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Thursday, August 30, 2018 Dhul-Hijja 19, 1439 AH LIQUIDITY TIGHTENING: Page 2 GULF TIMES Turkey brings back interbank borrowing BUSINESS limit as stress eases

Dusit Doha Hotel slated for soft opening in December 2018

‘Growing trend’ seen Thailand-based global hospital- ity company Dusit International has signed a management agreement with the Al Majed Group to operate Dusit Doha Hotel. Set to open in Q4, 2018 this will be the group’s first Dusit-branded property in Qatar. in app development Situated in Doha’s West Bay, the five-star property is within walking distance to the Doha City Centre, Gate Mall and the Doha Exhibition and Convention Centre. The hotel is located in close proximity to popular tourist spots such as the Souq Waqif, Katara in Qatar, says expert Cultural Village and The Pearl, and only a 25-minute drive from the Hamad By Peter Alagos the coming period, Ahmed said. Cit- International Airport. Business Reporter ing expats in Qatar who have been Ideal for both extended and transient An impression of Dusit Doha Hotel, using apps for their day-to-day stays, the 357-key hotel, will comprise which is slated to open in Q4, 2018 activities in their own countries, 261 guest rooms and suites, along with he country has witnessed a Ahmed said Qatar’s leading position 96 hotel apartments. Each guest room firmly believe in their product quality growing trend in local app de- in terms of network infrastructure will be minimum 41sq m, one of the and high standards of service. We look Tvelopment among startups and and high mobile phone and Internet largest of its kind in the West Bay area. forward to yet another successful col- other companies in Qatar, according penetration, will cater to many peo- “Qatar is set to host two of the world’s laboration with them,” he added. to an entrepreneur involved in the ple “when given the opportunity to largest sporting events: the FIFA World “It’s an exciting time for Qatar and we Ministry of Transport and Commu- have convenience at a touch of a but- Cup 2022 – in which the country is are delighted to announce the Dusit nications’ (MoTC) ‘Digital Transfor- ton.” expecting to host more than 1mn Doha Hotel, our second property with mation of SMEs’ workshop series. Similarly, Ahmed said the role of international visitors for the World Cup the Al Majed Group. The hotel will be Mufeed Ahmed, who led a work- the government, particularly the itself and the World Athletic Champion- designed keeping in mind the latest shop yesterday at the Katara Art MoTC, had boosted the confi dence of ship in 2019 which serves as a right developments in the vibrant city, Centre inside Katara – the Cultural many companies and entrepreneurs time for us to open Dusit Doha Hotel to to resonate with both business and Village, said in the past two years as to step up their services using tech- welcome the organisers, sponsors, and leisure travellers alike,” said Suphajee many as nine apps had been devel- nology. consultants who will be making Doha Suthumpun, Group CEO, Dusit Inter- oped to cater to Qatar’s growing gro- “The MoTC has taken a big step in their home for the next few years. Dusit national. cery delivery service. bringing all these companies and sec- – being the first 5 star hotel in Qatar With 27 properties currently in The trend, Ahmed said, shows that tors online; when the country started with Thai culture and heritage, would operation across four brands in eight there is a requirement for this type of spending to build an ecosystem, en- enable the vast Thai experience to countries, Dusit International is in a service, and that people are getting trepreneurs felt confi dent and com- the valuable customers”, said Ahmed significant growth phase which will see “more involved” into using local apps fortable in discussing their ideas and Mahdi al-Majed of Al Majed Group. the number of Dusit properties reach for everyday use. coming up with diff erent startups,” “We have an excellent long-term rela- over 50 within the next three to four “This is on the consumer level, and Ahmed said. tionship with Dusit International and years across key markets worldwide. there are some online companies that During yesterday’s workshop, had shifted their services to an app. Ahmed discussed steps to implement Six or seven years ago they had an a tech startup using either an app, events section but now they have an or a website. “We want to help en- events app. trepreneurs when making a decision QIMC acquires 66.66% of QPPC “Two years ago, another online whether to spend money and time company started using an app for on an app or build a website, Ahmed Qatar Industrial Manufacturing investment returns with a medium- their classifi ed ads, so there is defi - said. Company (QIMC) announced the term loan under very competitive nitely a growing local market for peo- He added: “A lot of tech startups completion of the acquisition of the terms, he added. Al-Ansari pointed ple who are using apps and that’s just come up with ideas and sometimes foreign partner’s stake in Qatar Plastic out that after the acquisition, QIMC on one side. The other side is that a they end up building apps that no- Products Company (QPPC) amount- became the controlling shareholder lot of companies that we work with body wants to use…the workshop ing to 33.33%, raising its share in the in the capital structure of QPPC with a are using apps for their internal op- aims to help them in deciding how to company’s capital to 66.66%. 66.66% holding, with Qatar Petro- erations,” Ahmed told Gulf Times. transfer this value to the customers QIMC chief executive off icer Abdulrah- chemical Company (Qapco) owning Most of these companies, he said, using either an app or a website, or man al-Ansari said in a statement pub- the remaining 33.34%. He pointed out are usually facilities management other technologies that are available.” lished on the Qatar Stock Exchange that this is part of QIMC’s strategy to companies or logistics management. Ahmed is the co-founder of Qubi- website that the completion of the improve the return on its investments Ahmed also said plans are in the pipe- cle Innovations, a Qatari startup that acquisition reclassified the investment and the consequent increase in profits, line to launch a couple of new apps by was incubated at the Digital Incuba- in QPPC to a subsidiary rather than an whereas the share of the QIMC’s profits Qatari startups. tion Centre in 2014. Qubicle is among associate. last year was QR4.5mn and this share Another Qatari startup is now de- the 20 technology service providers The transaction was financed by is expected to double by the end of the veloping a valet parking app, which that are specialising web presence, e- a local bank with the guarantee of year as a result of the acquisition. would be launched in the market in commerce, and cloud solutions. Ahmed: Local apps for everyday use in vogue.

US growth raised to 4.2% Qatar Islamic banks grow despite blockade in Q2; consumer spend cut

Reuters 2017, the economy grew 2.9% instead Washington of the previously reported 2.8%. Output expanded 3.2% in the fi rst half of 2018, rather than the 3.1% esti- S economic growth was a bit mated last month. stronger than initially thought The Trump administration has set Uin the second quarter, notch- a target of 3% annual growth, which ing its best performance in nearly four economists say is unsustainable be- years and putting the economy on cause of structural constraints. track to hit the Trump administration’s Robust growth in the second quarter goal of 3% annual growth. was driven by one-off factors such as Gross domestic product increased a $1.5tn tax cut package, which pro- at a 4.2% annualised rate, the Com- vided a jolt to consumer spending after merce Department said yesterday in its a lacklustre fi rst quarter, and a front- second estimate of GDP growth for the loading of soybean exports to China to April-June quarter. beat retaliatory trade tariff s. That was slightly up from the 4.1% There are signs some of the momen- pace of expansion reported in July tum was lost early in the third quarter. and was the fastest rate since the third The government reported on Tues- quarter of 2014. day that the goods trade defi cit jumped The slight upward revision to growth 6.3% to $72.2bn in July as a 6.7% Assets and revenues at Qatar’s Islamic banks have grown over the past year despite the impact of the diplomatic rift in the Gulf region, according to data last quarter refl ected more business plunge in food shipments weighed on from the Islamic Financial Services Board. Qatar has been under a diplomatic and commercial boycott since June last year, when Saudi Arabia, the UAE, spending on software than previously exports. While consumer spending Bahrain and Egypt cut diplomatic and transport ties. Qatar Islamic Bank, Masraf Al Rayan, Qatar International Islamic Bank and Barwa Bank held a combined estimated and less imports of petro- has remained strong early in the third QR358.6bn ($96bn) in assets in the first quarter of this year, an 8.8% increase from a year earlier. Most of that increase was due to their holdings of Islamic leum. quarter, the housing market has weak- bonds, which stood at QR65.1bn in the first quarter, a 37.7% rise from a year ago, Reuters reported. The Malaysia-based IFSB, which sets the standards for Stronger software spending and a ened further with homebuilding ris- Islamic finance, published the data on Qatar for the first time as part of its quarterly reporting on the industry. The banks reported a combined QR3.9bn smaller import bill off set a downward ing less than expected in July and sales in revenues in the first quarter, an 18.6 % increase. Capital adequacy and profitability measures were mostly unchanged, but foreign exchange financing revision to consumer spending. of new and previously owned homes decreased by 7%, IFSB data showed. PICTURE: Nasar T K Compared to the second quarter of declining. Gulf Times 2 Thursday, August 30, 2018 BUSINESS Oil reflects Iran supply concerns as price premium takes hold

Bloomberg Most of Iran’s customers are already weighed down by pipeline bottlenecks London facing diff iculties buying the country’s and speculation that President Donald crude even before sanctions are Trump will pursue eff orts to lower fuel enforced in November. Adding to the costs. Brent crude, the world oil benchmark, is global supply situation is Venezuela’s West Texas Intermediate crude for signalling that US sanctions against Iran’s economic struggle that’s sending its October delivery gained 59 cents oil exports are starting to be felt in global oil production lower. Investors are to $69.12 a barrel on the New York markets. starting to see increasing uncertainty Mercantile Exchange, after declining 34 Futures for settlement in November over whether other members of the cents on Tuesday. Total volume traded have traded at a premium to December Organization of Petroleum Exporting was about 50% below the 100-day contracts this week, having shown a Countries will be able to pump more to average. discount since late July. The new price fill any supply gap. The US crude benchmark’s discount to structure, known as backwardation, Brent for November settlement was at Brent was at $7.37 a barrel after closing probably reflects concern that global $76.80 a barrel on the London-based at $7.42 on Tuesday, the widest in more supplies will tighten when US penalties ICE Futures Europe exchange at 1.32pm than two months. on trade with Iran take eff ect on local time, 11 cents higher than the “There’s certainly a bottleneck – not November 4. December contract. That’s the widest enough pipelines to get all of the oil US sanctions on Iran are “already starting backwardation between the second and we’re producing in West Texas to its two to materialise,” said Bjarne Schieldrop, third-month contracts since early July. main outlet markets,” Stephen Schork, Oslo-based chief commodities analyst at October Brent, which expires August 31, president of the Schork Group Inc, said SEB AB. “This is driving up the physical rose 54 cents to $76.49 a barrel. in a Bloomberg radio interview. “I would A picture shows an oil facility in the Khark Island (file). Brent crude, the world oil benchmark, is signalling that US crude-oil market, shifting the Brent crude Meanwhile, Brent’s premium to New expect that premium to continue to sanctions against Iran’s oil exports are starting to be felt in global markets. curve into backwardation.” York prices has risen as US crude is grow.”

Turkey’s Turkey brings back interbank Albayrak sees no big risk to borrowing limit as stress eases economy Bloomberg Istanbul Reuters Istanbul urkey’s central bank reintroduced borrowing limits for overnight transactions at its inter- Tbank money market, eff ectively tightening urkey does not expect a big liquidity after a two-week period of unrestricted risk to the economy or fi - funding that aimed to contain stress from the na- Tnancial system, the coun- tion’s currency crisis. try’s fi nance minister was quoted The central bank said yesterday that “recent eval- as saying yesterday. uations” prompted the move to reintroduce an over- Comments from Finance Min- night borrowing limit, which will be set at 44bn liras ister Berat Albayrak, who is Presi- ($6.9bn). That’s still a looser limit for Turkey’s em- dent Recep Tayyip Erdogan’s son- battled banks than the 22-bn-lira threshold in force in-law, come as ratings agency before August 13, when the unrestricted funding was Moody’s sounded more alarm announced as part of a swath of steps announced about the outlook for the banking amid a plunge in the lira. sector and as data showed eco- The move is “an attempt to normalise, given that nomic confi dence at its lowest in risks of a bank run are moderating,” said Tim Ash, nearly a decade. senior emerging-market sovereign strategist at The lira has lost around 40% of Bluebay Asset Management LLP in London. “But the its value this year, driving up the central bank is still doubling the liquidity as per what cost of fuel and food and heighten- was being off ered before August 13.” ing concern about the risk to banks That date marked the worst of the lira’s plunge, and the broader economy. when it had lost almost a quarter of its value against “We do not see a big risk about the dollar in three trading days. After stabilising for Turkey’s economy or fi nancial two weeks, the currency is moving toward that record system,” Albayrak told reporters low again. The lira dropped another 1.6% to 6.3763 on his fl ight back from Paris earlier per dollar as of 11.48am local time yesterday, the big- this week, according to the news- gest decline among more than 140 currencies tracked paper Hurriyet. by Bloomberg. He cited low levels of net public The central bank’s latest move shows Turkey con- debt and household debt, and the tinuing to do “anything but what they actually need strength of the fi nancial system, as to do,” Bluebay’s Ash said. “They need to a) raise pol- reasons for his confi dence, it said. icy rates, in a credible, orthodox, plain-vanilla way; Moody’s downgraded its rat- b) go to the IMF; c) normalise relations with the US.” ings on 20 fi nancial institutions on The lira has dropped 41% against the dollar this Tuesday, citing the increased risk year, matching the Argentine peso as the world’s of a deterioration in funding. worst-performing currency. The losses in August The operating environment is were triggered by US sanctions on two Turkish min- now worse than previously ex- isters over the detention of an American pastor and pected, it said. they accelerated when US President Donald Trump “The downgrades primarily re- imposed tariff s on some of the nation’s imports. fl ect a substantial increase in the That exacerbated existing concern about President risk of a downside scenario, where Recep Tayyip Erdogan’s opposition to interest-rate a further negative shift in investor increases. sentiment could lead to a curtail- The central bank’s rate-setting committee will ing of wholesale funding,” Moody’s meet next on September 13. The benchmark one- said. It cut the ratings for some of week repo rate is at 17.75%, but the central bank has Turkey’s top banks, including Is- been withholding repo funding, pushing the eff ec- bank, the biggest listed lender by tive interest rate 150 basis points higher, to 19.25%. assets. Around $179bn of Turkey’s It could theoretically push the rate up by another external debt matures in the year 150 basis points to 20.75%, without a formal rate in- to July 2019, equivalent to almost crease, by pushing banks to use its highest funding a quarter of its annual economic rate, the late liquidity window. A 100 Turkish lira banknote is seen on top of 50 lira banknotes in this picture illustration in Istanbul. The lira has dropped 41% against the dollar this year. output, JPMorgan estimates.

Israeli businessman Dankner to serve 3 years in Libya fund seeks to reclaim prison after appeal rejected full power in London court Reuters global financial crisis that began in 2007. Jerusalem Dankner’s companies had included a major supermarket chain, cellphone Bloomberg or involving the LIA, including against operator, airline and one of the country’s Cairo Societe Generale SA and Goldman Israel’s Supreme Court yesterday main newspapers. Sachs Group Inc. increased former tycoon Nochi Dankner’s In February 2012, after things had turned In June, SocGen agreed to pay about prison sentence to three years after sour for his business empire, Dankner ibya’s investment authority said €500mn ($584mn) to settle French and rejecting his appeal against his convic- created a false impression there was it has applied to a London court US bribery probes related to payments tion for securities fraud related to the IDB strong interest in the stock of his IDB Lto end three receiverships in the to LIA offi cials. The fund had also un- group he once controlled. conglomerate to help a share sale, when UK, as the North African nation’s sov- successfully sued Goldman Sachs in Dankner, 63, was found guilty in 2016 in reality there was not, the Tel Aviv court ereign wealth fund looks to reclaim full 2016, claiming it was misled into sign- of manipulating his company’s shares found in 2016. powers challenged by a bruising power ing derivatives deals it never properly ahead of a planned stock issue and was IDB had a complex pyramid of control struggle over its chairmanship. understood. sentenced by a Tel Aviv district court to with multiple levels of holding firms and The receiverships were set up in 2015 The application to discharge the re- two years behind bars. subsidiaries. to help manage several lawsuits fi led ceiverships, fi led in Commercial Court, The Supreme Court rejected his appeal It hit hard times when the market crashed by the Libyan Investment Authority said the Government of National Ac- against the conviction and the sentence, and some investments, such as a major in the UK at a time when its leader- cord had been set up as Libya’s inter- and accepted a prosecution request for Las Vegas real estate deal, failed and the ship was being contested by two men nationally recognised executive power a heavier prison term, court documents firm incurred a heavy debt. with duelling loyalties to rival govern- and that the LIA’s board had been ap- showed. Dankner’s case has led to economic ments. The fi ght refl ected the broader pointed by that government. He was ordered to report to jail on reforms in Israel, with the government feud in Libya between Islamists and “The application to discharge the October 2. passing regulations to increase market a UN-backed government that had receiverships and bring the assets back Dankner was once one of Israel’s most competition and limit pyramid-style threatened to plunge the Opec mem- under the control of the legitimate LIA powerful and popular businessmen. companies. ber into civil war. Board of Directors is in line with the He controlled the IDB holding company, Control of IDB and its subsidiaries has The LIA said in a statement that it UN’s eff orts to safeguard and support and was widely credited with helping Is- since been sold to Argentinian business- fi led the application on Tuesday be- Libya’s legitimate sovereign institu- rael’s economy in the early 2000s during man Eduardo Elsztain. cause it was increasingly “concerned tions,” the wealth fund said in a state- a Palestinian uprising. Dankner’s co-defendant, Itay Strum, was People enter the Societe Generale headquarters in Paris (file). In June, about the unnecessary ongoing costs of ment. “The LIA’s Board is also increas- But he lost his business empire in the ordered to serve two years in prison, SocGen agreed to pay about €500mn ($584mn) to settle French and US the receiverships.” The move comes af- ingly concerned about the unnecessary bribery probes related to payments to LIA off icials. ter several high-profi le lawsuits fi led by ongoing costs of the receiverships.” Gulf Times Thursday, August 30, 2018 3 BUSINESS

