QBA MEETING | Page 3 Qatari businesses seek investments in Australia

Thursday, December 12, 2019 Rabia II 15, 1441 AH AVIATION FOCUS : Page 12 Aviation industry GULF TIMES joins global eff orts against rogue lithium BUSINESS battery shipments

Fed holds rates steady, expects Qatar Airways among moderate growth next year

Reuters Washington

The US Federal Reserve yesterday held interest airlines committed to rates steady and signalled borrowing costs are likely to remain unchanged indefinitely, with moderate economic growth and low unemploy- ment expected to continue through next year’s presidential election. The decision by the US central bank’s rate-setting committee left the benchmark overnight lending rate in its current target range between 1.50% ‘25by2025’ campaign and 1.75%. New economic projections showed a solid By Pratap John dustry itself does not represent the majority of 13 of 17 Fed policy makers foresee no Business Editor diverse world we live in today. We change in interest rates until at least 2021. Geneva know this needs to change. I wel- The other four saw only one rate hike next year. come the 59 airlines that have com- Notably, no policymakers suggested lower rates mitted to 25by2025. It’s an encour- would be appropriate next year, a sign the Fed atar Airways and fi ve other aging step forward in this important feels it has engineered a “soft landing” after a Middle Eastern and African journey and I look forward to many volatile year in which recession risks rose, the Qairlines have already com- more joining the campaign,” said US bond yield curve inverted, and trade policy mitted to the ‘25by2025’ campaign, Alexandre de Juniac, IATA’s director disrupted markets. which seeks to address gender bal- general and CEO. “The Committee judges the current stance ance in civil aviation. The next phase of the campaign of monetary policy is appropriate to support Globally, some 59 airlines have will focus on collecting data on the sustained expansion of economic activity, strong committed to the ‘25by2025’ cam- key areas signatories have com- labour market conditions, and inflation near the... paign, the International Air Trans- mitted to: The number of women symmetric 2% objective,” the Fed said in a policy port Association (IATA) said here in senior positions (as defined by statement after the end of a two-day meeting. yesterday. the airline); the number of women There were no dissents to the policy statement, “We have had incredible response in underrepresented areas within the first without opposition since the April 30- from Qatar Airways when we dis- the airline (e.g., pilots, mainte- May 1 meeting. cussed the campaign with them,” nance and engineering), and the In the midst of an ongoing US-China trade war, said IATA director (Learning and number of nominations and ap- Fed policymakers said they would continue Development) Jane Hoskisson at a Qatar Airways and five other Middle Eastern and African airlines have already committed to pointments to IATA governance monitoring “global developments” in deciding presentation during the Global Me- the ‘25by2025’ campaign, which seeks to address gender balance in civil aviation groups. whether interest rates need to change. dia Day yesterday. IATA is also measuring and re- They also said they would keep an eye on The 25by2025 campaign was or to a minimum representation of  Report annually on key diver- around the globe, with signatories porting on the number of women “muted inflation pressures,” a reflection of con- launched in September this year 25% by 2025. sity metrics. coming from all continents: Europe in senior positions, and the number cern that the pace of price increases has failed to with participating airlines making a  Increase the number of women Collectively, the 59 airlines (36), followed by Asia-Pacifi c (10), of women represented in industry hit the central bank’s target. voluntary commitment to: in under-represented jobs (e.g., pi- that have currently committed to the Americas (seven) and Africa & meetings. After the Fed’s October policy meeting, Fed  Increase the number of women lots and operations) by either 25% 25by2025 represent 30.24% of pas- Middle East (six). The fi ndings will be shared during chairman Jerome Powell said it would take a in senior positions (to be defi ned by against currently reported metrics, senger traffi c, covering both tradi- “Our passengers come from all IATA’s Annual General Meeting and “material” change in the economic outlook for the member airlines) by either 25% or to a minimum representation of tional and low-cost airlines. walks of life, represent diff erent Air Transport Summit in Amster- the Fed to change rates again. against currently reported metrics, 25% by 2025. The initiative has resonated cultures and genders and yet, the in- dam in June 2020. Page 12

Meinhardt to set up three specialist Baladna debuts on QSE, accounts for firms in Qatar expansion plan more than 60% of total trade volume Global engineering firm Meinhardt Group will set “We are here to reaff irm our continued commitment up in Qatar three specialist firms: Engineering to Qatar and our desire to contribute to the contin- By Santhosh V Perumal Procurement Construction Management (EPCM), ued development of Qatar by leveraging our local Business Reporter BIM Studios (MBS) and MGI Capital under the Qatar and international experience,” said Meinhardt group Financial Centre. The expansion, which is part of chief executive Omar Shahzad. the group’s global strategy to establish key hubs for MBS will undertake BIM Services for Meinhardt’s aladna, the holding entity of Qatar’s specialist capabilities, was announced by Singapore- projects in Qatar and will also support Meinhardt dairy major, yesterday made its debut headquartered Meinhardt at an event in conjunction Group’s international projects by operating as a Bon the Qatar Stock Exchange (QSE) with its year-end global board meeting in Doha. centre of excellence (COE) for BIM services. with its equities accounting for more than The event was attended by industry captains The use of BIM augments productivity by removing 60% of total trade volume. including Badr Mohamed al-Meer, chief operating the elements of uncertainty and saves up to 25% in Baladna, listed under the consumer goods off icer of Hamad International Airport, developers, construction time and in costs. and services sector, thus became the 47th financiers and contractors. BIM solutions, together with IoTs (Internet of Things) constituent on the bourse, which is seeking “This is a reflection of the long-term relationship and Artificial Intelligence can be a powerful tool to to be the regional hub for capital markets. between Qatar and Meinhardt to continue the trans- digitally transform facilities management/opera- The listing ceremony was held at the formation of our physical space,” said Qatar Airways tions and predictive maintenance. QSE headquarters in the presence of inves- group chief executive HE Akbar al-Baker. MGI Capital seeks to work with project owners to tors and members of the QSE and members As Qatar is rapidly expanding with the region, there provide feasibility studies, project financing strate- of Baladna’s board of directors. The new is a growing demand for complex projects to be gies to help structure and fund bankable infrastruc- company’s entry into the trading ring was delivered on a fast-track basis. Meinhardt EPCM ture and real estate projects. marked by a ceremonial ringing of the bell in focuses on large scale and multi-site rollout of indus- “These three entities will meet the growing needs the presence of QSE chief executive Rashid trial, infrastructure and building projects. of clients who want to engage a firm that can off er bin Ali al-Mansoori. The group also specialises in new construction a full range of services across a project’s life-cycle. Baladna was listed with the code “BLDN”. Baladna marks its debut on the QSE with the customary ringing of bell. techniques, such as modular construction, Design The new companies will employ a total of 250 highly The opening price on the fi rst day of trading for Manufacturing and Assembly (DfMA). qualified staff in Qatar by 2020” Shahzad said. was QR1.02, the last traded price was QR1, 23% to the existing institutional stakehold- port would provide cushion for the new en- while the highest price was QR1.07 and the ers such as the Qatar General Retirement trant on the QSE. “The earnings graph looks lowest price was QR0.99. Authority, Al Meera, Mwani Qatar and Has- positive” (in the short-to-medium term), The bourse saw as many as 67.34mn sad Food. one of them said. shares valued at QR67.7mn change hands Baladna subscribers’ data have been avail- On the basis of developments in the fi scal across 5,528 transactions. able at the brokerage fi rms since December period ended June 30, 2019, the founders and From today, the price fl uctuation for 8, to allow investors to submit their buy/sell senior management currently expect higher Baladna will be allowed by 10%, up and orders directly to the brokers. revenue growth to be in the range of 150%- down, as the case for all other listed compa- Baladna was established on December 2, 170% for the fi scal year ending December 31, nies. 2019 with an authorised capital of QR1.9bn, 2019 compared to the previous fi scal year, Baladna’s QR1.43bn initial public off ering which is 100% paid in full. The company’s according to Baladna’s IPO prospectus. (IPO), which off ered 75% stake to public, was primary objective is to manage, supervise The expected EBITDA (earnings before successful and it reported oversubscription. and set the business strategy of Baladna interest, taxes, depreciation and amortisa- “We are very satisfi ed. The demand is Food Industries, the beacon of Qatar’s self- tion) margin for the fi scal year ending De- much higher than the off er,” a board member suffi ciency in the dairy sector. cember 31, 2019 is to be in the range of 40%- of Baladna said. Market experts are of the view that the 50%, including government support, which The Meinhardt team is bullish on the prospects in Qatar. Of the 75% off er, as much as 52% was of- dairy sector has high growth potential and is slated to be QR248.7mn for the full year fered to local retail and corporate houses and the government’s direct and indirect sup- 2019. Page 11 Gulf Times 2 Thursday, December 12, 2019 BUSINESS

How Lebanese default would play out: An investor conundrum

Bloomberg Paris on Wednesday. And while donor nations Beirut are unlikely to extend a blank check without a functioning government, diplomats fear a messy default would wreak havoc on a country For many bond investors it’s a matter of when, at the heart of proxy wars in the Middle East. not if, Lebanon restructures its $87bn of debt Some critics, however, would see this outcome as it reels under a deepening financial crisis. as an easy way out for a political establishment Working out what the trigger would be or the that mismanaged the economy and stymied extent of the fallout is another matter entirely. eff orts to end corruption. After repaying $1.5bn Eurobonds that matured Sharing the pain last month, the focus is turning to whether authorities will honour a $1.2bn commitment For caretaker Labour Minister Camille on March 9. Several influential local economists Abousleiman, the new government should and even some off icials say the country should announce a restructuring before the March use its dwindling reserves to pay for imports Eurobond is due, accompanied by a reform instead of creditors. programme that’s preferably backed by a loan Complicating the debate is the nation’s political from the International Monetary Fund. paralysis since mass protests against corruption “We do not want to end up like Venezuela, forced the prime minister to resign in late where priority was given to creditors at the October. The country’s debt risk, measured by expense of basic needs,” said Abousleiman, five year credit-default swaps, climbed above who has acted as principal lawyer for Lebanon’s 2,500 basis points last week and is the highest Eurobond issuance since 1995. globally after Argentina, according to data In Venezuela, the population suff ered from compiled by Bloomberg. shortages of goods including medicine, yet the As politicians haggle over the formation of a government ended up defaulting anyway in new government, some creditors and distressed 2017. debt funds have been asking for documents Supporters of this solution say it would help detailing payment terms, including what would minimise the damage inflicted on creditors, happen in the event of a default, according domestic banks and depositors. Economic to a person with knowledge of the matter. proposals floated locally include reforming the Lebanese police stand outside the entrance to the Association of Banks in downtown Beirut (file). After repaying $1.5bn Eurobonds that matured Government off icials are aware of the requests, loss-making state-owned electricity company, last month, the focus is turning to whether authorities will honour a $1.2bn commitment on March 9. Several influential local economists and even said the person, who asked not to be identified off icial capital controls instead of the informal some off icials say the country should use its dwindling reserves to pay for imports instead of creditors. because the matter is sensitive. limits imposed by banks, higher taxes on the “The market is running out of patience,” said rich and a cap on interest rates. Muddle through an economic reform blueprint that would slash no stranger to turmoil. So far politicians have Anders Faergemann, a London-based money Any revamp of Lebanon’s almost $30bn of the budget deficit. no clear picture of what a future government manager at Pinebridge Investments, which Eurobonds would require the consent of 75% “We have a high conviction about the March Lebanon probably has enough reserves would look like. holds an underweight position in Lebanese of holders voting on a series-by-series basis, bond being paid, but it’s no bargain given to “muddle through” for more than a year Two candidates have publicly withdrawn their bonds relative to the benchmark it follows. Abousleiman said. risks,” analysts at Oxford Economics, including and there’s a chance that external debt isn’t nomination for the premiership and others have “Until investors know who will be in control of Keep it local London-based Nafez Zouk and Carlos de Sousa, touched even after that, said Hans Humes, implicitly declined it. the country’s finances, it will be hard for the said in a December 3 report. “We think the chief executive off icer of the New York-based Lebanon’s dollar debt, most of which trades market to recover.” The government could limit the restructuring to status quo of ‘pay while you can’ will prevail distressed-debt investor Greylock Capital at less than 50 cents, isn’t yet cheap enough Here’s how the saga could unfold: its local-currency debt held by the central bank, because it presents the way of least resistance Management LLC. to interest Humes. That might change if a The quick fi x domestic lenders and other public institutions. for policy makers.” The risk: Surviving to default another day. government isn’t put in place soon, which could Local debt stood at 81tn Lebanese pounds The price on the March bond fell to a record low The mess cause prices to drop further. Few expect it, but Lebanon could avert financial ($54bn) as of September, with the central bank of 77 cents last month, equating to a yield of “The uncertainty of the situation has led to ruin by quickly forming a government that holding about 65% of the total. more than 100%. It has since risen to 86 cents. A disorderly default would shut the country out discussions among creditors to begin some would pledge immediate reforms and receive That plan would spare foreign investors and A senior local banker, who asked not to be of international debt markets, potentially for preliminary discussions on how to organise,” aid from international allies. might be done in a way that avoids substantially named, said this scenario could be introduced years. What’s worse, a collapse of the banking Humes said. “We recognise the uniqueness of France was hosting a support conference in damaging the balance sheets of local banks. hand-in-hand with off icial capital controls and system could fuel unrest in a country that’s Lebanon’s situation.”

Tunisia’s leaders clear fi rst hurdle Turkish banks ‘plan to start asset manager’ for as 2020 budget approved bad loans by March

Bloomberg moderate Ennahda Party that topped Bloomberg The fresh push by some of the Tunis October’s election and must overcome Istanbul nation’s biggest banks to accel- reticence among smaller parties that erate the formation of the asset- remain suspicious of the group’s reli- management company comes after unisia’s parliament backed an gious moorings. urkish banks plan to create eff orts in May failed. Those talks ambitious budget that aims to Alone among the nations convulsed an asset-management fi rm stalled almost as soon as they began Tdouble economic growth next by the series of 2011 uprisings, Tuni- Tby the end of the fi rst quarter amid diff erences over the price and year and narrow the defi cit as a new sia has cemented a vibrant democracy, that will take over their non-per- structure of potential transactions, leadership bids to address the aspira- transferring power in presidential and forming loans so they have more people familiar with the matter said tions of a generation fed up with post- parliamentary elections this year. But room to give out new credit and fuel at the time. Arab Spring stagnation. Jemli and the newly installed president the economy. More recently, the banking regu- The 47.2bn dinar ($16.6bn) spending are political outsiders, propelled to The banks want to attract mul- lator asked lenders to develop their and revenue plan for 2020 is almost a power by widespread frustration with tinational lenders as shareholders, own roadmaps to halving their sixth bigger than this year’s. It foresees the country’s establishment. according to people with the direct non-performing loan ratios, which economic growth of 2.7%, up from an The two men have inherited a stum- knowledge of the matter. The lend- averaged 5.2% in October, and may anaemic 1.4% in 2019, while the budget bling economy weighed down by years ers still need to decide what types on reach 6.3% at the end of the year. defi cit shrinks to 3% of gross domestic Pedestrians walk along Avenue Bourguiba in Tunis (file). Tunisia’s parliament of political infi ghting, protests by pow- NPLs will be transferred to the new Turkey’s banking regulator in product from 3.5% in 2019 and 4.8% in backed an ambitious budget that aims to double economic growth next year erful labour unions and terrorist attacks entity, said the people, who asked September told lenders to reclas- 2018. The bill must still be approved by and narrow the deficit as a new leadership bids to address the aspirations of a in 2015 that damaged the critical tour- not to be identifi ed because the dis- sify 46bn liras ($8bn) of loans as President Kais Saied. generation fed up with post-Arab Spring stagnation. ism industry. cussions have yet to be made public. non-performing by the end of the The bill, whose approval was an- The International Monetary Fund ap- Pressure to ramp up lending is year. It later decided to let lenders nounced by the Wataniya 2 TV channel, Under an amendment, local banks said by phone. Turning the proposals proved a $2.9bn loan for Tunisia in 2016, building after the government set a determine which company loans puts Tunisia’s fi nancing needs at 11.2bn and insurance companies will be sub- into concrete progress will be a ma- and authorities have been struggling to 2020-2022 economic growth target need to be reclassifi ed, and revised dinars next year, with about 8.8bn di- ject to a 3% levy on their profi ts that will jor test for Prime Minister-designate implement some of the fund’s calls for of 5%. Policymakers are intensify- how banks classify credit to once- nars coming from external sources. The go toward funding social-welfare pro- Habib Jemli. But fi rst he must fi nd the spending cuts while grappling with so- ing their eff orts to reduce the ratio troubled companies, potentially North African country sold €700mn at grammes, Iyadh Loumi, the president coalition partners he needs to build a cial issues such as youth unemployment of bad loans by easing measures on helping them avoid adding more its last international bonds sale in July. of the parliament’s fi nance committee, ruling coalition. Jemli is backed by the that’s double the national average. how these are classifi ed. problem loans to their books. Total gets Libya’s nod to acquire Marathon Oil concession

Bloomberg en oil reserves and relies on crude Cairo for most of its revenue, but it has been convulsed by violence since the 2011 overthrow of dictator ibya’s state energy company Muammar Gaddafi . The confl ict approved French oil giant has caused repeated outages in oil LTotal SA’s acquisition of supply. Output from the El-Feel Marathon Oil Corp’s assets in the oil fi eld in southwestern Libya North African country in a deal halted earlier this month in what that could boost the Opec nation’s Sanalla then called a “criminal” production capacity. act. Total is buying Marathon Oil’s The French giant, which has a minority stake in the Waha con- long history of operating in Libya, cessions for $450mn, according said in March last year it had ac- to a statement by Libya’s National quired Marathon Oil’s 16.3% stake Oil Corp. The Paris-based pro- in the large Waha Concessions but ducer has committed to invest an the NOC has since then said the additional $650mn in Waha and deal was still pending approval. boost capacity by 180,000 barrels The NOC has 59.18% of the a day, NOC said. Waha concessions, with Total “After successful negotiations and ConocoPhillips each hold- with Total, I am pleased to report ing 16.33% and Hess Corp the that NOC approves this deal,” the remaining stake. The Waha con- state company’s chairman, Mus- cessions currently pump about tafa Sanalla, said in the statement. 300,000 barrels a day. Total chief executive offi cer Libya is exempt from the out- Patrick Pouyanne said in a state- put cuts that the Organization of ment the company would “engage Petroleum Exporting Countries resolutely with NOC and Waha Oil and its allies agreed last week to Company in order to invest, op- extend until the end of March. The timize the infrastructure and de- country currently produces 1.1mn velop new reserves for the benefi t barrels a day and plans to ramp up of all parties.” output to 1.5mn barrels by the end Total is buying Marathon Oil’s minority stake in the Waha concessions for $450mn, Libya has Africa’s largest prov- of 2020, Sanalla said last week. according to a statement by Libya’s National Oil Corp Gulf Times Thursday, December 12, 2019 3 BUSINESS Umnia Bank board meeting held to discuss 2020 business plans

