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BUSINESS FRIDAY 30 AUGUST 2019 15 PAGE | 16 PAGE | 16 BofA chases Britain’s $10 trn private economy weakest capital pool since 2012: driving M&A Survey Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 19.53 QAR/PHP : 14.23 QAR/LKR : 49.32 QAR/BDT : 23.18 EUR/QAR : 4.14 GBP/QAR : 4.55 CAD/QAR : 2.85 AUD/QAR : 2.57 CHF/QAR : 3.85 SGD/QAR : 2.71 KWD/QAR : 12.18 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 Brent oil holds US, France to lead talks on a global digital tax AP tariffs on French wine. above $60 as PARIS Speaking alongside Trump at the G-7 summit in Biarritz, in France and the United States southwestern France, French lower inventories agreed to take leading roles in President Emmanuel Macron talks aimed at reaching a deal on said Monday that France and the a global digital tax by U.S. have reached a “very good boost WTI mid-2020. agreement,” defusing tensions French Finance Minister over the French tax. Bruno Le Maire said yesterday Le Maire and Gurria said REUTERS that both countries will be they hope to have draft LONDON working in a task force with the agreement on the table by the Paris-based Organization for end of the year so that a deal on Brent oil held above $60 a barrel Economic Cooperation and the global tax can be reached in yesterday, withstanding pressure Development. the first semester of 2020. from concerns about economic Brent crude was Le Maire will meet with US Gurria said the French- growth, while a sharp fall in US down 19 cents at Treasury Secretary Steven French Finance and Economy Minister Bruno Le Maire (left) and American deal “will accelerate inventories boosted West Texas $60.30 a barrel by Mnuchin next week in Wash- the OECD Secretary General Jose Angel Gurria during a joint press things. Obviously, with two G-7 conference at the Ministry of economy in Paris, yesterday. Intermediate (WTI) crude futures. 1332 GMT. WTI was ington. Angel Gurria, OECD sec- big players, it will help us a lot to International benchmark retary general, said that about conclude the negotiation in Brent crude was down 19 cents up 32 cents at $56.10 130 countries are involved in the taxes once an international deal about justice and efficiency.” time.” at $60.30 a barrel by 1332 GMT. a barrel, as American process. is in place. The 3 percent French tax, The 36-country OECD, WTI was up 32 cents at $56.10 a crude stocks dropped France and the US “No one can accept that which primarily targets firms which advises developed coun- barrel. last week by 10 announced an agreement this companies make huge revenues using consumer data to sell tries on economic policy, is a “If the API (American week over a French tax on online in a country without being phys- online advertising, has just source of economic data and Petroleum Institute) unex- million barrels, while giants like Google, Amazon and ically present there and therefore entered into force. It had brings together member and pectedly supplied bullets to oil petrol and distillate Facebook. France would reim- without paying taxes on that ter- prompted threats from US Pres- partner countries to work bulls on Tuesday evening so that stocks each fell by 2.1 burse companies any excess ritory,” Le Maire said. “That’s ident Donald Trump about heavy together on key global issues. they could fire from all cylinders, million barrels. the EIA flung the door of the ammunition depot wide open US growth yesterday,” Tamas Varga of oil QSE index gained 314.25 points last week brokerage PVM said. next round of face-to-face trade The US government’s Energy talks scheduled for September, THE PENINSULA Services sector accounted for value. Qatar Fuel accounted for revised down Information Administration said but hopes for progress hinged on DOHA 13.97 percent, and Real Estate 10.14 percent. The Masraf Al on Wednesday that American whether Washington could sector accounted for 7.63 Rayan accounted for 8.15 slightly in Q2 crude stocks dropped last week create favourable conditions. Qatar Stock Exchange’s (QSE) percent. percent. by 10 million barrels, while petrol San Francisco Federal benchmark index gained 314.25 The Banking and Financial When compared on daily AFP and distillate stocks each fell by Reserve President Mary Daly said points, or 3.17 percent, last Service sector led trading basis the QSE index gained WASHINGTON 2.1 million barrels. she is in a “watch and see” mode week when the bourse closed volume during last week with 207.38 points, or 2.07 percent, On Tuesday, industry body as she assesses the need for yesterday at 10,232.85 points. 