BUSINESS Sunday 14 October 2018 PAGE | 22 PAGE | 23 QBWA to attend Draghi says key global business leaders’ risk is sudden jump summit in interest rates

QNB highlights growth potential at Bali meet

THE PENINSULA

DOHA: With Qatari economy proving resilient to the more than one-year-long blockade, The country’s the country now regards the banking system is blockade as a ‘new normal’ for well-capitalised the region and is confident that the strong economic as Tier 1 capital performance and resilience seen adequacy was over the last year will continue, 16.5% in 2017 while QNB Group Chief Executive Officer Ali Ahmed Al Kuwari has profitability is also said. high with ROE almost The QNB GCEO was speaking 14%. Placing at in a seminar on ‘Views from the Aa3, Qatar is one of C-Suite: Global Outlook,’ held on the sidelines of the 2018 IIF the highest rated Annual Meeting in Bali, Indonesia. sovereigns in the The economy of Qatar has shown world. resilience since the blockade was imposed on Qatar over a year ago. The country’s GDP which grew as have grown by 31 % by 1.6 % in 2017 is expected to since the start of the blockade, further grow by 2.6 % in 2018. with trade re-routes especially The non-hydrocarbon sector, to and but also which is now more than 50 % of through growing LNG demand the economy, is continuing from . strong growth. A 5 percent He described the Qatari QNB Group Chief Executive Officer Ali Ahmed Al Kuwari (second left), speaking in a seminar held on the sidelines of the 2018 growth in the non-hydrocarbon financial system as healthy and IIF Annual Meeting in Bali, Indonesia. sector is expected this year after resilient, noting that asset quality solid growth of 3.6 % in 2017 is high with NPLs at 1.6 %. despite the blockade. Key drivers The country’s banking rated sovereigns in the world. and economic sectors. Chairman of the Board, BNP and policy outlook and key risks of non-hydrocarbon growth are system is well-capitalised as The two-day 2018 IIF Annual Several senior industry leaders Paribas, and Axel A. Weber, for Asia and the global economy the construction, trade and Tier 1 capital adequacy was Meeting got off in Bali on Friday, participated at the seminar, Chairman of the Board of Directors, over the next year. Panelists also logistics, manufacturing and 16.5 % in 2017 while profita- in the presence of an influential including Vijay Chandok, Executive Chairman, UBS Group AG, IIF. discussed their implications for agriculture sectors, he said. bility is also high with ROE audience of 500 policymakers, Director at ICICI Bank, Martin The topics discussed during financial markets and fund flows, The QNB GCEO also high- almost 14 %. Placing at Aa3, CEOs, market experts, and inno- Gilbert, Chief Executive at Standard the seminar highlighted a few as well as, the outlook for the lighted Qatar’s trade flexibility Qatar is one of the highest vators in the banking, financial Life Aberdeen plc, Jean Lemierre, key issues, including economic emerging market economies.

BoE’s next Qatar’s non-oil records £50 note will Growing spot trade be made out 26.1% increase in August of plastic leads to shortfall in BLOOMBERG THE PENINSULA The report pointed to the LNG vessels: GECF trend of non-oil exports to 59 : Qatar’s non-oil exports countries during August 2018 LONDON: The Bank of SATISH KANADY registered strong growth during compared to (60) countries England’s next £50 note will THE PENINSULA The expanding global LNG August 2018 with the combined during July, with (11) Arab be made out of plastic as the liquefaction capacity, growing value reaching at QR2.26bn, countries, including the Gulf UK extends the production of DOHA: The global LNG lique- global LNG trade and recording an increase of 26.1 % Cooperation Council coun- polymer cash to its highest- faction capacity is expected increasing number of global (year-on-year) compared to tries and (16) European coun- denomination bill. to grow by 86 to 462 mtpa, LNG shipments require an QR1.79bn for the corresponding tries including Turkey and The new note, worth about while the LNG trade is antic- adequate growth in the month last year. (18) Asian countries except for $66 at current exchange rates, ipated to be over 310 mtpa in number of LNG vessels and The monthly report of the the Arab countries and (11) will be Britain’s last denomi- 2018 and over 350 mtpa in their shipping capacity. Qatar Chamber on foreign trade African countries except for nation to make the shift from 2019, a growth mainly driven From 2012 to 2017, the for the private sector, prepared the Arab countries and two paper to plastic, with five- and by Australia, US and Russia, number of LNG vessels by the Department of Research, North American countries, as £10 bills already made of the said an expert at the Doha- worldwide increased by 133 Studies and Management of the well as one from South more durable and harder-to- based Gas Exporting Countries to 467 vessels. In the same Chamber’s members from the America. fake material and a £20 note Forum (GECF). period, the total capacity of all certificates of origin, issued exports last August and the According to the report, due to be introduced in 2020. Aydar Shakirov, Gas Trans- LNG vessels increased by 10 2,477 certificates of origin increase of foreign markets Oman topped the list of non-oil The new £50 plastic notes will portation & Storage Analyst at to 33 mtpa. during last August, including received them affirmed that exporting countries in August follow soon afterward, the Gas Market Analysis The number of LNG vessels 2,173 general model certificates, Qatari products are of high effi- 2018 with a total exports of according to statements from Department of GECF said and their capacity increased in 128 unified certificates for the ciency and quality. QR800.36m, representing 35.5 the BoE and Treasury. recent years have witnessed a line with the growing LNG trade GCC countries (industrial), one It also affirmed the variety % of the total value of non-oil What character will appear steady and robust growth in and expanding LNG lique- certificate for the GCC (live- of these products and increased exports during the month, fol- on the back of the new ban- liquefaction capacity and LNG faction capacity. In 2018 and stock), 149 unified Arab certif- their competitiveness in world lowed by the with knote is yet to be decided, with trade volumes. From 2012 to 2019, 73 vessels are expected icates of origin and 26 certifi- markets, he noted. total exports of QR301.413m the central bank saying it will 2017, the global LNG lique- to be commissioned with cates of origin for Sharqi expressed his hope (13.3 %). In third place was seek the views of the public. faction capacity increased by overall capacity 5.5 mtpa, which preferences. to see more products covering Belgium with QR164.66m Nineteenth-century artist JMW 92 to 376 mtpa, the global LNG is considered to be enough to Saleh bin Hamad Al Sharqi, other production sector, espe- (7.3 %) and Turner will appear on the trade rose by 56 to 288 mtpa meet the growing LNG demand. (pictured) Director General of cially those that are related to QR160.26m (7.1 %). polymer £20 bills. All British and the global LNG shipments Qatar Chamber said that the achieving the self-sufficiency currency features the queen on grew by 707 to 4,702 cargoes. → CONTINUED ON PAGE 22 record increase in non-oil and security to Qatar. → CONTINUED ON PAGE 22 the front. 22 BUSINESS SUNDAY 14 OCTOBER 2018