CORPORATE RESULTS Gazprom Q2 profit jumps to $3.8bn on rising energy prices, sales

rebounded 30% this year as chief executive “The Group is relatively cautious on 2018 technology and marketing, luring social-media Ayman Asfari delivered on his promise to get growth prospects in view of rising global trade celebrities such as Kendall Jenner to endorse back to basics. He has been helped by a tripling tensions and market uncertainties,” CEO Zafrul the brand and enhance the feel and shopping of oil prices since 2016. Aziz said in a statement. experience at its outlets. “Petrofac had a helping hand from higher oil The bank, however, is on track to meet its full- Net sales in the Americas, which accounts for prices in the first half of the year,” said Nicholas year loan growth target of 6%, Zafrul said at a nearly half of total sales, rose 8% to $475mn. Hyett, equity analyst at Hargreaves Lansdown. press conference. Sales in Asia Pacific grew 28%. “That’s not really how it’s meant to work as a Best Buy Fosun services business, but Petrofac actually has a decent slug of oil and gas assets of its own – Best Buy Co Inc on Tuesday reported a drop Fosun International Ltd, the last of China’s serial $794mn to be exact.” in quarterly online sales growth and off ered a acquirers buying high-profile assets, reported Cochran echoed comments from larger rival profit forecast for the current quarter that fell higher profits amid gains from its investment Wood Plc last week on weak pricing outside short of analyst estimates, sending its shares division. Debt crept up too. the booming US shale sector, saying Petrofac down more than 5% in afternoon trading. First-half net income climbed 17% from expected no near-term increase in prices. Chief executive Hubert Joly in a conference call a year earlier to 6.86bn yuan ($1bn), the The company, which designs, builds, operates cited a maturing online consumer electronics pharmaceutical- to-insurance conglomerate and maintains oil and gas facilities, said its order business for declining web sales growth and said in a statement on Tuesday. Net borrowing book had risen 22.2% to $3.3bn at the end of said rising transportation costs may pressure costs jumped 26% as Fosun paid interest of as the first half. It said it was looking at bidding current quarter earnings. high as 9.3% during the period, it said. opportunities of about $34bn in the next 12 Best Buy shares, which have risen over 20% At a time when former acquisition kings HNA months. since the start of the year, fell as much as 8.4% Group Co, Anbang Insurance Group Co and Permanent TSB on Tuesday. Dalian Wanda Group Co are hunkering down The stock price decline was fuelled by a amid government scrutiny and liquidity issues, Irish financial services firm Permanent TSB combination of factors like a slowdown in Fosun chairman Guo Guangchang continues (PTSB) reported yesterday a 33% jump in first- online sales, the impact of future expense to shop for targets ranging from French half pretax profit to €57mn ($66.5mn), driven by plans and investor fears the recent strength in designer Lanvin to financial assets in Brazil. a jump in lending. performance may not be sustainable, Jason The company, which owns Portugal’s biggest New lending volumes at the bank, which is 75% Benowitz, analyst and senior portfolio manager insurer Fidelidade, has also considered an state-owned, grew by 50% to €585mn, with at The Roosevelt Investment Group said. $11bn takeover of Belgian insurer Ageas, people mortgage lending up by 51% and consumer “Investors fear that (Best Buy) could be familiar said last month. lending up 42%. vulnerable to further digital disruption or any Liquidity has been a particularly urgent matter Russian gas giant Gazprom reported a surge Ltd rose 20% in the first half of 2018 as a Bailed out like other major Irish banks during signs of a peak as the tax cut stimulus fades for HNA after it racked up one of the highest in second-quarter net profit, beating analysts’ recovery in global crude prices drove activity, last decade’s financial crisis, PTSB has been and the Federal Reserve continues to tighten piles of debt in corporate China – more than expectations, as it benefited from rising energy although the company said it remained some trying to reduce its exposure to non-performing monetary policy late in the economic cycle,” he $85bn as of the end of last year. prices. way off being able to raise prices. loans (NPL) and focus on providing services said. Lukoil It said second-quarter net profit jumped to The results bode well for a refocusing on core for consumers and small and medium-sized Tiff any & Co 259bn roubles ($3.8bn), from 48bn roubles in business after a diff icult period marred by enterprises (SME). Russia’s second-largest oil producer, Lukoil, the year-earlier period and above a forecast of investments in production that fell afoul of the CIMB Group Tiff any & Co’s results topped Wall Street reported a 20% rise in second-quarter net profit 228bn roubles in a Reuters survey of analysts. 2014 collapse in oil prices. estimates on Tuesday as a heavy advertising helped by stronger oil prices and a weaker Gazprom’s shares were up 1.1% after the results, The company’s main measure of profit rose to CIMB Group Holdings Bhd, Malaysia’s second- spend drew in both aff luent and more price- rouble. outperforming the broader Moscow stock $190mn compared to $158mn a year earlier, largest lender by assets, yesterday reported a conscious shoppers to its stores in the Americas Net profit came in at 167.3bn roubles ($2.5bn) for market, which was 0.8% higher. excluding a $207mn charge for losses on oil rise in quarterly net profit on gains from recent and China, prompting the chain to raise its the second quarter. Analysts, polled by Reuters, Gazprom shipped more than 101bn cubic asset sales and helped by some of its remaining deals, but said it was cautious about full-year annual profit forecast. had expected a net profit at 171bn roubles. metres of natural gas to the EU and Turkey in upstream businesses swinging into the black. growth prospects. Shares of the company initially rose as much Lukoil, controlled by Vagit Alekperov and his the first half of the year, up 6% year-on-year and Chief financial off icer Alastair Cochran told CIMB’s net profit for the quarter ended June was as 6.5% to $138.4, although they handed back deputy Leonid Fedun, said its earnings were accounting for around a 34% share of Europe’s Reuters that Petrofac would continue on a 1.98bn ringgit ($482.34mn), compared with 1.1bn much of those gains after the company said a supported by higher sales despite a decline gas market. course that has seen it agree sales of $800mn in ringgit a year earlier, the bank said. renovation of its flagship New York store would in oil production after a global oil deal to curb It said its average gas export price rose by a mostly oil-producing assets this year. Excluding gains from deals, profit totalled 1.05bn eat into earnings this year. output. quarter to 13,858 roubles per 1,000 cubic metres “We are delivering on that core strategic ringgit, about 4.5% lower from the second Tiff any’s still expected full-year profit to reach Sales in the second quarter increased to 2.06tn in the first half of this year. ambition of reducing capital intensity (and) ... quarter of last year. $4.65 to $4.80 per share, up from $4.50- roubles, from 1.36tn roubles a year earlier. Total sales in April-June increased to 1.83tn the capital-intensive businesses in Petrofac are One analyst had estimated a profit of 1.3bn $4.70 earlier, underscoring the success of a Earnings before interest, taxes, depreciation and roubles, from 1.39tn roubles in the second the IES (Integrated Energy Services) upstream ringgit, according to Thomson Reuters I/B/E/S turnaround under chief executive Alessandro amortisation (EBITDA) rose to 295.2bn roubles, quarter of 2017. businesses,” he said. “There is not much data. Bogliolo and easing any concerns over the from 179bn roubles in the same period of 2017. Petrofac left in the portfolio once we complete these Net interest income fell 6% for the quarter, while impact of US-China trade tensions on a business Lukoil also said its adjusted free cash flow divestments.” income from wholesale banking fell on weak with a big Asian connection. jumped in the April to June quarter by more Profits at UK oilfield services provider Petrofac Petrofac shares fell 41% last year, but have capital markets. Bogliolo has poured more money into than 65% to a record 152bn roubles.

Siberian Uber wannabe takes bargain-style business model to US

From a Siberian city locked in perma- InDriver’s bidding feature has let the petition from motorbikes than in places frost in Russia’s diamond mining region, company broker 1mn rides since April in like Southeast Asia or India.” a startup is growing thanks to a twist six Latin American countries, including InDriver has expanded in Russia’s far- on the business model that has made Mexico and Colombia. Now, the com- flung regions, but as it moves to bigger Uber Technologies Inc the world’s pany – which has 200 employees – has cities, the competition gets fiercer. leading ride-hailing service, Bloomberg raised $10mn in early funding from Leta When the company started off ering reported. Capital to enter the US market in the fares in Moscow last year, it was forced While Uber and most copycats typi- fourth quarter. to focus on longer rides rather than cally assign fares using algorithms that “We started the international expansion shorter trips to find a profitable market account for peak hours, traff ic or even in Latin America because we felt it’s a position. The company’s international what they think a customer requesting region where people like bargaining,” push also comes as San Francisco-based a ride is willing to pay, InDriver lets pas- InDriver founder and chief executive of- Uber increasingly finds itself being con- sengers enter what they want to spend ficer Arsen Tomsky said in an interview fined by city and national governments on a trip – and drivers nearby use the from the Dominican Republic. “Also, concerned with traff ic congestion after app to accept or bargain for more. there are fewer price wars and less com- years of unchecked worldwide growth.

Russia’s Kalashnikov branches out from rifl es to robots and e-cars

AFP Moscow

recent pledge by Kalashnikov to compete with Elon Musk’s Tesla with a Russian retro “electric super- Acar” drew chuckles, but the legendary gun producer has long been trying to branch out into products from drones to yachts. The remarkable transformation by the manufacturer most famous for the AK-47 automatic rifl e is without prec- edent in its 200-year history. Kalashnikov produces 95% of all Russian-made light arms and exports to some 27 countries. The rifl e, designed by the brand’s namesake Mikhail Kalashnikov just after World War II and described by the company as “the greatest weapon of the 20th century”, is now in its fi fth generation. Visitors to the Kalashnikov stand at a defence trade fair This handout photo taken on August 22 and released by outside Moscow last week were therefore surprised when Kalashnikov media press off ice, shows a retro-looking they came across the pale-blue prototype of the CV-1 elec- pale blue prototype electric car, the CV-1, produced by tric car, based on a 1970s-era Soviet hatchback, standing Russian arms maker Kalashnikov, in Moscow. Though its next to a display of rifl es. CV-1 electric car may never end up on the production line, Founded in Izhevsk (1,300km east of Moscow) in 1807, it is a step into a growing sector which is still in its infancy the Izhmash factory has seen a series of upheavals since in Russia. 2013, when Russia’s state corporation RosTec, the control- ling holding, merged it with a nearby pistol maker Izhme- shareholder after Rostec sold a large stake to Kalashnikov’s kh, naming the new company Kalashnikov Concern. managing director Alexei Krivoruchko. Prior to the merger, the factory looked like it would meet In a shift for Russia’s defence industry, Rostec wants ci- a typical fate of many other Soviet-era industrial titans: vilian merchandise to increase to 50% of its overall output in 2012 Mikhail Kalashnikov and other veteran employees by 2025. lamented falling production fi gures, bad management and Though its CV-1 electric car prototype may never end low salaries. up on the production line, it is a step into a growing sector After the arrival of private shareholders in 2014, the which is still in its infancy in Russia. company launched new models of assault and hunting ri- This summer, Kalashnikov provided 30 electric motor- fl es, handguns and other types of small arms, along with an cycles and three-wheelers to the Russian police during the aggressive re-branding campaign that included introduc- World Cup. tion of a clothing line and accessories including caps and “Next year we will launch sales of our fi rst electric mo- umbrellas. torbike,” Vladimir Dmitriev, who took the post of director Just a few years later, these eff orts seemingly paid off : In after Krivoruchko went to work at the defence ministry, January 2017 the company went on a hiring spree, increas- said at the Moscow region defence fair last week. ing its workforce by 30% to meet the rising export demand. “We are talking about electric mobility because we un- Following the introduction of Western sanctions against derstand that sooner or later the engine is going to disap- it, Kalashnikov Concern changed a new subsidiary that was pear,” said Olga Boitsova, the commercial director for the meant to work with the US market into a separate company company’s civilian products. called Kalashnikov USA. In 2018-2019, Kalashnikov is set to start exporting elec- In February 2017, the Russian state became a minority tric cars and motorcycles to Saudi Arabia. Gulf Times 4 Thursday, August 30, 2018 BUSINESS

Five fi rms to deliver oil via Shanghai crude futures contract for Sept

Reuters tract, said five sources with knowl- key to its success. “We’re all going to er 100,000 barrels of Basra Light eventual delivery against the INE be delivered to fulfil the futures con- Beijing/Singapore edge of the matter. be watching deliverability, to see if it into a storage farm in the south- contract. The 600,000 barrels of oil tracts. It is not immediately clear who The INE launched the contract in goes off well. If there are no glitch- ern port of Zhanjiang, which is to be delivered next month is equal to will take the deliveries. March with September as the first es and decent volumes delivered, I operated by CNPC Fuel Oil, the 600 contracts of the September fu- The high storage costs for these ive companies will deliver crude month of delivery to give participants think there’s tremendous potential,” sources said. ture held to delivery based a lot size of tanks, the need to find buyers with next month to buyers through time to accumulate supplies for the said John Driscoll, managing director The third firm is an unidentified 1,000 barrels. import quotas and costly domestic Fthe Shanghai International En- physical delivery and for the contract of consultancy JTD Energy in Singa- private company, the sources said. CNPC’s tanks in Dalian are con- shipping have been some of the con- ergy Exchange’s (INE) oil futures, the to develop. pore. Chinaoil, the trading unit of China nected with its unit PetroChina’s re- cerns raised by traders about the INE first physical settlement of the con- China, the world’s largest oil im- Unipec, the trading arm of Asia’s National Petroleum Corp, will deliver fineries in the city and the tanks in contract’s delivery mechanism. tract that China hopes will compete porter, wants the future contract to largest refiner Sinopec Corp, is set 100,000 barrels of Oman crude to Ceze have direct access to Sinopec’s A senior INE official said the ex- with global benchmarks. evolve into a third global price bench- to deliver about 200,000 barrels of storage tanks in the northeastern city plants. change normally does not publish in- The companies, including state- mark on par with Brent traded in Lon- Iraq’s Basra Light crude to Sinopec- of Dalian, said the sources. Only the Zhanjiang storage is a formation about deliveries. owned Unipec and Zhenhua Oil, will don and West Texas Intermediate in operated storage tanks at Ceze Island, In June, Chinaoil moved about standalone facility with no pipelines CNPC declined to comment. deliver a combined 600,00 barrels of the United States. off the eastern province of Zhejiang. half a million barrels of Oman crude to nearby refineries. Unipec and Zhenhua Oil did not Middle Eastern crude to buyers of the Smooth deliveries of crude CNPC Fuel Oil Co, Zhenhua Oil oil into storage in Dalian, owned and The delivery points are among eight immediately respond to a request for INE’s September crude futures con- through the INE mechanism will be and a third firm will each deliv- operated by CNPC, to prepare for an sites the INE has chosen for cargoes to comment.

