01-03 OCTOBER 2020 | 14-16 SAFAR 1442 HIJRI | VOLUME NO. 08 | ISSUE 52 /emiratesbusiness.ae @emi_business emirates-business.ae

OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0352 B r e n t Crude $40.85/bbl buLLION trump-biden debate diminishes america’s dignity Abu Dhabi - ADX 4,518.07 EuRo 4.3301 CHF 4.0288 WTI Crude $39.90 /bbl Democrat Joe Biden managed to avoid the US president’s traps, helped by how painfully obvious Trump was in setting them, GBP 4.7367 CAD 2.7681 N a t u r a l G as $2.51 /MMBtu Dubai - DFM 2,273.48 writes Ramesh PonnuRu PRECIOUS METALS BANKING PAGE 07 New york - NYA 12,769.11 EXCHANGE RATE Sri Lankan Rs 50.18 Gold $1,899.20/t oz snb interventions soar to $98b as virus roiled markets Indian Rs 19.94 Philippine Peso 12.97 Gold-Dubai AED228.00/gm Buy for London - UKX 5,866.10 Bangladesh Taka 22.32 (AED) 26,593.92 The bank was forced to step up battle against strong franc as in vestors Pakistani Rs 44.40 Silver $23.89/t oz drove haven currency to strongest level in five years against the euro

Thursday— Saturday

Price UAE: AED 2

UAE leaders greet Kuwait’s greece transFers reFugees From Lesbos new Emir Sheikh Nawaf President HH Sheikh Khalifa affirmed UAE’s keenness to move forward in everything that boosts ties between two countries abu dhabi / WAM President His Highness Sheikh Khalifa bin Zayed President His Highness Al Nahyan expressed to Sheikh Nawaf his sincere Sheikh Khalifa bin Zayed Al wishes for success in leading the triumphant Nahyan has sent a congratula - tory cable to HH Sheikh Nawaf march of the brotherly Kuwaiti people towards Al-Ahmad Al-Jaber Al-Sabah further progress, growth and development on the occasion of his inaugu - ration as Emir of Kuwait. "We congratulate you on our brothers in the State of would strengthen the close the precious confidence and Kuwait towards further devel - ties and enhance the sincere your assumption of the reins opment, progress and pros - cooperation existing between of power in the sisterly State perity," said President His the two countries and push it of Kuwait at this important Highness Sheikh Khalifa in his to broader horizons. “We are stage in its history to continue congratulatory cable. looking forward with confi - the journey of goodness, de - The President affirmed the dence and determination to velopment and prosperity depth of the historical and work together for the good of whose foundations and its fraternal ties that bind the our peoples and our Arab solid structure were laid two countries and their nation,” he added. Refugees from the burned down camp Moria on Lesbos disembark a ferry in the port of Lavrio to be transferred to camps in mainland down by the late Sheikh Sabah brotherly peoples, and the Greece. Greek authorities moved about 1000 migrants, mostly families and recognised refugees, to the mainland to improve conditions Al-Ahmad Al-Jaber Al-Sabah UAE’s keenness to move for - nFor full story, read in the overcrowded island camps —DPA to achieve the aspirations of ward in everything that emirates-business.ae mubadaLa Investment company began investing in global technology in 2007, through a significant stake in amd Expats’ remittances hit AED79.6bn in H1 2020 Mubadala, Silver Lake to set up abu dhabi / WAM percent of the total money transferred by foreign resi - Expats' remittances from dents in the country during the UAE amounted to 2019, which totaled long-term investment strategy AED79.6 billion in H1-2020, AED165 billion. according to figures re - India took home the leased by the central bank crown as the top-receiving The partnership, building on their existing relationship, will see Abu Dhabi’s of the United Arab Emirates. country for earnings made strategic investment fund supporting the US firm with a $2 billion investment These account for 48.2 by expats.

abu dhabi / WAM The new strategy has a Mubadala Investment Company, unique 25-year deployment one of the world’s largest global Adnoc begins crude investors, and Silver Lake, the lifecycle and is designed to global leader in technology in - invest flexibly across vesting, on Wednesday an - investment structures, oil trading at ADGM nounced they are building on geographies and industries, abu dhabi / WAM their existing relationship by es - tablishing a long-term invest - as well as fluidly throughout The Abu Dhabi National Oil ment strategy led by Silver Lake capital structures and Company (Adnoc), an - and supported by a $2 billion in - across the spectrum of nounced on Wednesday that vestment from Mubadala. early to later stage one of its new trading entities, The new strategy has a unique Adnoc Trading, has started 25-year deployment lifecycle and opportunities derivatives trading as a direct Mubadala began investing in global technology in 2007, via a major stake in AMD and later is designed to invest flexibly market participant. This rep - The move to start across investment structures, ge - through creation of GlobalFoundries, world’s second-largest semiconductor manufacturing firm resents a major milestone for ographies and industries, as well this accelerated digital transfor - the company, as it moves from derivatives trading as fluidly throughout capital As an institution that has long seen the potential of mation and its potential, and we being a traditional marketer represents a major structures and across the spec - investing in the technology sector, we are excited to believe Silver Lake is the right of its products to a more milestone for Adnoc, trum of early to later stage oppor - partner and that this is an optimal sophisticated global trader. partner with Silver Lake to capitalise on major opportunities as it moves from being a tunities, consistent with Silver structure for us." Adnoc has incorporated traditional marketer Lake’s clearly defined mission to within and beyond the industry Khaldoon al mubarak, "We are extremely pleased to two trading units, Adnoc build and grow great companies deepen our partnership with the Trading (AT) which focuses of its products to for the benefit of all stakeholders. Managing Director and CEO of Mubadala visionary team at Mubadala, on the trading of crude oil, a more sophisticated In addition to forming the new firmly rooted in our orientation as and Adnoc Global Trading global trader strategy, Mubadala has also ac - "As an institution that has long Khaldoon Al Mubarak, Managing a long-term investor in the most (AGT) a joint venture with quired a minority equity interest seen the potential of investing in Director and Chief Executive Offi - iconic and enduring businesses," ENI and OMV that will focus in Silver Lake. The two firms have the technology sector, we are ex - cer of Mubadala. "Technology is said Silver Lake Co-CEOs Egon on the trading of refined Adnoc Trading is now oper - already worked collaboratively cited to partner with Silver Lake, the bedrock of the global econ - Durban and Greg Mondre, on be - products. The new offices of ational and Adnoc Global Trad - across investments such as En - one of the world’s most respected omy, and fundamental to all other half of firm’s Managing Partners. both AT and AGT are located ing is on track in establishing deavor, Waymo (Alphabet’s dri - technology investors, to capitalise sectors that are being significantly in Abu Dhabi’s International the required processes, proce - verless technology company) and on major opportunities within digitalised. Our goal is to be well nFor full story, read Financial Centre at Abu Dhabi dures and systems to begin op - India-based Jio Platforms. and beyond the industry," said positioned to take advantage of emirates-business.ae Global Market (ADGM). erations in the coming months.

Dubai’s external coffee Emirates introduces Renewable energy sector adds trade reaches AED3.5b self check-in 11.5 million jobs globally: Irena dubai / WAM dubai / WAM

Statistics released by Dubai Emirates Airlines has an - In 2019, 63% of all the renewables jobs were recorded in Asia Customs have revealed that nounced it introduced self abu dhabi / WAM Dubai's external trade in cof - check-in and bag drop n Renewables jobs have shown fee generated AED3.5 billion kiosks for a more seamless Renewable energy continues to more inclusion and a better in the last ten years. airport experience at Termi - bring socio-economic benefits by Dubai acts as a central logis - nal 3, Dubai International creating numerous jobs world - gender balance than fossil fuels tic hub linking markets in the Airport. wide, according to the latest Middle East and Europe with Dubai’s coffee trade in According to Emirates, figures released by the Interna - n Women held 32% of total coffee manufacturing countries first six months of 2020 the service is now available tional Renewable Energy Agency renewables jobs, as opposed to such as Ethiopia, India, Indone - to customers travelling to all (Irena). The seventh edition of sia, Uganda, and Vietnam. grew 5% to AED253mn destinations except to the Renewable Energy and Jobs – 21% in fossil fuels sectors The statistics are released to compared to AED240mn US, Canada, China, India and Annual Review shows that jobs coincide with International in the corresponding Hong Kong due to additional in the sector reached 11.5 mil - its workers." the hydropower and wind indus - Coffee Day which is marked an - period last year requirements from these lion globally last year, led by solar Last year, sixty-three percent of tries, with close to 2 million and nually on October 1. Figures destinations. PV with some 3.8 million jobs, or all renewables jobs were 1.2 million jobs, respectively. show that Dubai's coffee trade The 16 new self-service a third of the total. recorded in Asia, confirming the Renewables jobs have shown in H1, 2020 grew 5 per cent to export partners are Oman at bag drop machines and 8 "Adopting renewables creates region’s status as a market leader, more inclusion and a better gen - AED253 million compared to AED5.8 million, Saudi Arabia self-service kiosks comple - jobs and boosts local income in the new report reveals. Biofuels der balance than fossil fuels. The AED240 million in the corre - at AED5.1 million and Kuwait ment the desks manned by both developed and developing jobs followed closely behind solar report highlights that women sponding period last year. The at AED5 million. Emirates check-in agents to energy markets," said Irena’s Di - PV, reaching 2.5 million. Many of held 32% of total renewables volume of coffee trade for H1, "We have integrated for - reduce waiting time for cus - rector-General Francesco La these jobs are in the agricultural jobs, as opposed to 21% in fossil 2020 amounted to 14,000 tons. ward-looking strategies that tomers during peak periods Camera. "While today we see a supply chain, particularly in fuels sectors. Although precise Major partners in coffee im - help us foster Dubai’s leading and improve the customer handful of countries in the lead, countries like Brazil, Colombia, estimates remain scarce and ab - ports are Switzerland at trade position worldwide," said experience in Dubai. More each country can harness its re - Malaysia, the Philippines and solute numbers are small for AED33 million, Italy at AED23 Nassim Al Mehairi, Senior Man - self-services facilities are newable potential, take steps to Thailand, with labour-intensive now, off-grid renewables are cre - million, and Brazil AED22 mil - ager of Statistics Department at planned to be added in the leverage local capabilities for in - operations. Other large employ - ating growing employment, led lion, and main export and re- Dubai Customs. coming months. dustrial development, and train ers in the renewables sector are by solar technology. THURSDAY-SATURDAY 01-03 OCTOBER 2020 02 news

AltHougH Covid-19 caused unprecedented market conditions, Adnoc Distribution delivers a 7.6% rise in underlying Ebitda for H1 UAE stresses solidarity with Adnoc Distribution OKs AED1.28b Saudi Arabia interim dividend payment for H1 ABU DHABI / WAM The UAE has condemned an attempt by a terrorist cell linked to Iran's Revolutionary This is the first payment in what is expected to be a full-year 2020 dividend payment Guard who wanted to launch sabotage op - erations in the Kingdom of Saudi Arabia. of AED2.57bn, reflecting a 7% rise compared to last year’s dividend of AED2.39bn In a statement, the Ministry of Foreign Af - fairs and International Cooperation hailed the ABU DHABI / WAM "vigilance, sophistication and efficiency" of n Adnoc Distribution the security apparatus in Saudi Arabia and its Adnoc Distribution an - response to these attempted terrorist acts. nounced the approval of an expects to continue The UAE reaffirmed its firm stance and interim dividend payment to pay half of the solidarity with the Kingdom in confronting to its shareholders for the annual dividend in such terrorist operations, adding that it sup - first six months of 2020 of ports all measures it takes to protect its AED1.285 billion (10.285 October of relevant security and stability. fils per share), equivalent to year and half in $350 million. April of the This is the first payment following year in what is expected to be a full-year 2020 dividend pay - Sheikh Zayed Book Award ment of AED2.57 billion n The new receives 1,616 submissions (AED20.57 fils per share), dividend policy reflecting a 7 percent in - ABU DHABI / WAM crease compared to last demonstrates The ‘Young year’s dividend of AED2.39 the company’s The Sheikh Zayed Author’ category billion (19.10 fils per share). strong record of Book Award an - in the Sheikh During its General Assem - nounced that it has so Zayed Book bly meeting in March, the progressively far received 1,616 sub - Shareholders of Adnoc Distribution registered on October 11 (record date) will be entitled to receive the interim cash dividend, Award has seen company announced an meaning the last day for purchasing shares and fulfilling the eligibility criteria is October 7 increasing its missions for its 15th amendment to its dividend dividends to its edition since the call highest number policy for 2021 onwards, set - Adnoc Distribution main - shareholders for submissions com - of submissions, ting an AED2.57 billion divi - Our progressive dividend policy demonstrates our tains a strong balance sheet menced on June 1 this with a rate of dend for 2021 and a and remains well positioned year. The ‘Young Au - dividend equal to at least 75 commitment to our shareholders as we advance to expand both its domestic percent of Adnoc Distribu - thor’ category has 29.34%, while percent of distributable prof - our strategic priorities of steady and sustainable growth, and international portfolio tion’s total share capital, and seen the highest num - ‘Literature’ has its from 2022 onwards, sub - enhanced customer experience and attractive capital in line with its smart growth increases the company’s ber of submissions, received 27.02% ject to the discretion of the returns for our shareholders strategy. As at June 30, free float to 20 percent, with a rate of 29.34 of submissions Board of Directors and the Adnoc Distribution held broadening the company’s percent, while ‘Litera - approval of shareholders. Ahmed Al Shamsi, Acting CEO of Adnoc Distribution AED2.4 billion in cash and shareholder base and allow - ture’ has received Adnoc Distribution ex - cash equivalents (including ing for greater liquidity of its 27.02 percent of the these virtual meetings pects to continue to pay half term deposits) and AED2.8 shares on the Abu Dhabi submissions. until the end of October, of the annual dividend in Oc - new stations in the UAE, as at tractive capital returns for billion in its unutilised Securities Exchange. Submissions for the in preparation for tober of the relevant year end of September 2020, a our shareholders. revolving credit facilities. This transaction leverages 15th edition of the the announcement of and half in April of the fol - seven times increase in new "With our resilient busi - Although the Covid-19 significant investor demand Sheikh Zayed Book longlists during lowing year. The new divi - station openings when com - ness model offering stable pandemic caused unprece - for Adnoc Distribution Award remain open November, which coin - dend policy demonstrates pared to last year, and re - and predictable cash flows dented market conditions in shares following a strong until October 1, via cides with commence - the company’s strong record mains on-track to deliver and low exposure to oil price the first half of the year, the performance with a resilient https://www.za - ment of Judges’ of progressively increasing 50-60 new stations by full volatility, we are confident in company demonstrated a re - dividend since its initial yedaward.ae evaluations. its dividends to its share - year 2020, including 20-25 our ability to pay a generous silient and steadfast focus on public offering in 2017. The award’s Reading "The Award’s Read - holders. As per the approved new stations in Dubai. dividend to our sharehold - smart growth, delivering a Shareholders of Adnoc Panel Committee has ing Panel Committee policy, the second and final Commenting on the finan - ers, while also maintaining 7.6 percent increase in un - Distribution registered on held 21 virtual meet - has been holding in - dividend for 2020 is ex - cial results, Ahmed Al significant capacity to de - derlying Ebitda for the first October 11 (record date) ings since the beginning tensive and consecu - pected to be paid in April Shamsi, Acting CEO of Adb - ploy capital through a disci - six months of 2020, com - will be entitled to receive the of August, to review tive meetings to 2021, subject to the Board of noc Distribution, said, "Our plined investment strategy pared to first half of 2019. interim cash dividend, and study the submis - identify the eligible ti - Directors’ recommendation progressive dividend policy aimed at continuing our ef - Earlier this month, Adnoc meaning the last day for pur - sions for the current tles to be selected for and shareholders’ approval. demonstrates our commit - forts to expand our fuel sta - announced that it has suc - chasing shares and fulfilling edition and assess the the longlists across Despite the challenging ment to our shareholders as tion network, with a focus cessfully completed a place - the eligibility criteria is Oc - extent to which the the Award’s nine operating environment, the we advance our strategic pri - on the Dubai market, as well ment of 1.25 billion of its tober 7. The payment itself is general conditions for categories. company has accelerated de - orities of steady and sustain - as investing in our non-fuel shares in Adnoc Distribu - scheduled within 30 days submission have been livering on its strategic smart able growth, enhanced and international business tion with institutional in - from the date of the Board of met. The committee nFor full story, read growth plans by opening 37 customer experience and at - expansion." vestors. This represents 10 Directors’ approval. will continue to hold emirates-business.ae