QBWA to attend business leaders’ summit MarketWatch

THE PENINSULA Commerce and Industry. The event is being organised QSE FTSE100 DOW BRENT DOHA: The Qatari Business- by CrossCultures Network which 9,861.53 6,995.91 25,339.99 $71.51 women Association (QBWA). is led by Dr Gabi Kratochwil, announced yesterday that it will board member of the Chamber, -102.84 PTS −11.02 PTS +287.16 PTS +0.18 be participating in the upcoming author and an international 1.03% 0.16% 1.15% Dow & Brent before going to press ‘German-Arab Women Business award-winning consultant, who Leaders Summit’ to be held in has been working for over ten Munich, , from October years to support the dialogue 15-17, 2018, which will be between Arab and German discussing the role of women in women leaders. Record increase economic development and Ambassador of the Federal nation building. The delegation Republic of Germany to Qatar will be headed by Aisha Hans-Udo Muzel and his wife Alfardan, Vice-Chairwoman of Lilian, who is active in pro- in India’s exports the QBWA. moting female leadership issues, The high-level delegation hosted the delegation of the from Qatar will be consisting of QBWA at the German residence to Qatar in 2017 senior government officials and in Doha. THE PENINSULA an elite group of businesswomen Muzel said that his country and representatives of major appreciates its close partnership companies from both sides. with Qatar, and highly appre- DOHA: India’s exports to Qatar The conference will discuss ciates the visit made by the Amir witnessed a record 87 percent enhancing the role and partici- H H Sheikh Tamim bin Hamad increase in 2017, at a value of pation of women in the Al Thani to Germany a month $1.5bn. The bilateral trade economy, which is an important ago, during which he opened the between both the countries topic in the future of Arab- Qatar-Germany Business and stood at 10.5bn in same period, German economic cooperation. Investment Forum in the capital major share coming from LNG Increasingly, women’s economic Berlin. and LPG imports from Qatar, role is growing through He noted that the visit comes Aisha Alfardan (right), Vice-Chairwoman of the Qatari Businesswomen India’s Ambassador to Qatar P. assuming leadership positions only one year after the bilateral Association with Ambassador of Germany to Qatar, Hans-Udo Kumaran (pictured) said. He both in the public and private meeting between the Amir and was addressing an event hosted Muzel (left) during an event. sectors, where the role of Chancellor Angela Merkel, which by Indian businessmen to the women in establishing com- demonstrates the strength and visiting official trade delegation panies and businesses creating durability of the bilateral rela- summit, a chance to contribute She added that the con- of Indian state Gujarat, headed mutual opportunities during our new jobs is increasing, thus sup- tions. The Ambassador also com- to enhancing bilateral cooper- ference will be a comprehensive by Dr Rajiv Kumar Gupta, Addi- meetings with the delegation. porting the vitality and devel- mended the success of the recent ation in various cultural, sports platform for all economic sectors tional Chief Secretary. Present Addressing the event, M S opment of the economy. forum and the remarkable and educational fields as well as where women business leaders on the occasion were Mohamed Bukhari, Doha based Indian The conference will be held results achieved, especially after economy and trade. and decision makers from bin Ahmed bin Twar Al-Kuwari, businessman and philanthropist, under the patronage of the the Amir announced a new Aisha Alfardan said that Germany and the Arab world Vice Chairman, Qatar Chamber stressed on the importance of Federal Ministry of Economic investments worth €10bn over businesswomen are an essential will meet to exchange of Commerce & Industry, R. D participants visiting forthcoming Affairs and Energy and will be the next five years. part of the economic fabric in knowledge and expertise and Barhatt, Joint Commissioner of Gujarat Exhibition to be held in attended by a large number of Muzel stressed the impor- Qatar and will work to promote enhance communication and Industries, Gujarat, a number of Doha from 18-20 January 2019. Arab and German women tance of joint and fruitful coop- Qatar as a safe place for joint development of the inno- Qatari and Indian business He hoped that Gujrat and Qatar business leaders, sponsored by eration between the two coun- investment because of the coun- vative business strategies, as community members. business relationship will boost Alfardan Automobiles, and in tries and considered the partic- try’s encouraging investment well as the establishment of eco- Ambassador Kumaran further and strengthen bilateral partnership with the QBWA and ipation of the QBWA in the climate and the investment- nomic partnerships and hoped that new realignment in relationship. the Arab German Chamber of Munich women business Leaders attracting legislations. businesses. supply change will bring more Dr. Rajiv Kumar Gupta high- opportunities in direct part- lighted some of the achieve- nership between India and ments in economic sector of his Qatar. He lauded Gujarat based province of Gujarat. He said that industries contribution to the Gujarat is contributing 8 percent Growing spot trade leads to shortfall in LNG vessels: GECF country’s economy which pres- India’s GDP, 53 percent of indus- ently shares around 22 percent trial production of total coun- → CONTINUED FROM PAGE 21 from the remote US, a smaller available LNG vessels starting take investment decisions on of Indian industrial production try’s industrial production and number of vessels to be com- from 2020. new LNG shipping capacity according to him. 53 percent of India’s Petro However, such factors, as missioned after 2019 and the Since the construction of an soon in order to increase Indian envoy to Qatar said Chemicals production and phar- the completion of the delayed growing share of LNG spot trade, LNG vessel may take at least two vessel availability in the that Gujarat is a promising des- maceuticals is exported to 150 LNG plants, massive exports might lead to a shortfall in years, key stakeholders might medium term. tination and provide all facilities countries from Gujarat. The most effective way and opportunities to traders and Dr Gupta said that Gujarat for the GECF countries to not investors. infrastructure is highly depend on the vessels avail- He invited a delegation of developed from power supply, ability, avoid the charter rates Qatari businessmen to visit roads system to good volatility and optimise forthcoming vibrant Gujarat governance. shipping costs is to own LNG Investors Summit and look into He said that Gujarat enjoys vessels individually or jointly the opportunities it provides. as the leading province with recognised partners. Mohammad AlTawar, throughout India to have highest Besides, the practice shows Deputy Chairman Qatar foreign investments consistently that charter rates under long Chamber of Commerce and since last 10 years. Gujarat has term shipping charter con- Industries welcomed Indian del- also developed its agriculture tracts are usually lower com- egation headed by Dr. Rajiv sector and having 10% annual pared to the ones under spot Kumar Gupta and said that he growth since last number of charter contracts. looked forward looking for years. Qatar’s non-oil export grows by 26.1%