Asian stocks rise but investors Carmaker Aston Martin guarded over trade

AFP gears up for LSE listing Hong Kong

Bloomberg tric cars and a doubling in land-based Aston Martin sees Asian markets enjoyed broad gains for a London output to around 14,000 cars itself as a luxury company, third day yesterday but investors moved a year. able to attract the higher valu- more cautiously as they took stock of the While the UK’s post-Brexit ations aff orded to companies latest trade developments and possible ston Martin is prepar- automotive industry is one of like Hermes International and headwinds. ing to list its shares in the sectors most exposed to Canada Goose Holdings Inc, New York provided another record lead ALondon after the brand potential trade hurdles, Brexit Wilson said. on lingering optimism after the United synonymous with UK spy- wasn’t a large factor in the IPO “Clearly there’s a great States and Mexico agreed on a revised master James Bond pulled off a calculations, chief fi nancial comparator out there and it’s free-trade deal and Canada began talks multi-year turnaround. offi cer Mark Wilson said. Ferrari,” the executive said. that could see it join them. The British maker of sports “Brexit is simply a speed “We’re going for a premium However, while the news was seen cars made famous in mov- hump in the road,” Wilson listing.” as a much-needed boost after Donald ies from Goldfi nger to Sky- said by phone. “Aston Martin Like its Italian rival, the Trump threatened to tear up the North fall is said to target a valua- has existed for 105 years, it has British marque has broadened American Free Trade Agreement when he tion of about £5bn ($6.4bn) seen a hell of a lot of upheaval beyond cars, experiment- took off ice, there remain concerns about – approaching Ferrari NV’s in that time.” ing with Aston Martin-styled his tariff s row with China that has rattled multiples. Aston Martin, controlled by yachts and apartments and markets for months. A fi nal decision on moving London-based Investindus- opening a store in London’s Washington could soon also impose forward will take place next trial Advisors Ltd and Kuwaiti Mayfair shopping district levies on $200bn of Chinese goods, which month, parent Aston Martin Investment Dar, said existing where it sells branded shirts would come on top of the $50bn already Holdings (UK) Ltd said yester- investors will sell at least 25% and baby strollers to wealthy being hit. day in a statement. of the company’s stock on the patrons. “Latest news headlines seem to be The off ering will allow the London Stock Exchange. Ferrari trades at about 36 easing market worries over a trade war carmaker’s shareholders to Ford Motor Co sold the times estimated 2018 earn- for now,” Kengo Suzuki and other forex cash out with a potential 10- manufacturer in 2007 for ings, compared with about strategists at Mizuho Securities said in a fold return – months before £480mn. 7.3 times for members of the note. the UK leaves the European Neither investor plans to Stoxx Europe 600 Automo- “But it may be a bit too early to Union. exit completely, while Mer- biles & Parts index. become fully optimistic, given fears that The carmaker itself won’t cedes-Benz maker Daimler Hermes is valued at 49 times the Trump administration may impose be raising any funds. AG, which has a 4.9% non- estimates, Canada Goose at 66 additional tariff s on $200bn worth of The Aston Martin DB10, built exclusively for the latest James Bond film Spectre, is displayed at the Aston Martin will use voting stake, plans to retain times. LVMH, another brand Chinese goods as early as next month and 2015 Los Angeles Auto Show in Los Angeles. Aston Martin announced yesterday plans to list its its own earnings to pay for the holding. mentioned by Wilson, carries US-China summit talks are expected after shares on the London Stock Exchange. planned investments in elec- Like Ferrari, Gaydon, Eng- a 26 times multiple. the US mid-term elections in November,” they said. Still, for now traders are upbeat. Tokyo finished 0.2% higher at 22,848.22 – a seventh straight gain – Hong Kong added 0.2% at 28,416.44, Sydney rose 0.8% and Singapore edged up 0.1% while Indian equities benchmark falls from record high Seoul put on 0.3%. Wellington and Taipei saw sharp gains but Shanghai ended down 0.3% at Bloomberg hakar, head of research at Mumbai-based IDBI 2,769.29. Mumbai Capital Market Services Ltd, said over phone. Rupee plunges to new low against dollar “Overall the US-Mexico deal has “Markets do look a bit expensive but investors deflected attention away from Trump’s seem to be going with the fl ow as some of the legal setbacks as investors may see the ndia’s equity benchmark fell from a record sectors and stocks are showing a lot of promise.” AFP The rupee was not alone, with the currencies light at the end of the tunnel – hoping that high as investors weighed the outlook for India’s Sensex has climbed nearly 14% this Mumbai of other emerging economies heavily the US-Sino trade dispute can end in an Ieconomic growth against valuations that year and is set for a fi fth consecutive month of dependent on dollar-dominated foreign equally friendly manner,” Stephen Innes, have pushed the gauge into a zone that some in- gains, its longest such stretch since May 2017, capital like Brazil, South Africa, Argentina and who heads Asia-Pacific trade at OANDA, vestors read as a signal to sell. as investors have bought stocks to benefi t from India’s rupee hit fresh lows against the dollar Brazil also slipping in August. said in a note. The S&P BSE Sensex slipped 0.5% to 38,722.93 local spending that’s shielded local companies yesterday as emerging market currencies The rupee slump is widening India’s current David Ader, chief market strategist at in Mumbai, snapping two sessions of gain that from escalating trade tensions and higher global continue to be sold off . account deficit, when the value of imports Informa Financial Intelligence, said stocks pushed it to a record high. Coal India Ltd and borrowing costs weighing on corporate earnings. The under-pressure currency in Asia’s exceeds that of exports. remained buoyant despite the caution on Reliance Industries Ltd were the the worst per- A strengthening business cycle may have third-largest economy slid to 70.50 to the India is a massive net importer of oil, trading floors. formers on the gauge. Thirteen of the 19 sector more importance for economic growth than than greenback in late morning trade, a record securing more than two-thirds of its needs “I tend to be more pessimistic that sub-indexes compiled by BSE Ltd declined, led forthcoming elections, Credit Suisse analysts low. from abroad. we are going to come away with trade by a measure of energy companies. Lokesh Garg and Vaibhav Jain wrote in note. The rupee has been steadily falling High oil prices have been squeezing the deals that are going to make everybody The broader Nifty50 Index fell 0.4% to A national poll is due by May 2019. Gross do- throughout 2018 after starting the year at rupee, making it less appealing to investors, satisfied,” he told Bloomberg TV, “but we 11,691.90. JSW Steel climbed to a record high on mestic product in India is likely to have expanded 63.67. analysts say. are trading headlines, we are trading the being included in the Nifty index, replacing drug well above 7% in the April-June quarter, with Earlier this month it crossed 70 for the first India’s central bank has raised interest rates sensitivity to those headlines, so for the maker Lupin Ltd from September 28. State Bank of India – the country’s largest bank – time as India was buff eted by the turbulence this year in part to help increase the value of moment it looks good.” “In the short term, there isn’t any major event predicting a pace of 7.7% from a year earlier. The of the Turkish financial crisis. the rupee. that may impact the momentum,” A K Prab- quarterly GDP report is scheduled for August 31.

Dollar strengthens as relief over Emerging market currencies drop US-Mexico trade deal dissipates

Reuters 0.1% at 94.826. It traded as low as Reuters a note, adding that the only question was how London 94.434 during the previous session, London deep economic recession would be. its lowest since July 31. He called the problem “totally self-inflicted” “This deal (with Mexico) was and said the policy response had lacked cred- The dollar rose yesterday as relief more about making progress urkish markets took another hard knock ibility. about a US-Mexico trade deal gave before the mid-term elections in the yesterday, with the lira tumbling 2% Turkish sovereign and bank dollar bonds fell way to concern among investors United States,” said MUFG currency Tagainst the dollar and leading losses as much as 0.8 cents and five-year credit de- that the conflict over trade between strategist Lee Hardman. across emerging markets. fault swaps (CDS) jumped 11 basis points (bps) the US and China was not about to “The real fight is likely still ahead The Indian rupee and Argentine peso hit to 498 bps according to IHS Markit. end soon. and it will not be long before inves- record lows. Elsewhere, as the dollar rose off four-week The US currency had dipped to tor attention shifts back to the more The latest Turkish losses were linked to lows, the Indian rupee fell 0.6% to a record low a four-week low overnight as inves- concerning conflict with China,” he Moody’s warnings over the banking sector and while Argentina’s peso hit new lows overnight, tors unwound safe-haven bets on added. comments from Finance Minister Berat Al- losing 1.7%. the currency after the United States The deadline for public comment bayrak, who said he did not see a big risk to the Moody’s warned Argentina was sliding into a and Mexico agreed on Monday to on US President Donald Trump’s tar- economy or financial system. recession that could extend into next year. overhaul Nafta. iff s on another $200bn of Chinese Moody’s downgraded 20 Turkish financial China’s yuan weakened 0.3% and mainland The US currency has fallen for goods is on September 5, with the institutions, saying that a further shift in in- shares fell 0.4% as the head of the state plan- three consecutive weeks, even new measures possibly taking ef- vestor sentiment could curtail wholesale fund- ning agency warned China faced increasing though the United States was rais- fect later that month. ing for a sector that has borrowed heavily over- economic risks in the second half of the year. ing interest rates faster than other Elsewhere, the Swedish crown seas. There is still no end in sight for Beijing’s major economies. edged down towards a nine-year In another sign of deterioration, Turkey’s trade dispute with the United States, with the That is partly because of political low versus the euro of 10.721 hit on economic confidence index fell 9% month- deadline for comment on increased tariffs on uncertainty in the US – criminal Tuesday over uncertainty about on-month in August to its lowest since March $200bn of Chinese goods expiring on Septem- convictions were brought against next week’s election and signals 2009. ber 5. South Africa’s rand lost 0.7% and Russia’s of one of President Donald Trump’s that interest rates won’t rise until The central bank has doubled banks’ borrow- rouble 0.4% in the broad-based sell off. ex-advisers last week – and com- 2019. “Low underlying inflation is ing limits for overnight transactions but ana- But Mexico’s peso bucked the trend, firm- ments by the Federal Reserve that putting question marks on Riks- lysts say such measures are short-term fixes for ing 0.3%, in the wake of an agreement between seemed to suggest a slower pace of bank rate hikes and political risks an overheating economy and overly loose mon- Mexico and the United States to overhaul the US rate increases. ahead of the election are lowering etary policy. North American Free Trade Agreement (Nafta). Yesterday, though, the dollar in- the crown,” said Lina Fransson, a “Clear evidence now of a very hard landing MSCI’s benchmark emerging stocks index dex gained and at 1045 GMT was up fixed income strategist at SEB. in Turkey,” BlueBay strategist Tim Ash said in slipped 0.15%, off Tuesday’s 2-1/2-week highs. Gulf Times Thursday, August 30, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume

