BALANCE ACT | Page 2 CHINA PLAN | Page 4 ‘Saudi looking Industrial to keep crude ambitions at $70-$80’ loom large

Thursday, September 6, 2018 Dhul-Hijja 26, 1439 AH

POLITICALLY SENSITIVE GAP: Page 12 GULF TIMES US trade defi cit surges to 5-month BUSINESS high as exports fall

Turkish infl ation to fall back to single digits: Erdogan Turkish inflation, which has surged president, who says high interest to nearly 18%, will fall to single digits, rates fuel inflation, told reporters President Recep Tayyip Erdogan on a flight back from Kyrgyzstan was quoted as saying by Hurriyet earlier this week, according to Growth streak in Qatar newspaper yesterday, although he Hurriyet. did not explain what would drive “On the issue of investments, foreign inflation lower. investors are not refraining from He also said Turkey would overcome entering Turkey,” Erdogan said. a currency crisis that has seen the “We are at a good point in exports. lira lose some 43% against the dollar We do not have a problem. We will this year. overcome this, we will succeed.” non-oil and gas private The sell-off was initially sparked by The lira stood at 6.6959 at 0925 GMT investor concerns over the central yesterday, close to Tuesday’s close of bank’s ability to rein in double-digit 6.6930. inflation, with Erdogan calling for Prices jumped 17.9% year-on-year cheaper borrowing costs. in August due to rising energy and “This will go back to single digits food costs, off icial data showed, the sector continues: QFC again. We’ll get over this,” the highest inflation since late 2003. ontinuing the sequence re- with the latest increase extending corded since August last the current phase of growth to four Cyear, business conditions months. across Qatar’s non-oil and gas pri- Price pressures faced by busi- vate sector improved once again, nesses fell in the latest survey. In S&P cuts credit ratings according to the latest QFC Qatar fact, the drop in input prices was PMI data. the fastest since the survey’s incep- Despite the rate of expansion tion in April 2017. on two Dubai fi rms on easing to a one-year low, growth Survey data suggested that eas- of new business remained robust ing capacity pressures at suppli- overall while job creation accelerat- ers were partly linked to the fall in weaker economy ed to a survey-record high amid el- input prices. Meanwhile, delivery evated sentiment across the sector. times improved at a marked rate. The survey, compiled for the Qa- Partly refl ecting falling cost Reuters ed the company in 2012 and 2016, as tar Financial Centre by IHS Markit, burdens and promotional activity, Dubai the emirate recovered from a credit has been conducted since April selling prices set by Qatari private crisis that nearly caused it to default 2017 and provides an early indi- sector businesses dropped to a sur- on its debt. cation of operating conditions in vey-record extent. &P Global Ratings cut its credit A default was averted with $20bn of Qatar. The headline fi gure derived Despite softening to a three- ratings for two Dubai state- aid from neighbouring Abu Dhabi. from the survey is the Purchasing month low in August, positive Sowned companies, saying a “The negative outlook on DEWA Managers’ Index (PMI). sentiment towards future growth weakening economy in the emirate refl ects the possibility that our as- Readings above 50 signal an im- prospects among Qatari non-oil was hurting the government’s ability sessment of Dubai’s creditworthiness provement in business conditions and gas private sector fi rms re- to extend emergency support to the could deteriorate further in the next on the previous month, while read- mained strong overall. Many panel fi rms if needed. two years, which would put further ings below 50 show deterioration. respondents reported optimism to- The downgrades were a fresh sign of pressure on our rating on DEWA,” S&P The headline seasonally adjusted wards economic stability and new pressure on Dubai’s economy, where said. “This is because we assume that Qatar Financial Centre PMI – a product launches. the real estate and equity markets are the government could use its power composite gauge designed to give a Sheikha Alanoud bint Hamad al- slumping. The emirate does not have to intervene negatively, which could single-fi gure snapshot of operating Thani, managing director, (Busi- a sovereign credit rating, so analysts include burdening the company with conditions in the non-oil and gas ness Development), QFC Authority often look at state fi rms as indicators additional dividends, taxes, or other private sector – softened to 50.4 in said, “Qatar’s economic recovery of its fi nancial health. liabilities.” August, from 52 in July, partly re- continued in August, with the lat- “In our view, credit conditions in S&P also lowered its rating for real fl ecting a slight fall in output. The est data extending the current run Dubai have deteriorated, which we estate fi rm DIFC Investments (DIFCI) fi gure remained in positive territory, of expansion to 13 successive believe aff ects the government’s likely to BBB-minus, one step above junk however, and stretched the current months. Whilst the headline PMI ability to provide extraordinary fi nan- status, from BBB, but with a stable phase of expansion to 13 months. fi gure eased since July, there was a cial support to its government-related outlook. DIFCI owns an offi ce and re- August’s survey data signalled myriad of positive news uncovered entities (GREs) if needed,” S&P said. tail complex in Dubai’s international a further improvement in new or- by the latest survey. The Dubai government’s media of- fi nancial centre. der infl ows. Although the rate of “Job creation hit a survey-record fi ce could not immediately be reached Analysts say that the pressures growth eased, it remained solid high as fi rms sought to increase for comment. on Dubai are not as serious as those overall. Anecdotal evidence sug- payroll numbers to meet growth S&P lowered its rating on utility Dubai it faced a decade ago, and it has gested that the latest increase was infl ows of new business. Further- Electricity and Water Authority (DEWA) strengthened its fi nances since then linked to promotional activity and more, overall cost burdens faced late on Tuesday to BBB from BBB-plus, by restructuring billions of dollars of new product launches. by local businesses fell as supplier assigning it a negative outlook, which debt at state-linked fi rms. In response to increasing new or- performance improved to a marked indicates a signifi cant chance of a further But as the region’s top business ders and solid business confi dence, degree. Finally, client demand con- Despite the rate of expansion easing to a one-year low, growth of new downgrade in future. centre, it has been hurt by an eco- fi rms upped their payroll count at tinued to expand, signalling that business remained robust overall while job creation accelerated to a It was S&P’s fi rst outright down- nomic slowdown in Saudi Arabia and a survey-record pace. The rate of the softening in the sector’s rate of survey-record high amid elevated sentiment across the sector, according grade of DEWA. other nearby countries due to low oil job creation was marked overall, growth may prove short-lived.” to the latest QFC Qatar PMI data The agency had previously upgrad- prices.