→ CONTINUED FROM PAGE 21 non-oil exports during August 2018 with total exports amounting to about QR 812.64m, then ranked fifth with exports the group of European countries including Turkey amounting to QR128.10m (5.7 percent) of the total and exports worth about QR 646.75m. value of non-oil exports in August 2018. The The Group of Asian countries excluding Arab Germany, Turkey, the and India countries came in the third place with total came in different values and percentages respec- exports amounting to QR 638.08m, followed by tively, where the first ten countries accounted the group of Arab countries, excluding the GCC for 87.9 percent of total non-oil exports in the countries with total value of exports amounting said month. to about QR 83.15m, followed by North America, On the other hand, the GCC countries (Sul- the African countries except the Arab countries tanate of Oman and Kuwait) topped the blocs and the South American countries with varying and the economic groups receiving the Qatari values. SUNDAY 14 OCTOBER 2018 BUSINESS 23 Oil market broadly balanced, says QNB THE PENINSULA So far in 2018, Brent prices firm footing. Activity in the US is 11m b/d by end-2018. The outlook have averaged $73/b, up from expected to soften a touch, but this for 2019 points to an increase in DOHA: While oil prices are $55/b in 2017 and $44/b in 2016. should be offset by sturdy growth supply from the 100m b/d average reaching a 4-year high, continued Prices are up 27 percent year-to- in global manufacturing and in for 2018 to 102m b/d. The Opec+ US output growth and the new date, fluctuating around the $85/b most emerging market economies. agreement is set to expire at the end Russia- oil deal are mark in early October. A number Overall, the DOE is expecting of 2018 and free up more supply. posing a question to whether the of factors have been pushing oil demand to average 102m b/d in In addition, US shale output should market is entering a new era, QNB prices more than expected in 2018 2019. re-accelerate with the increase in noted in its weekly ‘economic from a demand and supply side On the supply side, there are pipeline capacity from the Permian commentary. perspective. On the demand side, two different key factors playing Basin by mid-2019. US crude The QNB analysis, which global GDP is on course for its out in 2018. First, the US oil output exports, which are currently being delves into the demand and supply strongest growth since 2011, and boom associated with the so-called capped around 2m b/d by infra- factors of the oil market, said a spurs robust con- ‘shale revolution’ is set for a tem- structure constraints could reach modest excess demand should sumption. According to the US porary slowdown due to infra- 3m b/d by end of 2019. continue over the next months Department of Energy (DOE), structure bottlenecks. While a total To sum up, continued excess before additional supply capacity global demand for crude oil is of 1m b/d has been added to US demand has been drawing down is expected to come on-stream. expected to average 100 million output so far this year, limited OECD commercial inventories The market is expected to reach a barrels per day (m b/d) in 2018. pipeline capacity in the key shale since 2016Q3, from 3.1 to the broad balance by the end of this The outlook for demand oil producing region of the Permian current 2.8 billion barrels level. This year. growth in 2019 is set to stand on a Basin in west Texas threatens to is very close to the 5-year average restrain supply growth to lower allocated to them over 2016 and between May and September 2018. benchmark, the declared target for Activity in the US is rates than previously anticipated. 2017. Additionally, idiosyncratic Such developments are requiring the Opec cut agreement. expected to soften a A jump in ‘drilled but uncom- supply disruptions are affecting an extra effort from core Opec+ In short, the oil market in our touch, but this should pleted wells’ in the Permian (a key important producers, including countries to compensate the losses view finds itself in broad balance. gauge of delayed output for shale Opec members such as Venezuela and balance the markets. Russia Therefore, QNB expects an average be offset by sturdy producers) points to slowing supply and . A deepening economic and Saudi Arabia emphasized their annual oil price of around $72/b. The outlook for growth in global growth in the short-term as pro- crisis has pushed Venezuela’s pro- willingness to balance this fallout For 2019, forward prices indicate demand growth manufacturing and in ducers delay output until takeaway duction down in 2018. in production. an average of $82/b and consensus capacity is boosted. The US announcement to re- Both countries, ahead of the forecasts are pointing to $73/b. in 2019 is set to most emerging market stand on a firm Second, major stakeholders of introduce sanctions on Iran is recent meeting in Algiers, agreed Hence, the outlook indicates that economies. the Opec+ agreement, including already affecting the Iranian oil to raise their production levels the moderate over-supply should footing. GCC exporters and Russia, have industry and Bloomberg estimates further with Saudi Arabia’s output push prices down towards our been compliant to the output cuts that production plummeted expected to reach a record high of forecast average of $69/b for 2019. QFC & ISDA hold conference on SPC Draghi says key THE PENINSULA global risk is sudden DOHA: The Qatar (QFC), one of the world’s leading and fastest growing onshore business and financial jump in interest rates centres, in partnership with the International Swaps and Derivatives Association (ISDA), BLOOMBERG held a conference on the process of setting up special purpose companies (SPC) on its platform. BALI: European Central Bank The conference comes in light of the President Mario Draghi QFC’s recognition by ISDA as an effective (pictured) said the key threat netting regime in July 2018, as well as ISDA’s facing the global economy is a publication of a positive legal opinion to its jump in interest rates sparked members that identifies the QFC as a netting by financial instability, friendly jurisdiction. The legal opinion con- surprises or geopolitics. firms that financial netting arrangements “It’s quite clear that the under the ISDA Master Agreements are main risk we should focus on enforceable in the QFC. here is a sharp repricing in QFC and ISDA officials seen during the conference. Key speakers at the conference included assets, or a sharp increase, a Henk Jan Hoogendoorn, Managing Director, sharp and sudden increase, in Financial Sector Office, QFC; Dr. Peter this year was a significant milestone and rec- Qatar as an attractive business destination. interest rates,” he told reporters Werner, Senior Counsel, ISDA; Habib Motani, ognition for Qatar’s financial market infra- Companies that wish to establish a business in Bali as finance ministers and Partner, Clifford Chance London; and Ishaq structure and the world-class legal in the QFC are guided throughout by a ded- central bankers met at the looked at, especially in the US,’ Burney, General Counsel, QFC. framework established