Saudi International Petroche 21.18 -0.94 450,873 Qurain Petrochemical Industr 330.00 0.00 22,708 Al Madina Takaful Co Saoc 0.10 2.11 2,155,000 Falcom Petrochemical Etf 34.10 0.00 - Ekttitab Holding Co Sak 24.80 0.00 20,010 Al Madina Investment Co 0.04 0.00 - Walaa Cooperative Insurance 25.90 0.00 106,247 Real Estate Trade Centers Co 23.50 -4.08 1,100 Al Kamil Power Co 0.38 0.00 - Bank Al-Jazira 14.74 -1.07 557,328 Acico Industries Co Kscc 223.00 1.83 100 Al Jazerah Services -Pfd 0.55 0.00 - Al Rajhi Bank 86.00 0.00 2,079,853 Kipco Asset Management Co 70.90 1.29 105,950 Al Jazeera Steel Products Co 0.28 0.00 - Samba Financial Group 29.45 -0.17 1,495,524 National Petroleum Services 839.00 4.88 10 Al Jazeera Services 0.11 0.00 884 United Electronics Co 57.80 -3.67 249,673 Alimtiaz Investment Group 126.00 -1.56 1,158,322 Al Izz Islamic Bank 0.09 5.95 1,345,215 Allied Cooperative Insurance 18.30 0.66 81,532 Ras Al Khaimah White Cement 64.00 -7.25 61,359 Al Buraimi Hotel 0.88 0.00 - Malath Insurance 13.58 -1.31 288,667 Kuwait Reinsurance Co Ksc 195.00 0.00 600 Al Batinah Power 0.11 0.00 190,519 Alinma Tokio Marine 19.76 -0.10 273,045 Kuwait & Gulf Link Transport 106.00 0.00 483,463 Al Batinah Hotels 1.13 0.00 - Arabian Shield Cooperative 19.90 -0.80 285,940 Humansoft Holding Co Ksc 3,400.00 0.06 340,431 Al Batinah Dev & Inv 0.09 0.00 - QATAR Savola 31.50 -0.32 406,861 Automated Systems Co Kscc 119.00 0.00 29,000 Al Anwar Holdings Saog 0.11 0.00 213,638 Wafrah For Industry And Deve 14.04 0.00 - Metal & Recycling Co 68.00 0.00 60 Al Ahlia Insurance Co Saoc 0.36 0.00 - Fitaihi Holding Group 12.00 -0.66 49,096 Gulf Franchising Holding Co 0.00 0.00 - Ahli Bank 0.16 0.00 4,031 Company Name Lt Price % Chg Volume Tourism Enterprise Co/ Shams 31.00 -0.64 55,473 Al-Enma’a Real Estate Co 32.90 -2.95 325,100 Acwa Power Barka Saog 0.78 0.00 - Sahara Petrochemical Co 18.02 -0.66 1,128,333 National Mobile Telecommuni 799.00 0.00 6,409 Abrasives Manufacturing Co S 0.05 0.00 - Zad Holding Co 92.00 0.00 513 Herfy Food Services Co 44.50 -1.87 106,109 Unicap Investment And Financ 59.00 1.55 52,500 A’saff a Foods Saog 0.59 0.00 - Widam Food Co 71.40 -0.83 11,307 Saudi Ind Investment Group 27.30 -0.55 76,830 Al Salam Group Holding Co 33.00 -1.20 97,017 0Man Oil Marketing Co-Pref 0.25 0.00 - Vodafone Qatar 9.06 0.00 446,124 Salama Cooperative Insurance 18.40 0.33 573,991 Al Aman Investment Company 51.00 0.00 40,000 United Development Co 13.89 -0.64 67,523 Emaar Economic City 9.65 -0.21 3,404,898 Mashaer Holding Co Ksc 48.00 0.00 200,650 Salam International Investme 5.06 -1.56 144,101 Alahli Takaful Co 26.00 -0.95 95,789 Manazel Holding 33.00 -1.79 835,400 Qatar & Oman Investment Co 6.02 -1.31 2,631 Anaam International Holding 11.62 -1.86 163,135 Tijara And Real Estate Inves 56.90 0.00 5,020 Qatar Navigation 65.11 -0.90 1,485 Saudi Telecom Co 82.20 -1.08 438,598 Jazeera Airways Co Ksc 740.00 0.00 286,564 Qatar National Cement Co 58.00 0.00 9,176 Al Alamiya Cooperative Insur 31.00 -0.64 38,597 Commercial Real Estate Co 74.20 -1.07 415,710 Qatar National Bank 175.00 0.00 220,298 Saudi Industrial Services Co 13.90 -0.14 126,482 National International Co 70.00 1.45 20,100 Qatar Islamic Insurance 53.00 1.90 100 Al-Ahsa Development Co. 10.56 -0.19 199,497 Taameer Real Estate Invest C 29.30 0.34 180,000 Qatar Industrial Manufactur 40.50 -0.74 1,316 National Co For Glass In/The 18.80 -1.05 28,743 Gulf Cement Co 74.20 0.00 34,250 Qatar International Islamic 56.67 -1.20 4,301 Dur Hospitality Co 19.80 1.54 111,954 Heavy Engineering And Ship B 484.00 -2.42 1,753,611 Qatari Investors Group 30.70 -0.42 23,981 Tabuk Cement Co 12.32 -0.32 60,282 National Real Estate Co 109.00 0.00 761,668 Qatar Islamic Bank 136.77 0.27 43,759 Sasco 14.96 -0.66 269,568 Al Safat Energy Holding Comp 29.00 -1.36 185,050 Qatar Gas Transport(Nakilat) 17.27 0.64 1,823,504 Saudi Cement 41.55 0.12 42,127 Kuwait National Cinema Co 1,065.00 1.43 5,900 Qatar General Insurance & Re 49.00 0.00 - Aseer Trading Tourism & Manu 10.52 -1.13 133,560 Danah Alsafat Foodstuff Co 48.00 -6.07 216,652 Qatar German Co For Medical 5.14 1.18 1,000 Nama Chemicals Co 26.50 0.38 117,600 Independent Petroleum Group 449.00 0.00 90,000 Qatar Fuel Qsc 141.10 -0.13 17,010 Saudi Arabian Mining Co 56.00 -0.18 104,147 Kuwait Real Estate Co Ksc 49.40 1.23 310,400 Qatar First Bank 5.08 -0.97 194,214 Yanbu Cement Co 22.50 -0.88 98,587 Salhia Real Estate Co Ksc 333.00 1.22 150,000 Qatar Electricity & Water Co 190.50 -0.78 54,427 Saudi Fisheries 23.80 0.68 566,284 Gulf Cable & Electrical Ind 393.00 -1.26 39,469 Qatar Exchange Index Etf 97.85 0.26 5,568 Ash-Sharqiyah Development Co 52.50 2.34 86,996 Kuwait Finance House 0.00 0.00 - Qatar Cinema & Film Distrib 16.51 0.00 - Makkah Construction & Devepl 82.70 0.49 17,991 Gulf North Africa Holding Co 50.00 0.00 355,100 Al Rayan Qatar Etf 22.23 2.68 5,150 Al Jouf Cement 9.18 -0.22 70,695 Hilal Cement Co 110.00 0.00 2,250 Qatar Insurance Co 36.50 0.00 61,661 Abdullah A.M. Al-Khodari Son 7.24 0.00 - Osoul Investment Kscc 55.00 0.00 73,000 Ooredoo Qpsc 73.50 0.68 88,884 Knowledge Economic City 10.60 0.95 155,976 Gulf Insurance Group Ksc 620.00 0.81 7,160 National Leasing 9.37 1.63 59,879 Al-Ahlia Cooperative Insuran 11.52 -2.37 404,874 Umm Al Qaiwain General Inves 58.30 -2.18 1,558 Mazaya Qatar Real Estate Dev 6.92 -1.70 923,324 Al Rajhi Co For Co-Operative 58.70 -1.51 103,376 Aayan Leasing & Investment 39.00 0.00 2,695,134 Mesaieed Petrochemical Holdi 15.91 0.32 314,402 UAE Alkhodar Ab Equity 55.00 -0.54 33,249 Alrai Media Group Co Ksc 95.40 0.00 48,000 Al Meera Consumer Goods Co 155.00 -1.90 94,011 Kec Ab Equity 24.00 1.61 348,633 National Investments Co 89.20 -2.62 60,000 Medicare Group 67.32 0.48 30,479 Alahlia Ab Equity 25.00 1.13 47,522 Commercial Facilities Co 177.00 0.00 5,000 Company Name Lt Price % Chg Volume Mannai Corporation Qsc 52.57 5.12 8,123 Arcci Ab Equity 8.00 -0.74 557,583 Yiaco Medical Co. K.S.C.C 132.00 0.00 1,050 Masraf Al Rayan 37.69 -0.76 367,736 Waha Capital Pjsc 1.80 -2.70 24,127 Appc Ab Equity 24.14 -1.07 224,605 Munshaat Real Estate Project 109.00 -2.68 38,450 Al Khalij Commercial Bank 11.03 0.09 14,383 United Insurance Company 2.00 0.00 - Albabtai Ab Equity 43.90 -0.23 522,363 Noor Financial Investment Co 53.00 -1.49 1,972,416 Industries Qatar 124.00 0.00 263,947 United Arab Bank Pjsc 1.19 0.00 - Allianz Ab Equity 91.70 1.10 61,477 Al Tamdeen Investment Co 300.00 0.00 20,000 Islamic Holding Group 27.41 -1.15 4,549 Union National Bank/Abu Dhab 3.68 0.82 1,101,800 Najran Ab Equity 10.00 -0.20 110,356 Credit Rating & Collection 19.00 0.00 10 Investment Holding Group 5.37 -0.19 105,646 Union Insurance Co 2.03 0.00 - Altayyar Ab Equity 74.50 -0.67 84,316 Ifa Hotels & Resorts Co. K.S 99.00 0.00 200 Gulf Warehousing Company 40.16 -0.91 21,289 Union Cement Co 0.00 0.00 - Ncb Ab Equity 8.92 -0.89 62,260 Sokouk Holding Co Sak 48.00 0.00 115,000 Gulf International Services 17.40 -1.36 68,205 Umm Al Qaiwain General Inves 1.01 0.00 - Catering Ab Equity 51.30 -1.91 101,413 Warba Bank Kscp 235.00 0.43 614,311 Ezdan Holding Group 9.76 2.74 722,214 Sudan Telecommunications Gro 0.46 2.22 500 Cityc Ab Equity 19.72 -1.40 158,440 Viva Kuwait Telecom Co 731.00 1.25 17,956 Doha Insurance Co 13.89 3.19 32,693 Sharjah Islamic Bank 1.20 0.00 - Dallah Ab Equity 19.12 -0.42 60,029 Mezzan Holding Co Kscc 715.00 0.14 551,779 Doha Bank Qpsc 25.59 -0.23 233,426 Sharjah Insurance Company 2.84 0.00 - Northcem Ab Equity 15.50 0.78 146,317 Dlala Holding 14.57 -0.55 7,240 Sharjah Group 1.30 0.00 - Care Ab Equity 18.80 -2.39 65,993 Commercial Bank Pqsc 39.70 -0.63 233,400 Sharjah Cement & Indus Devel 1.01 1.00 550 Jaztakaf Ab Equity 12.92 -0.62 156,218 Barwa Real Estate Co 36.49 -0.55 230,280 Ras Al-Khaimah National Insu 3.50 0.00 - Metlife Ab Equity 20.64 0.19 360,493 Al Khaleej Takaful Group 10.24 2.40 171,385 Ras Al Khaimah White Cement 0.86 0.00 - Bawan Ab Equity 29.45 -0.34 115,127 Aamal Co 9.81 -0.20 5,536 Ras Al Khaimah Ceramics 2.40 5.26 144,430 Smarketi Ab Equity 20.54 0.20 25,494 Ras Al Khaimah Cement Co Psc 0.71 -7.79 315,000 Uacc Ab Equity 23.30 -0.68 420,802 Ras Al Khaima Poultry 1.89 0.00 - Aatd Ab Equity 76.30 -1.80 96,992 Rak Properties 0.60 0.00 203,231 Alhammad Ab Equity 36.00 0.14 156,344 Ooredoo Qpsc 72.90 0.00 - Oman & Emirates Inv(Emir)50% 0.50 0.00 - National Takaful Company 0.55 -8.33 100,000 National Marine Dredging Co 3.03 0.00 - KUWAIT National Investor Co/The 0.58 0.00 - SAUDI ARABIA National Corp Tourism & Hote 1.95 0.00 - Company Name Lt Price % Chg Volume National Bank Of Umm Al Qaiw 2.75 0.00 - National Bank Of Ras Al-Khai 4.18 0.00 5,000 Company Name Lt Price % Chg Volume Sultan Center Food Products 60.40 -7.08 179,141 National Bank Of Fujairah 2.80 0.00 - Kuwait Foundry Co Sak 200.00 0.00 5,000 Methaq Takaful Insurance 0.75 -2.60 219,356 United Wire Factories Compan -1.08 16.42 54,477 Kuwait Financial Centre Sak 105.00 0.00 4,780 Manazel Real Estate Pjsc 0.47 2.17 25,000 Etihad Etisalat Co -0.96 18.60 947,466 Ajial Real Estate Entmt 150.00 0.00 66,640 Invest Bank 2.10 0.00 - Dar Al Arkan Real Estate Dev -0.99 10.04 17,295,721 Kuwait Finance & Investment 48.50 1.04 6,000 Intl Holdings Co Pjsc 1.25 5.04 127,791 Alawwal Bank -1.51 14.38 253,728 National Industries Co Ksc 170.00 -6.59 5,261 OMAN Insurance House 0.85 0.00 - Rabigh Refining And Petroche -0.78 25.50 377,979 Kuwait Real Estate Holding C 31.90 6.33 130 Gulf Pharmaceutical Ind Psc 2.00 -4.76 9,197 Banque Saudi Fransi 0.00 32.25 389,835 Securities House/The 49.50 -0.60 224,698 Company Name Lt Price % Chg Volume Gulf Medical Projects 1.90 0.00 - Saudi Enaya Cooperative Insu 23.16 -0.52 211,338 Boubyan Petrochemicals Co 982.00 -1.70 1,220,386 Voltamp Energy Saog 0.26 0.00 - Gulf Cement Co 0.92 0.00 - Mediterranean & Gulf Insuran 19.00 -5.00 457,558 Al Ahli Bank Of Kuwait 284.00 -3.73 704,099 Vision Insurance Saoc 0.15 0.00 - Fujairah Cement Industries 1.20 0.00 - Saudi British Bank 33.15 0.45 180,262 Ahli United Bank (Almutahed) 305.00 1.33 1,724,208 United Power/Energy Co- Pref 1.00 0.00 - Fujairah Building Industries 1.56 0.00 - Red Sea International Co 17.10 -0.70 46,297 National Bank Of Kuwait 810.00 0.62 4,070,822 United Power Co Saog 3.44 0.00 - Foodco Holding Pjsc 3.70 0.00 - Takween Advanced Industries 11.24 -1.23 340,896 Commercial Bank Of Kuwait 500.00 -0.99 35,295 United Finance Co 0.10 0.00 - First Abu Dhabi Bank Pjsc 14.70 0.34 4,809,854 Sabb Takaful 20.08 -2.14 136,349 Kuwait International Bank 250.00 0.40 1,036,861 Ubar Hotels & Resorts 0.13 0.00 - Finance House 1.68 0.00 - Saudi Arabian Fertilizer Co 68.00 3.19 521,045 Gulf Bank 253.00 -1.17 873,915 Takaful Oman 0.13 0.00 - Eshraq Properties Co Pjsc 0.57 0.00 439,400 National Gypsum 13.38 0.30 230,343 Al-Massaleh Real Estate Co 39.50 2.60 838,298 Taageer Finance 0.09 0.00 - Emirates Telecom Group Co 16.85 0.00 471,664 Saudi Ceramic Co 18.28 0.66 130,288 Al Arabiya Real Estate Co 31.70 0.00 3,000 Sweets Of Oman 0.55 0.00 - Emirates Insurance Co. (Psc) 6.50 -9.72 62,500 National Gas & Industrializa 26.10 0.00 57,671 Kuwait Remal Real Estate Co 36.00 2.27 362,599 Sohar Power Co 0.12 0.00 63,274 Emirates Driving Company 6.95 0.00 - Saudi Pharmaceutical Industr 31.10 -0.48 57,295 A’ayan Real Estate Co Sak 56.50 -0.53 98,800 Sohar Poultry 0.21 0.00 - Dana Gas 1.10 -0.90 4,379,400 Thimar 27.00 0.00 56,530 Investors Holding Group Co.K 13.80 -2.13 2,783,494 Smn Power Holding Saog 0.60 0.00 - Commercial Bank Internationa 0.70 0.00 - National Industrialization C 21.18 -0.66 563,001 Al-Mazaya Holding Co 79.80 -2.56 753,333 Shell Oman Marketing - Pref 1.05 0.00 - Bank Of Sharjah 1.07 0.00 - Batic Investments And Logist 38.10 -2.06 37,877 Al-Madar Finance & Invt Co 103.00 2.08 1,553,461 Shell Oman Marketing 1.49 0.00 - Axa Green Crescent Insurance 0.54 0.00 - Saudi Electricity Co 18.22 -0.11 718,057 Gulf Petroleum Investment 26.50 0.00 208,502 Sharqiyah Desalination Co Sa 2.55 0.00 - Arkan Building Materials Co 0.55 -5.17 23,937 Saudi Arabia Refineries Co 45.90 1.21 494,485 Mabanee Co Sakc 668.00 -0.30 623,712 Sembcorp Salalah Power & Wat 0.22 0.00 14,305 Alkhaleej Investment 2.10 0.00 - Arriyadh Development Company 17.10 0.12 109,423 Inovest Co Bsc 89.00 -1.11 66,190 Salalah Port Services 0.60 0.00 - Aldar Properties Pjsc 1.93 0.52 5,116,070 Al-Baha Development & Invest 16.40 -0.97 70,952 Al-Deera Holding Co 17.50 1.74 1 Salalah Mills Co 0.80 -1.48 10,000 Al Wathba National Insurance 12.75 0.00 - Saudi Research And Marketing 101.00 -1.17 85,541 Mena Real Estate Co 24.50 1.66 232,900 Salalah Beach Resort Saog 1.38 0.00 - Al Qudra Holding Pjsc 0.98 2.08 30,000 Aldrees Petroleum And Transp 26.85 1.90 603,824 Amar Finance & Leasing Co 32.80 0.00 24,800 Sahara Hospitality 2.38 0.00 - Al Khazna Insurance Co 0.25 0.00 - Saudi Vitrified Clay Pipe Co 47.25 0.00 9,761 United Projects For Aviation 600.00 0.00 10,050 Renaissance Services Saog 0.41 -3.33 173,000 Al Fujairah National Insuran 300.00 0.00 - Jarir Marketing Co 187.60 -0.21 29,430 National Consumer Holding Co 44.00 0.00 555 Raysut Cement Co 0.42 0.00 553 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Arab National Bank 34.50 -0.29 222,329 Amwal International Investme 62.90 0.48 192,000 Phoenix Power Co Saoc 0.12 1.75 20,000 Al Buhaira National Insuranc 2.21 0.00 - Yanbu National Petrochemical 71.40 -1.11 134,442 Equipment Holding Co K.S.C.C 27.00 -0.37 122,036 Packaging Co Ltd 2.21 0.00 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Arabian Cement 22.00 0.00 48,185 Arkan Al Kuwait Real Estate 81.70 0.00 70,000 Ooredoo 0.52 2.34 276,465 Agthia Group Pjsc 4.86 3.40 75,396 Middle East Specialized Cabl 8.05 -0.98 1,310,662 Gfh Financial Group Bsc 104.00 1.96 495,769 Ominvest 0.34 -0.58 15,656 Abu Dhabi Ship Building Co 1.26 -2.33 3,000 Al Khaleej Training And Educ 13.72 -0.44 58,358 Energy House Holding Co Kscp 28.30 0.00 200 Oman United Insurance Co 0.31 -0.65 12,364 Abu Dhabi Natl Co For Buildi 0.49 -2.00 145,000 Al Sagr Co-Operative Insuran 14.22 -1.11 218,765 Kuwait Co For Process Plant 242.00 -0.82 70,500 Oman Telecommunications Co 0.78 0.52 79,987 Abu Dhabi National Takaful C 4.40 0.00 - Trade Union Cooperative Insu 23.26 -1.36 255,421 Al Maidan Dental Clinic Co K 1,220.00 0.00 400,000 Oman Refreshment Co 1.75 0.00 - Abu Dhabi National Oil Co Fo 2.47 0.82 567,693 Arabia Insurance Cooperative 19.54 -0.61 236,589 National Shooting Company 17.70 0.00 2,797 Oman Qatar Insurance Co 0.11 0.00 - Abu Dhabi National Insurance 3.85 0.00 - Saudi Chemical Company 33.00 -0.30 19,946 Al-Ahleia Insurance Co Sakp 423.00 0.00 3,000 Oman Packaging 0.28 0.00 - Abu Dhabi National Hotels 2.86 -3.05 9,000 Fawaz Abdulaziz Alhokair & C 24.74 -0.64 465,969 Wethaq Takaful Insurance Co 28.50 -0.35 5,000 Oman Oil Marketing Company 1.10 0.00 - Abu Dhabi National Energy Co 1.13 0.00 81,451 Bupa Arabia For Cooperative 96.40 0.21 64,980 Salbookh Trading Co Kscp 43.80 0.00 12,000 Oman National Engineering An 0.15 0.00 1,275 Wafa Insurance 12.20 1.50 2,189,244 Aqar Real Estate Investments 70.00 0.00 14,220 Oman Investment & Finance 0.09 -1.05 474,771 Jabal Omar Development Co 36.80 -0.41 246,734 Hayat Communications 79.00 0.00 1 Oman Intl Marketing 0.52 0.00 - Saudi Basic Industries Corp 127.40 0.47 2,386,127 Soor Fuel Marketing Co Ksc 119.00 0.00 547,126 Oman Flour Mills 0.77 0.00 - Saudi Kayan Petrochemical Co 17.98 -1.32 5,628,318 Tamkeen Holding Co 14.00 0.72 656,500 Oman Fisheries Co 0.08 0.00 698,981 Etihad Atheeb Telecommunicat 5.35 0.00 - Burgan Co For Well Drilling 90.00 0.00 5,535 Oman Europe Foods Industries 1.00 0.00 - Co For Cooperative Insurance 52.90 -2.22 247,014 Kuwait Resorts Co Kscc 54.60 0.00 2,314,081 Oman Education & Training In 0.20 0.00 - National Petrochemical Co 28.45 -0.35 91,273 Oula Fuel Marketing Co 120.00 0.84 9,375 Oman Chromite 3.64 0.00 - Gulf Union Cooperative Insur 13.82 1.17 41,502 Palms Agro Production Co 50.00 0.00 9,034 Oman Chlorine 0.40 0.00 - Gulf General Cooperative Ins 14.70 -1.34 38,535 Mubarrad Holding Co Ksc 59.50 1.02 100 Oman Ceramic Company 0.42 0.00 - Basic Chemical Industries 23.22 -0.60 70,577 Shuaiba Industrial Co 0.00 0.00 - Oman Cement Co 0.38 0.00 263 Saudi Steel Pipe Co 19.42 -3.00 1,821,893 Aan Digital Services Co 18.80 -3.09 75,715 BAHRAIN Oman Cables Industry 0.92 0.00 5,316 Buruj Cooperative Insurance 26.40 -0.56 70,744 First Takaful Insurance Co 43.00 0.00 5,000 Oman & Emirates Inv(Om)50% 0.11 0.00 15,000 Mouwasat Medical Services Co 86.20 0.23 71,989 Kuwaiti Syrian Holding Co 34.00 -2.58 1,175,460 Company Name Lt Price % Chg Volume Natl Aluminium Products 0.36 -0.56 82,000 Southern Province Cement Co 34.65 -0.57 34,871 National Cleaning Company 54.00 3.85 2,500 National Securities 0.04 0.00 - Maadaniyah 18.24 0.77 117,843 United Real Estate Company 68.00 0.74 10,000 Zain Bahrain Bscc 0.00 0.00 - National Real Estate Develop 5.00 0.00 - Yamama Cement Co 14.48 -0.14 58,028 Agility 842.00 -0.94 1,474,119 United Paper Industries Bsc 0.00 0.00 - National Pharmaceutical 0.12 0.00 - Jazan Energy And Development 16.10 -0.25 37,640 Kuwait & Middle East Fin Inv 22.50 -6.25 101,500 United Gulf Holding Bsc 0.00 0.00 - National Mineral Water 0.10 0.00 - Zamil Industrial Investment 21.00 -1.87 34,679 Fujairah Cement Industries 63.50 0.00 84,942 Trafco Group Bsc 0.00 0.00 - National Life & General Insu 0.34 0.00 - Alujain Corporation (Alco) 32.05 -1.54 151,062 Livestock Transport & Tradng 183.00 -7.58 2,000 Takaful International Co 0.00 0.00 - National Gas Co 0.31 -0.63 15,000 Tabuk Agricultural Developme 10.90 -0.91 28,863 International Resorts Co 21.60 0.00 60,055 Seef Properties 0.23 0.00 61,250 National Finance Co 0.13 0.00 - United Co-Operative Assuranc 12.44 -0.48 48,707 National Industries Grp Hold 163.00 -0.61 526,445 National Bank Of Bahrain Bsc 0.61 0.00 51,000 National Detergent Co Saog 0.70 0.00 - Qassim Cement/The 34.40 -0.86 25,790 Warba Insurance Co 74.30 0.68 20,282 Nass Corp Bsc 0.10 0.00 66,000 National Biscuit Industries 3.75 0.00 - Saudi Advanced Industries 13.30 -1.04 159,222 First Dubai Real Estate Deve 40.10 -2.20 340,100 Khaleeji Commercial Bank 0.09 -8.42 20,000 National Bank Of Oman Saog 0.19 0.53 672,239 Kingdom Holding Co 8.83 -0.23 21,901 Al Arabi Group Holding Co 69.00 2.99 400 Ithmaar Holding Bsc 0.10 -4.76 2,069,440 Muscat Thread Mills Co 0.08 0.00 - Saudi Arabian Amiantit Co 6.10 -1.29 650,928 Mobile Telecommunications Co 476.00 1.71 4,772,986 Investcorp Bank -$Us 9.40 0.00 2,000 Muscat Insurance Co Saog 0.80 0.00 - Al Jouf Agriculture Developm 23.32 -0.77 28,729 Eff ect Real Estate Co 16.10 -19.90 80,000 Inovest Co Bsc 0.29 0.00 50,000 Muscat Gases Company Saog 0.26 0.00 384 Saudi Industrial Development 8.85 0.45 176,072 Tamdeen Real Estate Co Ksc 380.00 0.00 41,310 Gulf Hotel Group B.S.C 0.52 0.00 18,240 Muscat Finance 0.09 -1.16 146,500 Riyad Bank 16.50 -0.60 334,190 Al Mudon Intl Real Estate Co 26.90 -10.33 246,000 Gfh Financial Group Bsc 0.37 0.00 60,000 Muscat City Desalination Co 0.14 -0.74 29,675 The National Agriculture Dev 32.50 -0.61 29,580 Kuwait Cement Co Ksc 384.00 2.13 26,100 Esterad Investment Co B.S.C. 0.10 0.00 100,000 Majan Glass Company 0.18 0.00 - Halwani Bros Co 49.90 -1.38 14,367 Sharjah Cement & Indus Devel 75.10 0.00 5,000 Eskan Bank Realty Income Tr 0.10 0.00 100,000 Majan College 0.45 0.00 - Arabian Pipes Co 10.62 -0.75 2,097,226 Kuwait Portland Cement Co 1,040.00 -0.48 12,250 Delmon Poultry Co 0.00 0.00 - Hsbc Bank Oman 0.12 0.85 43,287 Eastern Province Cement Co 21.72 -0.37 13,695 Educational Holding Group 315.00 0.00 5,000 Bmmi Bsc 0.71 0.00 94,298 Hotels Management Co Interna 1.25 0.00 - Al Gassim Investment Holding 11.08 -0.72 60,340 Asiya Capital Investments Co 35.00 1.45 134,041 Bbk Bsc 0.44 0.00 33,098 Gulf Stone 0.12 0.00 - Filing & Packing Materials M 35.35 -0.42 41,932 Kuwait Investment Co 124.00 1.64 40,500 Bahrain Telecom Co 0.25 0.00 21,446 Gulf Mushroom Company 0.31 0.00 - Saudi Cable Co 7.15 -2.59 506,971 Burgan Bank 250.00 -3.10 4,958,407 Bahrain National Holding 0.00 0.00 - Gulf Investments Services 0.09 0.00 424,000 Tihama Advertising & Public 44.70 -0.22 59,743 Kuwait Projects Co Holdings 226.00 -0.88 939,821 Bahrain Kuwait Insurance 0.00 0.00 - Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Saudi Investment Bank/The 17.78 -0.67 119,843 Al Madina For Finance And In 27.90 0.00 75,500 Bahrain Islamic Bank 0.13 0.00 12,579 Gulf International Chemicals 0.19 0.00 - Astra Industrial Group 17.78 -0.78 77,516 Kuwait Insurance Co 307.00 0.00 10,025 Bahrain Flour Mills Co 0.35 0.00 14,437 Gulf Hotels (Oman) Co Ltd 9.50 0.00 - Saudi Public Transport Co 14.56 -0.55 781,222 Al Masaken Intl Real Estate 58.00 0.00 500 Bahrain Duty Free Complex 0.71 0.00 120,000 Global Fin Investment 0.09 0.00 - Taiba Holding Co 30.50 0.33 31,432 Intl Financial Advisors 24.90 -0.40 202,995 Bahrain Commercial Facilitie 0.76 0.00 15,000 Galfar Engineering&Contract 0.10 0.00 1,484,760 Saudi Industrial Export Co 227.00 -0.44 19,775 First Investment Co Kscc 41.90 -0.24 637,309 Bahrain Cinema Co ` -4.30 19,880 Galfar Engineering -Prefer 0.39 0.00 - Saudi Real Estate Co 14.08 -1.95 500,565 Al Mal Investment Company 16.90 0.60 273,112 Arab Banking Corp Bsc-$Us 0.39 0.00 70,000 Financial Services Co. 0.18 0.00 - Saudia Dairy & Foodstuff Co 90.00 -0.66 124,634 Bayan Investment Co Kscc 47.00 -6.93 42,370 Aluminium Bahrain Bsc 0.64 0.00 178,494 Financial Corp/The 0.10 0.00 - National Shipping Co Of/The 31.30 1.95 1,332,517 Egypt Kuwait Holding Co Sae 346.00 0.00 20,000 Albaraka Banking Group 0.29 0.00 28,200 Dhofar Tourism 0.49 0.00 - Methanol Chemicals Co 12.22 -2.08 1,175,592 Coast Investment Development 31.50 -1.25 197,355 Al-Salam Bank 0.10 0.00 64,022 Dhofar Poultry 0.18 0.00 - Chubb Arabia Cooperative Ins 21.20 0.00 48,344 Privatization Holding Compan 55.00 0.00 3,328 Ahli United Bank B.S.C 0.67 -0.74 698,850 Dhofar Intl Development 0.28 0.00 - Mobile Telecommunications Co 6.03 -1.63 1,810,099 