FCSA: Spending on six Emirates Drydocks World begins work CPI sectors up in August introduces self check-in on Jotun FPSO turntable project ABU DHABI / WAM DUBAI / WAM The Turntable is 24 metres in diameter and 10 metres high Spending on six sectors listed in the General Consumer Price Emirates Airlines has an - DUBAI / WAM Index (CPI) which aims to track nounced it introduced self consumer price movements in check-in and bag drop Drydocks World held a steel-cut - the UAE, witnessed a surge in kiosks for a more seam - ting ceremony to mark the start August 2020 compared to July The sectors that less airport experience at of production on Jotun FPSO 2020, according to recent sta - Terminal 3, Dubai Inter - Fabrication of Turntable Project tistics issued by the Federal witnessed a surge due to national Airport. for Bluewater Energy Services Competitiveness and Statistics increased annual spending According to Emirates, B.V. for end client, Var Energi. Authority (FCSA). included F&B, clothing and the service is now avail - According to Drydocks, this During the same reporting able to customers travel - Turntable is part of a Turret period, spending on six other footwear, tobacco, ling to all destinations Mooring System for the Jotun A sectors included in the index education, restaurants except to the US, Canada, Floating, Production, Storage and decreased. and hotels and other China, India and Hong Offloading vessel to be perma - with stringent Norwegian & The scope of the This consumer behaviour miscellaneous goods Kong due to additional re - nently moored and operated at International Standards. led the CPI to close the month quirements from these the Balder field in the Norwegian fabrication project by Capt. Rado Antolovic PhD and services at 106.50 points compared to destinations. Sector of the North Sea. Drydocks World – Dubai CEO of Drydocks World, said, 106.64 points in July. On an an - The 16 new self-service The Turntable is 24 metres in "Our experienced team contin - nual basis, CPI deflation is bag drop machines and 8 Diameter and 10 metres high, includes bulk procurement, ues to successfully deliver chal - around 2.59 percent compared electricity and gas, home appli - self-service kiosks com - weighing around 925 Tons. The fabrication engineering, lenging projects on a global to the same month in 2019. ances, healthcare services, plement the desks work on the project will require assembly, inspection, scale, which is testament to our The sectors that witnessed a transport, telecommunica - manned by Emirates around 275,000 man hours to focus on continuous innovation. surge due to increased annual tions, recreational and culture. check-in agents to reduce complete the fabrication and mechanical completion, "Drydocks World has signifi - spending included food and In Dubai, the CPI falls by waiting time for cus - testing works. testing and load-out of cant experience of constructing beverage, clothing and 0.32% in relation to other emi - tomers during peak peri - The scope of this fabrication the Turret Turntable large scale projects for promi - footwear, tobacco, education, rates in August compared to ods and improve the project by Drydocks World – nent offshore companies, restaurants and hotels and July, followed by Abu Dhabi, customer experience in Dubai includes bulk procure - demonstrating the yard’s vast other miscellaneous goods and which recorded a 0.21% drop. Dubai. More self-services ment, fabrication engineering, project is scheduled to be deliv - fabrication capacity; positioning services. facilities are planned to be assembly, inspection, mechani - ered by the mid of 2021. The it as a leader in turret fabrica - Other sectors recorded a de - nFor full story, read added in coming months. cal completion, testing and load- Turntable will be designed, fab - tion while ensuring excellence cline, such as housing, water, emirates-business.ae out of the Turret Turntable. The ricated and tested in accordance in safety and quality. Enoc group achieves 97 million kWh power savings The group’s thermal energy savings amounted to 3.2 million GJ and equivalent to 77 million liters of gasoline since 2014

DUBAI / WAM lion kWh of electricity in 2019, Enoc has always recognised the thereby reducing its energy in - Enoc Group has announced a importance of incorporating energy tensity by a massive 32 percent record 97 million kWh in power since 2014. The group’s thermal savings since 2014, which is the and resource management to drive the energy savings amounted to 3.2 equivalent of energy needed to growth of our Group. Our efforts in ERM million GJ and equivalent to 77 power 8,600 houses per year, as underpin our commitment to support million liters of gasoline. a result of implementing a se - Dubai Government’s mandate to The energy and resource ries of energy and resource management achievements management initiatives. promote sustainable business operations were unveiled at the ENOC En - Since 2014, the group has and to reduce the city’s carbon footprint ergy Awards, designed to recog - also recorded significant Saif Humaid Al Falasi, nise the achievements and 230,000 tonnes reductions in contributions of top-performing carbon dioxide (CO2) emis - Group CEO, Enoc Group segments and individuals. sions; as well as 477,000 cubic Enoc has implemented meas - metres of water in cumulative Enoc group saved 5.8 million kWh of electricity in 2019, thereby reducing its energy intensity We are proud of our achieve - consumption, an equivalent to ures to further enhance its En - savings, which is the equivalent by a massive 32% since 2014. The group’s thermal energy savings amounted to 3.2 million ments and we will continue to 390,000 cbm, helping to reduce ergy & Resource Management of water volumes needed to fill GJ and equivalent to 77 million liters of gasoline make strides in energy manage - freshwater consumption. This journey by introducing the Su - 190 Olympic swimming pools. ment performance while align - year, Horizon Jebel Ali Terminal, perior Energy Performance Saif Humaid Al Falasi, Group ergy and resource management port Dubai Government’s man - ing with key national DUGAS and Tasjeel have con - (SEP) scheme in 2017. The CEO, Enoc Group, said, "Enoc to drive the growth of our date to promote sustainable strategies." tributed up to 40 percent water scheme is based on the excel - has always recognised the im - Group. Our efforts in ERM un - business operations and to re - In 2019, Enoc group recycled savings. lence model and consists of portance of incorporating en - derpin our commitment to sup - duce the city’s carbon footprint. 17 percent of its total water The group also saved 5.8 mil - enablers and results. THURSDAY-SATURDAY 01-03 OCTObeR 2020 ENERGY 03

Shell to cut 9,000 Octopus Energy plans $100m move into US BloomBerg successful in the UK.” jobs as Covid-19 Evolve Energy is a tiny Octopus Energy launched Octopus Energy, the UK green player in the US, with in the UK in 2016 and is ma - impacts overhaul power provider, bought US jority owned by the London startup Evolve Energy as part fewer than 1,000 investment group Octopus BloomBerg of a $100 million push into customers, Octopus’s Capital Ltd. The company has the American market. Chief Executive Officer gained about 1.7 million Royal Dutch Shell Plc The company hopes to at - customers, successfully tak - will cut as many as tract millions of customers as Greg Jackson said in ing customer share from 9,000 jobs as crude’s it gets a foothold in the Texas an interview traditional utilities with crash forces billions market. It’s the latest step in player in the US, with fewer into its first American market cheaper, more flexible prices of dollars in cost sav - Octopus’s plan to expand than 1,000 customers, Octo - in Texas. From there, the and offering clean energy. ings and the oil and globally, driving down con - pus’s CEO Greg Jackson said Octopus plans to expand to the US,” Jackson said. “It’s the Beyond its own customers, gas giant overhauls sumer prices with low-cost in an interview. But by ac - more states over the coming one that lets us deploy a re - Octopus contracts with other its business to em - renewable power. quiring the company for $5 years. tail model that looks very companies to use the brace clean energy. Evolve Energy is a tiny million, Octopus has a way “Texas is an entry point to much like the one that’s been platform. The move reflects the challenge facing Big Oil as the virus pandemic persists, with some in the industry believing the era of demand growth is NOTICE the gulf time the gulf time already over. As the crisis hastens the shift to low- Date:01-10-2020 Date: 01-10-2020 carbon energy, oil majors are axing jobs, taking the gulf time — Date:01-10-2020 multibillion-dollar writedowns and slashing GOVERNMENT OF RAs Al KHAIMAH UNITED ARAB EMIRATEs once-sacrosanct dividends. NOTICE FOR COMPANy NAME CHANGE Courts Department MINIsTRy OF JUsTICE sHARJAH CIVIl FEDERAl COURT OF FIRsT INsTANCE At Shell, 7,000 to 9,000 job losses are expected Notarial Notice - Attestation No. 15212/2020 We, GlOBAl PHONE TECHNOlOGy FZCO , having summon by publication to appear before Case Management Office by the end of 2022 — as much as 11% of the sharjah Civil Federal Court of First Instance Notifier: EslAM MOHAMED FATHI sAlAMA– Egyptian national, in his capacity as the In lawsuit # sHCFICIREA2020/0003839) Civil Partial Circuit workforce. The total includes around 1,500 peo - License 3160, with our address at: 4WA 128 Dubai Attorney of Mr. MOHAMMED RAFI SYED, Indian National, by virtue of a general power of attorney No. 4790/2020, issued by the Notary Public of Ras Al Khaimah Court. ple taking voluntary redundancy this year, the Address: Ras AL Khaimah, Nakheel, Jalfar Towers, Floor 24, office No. 2407, Tel: 0503740777 To the defendant: HONG KONG PRINTING PREss (FZC) Airport Free Zone, hereby give notice for changing Vs. Domicile: Unknown. Sharjah Airport International Free Zone, warehouse #: q4- Notified Party: MAJEED KIZHAKKE MUTHUVANA , Indian national 270, Tel.: 06-5430008, Mobile: 050-6260761, Fax 06-5430009, P.O. Box: 122653. company said. It predicts sustainable annual cost Address: Dubai, Al Karama, Plot No. 318-525, shop No. 1, owned by Asma Abdullah Sultan the company name to sIMTRONICs FZCO . Whereas the plaintiff: sharjah Airport International Free Zone Authority, savings of $2 billion to $2.5 billion by that time. Al Taweel, Al Karama, Bur Dubai. To be notified through his company: APNA SEVEN DAYS SUPERMARKET LLC, Tel: 0588591912 Has field against you lawsuit it 3839/2020 Second Partial Circuit, claiming as follows: subject: Notice for the payment of AED 120,000.00 (One Hundred Twenty Thousand - Oblige the defendant to pay to the plaintiff amount of (AED 277,022.00) and Any objection to this change should be sent in Dirhams and the legal interest @ 12% for the said amount until full payment. legal interest @ 9% from claim date until full settlement, execute the judgment The notified party is indebted to the notifier for the sum of AED 120,000.00 (One Hundred on urgent basis. Moreover, oblige the defendant to pay court charges, the gulf time Twenty Thousand Dirhams pursuant to Cheque No. 000118 dated 01/12/2018, drawn on expenses and advocacy fees. writing to Leasing and Licensing Department in National Bank of Abu Dhabi, as the cheque was returned unpaid due to insufficient funds. Date: 01-10-2020 Whereas the notified party has refrained from payment of these amounts without any Therefore, you are required to appear before Case Management Office, office justification despite the repeated friendly requests, thus the notifier has reported a criminal # (7) at Sharjah Federal Court of First Instance, in person or represented by your Date of notification: 28/09/2020 Dubai Airport Free Zone Authority within fourteen case for the returned cheque, in Al Mamoura Police station and the report has been attorney at law, on Wednesday 07/10/2020, to submit your reply pleading Notification no.: 148688/2020 registered under criminal case No. 2029/2019. supported by all relevant documents, for hearing the above-mentioned case in (14) days from the publication of this notice Therefore, your capacity as a defendant. In case of failure to appear, personally or We notify you of the necessity to pay AED 120,000.00 (One Hundred Twenty Thousand represented by your attorney at law, the court shall carry out the legal GOVERNMENT OF DUBAI Dirhams) and the legal interest of 12% for this amount as from the date of this notice until proceedings in your absence. DUBAI COURTs the full payment, within five days from the date of this notice; otherwise we will be forced (signed & stamped) to proceed with the legal procedures against you. Director, Judicial services First Instance Court — commercial court GlOBAl PHONE TECHNOlOGy FZCO Notifier: Fatima yagoub Al Ramsi EslAM MOHAMED FATHI (Signed) (United Arab Emirates- Ministry of Justice) Notification by publication In lawsuit no. 60/2020/3535 Payment Order