by the QFC.” icated QFC relationship manager who assists International Monetary Fund’s he said, adding that the chance The event discussions focused on SPC Hoogendoorn added: We are com- in the process of obtaining a licence and annual gathering. of a spike remains low in regulations and highlighted the simple and mitted to ensuring that establishing offers support in matters related to oper- With the IMF revising its Europe. streamlined process for setting up SPCs with special purpose companies on the Qatar ating a business in Qatar. global economic-growth The biggest geopolitical risk the QFC, which includes submitting a Financial Centre platform is a seamless QFC firms enjoy competitive benefits, outlook lower for the first time was seen as trade protec- business case to the QFC, followed by a com- experience and look forward to working such as working within a legal environment in more than two years as trade tionism, and the “degree of pleted application after which businesses closely with all businesses interested in based on English common law, the right to threats take their toll, concerns concern” has worsened in the can receive their licence and begin utilising our unique and highly beneficial trade in any currency, up to 100 percent are mounting over the world’s last six months. Draghi said the operations. structure.” foreign ownership, 100 percent repatriation ability to cope with a gradual recent signing of a new free- Henk Jan Hoogendoorn, Managing The QFC is an onshore jurisdiction, of profits, 10 percent corporate tax on locally central-bank retreat from trade pact between the US, Director, Financial Sector Office, QFC allowing companies to operate in and from sourced profits, and an extensive double tax crisis-era support. International Mexico and Canada was “pos- Authority said: “ISDA’s recognition of the Qatar within the QFC legal and tax envi- treaty agreement network with 60+ markets tumbled last week. itive” but it remains to be seen QFC as an effective netting regime earlier ronment. The QFC endeavours to promote countries. Referring to his conversa- if the US- spat will tions with delegates at the IMF escalate. meeting, Draghi said banks are The ECB chief also cited “by and large” much stronger attacks on central-bank inde- unveils than they were in the past but pendence as a geopolitical risk. Citigroup profit surges on higher that shadow banking needs Those comments come in the plan to attract closer monitoring, and that wake of a series of criticisms of macroprudential tools need to the US Federal Reserve by Pres- bond trading, lower costs more foreign be enhanced to safeguard ident Donald Trump, and financial stability. The risk of Turkish President Recep Tayyip REUTERS North America workers faster-than-expected inflation Erdogan’s broadsides against branded card was ‘one of the issues that was rate hikes. AFP BENGALURU: Citigroup Inc reported a better-than- business reported expected quarterly profit, helped by lower expenses, a 3 percent drop in higher bond trading revenue and strength in its revenue, largely TOKYO: Japan unveiled a consumer banking business in Mexico. due to the sale of plan to attract more foreign Investors have been waiting to see how trading the Hilton hotels blue-collar workers, as the US-China trade row not a threat revenue fared at the five big Wall Street banks due portfolio. world’s number-three to an escalating US-China trade war and execu- Excluding the economy battles a crippling to world economy: Mnuchin tives warning that the business’s growth would be sale, total net labour shortage caused by an AFP muted. interest revenue ageing and shrinking popu- trade practices would have the Citigroup reported a 9 percent jump in bond from the business lation. opposite affect. trading revenue, outperforming bigger rival was $1.88bn, up 5 The plan reportedly aims NUSA DUA, INDONESIA: US “Our objective with China is JPMorgan Chase & Co, which reported a 10 % drop percent from the to fill gaping shortages in Treasury Secretary Steven very clear: it’s to have a more bal- in fixed-income trading revenue. second quarter and 3 % from a year earlier. sectors such as agriculture, Mnuchin pushed back yesterday anced trading relationship,” Chief Financial Officer John Gerspach, who The card business has been a cause for concern nursing, construction, hotels against warnings that Washing- Mnuchin said. “I think that if we plans to retire next year, had previously said Citi- among investors and the Wall Street bank has been and . Under the ton’s trade fight with China are successful, this is very good group expected total fixed income and trading looking to improve its performance. draft legislation, foreign imperils the world economy, for US companies, US workers, revenue to be “flat to slightly higher” in the third Net income for the third-largest US bank by nationals with skills in fields saying that pushing Beijing to Europeans, Japan, all of our other quarter. assets rose to $4.62bn in the third quarter ended identified as facing open up will be good for all. allies, and good for China.” The bank’s shares rose 2.4 % to $70.20 in early September 30, from $4.13bn a year earlier. shortages would be The IMF has warned this Mnuchin said, however that trading. Citigroup reported a 2 % rise in global con- Earnings per share rose to $1.73 from $1.42, awarded a visa allowing week at annual meetings in Bali the IMF’s warnings were “all the sumer banking revenue. The bank recently restruc- helped by buybacks that reduced shares outstanding them to work for up to five that the escalating US-China more reason for China to be tured its US consumer business to operate more by 8 percent from a year earlier. years. trade confrontation would incented to address these issues like those in Asia and Mexico, where it has been Citigroup’s provision for income taxes fell by Foreign workers in those hobble global economic growth, with us”. seeing better results. $395 million following changes in the US tax code, fields who hold stronger as the fund lowered its forecasts The IMF Tuesday cut its Consumer banking revenue in Latin America which reduced the bank’s tax rate to 24 % in the qualifications and pass a for this year and next. outlook for global GDP growth rose 20 %, including a gain on the sale of an asset quarter from 31 percent a year earlier. Japanese language test will But Mnuchin told reporters by 0.2 percentage points to 3.7 % management business in Mexico. Excluding that The bank’s return on tangible common equity also be allowed to bring on the Indonesian resort island for 2018 and 2019, saying that gain, revenue rose 8 % on a constant currency basis, was 11.3 percent in the quarter, inching closer to family members and can that President Donald Trump’s “everyone is going to suffer” from boosting global consumer banking revenue 3 Chief Executive Officer Mike Corbat’s (pictured) obtain permanent residency drive to punish China with tariffs a clash between the world’s two percent. goal of 13.5 % in 2020. status. to encourage it to adopt fairer biggest economies. 24 BUSINESS SUNDAY 14 OCTOBER 2018 In full offensive on China, Trump gambles on end-game