Injazzat Real State Company 84.00 -2.33 99,836 Dhofar Insurance 0.14 0.00 - Saudi Arabian Coop Ins Co 12.76 -1.85 156,548 Kuwait Cable Vision Sak 11.00 0.00 510 Dhofar Fisheries & Food Indu 1.28 0.00 - Axa Cooperative Insurance 23.02 -0.43 219,037 Sanam Real Estate Co Kscc 60.00 0.00 5 Dhofar Cattlefeed 0.17 0.00 - Alsorayai Group 13.32 -1.33 959,847 Ithmaar Holding Bsc 31.50 -0.32 716,700 Dhofar Beverages Co 0.26 0.00 - Bank Albilad 25.80 0.00 185,333 Aviation Lease And Finance C 344.00 -0.29 330,181 Construction Materials Ind 0.03 0.00 - Al-Hassan G.I. Shaker Co 9.38 0.00 368,824 Arzan Financial Group For Fi 27.20 -7.80 2,760 Computer Stationery Inds 0.26 0.00 - Wataniya Insurance Co 25.70 -1.15 30,551 Ajwan Gulf Real Estate Co 22.10 0.00 1,644,350 Bankmuscat Saog 0.38 1.08 918,774 Abdullah Al Othaim Markets 71.40 -1.79 79,116 Kuwait Business Town Real Es 52.70 2.33 2,264,482 Bank Sohar 0.13 0.00 179,796 Hail Cement 8.05 -0.49 78,735 Future Kid Entertainment And 104.00 0.00 4,800 Bank Nizwa 0.09 2.30 697,133 Saudi Re For Cooperative Rei 7.40 -0.94 309,496 Specialities Group Holding C 75.00 -0.66 5,300 Bank Dhofar Saog 0.16 -0.61 11,061 Solidarity Saudi Takaful Co 17.50 -0.79 176,143 Abyaar Real Eastate Developm 18.50 -1.07 382,000 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 18.98 -0.21 331,650 Kgl Logistics Company Kscc 44.30 0.45 690,072 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 11.92 -2.30 54,925 Combined Group Contracting 399.00 -0.25 28,950 Al-Hassan Engineering Co 0.03 0.00 1,278 Saudi Printing & Packaging C 18.10 0.00 127,202 Jiyad Holding Co Ksc 96.80 0.10 1,792,236 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 7.24 -2.16 691,357 Boubyan Intl Industries Hold 31.00 6.53 10,100 Al-Anwar Ceramic Tiles Co 0.09 0.00 - Alinma Bank 21.86 -0.64 11,507,572 Gulf Investment House Ksc 18.00 4.65 227,000 Al Suwadi Power 0.11 0.00 72,167 Almarai Co 53.00 0.19 296,225 Boubyan Bank K.S.C 520.00 0.00 307,992 Al Sharqiya Invest Holding 0.10 0.00 104,070 Falcom Saudi Equity Etf 31.50 0.32 48,942 Ahli United Bank B.S.C 200.00 -1.48 3,893,619 Al Maha Petroleum Products M 0.76 2.15 35,061 United International Transpo 30.60 1.49 446,113 Osos Holding Group Co 97.00 0.00 17,300 Al Maha Ceramics Co Saoc 0.19 0.00 62,732 Hsbc Amanah Saudi 20 Etf 33.05 0.00 - Al-Eid Food Ksc 60.00 0.00 82,938 LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, August 30, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 26,155.30 +91.28 Apple Inc 222.04 1.07 11,782,657 S&P 500 Index 2,912.68 +15.16 Microsoft Corp 111.77 1.36 8,126,086 Nasdaq Composite Index 8,097.13 +67.09 Exxon Mobil Corp 80.74 0.57 2,469,436 S&P/Tsx Composite Index 16,430.49 +74.95 Johnson & Johnson 134.86 0.40 1,758,463 Mexico Bolsa Index 50,148.03 +124.05 General Electric Co 12.80 0.31 14,915,908 Brazil Bovespa Stock Idx 78,583.44 +1,110.26 Jpmorgan Chase & Co 116.21 0.06 3,116,712 Ftse 100 Index 7,563.21 -54.01 Procter & Gamble Co/The 83.69 0.25 1,673,372 Cac 40 Index 5,501.33 +16.34 Walmart Inc 95.98 -0.10 3,824,548 Dax Index 12,561.68 +34.26 Verizon Communications Inc 54.77 0.22 4,161,059 Ibex 35 Tr 9,569.50 -37.00 Pfizer Inc 41.57 0.17 5,594,318 Nikkei 225 22,848.22 +34.75 Visa Inc-Class A Shares 146.95 1.21 2,154,694 Chevron Corp 120.73 0.73 1,473,678 Japan Topix 1,739.60 +7.97 Coca-Cola Co/The 45.40 0.06 5,732,327 Hang Seng Index 28,416.44 +64.82 Intel Corp 48.80 0.46 4,664,819 All Ordinaries Indx 6,456.97 +43.40 Merck & Co. Inc. 68.82 0.28 2,478,758 Nzx All Index 1,652.90 +22.97 Cisco Systems Inc 47.44 1.04 8,375,887 Bse Sensex 30 Index 38,722.93 -173.70 Home Depot Inc 201.68 -0.14 996,358 Nse S&P Cnx Nifty Index 11,691.90 -46.60 Intl Business Machines Corp 147.82 0.84 1,072,105 Straits Times Index 3,243.92 -3.63 Walt Disney Co/The 112.60 0.02 1,346,583 Karachi All Share Index 30,736.02 -21.21 Unitedhealth Group Inc 269.02 0.19 940,130 Jakarta Composite Index 6,065.15 +22.50 3M Co 210.61 0.56 704,829 Mcdonald’s Corp 163.15 0.93 1,283,950 Nike Inc -Cl B 82.99 0.49 2,016,087 United Technologies Corp 133.85 -0.48 1,212,656 Boeing Co/The 350.88 -0.09 817,893 TOKYO Goldman Sachs Group Inc 242.46 0.04 896,884 American Express Co 107.06 -0.21 805,247 0.00 0.00 - Company Name Lt Price % Chg Volume Caterpillar Inc 142.00 0.00 1,411,193 Orix Corp 1,807.50 1.35 3,550,600 Travelers Cos Inc/The 133.20 0.70 362,693 Daiwa Securities Group Inc 675.00 0.03 5,290,900 Softbank Group Corp 10,100.00 -1.32 4,723,700 Mizuho Financial Group Inc 197.00 0.92 87,547,800 Central Japan Railway Co 22,185.00 -0.47 165,400 Nitori Holdings Co Ltd 16,875.00 0.06 181,900 T&D Holdings Inc 1,718.00 2.26 2,493,800 FTSE 100 Toyota Motor Corp 7,070.00 0.63 4,349,400 Hoya Corp 6,587.00 0.30 764,500 Sumitomo Mitsui Trust Holdin 4,509.00 1.14 819,500 Company Name Lt Price % Chg Volume Japan Tobacco Inc 2,972.00 -0.20 4,377,500 Osaka Gas Co Ltd 2,148.50 0.16 752,500 Wpp Plc 1,297.00 -0.31 3,506,741 Sumitomo Electric Industries 1,814.00 1.34 1,868,700 Worldpay Group Plc 0.00 0.00 - Ono Pharmaceutical Co Ltd 2,896.50 1.24 1,416,400 Wolseley Plc 0.00 0.00 - Ajinomoto Co Inc 1,886.00 -0.47 2,039,000 People check their mobile phones as they stand outside the entrance of the London Stock Exchange. The FTSE-100 ended Wm Morrison Supermarkets 266.05 -0.95 7,370,170 Mitsui Fudosan Co Ltd 2,545.00 -0.33 1,844,600 yesterday 0.7% lower at 7,563.21 points. Whitbread Plc 3,989.00 -0.70 1,088,771 Daikin Industries Ltd 13,940.00 0.54 643,700 Vodafone Group Plc 172.94 -1.29 54,268,611 Toray Industries Inc 840.70 0.15 5,843,100 United Utilities Group Plc 729.40 1.53 3,430,642 Bridgestone Corp 4,157.00 0.36 1,917,000 Unilever Plc 4,452.00 -0.76 1,814,656 Sony Corp 6,292.00 1.93 6,275,400 Tui Ag-Di 1,444.50 -0.55 1,377,416 Astellas Pharma Inc 1,919.50 0.50 5,560,900 Travis Perkins Plc 1,127.50 -2.30 862,442 Jxtg Holdings Inc 800.50 0.41 9,262,100 Tesco Plc 249.90 -3.21 39,620,235 Nippon Steel & Sumitomo Meta 2,292.00 0.66 2,869,200 Taylor Wimpey Plc 168.65 -1.17 9,359,343 Suzuki Motor Corp 7,354.00 0.74 1,622,100 Standard Life Plc 0.00 0.00 - Britain’s FTSE 100 shares Nippon Telegraph & Telephone 4,997.00 -0.30 2,563,400 Standard Chartered Plc 642.40 -1.55 6,670,400 Sompo Holdings Inc 4,861.00 1.14 821,300 St James’s Place Plc 1,154.00 -0.90 759,767 Daiwa House Industry Co Ltd 3,446.00 -2.35 2,102,600 Sse Plc 1,250.50 -0.87 2,419,899 Komatsu Ltd 3,189.00 1.66 4,566,300 Smith & Nephew Plc 1,374.00 -0.79 1,193,138 West Japan Railway Co 7,500.00 -0.17 332,200 Sky Plc 1,544.00 -0.06 906,675 Murata Manufacturing Co Ltd 19,075.00 0.87 589,000 Shire Plc 4,541.00 -0.46 1,435,977 back off from 2-week high Kansai Electric Power Co Inc 1,613.00 0.81 1,471,500 Severn Trent Plc 1,972.00 0.03 752,254 Denso Corp 5,482.00 1.74 1,518,600 Schroders Plc 3,090.00 -1.31 315,844 Dai-Ichi Life Holdings Inc 2,133.00 1.33 2,550,000 Sainsbury (J) Plc 333.30 -0.33 4,544,123 Mazda Motor Corp 1,303.50 -0.42 3,975,600 AFP markets UK. “Investment with post-Brexit Britain London Capital Group. Sage Group Plc/The 645.40 -0.89 3,852,094 Mitsui & Co Ltd 1,850.50 1.18 3,913,600 London sentiment was driven higher far beyond any agreements Meanwhile, the Turkish lira Abi Sab Group Holding Ltd 0.00 0.00 - Kao Corp 8,525.00 1.68 1,377,800 Rsa Insurance Group Plc 629.60 -1.35 5,160,603 by the new agreement with made with other countries tumbled to its lowest value Sekisui House Ltd 1,828.00 -1.75 2,283,100 Mexico, and now the focus in the past. against the US dollar in two Royal Mail Plc 464.30 -3.19 3,780,189 Oriental Land Co Ltd 11,830.00 -0.13 400,700 Royal Dutch Shell Plc-B Shs 2,587.00 -1.18 2,840,354 Secom Co Ltd 9,023.00 -0.73 556,100 tock markets mostly is on Canada as they are the The main stock indices weeks, despite Ankara’s at- Royal Dutch Shell Plc-A Shs 2,538.00 -0.99 4,114,007 Tokio Marine Holdings Inc 5,364.00 0.00 1,576,700 moved higher yesterday last piece of the puzzle,” he in Paris and Frankfurt both tempts to reassure investors Royal Bank Of Scotland Group 245.40 -0.41 14,674,772 Aeon Co Ltd 2,359.00 -3.20 4,899,300 as Canada expressed added. fl ipped higher after the an- after Moody’s downgraded its Rolls-Royce Holdings Plc 1,016.00 0.49 2,758,613 Fanuc Corp 22,165.00 -0.61 813,300 S Rio Tinto Plc 3,727.50 -1.07 2,510,396 Daito Trust Construct Co Ltd 16,605.00 0.64 216,600 optimism as it rejoined talks The Dow Jones Indus- nouncement and closed the credit ratings on 20 Turkish Rexam Ltd 0.00 0.00 - Otsuka Holdings Co Ltd 5,060.00 0.46 757,800 on updating the North Atlan- trial Average was up 0.4% day 0.3% higher. fi nancial institutions. Relx Plc 1,732.50 -0.52 2,633,373 Resona Holdings Inc 644.00 1.58 10,013,000 The pound spiked higher, The lira was trading at 6.44 Reckitt Benckiser Group Plc 6,697.00 -0.89 659,241 tic Free Trade Agreement. and the tech-heavy Nasdaq Asahi Kasei Corp 1,633.00 0.28 2,363,100 Canada’s Foreign Minister moved further into record gaining over one cent to to the dollar around 1530 Randgold Resources Ltd 5,086.00 -1.09 421,545 Kirin Holdings Co Ltd 2,684.00 2.72 4,202,300 Prudential Plc 1,745.00 -0.82 2,916,436 Mitsubishi Ufj Financial Gro 685.70 1.71 46,307,100 Chrystia Freeland said she is territory. climb over $1.30. But as a GMT, a drop of around 2.6 on Provident Financial Plc 681.20 -0.38 504,989 Marubeni Corp 930.90 0.56 6,194,900 “optimistic” they can make Also helping sentiment stronger pound depresses the day. Persimmon Plc 2,469.00 -0.76 983,802 Mitsubishi Chemical Holdings 1,018.50 1.29 5,650,300 Pearson Plc 937.60 0.15 2,568,192 progress this week on revising was the Commerce Depart- earnings of many London- It fell by a similar amount Fast Retailing Co Ltd 51,050.00 -1.60 601,400 listed fi rms who make most against the euro, trading at Paddy Power Betfair Plc 7,100.00 -1.25 121,702 Ms&Ad Insurance Group Holdin 3,484.00 0.66 856,500 the 25-year-old trade deal. ment revising up its estimate Old Mutual Plc 0.00 0.00 - Kubota Corp 1,744.50 -1.22 2,341,400 Stocks have jumped higher of growth of the US econo- of their sales abroad, the 7.54 to one euro. Next Plc 5,532.00 -0.18 392,827 Seven & I Holdings Co Ltd 4,557.00 -0.44 1,670,200 this week on news that the my in the second quarter, by FTSE-100 ended the day Lawler noted that Turkish National Grid Plc 809.20 -0.91 5,634,936 Inpex Corp 1,208.00 0.67 2,392,700 United States and Mexico had a tenth of a percentage point 0.7% lower at 7,563.21. bank shares fell alongside the Mondi Plc 2,180.00 -0.91 1,268,194 Sumitomo Mitsui Financial Gr 4,457.00 1.27 5,093,500 Merlin Entertainment 374.40 0.59 1,874,424 Ana Holdings Inc 3,851.00 -0.03 691,400 resolved their diff erences on to 4.2%, with new numbers “Strength in the pound, lira on the Moody’s rating ac- Mediclinic International Plc 492.00 -0.67 838,493 Mitsubishi Electric Corp 1,515.00 -0.59 7,137,000 the pact and now Canada is showing a bigger boost in despite reports an October tion. Marks & Spencer Group Plc 303.90 -0.56 4,429,925 Honda Motor Co Ltd 3,395.00 0.53 2,674,200 London Stock Exchange Group 4,634.00 0.80 541,074 rejoining the talks. corporate spending. deadline for Brexit divorce “It is going to be increas- Tokyo Gas Co Ltd 2,663.50 -0.26 1,166,900 “Equities are largely posi- In Europe, markets were talks is dissolving into a No- ingly diffi cult to get busi- Lloyds Banking Group Plc 60.46 -0.54 164,172,234 Tokyo Electron Ltd 19,185.00 0.87 827,400 Legal & General Group Plc 258.00 -0.50 10,091,135 Panasonic Corp 1,363.00 0.48 5,032,000 tive as traders are hopeful also aff ected by the Euro- vember deadline, saw FTSE ness done in Turkey under Land Securities Group Plc 939.50 1.40 1,874,413 Fujitsu Ltd 810.20 1.87 9,931,000 that trade talks with Canada pean Union’s top negotiator 100 shares back off from a US sanctions and banks are Kingfisher Plc 279.10 -0.29 10,205,505 East Japan Railway Co 10,095.00 -0.39 579,500 will go well,” said market an- saying the bloc is willing to two-week high,” said Jasper the obvious pressure point in Johnson Matthey Plc 3,568.00 -1.68 441,512 Itochu Corp 1,965.00 0.54 3,401,200 Itv Plc 163.95 -0.49 16,018,552 Fujifilm Holdings Corp 4,691.00 0.21 1,510,000 alyst David Madden at CMC strike an “ambitious” deal Lawler, head of research at markets,” he said. Intu Properties Plc 161.75 0.43 5,569,079 Yamato Holdings Co Ltd 3,346.00 -0.45 1,067,400 Intl Consolidated Airline-Di 706.80 -0.65 2,506,436 Chubu Electric Power Co Inc 1,644.50 0.24 809,800 Intertek Group Plc 5,240.00 -1.09 222,876 Mitsubishi Estate Co Ltd 1,840.00 0.00 2,230,000 HONG KONG HONG KONG Intercontinental Hotels Grou 4,830.00 0.25 534,857 Mitsubishi Heavy Industries 4,167.00 0.07 819,100 Inmarsat Plc 556.20 -1.24 1,173,359 Shiseido Co Ltd 7,670.00 0.42 1,286,400 Informa Plc 781.00 0.00 2,807,532 Shionogi & Co Ltd 6,366.00 0.94 1,274,800 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Imperial Brands Plc 2,768.00 -0.77 1,608,374 Recruit Holdings Co Ltd 3,399.00 -0.90 3,474,600 Aluminum Corp Of China Ltd-H 3.43 0.88 31,184,425 Hutchison Whampoa Ltd 0.00 0.00 - Hsbc Holdings Plc 684.90 -0.83 19,786,595 Japan Airlines Co Ltd 3,969.00 0.23 1,516,100 Bank Of East Asia Ltd 28.95 1.40 3,131,007 Ind & Comm Bk Of China-H 5.87 -0.17 146,490,879 Hargreaves Lansdown Plc 2,182.00 -0.50 633,761 Nitto Denko Corp 8,649.00 2.13 954,300 Bank Of China Ltd-H 3.61 -0.55 237,332,367 Li & Fung Ltd 2.30 -2.54 36,708,621 Hammerson Plc 492.40 0.41 4,775,045 Kddi Corp 2,951.00 -0.52 5,456,700 Bank Of Communications Co-H 5.76 0.00 25,484,519 Mtr Corp 40.90 0.37 2,187,663 Glencore Plc 324.85 -0.78 25,124,078 Rakuten Inc 824.80 3.05 16,888,500 Belle International Holdings 0.00 0.00 - New World Development 10.74 1.32 8,695,427 Glaxosmithkline Plc 1,600.00 -0.15 6,485,671 Kyocera Corp 6,917.00 -0.27 1,072,600 Boc Hong Kong Holdings Ltd 38.45 -2.04 16,287,963 Petrochina Co Ltd-H 6.07 1.34 98,296,522 Gkn Plc 0.00 0.00 - Nissan Motor Co Ltd 1,052.00 -0.05 9,190,700 Fresnillo Plc 934.60 -2.42 1,627,063 Cathay Pacific Airways 11.86 0.51 2,760,956 Ping An Insurance Group Co-H 75.90 0.33 29,785,230 Experian Plc 1,942.50 0.91 3,098,532 Ck Hutchison Holdings Ltd 91.20 1.84 8,348,701 Power Assets Holdings Ltd 55.40 0.45 3,143,398 Easyjet Plc 1,552.50 -1.05 1,304,298 China Coal Energy Co-H 3.35 0.30 4,928,385 Sino Land Co 13.26 1.07 5,153,273 Dixons Carphone Plc 168.50 -1.09 3,580,644 China Construction Bank-H 7.09 -0.28 249,691,665 Sun Hung Kai Properties 120.00 0.33 2,657,613 Direct Line Insurance Group 332.00 -1.51 3,150,945 China Life Insurance Co-H 18.54 -0.75 31,294,109 Swire Pacific Ltd - Cl A 90.85 1.51 1,023,284 Diageo Plc 2,731.00 -0.40 3,197,652 China Merchants Port Holding 16.06 0.63 4,036,619 Tencent Holdings Ltd 360.80 -1.26 15,732,722 Dcc Plc 7,115.00 -0.14 99,657 China Mobile Ltd 75.00 0.94 18,202,941 Wharf Holdings Ltd 22.65 1.12 3,031,907 Crh Plc 2,627.00 0.77 1,495,788 China Overseas Land & Invest 25.10 -0.40 8,982,825 Compass Group Plc 1,675.00 -1.00 2,538,411 China Petroleum & Chemical-H 7.94 0.25 80,010,934 Coca-Cola Hbc Ag-Di 2,645.00 0.08 458,357 China Resources Beer Holding 35.15 0.43 2,371,700 Centrica Plc 142.85 0.63 26,140,168 China Resources Land Ltd 27.90 -1.59 13,812,596 Carnival Plc 4,693.00 1.10 738,255 China Resources Power Holdin 14.22 1.14 3,016,695 Capita Plc 142.20 -2.20 3,787,823 China Shenhua Energy Co-H 17.70 1.03 21,397,958 Burberry Group Plc 2,310.00 -0.65 1,944,711 China Unicom Hong Kong Ltd 9.31 0.11 17,190,067 Bunzl Plc 2,392.00 2.88 1,898,395 SENSEX Citic Ltd 11.20 0.36 8,790,732 Bt Group Plc 222.55 -0.98 16,390,046 Clp Holdings Ltd 92.80 0.65 1,819,160 GCC INDICES British Land Co Plc 641.80 0.72 2,655,094 Company Name Lt Price % Chg Volume Cnooc Ltd 13.86 0.14 60,364,762 Indices Lt Price Change British American Tobacco Plc 3,837.00 -1.41 2,415,977 Cosco Shipping Ports Ltd 8.44 3.05 6,625,789 Doha Securities Market 9,835.55 22.79 Bp Plc 554.60 -0.91 20,862,590 Zee Entertainment Enterprise 505.00 -1.12 2,370,657 Esprit Holdings Ltd 1.98 -1.00 3,540,180 Saudi Tadawul 8,018.54 -18.02 Bhp Billiton Plc 1,696.20 -0.70 5,548,681 Yes Bank Ltd 365.15 -1.47 31,793,876 Fih Mobile Ltd 1.07 1.90 2,307,399 Kuwait Stocks Exchange #N/A N/A #N/A N/A Berkeley Group Holdings/The 3,674.00 0.22 840,240 Wipro Ltd 296.75 0.39 1,933,521 Hang Lung Properties Ltd 16.04 2.43 5,032,503 Bahrain Stock Exchage 1,341.57 -5.29 Barratt Developments Plc 541.40 -0.70 3,210,491 Vedanta Ltd 228.05 -0.98 33,456,405 Hang Seng Bank Ltd 213.00 1.53 1,125,508 Oman Stock Market 4,431.24 +20.99 Barclays Plc 181.44 -1.23 29,370,478 Ultratech Cement Ltd 4,401.95 -0.58 186,115 Henderson Land Development 42.15 1.08 3,514,859 Abudhabi Stock Market 4,963.25 +6.49 Bae Systems Plc 618.00 -0.10 4,543,059 Tech Mahindra Ltd 734.45 -0.22 3,714,299 Hong Kong & China Gas 16.00 0.13 10,190,444 Dubai Financial Market 2,832.05 +13.86 Babcock Intl Group Plc 729.80 -0.46 1,951,631 Tata Steel Ltd 594.20 0.65 11,234,405 Hong Kong Exchanges & Clear 229.80 -0.17 4,525,150 Aviva Plc 491.70 -0.75 6,671,923 Tata Power Co Ltd 76.90 2.74 6,205,952 Hsbc Holdings Plc 70.15 -0.07 14,273,227 Astrazeneca Plc 5,889.00 -0.44 1,261,794 Tata Motors Ltd 261.70 0.65 5,525,327 Associated British Foods Plc 2,320.00 1.49 1,257,367 Tata Consultancy Svcs Ltd 2,072.00 0.14 1,622,761 Ashtead Group Plc 2,397.00 -0.75 1,117,578 Sun Pharmaceutical Indus 621.25 0.01 4,759,173 Arm Holdings Plc 0.00 0.00 - State Bank Of India 309.70 1.42 25,859,108 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Antofagasta Plc 832.40 -1.77 3,668,707 Reliance Industries Ltd 1,294.20 -1.88 11,647,774 Anglo American Plc 1,596.60 -1.83 3,312,310 Punjab National Bank 84.15 1.51 24,936,964 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Admiral Group Plc 2,079.00 -0.43 730,824 Power Grid Corp Of India Ltd 193.05 -2.08 3,987,969 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank 3I Group Plc 910.40 -0.78 1,101,068 Oil & Natural Gas Corp Ltd 177.00 1.37 6,554,227 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on #N/A 0.00 0.00 - Ntpc Ltd 166.05 -1.34 3,216,839 Maruti Suzuki India Ltd 9,368.10 -0.63 466,808 this data.” Mahindra & Mahindra Ltd 983.85 0.34 1,863,018 Lupin Ltd 887.10 -1.62 2,921,371 Larsen & Toubro Ltd 1,351.55 -0.30 1,559,070 Kotak Mahindra Bank Ltd 1,288.60 0.27 1,584,807 CURRENCIES Itc Ltd 312.80 0.37 11,024,263 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Infosys Ltd 1,410.10 -1.02 3,041,917 DINAR DINAR Indusind Bank Ltd 1,905.55 -1.45 1,181,853 CURRENCIES $ QATAR RIYAL SAUDI RIYALS UAE DIRHAMS BAHRAINI DINARS KUWAITI DINARS Idea Cellular Ltd 49.55 -3.03 32,308,568 US DOL 1.000000 3.641500 3.750000 3.672700 0.377000 0.302610 Icici Bank Ltd 340.65 0.52 19,329,852 Housing Development Finance 1,956.25 0.06 2,413,130 EURO 1.167400 4.251087 4.377750 4.287510 0.440110 0.353267 Hindustan Unilever Ltd 1,755.85 -0.87 823,747 AUS DOL 0.730700 2.660844 2.740125 2.683642 0.275474 0.221117 Hindalco Industries Ltd 236.85 -0.90 12,609,930 CAN DOL 1.292700 2.816972 2.900905 2.841108 0.291638 0.234091 TOKYO Hero Motocorp Ltd 3,246.10 0.41 314,246 SING DOL 1.365700 2.666398 2.745845 2.689244 0.276049 0.221579 Hdfc Bank Limited 2,078.50 -0.78 2,563,182 HKG DOL 7.849300 0.463927 0.477750 0.467902 0.048030 0.038552 Hcl Technologies Ltd 1,032.85 -0.76 2,148,144 Company Name Lt Price % Chg Volume Grasim Industries Ltd 1,075.00 0.27 1,140,060 STERLING PD 1.290000 4.697535 4.837500 4.737783 0.292248 0.390367 Gail India Ltd 367.45 0.88 5,465,368 EGY.POUND 17.915000 0.203265 0.209322 0.205007 0.021044 0.016891 Hitachi Ltd 735.60 0.60 8,988,000 Dr. Reddy’s Laboratories 2,383.85 -1.27 672,965 NEW ZEALAND DOL 0.671200 2.444175 2.517000 2.465116 0.253042 0.203112 Takeda Pharmaceutical Co Ltd 4,594.00 -1.42 3,235,400 Coal India Ltd 286.30 -2.85 4,151,222 LBP 1508.000000 0.002415 0.002487 0.002435 0.000250 0.000201 Jfe Holdings Inc 2,480.50 0.55 1,993,600 Cipla Ltd 643.50 -0.74 2,040,337 SWISS FR 0.976400 3.729517 3.840639 3.761471 0.386112 0.309924 Sumitomo Corp 1,832.00 0.36 2,898,300 Cairn India Ltd 0.00 0.00 - Canon Inc 3,576.00 0.14 1,773,200 Bosch Ltd 20,077.80 6.32 35,134 DANISH KR 6.388500 0.570009 0.586992 0.574892 0.059012 0.047368 Nintendo Co Ltd 39,230.00 1.45 1,691,400 Bharti Airtel Ltd 374.90 -0.50 4,144,532 SWEDISH KR 9.162100 0.397453 0.409295 0.400858 0.041148 0.033028 Eisai Co Ltd 9,764.00 0.22 725,200 Bharat Petroleum Corp Ltd 361.70 0.88 3,483,328 NORWEGIAN KR 8.355300 0.435831 0.448817 0.439565 0.045121 0.036218 Isuzu Motors Ltd 1,645.50 1.04 1,785,000 Bharat Heavy Electricals 80.65 3.80 21,803,209 INDIAN RUP 70.535000 0.051627 0.053165 0.052069 0.005345 0.004290 Unicharm Corp 3,450.00 -0.43 676,000 Bank Of Baroda 147.70 2.68 20,661,345 Shin-Etsu Chemical Co Ltd 10,670.00 -0.47 1,032,100 Bajaj Auto Ltd 2,689.10 0.18 318,882 SRILANKA 161.200000 0.022590 0.023263 0.022783 0.002339 0.001877 Smc Corp 37,700.00 -0.68 207,600 Axis Bank Ltd 656.90 -0.48 14,170,572 PAK RS 122.170000 0.029807 0.030695 0.030062 0.003086 0.002477 Mitsubishi Corp 3,199.00 1.23 3,535,200 Asian Paints Ltd 1,394.00 -0.96 804,838 JORDAN DINAR 0.709000 5.136107 5.289140 5.180113 0.531735 0.426812 Asahi Group Holdings Ltd 5,011.00 0.34 1,014,800 Ambuja Cements Ltd 233.15 -1.37 1,860,520 OMANI RIAL 0.384960 9.459424 9.741272 9.540472 0.979323 0.786082 Keyence Corp 62,010.00 -1.46 369,200 Adani Ports And Special Econ 385.90 -0.27 3,467,605 JAP YEN 111.200000 0.032747 0.033723 0.033028 0.003390 0.002721 Nidec Corp 16,030.00 0.88 595,500 Acc Ltd 1,613.50 -0.63 671,856 Nomura Holdings Inc 518.00 0.97 11,803,100 BANGLA TAKA 83.850000 0.043429 0.044723 0.043801 0.004496 0.003609 Daiichi Sankyo Co Ltd 4,378.00 2.58 1,260,000 Subaru Corp 3,340.00 -0.21 2,024,700 FX SPOT / FORWARDS / OPTIONS / FIXED INCOME (BONDS) Ntt Docomo Inc 2,901.00 0.82 3,510,500 Contact Commercialbank Treasury: 4420 2256 /4420 2205/ 4420 2231 / 44202260 Sumitomo Realty & Developmen 3,829.00 0.10 1,382,000 Sumitomo Metal Mining Co Ltd 3,661.00 1.55 2,112,100 AS OF LONDON CLOSE 29 August 2018