subject matter of the lawsuit: the gulf time the gulf time the gulf time Firstly: approve, register and accept the request, as it met all the formal Date:01-10-2020 Date:01-10-2020 requirements. Date:01-10-2020 secondly: order to obligate the both debtors to pay an amount of AED Reference Number: 0920202011103529 Ref. No: 0927202012245358 753980.55 (seven hundred fifty three thousand, nine hundred and eighty Date of Issue: 20/09/2020 Issue Date: 28/09/2020 dirliam and fifty five fils along with the delay interest of 12% from the UNITED ARAB EMIRATEs UNITED ARAB EMIRATEs date of claim till the full payment. Ministry of Justice UNITED ARAB EMIRATEs Thirdly: The entire order shall be carried out expeditiously without bail. MINIsTRy OF JUsTICE Fourthly: charge the both debtors with all the accrued fees, charges Sharjah Federal Court of Appeal Ministry of Justice and expenditures. Request for service of Judgment by Publication Case Management Office Notice of service of Judgment by Publication summon by Publication The notified party: I-ONE interior Decoration LLC Memorandum of ruling for Notification by Publication in capacity of: the plaintiff Issued by sharjah Court, Civil Court of First Instance Notification by Publication, to attend before Case Management Office Represented by: Wala Jaber Naser Saleh Al Rahma In the Matter of the Commercial Case No. Issued by Ajman Court, Civil Court of First Instance in Case No. in capacity of: attorney In two newspapers, one of which is an English AJCFICICIV2019/ 0000711 sHCFICIPOR2020/0001591, Partial In the appeal No. sHCAPCICIVs2020/0001357 to the convicted persons/ 1- Mansi Verma Ajay Kumar verma , Address: The notifying party: 1-Brinjith Palliyathu Mathew Ajman - 0552323429, P.O. Box 9400/2 – 2- Priay Gupta Kuldeep Raj, in capacity of: defendant To: The Defendant: PHIlIP KAMPIyIAl CHANDy Address: Dubai Deira - Busaid - 05083339607, 9002797 9002796 Kindly be informed that on 28/07/2020, this court has rendered a Residence: unknown Upon the request of the appellant: Fatima Abdulla soleimani We hereby inform you that on 02/25/2020, this court ruled you in the said judgment in the matter of the above case against your in favor of the case with the number mentioned above in favor of Al Naseeb Machine subject of the notification: on 7/92020 the Dubai court of the first Commercial Bank International (P.J.S.C) as follows: spare Parts Manufcturing l.l.C , represented by its Director, Bukail Et instance ordered to obligate the both debtors; shoba interiors LLC and The Court has rendered its judgment as if in the presence of the To the Respondent: Muhammad Abdullah Ibrahim Corian, an Indian national, as follows: Brainget Paliato Matteo jointly and severely to pay the plaintiff: I-ONE Defendant: The court ruled: obliging the First Defendant to pay the Claimant an Interiors LLC an amount of AED 753980.55 (seven hundred fifty three amount of 1537871 dirhams (one million five hundred and thirty-seven To obligate the Defendant to pay the Claimant the sum of AED You are instructed to attend before the case management thousand, nine hundred and eighty dirham and fifty five fils along with 538,854.27 along with the interest of 5% as of the date of the case thousand eight hundred and seventy one dirhams) and obliging the the delay interest of 9% from the date of claim dated 25/8//2020 till the office No 11 , at Sharjah Federal Court of appeal on Second Defendant to pay the Claimant an amount of 48522 dirhams registration till the date of full payment provided that the interest shall (forty eight thousand five hundred and twenty-two dirhams) and the full payment along with all the related fees and expenses, in addition not be more than the adjudged amount, and to pay the expenses and Wednesday 30/09/2020, personally or by approved to an amount of one thousand dirham against the attorney fees, court dismissed all other requests and obligated the Defendants to pay One Thousand Dhs against attorney's fees and to dismiss the other the expenses and an amount of one thousand dirhams for attorney fees refused the expeditious execution request. attorney and And submit a Rejoinder memo on the above- requests. The judgment may be appealed during the legal time limit. .... mentioned case , accompanied with all documents. This is a judgment subject to appeal within the legal period of 30 days You are entitled to appeal this order within 15 days from the day following Judge from the day following its publication. this publication date. Mohammad Awad Mohammad Al Hamiry sharjah Court /Civil Court of First Instance Case Management Office Judge : Wajdi bin Al-shazly bin Ahmed Head of the case management office //signed// //stamp of Ministry of Justice// //signed// (signed) Ajman Court — Civil Court of First Instance

the gulf time the gulf time the gulf time the gulf time Date: 01-10-2020 Date: 01-10-2020 Date: 01-10-2020 Date: 01-10-2020 Date of notification : 29/09/2020 Service Date: 27/09/2020 Date: 27/09/2020 Date: 29/09/2019 Notification No. : 149150/2020 Service No.: 147652/2020 Service No.: 147672/2020 UNITED ARAB EMIRATEs GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI MINIsTRy OF JUsTICE DUBAI COURTs DUBAI COURTs DUBAI COURTs sHARJAH FEDERAl COURT OF FIRsT INsTANCE Dubai Court of First Instance- Commercial Court Dubai Court of First Instance- Commercial Court Notification by Publication CAsE MANAGEMENT OFFICE In lawsuit 1470/2020/11 partial civil service by Publication service by Publication sharjah Federal Court of First Instance In Case No. 16/2020/3383 Commercial- Restricted Jurisdiction In Case No. 16/2020/3342 Commercial- Restricted Jurisdiction subject matter of the lawsuit : claiming the defendants to pay an amount Notification by Publication in Arabic and English of ( AED 7285) with 9% the legal interest , plus the fees , expensive and attorneys' fees from the date of case registration till the full payment,. Case subject: Claiming to obligate the Defendant to pay an amount of (AED Case subject: Claiming to obligate the Defendant to pay an amount of (AED To the Defendant: Mohammed Ali Mohammed Khasim— Indian National And the judgement shall be self-executing immediately without bail 61,780.55) as well as fees, expenses and attorney's fees, and interest of 12% as 70,250.09) as well as fees, expenses and attorney's fees, and interest of 12% as of of date of claim until full payment is affected. To render an expeditious date of claim until full payment is affected. To render an expeditious enforceable We hereby inform you that the Plaintiff: Ahmed Abdulaziz Mohammed Almansoori enforceable judgment without bail. judgment without bail. Notifier : ARABIA TAXI L.L.C His capacity in the case: plaintiff Case No.: 4417/2020 Commercial Plenary Plaintiff: Mawarid Finance Capacity: Plaintiff Plaintiff: Mawarid Finance Capacity: Plaintiff Party to be notified: Represented by: Eissa Salem Ahmed Alharsi Almahri Capacity: Attorney Represented by: Eissa Salem Ahmed Alharsi Almahri Capacity: Attorney Has instituted the above Case against you in order to claim: 1- Haroon Ahmed dafran Ahmed His capacity in the case: defendants - To allow exit of the Defendant from trade license named (Ayat Tailoring Shop Unknown residence Notified Party: 1- Phythianathan Kandasamy Capacity: Defendant Notified Party: 1- Senihalata Gupta Vijay Kumar Gupta Capacity: Defendant No. 26723) - To charge the Defendantwith the costs, expenses and attorney's fees. subject matter of notification: subject of service: subject of service: - The judgment should be executed immediately pursuant to Article No. 229(5) Subject matter of the lawsuit : claiming the defendants to pay an amount The Plaintiff has filed the Case against you. Its subject is claim for obligating the The Plaintiff has filed the Case against you. Its subject is claim for obligating the of Civil Procedures Law. Defendant to pay an amount of AED (61,780.55), fees, expenses, attorney's fees, Defendant to pay an amount of AED (70,250.09), fees, expenses, attorney's fees, of ( AED 7285) with 9% the legal interest plus the fees , expensive and and legal interest of 12% as of the date of claim until full payment is affected, and legal interest of 12% as of the date of claim until full payment is affected, Accordingly, you shall appear beforeCase Management Office, Civil and attorneys' fees from the date of case registration till the full payment,. and to render an expedite enforceable judgment without bail. and to render an expedite enforceable judgment without bail. Commercial Plenary Circuit,Office No. 9, Sharjah Federal Court of First Instance,in And the judgement shall be self-executing immediately without bail. A hearing is set therefor to be held on Monday, corresponding to 15/10/2020 A hearing is set therefor to be held on Monday, corresponding to 18/10/2020 person or by an attorney,onWednesday, 07/10/2020 at 8:30 AM, in order to submit The court scheduled a hearing on Monday 05/10/2020 at 08:30 AM the at 08:30 AM, at the Remote Litigation Hall (BUILDING_DESC&). Therefore, you at 08:30 AM, at the Remote Litigation Hall (BUILDING_DESC&). Therefore, you a rejoinder together with all exhibits and consider the Case as a Defendant. In remote courtroom at building-DESC , so you shall attend personally or are required to appear in person or by your representative, and submit your are required to appear in person or by your representative, and submit your the event of failure to appear in time,the Court shall take actions against you in by your approved attorney and submit your memo or documents to relevant memoranda or documents to the Court at least three days prior to the relevant memoranda or documents to the Court at least three days prior to the absentia. the court at least three days prior to the session. hearing. hearing. sharjah Federal Court Of First Instance Case Manager Case Manager Case Management Office Head of Division #Signed# #Seal of Sharjah Federal Court Of First Instance, UAE# Amira Hussain Karam Ahmed Ayyub Mahmoud Ahmed Ayyub Mahmoud

the gulf time the gulf time the gulf time the gulf time Date:01-10-2020 Date:01-10-2020 Date:01-10-2020 Date: 01-10-2020 Publication No. 2020/141156 Date of Notification: 24/09/2020 Date of summon: 29/09/2020 Date: 16/09/2020 Notification No. 18552/2020 Number of summon: 149146/2020 GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI Dubai Courts Dubai Courts Dubai Courts DUBAI COURTs Appeal Court 5283 /2020/207 - Commercial Execution sUMMONs By PUBlICATION Dubai courts of the first instance Execution Number: 204/2019/1262 Execution/ sharia Notification by Publication summon by publication Publication Notice Details Appeal Case No 305/2020/2024 In the case no.: 240/2020/97 DIFC Executions Subject-matter of the case: execution of judgment in case No. 120 of 2019 Muslim personal status which became final against the respondent Subject: Appeal the court ruling of the case No.6/2020, Bankruptcy plus subject of the execution: Execution of judgment issued in the case No. Debtor: 1- Daniyar Issayev SCT-538-2020 issued by DIFC — courts of minor cases and where the fees and charges. judgment is issued to oblige the defendant executed against to pay Unknown address Party requesting summons: HINA MUNAWAR MUNAWAR HUssAIN Notification by publication requested by: Falcon Business Center l.l.C the amount of Dhs100,023.52 including the fees and expenses. Capacity: Plaintiff Capacity: Appealing Party Applicant for execution: Abu Dhabi Commercial Bank PJsC Creditor: Bin Haider Advocates and legal Consultants Summoned Party: MUNAWAR HUssAIN (place of residence unknown) Requested to be notified: Capacity in the case: Applicant for execution Capacity: Respondent 16- sHIRINOV FAKHRADDIN Appealed against Requested to be summoned: - The Creditor filed the above-mentioned execution case to 17- AHADPURKHANGAH MANUCHEHR Appealed against 1- sIVAPERUMAl RAMAsAy RAMAsAMy oblige you to pay the decreed amount of (Dhs. 85335) to Subject-matter of the Summons: You are hereby notified that an Place of residence is unknown Capacity: Defendant / executed against execution case has been issued against you to execute judgment Subject of Notification: the Creditor or to be deposited in the Court Treasury. subject of the summon:- rendered in case No. 120 of 2019 Muslim personal status which became The Court ruling regarding Bankruptcy case No. 6/2020 Bankruptcy is Whereas the plaintiff has filed the abovementioned execution to oblige final and binding execution against the respondent appealed. you to pay the amount of execution Dhs100,023.52 to the applicant of Therefore, the court shall proceed the execution execution or fund of the court. The court shall initiate execution proceedings against you in case you A court hearing is set on 05/10/2020 at 10:00 am in the online court Therefore, the court will start the executive procedures against you in procedures against you in case of non-compliance with the fail to comply with the said decision within 7 days from the date of room. You are requested to attend personally or by an attorney. In case case of your no respect of the aforesaid decision within 15 days from above-mentioned judgement within 15 days from the publication of this summons. you do not attend, the court will rule in absentia. the date of publication of this summon. following day of this publication. Case Admin: signed and sealed by Dubai Courts Head of Division: Ahmed Naji Mohsin Maged Murad Albawshi Head section / yaaqoob Mohamed Ahmed Al Hamadi /