Umnia Bank’s board of directors not miss this opportunity to extend Sheikh Dr Khalid also thanked the recently held a meeting in Casablanca our thanks and appreciation to the executive management of Umnia Bank to strategise ways to enhance the supervisory authorities in the Kingdom “for the great eff orts they have made bank’s operations and expand its of Morocco for their support, without during the past period.” presence in the Moroccan market, as which we would not have been He stressed that “there are great well as to discuss its 2020 budget and able to move forward at this pace. responsibilities vested with the business plans in the coming years. This certainly reflects the attractive administration because the bank is still Umnia Bank chairman Sheikh Dr investment environment in Morocco in the launch stage” and that it needs Khalid bin Thani bin Abdullah al- and facilitates the role of the banking extra eff ort to consolidate the financial Thani presided over the meeting in sector as one of the main pillars in position and stimulate innovation and the presence of Lotfi al-Saqqat, vice supporting the local business sector. creativity and respond to the needs of chairman of the board, and other board We are completely satisfied with the market. members. customers’ response to what Umnia Sheikh Dr Khalid expressed The board recommended before the Bank off ers and their demand for its optimism about Umnia Bank and its general assembly meeting to increase various services. business performance and the great the capital of Umnia Bank from 600mn “These are evidence of the fact that opportunities that exist to achieve more Moroccan dirhams to 1.1bn dirhams we are heading in the right direction. successes in the Moroccan market. to meet the requirements of the We aspire to put more emphasis on He said this will help the bank create bank’s steady expansion and respond responding to customers’ needs with a solid impression on the Moroccan to the Moroccan market’s need for Umnia Bank chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani presided over the meeting in the presence of a suite of products and services that economy and also contribute to participatory banking services provided Lotfi al-Saqqat, vice chairman of the board, and other board members. meet their aspirations. In fact, creativity building a role model in strengthening by Umnia Bank. on the part of participatory banking fraternal relations between Qatar and In view of the demand from various general assembly meeting. Sheikh Dr final license in March 2017. “During the to establish 29 branches in various services opens up a new horizon to the Kingdom of Morocco. Umnia Bank business sectors and citizens, it was Khalid expressed his “deep satisfaction period that followed, which indeed is Moroccan cities, and it is expected that the Moroccan market, given the recent is the result of a partnership among decided that the issue of capital with the progress Umnia Bank a short period of time, Umnia Bank three new branches will be opened by experience and our ability to transfer QIIB, Credit Immobilier et Hotelier increase be placed as an item for achieved” since its establishment in had many accomplishments in the the end of this year,” he said. our successes in Qatar to the sisterly (CIH), and Moroccan Deposit and consideration at the Umnia Bank’s July 2017 after having obtained the Moroccan market. The bank was able Sheikh Dr Khalid added: “We do Kingdom of Morocco.” Management Fund.

Qatar’s preparations for 2020 Halal expo ‘on track’, says Qatar Chamber offi cial

reparations for the host- year’s Halal expo, which will be ing of the ‘Halal Confer- hosted by Qatar Chamber. Pence & Exhibition’ slated The conference in Istanbul, next year in Doha are “on track,” which saw the participation of according to an offi cial of Qatar 1,200 economic experts from 56 Chamber. countries, was inaugurated by This was raised by Qatar Turkish President Recep Tayyip Chamber board member Dr Erdogan. Mohamed Jawhar al-Mohamed The event discussed ways on the sidelines of the Organi- to eradicate obstacles hinder- sation of Islamic Cooperation ing the increase of investments (OIC) High-Level Public and among OIC member states, and Private Investment Conference ways to encourage investments QBA chairman HE Sheikh Faisal bin Qassim al-Thani welcomes Austrade general manager for the Middle East and Africa Ian Halliday and Australian ambassador Jonathan Muir held recently in Istanbul, Tur- within the organisation, as well during a meeting held in Doha. Also in attendance are QBA board members Sheikh Nawaf bin Nasser al-Thani, Sherida al-Kaabi, and Saud al-Mana, and QBA members Moataz key. as eff orts to streamline doing al-Khayat, Mohamed Althaf, Ihsan al-Khiaymi, as well as QBA deputy general manager Sarah Abdullah. Al-Mohamed also held a business in the region. meeting with Yousef Khalawi, The conference also focused the general secretary of the Is- on several economic sectors, lamic Chamber of Commerce, such as agriculture, mining, Industry and Agriculture, transport, infrastructure, ener- where they reviewed ways to gy, oil and gas, fi nancial servic- enhance co-operation between es, hospitality, tourism, textiles, both institutions regarding next and renewable energy. Qatari businessmen keen to identify business opportunities in Australia he Qatari Businessmen Associa- tunities, and ways to enhance economic ing bridges of communication” and keenness of the state of Qatar to develop tion (QBA) has underscored the relations. developing relations between the two its relations with all countries, and spoke Tinterest of businessmen here to The meeting was led by QBA chair- countries. about QBA’s role in supporting and facili- identify business opportunities in Aus- man HE Sheikh Faisal bin Qassim al- Muir thanked the QBA for hosting the tating means of co-operation between Qa- tralia during a meeting held in Doha yes- Thani and was attended by QBA board meeting, and confi rmed that Halliday’s tari businessmen and their international terday. This was raised during a meeting members Sheikh Nawaf bin Nasser visit aims to enhance mutual co-oper- counterparts. He also shed light on the between QBA and Ian Halliday, General al-Thani, Sherida al-Kaabi, and Saud ation, and also highlighted some of the various fi elds and sectors in which QBA Manager of the Australian Trade and In- al-Mana, and QBA members Moataz investment opportunities being off ered members have their businesses, and which vestment Commission (Austrade) for the al-Khayat, Mohamed Althaf, Ihsan al- by Australia, especially in the food sector. cover most of the economic sectors. Middle East and Africa, and Australian Khiaymi, as well as QBA deputy general Halliday said Australia is known agricul- Muir also invited the QBA to visit Aus- ambassador Jonathan Muir. manager Sarah Abdullah. ture and animal husbandry sector, as well tralia and to study its investment envi- Qatar Chamber board member Dr Mohamed Jawhar al-Mohamed In a statement, QBA said the meeting Sheikh Nawaf said the meeting aims as for sheep breeding. He also added that ronment closely, and explore other in- attending the Organisation of Islamic Co-operation (OIC) comes on the sideline of Halliday’s visit to discuss ways of strengthening trade Australia produces meat, dairy, leather, vestment opportunities. High-Level Public and Private Investment Conference held to Doha to promote investment projects, and investment co-operation, even as and wool in huge quantities and exports According to QBA, members are will- recently in Istanbul, Turkey. discuss potential co-operation oppor- he expressed the importance of “open- them abroad. Sheikh Nawaf discussed the ing to organise a visit soon.

Swagger seeps out of loonie as Canada Pound rally susceptible even if Johnson wins growth concerns intensify

Bloomberg ronto-Dominion Bank assigns Bloomberg in late January as economic growth turns sluggish. London a 55% probability to a large vic- New York The central bank may “not sound as confident at its tory for the ruling party, but next meetings in January and March, likely preparing sees this base case as priced in for a cut in April,” said Brian Rose, senior economist he pound’s rally on bets by markets. The Canadian dollar’s outperformance this year at UBS Global Wealth Management, which has $2.5tn for a win by the ruling “Confi rmation of a solid Tory stunned many, but strategists are not expecting a in invested assets. TConservative party in majority may see a knee-jerk repeat in 2020 – casting doubt on its run as one of “Global growth is set to remain weak into the New this week’s UK election leaves it move higher in cable, but is vul- the best major currencies. Year, and Canadian growth is on a downward path,” he looking vulnerable to the actual nerable to ‘sell the fact’ profi t Just last week, the nation’s central bank cited a said in an e-mail last week. There are more risks to the result. taking and a shakeout of stale tightening labour market as a main reason why it can Canadian dollar’s strength. Investors are still cautious It wouldn’t take much of a positions once the elections buck the global easing trend and keep its policy rate as Washington and Beijing continue to work toward a swing by undecided voters today result is known,” wrote Ned at the highest levels among advanced economies. phase-one trade agreement that has yet to be signed. to turn a strong Conservative Rumpeltin, the bank’s European That upbeat tone didn’t last long when November US President Donald Trump hasn’t ruled out hiking the majority into a weak one, with a head of currency strategy, in a labour force survey showed a surprise job loss, weak- tariff s set to take eff ect on Chinese goods on December lot of areas set to come down to note referring to the pound-dol- ening the loonie by its biggest decline since October. 15, with additional levies likely to reduce the appetite for narrow margins. lar currency pair. Now, clouds are gathering on the prospects for the riskier assets, including commodity-linked currencies. The risk is real, as demon- The pound’s rally on bets for a win by the ruling The pound traded 0.1% weak- Canadian currency, which is in a neck-and-neck race And the outlook for oil prices is still murky. The loonie strated by a YouGov poll on Conservative party in this week’s UK election leaves it er at $1.3150 in London, after with the British pound for the No 1 spot among all its has benefited from Canada’s oil exports. Yet demand Tuesday that successfully pre- looking vulnerable to the actual result falling as much as 0.4% follow- major peers this year. growth is slowing and another big expansion in global dicted the 2017 vote. Sterling ing the YouGov poll. The median Traders see about a 60% chance of a rate cut in the production may be ahead. That fear prompted Saudi slipped from an eight-month ahead of themselves in pricing a since the June 2016 Brexit vote. forecast in Bloomberg currency next 12 months, double what was expected before Arabia to announce deeper production cuts last week high after the poll suggested robust Tory majority,” said Mark After touching an almost three- surveys is for a climb to $1.35 by the jobs data, according to swaps trading. An index as an oversupply crisis could drive international prices Boris Johnson’s party will win Dowding, chief investment of- year low in early September, it the end of 2020, but predictions from Citigroup Inc – which falls when data prove back down toward $50 a barrel. by a smaller majority than pre- fi cer at BlueBay Asset Man- has recovered on expectations wildly diverge depending on worse than forecast – is at the lowest since Septem- There are some wild cards too: The approval of the viously forecast, trimming the agement, which closed a long that Johnson’s gamble to call a how analysts see the election re- ber 2018, indicating that Canada’s growth might be USMCA, a free trade agreement between the US, currency’s world-beating ad- position in the pound against snap poll could pay off by getting sult and what that means for the slowing down at a faster pace than analysts expect. Mexico and Canada that is awaiting passage in US vance in recent months. the euro this week. “This elec- his deal to leave the European Brexit process. “Canada will be more vulnerable to a local growth congress. The ongoing transportation challenges Options show increased de- tion remains pretty unpredict- Union through Parliament. For strategists already bet- slowdown in 2020, to the detriment” of the Canadian in the Canadian energy sector could impact the mand to hedge an unexpected able and although a majority for Polls have consistently sug- ting on a Tory victory, it now dollar, strategists Patrick Locke and Daniel Hui at petrocurrency. election outcome, with bets Johnson seems the most likely gested the Conservatives are comes down to how many JPMorgan Chase & Co said in a recent report. The A leadership change scheduled at the Bank of on the pound weakening at the outcome, we don’t think we can on track for a win, yet the latest seats they can gain: the bigger team expects the currency to weaken and the central Canada after Governor Stephen Poloz announced he highest since the aftermath of rule out surprises on Thursday YouGov survey forecast a ma- the majority, the less likeli- bank to cut interest rates in January. won’t seek a second term. Elevated household debt the June 2016 Brexit referendum. evening.” jority of 28 seats, down from a hood Parliament is once again Currency traders will be eyeing the next batch of has helped to keep the BoC from chasing its peers in “Broadly speaking, we believe The pound has been the mar- bigger majority of 68 predicted trapped in a stalemate and un- economic data and Bank of Canada’s policy decision cutting rates this year. that markets have gone a bit far ket barometer of political risk in its poll two weeks ago. To- able to pass legislation. Gulf Times 4 Thursday, December 12, 2019 BUSINESS

Malaysia’s stock index Most Asia bourses up, but trade set for worst annual drop jitters keep investors on edge since 2008 Bloomberg Kuala Lumpur AFP Hong Kong The funds that won big from Asia’s worst-performing major sian markets mostly rose yes- equity market placed their terday but investors are growing bets on technology stocks. Anervous at the lack of news on Eastspring Investments Small China-US trade talks, with Washington Cap Fund scored a 16.6% return yet to cancel tariff s on a swathe of Chi- in 2019, while Kenanga Syariah nese goods planned for the weekend. Growth Fund returned 15.6%, Negotiators are still trying to ham- topping the list of Malaysian mer out a mini agreement and the mood funds with $100mn or more in on trading fl oors remains upbeat, while assets, Bloomberg-compiled most observers are confi dent the two data show. sides will eventually reach a deal, which That’s even as the bench- has fed a global equities rally for weeks. mark FTSE Bursa Malaysia KLCI However, a fresh round of levies on Index slumped 7.6%, set for the $160bn of Chinese exports to the US is steepest drop since 2008. In due to be imposed on December 15, and contrast, the smaller cap gauge there has been no word from the White has rallied 22%. House on a possible delay to that date. Being prescient has paid off The removal of tariff s is a key de- for Eastspring and Kenanga mand of Beijing’s in the talks. as the export-reliant economy And on Tuesday Donald Trump’s faces headwinds from global top economics adviser Larry Kudlow trade tensions and a muted eco- warned that the measures remained in nomic outlook at home. Both play for now. funds have one strategy in com- “The reality is that those tariff s are mon: the tech sector, which has still on the table,” Kudlow said, al- benefited from trade diversions though he did say that Trump had due to the US-China rivalry. struck a “constructive and optimistic They also expect the tone” on China. Traders work at the Hong Kong Stock Exchange. The Hang Seng index closed up 0.8% to 26,645.43 points yesterday. country’s biggest companies The uncertainty weighed on Wall to rebound after losses this Street, with all three main indexes edg- fl at. “The fact the two sides are negoti- majority of 28 seats, sharply down from are extremely tight and small swings in year being closely watched. Analysts year. The worst may be over for ing down. ating is a positive sign, as it’s when both the 68 forecast in a similar study at the a small number of seats, perhaps from widely expect the central bank to hold Malaysia as investors have set Still, Asian markets reversed early sides are locked in a stand-off without end of November. tactical voting and a continuation of off making any moves on interest rates their expectations low despite losses to sit in positive territory in the communication, then traders get nerv- Sterling has surged in recent weeks Labour’s recent upward trend, means as it assesses the state of the US econ- lingering uncertainties, UBS afternoon. ous,” said David Madden at CMC Mar- — sitting at an eight-month high on the we can’t currently rule out a hung par- omy. In company news, Saudi Aramco Securities said in a report. Hong Kong jumped 0.8% and Shang- kets UK. greenback and a two-and-a-half-year liament,” YouGov political research soared 10% on its trading debut on the “We think the market could hai added 0.2%, while Sydney gained On currency markets the pound peak against the euro — on expectations manager Chris Curtis said. Saudi stock exchange, boosting the en- trend higher once earnings 0.7%. Seoul, Singapore, Taipei and tumbled against the dollar after a fresh Johnson would win a big enough major- “One thing’s for sure: when it comes ergy titan’s valuation to $1.88tn. growth bottoms and confidence Manila were also well in the green, with poll predicted UK Prime Minister Boris ity to push through his Brexit deal. to UK elections, and as history reminds In Tokyo, the Nikkei 225 closed recovers,” according to the Mumbai starting on an upbeat note. Johnson’s ruling Conservatives would But the narrowing polls point to the us, it’s never over till it’s over,” said Axi- down 0.1% to 23,391.86 points; Hong Monday note, which expects But Tokyo fi nished 0.1% lower, with win a much smaller majority than a possibility of another hung parliament, Trader’s Stephen Innes. Kong — Hang Seng ended up 0.8% the benchmark to reach 1,680 Bangkok also down. previous projection. which would lead to more uncertainty The Federal Reserve’s policy decision to 26,645.43 points and Shanghai — by end-2020. In early trade London rose 0.2%, The YouGov opinion poll said the in Westminster and drag out the Brit- later is also in focus, with the central Composite ended up 0.2% to 2,924.42 The KLCI Index rose 0.1% Frankfurt dipped 0.1% and Paris was Tories would win today’s vote, with a ain-EU saga even longer. “The margins bank’s plans for monetary policy next points yesterday. to 1,562.88 in Kuala Lumpur yesterday. Here’s what the funds are buying: Eastspring Investments: The fund expects the tech sec- EM stocks inch up to 2-week high tor’s “bullish trend” to continue Sensex rises from 4-week low for many more years, said Tung Yin Wai, who helps manage Reuters the 807mn ringgit ($194mn) London Bloomberg, Reuters utilities HDFC contributed the most to the Eastspring Investments Small Mumbai Sensex advance, increasing 1% while NTPC had Cap Fund. “We have some the largest gain, rising 2.8% Yes Bank plunged good themes like your 5G, your Developing world stocks 15.3% after its board deferred an announcement data centres and your storage inched up yesterday, while ndia stocks rose yesterday, recovering from on new investors. enterprise, we think it will con- currencies trod water ahead of a four-week low touched in the last session, Meanwhile the Indian rupee was trading tinue to grow regardless of the the conclusion of a US Federal Ias some investors felt the decline to be ex- marginally higher ahead of the outcome of the economic situation,” she said. Reserve policy meeting, with cessive. The S&P BSE Sensex climbed 0.4%, the US Federal Reserve meeting. The domestic cur- Malaysia’s technology index uncertainty over the Sino-US most in a week, to 40,412.57 in Mumbai, with rency touched a fresh one-month high against has jumped 26% in 2019 as trade war adding to the cautious most gains coming in the last leg of the session. the US dollar and was fi rm for the sixth con- companies like Inari Amertron mood. The gauge had slipped to its lowest level since secutive session. and ViTrox Corp reap a windfall Amid swathes of mixed November 13 on Tuesday and was 2% below its The rupee traded at 70.86 a dollar yesterday, from the US-China trade war. headlines over trade talks, record high touched last month. The NSE Nifty up 0.10% from Tuesday’s close of 70.93. The In- Malaysia shipped an additional markets are holding their breath 50 Index added 0.5% today. dian unit had opened 70.83 a dollar. $2bn of tariff -aff ected goods ahead of a December 15 deadline Foreign investors have pumped $13.3bn in In- Asian currencies slipped on confusing signals to the world’s two largest for further US tariff action on dia stocks so far this year, exceeding the high- over whether the US will implement further economies since the levies China, which, if met, could derail est annual infl ow since 2014, according to data tariff s on China ahead of its December 15 meet- were imposed, according to the future negotiations. compiled by Bloomberg. On the other hand, ing as scheduled. Traders also focus on the UK World Bank. “It’s been very quiet today, infl ows into Indian equity funds shrunk to the general election, set for today. Semiconductors and elec- markets haven’t taken it as a lowest in more than three years last month, ac- After cutting rates for three straight times tronic circuits made up the bulk given that the December 15 cording to the Association of Mutual Funds in this year, the Federal Reserve’s Federal Open of exports to US Inari is among tariff s have been avoided,” said India. Market Committee (FOMC) is widely expected the fund’s top holdings, as well Simon Harvey, FX market analyst Retail infl ation and factory output reports are to hold interest rates steady at the conclusion of as glove maker Kossan Rubber at Monex Europe. the conclusion of the Federal one-week high. MSCI’s emerging scheduled for released today. its meeting. Industries and Alliance Bank Stock markets strengthened Reserve’s final policy meeting market currencies index was flat “A short covering by traders was due given The 10-year bond yield was fl at at 6.71%. Malaysia, according to data slightly, as a report on Tuesday this year. While the bank is as the dollar ticked up ahead of that the view on the market has been negative The benchmark Sensex was 0.16% higher at compiled by Bloomberg. suggested that the United States expected to keep rates on hold, the Fed decision. for last many sessions,” said A K Prabhakar, 40,303.47 points. Year to date, it has gained Kenanga Investors: Kenanga may delay Sunday’s deadline. markets will be watching for any The Turkish lira and the Russian head of research at Mumbai-based IDBI Capital 14.48%. In the year so far, the rupee has weak- Investors plans to buy both “There’s not much buying on the suggestions of future action, rouble weakened slightly against Market. “Market is in a narrow trading range but ened 1.53%, while foreign investors have bought big and small stocks next year, headlines necessarily, because along with economic growth the dollar, while the Hungarian stocks are not recovering in the absence of any nearly $13.34bn in Indian equities and $4.49bn said chief executive officer the sentiment can be quickly be prospects in 2020. forint softened against the euro. triggers.” in debt. Ismitz Matthew De Alwis. “We reversed,” Harvey added. “In this uncertain trade The South African rand ticked up “Interest in buying remains low and many Among Asian currencies, South Korean won think smaller caps still have a The MSCI emerging markets environment, they have to wait after touching its weakest level investors are on the sidelines in the absence of was down 0.17%, China Off shore 0.12%, Indo- good chance of outperform- stock index ticked up to a more- for the data to show eff ects against the dollar in nearly three sound triggers to take the index forward,” says nesian rupiah 0.10%, Singapore dollar 0.1%, ing,” he said. “Nonetheless, than two-week high, with Saudi before they start monitoring weeks on Tuesday. Jitendra Panda, who advises clients at Kolka- Philippines peso 0.05%, and China renminbi we still think there could be Arabian stocks marking large their actions,” Monex’s Harvey The country’s headline ta-based Peerless Securities Ltd “We expect 0.05%. However, Thai baht was up 0.07% and a rebound in large caps after gains on the market debut of said. consumer price inflation was the market to slowly start drifting down with Hong Kong dollar 0.05%. two years of negative perform- the now world’s largest listed Chinese stocks closed marginally growing at its weakest pace in concerns on economic growth and absence of The dollar index, which measures the US cur- ance” for the benchmark and company, Saudi Aramco. higher for the day, while Russian 10 years in November, data from strong macro support.” rency’s strength against a basket of major cur- the index of Malaysia’s 100 Markets were also waiting for stocks ticked up to a more-than Statistics South Africa showed. Thirteen of 19 sectoral sub-indexes indexes rencies, was at 97.499, up 0.09% from its previ- biggest firms, he said. compiled by BSE Ltd rose, led by a gauge of ous close of 97.413. Gold’s deal blitz could draw in rest of the mining sector