APF Amid turbulence on A closed-door meeting of Wall Street, China foreign ministers from the five per- WASHINGTON: Donald Trump is expecting the manent members of the Security has escalated his feud with China US economy to see Council turned “icy” as US Sec- into a full-press offensive that has retary of State Mike Pompeo drawn comparisons to the Cold growing strains as lashed out aggressively against War. Now the question on both negative effects China, whose foreign minister, sides of the Pacific is, how will it emerge from Trump’s Wang Yi, responded with similar end? signature domestic intensity, according to a witness. In recent weeks, Trump has Vice President Mike Pence a week slapped $250bn worth of tariffs, policy of tax cuts. later delivered a speech in which boosted military support for rival he took China to task and made , accused China of inter- “There is a general sense in the headline-grabbing claim, a fering in US elections, stepped up Washington that China is simply month ahead of congressional denunciations of Beijing’s human too big now, it’s simply too large elections, that Beijing was inter- rights record and curtailed its as a country and as an economy, vening in US politics, citing the access to US nuclear technology. to allow it to continue to violate all Asian power’s purchase of news- The real estate mogul, who sorts of expected international paper advertisements and its early in his tenure had described trade and investment norms,” she imposition of counter tariffs in Chinese President Xi Jinping as a said. politically crucial states. friend, was generally presumed to Economy said that the United The two countries have still be most interested in trade as he States was also struck at how Xi kept in contact on resolving the has repeatedly vowed to ramp up has “presented a very different nuclear crisis with North Korea, a US factory production by fighting China to the world” with a “much A file picture of US President Donald Trump and China’s President Xi Jinping speaking during a joint top priority for both powers, with back the flow of cheaper manu- more ambitious and expansive press conference in Beijing. Pompeo visiting Beijing after a factured imports. foreign policy.” stop in Pyongyang. But his administration has “The US and other countries of rapidly ensuring that a majority Hua said that Trump seemed Trump’s signature domestic policy Ryan Hass, the director for expanded its pressure campaign say, ‘Okay, this is the China we of its industry is sourced to want “to fight a new cold war.” of tax cuts, Hua said. China policy on the White House’s to virtually all fronts, a strategy have to deal with, not what we domestically. But Hua doubted that the United “China does believe that this National Security Council under unprecedented since the time the anticipated ten years ago.’” The United States accuses States would enjoy the support of dispute will last for some time. The Obama, said that Trump had taken United States and China estab- Hua Po, a political commen- China of rampantly stealing tech- its allies, especially in Europe, United States wants to run a 100- a new course by emphasizing lished diplomatic relations four tator in Beijing, agreed that trade nology and seeking an unfair trade which do not see China as the meter race with China, but China public pressure over diplomacy decades ago. was only the “superficial” source advantage by forcing foreign busi- same type of threat as the former wants a marathon with the United with China. He said that Trump had “It is a full-frontal assault by of friction. nesses to work with local partners. Soviet Union. States,” he said. gambled “on the assumption that the US on China,” said Elizabeth He believed that the under- “Even if the trade issue is And amid turbulence on Wall Tensions soared between the Beijing needs a stable relationship Economy, director for Asia studies lying concern of the United States resolved, other problems between Street, China is expecting the US world’s two largest economies last with Washington” and that Beijing at the Council on Foreign was the Made in China 2025 plan, China and the United States will economy to see growing strains month at the annual UN General is ready to moderate its policies Relations. under which Beijing has set a goal continue to exist,” Hua said. as negative effects emerge from Assembly session. both at home and abroad.