39.64 percent of the total yesterday compared to The world’s largest economy API said US crude stocks had another US interest-rate cut for Trading value during last trading volume. Real Estate Wednesday’s closing. grew a little more slowly in the fallen by 11.1 million barrels last an economy that has “strong” week increased by 85.06 sector accounted for 22.01 The volume of shares second quarter than previously week. momentum but faces headwinds percent to reach QR1.57bn percent. The Industrials sector traded increased to 92.09 thought, the government US weekly crude production from uncertainty and a global compared to QR851.68m. accounted for 18.76 percent, million from 66.41 million on reported yesterday, with new rose 200,000 barrels per day to slowdown. Trading volume increased by Transportation sector, which Wednesday and the value of data showing weaker oil exports a new record at 12.5 million bpd Concerns about the global 35.53 percent to reach 439.53 accounted for 7.45 percent. shares increased to QR325.14m and local government spending. in the week to August 23, the EIA economy have watered down the million shares, as against 324.29 The Banking and Financial from QR203.85m on GDP expanded in the April- said. Concerns about a slowdown impact of oil production cuts that million shares, while the number Service led trading number of Wednesday. June period by 2.0 percent, in economic growth due to the the Organization of the of transactions rose by 12.37 transactions during last week From the 49 companies down a notch from the initial trade war raging between the Petroleum Exporting Countries, percent, to reach 35,083 trans- with 32.48 percent of the total listed on QSE, shares of 47 saw 2.1 percent growth estimate and United States and China, the Russia and other producers have actions as compared to 31,220 number of transactions. Indus- trading yesterday. From these, well below President Donald world’s biggest oil consumers, been exercising over the past two transactions. trials sector accounted for 33 companies gained, 8 closed Trump’s three percent target, along with the potential hit to oil and a half years. Market cap rose by 2.84 24.33 percent. The Real Estate lower, while shares of 6 com- according to the Commerce demand, are keeping prices in “When they (Opec and its percent to reach QR564.16bn as sector accounted for 17.87 panies remained unchanged. Department. check. allies) really managed to accel- compared to QR548.59bn at the percent, and Telecoms sector Indices of all sectors ended Recession indicators in “Trade tensions (are) hanging erate the price from late 2016 end of previous week, reports QNA. accounted for 9.00 percent. in green zone yesterday. QSE recent weeks have begun to like a dark cloud threatening to onwards they had a big tailwind The Banking and Financial From the 46 listed com- Total Return Index gained 2.07 flash warning signs, and though rain over oil prices,” said Jeffrey of global growth acceleration, Service sector led trading value panies 24 ended last week percent to 18,829.31 points. QSE the American economy is still Halley, senior market analyst at now they have this big negative during last week with 49.57 higher, while 20 fell and two Al Rayan Islamic Index outpacing the rest of the indus- OANDA. headwind of global growth de- percent of the total trading remained unchanged. increased 1.49 percent to trialized world, it has begun to China’s commerce ministry acceleration,” said Bjarne value. Industrials sector The QNB led trading value 3,919.79 points and QSE All sputter worryingly in some said yesterday China and the Schieldrop, chief commodities accounted for 17.54 percent. during last week with 24.55 Share Index increased 2.08 areas. Still, corporate profits United States were discussing the analyst at Nordic bank SEB. The Consumer Goods and percent of the total trading percent to 3,004.42 points. rose in the second quarter, according to newly available figures, after falling at the start MG Motor reveals details of its first-ever 7-seater SUV Singapore to of the year. While largely confirming start new digital economists’ expectations, the THE PENINSULA Tom Lee, SAIC Motor second quarter GDP numbers DOHA Regional Director – the parent banks by 2021 nevertheless marked a sharp company of MG Motor – said: slowdown from the heady pace MG Motor has revealed the first “For the first time in our 95-year BLOOMBERG/SINGAPORE of growth at the start of the details of its first-ever seven-seat history MG Motor is introducing year.