Gulf Times 10 Thursday, August 30, 2018 BUSINESS Toyota plans to triple car production in China by 2030

Bloomberg market where VW, GM and local manufactur- yesterday. They have fallen 2% this year, com- Tokyo ers such as Geely Automobile Holdings Ltd are pared with about a 6.5% decline for an index of strengthening their presence with line-ups Japanese car manufacturers including Toyota. heavily featuring plug-in vehicles. The company plans to expand capacity in oyota Motor Corp is aiming to triple Geely, controlled by billionaire Li Shufu, Tianjin by 120,000 units annually with lo- car production in China by as soon as overtook all its Japanese rivals to became Chi- cal partner China FAW Group Co, according T2030 in a renewed push to make up lost na’s third-biggest automaker by sales this year. to a document posted on a local government ground in the world’s biggest market, accord- By contrast, Toyota had to delay the intro- website. The investment will total 1.76bn yuan ing to people familiar with the plan. duction of a plug-in hybrid Corolla until next ($259mn), with 110,000 of the vehicles being Asia’s largest automaker is targeting to year, with an EV version of its compact crosso- plug-in hybrids and the remainder EVs, ac- manufacture 3.5mn vehicles annually in China ver C-HR not due until 2020. cording to the document. around that year while boosting imports to the The China push is one way Toyota is adapt- Additionally, Toyota will build a new fac- country to half a million vehicles, the people ing to fast changes in the car market – a focus tory in Guangzhou with its other local partner, said, asking not to be identifi ed as the internal on self-driving vehicles is another. Guangzhou Automobile Group Co, capable of goal is private for now. On Tuesday, Toyota said it is investing producing 200,000 vehicles a year, Nikkei re- Toyota can currently produce 1.16mn cars in $500mn more in Uber Technologies Inc and ported over the weekend. China annually, and sold 1.3mn there last year that it plans to manufacture minivans loaded The joint venture is also expanding its ex- for a 4.5% market share. with the US company’s software, with testing isting facilities to make an additional 120,000 Volkswagen AG and General Motors Co de- slated to begin on Uber’s ride-sharing network cars, bringing annual capacity to 1.7mn units livered more than 4mn each. in 2021. Some of the China-made vehicles may by 2021, the newspaper said. The foray comes as Chinese offi cials warm be bound for other markets in Asia. Toyota said it is studying how to reinforce its to the hybrid technology that Toyota pio- Nanfang Daily, the Guangdong provincial organisation to accelerate its Chinese business, neered with the Prius, amid a realisation that government’s offi cial newspaper, cited Toyo- but declined to comment on specifi c moves. electric vehicles alone probably won’t be able ta’s top China executive as saying the country Toyota said it positions China as one of the to achieve Beijing’s ambitious environment would become a hub for the company’s NEV most important countries within the global targets, two of the people said. exports to the rest of Asia. market. The plans don’t come without chal- The government is aiming for a fi fth of car Toyota declined to confi rm the comments. lenges. After years of rapid growth, the Chi- sales by 2025 to be so-called new-energy ve- The Toyota City-based company aims to nese market is showing signs of cooling. hicles, which include pure EVs and plug-in boost Chinese capacity to 2mn vehicles annu- Auto sales expanded just 3% in 2017, the hybrids. ally by the early 2020s on its way to the 3.5mn- slowest rate in recent years, with a similar pace Stringent quotas for NEV production go into vehicle-a-year production target, two of the forecast for the current year, according to the An employee checks newly produced cars at a Toyota factory in Tianjin, China. Asia’s largest automaker is force from next year. people said. state-backed China Association of Automo- targeting to manufacture 3.5mn vehicles annually in China by 2030. Toyota is working to correct its course in a Shares of the automaker rose 0.6% in Tokyo bile Manufacturers.