Bloomberg “Until now, the market has rewarded including in nickel. There would be $10bn gold mega-merger between then Melbourne companies for austerity” amid a chase “plenty of logic” for Rio in adding cop- Newmont Mining Corp and Goldcorp for yield, LaFemina said in a phone in- per producer First Quantum Minerals Inc, companies in the sector includ- terview. “We will see a signifi cant ac- Ltd, according to Barclays Plc. ing Newcrest Mining Ltd have added torrent of deal-making among celeration of M&A activity when global BHP is also seeking to add oil, cop- individual mines, while Kirkland Lake gold producers that’s pushed growth recovers.” per and nickel, and could consider Gold Ltd and Zijin Mining Group Co AM&A in the sector to an eight- In recent times, the biggest miners, deals that off er an early entry into acquired smaller rivals. year high is seen spilling over into the including Rio Tinto Group and BHP high-quality resource bases, particu- Barrick Gold Corp and a partner on wider mining industry – if there’s a Group, have made only some small in- larly before the value of a project is Tuesday agreed to a $430mn deal to rally in global growth. vestments in undeveloped projects and fully understood, chief fi nancial offi cer sell a 90% stake in a project in Sen- Pending and completed gold acqui- authorised new spending on expan- Peter Beaven said in May. egal to with Teranga Gold Corp Gold’s sitions have reached about $33bn so far sions at existing operations. Still, large companies and their in- rally means there’s been “a slightly in 2019, the highest since 2011, accord- Larger-scale M&A could be an op- vestors continue to be chastened by past improved environment to be able to ing to data compiled by Bloomberg. tion for Rio next year, UBS Group AG failed deals, according to Paul Mitchell, fi nally do transactions,” Harquail said. That’s as deals among all mining com- analysts, including Glyn Lawcock, said EY’s global mining and metals leader, There’s a prospect of further activity panies have declined about 29% from in a report this month. “Will 2020 see and they remain cautious after a multi- among gold producers into next year, last year to $60bn, the data show. the shackles come off ? Growth in the year eff ort to repair balance sheets in with investors ready to back proposals A revival in the economic outlook, portfolio is limited,” they said. the wake of the 2015 price collapse. that reduce overheads and combine as- with higher interest rates and infl ation, Rio has a “watching brief for at- Sectors such as base metals have sets, he said. would prompt other metals produc- tractive M&A opportunities,” though fewer opportunities for consolida- “I want to see smart consolidation, ers to rethink their current strategy of intends to remain “absolutely disci- tion than precious metals, and a price not the same thing that we’ve seen in cutting debt and lifting shareholder plined,” chief executive offi cer Jean- downturn hasn’t yet forced companies the past” among gold producers, said returns – and focus again on pursu- Sebastien Jacques told investors at into distress, according to David Har- Joe Foster, a New York-based portfo- ing growth, according to Christopher an October seminar. The company quail, chief executive offi cer at Fran- lio manager at Van Eck. “There’s value LaFemina, a New York-based analyst has said its ventures team is evaluat- co-Nevada Corp, a mine streaming to be created by consolidating some of at Jeff eries LLC. ing opportunities in battery materials, and royalty company. Since January’s these single-asset companies.” Gulf Times Thursday, December 12, 2019 5 BUSINESS

KUWAIT KUWAIT OMAN

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

Al-Eid Food Ksc 65.70 -0.15 100,000 Oman Packaging 0.27 0.00 - Al-Madar Finance & Invt Co 102.00 -0.97 25,012 Qurain Petrochemical Industr 311.00 -0.32 266,187 Oman Oil Marketing Company 0.94 0.00 2,504 Gulf Petroleum Investment 20.00 0.00 816,263 Advanced Technology Co 900.00 0.00 - Oman National Engineering An 0.11 0.00 - Mabanee Co Sakc 832.00 -0.48 405,799 Ekttitab Holding Co Sak 14.80 0.00 5,375 Oman Investment & Finance 0.11 0.00 973,705 Inovest Co Bsc 62.00 0.49 100 Real Estate Trade Centers Co 24.70 0.00 985,100 Oman Intl Marketing 0.52 0.00 - Al-Deera Holding Co 17.00 -0.58 519,801 Acico Industries Co Kscc 129.00 0.78 174,455 Oman Flour Mills 0.65 0.00 - Mena Real Estate Co 40.80 0.99 4,170,720 Kipco Asset Management Co 90.00 8.43 1 Oman Fisheries Co 0.08 0.00 77,500 Amar Finance & Leasing Co 38.00 0.00 92,500 National Petroleum Services 1,251.00 0.00 - Oman Europe Foods Industries 1.00 0.00 - United Projects For Aviation 484.00 10.00 24,000 Alimtiaz Investment Group 124.00 0.00 351,837 Oman Education & Training In 0.24 0.00 - National Consumer Holding Co 35.00 -41.67 500 Ras Al Khaimah White Cement 63.10 -4.97 34,200 Oman Chromite 3.64 0.00 - QATAR Amwal International Investme 35.70 0.00 - Kuwait Reinsurance Co Ksc 158.00 0.00 - Oman Chlorine 0.35 0.00 - Equipment Holding Co K.S.C.C 20.00 -1.48 451,684 Kuwait & Gulf Link Transport 60.90 1.50 175,634 Oman Ceramic Company 0.42 0.00 - Company Name Lt Price % Chg Volume Arkan Al Kuwait Real Estate 90.40 -0.11 395,020 Humansoft Holding Co Ksc 3,110.00 1.20 19,865 Oman Cement Co 0.25 0.00 1,000 Gfh Financial Group Bsc 71.50 0.00 124,457 Automated Systems Co Kscc 65.00 -7.14 245,000 Oman Cables Industry 0.63 0.00 - Energy House Holding Co Kscp 29.40 4.26 851,300 Metal & Recycling Co -3.23 45,000 Oman & Emirates Inv(Om)50% 0.00 - Zad Holding Co 14.00 0.00 - 30.00 0.07 Kuwait Co For Process Plant 264.00 -0.38 134,430 Gulf Franchising Holding Co 8.24 63,011 Natl Aluminium Products 0.00 - Widam Food Co 6.85 0.74 144,313 55.20 0.17 Al Maidan Dental Clinic Co K 1,220.00 0.00 - Al-Enma’a Real Estate Co -0.59 115,951 National Real Estate Develop 0.00 - Vodafone Qatar 1.18 0.00 1,302,491 67.00 5.00 National Shooting Company 9.00 1.12 284,125 National Mobile Telecommuni -0.51 1,713 National Mineral Water 0.00 - United Development Co 1.48 0.00 500,964 775.00 0.09 Al-Ahleia Insurance Co Sakp 430.00 0.00 1,000 Sanad Holding Co Kscc 0.00 - National Life & General Insu 0.00 - Salam International Investme 0.48 2.36 1,507,085 0.00 0.30 Wethaq Takaful Insurance Co 28.50 0.00 - Unicap Investment And Financ 7.08 4,809,332 National Gas Co 0.00 - Qatar & Oman Investment Co 0.65 5.01 2,185,972 46.90 0.22 Salbookh Trading Co Kscp 47.60 3.70 2,605,075 Al Salam Group Holding Co 2.17 570,900 National Finance Co 0.00 - Qatar Navigation 6.34 2.42 684,161 28.30 0.14 Aqar Real Estate Investments 79.00 0.00 - Al Aman Investment Company 1.03 2,101,769 National Detergent Co Saog 0.00 - Qatar National Cement Co 5.75 -0.17 86,344 59.10 0.70 Hayat Communications 48.90 0.00 - Mashaer Holding Co Ksc 0.63 165,125 National Biscuit Industries 0.00 - Qatar National Bank 19.47 0.10 1,236,563 79.50 3.92 Soor Fuel Marketing Co Ksc 119.00 0.00 9,433 Manazel Holding -3.13 454,445 National Bank Of Oman Saog 0.00 - Qatar Islamic Insurance 6.74 0.00 - 37.10 0.18 Tamkeen Holding Co 5.20 0.00 - Tijara And Real Estate Inves 0.00 - Muscat Thread Mills Co 0.00 - Qatar Industrial Manufactur 3.36 0.00 4,217 48.00 0.08 Alargan International Real 100.00 5.82 5,600 Jazeera Airways Co Ksc -0.46 2,502 Muscat Insurance Co Saog 0.00 - Qatar International Islamic 9.69 0.94 1,361,309 1,084.00 0.78 Burgan Co For Well Drilling 87.50 -3.85 2,500 Commercial Real Estate Co 1.28 738,233 Muscat Gases Company Saog 3.03 324,000 Qatari Investors Group 1.81 0.00 269,146 95.00 0.17 Kuwait Resorts Co Kscc 63.10 1.94 1,987,908 National International Co 4.09 494,534 Muscat Finance 0.00 - Qatar Islamic Bank 15.26 -0.46 1,003,882 66.10 0.06 Oula Fuel Marketing Co 120.00 0.00 3,053 Taameer Real Estate Invest C 0.00 168,753 Muscat City Desalination Co 0.99 11,439 Qatar Gas Transport(Nakilat) 2.47 -0.80 4,615,048 27.10 0.10 Palms Agro Production Co 40.20 0.00 - Gulf Cement Co 0.00 - Majan Glass Company 0.00 - Qatar General Insurance & Re 2.48 -4.98 84,910 57.00 0.18 Mubarrad Holding Co Ksc 68.60 -3.24 4,091,300 Heavy Engineering And Ship B -0.24 221,010 Majan College 0.00 - Qatar German Co For Medical 0.58 0.52 555,693 409.00 0.19 Shuaiba Industrial Co 155.00 0.00 - National Real Estate Co -0.90 1,250,846 Hsbc Bank Oman 0.00 - Qatar Fuel Qsc 22.62 0.04 344,377 88.20 0.13 Aan Digital Services Co 14.30 -4.03 312,717 Al Safat Energy Holding Comp -2.18 70,130 Hotels Management Co Interna 0.00 - Qatar First Bank 0.31 0.65 5,708,183 22.40 1.25 First Takaful Insurance Co 40.00 0.00 51,000 Kuwait National Cinema Co 0.00 - Gulf Stone 0.00 - Qatar Electricity & Water Co 16.21 -0.12 139,911 825.00 0.12 Kuwaiti Syrian Holding Co 26.50 -3.64 1,765,893 Danah Alsafat Foodstuff Co 0.00 1,247 Gulf Mushroom Company 0.00 - Qatar Exchange Index Etf 10.21 -0.06 10 15.70 0.31 National Cleaning Company 59.00 -1.67 2,500 Independent Petroleum Group 0.00 - Gulf Investments Services -1.41 354,991 Qatar Cinema & Film Distrib 2.20 0.00 5,000 465.00 0.07 United Real Estate Company 60.50 0.00 61,241 Kuwait Real Estate Co Ksc 0.60 1,768,886 Gulf Invest. Serv. Pref-Shar 0.00 - Al Rayan Qatar Etf 2.35 -1.67 20,000 100.00 0.11 Agility 778.00 0.39 428,533 Salhia Real Estate Co Ksc 3.32 1,501,600 Gulf International Chemicals 0.00 - Qatar Insurance Co 3.08 -0.96 616,721 404.00 0.12 Kuwait & Middle East Fin Inv 91.30 1.44 1,261,041 Gulf Cable & Electrical Ind -0.62 37,152 Gulf Hotels (Oman) Co Ltd 0.00 - Qatar Aluminum Manufacturing 0.80 0.50 1,913,158 478.00 6.80 Fujairah Cement Industries 48.00 0.00 15,000 Kuwait Finance House 0.00 9,047,646 Global Fin Investment 0.00 - Ooredoo Qpsc 7.29 1.25 1,359,046 793.00 0.08 Livestock Transport & Tradng 180.00 0.00 - Gulf North Africa Holding Co 1.75 4,000 Galfar Engineering&Contract 0.00 57,392 National Leasing 0.68 0.15 549,036 58.00 0.08 International Resorts Co 11.00 0.00 8,050 Hilal Cement Co 0.00 2,500 Galfar Engineering -Prefer 0.00 - Mazaya Qatar Real Estate Dev 0.74 1.51 1,001,296 95.00 0.39 National Industries Grp Hold 240.00 -0.83 2,419,639 Osoul Investment Kscc -3.87 725 Financial Services Co. 0.00 - Mesaieed Petrochemical Holdi 2.51 -2.33 2,701,801 72.10 0.06 Warba Insurance Co 63.90 -0.62 205 Gulf Insurance Group Ksc 0.00 - Financial Corp/The 0.00 - Al Meera Consumer Goods Co 15.55 2.17 322,410 601.00 0.10 First Dubai Real Estate Deve 34.90 -2.51 102,004 Umm Al Qaiwain General Inves 0.00 6,980 Dhofar Tourism 0.00 - Medicare Group 8.76 1.27 166,460 79.00 0.49 Al Arabi Group Holding Co 287.00 -0.69 52,975 Aayan Leasing & Investment -4.02 7,505,262 Dhofar Poultry 0.00 - Mannai Corporation Qsc 3.08 -0.65 77,529 45.40 0.18 Kuwait Hotels Sak 100.00 0.00 - Alrai Media Group Co Ksc 0.00 1,000 Dhofar Intl Development 0.00 - Masraf Al Rayan 3.91 -0.51 1,879,933 34.10 0.30 Mobile Telecommunications Co 580.00 -0.17 2,027,006 National Investments Co -0.77 660,203 Dhofar Insurance 0.00 - Al Khalij Commercial Bank 1.26 1.61 284,239 129.00 0.18 Eff ect Real Estate Co 20.50 0.00 - Commercial Facilities Co 0.00 11,800 Dhofar Generating Co Saoc 0.00 1,000 Industries Qatar 10.63 2.21 903,972 212.00 0.20 Tamdeen Real Estate Co Ksc 281.00 -6.02 9,960 Yiaco Medical Co. K.S.C.C 0.00 - Dhofar Fisheries & Food Indu 0.00 - Islamic Holding Group 1.94 1.57 334,123 66.50 1.28 Al Mudon Intl Real Estate Co 24.60 0.41 141,100 Dulaqan Real Estate Co 0.00 - Dhofar Cattlefeed 0.00 - Investment Holding Group 0.54 1.13 656,292 350.00 0.17 Kuwait Cement Co Ksc 236.00 -3.67 77,861 Real Estate Asset Management 0.00 - Dhofar Beverages Co 0.00 - Gulf Warehousing Company 5.29 1.73 305,391 94.40 0.26 Sharjah Cement & Indus Devel 55.50 0.91 500 Construction Materials Ind 0.00 - Gulf International Services 1.81 0.56 714,798 0.04 Kuwait Portland Cement Co 979.00 0.00 39,772 Computer Stationery Inds 0.00 - Ezdan Holding Group 0.63 -0.16 2,309,421 0.26 Educational Holding Group 422.00 -1.17 60,981 Bankmuscat Saog 0.46 1,170,673 Doha Insurance Co 1.13 2.73 5,612 0.44 Bahrain Kuwait Insurance 200.00 0.00 - Bank Nizwa 0.00 5,697,105 Doha Bank Qpsc 2.57 0.00 254,440 0.10 Asiya Capital Investments Co 36.10 -2.43 164,612 OMAN Bank Dhofar Saog 0.00 3,000 Dlala Holding 0.62 0.82 208,375 0.12 Kuwait Investment Co 138.00 0.73 735,605 Arabia Falcon Insurance Co 0.00 - Commercial Bank Psqc 4.45 1.14 1,457,707 Company Name Lt Price % Chg Volume 0.10 Burgan Bank 310.00 -0.96 2,188,537 Aloula Co 0.00 - Barwa Real Estate Co 3.44 -0.58 1,570,784 0.53 Kuwait Projects Co Holdings 219.00 0.00 368,464 Al-Omaniya Financial Service 0.10 0.00 27,300 Al Khaleej Takaful Group 2.06 0.49 694,810 Voltamp Energy Saog 0.16 0.00 - Al Madina For Finance And In 15.60 1.30 304,471 Al-Hassan Engineering Co 0.02 0.00 - Al Ahli Bank 0.77 -0.13 2,616,445 Vision Insurance Saoc 0.11 0.00 - Kuwait Insurance Co 335.00 0.00 - Al-Fajar Al-Alamia Co 0.75 0.00 - United Power/Energy Co- Pref 1.00 0.00 - Al Masaken Intl Real Estate 43.50 -1.14 139,796 Al-Anwar Ceramic Tiles Co 0.14 0.00 489,546 United Power Co Saog 2.40 0.00 - Intl Financial Advisors 54.70 -0.36 280,627 Al Suwadi Power 0.06 -1.56 117,000 United Finance Co 0.07 0.00 - KUWAIT First Investment Co Kscc 32.50 0.93 3,251,761 Al Sharqiya Invest Holding 0.09 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Al Mal Investment Company 8.60 -4.44 2,008,762 Al Maha Petroleum Products M 0.75 0.00 - Takaful Oman 0.13 5.04 10,000 Company Name Lt Price % Chg Volume Bayan Investment Co Kscc 36.30 -9.02 40,000 Al Maha Ceramics Co Saoc 0.20 0.00 - Taageer Finance 0.11 0.93 133,748 Egypt Kuwait Holding Co Sae 450.00 0.00 - Al Madina Takaful Co Saoc 0.08 0.00 12,000 Sultan Center Food Products 52.20 0.00 375,000 Sweets Of Oman 0.55 0.00 - Coast Investment Development 36.40 -1.09 25,120 Al Madina Investment Co 0.02 0.00 - Kuwait Foundry Co Sak 335.00 -7.46 110 Sohar Power Co 0.06 0.00 - Privatization Holding Compan 50.00 -0.20 8,500 Al Kamil Power Co 0.31 0.00 - Kuwait Financial Centre Sak 95.80 -0.31 170,142 Sohar International Bank 0.11 0.00 4,680,000 Injazzat Real State Company 78.00 -2.50 55 Al Jazerah Services -Pfd 0.55 0.00 - Ajial Real Estate Entmt 200.00 -1.96 925,026 Smn Power Holding Saog 0.07 0.00 10,000 Kuwait Cable Vision Sak 16.00 0.00 - Al Jazeera Steel Products Co 0.13 0.00 - Kuwait Finance & Investment 51.00 -1.92 186,188 Shell Oman Marketing - Pref 1.05 0.00 - Sanam Real Estate Co Kscc 34.50 1.47 376,554 Al Jazeera Services 0.16 -2.44 140,870 National Industries Co Ksc 166.00 0.00 - Shell Oman Marketing 1.20 0.00 - Ithmaar Holding Bsc 22.30 0.00 - Al Izz Islamic Bank 0.06 0.00 - Kuwait Real Estate Holding C 25.80 0.00 - Sharqiyah Desalination Co Sa 0.29 0.00 - Aviation Lease And Finance C 270.00 -1.82 31,642 Al Buraimi Hotel 0.88 0.00 - Securities House/The 47.00 -2.89 6,408,268 Sembcorp Salalah Power & Wat 0.13 0.00 50,000 Arzan Financial Group For Fi 23.70 0.00 14,121 Al Batinah Power 0.06 -1.56 134,000 Boubyan Petrochemicals Co 699.00 0.29 1,298,791 Salalah Port Services 0.60 0.00 - Ajwan Gulf Real Estate Co 13.70 2.24 2,143,667 Al Batinah Hotels 1.13 0.00 - Al Ahli Bank Of Kuwait 263.00 -0.38 1,009,188 Salalah Mills Co 0.50 0.00 375,000 Kuwait Business Town Real Es 41.40 -1.43 343,282 Al Batinah Dev & Inv 0.07 0.00 - Ahli United Bank (Almutahed) 333.00 0.60 66,944 Salalah Beach Resort Saog 1.38 0.00 - Future Kid Entertainment And 98.00 -2.00 61,000 Al Anwar Holdings Saog 0.09 0.00 - National Bank Of Kuwait 1,035.00 0.10 1,710,333 Sahara Hospitality 2.84 0.00 - Specialities Group Holding C 76.90 2.67 25,100 Al Ahlia Insurance Co Saoc 0.37 0.00 - Commercial Bank Of Kuwait 515.00 0.19 189,220 Renaissance Services Saog 0.32 -1.24 137,000 Abyaar Real Eastate Developm 8.30 -3.49 1,540,012 Ahli Bank 0.13 0.00 - Kuwait International Bank 277.00 -1.42 5,484,124 Raysut Cement Co 0.48 -1.24 62,717 Dar Al Thuraya Real Estate C 120.00 0.00 - Acwa Power Barka Saog 0.66 0.00 - Gulf Bank 290.00 0.69 3,917,302 Phoenix Power Co Saoc 0.07 -1.35 25,248 Kgl Logistics Company Kscc 36.40 -0.27 657,699 Abrasives Manufacturing Co S 0.05 0.00 - Al-Massaleh Real Estate Co 39.60 0.00 - Packaging Co Ltd 2.21 0.00 - Combined Group Contracting 247.00 0.00 593,100 A’saff a Foods Saog 0.60 0.00 - Al Arabiya Real Estate Co 29.40 1.38 1,827,325 Ooredoo 0.51 -0.78 580,316 Jiyad Holding Co Ksc 41.00 0.99 20,001 0Man Oil Marketing Co-Pref 0.25 0.00 - Kuwait Remal Real Estate Co 23.30 -0.43 3,893,554 Ominvest 0.34 0.00 4,000 Warba Capital Holding Co 66.90 0.00 - #N/A Invalid Security 0.00 0.00 - Alkout Industrial Projects C 850.00 0.00 - Oman United Insurance Co 0.32 0.00 - Gulf Investment House Ksc 58.80 -6.67 50,042 #N/A Invalid Security 0.00 0.00 - Oman Telecommunications Co 0.62 0.00 488,070 A’ayan Real Estate Co Sak 75.20 0.27 10,000 Boubyan Bank K.S.C 603.00 0.67 1,792,039 Oman Refreshment Co 1.20 0.00 - Investors Holding Group Co.K 7.60 2.70 415,744 Ahli United Bank B.S.C 297.00 0.00 9,239,129 Oman Qatar Insurance Co 0.09 0.00 23,600 Al-Mazaya Holding Co 60.70 -2.57 1,229,518 Osos Holding Group Co 103.00 0.00 50,049 LATEST MARKET CLOSING FIGURES Australian dollar faces bumpy Trade war, China’s economy remain major 2020 as trade, rates split analysts drivers in EM survey

