 0.56% 11.UGANDA ASI -2.20% 10.MALAYSIA KLCI 0.26% 12.ZAMBIA LSE ASI 1.12% 11,NEW ZEALAND NZX50 -2.83% 13.ZIMBABWE ZSE IND 7.00% 12.PAKISTAN KSE100 -0.94% 13.PHILIPPINES PSEi COMP 2.87% 14.S.KOREA KOSPI 2.39% 15.TAIWAN TWII 3.34% 16.THAILAND SET 3.18%

NIGERIA - ( NSE ) SAUDI ARABIA -Riyadh ( TADAWUL ) Members approve NSE shares list Tadawul Kicks-Off “Company in Focus The members of the Nigerian change Limited (NGX) once the The Saudi Stock Exchange journey. The episodes will fea - Stock Exchange (NSE) voted demutualization of the NSE is (Tadawul) is launching an int ture special guests from the overwhelmingly on Nov.19 at its completed. Under the resolution views series titled, “Company in listed companies for insightful 59th Annual General Meeting passed by the AGM, subject to the Focus ”, which invites represen - discussions that will illuminate (AGM), a meeting which is receipt of requisite approvals of tatives from the exchange’s the role of capital markets in the expected to be its last as a mutual relevant regulatory authorities, listed companies to discuss vari - Saudi economy, and how the ex - entity, to support the listing of the the Group is authorized to under - ous topics including their suc - change enables companies that Plc take a listing by introduction of its cess and growth stories, and list on the exchange to develop (NGXG) on the Nigerian Ex - shares on NGX. achievements and their listing their businesses.

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P.16 16-22 Nov. WORLD MARKETS WEEKLY