India expects clarity on Iran Indonesia and Australia likely to oil cut after US meeting

Reuters announce trade tie-up tomorrow New Delhi

Reuters Pambagyo said teams from the the India will not completely Jakarta two countries were working “expe- halt Iranian oil imports and ditiously to conclude negotiations”. will finalise its strategy on “Many gaps have been closed crude purchases from Tehran he leaders of Indonesia and while a few remaining gaps look after a meeting with top US Australia hope to announce quite possible to be closed as well,” off icials next week, a senior T tomorrow the completion of said Pambagyo, the ministry’s direc- government off icial said. negotiations on an economic part- tor general of international trade ne- US Secretary of State Mike nership pact aimed at boosting trade gotiations. Pompeo and Defence between the neighbours, foreign The deal, which has been dis- Secretary Jim Mattis will ministry officials said. cussed since 2012 and was initially hold high-level talks with Australia’s new prime minister, due to be completed last year, should India’s Foreign Minister Scott Morrison, will meet President be signed later in 2018 after a legal Sushma Swaraj and Defence Joko Widodo at the Bogor palace vetting of documents, he added. Minister Nirmala Sitharaman south of Jakarta on his first overseas Indonesian officials declined to on September 6, in what is trip since taking office last week af- divulge further details, but media known as a 2+2 dialogue. ter winning an internal party leader- reports said rules on farm goods, “Definitely we are not going ship challenge. such as Australian cattle exports to to zero” (purchases), said Occasionally rocky ties between Indonesia, could be revised. the off icial, who has direct the two countries have warmed Despite being close geographical- knowledge of India’s oil recently, with Australia’s former ly, Australia was only the 14th-big- purchase policy and did not prime minister, Malcolm Turnbull, gest buyer of Indonesian products in wish to be identified. appearing to enjoy a good rapport 2017, while Indonesia was the 10th- When asked if more clarity on with Widodo. largest export destination for Aus- India’s Iranian oil purchases “This is good momentum because tralia, International Monetary Fund would emerge after the everywhere else in the world we are data shows. dialogue, the off icial said seeing a rise in protectionism,” In- Indonesian data shows two-way “yes, that is the highest level donesian foreign ministry spokes- trade was worth $8.5bn in 2017, with of meeting we will have with man Arrmanatha Nasir told a brief- a deficit of $3.5bn on Indonesia’s the US”. ing, calling the pact a “win-win side. Measures to boost exports, The United States is pushing solution” for the two countries. such as securing market access for all countries to halt oil Director for East Asia and Pacific Indonesian products through FTAs, imports from Iran after Edi Yusuf said the two sides hoped are a priority for Widodo’s govern- President Donald Trump to finalise negotiations on the In- The new Australian Prime Minister Scott Morrison attends a news conference in Canberra. Morrison will meet Indonesian ment as it tries to support a slid- withdrew from a 2015 deal donesia Australia Comprehensive President Joko Widodo at the Bogor palace south of Jakarta on his first overseas trip since taking off ice last week after ing rupiah currency. Morrison and between Iran and six world Economic Partnership Agreement winning an internal party leadership challenge. Widodo are also expected to sign a powers and ordered a re- (CEPA) later yesterday. strategic comprehensive partnership imposition of sanctions on The CEPA covers not just free as intellectual property, Yusuf said. ian investors, allowing up to 67% barred from majority ownership in and pacts on transport cooperation, Tehran. trade pacts in goods, but also serv- The agreement will free up Indo- foreign ownership, Yusuf said. an Indonesian university. creative economy efforts and cyber India, Iran’s top oil buyer after ices and rules on investment as well nesia’s university sector for Austral- Foreign investors are currently Trade ministry official Imam technology. China, has so far not decided on the size of any cut to Iranian imports and continues to seek a waiver from the United States. When cars fly? Japan Trump has threatened that anyone trading with Iran will wants airborne Hyundai to ship China-made cars to not do business with America. US sanctions on Iran’s energy sector are set to be vehicles to take off SE Asia amid erratic sales recovery re-imposed after a 180-day “wind-down period” ending on November 4. AFP working with the Cartivator Reuters Japan. “Hyundai is considering (export- tiveness of domestic rivals. Hyundai Several countries that were Tokyo project are already developing a Seoul/Beijing ing China-made vehicles) to emerging recently replaced the head of its China involved in the 2015 nuclear three-wheeled car that relies on markets such as Southeast Asia,” the venture and gave its research-and-de- deal had attempted to lessen drone technology to take flight. person said. “Europe may also be a con- velopment vice chairman the added re- the blow of fresh sanctions on It might sound like pie in the Toyota and aff iliated yundai Motor Co plans to ship sideration.” sponsibility of overseeing China prod- Iran, and urged their firms not sky, but Japan’s government is companies have invested China-made cars to Southeast Most vehicles foreign automakers uct development. to pull out. banking on a future with flying about ¥42.5mn ($382,000) in HAsia, its China joint venture and build in China with local joint-venture It aims to sell 900,000 cars in Chi- But that has proven diff icult: cars, launching an initiative the project. two people familiar with the matter told partners are destined for the domestic na this year versus 785,000 last year, several European companies yesterday with the private Cartivator is hoping to launch Reuters, as a plunge in Chinese sales has market. however the target is almost half of its have cut ties with Iran, sector to develop futuristic a manned prototype by the left much of its massive local manufac- Among those that export China-made 1.65mn vehicle capacity. arguing they cannot risk vehicles. end of 2019 so it can be used turing capacity idled. vehicles, General Motors Co (GM) ships Should it export from China to South- losing their US business The initiative aims to draw up to light the Olympic flame Hyundai once ranked third by China to the United States and Volkswagen AG east Asia, it may avoid tariffs of up to as the sanctions deadline a roadmap by the end of the when Japan’s capital Tokyo sales alongside affiliate Kia Motors Corp. (VW) plans to export to Southeast Asia. 78% in Vietnam, for instance, on cars approaches. year on commercialising flying hosts the Games in 2020. But just as it opened its fifth factory Zhao Jun, a spokesman at Beijing Au- built in South Korea versus 50% for India has already asked its cars, a concept that so far The manned vehicle, dubbed in the country last year, a diplomatic tomotive Industry Holding Co – Hy- those made in China. refiners to prepare for a remains largely theoretical. SkyDrive, will have four sets dispute saw Chinese consumers turn undai’s Chinese joint venture with Bei- It was unclear what impact any export drastic reduction in imports Japanese government off icials of propellers and be just 2.9 against South Korean goods, damaging jing Automotive Group Co Ltd (BAIC) plans would have on Hyundai’s current of crude from Tehran from are partnering with companies metres (9.5 foot) long and 1.3 Hyundai’s sales and brand image. – confirmed the export plan. Southeast Asia strategy, under which it November, sources told including Boeing and Airbus, metres wide. Diplomatic ties have since normalised “Yes, we plan to export cars to South- is considering building a factory in Viet- Reuters in June. as well as major Japanese But Japan is not alone in the but Hyundai’s recovery has been erratic. east Asia. The earliest could be the end nam or Indonesia. New Delhi has so far not firms like All Nippon Airways, flying car marketplace. The automaker booked China sales of of this year,” Zhao said. South Korea’s trade minister said, to committed to complying fully Japan Airlines, NEC and the Companies researching the 30,018 cars in July, down 40% from July The automaker will decide on models help reduce dependence on China as well with the new US sanctions, Toyota-backed Cartivator. sector include Uber, the last year and its lowest monthly total depending on local demand, he said. as the United States, the government but is prepared to cut Iran oil “Flying cars are expected to Kitty Hawk project backed since the 2008 global financial crisis. Hyundai did not have immediate com- would support firms expanding in Indo- imports to protect its wider solve issues of transportation by Google founder Larry Yet sales for January-July are up 17%. ment. nesia, where Korean automakers’ market exposure to the US financial in remote islands or Page, Lilium Aviation in “A China recovery will take time. Hy- China was once the biggest market for share is 0.1% versus Japan’s 98.6%. system. mountainous areas, or Germany, Safran in France, and undai needs a survival plan,” said one of Hyundai-Kia, whose local production Across Asean, sales of South Korean During the previous round rescue operations and Honeywell in the United States. the people with direct knowledge of Hy- was exceeded only by VW and GM. cars are growing, with those of Hy- of sanctions, India was one goods transport in disaster,” Last month, British engine undai’s China operations, who were not Yet their data showed a market share undai-Kia rising 26% on year to 71,847 of the few countries that trade ministry off icial Shinji maker Rolls-Royce revealed authorised to speak to the media and so of 4.4% compared with 8.1% before the cars in January-June in Indonesia, Ma- continued to buy Iranian Tokumasu said. plans to develop a hybrid declined to be identified. diplomatic spat, and as high as 10.5% in laysia, the Philippines, Thailand and oil, although it had to “We launched the public-private electric vehicle, dubbed the The experience exposed South Ko- 2012. Vietnam, showed data from LMC Auto- reduce imports as shipping, meeting to cultivate a new “flying taxi,” while Kitty Hawk rean companies’ reliance on the Chinese Exacerbating Hyundai’s plight is the motive. insurance and banking industry and make it profitable in June off ered test flights to market, pushing the Seoul government increasing popularity of sport utility The data provider forecast overall ve- channels were choked off in the world market.” people interested in buying its to court counterparts in Southeast Asia vehicles (SUVs) – a segment in which hicle sales in those five countries to grow due to the European and US In Japan, a group of engineers vehicle. where the number of Korean cars is pal- the automaker has relatively few models 5% to 3.29mn vehicles this year from sanctions. try compared with those of neighbouring – as well as heightened price competi- 2017, reaching 3.41mn vehicles in 2019. Gulf Times Thursday, August 30, 2018 11 BUSINESS

Geely bets Cheap fares, costly fuel send on bigger cars for Indian airlines into a tailspin growth AFP with new Mumbai plant argain-basement fares, high oil prices and a tumbling rupee are Bcausing turbulence in India’s Reuters hyper-competitive aviation market, Beijing virtually wiping out airlines’ profi ts and leaving them scrambling to cut costs to survive. hina’s Geely is building India’s aviation sector is expected a new plant to produce a to become the world’s third-largest by Cquarter of a million big- 2025, with passenger numbers increas- ger-sized cars that it expects will ing six-fold over the past decade as a power future growth and help growing middle class take advantage meet its goal of selling more than of better connectivity and inexpensive 2mn vehicles by 2020, two peo- fl ights. ple familiar with the matter said. But experts warn cheap tickets and an Zhejiang Geely Holding Group over-reliance on favourable fuel pricing Co, one of China’s fi ve biggest is unsustainable. automakers and the owner of India’s top two airlines by market Sweden’s Volvo Cars, is building share, IndiGo and Jet Airways, and the facility in the eastern port debt-laden state carrier Air India are all city of Ningbo where it already suff ering fi nancial woes, while Spice- operates an assembly plant, as Jet’s boss has said the industry is in per the sources and information “great stress”. on a Geely-owned construction “The rise in the price of Brent fuel, a bidding procurement website. depreciating rupee and a resulting mis- Once known for its cheaper, match between high fuel prices and low copycat designs and shoddy fares have adversely impacted the Indian quality, Geely has assumed up- aviation industry, including Jet Airways,” market aspirations after the Jet CEO Vinay Dube said this week. Volvo deal and has expanded Brent crude has risen 50% a over the sales signifi cantly since 2016 by past year, while the impact has been ex- banking on smaller, so-called acerbated by the rupee recently touch- An aircraft of India’s IndiGo airline is seen on the runway prior to take off at Indira Gandhi International Airport in New Delhi. Bargain-basement fares, high oil prices and a compact cars. ing a record low of 70 to the dollar. tumbling rupee are causing turbulence in India’s hyper-competitive aviation market, virtually wiping out airlines’ profits and leaving them scrambling to cut costs to survive. The planned capacity increase Then they must pay taxes of up to underscores its ambitions as well 44% on jet fuel, the highest in Asia wiped off the value of Jet’s stock this the next two years and seek investment vals. Air India is about $8bn in the red low as Rs999. Analysts agree that In- as the shift in customer prefer- according to Bloomberg News, all the year and its fi nancial situation has been to help turn around its fortunes. and reported losses of almost Rs58bn dian airlines cannot hold off passing on ences towards bigger vehicles while stumping up billions for new the subject of furious speculation in In- “Airlines can’t solely rely on oil prices for the fi nancial year ending March the rising operating costs to customers such as SUVs and minivans in planes to keep up with passenger de- dian media in recent weeks. being low to bring in profi tability. 2017. much longer. China, the world’s biggest auto mand. That intensifi ed after the carrier They need to be careful with pricing In June, it sought an urgent loan of “Pricing has been irrational and un- market. On Monday, Jet Airways reported a failed to release its fi rst-quarter earn- and manage costs better,” said Amrit Rs10bn to maintain day-to-day opera- sustainable. Airlines will have to raise The new capacity will en- loss of Rs13.23bn ($189mn) for the three ings as scheduled earlier this month, Pandurangi, an independent aviation tions and last week, local media report- fares in the coming months to match able Geely to produce roughly months ended June 30, compared with before fi nally releasing them on Mon- expert. ed it was defaulting on bank loan pay- costs even if it means a subsequent pas- 250,000 more cars a year in a profi t of Rs535mn for the same period day showing a second successive loss. Jet’s struggles are not unique. ments and had sought a $5bn bailout. senger crunch,” Devesh Agarwal, editor Ningbo and add larger cars to a year earlier. In July, it denied a report in the Eco- IndiGo’s profi ts plunged 97% on- A handful of carriers, most notably of the Bangalore Aviation website, told its lineup, as well as ramp up “The key challenge faced by Indian nomic Times that it needed to make ma- year in April-June, sending its stock fugitive tycoon Vijay Mallya’s Kingfi sh- AFP. launches at its new brand Lynk & airlines is on the cost front as 60%- jor cost cuts or face having to shut down plunging. er Airlines, have already gone bust. They also say carriers must lobby the Co, which Geely came up jointly 70% of expenditure is exposed to fl uc- operations within 60 days. And Air India, once the country’s Airlines have to navigate a fi ercely government to reduce taxes. with Volvo. tuations in oil prices and currency mar- But the carrier announced with its monopoly airline and known aff ection- competitive market, with a host of “Indian airlines need to avoid price The plant will have two as- kets,” Binit Somaia, South Asia director earnings Monday that it would imple- ately as the “Maharaja of the skies”, has budget airlines off ering steep discounts wars... and provide a much unifi ed front sembly lines. at the Centre for Aviation (CAPA), told ment a “comprehensive cost reduction been haemorrhaging money for years to attract passengers. to tackle the ongoing crisis,” said Pan- According to information on AFP. Millions of dollars have been programme” amounting to Rs20bn over and losing market share to low-cost ri- Some tickets, before taxes, are as durangi. the Geely-owned website, the automaker plans to spend 3.4bn yuan ($498.31mn) for one of them. The overall investment planned for the plant was not immediately known. ‘China-backed trade pact talks at critical stage’ Geely unveiled two years ago its goal to produce and sell 2mn vehicles and become a major AFP now reached a critical stage,” Prime The pact will group the 10 Asean global automaker by 2020. Singapore Minister Lee Hsien Loong said as members plus China, India, Japan, It has made steady progress he opened a fi ve-day meeting of South Korea, Australia and New towards that, with sales of Geely economy ministers from the Asso- Zealand, and will cover a third of branded vehicles forecast to alks on a China-backed free- ciation of Southeast Asian Nations the world’s gross domestic prod- reach 1.58mn vehicles this year. trade pact have reached a (Asean). uct. A diplomatic source said Sin- Consultancy LMC Automo- T“critical stage”, Singapore’s The Singapore meeting will be gapore, this year’s Asean chair, is tive’s senior market analyst Alan leader said yesterday as he urged joined later in the week by top trade pushing for an agreement on the Kang says global car makers such regional economic ministers to seal offi cials from Asean’s main trading RCEP before handing over the as Ford Motor Co and Hyundai the deal by the end of the year. partners, including China, Japan, chairmanship to Thailand in 2019. Motor Co are now losing mar- The 16-nation Regional Com- Australia and the US. Another source involved in the ket share to Geely in China with prehensive Economic Partnership “After a great deal of work, the talks said Asean leaders hope to customers fl ocking to an array (RCEP), which will be the world’s possibility of substantively con- announce the “substantial conclu- of compact cars Geely has de- biggest free-trade accord if it is cluding the RCEP negotiations is sion” of negotiations during a sum- veloped by benchmarking Volvo agreed, has taken centre stage as fi nally in sight,” he said. mit in November with their main technology and expertise. Washington embarks on a unilat- Lee also warned about escalating trading partners, and they expect Those Geely cars, such as eral, protectionist agenda. tensions between the US and China the pact to be implemented in 2020. the Boyue sport-utility vehicle Covering about half the world’s – who have been locked in a spiral- Beijing is keen to use Washing- and Borui sedan, are priced at population, the RCEP notably ex- ling trade row – and other major ton’s rejection of the TPP to build 100,000 to 160,000 yuan and cludes the US, which had been economies including the eurozone enthusiasm for its own deal and in- 120,000 to 180,000 yuan, re- leading another regional pact – the and Canada. crease infl uence in the region. spectively. “But they need big- Trans-Pacifi c Partnership (TPP) “The RCEP will be an impor- RCEP is a more modest deal that ger, fancier cars to keep growing,” – until President Donald Trump tant signal to the world that Asean prescribes lower and more limited LMC’s Kang said. “Geely needs abandoned it on coming to offi ce members and our partners place regulatory standards. to do that to better compete with early last year. high value on free trade, regional The 11 remaining TPP members global brands.” Geely also needs Singapore Prime Minister Lee Hsien Loong at a press conference in Singapore. Lee warned “The RCEP negotiations have integration and international co- signed a slimmed down version of bigger cars to raise transaction about mounting tensions between the US and China, who have been locked in a trade row. continued for some time, and have operation,” he said. the agreement in March. prices to grow revenue. Pakistan likely to raise gas prices by up to 86% World Bank advises Pakistan govt