the gulf time the gulf time the gulf time the gulf time Date:01-10-2020 Date:01-10-2020 Date:01-10-2020 Date:01-10-2020 Service Date: 27/09/2020 Service Date: 28/09/2020 Service Date: 28/09/2020 Notification Date: 28/09/2020 Service No.: 147666/2020 Service No.: 148446/2020 Service No.: 148426/2020 Notification No: 148717/2020 GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI DUBAI COURTs DUBAI COURTs DUBAI COURTs GOVERNMENT OF DUBAI DUBAI COURT OF FIRsT INsTANCE- COMMERCIAl COURT DUBAI COURT OF FIRsT INsTANCE- COMMERCIAl COURT DUBAI COURT OF FIRsT INsTANCE- COMMERCIAl COURT DUBAI COURTs service by Publication service by Publication service by Publication COURT OF PERsONAl sTATUs In Case No. 16/2020/3392 Commercial- Restricted Jurisdiction In Case No. 16/2020/3327 Commercial- Restricted Jurisdiction In Case No. 16/2020/3380 Commercial- Restricted Jurisdiction Notification by Publication Case subject: Claiming to obligate the Defendant to pay an amount Case subject: Claiming to obligate the Defendant to pay an amount Case subject: Claiming to obligate the Defendant to pay an amount On Case No. 142/2020/105 Personal status Of Non-Muslims of (AED 76,029.05) as well as fees, expenses and attorney's fees, and of (AED 35,923.85) as well as fees, expenses and attorney's fees, and of (AED 63,921.97) as well as fees, expenses and attorney's fees, and interest of 12% as of date of claim until full payment is affected. To interest of 12% as of date of claim until full payment is affected. To interest of 12% as of date of claim until full payment is affected. To Case subject: Divorce Case Due To Harm and Claim for Payment of render an expeditious enforceable judgment without bail. render an expeditious enforceable judgment without bail. render an expeditious enforceable judgment without bail. Fees and Expenses Plaintiff: Mawarid Finance Capacity: Plaintiff Plaintiff: Mawarid Finance Capacity: Plaintiff Plaintiff: Mawarid Finance Capacity: Plaintiff Applicant: AVANIsH GAUTAM In his capacity as plaintiff Represented by: Eissa salem Ahmed Alharsi Almahri Capacity: Attorney Represented by: Eissa salem Ahmed Alharsi Almahri Capacity: Attorney Represented by: Eissa salem Ahmed Alharsi Almahri Capacity: Attorney The party to be notified: sHUCHITA TREHAN GAUATAM AVANIsH GUATAM Notified Party: 1- DuminaDurji Dikit Araguza Capacity: Defendant Notified Party: Hazmeer Bisher Al Muhdad Capacity: Defendant Notified Party: 1- Kuluant singh Geel Capacity: Defendant subject of service: subject of service: subject of service: In her capacity as defendant The Plaintiff has filed the Case against you. Its subject is claim for The Plaintiff has filed the Case against you. Its subject is claim for The Plaintiff has filed the Case against you. Its subject is claim for Unknown place of residence obligating the Defendant to pay an amount of AED (76,029.05), fees, obligating the Defendant to pay an amount of AED (35,923.85), fees, obligating the Defendant to pay an amount of AED (63,921.97), fees, subject: expenses, attorney's fees, and legal interest of 12% as of the date of expenses, attorney's fees, and legal interest of 12% as of the date of expenses, attorney's fees, and legal interest of 12% as of the date of We would like to inform you that divorce case due to harm and claim claim until full payment is affected, and to render an expedite claim until full payment is affected, and to render an expedite claim until full payment is affected, and to render an expedite for fees and expenses was filed against you. enforceable judgment without bail. enforceable judgment without bail. enforceable judgment without bail. The hearing of this case will be on Thursday, 22/10/2020 at 09:30 am, at A hearing is set therefor to be held on Monday , corresponding to A hearing is set therefor to be held on Monday , corresponding to A hearing is set therefor to be held on Monday , corresponding to court room Remote Litigation, Personal Status Court in Al Garhoud. 12/10/2020 at 08:30 AM , at the Remote Litigation Hall 14/10/2020 at 08:30 AM, at the Remote Litigation Hall 13/10/2020 at 08:30 AM , at the Remote Litigation Hall (BUILDING_DESC&). Therefore, you are required to appear in person or (BUILDING_DESC&). Therefore, you are required to appear in person or (BUILDING_DESC&). Therefore, you are required to appear in person or Therefore, you have to appear before the court or appoint someone by your representative, and submit your relevant memoranda or by your representative, and submit your relevant memoranda or by your representative, and submit your relevant memoranda or on your behalf to submit your memorandums and documents to the documents to the Court at least three days prior to the hearing. documents to the Court at least three days prior to the hearing. documents to the Court at least three days prior to the hearing. court at least three days before the hearing.

Case Manager Case Manager Case Manager Head of Department Ahmed Ayyub Mohmoud Nada Abdul Qadir Al Khameri Nada Abdul Qadir Al Khameri Ahmed Mohamed Alkhazraji

the gulf time the gulf time the gulf time the gulf time Date:01-10-2020 Date:01-10-2020 Date:01-10-2020 Date:01-10-2020 Notification Date: 27-09-2020 Notification No. 149246/2020 Service Date: 27/09/2020 Service Date: 27/09/2020 Notification Number: 147924/2020 Service No.: 147993/2020 Service No.: 147661/2020 GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI GOVERNMENT OF DUBAI DUBAI COURTs DUBAI COURTs DUBAI COURTs DUBAI FIRsT INsTANCE COMMERCIAl COURT DUBAI COURTs Notification by Publication DUBAI COURT OF FIRsT INsTANCE- COMMERCIAl COURT DUBAI COURT OF FIRsT INsTANCE- COMMERCIAl COURT Notification by Publication Case No. 11/2020/1032 (Civil / Partial) service by Publication service by Publication For Case No. (3303/2020/16) — Commercial Partial Case subject: In Case No. 16/2020/3326 Commercial- Restricted Jurisdiction In Case No. 16/2020/3402 Commercial- Restricted Jurisdiction subject of the Case: Claiming the Defendants to jointly pay to the Request for nullification of the sale contract for the real estate unit, and return plaintiff the amount of AED 120,645.94, in addition to paying the the ownership of the real estate to the plaintiff and to pay a compensation of Case subject: Claiming to obligate the Defendant to pay an amount Case subject: Claiming to obligate the Defendant to pay an amount charges, expenses and attorney fees and late payment interest of (12%) AED 264,287.00 (Two Hundred Sixty Four Thousand Two Hundred Eighty Seven of (AED 62,352.65) as well as fees, expenses and attorney's fees, and of (AED 52,257.80) as well as fees, expenses and attorney's fees, and yearly from the date of case filing till the full payment of the amount, Dirham) against the moral damages and the lost profit of leasing the unit and interest of 12% as of date of claim until full payment is affected. To interest of 12% as of date of claim until full payment is affected. To expediting the judgement without any bail. any amounts may arise of least @ AED 117 per day, in addition to the fees, render an expeditious enforceable judgment without bail. render an expeditious enforceable judgment without bail. Notifier: NATIONAl BANK OF RAs Al KHAIMAH PsJ - Dubai Branch expenses and advocacy fees and 9% interest per annum from the date of the Plaintiff: Mawarid Finance Capacity: Plaintiff Plaintiff: Mawarid Finance Capacity: Plaintiff judiciary claim till final settlement. Capacity in the case: Plaintiff Represented by: Eissa salem Ahmed Alharsi Almahri Capacity: Attorney Represented by: Eissa salem Ahmed Alharsi Almahri Capacity: Attorney Represented by: Al-Fadil Moetasem Abdul Rahman Al- Maqbool Notification Applicant: Uzama Aijaz Muhammad Aijaz Akhtar Capacity: Plaintiff Notified Party: 1- Eugenie ypres Capacity: Defendant Capacity in the case: Attorney Notified Parties: 1) Tabish Farooq Muhammad Farooq Capacity: Defendant Notified Party: 1- Raja Gurupputeraj Capacity: Defendant subject of service: subject of service: The Notified Party: 2) Zahid siddique Muhammad siddique Capacity: Defendant The Plaintiff has filed the Case against you. Its subject is claim for Notification subject: The Plaintiff has filed the Case against you. Its subject is claim for (1) MUlTy GARMENTs TRADING llC - Capacity in the case: Defendant obligating the Defendant to pay an amount of AED (62,352.65), fees, (2) AZEED MOHAMMED sWANOOR MANTHUR - Capacity in the case: Defendant Plaintiff filed his case against both of you and its subject is: Request for nullification obligating the Defendant to pay an amount of AED (52,257.80), fees, Subject of Notification: The above-mentioned case has been filed of sale contract for real estate unit, and return the ownership of the real estate to expenses, attorney's fees, and legal interest of 12% as of the date of expenses, attorney's fees, and legal interest of 12% as of the date of against you, claiming the Defendants to jointly pay to the plaintiff the the plaintiff and to pay a compensation of AED 264,287.00 (Two Hundred Sixty claim until full payment is affected, and to render an expedite claim until full payment is affected, and to render an expedite amount of AED 120,645.94, in addition to paying the charges, expenses Four Thousand Two Hundred Eighty Seven Dirham) against the moral damages enforceable judgment without bail. enforceable judgment without bail. and attorney fees and late payment interest of (12%) yearly from the and the lost profit of leasing the unit and any amounts may arise of least @ AED A hearing is set therefor to be held on Monday , corresponding to A hearing is set therefor to be held on Monday , corresponding to date of case filing till the full payment of the amount, expediting the 117 per day, in addition to the fees, expenses and advocacy fees and 9% interest 15/10/2020 at 08:30 AM , at the Remote Litigation Hall 13/10/2020 at 08:30 AM , at the Remote Litigation Hall per annum from date of the judiciary claim till final settlement.. Court fixed the judgement without any bail. (BUILDING_DESC&). Therefore, you are required to appear in person or (BUILDING_DESC&). Therefore, you are required to appear in person or And one hearing is scheduled for it on Wednesday, 14/10/2020 , at, 08.30 am date of Thursday 08/10/2020 at 08:30 a.m . remote hall Building —Desc for hearing; by your representative, and submit your relevant memoranda or by your representative, and submit your relevant memoranda or at the Remote Litigation Chamber (BUILDING DESC&), so you, or your legal accordingly, Both of you are supposed to attend this hearing by self or by an documents to the Court at least three days prior to the hearing. representative, are required to attend in order to submit whatever attorney and you are supposed to submit your memos or documents to the court documents to the Court at least three days prior to the hearing. at least before 3 days of the hearing date. memorandums or documents you have to the court, 3 days before the Case Manager hearing date. Case Manager Head of section Al Murr Ahmed Abdullah Khamis Al Murr Ahmed Ayyub Mahmoud Case Manager: Ameera Hussain Karam Hamad Abdalla Ali Ahmad thursday-saturday 01-03 october 2020 04 OPINION The gulf Time Trump-Biden debate

Chairman of ThE board Saeed Saif diminishes US’s dignity Democrat Joe Biden managed to avoid the US president’s traps, Tel: 02-4468000, Fax: 02-4485401 helped by how painfully obvious Trump was in setting them Website: www.emirates-business.ae Email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press