N Ireland faces decision-making. It is designed to UK, European Union discuss longer give business some stability while power supply the two sides negotiate a broader agreement on future economic disruptions if and trading relations. transition to unlock Brexit deal Negotiators are aiming to have an outline deal by next week so no-deal Brexit BLOOMBERG It is unclear whether Arlene Foster, head of the that leaders can sign off on a AFP negotiators are DUP, yesterday said in an op-ed divorce treaty in mid-November. LONDON: UK and European considering specifying that she will be in Dublin on But May briefed her cabinet on LONDON: The UK Union officials are discussing a the length of the Monday for meetings. On Friday, Thursday and Brexiteers were not government warned that new proposal to solve the last Foster said she met with DUP law- pleased. At least one is considering Northern Ireland could face major hurdle in Brexit talks and transition extension makers who were “united behind Raab is considering joining talks resigning, according to people electricity supply disruptions soothe the concerns of Prime in the Brexit deal or our plan and united in standing in Brussels on Monday, with the familiar with the situation. should Britain leave the Minister Theresa May’s (pictured) whether it would just firm not just for Northern Ireland possibility of a news conference, It is unclear whether negoti- European Union in March Northern Irish allies, according to refer to the possibility but for the Union.” a second official said. ators are considering specifying the without a deal. diplomats familiar with the situ- The trouble with the new pro- Jacob Rees-Mogg, who leads length of the transition extension The new batch of worst- ation. of prolongation in posal is that while it would calm a group of pro-Brexit lawmakers, in the Brexit deal or whether it case-scenario notices also sug- Talks are stuck on the issue of future. the fears of the DUP — which told Bloomberg that extending would just refer to the possibility gested Britons might lose the Irish border and a guarantee, props up May’s government — it transition would be an ‘expensive of prolongation in future. The dip- access to Netflix when trav- or so-called backstop clause in the ever be invoked. risks enraging pro-Brexit mistake,’ as it would tip the UK lomats also cautioned that it is only elling in Europe and hinted at divorce treaty, which is proving The UK government had no members of her party who only into contributing to the next one of several ideas under consid- problems with Eurostar trains. impossible for May’s allies at home immediate comment. May is reluctantly agreed to any kind of seven-year cycle of the EU budget. eration to unblock talks. All these issues should be to accept. As the UK and EU get closing in on a Brexit deal but her transition in the first place. Still, his language was less forceful A longer transition would be avoided if London and Brussels closer to a deal, a public compromise over the Irish border The European Commission, than usual: He has described the controversial for May at home. strike a deal over the coming announcement on the outcome is alienating two key groups she which is carrying out the negoti- transition period as a form of ‘pur- Pro-Brexit lawmakers who are weeks about the terms on of the negotiations could be made needs to keep onside. The ations on behalf of the EU, told gatory’ that turns Britain into a keen to break free from EU rules which Britain will leave the Monday, an EU official said. Northern Irish Democratic diplomats in a private meeting in ‘vassal state.’ were reluctant to agree to the bloc on March 29. The new proposal is to allow Unionist Party objects to the Irish on Friday that a deal Under current plans, the tran- grace period earlier this year. They But the government said for the transition — the 21-month border solution as it will erect was in sight and talks will continue sition is to last through the end of could likely push back against any a no-deal scenario would grace period that’s due to kick in some barriers between the over the weekend, an EU official 2020 after the UK’s departure attempts to lengthen it. However, mean that existing electricity after Brexit day — to be extended province and the rest of the UK said. If there’s progress, it could be from the bloc next March. It effec- government officials have pri- supply regulations covering if needed. That would take the Hardline Brexiteers object to it announced publicly Monday, tively keeps the country as a vately indicated for months that British-ruled Northern Ireland sting out of the Irish backstop by because it risks keeping the UK according to the official. member of the EU in all but name the transition period probably would no longer apply. making it less likely that it would tied to EU rules indefinitely. UK Brexit Secretary Dominic but strips the UK of influence over won’t be long enough. Goldman & BofA in focus on next rates Lower oil prices, rupee BLOOMBERG with the release of their third- ronment is different from a ‘the- the broader market since May quarter results, but loan growth oretician’s view.’ as those factors faded. propel Indian markets NEW YORK: Investors are is ‘challenging,’ amid tougher Even though investors may Analysts in recent weeks had watching third-quarter results competition, elevated pay- hunger for comments about hoped that banks gloomy mid- from Bank of America Corp., downs and falling loan utili- recent moves, bank leaders may September trading updates and Goldman Sachs and Morgan sation, SunTrust’s Jennifer not have had enough time to lighter lending expectations had out of downtrend Stanley on Monday and Tuesday Demba writes in a note. Demba extrapolate yet, Mark Howard, set the bar low enough for a IANS for further clues about the adds that net interest margin senior multi-asset strategist at post-earnings rally. years in this regard was January economy and lending. expansion is slowing as deposit BNP Paribas, said in an Bernstein analyst John 2008 when the fund outflow Bank shares are slipping in costs continue to increase, while interview. McDonald joined others looking MUMBAI: The Indian equity crossed Rs 29,000 crore. early afternoon trading on the Federal Reserve’s third- ‘A hiccup in the market is for bank gains with earnings market came in for some rough On a weekly basis, provi- Friday, with the KBW bank index quarter rate hike had minimal probably not going to change the after recent underperformance. weather due to global worries sional figures from the stock falling as much as 2.7 percent, impact on the quarter, and outlooks,’ Howard says, adding “We’re expecting solid results,” over high crude oil prices and US exchanges showed that foreign extending losses into a fourth mortgage banking revenues that JPMorgan CEO Jamie Dimon he wrote. interest rates during the week institutional investors sold scrip day, to the lowest level since continued to weaken. has ‘seen these hiccups dozens That followed KBW saying just ended, but managed to catch worth Rs 8,335.12 crore, while November 17. Results from ‘Management comments will of times. A couple of days of vol- stock prices are even lower than the upside in the final session of the domestic institutional JPMorgan Chase & Co., Citigroup be key,’ KBW equity strategist atility’ probably doesn’t change what tempered expectations for trade. investors sold Rs 8,568.38 crore Inc. and Wells Fargo & Co. were Fred Cannon told Bloomberg via much. quarterly profits would imply, However, the odds favoured of stocks. Notwithstanding the mixed on Friday morning. email ahead of Friday’s earnings. Howard added that ‘letting which may mean that the group a sixth week of decline, as the general downturn, the plunge in Outlook is a main question, ‘Credit metrics all remain air out of the balloon’ may turn is poised to rally. market swung widely with major crude oil prices to around $80 given a tough start to the fourth excellent and credit spreads out to be good for banks, as a Earlier, Goldman said big- losses of over 2% in just one session per barrel saw a respite from the quarter for US equities, were narrow’ throughout the reset can generate activity. ‘A bank stocks were at an attractive — thereby pushing stock prices onslaught of negative sentiments. Bloomberg Intelligence analyst quarter. sharp 3 percent correction can entry point after underper- and the Indian currency down The downtrend in prices came Alison Williams says. Though her The third-quarter ‘is an be a wake-up call to action,’ forming, and as four of seven south. The past week saw NSE after the US reported a sharp rise views heading into next week’s example of ancient history,’ as bringing business forward as covered banks were due to beat Nifty50 fall to a six months’ low of in its oil production. earnings, and for the fourth reports won’t reflect the impact companies move more quickly estimates. 10,138 points led by outflows from Besides oil prices, attractive quarter, are little changed based of higher rates on banks’ busi- with deals and in capital Investors may also have debt and equity markets by foreign valuations and liquidity infusion on results so far, she flags JPMor- nesses, veteran bank analyst markets. Volatility may be been relieved that the Demo- portfolio investors. by RBI lured domestic investors gan’s outperformance in equity Richard Bove told Bloomberg. lucrative for markets-oriented crats’ chances of capturing the Currently, outflows have back to the Indian market. capital markets and equities Bove will be looking at businesses as well. Senate seem to have waned reached a worrying level. In just In addition, the rupee’s trading, which bodes well for metrics including accumulated Bank shares could use a little amid the controversy sur- the nine trading sessions from recovery came in part as a result Goldman Sachs and Morgan other comprehensive income help these days. They peaked rounding Supreme Court judge October 1, foreign investors have of lower oil prices and the central Stanley. (AOCI) and net interest margins back in February — lifted by tax Brett Kavanaugh. A potential sold stocks worth over Rs 17,000 government’s decision to raise the JPMorgan, Wells Fargo and (NIM). He’s skeptical NIMs are cuts, forecasts for faster eco- ‘blue wave’ had spurred con- crore. At this rate, the quantum import duty on selective telecom PNC management teams con- getting a boost from higher rates, nomic growth, and deregulation cerns about taxes and tighter might cross Rs 40,000 crore. equipment smoothened investors’ tinued to tout a strong economy as banks’ actual operating envi- -- and have under-performed regulation. The worst month in over 10 nerves. SUNDAY 14 OCTOBER 2018 BUSINESS 25