HIA wins ‘Smart Transport Solutions’ honour for service delivery measurement at Qatar IT Business Awards 2018

The Hamad International Airport (HIA) is a testament to the airport’s eff orts enhanced airport experience through was honoured as a ‘nominated winner’ and hard work in delivering on its a customer-centric focus. The HIA’s for ‘Service Delivery Measurement’ in commitment to off er a hassle-free transfer areas now total four that are the ‘Smart Transport Solution of the experience to all passengers at every spread across the north and south Year’ category at the Qatar IT Business step of their journey. nodes of the terminal. Awards 2018, in Doha. “HIA is committed to operational Travellers’ walking time has also been ‘The Smart Transport Solution of the excellence and a smooth passenger significantly reduced while the overall Year’ award is given to businesses or experience as we seek to continuously security screening capacity increases government entities in the transport improve eff iciency, reduce queuing to accommodate growing passenger sector that have developed or deployed times, and deliver the best passenger numbers. smart solutions with real-world service.” With its latest initiative, the HIA applications in technology areas, The Service Delivery Management has delivered an industry-leading including emerging technology. System (SDM) is a tool to help achievement by ensuring that at least Winners are selected based on businesses gain key insight into 95% of its transfer passengers queue originality, creativity and competence passenger processing and tracking for under five minutes. The world-class in their integration of smart solutions, to facilitate shorter queuing time and airport exceeded this mark during the awarding entities for their innovative process time forecasting. month of April 2018, where out of the approach as well as services and THe HIA implemented SDM in 2017, more than 1mn transfer passengers that business insights that have helped allowing the airport to measure and were screened, 99.5% queued for under deliver high client satisfaction. monitor the performance of passenger five minutes. On the Award, Ahmad al-Khater, processes and target opportunities to The Qatar IT Business Awards by senior manager (Government and further improve the quality of services The Ministry of Transport and Stakeholders Relations) at the HIA said, provided to passengers. Communications (MoTC) honours “We are grateful and honoured to have Through SDM, the HIA has successfully organisations that have benefited the HE the Minister of Transport and Communications Jassim Seif Ahmed al-Sulaiti (left) hands over the award received the ‘Smart Transport Solution identified areas to optimise operational ICT Industry and the development of in the ‘Smart Transport Solution of the Year’ category at the Qatar IT Business Awards 2018 in Doha. of the Year’ Award. This recognition eff iciency in order to deliver an innovation. Gulf Times 2 Thursday, September 6, 2018 BUSINESS IBQ wins ‘Best Private Bank’ award in London

International Bank of Qatar (IBQ) has Daher said, “The ‘Best Private Bank’ agement solutions to high net worth won ‘Best Private Bank’ award from award is testament to IBQ’s excellence and ultra-high net worth individuals in Global Banking & Finance Review at a in private banking. It is an honour to Qatar. ceremony in London recently. receive this title from a prestigious “With a tailor-made suite of banking The award recognises the bank’s posi- institution that recognises excellence in and wealth management services, IBQ tion as a leading private bank in Qatar the sector on a global scale.” Private Banking has maintained its posi- on both the regional and international He added, “The bank’s private banking tion as a truly pioneering Qatari bank. scale. expertise has been key in earning us en- Its long-standing legacy within the local Chaouki Daher, general manager and during customer relationships and our high net worth and ultra-high net worth head (Private Banking) at IBQ attended cherished reputation as the ‘relationship community dates back to the early the award reception ceremony held at bank’. We take great pride in knowing beginnings of the bank in the 1950s,” a the London Stock Exchange Studios that we have served several generations bank statement said. where he gave an insightful video of ultra high and high net worth Qatari IBQ said its “track record is borne out by interview and shared his expertise on families and look forward to continue consistently winning the many awards the private banking sector in general doing so.” and prestigious international accolades and wealth management in Qatar in Over its 60 years of operations in Qatar, it has received for private banking, year particular. IBQ has developed tailored wealth man- after year.” Daher with the ‘Best Private Bank’ award from Global Banking & Finance Review, which IBQ won in London recently.