Bloomberg Bloomberg the top pick in 2020, while Sydney Singapore Indonesia was the most fa- voured for both bonds and stocks. “I’m still quite bullish ustralia’s dollar is set for merging markets are on emerging markets heading a turbulent 2020 as un- about to embark on an- into 2020,” said Takeshi Yok- Acertainty around global Eother year of wealth ouchi, a Tokyo-based senior growth, trade and interest rates creation after adding $11tn to fund manager at Sumitomo divide analysts’ forecasts for the investor portfolios in the past Mitsui DS Asset Manage- currency. decade. Developing-nation as- ment Co, which oversees the Rabobank and Nomura Hold- sets will outperform their de- equivalent of $160bn in assets. ings Inc see the Aussie drop- veloped peers, with Asia having “Underlying supporting fac- ping about 5% to 65 US cents the best prospects, according to tors for EM still remain, with by December, wrenched lower Bloomberg’s survey of 57 global very low rates globally, and by cooling economic growth investors, strategists and trad- that will encourage investors and a dovish central bank. Oth- ers on their outlook for next to look at higher-yielding as- ers disagree: the currency may year. sets.” jump 15% to 78 US cents in the Total wealth in emerging- The combined equity value of same period on easing US- market stocks and bonds now 26 nations listed by MSCI Inc China trade tensions, accord- exceeds $25tn, bigger than the as developing markets has in- ing to Monex Europe Ltd. “A economies of the US and Ger- creased by $6.6tn since the end worsening in trade tensions is many combined. The US-Chi- of 2009, according to data com- the biggest risk for the Aussie na trade dispute that dictated piled by Bloomberg. dollar,” said Ranko Berich, head market moves throughout Meanwhile, Bloomberg Bar- of market analysis at Monex in 2019 will remain the biggest clays bond indexes that cover London. driving force, while China’s a larger swathe of emerging There are signs the world’s growth outlook eclipsed Fed- economies show that local- two biggest economies are likely eral Reserve monetary policy currency bonds added $2.9tn, to strike a compromise, and the to be the second-most impor- US dollar bonds added $1.7tn Aussie will “benefi t from a knee tant factor. and euro-denominated securi- jerk risk-on reaction to the fi - After a wave of global eas- ties added $237bn during the nalisation of a phase one trade Australian dollar banknotes of various denominations are arranged for a photograph in Sydney. Australia’s dollar is set for a turbulent ing led to more than $11tn in period. deal,” he said. Australia’s dol- 2020 as uncertainty around global economic growth, trade and interest rates divide analysts’ forecasts for the currency. negative-yielding debt, the ha- Below are the results of the lar has slumped more than 3% ven pile will be less of a focus as November 26-December 5 sur- this year as the US-China trade revive growth. Futures markets quarter as an improving Chinese Still, there are hurdles before serve resumes cutting US in- some central banks enter hold- vey. war pummelled risk assets, and are pricing in at least one more economy fuels demand for the the Aussie turns a corner. Local terest rates. ing patterns from easier mon- Asia maintained its top posi- taken an extra-large toll of the reduction in the fi rst half of currency. economic growth has slowed to “Recent economic data have etary policies. tion for currencies and stocks, Aussie due to its role as a proxy 2020. Asset managers have held Bank of America Merrill the least in a decade, households disappointed and we expect fur- All emerging-market assets while Latin America, which was for China’s economy. a net-short position in the Aus- Lynch tips the Aussie to rise are spending less and the central ther monetary policy stimulus – currencies, stocks and bonds plagued by a rise in political un- The currency slid to a 10-year sie since 2017, according to data to 73 US cents by the end of bank’s full employment target next year,” strategists including – are making a comeback this rest this year, overtook Asia for low of 66.77 US cents in August from the US Commodity Futures 2020 amid a recovery in glo- remains elusive. Jan Lambregts in London wrote year after posting their largest bonds. before stuttering along to trade Trading Commission. bal growth. “Stronger Chinese The RBA is starting to con- in a note to clients. losses in three years in 2018 as Europe, the Middle East and at 68.14 cents yesterday in Syd- Hedge funds have also main- growth, combined with im- sider quantitative easing and “Given our expectation that the Fed led global central banks Africa was the least favoured for ney. Shrinking Australian bond tained bearish bets all year, al- provement in the trade situation may resort to it after the cash the Fed funds rate will be slashed in cutting benchmark rates to bonds and equities, but moved yields are also having an impact. though sentiment appears to be and a less dovish RBA, should rate drops to 0.25%, governor in the second half of next year, support fl agging growth. one notch up for currencies. The Reserve Bank of Aus- on the mend. have positive spillover into Asia Philip Lowe said last month. there is a strong chance that the Russia’s rouble, the best- High-yielding assets dominat- tralia has cut its benchmark Not everyone is bearish. Mor- risk and AUD/USD,” said Hans Rabobank strategists see the RBA will be announcing a bond- performing emerging cur- ed the top spots across the re- rate three times this year to a gan Stanley says the Aussie may Redeker, a strategist at Morgan RBA potentially embarking on buying programme around the rency so far this year, overtook gions, underscoring continued record-low 0.75% in an eff ort to rise to 71 US cents by the fourth Stanley in London. QE in 2020 as the Federal Re- same time.” the Brazilian real to become demand. Gulf Times 6 Thursday, December 12, 2019 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 27,807.08 -74.64 Apple Inc 269.92 0.54 1,448,105 S&P 500 Index 3,137.33 +4.81 American Express Co 120.47 -0.36 72,790 Nasdaq Composite Index 8,623.53 +7.35 Boeing Co/The 339.48 -2.42 443,434 S&P/Tsx Composite Index 17,001.55 +50.85 Caterpillar Inc 143.42 0.38 110,208 Mexico Bolsa Index 42,790.99 +157.56 Cisco Systems Inc 44.35 0.57 1,016,175 Brazil Bovespa Stock Idx 110,881.70 +209.70 Chevron Corp 117.03 -0.73 420,361 Ftse 100 Index 7,218.32 +4.56 Walt Disney Co/The 147.23 0.77 470,082 Cac 40 Index 5,864.10 +16.07 Dow Inc 53.15 0.04 234,553 Dax Index 13,161.76 +91.04 Goldman Sachs Group Inc 221.39 -0.22 78,119 Ibex 35 Tr 9,410.70 +89.60 Home Depot Inc 211.41 -2.08 445,485 Nikkei 225 23,391.86 -18.33 Intl Business Machines Corp 134.25 0.25 226,989 Japan Topix 1,714.95 -5.82 Intel Corp 57.11 0.91 1,776,459 Hang Seng Index 26,645.43 +208.81 Johnson & Johnson 141.27 0.91 344,042 All Ordinaries Indx 6,853.24 +41.16 Jpmorgan Chase & Co 134.72 0.16 418,219 Nzx All Index 1,889.16 +0.92 Coca-Cola Co/The 53.96 0.35 550,472 Bse Sensex 30 Index 40,412.57 +172.69 Mcdonald’s Corp 194.72 -0.12 205,954 Nse S&P Cnx Nifty Index 11,910.15 +53.35 3M Co 167.34 -0.19 133,305 Straits Times Index 3,172.90 +10.01 Merck & Co. Inc. 89.16 0.07 344,362 Karachi All Share Index 28,937.45 -30.44 Microsoft Corp 151.08 -0.03 1,444,787 Jakarta Composite Index 6,180.10 -3.41 Nike Inc -Cl B 96.88 -0.13 257,730 Pfizer Inc 38.25 -0.61 987,064 Procter & Gamble Co/The 124.77 0.40 387,217 Travelers Cos Inc/The 134.58 -0.71 71,235 TOKYO Unitedhealth Group Inc 279.64 0.04 168,467 United Technologies Corp 146.48 0.76 141,782 Company Name Lt Price % Chg Volume Visa Inc-Class A Shares 181.84 -0.23 317,749 Nidec Corp 15,445.00 -1.78 1,097,300 Verizon Communications Inc 61.23 0.00 554,708 Isuzu Motors Ltd 1,305.00 1.36 2,143,300 Walgreens Boots Alliance Inc 57.87 -0.92 280,728 Unicharm Corp 3,474.00 0.23 749,000 Walmart Inc 118.57 -0.48 219,240 Nomura Holdings Inc 560.80 -0.74 15,475,300 Exxon Mobil Corp 69.46 0.58 828,183 Daiichi Sankyo Co Ltd 7,232.00 0.77 1,409,400 Subaru Corp 2,811.50 0.09 2,131,100 Sumitomo Realty & Developmen 3,874.00 -1.00 899,400 FTSE 100 Ntt Docomo Inc 3,020.00 0.27 3,480,900 Sumitomo Metal Mining Co Ltd 3,412.00 0.00 1,109,000 The German share price index DAX graph is seen at the Frankfurt Stock Exchange. The DAX 30 gained 0.6% to 13,146.74 Company Name Lt Price % Chg Volume Orix Corp 1,833.50 -0.92 4,718,400 points yesterday. Asahi Group Holdings Ltd 5,137.00 -0.23 1,439,200 Anglo American Plc 2,097.50 1.04 2,270,238 Keyence Corp 38,500.00 -1.74 567,600 Associated British Foods Plc 2,479.00 -0.48 590,646 Mizuho Financial Group Inc 168.20 -1.58 120,670,500 Admiral Group Plc 2,127.00 0.57 591,555 Sumitomo Mitsui Trust Holdin 4,170.00 -0.95 1,339,800 Ashtead Group Plc 2,305.00 3.83 1,687,953 Japan Tobacco Inc 2,500.00 -0.16 5,516,500 Antofagasta Plc 913.40 1.17 965,823 Sumitomo Electric Industries 1,652.00 0.12 1,840,100 Auto Trader Group Plc 535.80 -3.29 5,928,331 Daiwa Securities Group Inc 551.00 0.36 3,419,900 Aviva Plc 399.10 -1.21 7,402,823 Europe stock markets, Softbank Group Corp 4,289.00 -0.14 8,582,900 Astrazeneca Plc 7,319.00 1.01 1,140,815 Panasonic Corp 1,060.50 0.28 6,604,800 Bae Systems Plc 559.60 1.49 2,264,169 Fujitsu Ltd 10,205.00 -0.10 702,400 Barclays Plc 168.56 -0.93 19,147,335 Central Japan Railway Co 21,955.00 0.41 209,500 British American Tobacco Plc 3,000.50 0.22 2,586,669 Nitori Holdings Co Ltd 17,525.00 0.72 252,000 Barratt Developments Plc 655.60 -1.32 2,785,233 Ajinomoto Co Inc 1,808.00 0.22 2,033,000 Bhp Group Plc 1,726.60 0.94 1,638,012 pound gain on eve Daikin Industries Ltd 15,590.00 -0.54 444,500 Berkeley Group Holdings/The 4,554.00 -0.09 627,126 Mitsui Fudosan Co Ltd 2,656.00 -1.36 3,142,200 British Land Co Plc 600.60 -0.60 1,803,379 Ono Pharmaceutical Co Ltd 2,445.50 -0.65 946,800 Bunzl Plc 2,062.00 0.00 273,775 Toray Industries Inc 755.50 1.23 6,658,200 Bp Plc 465.40 -0.83 13,434,854 Bridgestone Corp 4,320.00 -0.35 1,247,100 Burberry Group Plc 2,077.00 -1.66 1,236,070 Sony Corp 7,219.00 -0.36 6,038,200 of British election Bt Group Plc 189.38 0.36 10,250,996 Astellas Pharma Inc 1,858.00 -1.22 4,896,500 Coca-Cola Hbc Ag-Di 2,493.00 0.81 281,643 Hoya Corp 9,800.00 -1.25 984,000 Carnival Plc 3,241.00 1.25 340,165 Betfair said this compared to an 83% the greenback and a two-and-a-half- Nippon Steel Corp 1,761.00 1.38 4,694,100 AFP Centrica Plc 80.86 1.00 8,555,010 Suzuki Motor Corp 4,632.00 -0.41 2,180,900 chance of a Conservative majority the year peak against the euro – on ex- Compass Group Plc 1,834.50 0.25 2,497,972 London Nippon Telegraph & Telephone 5,604.00 0.39 2,104,300 day before the election in 2017, when pectations Johnson would win a big Croda International Plc 4,848.00 0.00 130,240 Jxtg Holdings Inc 495.80 -0.08 9,212,400 no party won a majority in a surprise enough majority to push through his Crh Plc 2,961.00 0.85 268,723 Murata Manufacturing Co Ltd 6,584.00 -0.77 2,484,500 Dcc Plc 6,304.00 -0.72 102,383 he British pound bounced back result. Brexit deal. Kansai Electric Power Co Inc 1,245.50 1.88 3,914,400 Diageo Plc 3,074.50 0.07 2,781,812 yesterday ahead of a UK general The probability of a hung parliament However, the narrowing polls point Denso Corp 5,024.00 0.80 1,339,700 Direct Line Insurance Group 294.00 -1.41 2,383,488 election, even though a fresh is also higher this time round – 29% to the possibility of another hung par- Sompo Holdings Inc 4,414.00 0.09 879,000 T Evraz Plc 354.20 -2.05 1,849,142 liament – which would lead to more Daiwa House Industry Co Ltd 3,417.00 -0.47 1,532,200 poll predicted Prime Minister Boris rather than 14% right before the 2017 Experian Plc 2,448.00 -0.24 685,569 Dai-Ichi Life Holdings Inc 1,824.00 -0.08 2,879,800 Johnson’s ruling Conservatives would election – demonstrating the diffi culty uncertainty in Westminster and drag Easyjet Plc 1,356.00 1.65 739,759 Mazda Motor Corp 953.00 -0.52 2,172,300 win a much smaller majority than pre- of predicting the result. out the Britain-EU saga even longer. Ferguson Plc 6,786.00 0.77 255,133 Komatsu Ltd 2,682.50 -0.33 3,206,000 “There’s a bit of a waiting mode at Fresnillo Plc 582.40 5.05 1,273,449 viously forecast. With the market betting on some West Japan Railway Co 9,405.00 -0.72 512,200 Glencore Plc 219.45 1.11 30,872,363 Sterling initially fell sharply before sort of Conservative majority, a hung the moment,” Oanda analyst Craig Er- Kao Corp 8,739.00 -2.02 1,399,000 Glaxosmithkline Plc 1,755.60 0.31 5,332,011 recouping losses to show a gain of 0.1% parliament could hit sterling hard, lam told AFP. Mitsui & Co Ltd 1,972.50 0.23 3,954,300 Gvc Holdings Plc 820.20 -1.06 5,014,997 against the dollar in late exchanges. pushing it down to $1.26, according to “There’s probably too much opti- Daito Trust Construct Co Ltd 13,550.00 0.00 173,000 Hikma Pharmaceuticals Plc 1,974.50 1.62 246,718 Otsuka Holdings Co Ltd 4,937.00 0.45 1,081,700 The narrowing of the Conservative’s ING analysts. mism in the market right now, a bit of Hargreaves Lansdown Plc 1,841.50 -1.13 336,290 Oriental Land Co Ltd 14,725.00 -0.61 676,000 lead just a day before the vote has cast Gains in the event of a Conservative complacency even.” Halma Plc 2,064.00 -1.71 631,946 Sekisui House Ltd 2,402.00 0.00 1,629,600 some doubt on the expectations of a majority are expected to be less pro- In afternoon New York trades, the Hsbc Holdings Plc 562.30 0.61 8,252,745 Secom Co Ltd 9,604.00 0.04 702,300 Hiscox Ltd 1,333.00 -1.48 465,765 defi nitive outcome that have boosted nounced, since this outcome has large- Dow Jones index showed a loss of 0.1%. Tokio Marine Holdings Inc 6,134.00 -0.60 1,131,500 Intl Consolidated Airline-Di 547.00 0.11 4,179,084 sterling in recent weeks. The British ly been priced in, according to ING Elsewhere, Asian markets mostly Aeon Co Ltd 2,235.50 0.18 1,256,800 Intercontinental Hotels Grou 4,809.00 0.35 157,159 currency was last up 0.2% at $1.3180, analysts. They expect the pound to rise rose yesterday but investors are grow- Asahi Kasei Corp 1,247.50 -0.36 1,911,800 3I Group Plc 1,050.50 -0.43 1,114,428 not far from the eight-month high to $1.35 if there’s a large Conservative ing nervous at the lack of news on Chi- Kirin Holdings Co Ltd 2,472.50 -0.18 2,274,900 Imperial Brands Plc 1,674.20 -0.10 2,334,861 Marubeni Corp 823.40 -0.70 5,479,300 above $1.32 it hit on Tuesday. Against majority and $1.33 if they have only a na-US trade talks, with Washington Informa Plc 772.00 -0.59 1,626,072 Mitsubishi Ufj Financial Gro 581.70 -0.87 40,054,000 the euro, it rose by the same amount to slender majority. yet to cancel tariff s on a swathe of Chi- Intertek Group Plc 5,458.00 0.70 77,001 Mitsubishi Chemical Holdings 822.20 -0.19 5,386,900 84.15 pence but remained below Mon- Pre-election jitters weighed how- nese goods planned for the weekend. Itv Plc 143.00 0.03 7,239,724 Fanuc Corp 21,110.00 -0.75 480,700 Johnson Matthey Plc 2,803.00 0.39 316,247 day’s 2-1/2 year high of 83.94. ever on the British capital’s FTSE 100 Negotiators are still trying to ham- Fast Retailing Co Ltd 64,480.00 0.69 381,900 Kingfisher Plc 213.80 0.38 2,293,289 The pound has rallied in recent index of blue-chip companies, which mer out a mini agreement and the Ms&Ad Insurance Group Holdin 3,658.00 0.47 980,200 Land Securities Group Plc 940.60 -0.68 1,317,082 months on growing expectations the was essentially unchanged as caution mood on trading fl oors remains up- Kubota Corp 1,728.00 0.35 2,153,700 Legal & General Group Plc 280.60 -1.47 15,668,047 beat, while most observers are con- Seven & I Holdings Co Ltd 4,085.00 0.54 2,213,400 Conservatives would gain an outright prevailed. Lloyds Banking Group Plc 60.56 -1.50 130,204,702 Inpex Corp 1,092.00 0.05 3,025,900 majority, helping them pass a with- Frankfurt’s DAX 30 gained 0.6% to fi dent the two sides will reach a deal, London Stock Exchange Group 6,850.00 0.76 633,368 Resona Holdings Inc 485.20 0.39 8,914,000 drawal deal with the European Union 13,146.74 points and Paris’s CAC 40 which has fed a global equities rally for Micro Focus International 1,018.40 -3.51 637,481 Fujifilm Holdings Corp 5,227.00 1.16 1,161,100 was up 0.2% to 5,860.88 points at the weeks. Marks & Spencer Group Plc 206.60 0.10 5,090,616 that was agreed in October – and end- Yamato Holdings Co Ltd 1,855.00 0.98 1,778,500 Mondi Plc 1,632.50 1.15 474,544 ing 3-1/2-years of uncertainty. close yesterday. However, a fresh round of levies on Chubu Electric Power Co Inc 1,532.00 0.89 1,472,200 Melrose Industries Plc 226.10 0.49 10,444,398 “Less Brexit uncertainty in itself can A key poll released late Tuesday $160bn of Chinese exports to the US is Mitsubishi Estate Co Ltd 2,020.00 -0.10 2,808,200 Wm Morrison Supermarkets 193.50 -1.85 3,534,948 deliver a wide enough gap between showed Johnson’s lead over veteran due to be imposed on December 15, and Mitsubishi Heavy Industries 4,213.00 -0.73 1,009,800 National Grid Plc 894.90 0.47 3,052,501 Sysmex Corp 7,460.00 -2.05 541,500 growth expectations in the UK and its socialist Jeremy Corbyn’s Labour party there has been no word from the White Nmc Health Plc 2,522.00 -0.55 214,953 Shiseido Co Ltd 7,618.00 0.12 1,333,000 major partners such that sterling is not ebbing away. House on a possible delay to that date. Next Plc 6,836.00 -0.52 208,951 Shionogi & Co Ltd 6,523.00 0.65 1,031,900 going to be a favourite short,” said Ge- “The highly-regarded poll shows The removal of tariff s is a key de- Ocado Group Plc 1,196.00 -0.29 925,699 Terumo Corp 3,795.00 0.05 1,650,100 Paddy Power Betfair Plc 0.00 0.00 - off rey Yu, head of the UK investment that the Conservative advantage has mand of Beijing in the talks. Tokyo Gas Co Ltd 2,653.00 1.32 1,957,400 Prudential Plc 1,317.00 -0.04 3,393,032 offi ce at UBS Wealth Management. slipped. And on Tuesday Donald Trump’s Tokyo Electron Ltd 22,425.00 0.79 789,400 Persimmon Plc 2,502.00 -0.08 1,305,061 Leveraged funds held $2.44bn in This is the poll that correctly pre- top economics adviser Larry Kudlow East Japan Railway Co 9,859.00 -0.11 1,125,000 Pearson Plc 641.80 1.36 1,096,594 net short positions on the pound in dicted a hung parliament in 2017 – and warned that the measures remained in Itochu Corp 2,490.00 1.32 5,478,300 Reckitt Benckiser Group Plc 5,986.00 -0.22 734,442 Ana Holdings Inc 3,704.00 0.11 614,900 the week to December 3, CFTC data indicates that the scenario could re- play for now. Royal Bank Of Scotland Group 228.30 -0.44 7,004,944 Mitsubishi Electric Corp 1,524.00 -0.72 3,528,500 showed, and analysts said there is still peat itself,” said analyst Fiona Cincotta The Federal Reserve’s policy deci- Royal Dutch Shell Plc-A Shs 2,167.00 -0.37 3,078,680 Sumitomo Mitsui Financial Gr 3,974.00 -0.87 5,441,500 room for those positions betting on a at trading fi rm City Index. sion later Wednesday is in focus too, Royal Dutch Shell Plc-B Shs 2,148.00 -0.39 2,321,280 Relx Plc 1,815.50 -0.68 2,273,012 fall in sterling to be unwound, which The YouGov opinion poll said the with the central bank’s plans for mon- Rio Tinto Plc 4,315.00 1.37 2,093,947 could drive the pound higher. Tories would win today’s vote, with etary policy next year being watched Rightmove Plc 608.60 -1.52 1,341,658 SENSEX In betting odds data released follow- a majority of 28 seats, sharply down closely. Rolls-Royce Holdings Plc 706.40 0.77 3,260,424 ing the YouGov poll, the chance of a from the 68 forecast in a similar study Analysts nonetheless widely expect Rsa Insurance Group Plc 532.00 -2.42 1,031,048 Company Name Lt Price % Chg Volume Conservative majority fell to 69% from at the end of November. the central bank to hold off making any Rentokil Initial Plc 433.80 0.63 1,916,364 Adani Ports And Special Econ 369.70 0.76 1,710,192 80% two days earlier, according to bet- Sterling has surged in recent weeks – moves on interest rates as it assesses Sainsbury (J) Plc 217.20 -1.45 2,430,373 Asian Paints Ltd 1,738.20 1.46 827,804 sitting at an eight-month high against the state of the US economy. Schroders Plc 3,213.00 -0.71 110,208 ting platform Betfair. Axis Bank Ltd 716.55 0.12 8,266,375 Sage Group Plc/The 722.80 0.06 1,079,009 Bajaj Finance Ltd 4,036.80 1.25 1,365,981 Segro Plc 849.80 -2.07 1,709,194 Bharti Airtel Ltd 442.75 -0.95 6,803,615 Smurfit Kappa Group Plc 2,692.00 0.90 332,097 Bharti Infratel Ltd 254.60 0.20 13,423,416 HONG KONG HONG KONG Standard Life Aberdeen Plc 305.60 0.03 2,403,814 Bajaj Auto Ltd 3,268.65 1.12 327,568 Ds Smith Plc 374.80 1.79 2,245,967 Bajaj Finserv Ltd 9,079.10 1.70 225,881 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Smiths Group Plc 1,600.00 0.03 263,981 Bharat Petroleum Corp Ltd 482.65 -0.75 6,880,479 Scottish Mortgage Inv Tr Plc 519.50 0.39 1,539,290 Ck Hutchison Holdings Ltd 0.07 Cipla Ltd 449.95 -0.68 1,806,996 69.75 4,570,355 Hong Kong & China Gas 14.86 0.81 29,919,698 Smith & Nephew Plc 1,682.50 -0.12 1,066,347 Hang Lung Properties Ltd 0.37 Coal India Ltd 187.15 -0.03 8,520,046 16.38 1,961,113 Bank Of Communications Co-H 5.24 1.16 24,257,651 Spirax-Sarco Engineering Plc 8,665.00 -0.40 82,276 Ck Infrastructure Holdings L 0.19 Dr. Reddy’s Laboratories 2,887.80 -0.33 406,528 53.20 1,959,137 China Petroleum & Chemical-H 4.40 0.23 77,811,825 Sse Plc 1,316.00 0.46 3,118,105 Hengan Intl Group Co Ltd -0.49 Eicher Motors Ltd 21,541.80 1.33 107,518 50.95 3,157,796 Hong Kong Exchanges & Clear 245.80 0.16 3,154,389 Standard Chartered Plc 691.20 1.23 4,525,330 China Shenhua Energy Co-H 0.66 Gail India Ltd 117.30 5.63 28,000,003 15.30 13,243,157 Bank Of China Ltd-H 3.18 1.27 218,483,457 St James’s Place Plc 1,090.00 -0.91 486,811 Cspc Pharmaceutical Group Lt 2.12 Grasim Industries Ltd 767.40 -0.36 1,340,370 17.36 32,596,934 Hsbc Holdings Plc 58.05 0.78 11,546,574 Severn Trent Plc 2,283.00 0.57 515,649 Hang Seng Bank Ltd -0.51 Hcl Technologies Ltd 543.80 -0.12 2,387,958 157.10 2,095,551 Power Assets Holdings Ltd 55.15 0.36 1,475,721 Tesco Plc 240.20 -0.04 7,824,300 China Resources Land Ltd 2.37 Housing Development Finance 2,321.65 1.15 2,582,138 36.75 9,325,749 Mtr Corp 45.70 4.10 11,564,352 Tui Ag-Di 934.40 -0.87 2,023,349 Ck Asset Holdings Ltd 0.78 Hdfc Bank Limited 1,248.75 -0.06 5,527,321 51.70 5,252,583 China Overseas Land & Invest 28.95 1.76 16,085,687 Taylor Wimpey Plc 175.05 -0.62 11,365,808 Sino Biopharmaceutical 0.99 Hero Motocorp Ltd 2,296.30 -1.45 1,264,067 10.22 20,925,170 Tencent Holdings Ltd 340.00 0.95 12,535,555 Unilever Plc 4,525.00 -0.52 1,229,429 Henderson Land Development 0.40 Hindalco Industries Ltd 196.60 -1.26 4,757,660 37.70 2,844,845 China Unicom Hong Kong Ltd 6.81 -0.73 41,868,112 United Utilities Group Plc 871.60 1.16 1,114,581 Aia Group Ltd 0.78 Hindustan Petroleum Corp 262.65 0.84 5,178,097 78.00 17,673,519 Link Reit 79.45 -0.31 5,962,180 Vodafone Group Plc 143.68 0.66 32,110,121 Ind & Comm Bk Of China-H 0.90 Hindustan Unilever Ltd 2,010.45 -0.74 967,708 5.63 175,766,316 Sino Land Co 11.36 0.18 2,816,729 John Wood Group Plc 335.90 2.41 1,750,998 Want Want China Holdings Ltd -0.14 Icici Bank Ltd 533.55 0.92 13,768,156 6.90 19,613,665 China Resources Power Holdin 10.36 1.57 5,354,797 Wpp Plc 962.00 0.04 1,014,381 Sun Hung Kai Properties -0.35 Indiabulls Housing Finance L 268.35 -0.50 43,168,486 112.90 2,404,717 Petrochina Co Ltd-H 3.63 0.28 129,544,964 Whitbread Plc 4,601.00 -0.37 247,292 New World Development -0.20 Indusind Bank Ltd 1,420.65 0.64 3,263,070 10.20 16,446,787 Cnooc Ltd 11.36 0.71 48,714,908 Geely Automobile Holdings Lt 0.81 Infosys Ltd 721.05 0.91 6,043,554 15.00 27,636,851 China Construction Bank-H 6.37 0.95 234,523,816 Swire Pacific Ltd - Cl A 0.36 Indian Oil Corp Ltd 125.55 2.45 8,295,789 70.65 1,249,053 China Mobile Ltd 60.10 0.17 12,825,020 Sands China Ltd 0.27 Itc Ltd 237.60 0.85 13,799,825 36.75 6,658,057 TOKYO Wharf Real Estate Investment 2.26 Jsw Steel Ltd 249.95 -0.42 6,247,501 43.05 2,227,733 Clp Holdings Ltd 0.88 Kotak Mahindra Bank Ltd 1,686.55 1.45 2,029,117 79.90 3,670,742 Country Garden Holdings Co 1.06 Company Name Lt Price % Chg Volume Larsen & Toubro Ltd 1,264.30 -1.15 3,949,135 11.48 16,774,352 Aac Technologies Holdings In 5.63 Mahindra & Mahindra Ltd 507.75 0.40 2,148,791 64.75 13,220,777 GCC INDICES Japan Airlines Co Ltd 3,379.00 0.87 1,367,100 Shenzhou International Group 0.96 Maruti Suzuki India Ltd 6,993.20 0.42 603,048 105.60 2,236,424 Indices Lt Price Change Recruit Holdings Co Ltd 4,012.00 0.05 2,770,400 Ping An Insurance Group Co-H 1.51 Ntpc Ltd 113.00 2.73 8,746,687 90.85 26,419,457 Softbank Corp 1,454.00 -0.14 5,968,600 China Mengniu Dairy Co 30.60 0.33 3,682,746 Oil & Natural Gas Corp Ltd 128.00 2.24 6,878,932 Doha Securities Market 10,339.36 +22.37 Kyocera Corp 7,360.00 -0.47 901,200 Sunny Optical Tech 1.16 Power Grid Corp Of India Ltd 181.75 -0.55 22,058,390 139.50 4,212,169 Nissan Motor Co Ltd 669.60 -1.47 10,324,400 Boc Hong Kong Holdings Ltd 26.35 0.00 7,671,462 Reliance Industries Ltd 1,562.40 0.03 5,652,698 Kuwait Stocks Exchange 4,814.50 -7.56 T&D Holdings Inc 1,348.00 -1.03 2,204,100 China Life Insurance Co-H 2.23 State Bank Of India 312.80 -0.19 52,557,951 20.65 30,966,525 Toyota Motor Corp 7,663.00 0.17 3,768,100 Citic Ltd 9.90 0.00 7,884,750 Sun Pharmaceutical Indus 429.80 0.50 3,322,986 Oman Stock Market 4,014.04 -3.57 Kddi Corp 3,203.00 0.09 5,186,100 Galaxy Entertainment Group L 0.39 Tata Steel Ltd 405.55 0.87 8,227,863 51.85 5,801,919 Nitto Denko Corp 6,100.00 -1.13 457,300 Wh Group Ltd 7.88 -0.88 34,368,397 Hitachi Ltd 4,197.00 -2.53 3,344,000 Tata Consultancy Svcs Ltd 2,041.90 1.44 4,943,024 Takeda Pharmaceutical Co Ltd 4,371.00 -1.15 3,219,800 Tech Mahindra Ltd 757.95 1.75 1,644,499 Jfe Holdings Inc 1,485.00 0.88 2,486,100 Titan Co Ltd 1,179.55 0.02 1,005,638 Sumitomo Corp 1,652.00 -0.78 3,786,800 Tata Motors Ltd 161.80 1.31 21,154,277 Canon Inc 3,061.00 0.07 2,748,000 Upl Ltd 561.05 0.59 1,706,296 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Eisai Co Ltd 7,920.00 -2.35 1,193,900 Ultratech Cement Ltd 4,001.15 -0.93 474,277 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Nintendo Co Ltd 45,740.00 -1.36 1,808,100 Vedanta Ltd 138.50 -1.67 9,011,644 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Shin-Etsu Chemical Co Ltd 11,755.00 0.04 932,500 Wipro Ltd 240.05 0.80 2,387,660 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Mitsubishi Corp 2,920.50 0.00 3,456,100 Yes Bank Ltd 42.80 -15.33 661,012,673 this data.” Smc Corp 50,050.00 -0.20 139,100 Zee Entertainment Enterprise 283.45 4.61 28,858,296 Gulf Times Thursday, December 12, 2019 9 BUSINESS Pakistan’s first electric metro hits the track in Lahore