Amy Coney Barrett is Ramesh PonnuRu ome political debates have highlights. The no threat to Obamacare Sfirst presidential de - bate this year had only low - oe Biden’s official statement on the Supreme Court nomination of lights. Joe Biden called Judge Amy Coney Barrett mentions her name once. It mentions Roe v President Donald Trump “a JWade once. It has eight sentences alluding to the court’s pending case clown.” Trump said Biden on the Affordable Care Act. wasn’t smart. Biden said The fate of Obamacare is the issue that Biden, and other Democrats, Trump “has been a fool.” A poster for the first presidential debate of 2020 between US President Donald Trump and Democratic contender Joe Biden, think gives them their best political opportunity during Barrett’s confir - And on it went, in what is hanged on a building at Case Western Reserve University in Cleveland on September 29 —DPA mation process. They are probably right. The 2010 healthcare law’s guar - must have been the nasti - antee of affordable insurance coverage for people with preexisting est presidential debate in new government insurance he is divisive and he is, not medical conditions is popular (at least in isolation), and many voters in - US history. The most com - plan he wants to create to put too fine a point on it, The Trump campaign’s tensely support it. Texas has a lawsuit against Obamacare, which the ad - mon word in the transcript would not be limited to a jerk. Trump often seemed ministration of President Donald Trump is backing. If the lawsuit will be “[crosstalk].” Medicaid patients, as he determined to prove central critiques of succeeded and Congress and the president did not pass a new protection, said. He flip-flopped twice Biden’s points. He couldn’t Biden are that he is old people with pre-existing conditions could have trouble getting affordable on the Green New Deal in bring himself to say a kind and out of it, that he insurance. The Biden campaign’s the span of a few sentences. word about Biden’s late has spent too much The current lawsuit grows out of a previous one. The Affordable Care criticisms of Trump are But there was no devastat - son Beau, or to forcefully time in DC, and that he Act (ACA) contained an “individual mandate” that commanded nearly all mostly focussed on his ing, memorable moment of condemn white suprema - Americans to buy health insurance that met congressional specifications. befuddlement. He also had cists (an issue he had to is too weak to resist In 2012, the Supreme Court considered a challenge to the law based on character: He cares too some crisp answers, and know would come up). He his party’s left wing. the notion that Congress does not have the power to issue that command. much about himself and even a few good lines. (On couldn’t even urge his sup - Joe Biden had a couple Four justices said it does. Chief Justice John Roberts said that it doesn’t, not enough about the Covid: “It is what it is be - porters to stay peaceful in of senior moments but that part of the law could instead be considered as a tax on going with - country, he is divisive cause you are who you are.”) the event he loses. If you out insurance. He and four other justices voted to uphold the law. Biden also, for the most are a voter who worries during the debate. He In 2017, Republicans enacted a tax law that set the penalty for going and he is, not to put part, managed to avoid about the issues that Biden forgot some of the without insurance at zero. The new lawsuit says that the mandate there - too fine a point on it, a Trump’s traps, helped by raises about Trump, the details of his fore can’t be upheld as a tax any more, and so the whole healthcare law jerk. Trump often how painfully obvious president didn’t set your healthcare plan has to go. seemed determined Trump was in setting them. mind at ease. The lawsuit has to overcome several hurdles. One is the question of the The president said that If you’re a voter who standing to sue: Plaintiffs have to show that they’ve been injured, and if to prove Joe Biden’s Biden wouldn’t say “law wanted a clear sense of the tax is zero, who is the victim? Another is a technical question known points. He couldn’t and order,” so Biden said where each candidate the greater enthusiasm of as “severability”: Why should the whole law go because of a portion of it bring himself to say a law, order and justice. wanted to take the country, many of Trump’s support - that Congress has already effectively repealed? kind word about Biden’s Biden ducked the question on the other hand, you ers and the flaws of the There is no evidence that Barrett looks positively at this lawsuit. Biden’s of whether he supports were out of luck. Neither of polls make the race more statement insinuates that we can take her comments about previous cases late son Beau packing the Supreme these candidates is policy- competitive than it looks, against Obamacare to indicate her support for it. She has said that Roberts Court, on the ground that driven, and it showed. The the president is just as stretched the meaning of the ACA to uphold it as a tax. She’s right about he doesn’t want the topic to Left has a clear agenda, but much in the hunt as he was. that. But that view doesn’t imply that the current lawsuit should prevail. Whose attacks landed dominate the campaign— as Biden pointed out, he The debate changed The Republican attorneys general of Ohio and Montana are opponents of best? The Trump cam - which is an excuse that will beat it soundly during the nothing, except to diminish Obamacare who think the individual mandate is unconstitutional, but paign’s central critiques of always apply to inconven - primaries. the country’s dignity just a have submitted a brief saying that the lawsuit should fail. Biden are that he is old and ient issues. Trump, and Who won the debate de - little bit more. Jonathan Adler, a professor of law at Case Western Reserve University, out of it, that he has spent moderator Chris Wallace, pends on where the candi - said that earlier Supreme Court cases involving Obamacare have involved too much time in DC, and let it slide. dates stood at the start. —Bloomberg principles that had long been of interest to legal conservatives. In the 2012 that he is too weak to resist The Biden campaign’s If Biden is comfortably case, for example, the key question involved the limits of congressional his party’s left wing. Biden criticisms of Trump are ahead, as the polls gener - Ramesh Ponnuru is a Bloomberg power. In those cases, he sided with the conservative litigants. Not this had a couple of senior mo - mostly focused on his char - ally suggest, then Trump Opinion columnist. He is a senior time. “This case is about whether or not you can find a clever jujitsu move ments during the debate. He acter: He cares too much needed the debate to editor at National Review, visiting to take down a statute because Congress didn’t,” he said. forgot some of the details of about himself and not change the race and it fellow at the American Enterprise It’s not just that there’s no basis to think that Barrett favours this legal his healthcare plan: The enough about the country, didn’t. If, on the other hand, Institute and contributor to CBS News challenge. There’s no evidence that any of the five Republican appointees currently on the Supreme Court do. A unanimous defeat remains a possi - bility. Just two months ago, three of those Republicans agreed with an opinion that stated “a decisive preference for surgical severance rather than wholesale destruction” when one part of a law must be struck down. Will Uber be a lifeline for Daimler, BMW —Bloomberg Net profit at carmakers is expected to fall to its lowest level since 2009 alex Webb Uber aimed to attract other opinion users with prices here has always been a paradox at the that undercut the Theart of Uber Tech - traditional taxi industry, nologies Inc’s business thereby squeezing out Why people have had model. the competition. The ride-hailing firm aimed to attract users with With a monopoly, it enough of lockdowns prices that undercut the would be able to raise traditional taxi industry, its fares and turn a he history of epidemics is rife 78% in March. It has also fallen in thereby squeezing out the profit. But higher fares with examples of society the UK and Spain, though to a lesser competition. With a mo - Trebelling against tough degree. nopoly, it would be able to then risk irritating public-health edicts, such as the There’s mounting evidence that raise its fares and turn a the customers it breach of plague quarantine in people who are asked to stay at profit. But higher fares Uber seems to be gambling that the resolve of Free Now’s owners, the luxury wooed with affordability 18th-century Marseille or protests home aren’t doing so. A recent then risk irritating the cus - carmakers Daimler AG and BMW AG, is wavering in the first place against face masks during the 1918 King’s College London survey in the tomers it wooed with af - influenza pandemic. The grim con - UK of over 30,000 people between fordability in the first place. Bloomberg News reported. Neither ride-hailing nor au - sequence is a fresh wave of deadly March and August found that only The interest should come tonomous cars are going to infections. 18.2% reported remaining at home as a relief to the storied turn the industry on its it towards a monopolistic Covid-19’s million deaths may after developing symptoms and a Five years ago, there German giants. head any time soon. position in some markets, pale in comparison to the estimated measly 10.9% after being alerted seemed to be three The two carmakers’ ride- BMW Chief Executive which would give it far 50 million lives lost in 1918, but the by contact tracers. That’s worrying hailing and car-sharing ef - Oliver Zipse and Daimler more pricing power. That’s cycle risks unfolding again. France, given the critical importance of self- threats to the classic forts, which include Free CEO Ola Kaellenius have to particularly the case in the UK and Spain face a triple isolation in breaking chains of automotive industry: Now and were lumped into decide whether the long- Germany, where it has threat: A jump in cases, a popula - transmission before they reach the ride-hailing, autonomous a joint venture dubbed term benefits of being in struggled to gain traction. tion exhausted by lockdown- vulnerable and the elderly. cars and electric Your Now last year, have the ride-hailing game offset It would also give it huge induced recession, and rising re - Obviously being cooped up is no - proven an unwelcome dis - the near-term losses. Nei - power over London’s sistance to tougher measures. Cur - body’s idea of fun, and it brings the drivetrains. Carmakers traction amid the tribula - ther has expressed much black-cab drivers, many of fews and closures of restaurants psychological stress of altruistically invested in all three. tions of 2020. The meteoric enthusiasm about the in - whom use Free Now to find have seen business owners literally choosing long-term pain over Since then, it has rise of Tesla Inc’s share dustry publicly, which can’t fares and who already see throw their keys to the ground in short-term pleasure. But for those become clear that EVs price has accentuated the have made it easy to find Uber as their bete noire. present-day Marseille. In Madrid, who don’t have the luxury of jobs need for investment in new investors. Cabbies are bound to kick protesters have bristled at a tar - they can do from their kitchen are immediate priority electric mobility, just as the Even as a platform to sell up a stink at the prospect of geted local lockdown they view as table, isolation also means being Covid-19 pandemic has vehicles to ride-hailing giving a cut of their fares to discriminatory. It’s not just conspir - deprived of a decent wage. eviscerated traditional car drivers, it’s unappealing: the Californian behemoth. acy theorists on the streets in Lon - Around 10%-11% of respon - Those monopolies are sales. Net profit at both Toyota Motor Corp, which Antitrust authorities are don and Berlin who are angry. dents cited “going out to work” yet to materialise. Instead BMW and Daimler this year dominates that market, sure to take a close look at Those protesting shouldn’t be among reasons for non-compliance. the industry has seen vi - is expected to fall to its low - sold just 169,500 of its any deal, particularly since dismissed as the selfish exceptions That echoes an earlier finding that cious price wars that led est level since 2009. They Prius hybrid hatchbacks Uber would have an incen - to the rule. Beyond the vocal half of Britain’s low-income work - Uber to lose $8.5 billion can’t as readily afford to globally last year, or 1.9% tive to squeeze regular cabs minority, there are signs that ers couldn’t actually afford to self- last year, its US rival Lyft fund an asymmetric con - of its total vehicle sales. even further. the silent majority is also losing isolate because mandatory sick pay Inc. to hemorrhage $1.5 bil - flict against Uber, a rival And the Uber paradox Should such hurdles faith in increasingly bureaucratic is so low, according to the Trades lion and the parent com - whose investors aren’t an - suggests that ride-hailing make an Uber deal insur - strictures. Policymakers need to Union Congress. Other reasons pany of Free Now, its main ticipating a profit on the remains a high-risk gamble. mountable, the German gi - restore it. given included caring for a vulner - European competitor, to same basis until 2023. It’s still unclear that the ants have few other options. While respect for mask-wearing able person (10%-12%) and men - lose a further 1.8 billion Five years ago, there business model works. Be - The virus has severely dam - and personal hygiene is broadly tal stress (8%-11%). euros ($2.1 billion). Uber seemed to be three threats sides, the most significant aged swathes of the sharing high, according to YouGov surveys This isn’t the case for all coun - now seems to be gambling to the classic automotive part of Free Now’s business economy, meaning Free of European countries, support for tries. In Austria, where quarantined that the resolve of Free industry: ride-hailing, au - is from regulated taxis, Now’s finances are unlikely quarantine and self-isolation is wa - workers are entitled to be paid as Now’s owners, the luxury tonomous cars and electric meaning it can’t unilaterally suited to an initial public of - vering. In France, only 48% of normal, compliance is over 98%, carmakers Daimler AG and drivetrains. Carmakers in - increase the price of fares. fering any time soon. They people currently support quaran - according to the Washington Post . BMW AG, is wavering. The vested widely in all three. An acquisition of Free need to hitch a ride out of tining those who’ve had contact San Francisco-based com - Since then, it has become Now would also signifi - town, and fast. with infected patients, down from —Bloomberg pany is considering a bid clear that electric vehicles cantly strengthen Uber’s for the joint venture, are the immediate priority: position in Europe, pushing —Bloomberg thursday-saturday 01-03 october 2020 ASIA 05

chinese regulators pressed evergrande to reach a deal ahead of eight-day national holiday that starts on thursday PE firm to invest $498m in India’s Reliance Retail China’s Evergrande soars as BloomBerg General Atlantic will invest 36.8 billion rupees ($498 mil - lion) in billionaire Mukesh risks alarmed regulators Ambani’s retail venture as Asia’s richest man continues to garner funds after securing more than $20 billion for his The firm said it reached a pact with a group of investors to avoid repayments digital services unit earlier that would have placed a sizable strain on junk-rated company’s balance sheet this year. General Atlantic will hold The private equity firm will a 0.84% stake in Reliance BloomBerg hold a 0.84% stake in Reliance Retail Ventures Ltd, Retail Ventures Ltd, according according to an China Evergrande Group’s stock to an exchange filing on and local bonds soared after the Wednesday, giving the busi - exchange filing giving the developer took a major step ness a pre-money equity value business a pre-money towards avoiding a cash crunch of 4.29 trillion rupees. equity value of that had threatened to roil the Shares of the parent, Re - 4.29 trillion rupees nation’s $50 trillion financial liance Industries Ltd, jumped system and reverberate across as much as 5.6% during trad - global markets. ing in Mumbai after the deal has raised more than $20 bil - After a turbulent few days was announced. lion by selling stakes in Jio during which banks, bondhold - The deal follows US private Platforms Ltd, his digital ers and senior government equity group KKR & Co’s $754 services unit. Investors includ - officials became increasingly million investment and Silver ing Facebook Inc and Google alarmed about Evergrande’s Lake Partner’s $1 billion in - bought a combined 33% in financial health, the world’s vestment in September in the that venture this year. most indebted developer said it unit. Ambani has been in - Like KKR and Silver Lake’s reached an agreement with a creasing his focus on con - investments in Reliance Retail, group of strategic investors to sumer businesses to tap the this infusion makes General avoid repayments that would growth in both offline and on - Atlantic a repeat investor have placed a sizable strain In another move aimed at shoring up its finances, Evergrande officially filed to spin off its property services business in Hong Kong line retail in India’s market of in Ambani’s consumer busi - on the junk-rated company’s billion-plus consumers. nesses. The New York-based balance sheet. private matters. In his pivot towards tech - private equity firm had in - The deal buys time for Ever - n Evergrande’s deal buys time for the firm to rein in a nology and retail — away vested $873 million in Jio Plat - grande to rein in a complex web from the group’s staple oil-re - forms to pick up a 1.3% stake Evergrande owes $88b to of liabilities that some analysts complex web of liabilities that some analysts have said fining business — Ambani, 63, in May. banks, shadow lenders and have said makes the property makes the property behemoth too big to fail individual investors across behemoth too big to fail. Ever - China and has borrowed grande owes $88 billion to banks, shadow lenders and in - n Evergrande said it’s in talks with the remaining $35b from bondholders dividual investors across China investors on similar deals, without identifying any of ‘Indian women spend 5 around the world. More and has borrowed $35 billion them. The developer has already finished negotiations than 2 million homebuyers from bondholders around the with investors holding 15.5 billion yuan of equity hours a day on chores’ have given down payments world. More than 2 million interests, who are seeking further approvals on yet-to-be-completed homebuyers have given the BloomBerg and they earn 35% less on av - company down payments on erage than men. Women repre - properties yet-to-be-completed properties. from a low of 74 yuan. The dol - than a year earlier, according to Women in India spend about sent 49% of the nation’s Evergrande shares soared lar debt due 2025 fell 2.3 cents an exchange filing. Huatai Finan - five hours a day on unpaid do - population yet contribute only Chinese regulators pressed 19% to HK$19.70 in Hong Kong on the dollar to 77.7 cents, cial and UBS are among banks mestic work, or thrice as much 18% to its economic output, the company to reach a deal on Wednesday, capping a Bloomberg -compiled pricing managing the sale, which could time as men, according to a about half the global average. ahead of the eight-day national record 43% rally for the short - show. Barclays upgraded some raise as much as 30 billion yuan, new survey by the government. The survey, conducted last holiday that starts on Thursday, ened holiday week. The stock of the dollar bonds to over - according to HSBC estimates. Only about 18% of women year and covered people of according to a person familiar jumped last week after the weight, citing the deal. Evergrande said it’s in talks participated in employment both sexes, will help better tar - with the matter. Officials were company sought to reassure in - In another move aimed at with the remaining investors on and related activities in a day, get welfare programs in the concerned about instability vestors about its finances fol - shoring up its finances, Ever - similar deals, without identify - against 57% of men, according economy, where employment bubbling over in global markets lowing a plunge last week. grande officially filed to spin off ing any of them. to the findings of the first Time- conditions have worsened be - during the holiday, and a poten - The local currency bonds its property services business in The developer has finished Use survey by the Ministry of cause of the pandemic. It tial spill over to China when also rose, with the 2024 note Hong Kong. The unit had net in - negotiations with investors Statistics. showed Indians spend half of trading resumes after the closing at 88.4 yuan, or 7.8% come of 1.15 billion yuan ($170 holding 15.5 billion yuan of eq - The participation of Indian their time in self-care and break, the person said, asking higher. The 2023 bond jumped million) in the first half of the uity interests, who are seeking women in the labor force is maintenance, and devote only not to be identified discussing 4.9% to 90 yuan, and has rallied year, almost three times higher further approvals. among the least in the world 11.4% to employment etc.

coronavirus screening on school students HK retail slide continued in August amid restrictions Retail sales by value fell 13.1% from a year earlier to $3.3b BloomBerg