Cyber threat landscape ‘Saudi looking to keep across GCC rapidly expanding, cautions crude in $70-$80 band’ Booz Allen Hamilton s the cyber threat land- ures or risk attacks that could Reuters dent in 2017, Saudi Arabia has become scape continues to compromise their entire opera- Dubai/London even more sensitive to US requests and Aevolve, it is imperative tions.” both countries have co-ordinated policy for the government and private Echoing this sentiment, Jay more closely than under Trump’s pred- sector to pay attention to some Townsend, principal at Booz Al- audi Arabia wants oil to stay be- ecessor. of the most signifi cant areas of len Hamilton MENA, said that tween $70 and $80 a barrel for now In June, for example, Opec agreed with heightened risk in the cyber en- “Gulf countries recognise the Sas the world’s biggest crude ex- Russia and other oil-producing allies last vironment, according to Booz growing cyber threat to govern- porter strikes a balance between maxim- month to raise output from July — with Allen Hamilton. ments and businesses. As more ising revenue and keeping a lid on prices Saudi Arabia pledging a “measurable” The cyber threat landscape in economies throughout the re- until US congressional elections, Opec supply boost. Qatar and generally in the Gulf gion adopt digital technologies and industry sources said. Saudi industry sources briefed the Co-operation Council region and implement e-services, the After announcing the fl otation of Sau- market about record oil production in is rapidly expanding – with at- threat to personal data security di Aramco in 2016, the kingdom began which Aramco was planning to pump tacks against regional enti- is rising. It is in the national in- pushing for higher crude prices partly to 10.6mn-10.8mn bpd in June and as much ties and residents increasing in help maximise the valuation of the state as 11mn bpd in July, the highest in its his- quantity and sophistication. Severe cyber attacks oil company ahead of an initial public tory. Indeed, a May 2018 survey are also occurring with off ering (IPO), originally scheduled for In the end, Saudi Arabia’s production reported an estimated 41% of increased frequency 2018. in June was 10.488mn bpd and in July it GCC-based enterprises expe- as hackers fi nd new That changed in April when US Presi- fell to 10.29mn. rienced a cyber-attack in the ways to breach complex dent Donald Trump put public pres- The plan to boost output to record previous 12 months – a 46% in- fi rewalls and security sure on Riyadh to keep crude prices in highs had been driven mainly by worries crease from 2016 numbers. systems, despite ongoing check, wanting to stop US fuel costs ris- of a sudden supply shock after US of- Severe cyber attacks are also government and private ing ahead of the US midterm elections in fi cials said Washington aimed to reduce occurring with increased fre- sector eff orts to accelerate November. An employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and Iran’s oil revenue to zero, the sources quency as hackers fi nd new the development of Now, even though the IPO has been oil terminal in Saudi Arabia (file). Opec and Saudi Arabia do not have an off icial price said. ways to breach complex fi re- cybersecurity capabilities shelved, Saudi Arabia still wants to keep target and are unlikely to adopt one formally. But since then, Washington has said walls and security systems, de- oil prices as high as possible without of- it would consider waivers on Iranian spite ongoing government and terest for Gulf countries to se- fending Washington, the sources said. cost of crude as the market responds to Organisation of the Petroleum Exporting sanctions and worries about a trade war private sector eff orts to acceler- cure not only networks but also Saudi needs cash to fi nance a series of other factors aff ecting global supply and Countries. Algeria, for example, says it between Washington and Beijing have ate the development of cyberse- confi dential data that hackers economic development projects. demand. sees $75 as fair. threatened to hit future demand for oil, curity capabilities. can exploit.” Opec and Saudi Arabia do not have an One industry source said it may have “Everybody has been talking about the sources said. According to Ziad Nasrallah, Across the cyber environ- offi cial price target and are unlikely to done precisely that last week. these kinds of numbers,” said an Opec One industry source said the king- principal at Booz Allen Hamil- ment, Booz Allen Hamilton has adopt one formally. With Brent heading towards $80 a delegate from outside the Gulf. dom’s crude production plans were made ton Mena, “The evolving cyber identifi ed seven key areas where “The Saudis need oil at about $80 barrel, Saudi Arabia told the market Brent crude has fl uctuated between according to its customers’ needs and threat landscape worldwide GCC entities may face signifi - and they don’t want prices to go below about an increase in its production $70 and $80 since April 10. After hit- that oil demand has not materialised as and here in the region requires cant attacks in the future. They $70. They want to manage the market last month sooner than it would have ting $70.30 on August 15 the oil price forecast. that governments and individu- are; attacking the supply chain like this,” one of the sources told Reu- usually released such information, the has climbed steadily to touch $79.72 on “We can raise production as high as 11 als prioritise taking adequate through vendors, targeting in- ters. “They need cash. They have plans source, who follows Saudi output pol- Tuesday. (mn bpd) or even 12 but then where will it measures to safeguard them- dustrial control system, attack- and reforms and now the IPO is delayed. icy, said. Earlier this year, Riyadh hoped to see go? We can’t push oil to the market,” that selves from attacks. ing third-party software tools, But they don’t want anyone else talking “The Saudis will probably put a few oil prices above $80 and was ready to industry source said. “This requires identifying exploiting the fl edgling crypto- about oil prices now. It’s all because of more dampening signals out, given continue with a supply cut pact until the In an August report, the Oxford Insti- loopholes hackers can exploit currency environment, breach- Trump,” the source said. where prices have gone,” the industry end of 2018, only to make a U-turn after tute for Energy Studies said Saudi Ara- across the entire supply chain. ing large government and indus- An informal target of $70 to $80 raises source said. Trump called on Opec in April to boost bia was trying to manage the Brent price At the same time, governments try databases, using ransomware the prospect of Saudi Arabia making reg- The aspiration for $70 to $80 is simi- supplies. within a very narrow range of $70 to $80 and organisations must invest to disrupt economies and target- ular tweaks to its output to infl uence the lar to that of other producers within the But ever since Trump became presi- — and it was not an easy task. in robust cybersecurity meas- ing high-profi le events.