Internews magnificent gift of China for Lahorites. commuters on a daily basis. It will save infrastructure of the project has been to Ali Town. The OLMT project is a part has five coaches of 20 metres long with Lahore He said it was a joint venture project of around Rs15bn annually under the head completed and now the testing process of this broader vision and the following 60 seats besides standing capacity for the Punjab government and China which of passenger travel time and vehicle of breaks, alignment, signal and other start of its commercial operation it will 800 passengers. was about to open its doors to the public. operations. technical tests will be conducted after dramatically reduce the traff ic burden on The public address system is installed for The first infrastructure project under “It is completely an environment-friendly He said the Pakistan Tehreek-e-Insaf (PTI) which train will be fully operational for roads along the metro train route, which the convenience of the passengers. the China-Pakistan Economic Corridor transport system as per the clean and government had considered it as its duty masses. helps the country to cut expensive oil The doors of the electric train are fully (CPEC), the Lahore Orange Line Metro green vision of Prime Minister Imran to complete the project at the earliest to The minister said Chinese engineers, imports. automatic and installed at the platform Train (OLMT), has formally been Khan,” he maintained. alleviate public transport problems. Punjab Transport Department, Punjab The OLMT project is part of the city to ensure the double safety of the inaugurated for a trial run. He said the metro train project was the After hectic and continuous eff orts, the Masstransit Authority (PMA) and off icials metro network. passengers. Punjab Minister for Transport Jahanzeb first electric transport of Pakistan. “It is infrastructure of the project has been of LDA working on this project deserve The construction work started on This train will complete 27 kilometres Khan Khitchi underscores that the OLMT the first electric vehicle for Pakistan’s completed and trial run of the country’s commendation. October 25, 2015. distance from Ali Town to Dera Gujran in project does not belong to any political public sector besides the Orange Line first modern mass transit system has Earlier, Khitchi unveiled the inaugural It has a total length of 27.12 kilometres. 45 minutes. personality or party. Metro Train also holds the distinction been started, he said and added that plaque at Ali Town formally and opened Out of it, 25.4 kilometres track is elevated It will pass through the congested areas It is a project of the people of Punjab of being the first computer-controlled it was happening for the first time in the OLMT project. while 1.72 kilometres track has been of the city where more than 250,000 which symbolises Pak-China friendship. train of public sector whose speed, brake Pakistan that government of the day Transport minister along with various made underground to protect the passengers daily travel. A senior PMA Addressing the project’s infrastructure and other functions will be computer- instead of halting project of previous members of the provincial assembly, historical places. off icial highlighted that the authority completion ceremony, Khitchi operated.” government had completed their senior Pakistani and Chinese off icials, The OLMT has 26 stations – 24 stations has the vision to provide reliable and highlighted that it was the first project The minister further highlighted that project. “It is a living example of political project contractors and media are constructed at the height of 12 metres comfortable public transport facilities to in the transport sector which will be the OLMT project has the capacity to tolerance,” he underlined. representatives boarded on the metro whereas two stations are underground. all citizens in just 500-metre range from completed under the CPEC and it was a transport around a quarter a million He highlighted that the physical train and travelled from Dera Gujjran The number of trains is 27 and each train their place of work or residence.