Hong Kong retailers’ struggles eased slightly in August even as social-distancing measures were extended to combat the latest wave of coronavirus infec - tions in the city. Retail sales by value fell 13.1% from a year earlier to HK$25.6 billion ($3.3 billion), according to a government statement. That’s better than the median forecast for a 17.5% Police officers cordon off at Pacific Place shopping centre during a protest to commemorate decline in the period, according the 6th anniversary of the Umbrella movement in Hong Kong on September 28 —DPA to economists surveyed by Bloomberg . decline in July, as well as four environment of the retail trade Malaysian Ministry of Health staff conduct a coronavirus screening on students at a school in Kuantan, Malaysia —DPA straight months of a contraction will remain difficult,” the of more than 30% from Febru - spokesman said. Hong Kong’s retailers have ary through May during the ini - “Local consumption senti - borne the brunt of the city’s tial stages of the pandemic. ment may further improve if the deepening economic Hong Kong’s retailers have recent stabilisation of the local recession this year amid the borne the brunt of the city’s epidemic situation sustains.” China’s factory outlook gains on production deepening economic recession There is some cause for opti - pandemic, rising US-China this year amid the pandemic, mism that things may improve BloomBerg ing managers’ index in Septem - improvement from deteriora - political tensions and rising US-China political ten - more in coming months. ber rose to 51.5 from 51 a month tion from the previous month. recurring protests sions and recurring protests. The latest wave of infections An official gauge of activity in earlier, according to data re - The steady improvement The narrowing year-on-year eased in August and shows fur - China’s manufacturing gained leased by the National Bureau of comes on the back of a resump - decline was mainly the result of ther signs of subsiding, while in September on stronger pro - Statistics, beating the 51.3 esti - tion in operations and strong ex - a low base of comparison, a gov - the government has lifted some duction and orders, suggesting mate in a Bloomberg survey. ports as economies around the Retail sales by volume also ernment spokesman said. restrictions, extending hours of the recovery momentum re - The non-manufacturing gauge world gradually reopen. Con - dropped 13.4% from year-ago “As economic conditions re - restaurants. mained solid, while activity rose to 55.9 from August’s 55.2. sumption in China also started to levels, an improvement on main under pressure and in - Chief Executive Carrie Lam in the services sector also That’s better than the median pick up as more restrictions the 23.8% decline in July, the bound tourism is unlikely to announced a HK$24 billion strengthened. forecast and well above 50, were lifted on travelling and vis - report said. The continued show any swift recovery in round of relief stimulus in The manufacturing purchas - which is the level that divides iting entertainment venues. weakness comes after a 23.1% the near term, the business September. Condé Nast opens India tech centre for digital publishing The company wants to develop original content across film, television, social, digital video using new technologies BloomBerg content platforms for its brands has 88 million print and 363 including GQ and Architectural The Condé Nast million digital consumers. Condé Nast Inc, publisher of Digest , it added. Technology Lab will “It will give us the horsepower magazines like Vogue , The New “We want to digitally reinvent open soon starting with a to build next generation experi - Yorker and Vanity Fair , will brands like Vogue to be relevant ences,” said Alex Kuruvilla, man - open a global technology and to a younger demographic, few dozen engineers, aging director of Condé Nast product centre in Bangalore to those between 18 and 30 with plans to expand India. The company wants to de - amplify the digital capabilities years,” Sanjay Bhakta, chief headcount for product, velop original content across of its brands and boost online product and technology officer design and engineering film, television, social, digital revenues. at Condé Nast, said on a Zoom video using new technologies The Condé Nast Technology call from New York. to over 300 by the such as virtual reality. Lab will open later this week “So far our revenues have end of 2021, the Amid the coronavirus out - starting with a few dozen engi - been mostly centred around company said breaks, Condé Nast Chief Exec - neers, with plans to expand business-to-business. The aim utive Officer Roger Lynch has headcount for product, design is to quadruple our revenues di - Condé Nast Inc’s Bangalore centre will design and build digital content platforms for its reportedly told employees the brands including GQ and Architectural Digest and engineering to over 300 by rectly from consumers in the hosts events such as the Metro - publisher will likely miss rev - the end of 2021, the company form of ecommerce, subscrip - clining advertising revenues as and London headquartered politan Museum of Art’s Cos - enue targets this year after said in an announcement on tions and memberships.” print circulations shrink, forc - media company, owned by Ad - tume Institute Gala and the slower-than-forecast growth in Wednesday. The Bangalore cen - Publishers including Condé ing them to turn online to reach vance Publications Inc, pro - Condé Nast Luxury Conference. multiple business segments tre will design and build digital Nast have struggled with de - new audiences. The New York duces print magazines and It operates in 32 markets and and regions. THURSDAY-SATURDAY 01-03 OCTOBER 2020 06 politics

India court acquits China’s ultimate goal would be for the Vatican to cut ties with Taiwan former deputy PM in Pompeo lobbies Vatican on Babri mosque case BloomBerg religious freedom amid spat A special court has acquitted senior leaders of the ruling Nowhere is religious freedom under assault than in China: Secretary of State Bharatiya Janata Party, in - cluding a former deputy BloomBerg prime minister, 28 years n US President Donald after a Hindu mob demol - US Secretary of State Michael Trump’s administration ished a centuries old Pompeo urged the Vatican to mosque that triggered ramp up its opposition to has opened a religious deadly riots killing thou - Delivering his findings, judge governments abusing reli - front in its campaign sands, according to a lawyer gious freedom, as he sought al - Surendra Kumar Yadav said to pressure China, involved in the case. lies for the administration’s picking on the accord The court in Lucknow, the the mosque demolition in push against China. capital of the northern state India was not planned and Shortly after landing in over bishops of Uttar Pradesh, on some members of the Rome on the first day of a two- Wednesday found no evi - day visit, Pompeo lost no time n dence against former crowds impulsively attacked in pointing the finger at China, The Vatican is close to deputy prime minister Lal the structure, IB Singh, as the Vatican prepares to extending the 2018 Krishna Advani , BJP parlia - a lawyer for one of renew a historic deal on the agreement, as the two mentarians Murli Manohar appointment of bishops in the states inch towards Joshi, Uma Bharti, and 29 the accused said Asian country. other politicians and Hindu “Nowhere is religious free - restoring diplomatic activists who were charged dom under assault more than relations after almost with criminal conspiracy, there is no legal evidence to it is inside of China today,” 70 years, Bloomberg unlawful assembly, and pro - prove the charges. The court Pompeo told a conference or - US Secretary of State Mike Pompeo arrives at the Chigi Palace to meet Italian Prime Minister News reported voking riots. also did not find any evi - ganised by the US embassy to Giuseppe Conte in Rome, Italy, on Wednesday —DPA Delivering his findings, dence of a conspiracy.” the Holy See. “As with all com - judge Surendra Kumar The verdict can be chal - munist regimes, the Chinese attendance. He listed attacks who coordinates a papal com - Yadav said the demolition lenged in higher courts. Communist Party deems itself Shortly after landing in on religious freedom across mission on Church reform, was not planned and some “The detailed 2,000 page the ultimate moral authority.” the globe, noting cases in told daily la Repubblica. “They members of the crowds im - judgment has rejected the President Donald Trump’s Rome on the first day of a China, and called for “a Church must not interfere in our rela - pulsively attacked the struc - CBI case that the demolition administration has opened a two-day visit, Pompeo permanently in defense of tions with China.” ture, IB Singh, a lawyer for was a conspiracy and pre- religious front in its campaign lost no time in pointing basic human rights” and “per - Relations between the Vati - one of the accused said over planned,” BJP spokesman to pressure China, picking on manently opposed to tyranni - can and China were broken off the phone. Nalin Kohli said in a text the accord over bishops. the finger at China, as the cal regimes.” in 1951, and reaching a settle - “The court has said that message. The Vatican is close to ex - Vatican prepares to renew Gallagher, who told Italian ment with the Communist tending the 2018 agreement, a historic deal on the news agency Ansa that the Party has proved elusive, espe - as the two states inch towards conference was an attempt to cially as President Xi Jinping restoring diplomatic relations appointment of bishops in exploit the pope’s influence presides over the most wide - after almost 70 years, the Asian country ahead of the November 4 vote spread crackdown on religious Bloomberg News reported on in the US, said in Rome that freedom since it was written Merkel plans to meet September 9. “the protection and promotion into the country’s constitution Gallagher, the Vatican’s secre - of religious liberty is one of in 1982. ‘MorAL Authority’ tary for relations with states. the main political priorities of China’s ultimate goal would Belarus oppn leader “The Vatican endangers its Pompeo’s team had initially the Holy See.” be for the Vatican to cut ties moral authority should it raised the possibility of an au - On the eve of his arrival, with Taiwan, which China re - BloomBerg election of President renew the deal,” Pompeo dience with Francis. The pope Pompeo’s lobbying triggered gards as a part of its territory. Lukashenko,” Merkel told tweeted on September 19. He does not usually grant meet - a rare and brusque rebuttal For its part, the Vatican seeks Chancellor Angela Merkel lawmakers in Germany’s Bun - also published a critique of ings to government leaders or from a close adviser to Francis, more protection and a degree said she’ll meet with Belarus’s destag, saying she would the agreement in a religious politicians close to elections, who urged the US secretary of of legitimacy for an estimated exiled opposition leader as meet “soon” with Sviatlana magazine. according to Vatican officials state to stop electioneering 12 million Catholics in China she condemned President Tsikhanouskaya. Pompeo will not meet Pope who asked not to be named and stay out of Vatican affairs. who have been divided for Alexander Lukashenko’s “We call on him to enter Francis when he visits the discussing confidential talks. “It seems to me that the cur - decades between a state-run crackdown on demonstrators into a dialog with his people, Vatican on Thursday, holding Pompeo did not refer to the rent American leadership is authority where the govern - protesting his disputed elec - without any intervention talks instead with Cardinal accord with China at the acting only with a view to the ment names the bishops and tion victory. from the West or the East,” Pietro Parolin, the secretary Rome conference, where both next elections,” Cardinal Oscar an “underground” church loyal “We don’t recognise the she said. of state, and Archbishop Paul Parolin and Gallagher were in Andres Rodriguez Maradiaga, to the pope. Johnson averts Tory rebellion with deal on virus powers Tory rebellion over the coronavirus measures is symbolic of a wider disquiet over the British PM’s leadership

BloomBerg for northeast England. Johnson fiat.” The government had ar - British PM Boris Johnson will attempt to regain control gued that it must be able to act Boris Johnson struck a deal had been warned that over his coronavirus strategy quickly and implement new with rebels in his Conservative when he was expected to hold rules where necessary to con - Party over giving the UK more than 100 of his own press conference with his key tain the virus. Parliament more power to members of Parliament advisers on Wednesday. The Commons speaker scrutinise new emergency were preparing to vote Hoyle accused the govern - made it clear that although he coronavirus laws, in a bid to ment of treating Parliament could not allow the amend - curb a growing backlash over against the government with “contempt” and said he ment, the government needed his handling of the pandemic. if he refused to would “give very sympathetic to urgently allow MPs more of Health secretary Matt Han - compromise — more consideration” to applications a say over Covid rules. cock was expected to set out from lawmakers for urgent “The way in which the gov - details of the agreement when than double the number questions or emergency de - ernment has exercised its he introduces a debate on the needed to defeat him bates, which would force min - powers to make secondary renewal of existing Covid-19 isters to come to Parliament to legislation during this crisis measuers later on Wednesday, explain themselves. has been totally unsatisfac - according to two people famil - ham Brady demanding that Conservative MPs have tory,” Hoyle said. “I now look to iar with the matter. new rules must only come into British PM Boris Johnson wears a face mask as he leaves 10 Downing Street to attend the raised concerns that many se - the government to rebuild The prime minister had force if Parliament has been Prime Minister’s Questions at the Houses of Parliament in London on Wednesday —DPA rious penalties and criminal trust with this house and not been warned that more than given the chance to debate and offenses related to Covid-19 treat it with the contempt that 100 of his own members of vote on them first. lockdowns and social distanc - mer of u-turns and a succes - are only coming to light after it has shown.” Parliament were preparing to House of Commons speaker ing rules. sion of missteps in his govern - they are published. The emergency legislation, vote against the government if Lindsay Hoyle did not select The Tory rebellion over the ment’s handling of the Former minister Mark which the government has he refused to compromise — the rebel amendment for a virus measures is symbolic of pandemic. Harper said the government is said is necessary to allow it to more than double the number vote but there was growing a wider disquiet over John - The premier’s authority was ruling “by decree,” while an - act quickly to contain the pan - needed to defeat him. They anger in the Tory party over son’s leadership. undermined further when he other prominent Tory David demic, was still due to go to a had backed an amendment by the apparent failure of minis - Some Conservatives fear he had to apologise for not know - Jones said it was wrong to lay vote in its original form on influential Conservative Gra - ters to consult MPs over local is losing his grip after a sum - ing the social distancing rules down new laws “by ministerial Wednesday. Armenia-Azerbaijan fighting continues Kaczynski joins cabinet Two sides must immediately stop fighting and return to negotiations, said UN to quash crisis in Poland

BloomBerg Russia brokered a 1994 cease- BloomBerg fire to halt the war that killed Armenia and Azerbaijan re - about 30,000 and displaced The leader of Poland’s ruling ported a fourth day of fierce more than a million people. party will join the cabinet as fighting, defying growing Azerbaijan is fighting “on our deputy prime minister in a re - international calls to halt the own soil” and will stop only vamp that appears to push the worst violence in decades when Armenian forces leave government further to the right over the disputed territory of Azerbaijani territory, President and follows weeks of tensions Nagorno-Karabakh. Ilham Aliyev said in televised that threatened to trigger snap Artillery fire is taking place comments during a visit to elections. along the contact line between wounded soldiers in hospital. Jaroslaw Kaczynski is the the two militaries, Armenian China, the US and the Euro - driving conservative force be - Defense Ministry spokeswoman pean Union have all urged a halt hind the campaign to reshape The leader of Poland’s Shushan Stepanyan said on to fighting. Poland that’s put the country in ruling party Jaroslaw Wednesday on Facebook. Azerbaijan and Armenian an unprecedented standoff with Kaczynski is the driving forces engaged in fierce clashes the EU. While wielding absolute conservative force behind People take part in a protest against the Azerbaijan attacks on Nagorno Karabakh region in when a decades-long conflict over the government, he’s until Artillery fire is taking place Yerevan, Armenia, on September 29 —DPA over disputed land erupted now done so from behind the the campaign to reshape along the contact line again. scenes as party leader and an Poland that’s put Azerbaijan’s Defense Ministry ian and French mediation to Armenian PM Nikol ordinary member of parliament. the country in an between the two militaries said. resolve the conflict, fighting Pashinyan told Russian state TV By taking an official role, he’s of Armenia and Azerbaijan, The two sides must “immedi - has repeatedly broken out that he doesn’t plan to seek as - trying to quash a confrontation unprecedented Armenian Defense Ministry ately stop fighting, de-escalate since Armenians took control sistance so far under the mutual between PM Mateusz Moraw - standoff with the EU tensions and return to mean - of Nagorno-Karabakh and defense pact. Aliyev said on the iecki and Justice Minister Zbig - spokeswoman Shushan ingful negotiations,” the United seven surrounding districts same channel that he’s calling niew Ziobro, who heads the Stepanyan said Nations Security Council said in from Azerbaijan in a war after up “tens of thousands” of re - junior-ruling United Poland to effectively fight Covid-19. a statement after an emergency the Soviet Union collapsed servists. party. Ziobro brought the coali - Morawiecki announced de - meeting on the crisis. Member in 1991. The region contains impor - tion to the brink of collapse in tails of the new lineup, which “Intense battles” continue states “strongly condemn the The violence that erupted last tant energy and transport proj - September by torpedoing leg - includes Przemyslaw Czarnek with combat operations taking use of force,” it said. week is more intense and wide - ects that connect central Asia to islation that Kaczynski’s Law & as the new minister of educa - place along the entire front line, Despite decades of US, Russ - spread than at any time since Europe bypassing Russia. Justice Party said was needed tion and science. thursday-saturday 01-03 october 2020 banking 07