Bahrain private bond said to raise $500mn amid debt woes Bahrain raised $500mn from a private placement of bonds with five regional banks, giving the island-kingdom much-needed re- lief as it negotiates crucial financial support with its Gulf allies, accord- ing to Bloomberg. The bonds were placed with Bank ABC, Emirates NBD, Kuwait Finance House, Noor Bank and Sharjah Islamic Bank, according to people with knowledge of the mat- ter who asked not to be identified because the details are private. A sell-off in emerging-market as- sets is prompting some countries to avoid the scrutiny of interna- tional bond investors, with cash- Etihad created two EA Partners vehicles to provide fi nancing for several airlines in which it strapped Ukraine raising $725mn owned stakes, thereby minimising the burden on its own balance sheet in Eurobonds from a private placement last month. For Bahrain, the funds also give off icials time to agree on the details of the aid package with Saudi Arabia, the Etihad-linked EA Partners’ creditors United Arab Emirates and Kuwait. Bahrain’s economy, the smallest in the Gulf Co-operation Council, has said to hire Dechert ahead of debt plan been hit hard by the slump in oil prices in 2014. With rising public debt and low foreign-exchange re- Bloomberg fi rmed a group of investors had hicles, including Air Serbia, Jet serves, investors say the kingdom London appointed the fi rm but declined Airways India Ltd, and Air Sey- needs support to avert a currency to comment further. A spokesman chelles, each guarantee as much as devaluation that could reverberate for Etihad declined to comment on 20% of each bond. The insolvency across the region. The talks are group of creditors to EA the hiring. Offi cials at EA Partners of Air Berlin and Alitalia last year making progress on a multi-year Partners, a special purpose didn’t return calls and emails seek- prompted the auction of EA Part- programme that would involve Avehicle linked to Etihad Air- ing comment. ners’ claims linked to those carri- spending cuts and measures to ways, hired law fi rm Dechert LLP Etihad created two EA Partners ers. increase non-oil revenue, people ahead of a possible debt restruc- vehicles to provide fi nancing for Anoa Capital, a broker con- with knowledge of the matter turing, according to people familiar several airlines in which it owned trolled by German fi nancier Lars said last month. “They haven’t with the matter. stakes, thereby minimising the Windhorst, arranged the deal at the released any details on the GCC The hiring follows unsuccess- burden on its own balance sheet. time with Abu Dhabi-based ADS rescue package, so they wouldn’t ful auctions of defaulted claims on The two entities raised $1.2bn by Securities and Goldman Sachs Inc. have been able to issue publicly,” two insolvent affi liates of the Abu issuing bonds in 2015 and 2016 EA Partners said last month it said Anthony Simond, who helps Dhabi-based airline, Air Berlin and which are now quoted at less than had received a $4.2mn off er from manage $13bn of emerging-market Alitalia, said the people, asking not 60% of face value, according to an unnamed bidder in the auction debt at London-based Aberdeen to be identifi ed because it’s private. data compiled by Bloomberg. of the $463mn of defaulted claims Asset Management. A spokesman for Dechert con- The affi liates funded by the ve- to Air Berlin and Alitalia. Gulf Times Thursday, September 6, 2018 3 BUSINESS

China’s govt launches Asia’s strong jet fuel margins at safety audit on Didi and risk from high cost to airlines ride-hail fi rms