Internews consumers is Rs110 per unit against the actual price of Islamabad Rs630 per unit. This way, the consumers are getting a to maintain long-term policies cross-subsidy of Rs520 per unit. The previous government had constituted a sub- The Pakistan Tehreek-e-Insaf (PTI) government is committee of the ECC which finalised the mechanism Internews held yesterday. Finance minister wel- take the lead in economic development of likely to increase gas prices by up to 86% in an eff ort for revising gas prices upwards. Islamabad comed vice president and acknowledged country. to bail out public utilities, which are on the verge of Average gas purchase price for SNGPL from 40 the bank for its continuous partnership The Bank has committed an indicative financial default following delay in notifying revised diff erent sources is Rs630 per million British thermal with Pakistan in extending support to the financing of $11bn to Pakistan under CAS, gas prices. units (mmbtu) whereas its average sale price is Rs390 The World Bank has advised newly elected government over the years. 2014-19. This includes an International The former Pakistan Muslim League-Nawaz (PML-N) per unit. government to maintain long-term poli- The vice president assured the minister Development Association (IDA) backed government had kept gas prices unchanged for This shows a diff erence of Rs240 per unit which is the cies for private sector to maintain higher that his Bank will continue its support to lending of about $1.1bn per year, besides a long time on political grounds, which worsened main reason behind the rising corporate debt level. economic growth and human develop- help implement the agenda for economic additional regional IDA allocations, financial situation of the gas utilities – Sui Southern On August 20, 2018, SNGPL’s payables stood at ment, and has showed its inability to en- growth and social development currently particularly in trade and energy and Gas Company (SSGC) and Sui Northern Gas Pipelines Rs171.1bn including mark-up of Rs28.9bn whereas its hance funding to Pakistan beyond existing being pursued by the new government. International Bank for Reconstruction and Limited (SNGPL). receivables amounted to Rs165.01bn. commitments under the ongoing country An off icial statement quoted Schafer Development lending of about $500mn Off icials said that gas transmission and distribution Of this amount, Rs10.4bn was to be paid by the Water assistance strategy (CAS). as saying that achievement of economic every year. The support will be aimed at companies could halt operations due to the growing and Power Development Authority (Wapda) and Informed sources said that a visiting stabilisation should be an important objec- fixing the macroeconomic imbalances. circular debt as well as unchanged gas prices and the independent power producers (IPPs) for receiving delegation of the bank has ensured full tive for the government and emphasised The bank has committed an indicative present government was expected to revise prices liquefied natural gas (LNG) supply. support to macroeconomic stabilisa- the importance of human capital develop- financing of $11bn to Pakistan under CAS upwards to support the utilities. On the other hand, SSGC’s receivables stood at tion, inclusive growth and human capital ment, macroeconomic stabilisation and 2014-19. This includes an International Economic managers are likely to take this decision in Rs203.6bn, of which Rs83.5bn was against K-Electric, development under the next five-year CAS inclusive growth. Development Association (IDA) backed a meeting of the Economic Co-ordination Committee Rs55bn against Pakistan Steel Mills, Rs13.9bn against 2019-24. He also reaff irmed World Bank’s support lending of about $1.1bn per year, besides (ECC) scheduled for late yesterday. SNGPL (uniform price), Rs3.91bn against SNGPL (net), The delegation emphasised that for to Pakistan in these areas. additional regional IDA allocations, particu- According to off icials, the Ministry of Energy Rs3.53bn against Wapda (JPCL/CPGCL), Rs25.2bn Pakistan to achieve faster growth, it would The Minister for Finance, Revenue and larly in trade and energy and International (petroleum division), in a summary, has proposed in sales tax recovery and Rs18.4bn in income tax need to focus on private sector policies for Economic Aff airs informed the visiting Bank for Reconstruction and Develop- a 30% across-the-board increase in prices for all recovery. a longer time horizon in order to encour- Schafer that the government will take all ment lending of about $500mn a year gas consumers commercial, industrial and power SSGC was to pay Rs69.8bn to Oil and Gas age private investors to unleash their true the requisite measures to implement the to strengthen macroeconomic balances, consumers except for domestic users. Development Company, Rs43.4bn to Pakistan potential. economic reform agenda to help put the evidenced among other things by foreign However for the first slab of domestic consumers, Petroleum Limited and Rs35.6bn to Government It was discussed during a meeting here economy back on track. exchange reserves equal to at least two the division has recommended 86% increase in gas Holdings Private Limited. between Minister for Finance and Revenue He said the new government desired to and half months of imports of goods and prices. It total payables to gas suppliers amounted to Asad Umar and World Bank South Asia enhance the role of private sector and for services and a stable or declining public At present, the gas price for the first slab of domestic Rs148.8bn. Regional vice president, Hartwig Schafer that, private sector will be encouraged to debt to gross domestic product ratio. Thursday, August 30, 2018 GULF TIMES BUSINESS Amazon is said to be on prowl for movies from Sony, Paramount

Bloomberg not to be identified because the animated films Peter Rabbit and Hotel Amazon and Sony have worked Jennifer Salke in February to lead financiers, Sony and Paramount do, Los Angeles discussions are at an early stage. The Transylvania 3: Summer Vacation. together before. For both Jumanji: Amazon Studios. Jason Ropell, the and last year both had deals end or fall options included development funds, Paramount, last among the major Welcome to the Jungle and more head of the company’s film effort, left through. Sony’s deal with LStar Capital as well as money for film production, studios in market share, has had two recently Hotel Transylvania 3, Sony shortly after. was ended and possible funding for Amazon.com Inc, looking for ways said one of the people. major hits - A Quiet Place and Mission: allowed Amazon Prime customers to Netflix scored a coup when it secured Paramount from Chinese investors to off er more films on its streaming Obtaining more movies from the Impossible - Fallout. see the movies in theatres before their rights to Walt Disney Co films like failed to materialise. service, has held discussions with at studios would help Amazon attract It’s not clear what rights Amazon nationwide release. Avengers: Infinity War and Star Wars. Outside funding in Hollywood has least two major Hollywood studios viewers to its streaming service, could obtain. The premium cable Amazon is in the middle of rebooting But Disney now views Netflix as a become more scarce, with the pullback about options that could include which trails Netflix Inc in popularity. network Starz, owned by Lions Gate its Los Angeles-based studio, threat, is launching its own streaming by Chinese investors and the exit of co-financing movies in exchange for The online retailer will spend more Entertainment Corp, has a contract which has produced a number of services, and has said it won’t renew longtime financiers including now certain online rights, according to than $5bn on video programming to show Sony films for years after critically acclaimed projects but that deal when their contract expires at Treasury Secretary Steven Mnuchin people familiar with the matter. this year, according to Bloomberg they leave theatres in a deal that runs few blockbusters. Deals with other the end of the year. and Australian billionaire James Packer. The company held exploratory talks Intelligence. through at least 2021, while the cable producers offer a way to increase Money from Amazon would help Sony Both studios have already produced with executives at Sony Corp’s studio Sony, in fifth place at the box off ice channel Epix, owned by MGM Holdings the volume of high-end movies the and Paramount reduce the financial TV shows for Amazon, including division and Viacom Inc’s Paramount this year, releases the Spider-Man Inc, has a similar accord for Paramount service can offer. The Seattle-based risks associated with moviemaking. Sony’s Sneaky Pete and Paramount’s Pictures, said the people, who asked movies and had successes with the movies. company hired NBC executive While some studios don’t take co- upcoming Jack Ryan series.

Tug of war for oil StanChart may face fresh fi ne sector looking to feast after famine for breach of Iran sanctions Reuters Stavanger, Norway

Bloomberg New York/Washington fter years of restraint since crude prices slumped in 2014, oil services companies are now at log- Agerheads with producers as they battle for what tandard Chartered Plc has already paid they see as a fair share of the sector recovery. a painful penalty for secretly mov- Oil industry suppliers say they have cut costs and Sing billions of dollars through the US prices to the bone and the recent rebound in crude jus- on behalf of Iranian clients, in violation of tifi es better rewards for anything from rigs to logistics sanctions. But a sweeping investigation has and engineering services. found evidence suggesting that the bank’s Their overtures have met with stubborn resistance Iranian business was more extensive than it from producers. admitted, according to fi ve people familiar But there are increasing signs that something has to with the matter. give, including recent strikes at North Sea platforms. Now US authorities are weighing a crimi- “The cost savings that we have achieved over the nal penalty against Standard Chartered and past three years are not sustainable,” said Thierry individual employees, said the people, who Pilenko, Executive Chairman of TechnipFMC, one of requested anonymity to speak about the the world’s biggest oil services groups. probe. “A rig that was once at $600,000 day is now at A coalition of enforcement and regulatory $150,000, which is not even cash breakeven,” he added, agencies, including the Justice Department, referring to rig rental rates.”Cost infl ation will come New York’s Department of Financial Serv- back... ices and the Manhattan District Attorney, The drilling industry working below breakeven is not have fi nished their investigation and may sustainable.” announce the resolution by the end of the The oil market is cyclical by nature — if crude prices year, the people said. fall, so does investment and then output, which in turn Authorities may impose an even bigger drives up prices — and oil services companies ride the fi ne than the $667mn the bank paid in 2012 rollercoaster by using the upturns to raise their prices to penalise it for what they view as conceal- to off set the downturns. ment, though specifi c numbers had not yet Global exploration and production spending shot up been discussed in negotiations as of early by a quarter in 2005, fell 8% in 2009, jumped by about August, according to the people, who de- 12% two years later and then tanked by more than a clined to comment on private talks. In secu- fi fth in 2016, according to data from consultancy fi rm rities fi lings, the bank has said it could face Rystad Energy. a range of civil and criminal penalties stem- Consequently, average rig rates that were about ming from the case, “including substantial $200,000 for a fl oating rig in 2005 more than doubled monetary penalties.” Standard Chartered by 2012 and then fell to about $160,000 last year, Rys- hasn’t set aside specifi c reserves for this tad said. matter. “It is still a feast or famine cycle,” the CEO of oilfi eld “We continue to fully cooperate with the Pedestrians walk past a Standard Chartered bank branch in Hong Kong (file). US authorities are now weighing a criminal penalty against services group Baker Hughes, Lorenzo Simonelli, told investigation regarding our historical sanc- Standard Chartered and individual employees. an industry conference in the Norwegian oil capital of tions compliance and are engaged in ongo- Stavanger. ing discussions with the US authorities,” about the US’s approach to enforcement on holding fi nancial executives to account for and state enforcers for the same behaviour After benchmark oil futures contracts slumped from Julie Gibson, a spokeswoman for Standard issues of key concern under President Don- wrongdoing. - a potential issue in the Standard Chartered more than $110 a barrel in 2014 to less than $30 in early Chartered, said in a prepared statement. ald Trump. He has reasserted a hard line on Since 2009, the US has brought about case given the number of agencies involved. 2016, oil producers cut spending drastically and prom- “While we do not comment on the substance Iran, which the administration views as a three dozen cases against fi nancial fi rms for Under the new policy, Rosenstein said the ised shareholders that cost discipline was here to stay. of those discussions, we look forward to the state sponsor of terrorism and a source of doing business with or handling funds linked Justice Department may credit companies Signs of rising rates have begun to emerge in the US, resolution of this matter.” regional instability, scuttling the nuclear to sanctioned countries and individuals –- for fi nes imposed by other authorities. but oil producers are loath to put the genie back in the Standard Chartered fell as much as 2.2% agreement struck by the Obama administra- primarily Iran, Sudan and Cuba. Almost all In settling the original case, Standard bottle. and was trading 1.8% lower at 11.41am in tion and re-imposing the sanctions regime of those cases were resolved without crimi- Chartered admitted that it hid or disguised “There might be pressure on costs, but we will never London, the worst performer among the that had been in place before. nal charges or through deferred- prosecu- the identity of Iranian clients – includ- forget what we have learned,” Equinor chief executive 40 members in the Bloomberg Europe 500 But at the same time, the Justice Depart- tion agreements, like the one reached with ing the central bank of Iran – in billions Eldar Saetre told the Stavanger conference. Banks and Financial Services Index. ment has promoted smaller penalties for Standard Chartered in 2012. of dollars of transactions through the US Indeed, Equinor’s announcement on Tuesday that it In its annual report, the bank said the US corporate misconduct, while prioritising the Over the past few months, Deputy Attor- from 2001 to 2007. As part of the deferred- plans to drill 3,000 production and exploration wells probe is “examining the extent to which prosecution of individuals. The Obama ad- ney General Rod Rosenstein suggested some prosecution agreement, the bank agreed to off Norway during the next two decades came with a conduct and control failures permitted cli- ministration’s sanctions enforcement pol- companies overpaid for their misconduct have an outside monitor scrutinise its busi- caveat. ents with Iranian interests to conduct trans- icy was characterised by big fi nes but rarely during the Obama administration, and put ness practices and the US agreed to eventu- “There is no room for cost infl ation in those plans,” actions through Standard Chartered Bank.” criminal charges for companies or their ex- in place new policies to stop what he called ally dismiss charges after the bank complied said Arne Sigve Nylund, head of Equinor’s Norwegian How the case is resolved may reveal much ecutives, leading to criticism that it wasn’t a “piling on” of fi nes by multiple federal with a deal. operations. Deutsche Bank CEO stands by global ambitions

Reuters believed it would be “too risky” to leave Frankfurt the role of fi nancing and risk manage- ment up to a few non-European banks. Deutsche Bank is trying to bounce eutsche Bank has no plans to back from three consecutive years of give up its global presence, its losses and has had a run of negative Dchief executive said yesterday, headlines, including an abrupt man- despite sizeable job cuts to try and re- agement reshuffl e, a downgrade by vive profi tability. credit rating agency Standard & Poor’s Since taking the helm in April, and failing the US Federal Reserve’s Christian Sewing has announced plans stress test. to cut the lender’s global equities busi- Sewing said Germany’s largest lend- ness, as well as US bond trading and its er did not have ambitions to return to business that serves hedge funds. its status as a world market leader, as it Speaking at a banking conference in was prior to the global fi nancial crisis. Frankfurt, Sewing said this should not “It would be wrong to say we wanted be seen as a sign of retrenchment. to be number 1, 2 or 3. Of course we “Our global ambitions will not be can’t,” he said. up for debate under my leadership,” Instead the aim is to keep its top po- he said, adding a raft of political crises sitions in certain businesses, such as around the world made it important payment transactions, euro and dollar that Deutsche Bank supported its cus- clearing, and foreign exchange trading. tomers in their global business. For this reason, Deutsche Bank “I am quite convinced that this glo- needs to remain active in investment bal position is just as important for our banking, he said. Sewing’s main aim is economy today as it was after the fall of to restore profi tability at the bank and the (Berlin) Wall.” he said the company needed to make In times of tension between Europe “clear progress” on this in the next 12- and the United States, Sewing said he 18 months.