Taiwanbanklendingto The US Treasury added Switzerland to its watch list for potential currency manipulators early this year Chinesefirmsdeclines BloomBerg SNB interventions soared to Taiwanesebanks’contribu - tionstooffshoreloansfor mainlandChinesefirmsfellto $98b as virus roiled markets theirlowestlevelsinatleast 10yearsaslendersturnin - creasinglyanxioustolimit TheSwissbankwasforcedtostepupitsbattleagainstthestrongfrancasinvestors theircreditexposuretothe economicfalloutofthecoro - n The share of drovethehavencurrencytothestrongestlevelinfiveyearsagainsttheeuro naviruspandemicandrising Taiwanese financial politicaltensions. institutions in China’s BloomBerg TheshareofTaiwanesefi - SNB President Thomas nancialinstitutionsinChina’s offshore syndicated TheSwissNationalBank offshoresyndicatedandclub and club loans (SNB)spent90billionfrancs Jordan affirmed the loanstumbledtothelowest tumbled to lowest ($98billion)oninterventions necessity of an ultra-easy sinceatleastthefirstthree since first three inthefirsthalfof2020,the monetary policy stance quartersof2010to$362mil - mostinyears,amidamarket last week in light of the lion-equivalentfor2020year- quarters of 2010 to routintheearlydaysofthe to-date,accordingtodata $362mn-equivalent coronaviruspandemic. historic recession caused compiledby Bloomberg based for 2020 year-to-date TheSNBwasforcedtostep by the pandemic ondealswithdisclosedlender upitsbattleagainstthestrong commitments.Thisisa74% francasinvestorsdrovethe dropcomparedtothefirst n The total volume of havencurrencytothe againstanovervaluedcur - threequartersoflastyear,con - Chinese offshore strongestlevelinfiveyears rencythat’sseenofficialstry tinuingadownwardtrendthat syndicated and club againsttheeuro.Theactivity variousmeasuresincluding beganin2018. meansitspentmoreinjustsix world’slowestbenchmark ThetotalvolumeofChinese loans with at least monthsthanintheprevious interestrateof-0.75%. offshoresyndicatedandclub one Taiwanese lender threeyearscombined. The interventions are part of the Swiss National Bank’s long-running fight against an SNBPresidentThomasJor - loanswithatleastoneTai - involved has tumbled Thenewdatamarksthe overvalued currency that’s seen officials try various measures including world’s lowest danaffirmedthenecessityof waneselenderinvolvedhas to $4.9bn for this year firsttimethecentralbankhas benchmark interest rate of -0.75% anultra-easymonetarypolicy alsotumbledto$4.9billionfor publishedaquarterlyfigure, stancelastweekinlightofthe thisyearsofar,falling65% so far andispossiblyabidtodeflect historicrecessioncausedby comparedto$14.1billion criticismofitsactivities.The n The franc has depreciated slightly since its high thepandemic. thefirstthreequartersof tuneofNT$1.6billion($55bil - USTreasuryaddedSwitzer - Thefirst-halfspending 2019, Bloomberg -compiled lion)toChina,includingcredit landtoitswatchlistforpoten - earlier this year. It strengthened a touch against the spreecoincidedwithmarket datashow. lines,investmentsandcashde - tialcurrencymanipulators euro after the data was published and was trading turmoilintheearlydaysofthe ThedropinlendingbyTai - posits.Onaverage,thatwas earlythisyear,andencour - at 1.0811 in Zurich pandemic,whenglobalstock wanesebanksisdrivenbycon - 37.5%oftheir2019networth, agedittopublishmoredata marketsplungedandcentral cernsoverthepandemic’s accordingtoTaiwan’sFinan - onitstransactions. banksweredrawnbackintoa economicimpactonChina,as cialSupervisoryCommission, Thefranchasdepreciated n The SNB only published an exact intervention tally crisis-fightingrole. wellaslendersgenerally,not downfrom47%inthesame slightlysinceitshighearlier once a year, though weekly data on sight deposits Economists,includingat justthoseinTaiwan,turning periodin2018. thisyear.Itstrengtheneda and a monthly one on foreign exchange reserves GoldmanSachsGroupInc., increasinglycautiousoverthe CreditSuisse’sHesaidbanks touchagainsttheeuroafter havewarnedthe SwissNa - uncertaingeopoliticalback - nowfocusonexistingrelation - thedatawaspublishedand provided some clues into its market activity tionalBank ’smassiveliquidity drop,saidVickyHe,CreditSu - shipswheretheycanseethe wastradingat1.0811at9:08 injectionsthisyearwerelikely isse’sheadofloansyndication borrowers’trackrecord,as aminZurich. weeklydataonsightdeposits tivity.Thosefiguressuggestit’s toraiseredflagsinWashing - forNorthAsia. wellasreputable,tier-onepri - Uptonow,theSNBonly andamonthlyoneonforeign easedbackinrecentmonths. ton.Thenextinstallmentof AsofJune,36Taiwanese vateequitysponsor-driven publishedanexactinterven - exchangereservesprovided Theinterventionsarepartof theUSTreasury’sreport bankswereexposedtothe transactions. tiontallyonceayear,though somecluesintoitsmarketac - theSNB’slong-runningfight couldbepublishedsoon.

Philippines Libor’sexitsparkslegalfears disqualifies Centralbankgold-buying forglobalbanks,saysMoody’s bankerslinked climbsfromdecadelow Lenderswillnowbesteppinguptheircommunicationplans toWirecard BloomBerg withclientstoensuretheyunderstandthetransitioninfull BloomBerg Goldbuyingbycentral banks,animportantdriverof BloomBerg ThePhilippinecentralbank bullion’sadvanceinrecent saiditwillbanfromtheindus - years,isforecasttopickupin Whilemostglobalbankssay tryformerbankemployees 2021afteraslowdownthis they’regearingupforashift whoallegedlyfalsifieddocu - year. fromLibor,concernspersist mentsforGermanpayments CitigroupInc.seesde - aboutlawsuitsifborrowers companyWirecardAG. mandfromtheofficialsector Bullion prices and ETF reachacliff-edgescenario,ac - BangkoSentralngPilipinasis risingtoabout450tonsafter assets surged to a record cordingtoMoody’sInvestors addingtheformerbankerstoa adropto375tonsthisyear, this year as investors Service. listofpersonsdisqualifiedfrom whichwouldbethelowestin sought havens amid the Banks’clientsarelaggingin becomingdirectorsorofficers adecade.HSBCSecurities theirefforttoprepareforLibor’s atanysupervisedfinancial (USA)Inc.expectsaslight pandemic, looser exitandthiscouldcomebackto institution,itsaidinanemail. up-tickto400tonsfroman monetary policy and hauntlenders,VicePresident Wirecardfiledforbankruptcy estimated390tonsin2020, the potential debasement OlivierPanissaidinaninterview. inJuneafteracknowledging potentiallythesecond-low - of fiat currencies Financialinstitutionsrisklitiga - Despite Covid-19 disrupting the Libor timetable, nearly 95% of financial institutions still that$2.2billionithadlistedas estamountin10years. tionandfinesformisconductif expect the benchmark to retire on time assetsdidn’texist,triggeringa Whiletheforecastsarefar clientssaytheyhadn’tfullyun - probethatspansfromEurope fromthenear-recordpur - thisyear,itisnotnecessarily derstoodtheconsequencesofa transition,accordingtoClaude toAsia.BDOUnibankandBank chasesofmorethan600tons weakbyhistoricalstandards,” shifttoareplacementbench - It’s a sign of uneven Brown,apartneratlawfirm ofPhilippineIslandssaidrogue ayearseeninboth2018and saidJamesSteel,chiefpre - markaftertheLondonInter - progress in winding down ReedSmithLLPinLondon. employeesfalsifieddocuments 2019,increasedcentralbank ciousmetalsanalystatHSBC. bankOfferedRateexpiresatthe Lenderswillnowbestepping purportingtoshowWirecard activitywillhelpbolsterbul - “Whiletheinfluenceofcentral endof2021,hesaid. Libor, which underpins uptheircommunicationplans haddepositaccountsattwoof lion.Russiacouldreturnto bankactivityshouldnotbe It’sasignofunevenprogress hundreds of trillions of withclientstoensuretheyun - thecountry’slargestlenders. themarketnextspringand discounted,itistakingaback - inwindingdownLibor,which dollars of global assets, derstandthetransitioninfull, Meanwhile,thePhilippines’ China’scentralbankmayre - seattoETFsandotherforms underpinshundredsoftrillions from student loans and accordingtoMoody’s. dirtymoneywatchdogon sumeaddingtoreserves ofdemandthisyear.” ofdollarsofglobalassets,from “Alotofbankssaidtheeasi - Wednesdaysaidit’sbeencoor - aftertheUSelections,Citi BullionpricesandETFas - studentloansandmortgagesto mortgages to interest-rate estpartisspending,developing dinatingwithGermanandSin - saidinareportthismonth. setssurgedtoarecordin2020 interest-rateswapsandcollat - swaps and collateralised in-housesolutions,”Panissaid. gaporeanauthoritiesin Thisdevelopmentmay asinvestorssoughthavens eralisedloanobligations.Inter - loan obligations “Makingsurethatclientswillbe investigatingWirecardandper - haveabiggerimpactonthe amidthepandemic,looser nationalregulatorsare readyforthenewcontractsand sonsofinterest.Itreminded marketifexchange-traded monetarypolicyandthepo - developingnewreplacement havetheirtreasurysystems bankstostrengthentheirknow- funds—keydriversofde - tentialdebasementoffiatcur - ratesaftertradingthatin - pectthebenchmarktoretireon readyisthedifficultpart.” your-customerprotocols. mandin2020—slowtheir rencies.Spotgoldhassince formedtheratedriedup,and time.Some77%offirmsinclud - Banksareintensifyingtheir TheAnti-MoneyLaundering buyingasglobaleconomies droppedfromitsall-timehigh EuropeanandUSbankswere ingassetmanagersandinsur - exitplans,withUKlender Councilhassaiditidentified57 recoverfromthecoronavirus andissetforthebiggest foundtohavemanipulateditfor ersreporttheirtransitionplans LloydsBankingGroupPlc “personsofinterest,”including pandemic. monthlylosssince2016,butis theirowngain. areonschedule,theratingsfirm seekingholders’permissionto foreignersandlocalbankoffi - “Althoughofficialsector stillpoisedtocapaneighth DespiteCovid-19disrupting foundinasurvey. switchbondsfromLiborto cersandgovernmentofficials, golddemandwasquiterobust quarterlygain,supportedby theLibortimetable,nearly95% Meanwhile,borrowersare theSterlingOvernightIndex whoselinkstoWirecardare in2019and2018andissofter sustainedflowsintoETFs. offinancialinstitutionsstillex - being“verypassive”aboutthe Average,knownasSonia. beingscrutinised. ECBconsidersallowinginflationovershoot:Lagarde Thecentralbankwillexamineapolicyunderofcommittingtomakeupforlowinflationaftermissingthegoalforawhile

BloomBerg Lagardeacknowledgedthat n The European Central Bank has already pledged to buy as euro-areapriceswilldeclinein EuropeanCentralBank(ECB) comingmonths,butsaysthey PresidentChristineLagarde much as $1.6trn in government bonds and other assets shouldturnupagaininearly saidit’sworthexaminingaFed - under a pandemic emergency program, and is widely 2021.Thatmaynotbesufficient eralReserve-stylestrategythat expected to announce a boost by the end of the year forsomepolicymakers,who allowsforinflationtotemporar - startedtopreparethegroundfor ilyriseabovetheinstitution’s moremonetarystimulus. target. n The Frankfurt-based central bank started its first ExecutiveBoardmember Apolicyunderofcommitting comprehensive review in almost two decades late last FabioPanettahasarguedthat tomakeupforlowinflation year, before it was delayed by the coronavirus pandemic theriskofdeliveringtoomuch aftermissingthegoalforawhile stimulusissmallerthanbeing “couldbeexamined,”aspartof “tooshy,”andBankofSpain theinstitution’sstrategicreview, wasdelayedbythecoronavirus Weidmannurgedpolicymakers GovernorPabloHernandezde Lagardesaidataconferencein pandemic.Itcoversawide tobecarefulinmakingchanges Coshassaidweakpricepres - FrankfurtonWednesday. rangeoftopicsincludingthein - totheECB’sstrategy,andre - suresshowthereis“noroom “Ifcredible,suchastrategy European Central Bank President Christine Lagarde’s remarks are arguably the strongest flationgoalaswellasclimate peatedhiswarningsthatlarge- forcomplacency.” canstrengthenthecapacityof signal yet that the ECB will change its goal, after falling short of the target of “below, changeanddigitisation. scalebondpurchasescouldblur Estonia’sMadisMullersaidin monetarypolicytostabilizethe but close to, 2%” for years despite massive monetary stimulus TheFedagreedearlierthis thelinebetweenmonetaryand TallinnonWednesdaythatthe economywhenfacedwiththe yeartostarttargetinganaver - fiscalpolicy. economicrecoverywillslow. lowerbound,”shesaid.“Thisis thattheECBwillchangeitsgoal, structuralfactorssuchasglob - ageinflationrateof2%,giving Therecordrecessioncaused TheECBhasalreadypledged becausethepromiseofinflation afterfallingshortofthetargetof alisationarekeepinginflation itroomtoovershoottomakeup bytheoutbreakhascom - tobuyasmuchas$1.6trillionin overshootingraisesinflationex - “below,butcloseto,2%”for subdued. forearlierunderperformance. poundedthechallenge.Ger - governmentbondsandother pectationsandthereforelowers yearsdespitemassivemonetary TheFrankfurt-basedcentral Thatsuggestsit’llprobablykeep many,Europe’sbiggest assetsunderapandemicemer - realinterestrates.” stimulus.Whilethepresident bankstarteditsfirstcompre - USmonetarypolicylooserfor economy,reportedthesteepest gencyprogram,andiswidely Lagarde’sremarksarear - saidshewasn’tpresentingany hensivereviewinalmosttwo longer. declineinconsumerpricesin expectedtoannounceaboost guablythestrongestsignalyet conclusions,shenotedthat decadeslatelastyear,beforeit BundesbankPresidentJens morethanfiveyears. bytheendoftheyear. thursday-saturday 01-03 october 2020 08 stock markets