Pakistan’s China expects US will postpone reserves hit 8-month Dec 15 threat as tariff cuts debated high on

Bloomberg ADB infl ow Beijing

Internews hinese officials expect the US Karachi will delay a threatened tar- Ciff increase set for Sunday as both sides focus on de-escalating he State Bank of Pakistan tensions by cutting import taxes cur- (SBP) has received $1.3bn rently in place rather than removing Tjust a day after signing an specific products from the target list, agreement with the Asian Devel- according to people familiar with the opment Bank (ADB) in Islamabad. matter. The $1.3bn infl ow from the ADB Beijing sees the removal of the De- pushed up central bank’s reserves cember 15 threat enabling talks to to eight-month high at $10.41bn. continue on the unfinished items in Moreover, the country’s total phase-one of the accord, two offi- reserves including central bank cials said on condition of anonymity and commercial bank holdings because the conversations are pri- also jumped to eight-month high vate. reaching $17.293bn. While the Trump administration The government, as part of the has yet to announce any postpone- agreement with the ADB, plans to ment, Agriculture Secretary Sonny utilise $1.3bn for economic stabi- Perdue said Monday that he believed lisation programme. there will be “some backing away.” The ADB earlier said the aim of Reducing the existing tariff rates the loan is to reduce the social im- will enable negotiators to avoid hav- pact of macroeconomic stability ing to choose which among thou- measures. sands of goods can receive relief. The purpose of the investment The US has added a 25% duty on is to bring stability in the exchange about $250bn of Chinese products rate while strengthening the pub- and a 15% levy on another $110bn lic fi nancial management. of its imports over the course of a The bank also said that of the 20-month trade war. total $1.3bn, around $300mn has The ongoing discussions illustrate been set aside for reforms in the the difficulties in reaching an accord energy sector to address the en- that President Donald Trump said ergy shortfall and shortcomings in more than eight weeks ago was ba- the energy policy. sically done and would take three to Since the beginning of the cur- five weeks to put on paper. rent fi nancial year, infl ows from Stock futures reversed losses on bilateral and multilateral donors news of the potential delay. have helped increased central US Commerce Secretary Wilbur bank’s foreign exchange reserves Ross, speaking on Tuesday on Fox and stabilise exchange rate. Business Network, said getting the Robert Lighthizer, US Trade Representative (centre left), meets with Liu He, China’s Vice Premier and director of the central leading group of the Chinese Communist The greenback also fell to six- right deal is more important than Party (centre right), during trade talks between the US and China in the Eisenhower Executive Off ice Building in Washington (file). Chinese off icials expect the US will month low in the open market on whether it comes before or after De- delay a threatened tariff increase set for Sunday as both sides focus on de-escalating tensions by cutting import taxes currently in place rather than removing specific Saturday while it also fell below cember 15. “Every day that goes by, products from the target list, according to sources. Rs155-mark in the inter-bank we are in a better negotiating posi- market on Monday. tion,” he said, adding that most of the hizer’s attention this week on getting fidence in the global economy and Kong’s protests and alleged abuses in the agreement. The US wants to lock Although foreign direct invest- tougher issues will be addressed in enough support in Congress to ratify signal that the two sides are deter- China’s Xinjiang province. China in a firm schedule of purchases. ment in the country has failed to later phases of negotiations. the administration’s revamped free- mined to push through a deal, de- As China continues to increase ag- China insists that any buying com- pick up over the last fi scal year, Adding to the tough timeline for trade agreement with Mexico and spite heightened tension in the past ricultural purchases from the US, of- mitments should not conflict with its the foreigners’ increasing inter- the phase-one deal by Sunday is US Canada. two weeks over non-trade conflicts ficials are also still wrangling over obligations under World Trade Or- est in the government securities Trade Representative Robert Light- A tariff reprieve would lift con- including the US stance on Hong the provisions for future buying in ganisation rules. reached to $1bn.

Chinese group close to buying India debates data privacy law that gives state sweeping powers stake in Argentine power unit Bloomberg New Delhi Bloomberg will expand China’s reach in the Beijing region’s power sector. In Argentina it previously Lawmakers are debating a bill that acquired a pair of hydroelectric seeks to protect Indians’ online privacy, A consortium of Chinese compa- dams, and Chinese State Grid Corp but also off ers sweeping exemptions to nies led by China Huadian Corp just concluded a $2.2bn acquisi- the government to access data in the is close to acquiring a controlling tion from Sempra Energy, which world’s fastest-growing Internet market. stake in Argentine power generator included some of Sempra’s Chilean Information Technology Minister Ravi Stoneway Group LP, according to energy businesses. Shankar Prasad yesterday introduced people familiar with the matter. The Stoneway deal was origi- the bill and said it will be referred it to a Huadian – one of several Chinese nally planned for earlier in the year select panel of parliamentarians. state-owned power generation but was postponed amid political A report is likely in January, followed by corporations born out of a 2002 in- volatility after the midterm elec- more deliberations and then a vote. dustry reform – and its partners will tions in Argentina. India’s first attempt to regulate data acquire about 80% of Stoneway. At the time Huadian was seeking generated by more than 600mn The group will make the acquisi- to purchase 50% of Stoneway on its Internet users has raised concerns tion in three tranches through a own. Stoneway, with approximately about mass surveillance. unit called China Huadian Engi- 687 megawatts of power genera- The proposed law comes weeks after neering, the people said, asking tion capacity, operates in Argentina a controversy about whether Prime not to be identified as the talks are through its Araucaria Energy SA Minister Narendra Modi’s government private. and SPI Energy SA units. used the services of spy software to Stoneway’s management team The company has built four snoop on WhatsApp calls and messages. will remain in place and the con- power plants in the past three years Under the proposed rules, companies sortium plans to use the company, and is expanding capacity at one will need individual consent to collect incorporated in Canada, to make of them. or store data, and must delete that data acquisitions across Latin America. To fund the projects, the com- after it is used for the purpose agreed. The deal is being negotiated by pany’s Stoneway Capital unit sold However, it also allows the government Employees work at an off ice in Mumbai. India’s first attempt to regulate data generated by more than 600mn Internet users a member of the family that owns 10-year junk bonds in 2017. to access the data without consent, has raised concerns about mass surveillance. Stoneway, Rogelio Nores, who is About $588mn remains out- for reasons including national security, in Beijing for the talks, one of the standing, and the note trades at friendly relations with foreign states, then who are we protecting data The cheapest data in the world is also Individuals can also seek compensation. people said. about 54 cents on the dollar. public order, and for research, archiving, from? Criminals will breach privacy giving companies the ability to track Supratim Chakraborty, a partner at law A representative for Stoneway While the bonds have a change- or statistical purposes. irrespective of the law.” consumers in the world’s second most- firm Khaitan & Co, said the Personal declined to comment. of-control clause that would require “This bill is totally a disappointment for Concerns surrounding the bill are populous nation. Data Protection Bill will supersede a Representatives for Huadian and owners be paid off at 101 cents, that advocates of right to privacy,” Sandeep heightened given that India already has Under the proposed law, companies patchwork of rules and is a “quantum its engineering unit didn’t reply to provision is unlikely to be triggered Shukla, a professor of computer science a national digital ID, known as Aadhaar, will need to inform the regulator about leap for India.” However, “this law e-mails and several calls seeking because it’s the parent company at the Indian Institute of Technology which uses biometrics and a unique any breach of data privacy and could could considerably increase the cost comment. that’s changing hands, not the unit in Kanpur, said by phone. “If the 12-digit number to track individuals’ face penalties of as much as 4% of their of compliance for tech companies,” he Once completed, the takeover that issued the securities. government takes all exemptions, pensions, investments and subsidies. previous year’s global turnover. added. Gulf Times 10 Thursday, December 12, 2019 BUSINESS

HSBC’s CEO search ending where it began as signs point to Quinn

Bloomberg headquarters while en route to Heathrow wouldn’t have greenlighted for a short- focusing even more resources on Asia – by not moving fast enough. Now it’s up ing his way up the commercial-banking London airport by chairman Mark Tucker. timer, say former HSBC managers, who which already provides 90% of profit. to Quinn: Senior executives who have business, spending much of his time He was asked whether he would fill in asked not to be identified. The urgency reflects the headwinds worked with him say the British banker is in Asia, before emerging at the top of for Flint, who would be ousted days later In a sweeping overhaul of the threatening the HSBC franchise. a safe pair of hands and aren’t surprised the unit in late 2015. Behind the scenes, Stuck in an elevator, Noel Quinn wit- after less than two years as CEO, and did executive ranks this week, the 57-year- S&P Global Ratings put its A rating on he is the front-runner to lead the business Quinn has taken steps to boost his nessed first hand the routine travails of he want the job full-time. old Quinn replaced the top investment negative watch last month after quarterly through its third major restructuring in chances of getting the job. then-HSBC Holdings Plc chief executive He answered yes to both. banker, chief operating off icer and chief profits missed estimates. less than a decade. HSBC hired Brunswick Group Ltd, the off icer John Flint: his boss was clutching Quinn’s rise from obscurity to the glare risk off icer. Not all the troubles are of its own mak- Unlike several of his predecessors, blue-chip public relations outfit, in Febru- a white belt and an ice bucket, equipment of a position that paid Flint more than “My mandate is to run the business not ing: geopolitical challenges from Brexit Quinn isn’t a product of HSBC’s elite inter- ary, with Susan Gilchrist, the firm’s former he’d needed to chair a management $5mn last year is on track. just as an interim CEO, but as the CEO of to unrest in Hong Kong and the US-China national manager cadre that traditionally CEO and chairwoman of its Global Clients meeting while in excruciating back pain. In internal and external communica- the bank,” Quinn told employees shortly trade war have conspired against its bot- produces its leaders, including Flint. practice, advising on the switch from Flint It was a “surreal” encounter, Quinn tions, references to the former global after he was named. tom line, adding to pressures from nega- He attended Birmingham Polytechnic to Quinn.“We work with a broad range of recalled in an internal video chronicling head of commercial banking’s role being Meantime, executives are planning tive interest rates in Europe and slowing in central England before training as an the management team,” said Gilchrist. the life of the head honcho at a global “interim” have quietly disappeared. to unveil a restructuring early next year global economic growth. accountant. His first job was digging “It’s now very hard for someone else to institution with almost quarter-million Having said he didn’t see himself as that’s expected to close parts of the HSBC shares have dropped more than holes on a building site and his banking come in and take the strategy and execute employees and assets approaching $3tn. a mere “caretaker” after taking the job business, scale back stock trading and 10% in both Hong Kong and London this career began at Forward Trust, a financ- it,” said John Cronin, UK financials analyst Not long after came another surreal in August, he’s now laying out a long- divest operations including the French year, lagging rivals and the benchmark ing and leasing unit of Midland Bank, the at Goodbody, the Dublin-based broker. “He moment involving Flint. term strategy. He’s putting a stamp on retail unit. indexes. UK lender that HSBC bought in 1992. has really stepped up and taken the job Quinn was summoned back to the business that the 15-person board A fresh strategy is likely to see HSBC Flint paid the price, angering Tucker He spent the next two decades work- on, so the bet has to be on Quinn.”