Reuters AFP Singapore Beijing

sian airlines may have to raise hinese authorities airfares to mitigate costs from launched a security au- Ahigh jet fuel prices, analysts said, Cdit of ride-hailing giant a move that would likely cap booming Didi Chuxing yesterday follow- growth in aviation demand and slash jet ing a public outcry over the rape fuel margins that are seasonally at their and murder of a passenger last strongest in fi ve years. month, the transport ministry The profi t margins refi ners make said. from producing jet fuel are currently Offi cials from 10 diff erent at their strongest for this time of year government departments, in- since 2013, thanks to an aviation sector cluding the public security min- that has surged with regional economic istry and the market regulator, growth, cheap fares and increased route will be stationed at Didi for a options. fortnight, the transport ministry But aviation fuel prices, one of the said in a statement. main input costs for airlines, are also The company has been lingering close to their highest in about slammed by passengers and four years, weighing on airlines’ balance the transport ministry after sheets. Asian jet cracks are currently a 20-year-old passenger was around $16 a barrel over Dubai crude, raped and murdered by her driv- while jet prices are close to their highest er in the eastern city of Wenzhou levels since December 2014. last month, the second such kill- “If jet fuel prices get too high then ing this year. airlines will have to start revising their “This inspection will exam- air fares up,” said a Singapore-based ine all web-based ride hailing middle distillates trader, adding that websites and ride-sharing plat- higher ticket prices could result in a fall forms, its hidden dangers and its in passenger miles. impact on the safety of passen- Data from the International Air gers,” the ministry said, adding Transport Association (IATA) re- that its recent problems are be- leased last week showed a slowdown in ing taken “very seriously by the Asia-Pacifi c airlines’ traffi c in July, up central leadership”. Other major 7.5% over the same month last year, as market players including the against a growth of 9.6% in June. Tencent-backed Meituan-Di- “Rising costs – particularly fuel – anping online services platform will likely limit the stimulus we would will also come under scrutiny. expect from lower airfares. Angry users last month at- Therefore, we do expect to see a con- tacked Didi and called for a boy- tinued slowing of growth compared to cott after it emerged that the 2017,” said IATA chief executive Alexan- Singapore’s Changi Airport is being expanded to handle rising Asian air traff ic. Asian airlines may have to raise airfares to mitigate costs from high jet fuel prices, analysts company failed to act on a com- dre de Juniac in a statement. said, a move that would likely cap booming growth in aviation demand and slash jet fuel margins that are seasonally at their strongest in five years. plaint about the same driver just Airlines such as Air India and China a day before the recent murder. Southern Airlines in major Asian travel and low air fares, aviation consulting During winter, typically starting in itability of both. “Asian refi ners have “Although some seasonal downturns The incident, which came hubs are struggling to remain profi table fi rm CAPA India said. While the likeli- the fourth quarter, demand in the re- been steadily increasing their jet fuel are possible, overall premiums should barely three months after the as higher fuel costs are partly off setting hood of increased airfares casts a shad- gion picks up for kerosene as a heating yields over the recent times. stay strong in the coming months. previous killing, was a top news the benefi ts of strong travel demand. ow on aviation demand growth, winter fuel. Jet fuel and kerosene are closely Still, a tight middle distillate mar- Not to forget, we are also entering a item for days in China, with Indian airlines alone are expected to heating demand could help carry the related and belong to the same grade of ket is holding jet premiums high,” said seasonally strong middle distillate de- many calling for tougher regula- post combined losses of up to $1.9bn strong jet/kerosene margins forward, oil products – middle distillates – with Sri Paravaikkarasu, head of the East of mand period soon,” she said, referring tion in the industry. this fi nancial year due to rising costs trade sources said. jet fuel margins determining the prof- Suez, Oil, division at consultancy FGE. to the northern hemisphere winter. Didi said Tuesday that it will roll out a series of new safety measures and suspend most late-night ride services for a week beginning Saturday. New measures include a “safety knowledge test” which BHP buys into Ecuador copper project drivers must pass every day be- fore driving, upgrades to a po- lice call button and experiments Reuters kenzie said the investment provided ity owner and operator, with a 14.54% tion under English company law. with Newcrest than BHP, given the ma- with sound recording of the en- Sydney exposure to a high quality copper ex- stake. SolGold rejected an off er by BHP to jor deposit is a copper gold porphyry tire ride. Didi will also expand its ploration project in Ecuador, a “highly “It’s a pretty attractive asset. take a 10% stake in the fi rm in October, system that could be best mined by us- in-house customer service team prospective” location. It’s early stage but the geology looks 2016, for $30mn. ing a block cave method, analysts said. to 8,000 members by the end of lobal miner BHP has struck a In common with other miners that prospective,” said a Melbourne-based At the time, it also off ered to spend a Block caving involves hollowing out the year. deal to pay $35mn for a 6.1% have recovered from the price crash of analyst for a fund manager, who de- further $275mn for up to 70% of Cas- an ore body and allowing it to collapse The Hitch service, which Gstake in SolGold, giving it a share 2015-16, BHP is seeking to grow its as- clined to be named due to company cabel, an off er the company rejected under its own weight. links up commuters travelling in the promising Cascabel copper-gold set base and is keen on copper. policy. because it did not want to lose control. It has a smaller environmental foot- in the same direction, has been project in Ecuador after an earlier at- The metal is expected to be in de- “This basically means that Newcrest Wednesday’s 27.4mn pound print than open pit mining. suspended after both murders tempt failed. mand for use in renewable energy and isn’t going to have it all to themselves. ($35.5mn) deal to buy Guyana Gold- Newcrest is one of a handful of min- targeted customers using the SolGold’s share price leapt around electric vehicles, but new opportunities I think if I was Newcrest or SolGold fi elds’ 6.1% stake is pitched at a 20% ers that has block cave experience, at its service. Didi Chuxing – which 17% as the market took BHP’s acqui- are scarce. management, I would be a bit nervous premium to the 20-day average share Cadia gold mine in Australia’s state of muscled Uber out of China in sition as a vote of confi dence in the The deal sets the stage for a potential about BHP being in there.” price. New South Wales. 2016 after a bruising battle – project, while BHP shares slipped 1% by showdown with Australian gold miner Any stake of more than 5% gives a Guyana Goldfi elds opened un- Rio Tinto also has experience of block says it has 30mn drivers and 1330 GMT. Newcrest Mining Ltd, the top share- shareholder the right to requisition a changed in Toronto. caving at its Oyu Tolgoi copper mine in more than 550mn users across BHP’s chief executive Andrew Mac- holder in SolGold, Cascabel’s major- general meeting and circulate a resolu- SolGold may have a closer affi nity Mongolia. its various services.