GE pushes back Q3 China’s Belt and Road tempts states, but comes with risks earnings release to AFP The in eight countries: Mongolia, Laos, October 30 estimates that BRI- , Montenegro, , AFP NUSA DUA, INDONESIA: China’s funded infrastructure Djibouti, Tajikistan and Kyr- massive “Belt and Road Initiative” could boost trade among gyzstan. But Freund said they building push may create debt were the exception, and Chinese WASHINGTON: General Electric, risks but is also responding to countries involved by loans remained a relatively small the once-mighty conglomerate major infrastructure gaps in Asia 3.6 %, and global trade part of the total debt burdens of which weeks ago announced a and could boost global trade, some 2.4%. most countries involved in the new chief executive in a move World Bank officials say. BRI. meant to stem a two-year The relatively upbeat “Most of the countries bor- decline, has said it will move the assessment of a sometimes con- acknowledging concerns. “There rowing from China in this BRI are date of its third-quarter earnings troversial programme comes are huge opportunities: improved in a pretty sound fiscal condition release to October 30. The despite the debt crisis now faced infrastructure means more trade, and are not in great risk of debt company postponed the release by Pakistan, a recipient of massive more investments, higher growth, distress,” said David Dollar, senior by a week “to allow GE Chairman Chinese loans. China launched the bringing in landlocked regions,” fellow at the Brookings Institution and CEO Larry Culp to complete ambitious plan in 2013 under said Caroline Freund, the Bank’s and a former World Bank official. initial business reviews and site President Xi Jinping, seeking to director of trade, regional inte- But for a small number of coun- visits following his appointment link Asia, Europe and Africa with gration and investment climate. A view of Gwadar port. tries, there are “serious concerns,” on October 1,” it said in a a network of ports, highways and “But there are challenges as he acknowledged. statement. railways. well... There are environmental funding in areas where it is sorely He called however for Among them is Pakistan, H Lawrence “Larry” Culp, 55, It has dispersed tens of bil- and social risks, there are issues needed. “Several countries, espe- “careful” spending, urged “trans- which relied heavily on BRI is GE’s third CEO in 14 months fol- lions of dollars in loans, often to to do with public procurement, cially in Central Asia and Cau- parent” procurement processes, funding for a $54bn project lowing the ouster of John highly indebted countries, and sustaining public debt casus have benefitted... in order and warned that countries should linking its Gwadar port to China. Flannery. In announcing Culp’s sparking criticism of Beijing for becomes an issue because these to improve their infrastructure as maintain “their debt sustaina- It now faces a balance-of-pay- rise, the company, which was everything from “debt projects are expensive,” she well as also to promote additional bility”. In the last five years, ments crisis and sent its finance bumped from the prestigious entrapment” to excluding local added. interregional trade,” said Jihad China’s direct investment under minister to Bali this week seeking Dow Jones Industrial Average in labour from projects funded by The World Bank estimates Azour, the IMF’s director of the BRI has surpassed $60bn, leaving an IMF bailout. June, cited his history as chief the plan. But, meeting in Bali that BRI-funded infrastructure Middle East and Central Asia several recipients vulnerable. Rising US interest rates are executive of the industrial and this week, officials from the could boost trade among coun- department. “Central Asia will The Centre for Global Devel- likely to make the situation worse healthcare conglomerate World Bank and International tries involved by 3.6 %, and global benefit from any additional opment, a think-tank, says BRI for many countries, because BRI Danaher, where GE said he pre- Monetary Fund said the BRI trade some 2.4%. investment that will lead to investments have “significantly” loans are mostly denominated in sided over a quintupling of filled important gaps, while And officials say it is offering greater integration.” increased the risk of debt crises US dollars. market capitalisation. JPMorgan’s loan growth helps offset weak bond trading REUTERS defaults in check. global economy continue to show performing stock among the big All four of JPMorgan’s main strength, despite increasing eco- six US banks. Including losses BENGALURU: JPMorgan Chase & businesses recorded a rise in nomic and geopolitical uncer- from the market carnage over the Co reported a better-than- revenue, with the consumer tainties, which at some point in the past two days that saw the Dow expected quarterly profit as gains banking unit notching the biggest future may have negative effects Jones Industrial Average drop from higher interest rates and jump in revenue due to a healthy on the economy,” Dimon said. more than 1,300 points, the stock growth in loans helped the bank appetite for borrowing. Trading JPMorgan shares fell 2 percent is the only one among the big offset weakness in bond trading was the only weak spot in the late Friday afternoon. Worries banks to be in positive territory revenue. results. about lackluster trading and weak for the year. The largest US bank by assets, Chief Executive Jamie Dimon loan growth have weighed on The bank’s average core loan whose results are often seen as a praised President Donald Trump’s bank stocks this year, with the S&P book rose 6 percent in the third barometer of the economy, has tax cuts and deregulatory efforts, Financial index falling about 5 quarter and outperformed Citi- benefited from a tax windfall and but cautioned on inflation and percent and underperforming the group’s 4 percent growth even as A sign of JPMorgan Chase Bank is seen in front of their a strong economy that has led to “geopolitical issues bursting all broader S&P 500 index. higher rates crimped borrowing headquarters tower in Manhattan, New York. higher interest rates and kept loan over the place.” “The US and the JPMorgan is the best in areas such as mortgage loans. BREAK TIME CROSSWORD MALL ROYAL PLAZA VILLAGGIO & CITY CENTER