BASF plans battery unit US, Mexico, Canada sign in Tesla’s German pact to fi nalise trade deal backyard Bloomberg Berlin AFP Mexico City ASF SE may follow Tesla Inc’s lead in planning a he United States, Mexico and Blarge factory for the bat- Canada signed a deal Tuesday to tery industry near Berlin. Tfi nalise their new trade agree- The company may expand a ment, paving the way to ratifi cation foam and plastics production after more than two years of arduous unit in Schwarzheide, a town 87 negotiations. miles from Berlin in Branden- However, the impeachment trial of burg state, to make chemicals for President Donald Trump in the US Sen- cathodes needed in battery cells, ate would likely delay Congressional the Tagesspiegel newspaper re- ratifi cation of the agreement until next ported yesterday. year, said Senate Majority Leader Mitch BASF is boosting production McConnell. of such chemicals, but will likely In reality, it is the second time the await pledges for construction three countries have triumphantly an- subsidies before deciding where nounced the conclusion of the United exactly to expand, the paper said. States-Mexico-Canada Agreement Backed by Chancellor Angela (USMCA), the deal meant to replace Merkel’s government, Branden- the 25-year-old Nafta, which President burg and the neighbouring states Donald Trump complains has been “a of Saxony and Saxony-Anhalt disaster” for the US. are racing to switch their reliance First signed in November 2018, US- on lignite mining and power MCA got bogged down in political com- generation to become centres of plications, particularly in the United the green automotive industry. States, where opposition Democrats Tesla announced its decision questioned whether it would really to locate a “gigafactory” east of force Mexico to deliver on labour re- Berlin last month. forms meant to level the playing fi eld The facility may employ as between Mexican and American work- many as 10,000 people and tar- ers. get annual production capac- But another year of talks produced a ity of 500,000 of the company’s series of additions – notably including Model 3 and Model Y cars, the tougher enforcement of labour provi- Bild-Zeitung reported. sions – that won the blessing of House A fi nal decision on an addi- Speaker Nancy Pelosi, the key Democrat tional production facility that needed to move the agreement forward, Andres Manuel Lopez Obrador, Mexico’s president, speaks during a news conference at the National Palace in Mexico City. Obrador, who presided over the signing would produce cathode active as well as the largest US labour federa- ceremony of the trade deal among the US, Mexico and Canada, said the deal “will benefit both Mexican and American workers.” He hailed it as a “driver of growth” for all materials has not yet been made, tion, the AFL-CIO. three countries’ economies. BASF said in an e-mailed state- Mexican President Andres Manuel ment to Bloomberg News. Lopez Obrador, who presided over the economies and helped turn Mexico into proved access for US agricultural goods, in Mexico City along with Canadian crats lost to Trump in 2016 – sought to Merkel in September unveiled signing ceremony, said the deal “will an export powerhouse. including dairy products, which Cana- Deputy Prime Minister Chrystia Free- claim victory over the president by call- a €54bn ($60bn) climate-pro- benefi t both Mexican and American Under Nafta, the region – which da in particular had tried to limit. land and Mexico’s top negotiator on the ing the fi nal deal “infi nitely better than tection package aimed at putting workers.” He hailed it as a “driver of represents close to 30% of the global It includes rules designed to improve accord, Jesus Seade. what was initially proposed by the ad- Germany’s greenhouse gas cuts growth” for all three countries’ econo- economy and is home to nearly 500mn US auto workers’ competitiveness, re- Senior Trump advisor Jared Kush- ministration.” back on track. The legislation mies. people – did $1.2tn in trade last year. quiring 40% of each duty-free car to be ner, the president’s son-in-law, also at- USMCA’s fate had looked precarious included a plan to put as many “Some people thought it was im- But Trump bashed Nafta as “the made by people earning at least $16 an tended. in recent weeks. as 10mn electric cars on the road possible to reach this deal. Some peo- worst trade deal in the history of the hour. “It’s nothing short of a miracle that Lopez Obrador fi rmly rejected the in- by 2030, up from about 420,000 ple thought we wouldn’t be able to country,” blaming it for shipping Amer- Besides labour enforcement rules, we have all come together,” Lighthizer itial US proposal for labour inspections, all-electric and hybrid vehicles agree on anything (with Trump). But ican jobs south of the border. the additions signed Tuesday include said. and the deal seemed likely to get mixed at the end of last year. look what we’ve done,” said the leftist He insisted on overhauling it – a long, tougher measures to monitor environ- “We have accomplished this together up in Trump’s impeachment drama and Tapping subsidies to build fac- leader. fraught process that kicked off in Au- mental provisions, and remove the re- at a moment when around the world it 2020 re-election bid. tories is an integral part of the The fi nal deal, which must now be gust 2017, and which produced what quirement for the countries to provide is increasingly diffi cult to get trade deals Mexico emphasised that there would plans. The EU Commission this ratifi ed in all three countries’ legis- Trump swaggeringly tweeted “will be at least 10 years of exclusivity for bio- done,” said Freeland. be no American “inspectors” visiting week approved €3.2bn in aid to latures, will replace the 1994 North the best and most important trade deal logic drugs, which blocks cheaper ge- The path to ratifi cation now looks Mexican factories or businesses, but support the creation of a Europe- American Free Trade Agreement, the ever made by the USA.” neric versions. clear in all three countries. rather panels of “independent labour an battery cell industry to com- historic pact that erased nearly all tariff s Analysts say USMCA is similar to US Trade Representative Robert Pelosi – acutely aware of the need to experts” which Mexico would help to pete with Asian companies from across the region, deeply integrated its Nafta in many respects, but there is im- Lighthizer signed the annex to the deal win back blue-collar voters the Demo- choose. Panasonic Corp to LG Chem Ltd.

US consumer prices increase Financial markets embrace brave new world of AI

AFP costs, while they also use it to set product without pitfalls – but admits that AI still pos- more than expected in Nov London interest rates – and analyse risk profiles of loan sesses “strengths” in monitoring risk. applicants. “Predicting catastrophic market events, Reuters basis in October and has undershot its target this year. Anticipating storms such as the cascading defaults of 2008, is like Washington November PCE price data will be published later Artificial Intelligence has spread rapidly across predicting the weather,” the CFTC said in a this month. markets in recent years as traders constantly Survey evidence suggests AI will gain more recent report. Fed off icials were due to conclude a two-day policy strive to gain the upper hand, while regulators traction in the financial services sector in the Amplifi ed risks US consumer prices rose more than expected in meeting later yesterday. have given a guarded welcome to the cutting- coming years. November, which could further support the Federal The US central bank is expected to keep rates on edge technology. Data analytics firm Greenwich Associates, “There are many variables, which can gener- Reserve’s intention not to cut interest rates again in hold after reducing borrowing costs in October for the High-frequency trading propelled by which conducted a recent study of market pro- ate diverging predictions, and some key infor- the near term after reducing borrowing costs three third time this year. algorithms has reigned over the past decade, fessionals, says more than half of respondents mation may be overlooked or not available. times this year. It has signalled a pause in the easing cycle that as banks and funds take advantage of small believe they will have incorporated AI over the This can impede corrective action. The Labour Department said yesterday its started in July when it cut rates for the first time since price fluctuations on many markets to carry out next two years. “A strength of AI is its ability to identify cor- consumer price index increased 0.3% last month as 2008. thousands of deals in a fraction of a second. Israeli technology startup SparkBeyond is a relations in vast data sets. households paid more for gasoline. November’s firmer inflation readings followed Complex mathematical equations have data-crunching platform that seeks to harness Such correlations can be helpful in systemic The CPI advanced 0.4% in October. a report last Friday showing the economy added a long been used to conduct certain operations AI for problem-solving. risk monitoring, it’s clear that a solid majority In the 12 months through November, the CPI rose robust 266,000 jobs in November and the unemploy- – for example, selling or buying a security if it SparkBeyond uses machine-learning to think of market participants... soon will be using AI in 2.1% after gaining 1.8% in October. ment rate fell back to 3.5%, its lowest level in nearly breaches a certain level. outside of the box – and test outcomes that the securities trading process.” Economists polled by Reuters had forecast the CPI half a century. Yet algorithms have come under fierce might not seem obvious, according to Edward The Bank of England, meanwhile, has also climbing 0.2% in November and rising 2% on a year- Other data on housing, trade and manufacturing criticism over “flash crashes”, such as a dizzying Janvrin, who heads its Europe, Middle East and given a cautious analysis. on-year basis. have also been relatively upbeat, and suggested the slump in the British pound in October 2016 that Africa division. “In the financial services industry, the ap- Excluding the volatile food and energy compo- economy was growing at moderate speed rather than was widely blamed on high-frequency deals. For example, most people might assume plication of machine learning methods has the nents, the CPI rose by 0.2%, matching October’s stalling. Artificial Intelligence now seeks to take trad- that proximity to a hospital might be the best potential to improve outcomes for both busi- increase. In November, gasoline prices rose 1.1% after re- ing into new realms, where “machine learning” predictor of survival after a telephone call to nesses and consumers,” it said in a separate The so-called core CPI was up by an unrounded bounding 3.7% in October. (ML) software compares dozens of databases in emergency services. report. 0.2298% last month compared to 0.1572% in October. Food prices edged up 0.1%, rising for a third straight the blink of an eye to monitor risk. Yet SparkBeyond software analysed millions “At the same time, existing risks may be am- It was lifted by gains in healthcare and prices of month. A computer identifies trends and market cor- of pieces of data within a few minutes and plified if governance and controls do not keep used cars and trucks, recreation and hotel and motel Food consumed at home gained 0.1%. relations, runs models, forecasts outcomes, and concluded that the best predictive factor is pace with technological developments.” accommodation. Owners’ equivalent rent of primary residence, arrives at the decision to buy or sell by itself. proximity to a fire station, according to Janvrin, Vasant Dhar, professor of information In the 12 months through November, the core CPI which is what a homeowner would pay to rent or re- AI can assist investment funds and portfolio who applies the same logic to trading. systems at New York University Stern School increased 2.3% after a similar gain in October. ceive from renting a home, increased 0.2% last month, managers to manage risk – and pick which Global financial regulators can also deploy AI of Business, added, however, that AI trade The Fed tracks the core personal consumption ex- matching October’s rise. stocks are best for which clients. to try to anticipate storms on the horizon. would always be safer than purely human-led penditures (PCE) price index for its 2% inflation target. The rent index gained 0.3% after edging up 0.1% in Banks deploy AI to help detect fraudulent The Commodities and Futures Trading decisions. Dhar added that any AI system has a The core PCE price index rose 1.6% on a year-on-year October, which was the smallest gain since April 2011. activity, stop computer attacks and lower Commission (CFTC) warns the process is not human safeguard as a fallback option. Gulf Times Thursday, December 12, 2019 11 BUSINESS

BANKING ON KNOWLEDGE Madrid COP 25 event highlights critical challenges to sustainability

By Dr R Seetharaman reach almost 37bn tonnes of CO2. This and it’s the meeting when countries projection is down from 2.1% in 2018 are expected to present their next and 1.5% in 2017. The global fossil CO2 round of commitments to curb their The COP 25 Conference of the Parties emission projection of +0.6% includes contributions to climate change. That to the UN Framework Convention on separate global projections of the means even more aggressive cuts Climate Change (UNFCC) meeting is emissions from coal (-1.1%), oil (+0.9%), to greenhouse gas emissions, less underway in Madrid, Spain, this month. natural gas (+2.5%) and cement (+3.7%). reliance on mechanisms like emissions The UNFCCC had non-binding limits We cannot rule out a decline in global Earlier, the 24th Conference of well ahead of their target for curbing trading, and more details about how on greenhouse gas emissions for indi- emissions in 2019, given uncertainties the Parties to the UN Framework emissions, they could sell the credit they will achieve their goals. vidual countries, and no enforcement in the projection. The lower growth rate Convention on Climate Change for the overshoot to another country Amidst the global developments, in mechanism. Various extensions to this in emissions in 2019 is due to various (COP24), was working on rules to struggling to hit their own target. Qatar recently, the Gulf Organisation treaty were negotiated during recent factors, including substantial declines implement the Paris Agreement, Ideally, such mechanisms would for Research and Development (Gord) COPs, including most recently the Paris in coal use in the US and the European which will come into force in 2020, allow countries to adopt even more has signed a number of agreements Agreement, adopted in 2016, in which Union; weaker economic growth and the rulebook on how governments ambitious greenhouse gas reduction with international and national all countries agreed to step up eff orts lower growth in electricity demand will measure, and report on their targets than they would otherwise. organisations to promote sustainability to limit global warming to 1.5°C above in China; weaker economic growth emissions-cutting eff orts. The section It would also help conserve tropical practices. Gord signed several pre-industrial temperatures and boost combined with a strong monsoon in of the Paris Agreement known as rainforests that soak up and store agreements with organisations such climate action financing. COP25 is the India; and weaker overall economic Article 6 has proven to be especially vast quantities of carbon. COP25 is as Supreme Committee for Delivery final COP before we enter the defin- growth globally. Forest fires also have diff icult to resolve. Article 6 governs expected to lay the foundation for & Legacy (SC), UNESCO and Doha ing year of 2020, when many nations According to global carbon budget driven CO2 emissions up in 2019: 6bn how countries can work across next year’s climate meeting when the Bank. This reveals Qatar’s thrust on must submit new climate action plans. 2019, the global CO2 emissions are tonnes of CO2, about 0.8bn tonnes borders to meet their climate change next round of climate targets are due. sustainable development. Among the many elements that need expected to rise more slowly in 2019. more than the last year, were driven targets, particularly through markets The COP in Glasgow in November to be ironed out is the financing of Emissions from burning fossil fuels are partly by fires in the Amazon and where countries can trade carbon 2020 will mark five years since the  The author is Group CEO of climate action worldwide. projected to grow by 0.6% this year to Indonesia. emissions credits. If one country is signing of the Paris Agreement, Doha Bank.

QSE settles 22 points higher on strong QSE all set to see the buying interests

By Santhosh V Perumal QR10.78mn on Tuesday. Business Reporter The Gulf institutions’ net buy- ing also grew substantially to QR26.35mn against QR2.48mn The Qatar Stock Exchange on December 10. listing of a real estate yesterday settled 22 points Non-Qatari institutions were net higher mainly on the back of buyers to the tune of QR8.9mn strong buying interests from the compared with net sellers of Gulf and domestic institutions QR12.34mn the previous day. amidst increased volumes Non-Qatari individuals were brought about by the newly turned net buyers to the extent listed Baladna. of QR3.21mn against net sellers fi rm in near future Telecom, transport, industrials of QR3.44mn on Tuesday. and consumer goods counters The Gulf individuals were By Santhosh V Perumal on the number of listings expect- need for capital requirements is QFC-authorised entity, is listed witnessed higher than average also net buyers to the tune of Business Reporter ed in 2020, al-Mansoori sounded expected to prompt these enti- on the domestic bourse. demand as the 20-stock Qatar QR1.02mn compared with net positive owing to the increased ties to seek listing, sources said. Indications are that family- Index grew 0.22% to 10,339.36 sellers of QR0.47mn on Decem- interests shown by the private At present, the QSE has 46 owned companies may create points. ber 10. uoyed by the successful of sector, including family owned listed companies — 13 under holding companies (under QFC), Non-Qatari funds turned margin- However, local retail investors’ listing of Baladna and the entities. “There is a growing in- banking and fi nancial services, which in turn may seek listings. ally bullish on the market, which net profit booking expanded Bsound macroeconomics terest from the private sector” 10 (industrials), nine (consumer Similar is the case with those is up 0.39% year-to-date. significantly to QR67mn against of the country, Qatar’s private (for listing), he said, adding the goods and services), fi ve (insur- sovereign-backed entities that Market capitalisation saw more QR1.37mn the previous day. sector has evinced greater inter- bourse had made many achieve- ance), four (realty), three (trans- wish to go public. than QR3bn or 0.55% increase Total trade volume more than ests in becoming public and the ments during this year. port) and two (telecom). In its 2017-22 roadmap, the to QR572.52bn mainly owing to doubled to 111.98n shares and country’s stock market is all set It is learnt that there has been The Qatar Financial Center QFC had said it would allow mid and small cap segments. value rose 75% to QR221.27mn to see the listing of a real estate a prospective entity, within (QFC) is targeting 10 listings on more stock listings and fi nancial Islamic stocks were seen gaining on more than doubled transac- fi rm in the near future. healthcare/pharmaceutical sec- the QSE as it aims to achieve 5% products on the bourse including higher than the other indices on tions to 10,585. “At least I have one active fi le Al-Mansoori: Positive outlook. tor, seeking to go public. market capitalisation through its ETFs, sukuk, real estate invest- the market, where the local retail The consumer goods sector’s (in terms of listing),” Qatar Stock Expectations regarding the authorised companies. ment trusts and family-owned investors were increasingly net trade volume grew 19-fold to Exchange (QSE) chief executive estate. However, he did not dis- public off ers have heightened, Already two exchange traded companies in order to achieve 5% profit takers. 70.46mn equities and value by Rashid bin Ali al-Mansoori told close further details. given that the country’s macr- funds (ETFs) — one sponsored QSE market capitalisation. Trade turnover and volumes nine-fold to QR84.17mn on 16- reporters on the sidelines of the The QSE’s real estate sector oeconomic profi le remains in- by Masraf Al Rayan and other The QSE had reported foreign were on the increase on the fold jump in deals to 5,988. listing of Baladna yesterday. now has four constituents – tact despite the economic and one by Doha Bank — has been funds net infl ow of as much as bourse, where consumer goods The transport sector’s trade Asked under which sector United Development Company, trade blockade. incorporated under the QFC and $1.3bn until November end and and banking sectors together volume rose six-fold to 5.6mn the prospective entity belonged Barwa, Ezdan and Mazaya Qatar. The increased room for the listed on the QSE. Moreover, it had seen as much as $2.5bn accounted for about 78% of the stocks and value by seven-fold to, he said it is the from the real Although, he did not specify private sector and hence the Qatar First Bank, which is also a during 2018. total volume. to QR17.24mn on tripled transac- The Total Return Index rose tions to 303. 0.22% to 19,025.3 points, All There was 6% jump in the Share Index by 0.21% to 3,051.28 industrials sector’s trade volume points and Al Rayan Islamic to 10.01mn shares, 20% in value Woqod opens nomination process to elect Index (Price) by 0.3% to 2,325.82 to QR24.83mn and 26% in deals points. to 1,025. The telecom index expanded However, the insurance sector’s 0.96%, transport (0.67%), indus- trade volume plummeted 34% to four members to its board of directors trials (0.65%), consumer goods 1.4mn equities, value by 47% to (0.38%) and banks and financial QR3.54mn and transactions by services (0.1%); while insurance 20% to 154. The Qatar Fuel Company (Woqod) held procedures, where it is scheduled to open and realty declined 1.27% and The real estate sector reported yesterday its sixth meeting for 2019, where the nomination process for those wishing 0.24% respectively. 16% plunge in trade volume the board issued a resolution approving to nominate to collect the nomination About 58% of the traded constit- to 5.38mn stocks but on 23% the recommendations of the Nominations documents from December 22, 2019 until uents gained with major movers increase in value to QR8.34mn Committee to open the nomination process January 5, 2020. being Ooredoo, Industries Qatar, and 1% in deals to 321. for the election of four members to the board During its annual meeting on January 29, Milaha, Gulf Warehousing, Al The telecom sector’s trade of directors for a period of three years. 2020, the board of directors will approve Khaliji, Mazaya Qatar, Commer- volume tanked 14% to 2.66mn Their terms will start immediately after the final list of candidates for submission cial Bank, Islamic Holding Group, shares, whereas value jumped the election of the required members by to the general assembly of shareholders, Salam International Investment, 82% to QR11.39mn and transac- the Woqod’s Annual General Assembly, other than Qatar Petroleum and the General Medicare Group and Al Meera; tions by 50% to 378. scheduled on March 18, 2020 as an original Retirement & Social Insurance Authority, for even as Mesaieed Petrochemical The banks and financial services date and on March 31, 2020 as an alternative voting requirements and the selection of the Holding, Qatar General Insur- sector saw 8% shrinkage in trade date. winning candidates. ance and Reinsurance, Barwa, volume to 16.46mn equities and The board also approved the nomination For more information and terms in respect Nakilat, Barwa and Masraf Al 3% in value to 71.75mn but on conditions for the independent and non- of the nomination and election for Woqod Rayan were among the losers. 15% expansion in deals to 2,416. independent members, in addition to the board membership, contact imakki@woqod. The terms of the new board members will start immediately aft er Domestic institutions’ net In the debt market, there was adoption of the timetable, which sets the com.qa or visit the Investor Relations page the election of the required members by the Woqod’s Annual buying increased considerably no trading of treasury bills and dates for the nomination and election at www.woqod.com General Assembly, scheduled on March 18, 2020 to QR27.53mn compared to sovereign bonds.