Smartphone slowdown tests new leadership at Australia economy powers ahead Taiwan’s chip champion

Reuters and the intricate network of as consumers keep spending Hsinchu, taiwan relationships that have enabled TSMC and its brethren in the global technology supply chain to AFP much households save in proportion to In late August, the new chairman thrive are under threat amid the Sydney their disposable income, was at 1% for of chip-making titan Taiwan Semi- trade dispute. the quarter, the lowest since December conductor Manufacturing Co, Worse, global smartphone 2007. Mark Liu, got the sort of news that sales have flattened. Purchases ustralia’s buoyant economy post- It had soared to almost 10% in 2012 af- would make any boss smile: his of smartphone chips by the likes ed strong growth in the second ter the global fi nancial crisis. biggest competitor was throwing of Apple Inc and Qualcomm have Aquarter of the year on the back of The stronger data reinforced expecta- in the towel. powered TSMC for a decade. increasing exports, consumer and gov- tions that the next move of the Reserve Just under three months into But Liu remains optimistic ernment spending, offi cial data showed Bank would be to lift rather than cut in- Liu’s tenure, rival GlobalFoundries about that business. yesterday. terest rates. had announced that it would not “Smartphone units have The economy expanded by 0.9% in But analysts said any hike was not like- compete in the latest generation plateaued, but the silicon content the March-June quarter, following 0.7% ly in the near-term, with wages growth of chip-making technology. of each smartphone on aver- growth in the fi rst three months of the and infl ation remaining soft. It was a reminder of just how age is still increasing,” he said, year, to take the annual rate of growth to “Despite solid growth, the economy is dominant TSMC has become in projecting growth in the high 3.4% – the fastest pace since September not generating much in the way of wage manufacturing chips for other single digits over the next couple 2012. or price pressures,” Commonwealth Bank companies, a business it all but of years. The quarterly reading was far above of Australia senior economist Gareth invented. TSMC stock quickly hit He said smartphones would market expectations of 2.8%, and comes Aird said in a note. an all-time high. continue to account for 40% to after the previous quarter’s year-on-year “There is still plenty of slack in the la- But Liu’s job seems likely to get 50% of TSMC’s revenue. reading of 3.1%. bour market to chew through.” tougher, not easier. A slowing smartphone market The increase sent the Australian dol- St John cautioned that exports growth In an interview at the com- was one of the reasons the lar jumping almost half a cent to 72.17 US was expected to level out in the second pany’s newly christened Morris company cut revenue targets cents. half of the year, while the low savings ra- Chang headquarters building, this year. “The national accounts for the June tio meant consumers would be unable to named after its founder, Liu said It also reduced capital spend- quarter highlight the strength and the further draw down on their reserves. global politics were his biggest ing for the year from $11.5bn- resilience of the Australian economy, House prices – particularly in the worry. “The worst you can im- $12bn to $10bn-$10.5bn – a move which is in its 27th year of consecu- larger cities like Sydney and Melbourne – agine can be very bad,” Liu said, it attributed at the time partly to tive economic growth,” Treasurer Josh were also falling this year as tighter lend- referring to geopolitical develop- more eff icient equipment delivery Frydenberg told reporters. A man watches activity on a work site in Melbourne’s central business district. ing standards discourage local and inter- ments such as the US-China trade and currency adjustments, but “The economy is strong, the funda- Australia’s buoyant economy powered ahead in the second quarter of the year on national investors, while turbulence in war and tensions between Taiwan which Liu acknowledged was also mentals are good and momentum has the back of increasing exports, consumer and government spending, off icial data the global economy was a downside risk. and the mainland. influenced by softer demand. continued and these are an encouraging showed yesterday. “As the RBA had been expecting growth The thoughtful, soft-spoken Meanwhile, new markets such set of numbers.” to be strong, these data don’t mean a rate engineer took over from the ebul- as autonomous vehicles and the The economy has recorded uneven Household spending jumped 0.7% through the year. “(Household) con- hike is around the corner,” Capital Eco- lient and outspoken Chang at a “Internet of things” – intercon- expansion in recent years as an unprec- during the quarter to contribute 0.4 per- sumption continues to hold up pretty nomics’ chief economist for Australia tricky time. nected consumer and industrial edented period of mining investment centage points to growth, while net ex- well, facilitated by the savings ratio con- and New Zealand Paul Dales said. Emerging competition from devices – have been slow to ar- reaches its end, with the Reserve Bank ports added 0.1%. tinuing to fall,” JP Morgan economist “But the markets may start to recon- China casts an ominous shadow, rive. of Australia cutting interest rates to a Government expenditure rose 1% in Henry St John told AFP. sider their view that rates won’t rise until record-low of 1.5% to support growth. the period to continue its stellar growth The savings ratio, which measures how sometime in 2020.” Gulf Times 4 Thursday, September 6, 2018 BUSINESS