Kayamkulam Kochunni (2D/Malayalam) 2:00, 8:15 & 11:15pm Arvindha Sametha (2D/Telugu) 2:30pm Smallfoot (Animation) 2:00pm Smallfoot (Animation) 2:30pm Jalebi (2D/Hindi) 4:15pm My Giraffe (2D/Family) 5:15pm Dead Trigger (2D/Action) 6:45pm Arvindha Sametha (2D/Telugu) 2:00 & 5:15pm Kayamkulam Kochunni (2D/Malayalam) 6:15pm My Giraffe (2D/Family) 3:45pm A Star Is Born (2D/Malayalam) 8:30pm Jalebi (2D/Hindi) 4:45 & 11:30pm Bad Times At The El Royale 9:00pm Venom (2D/Action) 4:45pm The Last Witness (2D/Thriller) 11:30pm A Star Is Born (2D/Malayalam) 6:45pm Helicopter Eela (2D/Hindi) 9:00pm ASIAN TOWN

Kochunni (Malayalam) 7:00, 9:00, 10:00, 11:45pm LANDMARK & 12:00midnight 96 (2D/Tamil) 9:00pm Varathan (Malayalam) 6:00pm Arvindha Sametha (2D/Telugu) 2:15 & 11:00pm Aravinda Samedha (Telugu) 6:00 & 9:00pm Kayamkulam Kochunni (2D/Malayalam) 2:30 & 10:45pm My Giraffe (2D/Family) 2:30 & 5:30pm ROXY Smallfoot (Animation) 4:00pm A Star Is Born (Drama) 10:30am, 12:50, 1:15, 4:00, 6:45, 9:30pm Helicopter Eela (2D/Hindi) 6:00 & 8:45pm & 12:15am Aravinda Samedha (Telugu) 10:30am, 4:00 & 7:10pm A Star Is Born (2D/Malayalam) 8:30pm Helicopter Eela (Hindi) 8:00 & 10:45pm Bekiya (2D/Arabic) 7:00pm Kayamkulam Kochunni (Malayalam) 10:30am, 1:45, 5:00, 8:15 & Smallfoot (Animation) Venom (2D/Action) 7:00pm 11:30pm 5:50pm The Princes And The Dragon 10:30am, 12:20 & 10:10pm Ghost Stories (2D/Horror) 9:00pm Venom (2D/Action) 10:30am, 1:40, 3:35, 8:45 & 10:00pm

FLIK Mirqab Venom (Action) 10:30am, 1:00 & 3:30pm A Star Is Born 10:40am, 1:20, 2:45, 4:00, 5:55, 6:40, 8:35, 9:20, A Star Is Born (Drama) 12:30, 6:00 & 11:30pm 11:15pm & 12:00midnight Bad Times At El Royale 11:00pm Bad Times At The El Royale 12:25, 3:10, 6:05, 8:50 &11:35pm Kayamkulam (Malayalam) 6:00, 9:00pm & 12:00midnight Exes Baggage 11:30am, 1:35, 5:40 & 7:45pm Helicopter Eela (Hindi) 3:15 & 8:45pm Johnny English Strikes Again 11:15am & 9:50pm Aravinda Samedha (Telugu) 2:00, 5:00 & 8:00pm Kochunni 3:40, 7:00, 10:20 & 11:00pm Note: Programme is subject to change without prior notice. My Giraffe 11:15am, 1:00, 6:35 & 7:40pm Small Foot 12:20, 3:25 & 5:25pm The House With A Clock In Its Walls 1:15 & 11:50pm Venom 2D 11:50am, 12:30, 2:05, 2:50, 4:20, 8:25, 9:25, 11:40pm & 12:20am 3D 12:10, 7:30 & 10:10pm

A STAR IS BORN

A musician helps a young singer find fame, even as age and alcoholism send his own career into a downward spiral. 26 BUSINESS SUNDAY 14 OCTOBER 2018 AL ASMAKH LISTING CALL CENTER: 4448 5111 / 4041 0757 We also offer our RICS regulated International valuation service VALUATIONS & RESEARCH [email protected]

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