Micron shares drop China Evergrande group’s bonds, stocks climb after developer took a major step towards avoiding a cash crunch after chipmaker halts US stock futures decline after shipments to Huawei BloomBerg American presidential debate Micron Technology Inc. shares fall after the largest S&P 500 futures sink 1.3% after sparring between Trump and Democratic hopeful US chipmaker said it recently halted shipments to China’s Joe Biden during which president suggested vote-by-mail could be rife with fraud Huawei Technologies Co. Micron also cut capital BloomBerg spending plans, warned about weaker demand from some US equity-index futures corporate customers and dropped alongside most stock forecast possible oversupply Micron Technology cut markets after an acrimonious in a key market next year. capital spending plans, American presidential debate Shares of the company highlighted the risk of a con - dropped 3.6% in extended warned about weaker tested vote in November. A trading. The stock is down al - demand from some gauge of the dollar edged most 6% for the year, while corporate customers and higher. the benchmark Philadelphia forecast possible oversupply S&P 500 futures fall as much Semiconductor Index is up as 1.3% in the hours after the more than 20%. in a key market next year chaotic sparring between Don - In a presentation, Micron ald Trump and Democratic said it halted shipments to hopeful Joe Biden during which Huawei on September 14. servers and smartphones. the president suggested vote- The Chinese tech giant has The Boise, Idaho-based com - by-mail could be rife with fraud. been hit recently by more US pany competes with Samsung In Europe, declines in indus - government action designed Electronics Co. in the market trial-goods and tech shares to cut it off from suppliers. for the two main types of this outweighed gains in utilities. Chief Executive Officer San - component: dynamic random “What we’ve seen from the jay Mehrotra said Huawei is access memory and flash debate is the reinforcement Micron’s biggest customer memory. that if Biden wins, Trump is not and it will take time to make Micron warned about po - going to accept that,” said Chris Global investors are keeping an eye on news about coronavirus vaccines and on talks in Washington for a new stimulus package that’s up for lost orders. The com - tential excess supply of flash Weston, head of research at set to reach a critical juncture this week pany’s existing license was su - memory chips in 2021 un - Pepperstone Group Ltd. in Mel - perseded by new restrictions less the industry moderates bourne. “People positioned for $1.2816. from the US government that spending on expanding pro - an ugly contest afterwards have n In Europe, declines in industrial-goods and tech shares While Switzerland’s franc stopped it from supplying duction. This type of chip been validated.” weakened 0.1% to 1.0806 per chips to Huawei from over - stores data in phones and Investment firms were also outweighed gains in utilities euro, the offshore yuan was seas factories. Micron has ap - computers and Huawei is a recalibrating positions on the little changed at 6.8182 per plied for new permits but major buyer. final day of this quarter. Walt n Walt Disney Co. shares fall in pre-market trading after dollar. there’s no guarantee when or Capital expenditures will Disney Co. shares falls in pre- The yield on 10-year Treas - if these will materialise, total about $9 billion in market trading after it said it said 28,000 workers will be let go in its slumping US uries decreased less than one Mehrotra said. 2021, down from earlier 28,000 workers will be let go in resort business, marking one of the deepest workforce basis point to 0.65% and “We are well engaged with plans, Micron said during a its slumping US resort business, reductions of the Covid-19 era Germany’s 10-year yield ad - other smartphone manufac - conference call with analysts. marking one of the deepest vanced less than one basis turers. We will be able to The industry has been workforce reductions of the point to -0.54%. shift the lost Huawei busi - plagued by wild price swings Covid-19 era. day. Sub-zero headline CPI day for a week of holidays. Eq - While Britain’s 10-year yield ness to other customers, it as producers made too many Global investors are keeping readings came for France and uity gauges in Japan and Aus - increased less than one basis just takes some time,” he said memory chips. These com - an eye on news about coron - Germany and put a damper on tralia declined by at least 2%. point to 0.188%, New Zealand’s in an interview. ponents are interchangeable, avirus vaccines and on talks in the euro on Wednesday as they The Stoxx Europe 600 Index 10-year yield climbed five basis Micron’s competitors are so they trade like commodi - Washington for a new stimulus ratcheted up the probability falls 0.3% as of 10:14 am points to 0.519%. also subject to the new re - ties, accentuating price fluc - package that’s set to reach a of additional easing by the London time and futures on the West Texas Intermediate strictions and won’t be able tuations. Micron also said critical juncture this week. European Central Bank. S&P 500 Index fall 0.9%. crude decreased 1% to $38.90 to ship to Huawei unless they demand from corporations House Speaker Nancy Pelosi Earlier in Asia, China Ever - While Nasdaq 100 Index fu - a barrel and gold weakened get licenses, Mehrotra added. was weaker due to lower IT and Treasury Secretary Steven grande Group’s bonds and tures falls 1.1%, the MSCI Asia 0.8% to $1,882.32 an ounce. Memory chips from Micron spending and somewhat Mnuchin spoke for 50 minutes stocks climbed after the devel - Pacific Index decreased 0.6%. While natural gas dipped are a key part of all types of higher inventories at some and are set to speak again. oper took a major step towards The Bloomberg Dollar Spot 2.1% to $2.51 per mmbtu, iron computers — from laptops to customers. Traders are preparing for avoiding a cash crunch. China Index increased 0.2% and the ore surged 4.2% to $121.67 per euro-area inflation data on Fri - markets are shut from Thurs - British pound sink 0.4% to metric ton.

Daily Financials As of 2020-Sep-30 Generated on 2020-Sep-30 18:10

Capitalization ((AAED) Securities Total Big Block Regular + Private Regular Board Private Board FUND Board Dual Listing Companies Traded Declined Advanced Unchanged Value ((AAED) Volume Trades Trades 6.83844E+11 6.10169275881370500002105538984273674E+11 21055389842 24 11 10 3356,580,969. 58 94,382,100 1,82 7 2

Banks Symbol Face Val ((AAED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) Abu Dhabi Commercial Bank A00DCB 1.46,0957,379,35 5.65 8.150 3.65820 3800,075,892. 6,149787,332. 0.89050 0. 6,10957,379,354.00 39,309,193,350. Abu Dhabi Islamic Bank A00DIB 1.03,0632,000,00 4.029 5.85 3.37190 6,00420,534. 1,151500,093. ()0.010) (0.23 3,00632,000,000.00 15,581,280,000. Bank of Sharrjjah B00OS 1.02,0100,000,00 0.053 0.83 0.530 2,00100,000,000.00 1,113,000,000. Commercial Bank International C00BI 1.01,8737,383,05 0.67 0.966 0.554 1,90737,383,050.00 1,177,945,707. Finance House FH1.1 00 3100,049,96 1.059 1.62 1.400 31990,049,961.00 492,979,437. Invest Bank I00NVESTB 1.33,0180,982,14 0.044 2.03 0.430 3,92180,982,143.00 1,399,632,142. First Abu Dhabi Bank F00AB 1.0100,920,000,00 11.24 15.920 7.00780 8200,150,155. 7,299344,288. 0.54060 0. 1000,920,000,000.00 122,740,800,000. National Bank of Fujairah NB00F 1.41,0914,761,88 4.098 4.98 4.980 1,32914,761,884.00 9,535,514,182. National Bank of Umm Al Qaiwain NB00Q 1.51,0848,000,01 2.000 2.18 1.60800 15002,314. 8030,060. 0.2610 5. 1,00848,000,015.00 3,696,000,030. Sharrjjah Islamic Bank S00IB 1.03,0081,597,75 1.16 1.350 0.29950 2,00064,634. 1,11778,244. 0.00000 0. 3,00081,597,750.00 3,574,653,390. The National Bank of Ras Al Khaimah R00AKBANK 1.81,0676,245,42 3.055 5.00 3.330 1,40676,245,428.00 5,950,671,269. United Arab Bank UAB1.9 00 2,4062,550,64 0.089 1.13 0.807 2,21062,550,649.00 1,843,920,280. Total 39,420,950,234 12008,863,530.91 17613,490,017. 3984,420,950,234.00 206,415,589,790. Index ADBF Index Open 7,475.29 Index Close 7,519.98 Index Change 40.70 Index Change % 0.54 Traded 5 Declined 1 Advanced 3 Unchanged 1 Sector Capitalization 2.06416E+11 Insurance Symbol Face Val ((AAED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) United Fidelity Insurance Company (P.DS.C) F00IDELITYUNITE 1.01000,000,00 2.00 10000,000,000.00 200,000,000. Union Insurance Company U00NION 1.03300,939,18 0.351 0.78 0.510 33800,939,180.00 168,778,981. National Takaful Company (Watania) W00AATTANIA 1.01500,000,00 0.098 1.08 0.450 15000,000,000.00 147,000,000. Sharrjjah Insurance Company S00ICO 1.01307,500,00 2.11 2.700 2.110 13007,500,000.00 290,125,000. Abu Dhabi National Takaful Co. T00KFL 1.01000,000,00 6.018 6.50 2.740 10000,000,000.00 618,000,000. Insurance House IH1.0 00 1108,780,50 0.85 11008,780,500.00 100,963,425. Methaq Takaful Insurance Compnay M00ETHAQ 1.01550,000,00 0.71 0.824 0.00478 5000,996. 734,600. ()0.007) (0.97 15000,000,000.00 107,250,000. Ras Alkhaima National Insurance Co. R00AKNIC 1.01201,275,00 3.000 3.00 2.000 12001,275,000.00 363,825,000. AXA Green Crescent Insurance CompaaCny PJSC AXAXAGCI 1.000 2030,000,00 0.070 0.74 0.323 20000,000,000.00 140,600,000. Al Dhafra Insurance Co. D00HAFRA 1.01000,000,00 3.35 3.350 3.000 10000,000,000.00 335,000,000. Emirates Insurance Co. E00IC 1.01500,000,00 6.051 8.10 6.510 15000,000,000.00 976,500,000. Al Wathba National Insurance Co. AAWWNIC 1.000 2007,000,00 9.029 9.40 9.290 20007,000,000.00 1,923,030,000. Al Khazna Insurance Co. A00KIC 1.04280,000,00 0.23 0.238 0.238 42000,000,000.00 99,960,000. Al Ain Alahlia Insurance Co. A00LAIAIN 100. 150,000,00 350.16 37.00 33.000 15000,000,000.00 527,400,000. Al Buhaira National Insurance CompannCy A00BNI 1.02500,000,00 1.080 1.80 1.800 25000,000,000.00 450,000,000. Abu Dhabi National Insurance CompanCy A00DNI 1.05700,000,00 3.65 4.000 2.05700 1000,209. 2,1797. ()0.100) (2.67 57000,000,000.00 2,080,500,000. Al Fuujjairah National Insurance CompanCy A00FNI 1000. 1,0210,00 2405.43 272.70 272.700 12001,000,000.00 296,970,300. Total 3,121,704,680 6100,205.05 765,397. 3,80376,494,680.00 8,825,902,706. Index ADII Index Open 1,907.38 Index Close 1,892.73 Index Change (16.43) Index Change % (0.86) Traded 2 Declined 2 Advanced 0 Unchanged 0 Sector Capitalization 8825902707 Consumer Staples Symbol Face Val ((AAED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) AGTHIA Group A00GTHIA 1.06000,000,00 3.045 3.70 2.55500 13004,546. 381,999. ()0.060) (1.71 60000,000,000.00 2,070,000,000. FOODCO Holding Company F00OODCO 1.01200,000,00 3.00 3.360 2.750 12000,000,000.00 360,000,000. Ras Al Khaimah Poultry & Feeding Co. R00APC O 1.0860,400,00 1.040 1.42 1.290 8600,400,000.00 120,960,000. Total 806,400,000 13004,546.55 381,999. 80006,400,000.00 2,550,960,000. Index ADCM Index Open 7,393.63 Index Close 7,393.63 Index Change (106.12) Index Change % (1.42) Traded 1 Declined 1 Advanced 0 Unchanged 0 Sector Capitalization 2550960000 Services Symbol Face Val ((AAED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) National Corporation for Tourism & HoHoHtels NCT 1.000 7805,862,00 1.070 1.80 1.350 78005,862,000.00 1,335,965,400. National Marine Dredging Co. NM00DC 1.02500,000,00 4.52 6.250 2.900 25000,000,000.00 1,130,000,000. Gulf Medical Projects Company G00MPC 1.46908,916,09 2.033 2.62 1.330 69028,916,094.00 1,628,474,499. Emirates Driving Company D00RIVE 1.0890,786,40 140.96 15.74 7.960 8900,786,400.00 1,343,204,544. Abu Dhabi Aviation Co. A00DAVIATION 1.04404,787,20 3.08 3.530 2.520 44004,787,200.00 1,369,944,576. Abu Dhabi National Hotels Co. A00DNH 1.01,0000,000,00 2.045 3.68 2.350 1,00000,000,000.00 2,450,000,000. Total 3,269,351,694 3,02269,351,694.00 9,257,589,019. Index ADID Index Open (1.00) Index Close 2,560.49 Index Change 0.00 Index Change % 0.00 Traded 0 Declined 0 Advanced 0 Unchanged 0 Sector Capitalization 9257589019 Real Estate Symbol Face Val ((AAED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital ((AAED) Market Cap. (AED) Al Dar Properties A00LDAR 1.37,0862,629,60 2.001 2.37 1.72350 6000,864,973. 302830,366,139. 0.5001 0. 7,03862,629,603.00 15,803,885,502. RAK Propertrties R00AKPROP 1.02,1000,000,00 0.38 0.475 0.08327 87003,767. 2,28287,659. ()0.005) (1.30 2,00000,000,000.00 762,000,000. Sharrjjah Group SG1.6 00 780,901,08 0.085 0.89 0.770 7810,901,086.00 67,065,923. Total 9,941,530,689 6100,738,740.80 32311,653,798. 9,13941,530,689.00 16,632,951,425. Index ADRE Index Open 3,065.58 Index Close 3,077.46 Index Change 11.88 Index Change % 0.39 Traded 2 Declined 1 Advanced 1 Unchanged 0 Sector Capitalization 16632951425