Pakistan’s third LNG terminal may rack up $5bn annually

Internews nal services, but RLNG (re-gasifi ed),” two LNG facilities of 1.2bn cubic feet/ Group company) signed a non-binding revenues,” an offi cial at Shell Pakistan gas. It gives huge cost benefi ts in trans- Karachi Engro’s spokesman said, referring to day established in the last government co-operation agreement to assess the said, requesting anonymity. port and power sectors. the existing two terminals that provide of Pakistan Muslim League (Nawaz). feasibility of, and develop a full service The offi cial said Oil and Gas Regula- “If domestic gas is depleting with re-gasifi cation services, but the gov- Engro’s offi cial said the merchant LNG re-gasifi cation terminal at Port tory Authority advanced both its EPC increasing demand then market forces akistan’s upcoming liquefi ed ernment imports LNG. LNG terminal is an entirely new busi- Qasim. Guvnor SA was also inducted and time charter party agreement, and should come into play to settle the natural gas (LNG) terminal is “The RLNG will be priced to provide ness model. “The integrated solution into the project as a project partner as is in the process of fi nalising the other pricing,” an offi cial said. “Furthermore, Pexpected to rack up $5bn in an- a competitive alternate solution to the has not been implemented in Pakistan well as LNG supplier. project agreements, for example the the tax regime should be reviewed and nual turnover as there is an immense private sector,” the spokesman added. to date,” he said. “All of the develop- “Developing a privately-funded in- terminal use agreement. Analysts said rationalised if the government intends demand of the fuel for power genera- “If the terminal runs on full capac- ment works are near completion. En- tegrated LNG import project linking the new government will have to resolve to promote the private RLNG market.” tion and transportation sector in the ity and sells the regasifi ed LNG to pri- gineering, procurement and construc- LNG supply to downstream gas mar- the gas pricing issue as imported gas is An offi cial said pipeline capacity is country, people with knowledge of the vate sector such as CNG (compressed tion (EPC) contract and letter of intent kets will help bridge the LNG supply very expensive compared to domestic also becoming a challenge. With all im- development said yesterday. natural gas) sector its annual turnover have been awarded and fl oating storage gap, bring further foreign direct invest- gas. Imported gas follows international ports coming into the southern ports The country is to have its one-of-a- would be around $5bn.” re-gasifi cation unit technology has ment, provide additional security of market whereas domestic gas pricing is and major consumer hubs in the north kind third LNG terminal – a joint ven- The terminal will have the re-gasifi - been selected.” supply to power, industrial, and CNG set under political consideration. of country, the government needs to ture of Shell, Engro, Gunvor and Fatima cation capacity of 750mn metric cubic In 2016, Shell Exploration Company sectors, signifi cantly transfer the fi - Imported gas is, however, extremely facilitate capacity allocations in the ex- Group – by the 2nd quarter of 2020, feet/day. Pakistan has become the sixth BV, Engro Elengy Terminal Limited and nancial burden and risk from the public cheaper alternate to furnace oil, diesel, isting grids, and expeditiously execute they said. “We will not be selling termi- largest LNG market in recent years with Pakarab Fertilizers Limited (a Fatima to the private sector and contribute tax motor gasoline and liquefi ed petroleum new pipeline projects.

Indonesia wants talks As Trump mulls tariff s, China’s on financial safety nets at IMF-World industrial ambitions loom large Bank meet