QICDRC gets associate membership of Int’l Consortium for Court Excellence

he Qatar International The courts and tribunals that The QICDRC may become Court and Dispute demonstrate a commitment eligible for ‘Implementing TResolution Centre to the values and standards Membership’ status in the fu- (QICDRC) has received the set out in the IFCE are rec- ture, pending continuous en- associate membership of the ognised by membership en- forcement of the IFCE within International Consortium for try. Since August 2018, the its administrative operations, Court Excellence (ICCE). QICDRC has taken steps to strategic planning and leader- Qatar’s position as a hub for deliver scalable and sustain- ship development practices. international commerce re- able change for a holistic By expanding its partnership lies on a trustworthy judicial improvement to the quality with the ICCE, the court ac- system, further bolstered by of court services, refl ecting a tively champions standards of the QICDRC’s adoption of the national commitment to eco- court excellence in the region. International Framework for nomic development and glo- As a specialised court for Court Excellence (IFCE). bal standards of excellence. the resolution of civil and The IFCE is a comprehen- “This is an important testa- commercial disputes, the sive resource for assessing a ment to the QICDRC’s con- QICDRC’s facilities are home court’s performance against tinuous commitment to im- to a distinguished body of seven areas of court excel- prove the administration of judges that provide leadership lence as court leadership and justice. From the outset of our in justice adhering to interna- management, court planning court excellence journey, we tional best practices. and policies, court resources, have set out to fulfi l our role Last year, the court court proceedings and proc- as a credible justice system to launched its new electronic esses, client needs and sat- help attract direct foreign in- case management system, isfaction, aff ordable and ac- vestment to Qatar,” said Faisal ‘eCourt’, to improve access to cessible court services and al-Sahouti, the QICDRC chief justice and deliver interna- The QICDRC court room. Qatar’s position as a hub for international commerce relies on a trustworthy judicial system, further bolstered by the QICDRC’s public trust and confi dence. executive. tional quality of service. adoption of the International Framework for Court Excellence (IFCE). Gulf Times 12 Thursday, December 12, 2019 AVIATION BUSINESS Aviation industry joins Rwanda grows global efforts against rogue aviation sector lithium battery shipments with Qatari

By Pratap John investment

Rogue lithium battery shipments have However, al-Meer, the CCO of Hamad been troubling the global cargo indus- International Airport (HIA) in Doha, try for a long time. revealed plans to take future invest- Unscrupulous elements such as rogue ments in overseas airports further producers and exporters seem to be through a rebranded Qatari company taking advantage of the consumer named ‘Matar’, the Arabic word for demand for lithium batteries, which is airport. Through Matar, the company growing by 17% annually. intend to not only invest in foreign The market for lithium-ion battery is airports, but crucially: to operate and expected to register a CAGR of ap- manage the airports as well. proximately 22%, between 2019 and To pave way for the latest deal, 2024. Growth is coming from declining Rwanda early this year bought back lithium-ion battery prices and the all the 75% stake from the Portuguese increasing sale of consumer electronics. firm, before ceding the 60% to Qatar With it, the number of incidents involv- Airways. ing mis-declared undeclared lithium The third agreement is about guar- batteries has also risen. antee for indemnity. Government of Now, the global aviation industry seems Rwanda’s shares are owned through to be making eff orts to crack down on By Alex Macheras Aviation Travel and Logistics Hold- manufacturers of counterfeit batteries ings and it was necessary to have an and of mis-labelled and non-compliant An employee handles baggage at a check-in counter at the Tan Son Nhat International Airport in Ho Chi Minh City, indemnity agreement to establish that shipments introduced into the supply Vietnam. The International Air Transport Association, in partnership with the Global Shippers Forum (GSF), the Qatar Airways has agreed to take a ATL represents and is guaranteed by chain. The International Air Transport As- International Federation of Freight Forwarders Associations (FIATA) and the International Air Cargo Association 60% stake in a new $1.3bn interna- the government. It means that the sociation in partnership with the Global (TIACA), are amplifying their eff orts to ensure the safe air transport of lithium batteries. tional airport in Rwanda, according to a government guarantees any liabilities Shippers Forum (GSF), the International Memorandum of Understanding (MoU) on the part of ATL. Federation of Freight Forwarders Asso- been launched to target mis-declared and consumer protection agencies. regulators on the issue of lithium bat- signed on Monday. All the works on the facility are ciations (FIATA) and the International Air consignments of lithium batteries. The Currently, air cargo is scanned for items teries not that long ago, and it did help The board said a first phase of con- expected to be completed by 2032, Cargo Association (TIACA), are amplify- reporting system will allow real-time that pose a risk to security such as ex- to improve the situation. We are asking struction would provide facilities for but it’s not entirely clear when the first ing their eff orts to ensure the safe air information about dangerous goods plosives, but not safety such as lithium governments to put this problem again seven million passengers a year in the phase will be completed. transport of lithium batteries. incidents to be reported in order to batteries. on the top of their agendas,” said Vladimir Bugesera district, about 25km south- The proposed airport is expected The organisations are also renewing identify and eradicate acts of deliber- Experts urge governments to play their Zubkov, secretary-general, The Interna- east of the capital Kigali. A second to support the national carrier calls for governments to firmly deal ate or intentional concealment and role with much stricter enforcement of tional Air Cargo Association (TIACA). phase, expected to be completed by ‘RwandAir’s expansion plans in the with such off enders by issuing and misdeclaration. international regulations to ensure the “Responsible shippers rely on govern- 2032, would double capacity to 14mn coming years. enforcing criminal sanctions on those  Industry awareness campaign on the safe transport of these vital shipments. ment enforcement of standards to passengers a year. At the moment, the Infrastructure responsible. dangers of shipping undeclared and The four trade associations urge regula- protect their investment in training and “The partnership features three minister said, RwandAir serves 28 “Dangerous goods, including lithium mis-declared lithium batteries: A series tors to follow through with significant safe operating procedures. Air freight agreements to build, own, and operate destinations and is set to open new batteries, are safe to transport if remains a vital link in international the state-of-the-art facility,” the MoU routes to the US, Angola, Mozambique managed according to international supply chains and it is essential that the signed between Qatar Airways and the and Ethiopia. regulations and standards. But we are rules for ensuring the safe movement Rwandan government said. Rwanda and Qatar have bolstered seeing an increase in the number of Beyond the Tarmacac of all cargoes are understood and acted The plans for the new airport are a bilateral ties across diff erent sectors incidents in which rogue shippers are on by all parties involved,” said James modification of those drawn up in 2017 in recent years. Just last month, Qatar not complying. The industry is uniting Hookham, secretary general, Global for a smaller facility with a maximum waived visa requirements for Rwan- to raise awareness of the need to Shippers Forum (GSF). capacity of 4.5mn passengers a year in dans intending to visit the Gulf nation. comply. This includes the launching of of dangerous goods awareness semi- fines and penalties for those who cir- “The increasing use of lithium batteries the same location. In February this year, Rwanda’s Parlia- an incident reporting tool so that in- nars are being held across the world cumvent regulations for the transport coupled with the growth of e-com- Company and government off icials ment approved a bilateral investment formation on rogue shippers is shared. targeting countries and regions where of lithium batteries. merce supply and demand is exposing said at the time that Rwanda had treaty the two countries signed last And we are asking governments to get compliance has been challenging. In “Safety is aviation’s top priority. Airlines, the air cargo supply chain to greater signed a deal with the African division year. much tougher with fines and penalties,” addition, an education and awareness shippers and manufacturers have risk of un-declared or mis-declared of Portuguese construction firm Mota- When His Highness the Amir of Qatar points out Nick Careen, IATA’s senior program for customs authorities has worked hard to establish rules that goods. We support regulators imposing Engil to build an international airport visited Rwanda in April 2019, the vice-president (Airport, Passenger, been developed in collaboration with ensure lithium batteries can be carried strict adherence to established compli- at a cost of $818mn. two countries signed four bilateral Cargo and Security). the World Customs Organisation (WCO). safely. But the rules are only eff ective if ance standards,” said Keshav Tanner, As a state, Qatar is a serial investor in agreements covering culture, sports, The campaign includes three specific  Facilitation of a joined-up industry ap- they are enforced and backed-up by sig- chairman, FIATA’s Airfreight Institute. overseas projects, including in aviation. tourism and business events. initiatives — new incident reporting proach: The industry has put its support nificant penalties. Government authori- Lithium batteries carried by passengers In fact, the Qatar Investment Authority President Kagame has paid visits to and alert system for airlines, industry behind an initiative presented by the ties must step up and take responsibil- remain a safety focus for airlines. Port- is a major shareholder in London Hea- Qatar and both sides have been work- awareness campaign on the dangers of United Kingdom, New Zealand, France ity for stopping rogue producers and able Electronic Devices (PEDs) guid- throw Airport, holding a 20% stake. In ing to strengthen ties in various areas, shipping undeclared and mis-declared and the Netherlands at the recent As- exporters. Abuses of dangerous goods ance is available to travellers in eight 2017, the company has invested a fur- including diplomatic co-operation, lithium batteries and facilitation of a sembly of the UN’s International Civil shipping regulations, which place air- languages detailing what items must be ther £650mn ($807mn). Qatar Airways, aviation, politics, agriculture, technol- joined-up industry approach. Aviation Organisation (ICAO) which craft and passenger safety at risk, must packed in carry-on baggage. the airline, intend to have a 20% stake ogy, mining, transport and tourism. New incident reporting and calls for adoption of a cross-domain be criminalised,” said Glyn Hughes, in Moscow’s Vnukovo International, alert system for airlines: An industry approach to include aviation security, IATA’s Global head (Cargo).  Pratap John is Business Editor Russia’s third-largest airport, finalised  The author is an aviation analyst. information sharing platform has manufacturing standards, customs “We have seen high interest from the at Gulf Times. by the end of the year. Twitter handle: @AlexInAir

Airlines to take delivery of 2,206 aircraft worth Mideast aviation to see rebound in 2020; $123bn in 2020: IATA to trim losses to $1bn next year: IATA

By Pratap John By Pratap John On the global airline industry, the IATA chief growth of just 0.9% (down from 2.5% forecast in Business Editor Business Editor economist noted, it will produce a net profit of June). These negative developments contributed Geneva Geneva $29.3bn in 2020, an improvement upon this year, on to softer passenger and cargo demand and the back of higher forecasted global GDP, passenger corresponding weaker revenue growth, as passenger numbers and lower jet fuel prices, according to the yields fell 3.0% and cargo yields dropped 5.0% Commercial airlines are scheduled to take delivery of some 2,206 The GCC region and the Middle East may see a International Air Transport Association. compared to 2018. new aircraft next year, an investment of around $123bn by the indus- rebound in their aviation industry on the back of Operating expenses did not rise as much as try, as the Boeing 737 MAX returns to service in 2020, according to stronger economic growth and restructuring by the “Slowing economic growth, trade wars, anticipated (3.8% vs 7.4% June forecast) largely an IATA report. airline industry. geopolitical tensions and social unrest, plus owing to lower-than-expected fuel costs; but this “The improvement in returns (ROIC) gave the industry the confidence While the region’s aviation industry will continue to continuing uncertainty over Brexit all came was not enough to offset the softness in revenue. to invest on this scale in some regions, but business conditions are make losses, experts say this will come down to $1bn together to create a tougher than anticipated “Slowing economic growth, trade wars, geopolitical becoming less favourable. Around half of this year’s deliveries will re- in 2020 from $1.5bn this year. business environment for airlines. Yet the tensions and social unrest, plus continuing place the existing fleet, making a significant contribution to increasing “Middle East carriers are continuing a restructuring industry managed to achieve a decade in uncertainty over Brexit all came together to create fleet fuel eff iciency,” the International Air Transport Association said. process and announced schedules point to a the black, as restructuring and cost-cutting a tougher than anticipated business environment The commercial fleet is forecast to increase by 2,206 aircraft to end substantial slowdown in capacity growth for 2020,” continued to pay dividends” for airlines. Yet the industry managed to achieve a next year at over 31,000 aircraft; expansion continues although the IATA’s chief economist Brian Pearce told Gulf Times in decade in the black, as restructuring and cost-cutting outlook has deteriorated and uncertainty has grown, according to Geneva yesterday. This is an improvement over a net profit of $25.9bn continued to pay dividends. It appears that 2019 IATA’s semi-annual report on the industry released here yesterday. “After very weak economic growth in 2019, which expected in 2019 (revised downward from a $28bn will be the bottom of the current economic cycle The average size of aircraft in the fleet is continuing to rise slowly. So limited local traff ic, some rebound is expected next forecast in June). If achieved, 2020 will mark the and the forecast for 2020 is somewhat brighter. The by the end of 2020 there will be around 4.7mn available seats. These year. Restructuring and stronger growth will boost industry’s 11th consecutive year in the black. big question for 2020 is how capacity will develop, seats are also being used intensively, which is critical for profitability performance. But this will take time and we will see Economic performance in 2019 was weaker than had particularly when, as expected, the grounded 737 in a capital intensive industry — and it also helps to reduce environ- losses next year too — for the third consecutive year, been anticipated at the time of the June forecast. MAX aircraft return to service and delayed deliveries mental impact. That said, passenger load factors are expected to estimated at $1bn, trimmed from $1.5bn in 2019,” This aligns with weaker global GDP growth of 2.5% arrive,” said Alexandre de Juniac, IATA’s director ease from all-time high levels to 82% on average in 2020. Aircraft are Pearce pointed out. (versus 2.7% forecast in June) and world trade general and CEO. also being flown more intensively. The number of scheduled aircraft departures is forecast to surpass 40mn next year. That’s an average of 77 aircraft departing each minute of 2020, it said. ‘Airlines’ fuel bill to decline to $182bn globally in 2020’

Jet Airways’ creditors said to By Pratap John of $75.6/barrel next year and $63/b consequences on shipping company Kilometres (ATK) will improve by 2.1% Business Editor for the Brent crude oil price, its chief operating costs, global freight rates, in 2020 as deliveries of new aircraft Geneva economist Brian Pearce said in his shipping economics, scrubber demand, grow. The annual average per RTK fuel agree to delay revamp plan presentation at the Global Media Day at accelerated ship scrappage and more. eff iciency improvement from 2009-14 the IATA’s headquarters here. Hence, jet fuel prices are closer to stands at 2.4%, versus the 1.5% industry Creditors of Jet Airways India Ltd have agreed to extend the deadline Airlines’ fuel bill will decline to $182bn “The concerns about a widening oil prices than previously expected, target,” IATA’s chief economist said. for submission of a resolution plan for the grounded Indian airline’s globally in 2020, due to the “delaying of the crack spread due to the IMO mitigating fuel costs. Continued fuel eff iciency gains have Rs146bn ($2.1bn) of debt as the sole bidder for the company balks at eff ect of hedging and continuation of 2020 environment regulations have Fuel is such a large cost that it focuses partially decoupled CO2 emissions making a binding off er, said a person familiar with the matter, accord- low oil prices”, IATA said in a report diminished,” he said. intense eff ort in the industry to improve from expanding air transport services. ing to a Bloomberg report. yesterday. IMO 2020 compliance requires a fuel eff iciency, through replacing fleet Without the expected fuel eff iciency The deadline for submission of a resolution plan for the carrier may This, the global trade body of airlines massive change that will demand with new aircraft, better operations gain this year, fuel burn and CO2 be extended beyond December 16 as Synergy Group Corp will not said, represent 22.1% of average rapid adjustments across the global and eff orts to persuade governments emissions would be 1.9% higher in 2019. make a binding off er for Jet Airways till it gets clarity from India’s operating costs. fuel supply chain to comply with the to remove the airspace and airport That represents a saving of over 17mn government on the validity of the carrier’s defunct flying slots, the Jet fuel prices have declined with oil January 1, 2020, deadline. ineff iciencies that waste around 5% of tonnes of CO2, as well as saving on fuel person said, asking not to be named, as the information isn’t public. prices this year and the International The landmark decision by the fuel burn each year. that would have cost the industry and These slots were reallocated to other airlines after Jet Airways sus- Air Transport Association had based International Maritime Organisation “We forecast that fuel eff iciency, in terms its consumers an additional $3.2bn, pended its operations in April. its forecast on an average jet fuel price already has begun to exact far-reaching of capacity use i.e. per Available Tonne Pearce added.