Bloomberg Reuters Beijing Jakarta

onfl ict over China’s industrial Indonesia’s central bank said policies is at the centre of a trade yesterday it is pushing for talks Cwar that’s set to escalate should on regional financial safety nets President Donald Trump go ahead with at the annual meetings of the planned tariff s on another $200bn of International Monetary Fund Chinese goods as soon as this week. (IMF) and the World Bank to be The core of those industrial policies held on the resort island of Bali is the Made in China 2025 plan to domi- next month Southeast Asia’s nate industries from robotics to new- largest economy will host the energy vehicles and aerospace. meetings due to be attended A key element of that blueprint is by 15,000 off icials, including an unoffi cial document that’s slipped central bank chiefs and finance largely under the radar: The Made in ministers, at a time of intense China 2025 Major Technical Roadmap, pressure on emerging markets. better known as the Green Book after Currencies, stocks and bonds the colour of its original cover. in emerging economies have Whereas the offi cial Made in China slumped due to rising US inter- 2025 plan has no specifi c targets for est rates, global trade tensions Chinese companies to seize domestic and fears of contagion due to and global market share and even says crises in Argentina and Turkey. implementation must be dominated by “There needs to be a collabo- markets, the Green Book’s 296 pages are ration between the Global Fi- full of goals. nancial Safety Net and regional They are jaw-dropping targets, too, Photovoltaic panels stand at a power station at the Golmud Solar Park on the outskirts of Golmud, Qinghai province. Conflict over China’s industrial policies is at the safety nets because some that if met would virtually lock foreign centre of a trade war that’s set to escalate should President Donald Trump go ahead with planned tariff s on another $200bn of Chinese goods as soon as this week. economies could fall deeper, companies out of many industrial seg- like Argentina and Turkey,” ments in China and threaten market Washington. “The approach is to ensure the 10 key sectors prioritised by Made jing. “We’re seeing increased reports of In the US, breakthroughs in semi- said Dody Budi Waluyo, deputy disruption for businesses across the plausible deniability, in part. in China 2025, which also include bio- foreign companies being excluded from conductors, nuclear power, imaging governor of Bank Indonesia. globe. In many industries now there’s a technology, advanced rail equipment, certain Chinese domestic government technology and others were all aided by Waluyo said the IMF as the China says the targets are non-bind- sense that a certain percentage of pro- and agricultural machinery. procurement processes or tenders.” industrial policy, said Stephen Roach, global lender of last resort ing and unoffi cial. curement is reserved for the domestic It sees Chinese companies taking a The risk is a new round of overcapac- former chairman of Morgan Stanley should work with multilateral It is committed to ensuring that champions.” The Green Book was fi rst 56% share of the global market and 80% ity. That could repeat on a magnifi ed Asia. Chinese offi cials in Beijing have regional arrangements, such as the offi cial Made in China 2025 plan published in October 2015 by the Na- of the domestic market for integrated scale the history of industries from steel downplayed the importance of Made in Asia’s Chiang Mai Initiative on and other relevant policies are applied tional Manufacturing Strategy Advisory circuits by 2030. to solar power and wind power that China 2025 in recent meetings with for- such collaboration. equally to both local and foreign com- Committee and updated most recently By 2025, they’re seen controlling previously were swamped by Chinese eign visitors. Argentina has been forced to panies in China, Minister for Industry in January without its green cover. 90% of the domestic market for new- competitors backed by government “The US shouldn’t take Made in 2025 turn to the IMF for help because and Information Technology Miao Wei It had input from 25 academics and energy vehicles including hybrid and subsidies and cheap funding from state seriously,” said Wang Huiyao, an ad- of a deepening economic crisis. wrote in an April article in the state-run over 400 specialists and high-ranking pure electric cars, domestic mobile banks. viser to China’s cabinet and founder of Indonesian markets have China Daily newspaper. industry representatives, according to communication equipment, key parts “The chances of creating massive the Center for China and Globalisation, also been rattled, with the The ministry didn’t respond to faxed its introduction section. of industrial robots, new energy, re- waste across the system are just monu- whose advisory council is stacked with rupiah falling to its weakest in questions seeking comments on the The book is downloadable for free newable energy equipment and energy mental,” said Scott Kennedy, a US-Chi- former lawmakers. 20 years. Green Book. from the Internet and hard copies are storage equipment. na expert at the Center for Strategic and He Weiwen, a former commerce min- Bank Indonesia off icials have But foreign lobby groups and some sold online for about 73 yuan ($11) after In part because of the targets, for- International Studies in Washington. istry offi cial and a fellow at the same re- said the country’s economy is trade experts see the Green Book as discount. eign companies in industries including “The Chinese may just not care about search group, said China’s biggest con- resilient and able to withstand cover for industrial targets to keep them Strengthening manufacturing is an medical devices and advanced agricul- that waste and believe that increased cern with the US is its right to develop, the market turbulence, citing out of offi cial documents, where they “important strategy” in promoting tural equipment – both priority indus- market share and dominance of the in- and it may not catch up with American adequate foreign exchange would attract greater scrutiny from China’s national power and security, tries in the Made in China 2025 plan – dustries will eventually allow them to manufacturing capability until 2045. reserves and bilateral and mul- foreign governments and possibly the and the establishment of the advisory may already be losing business, says the recoup the profi ts.” Trump nevertheless appears deter- tilateral swap deals as “second World Trade Organisation. committee is an institutional arrange- US-China Business Council. China is not alone in supporting its mined to confront China on industrial line of defence”. But Indonesia’s “High-level guidance directs indus- ment to improve policy-making, said “The Chinese government may say industries. policies. foreign currency reserves had trial policies in China and then lower former Vice Premier Ma Kai at the com- they are guiding documents, but what Industrial policy was central to Ja- China, meantime, has shown no will- declined $13.7bn between Feb- levels of government follow with im- mittee’s fi rst meeting in Beijing in Au- we’re seeing is that those targets are pan’s rapid growth in the 1970s and ingness to compromise on plans to up- ruary to July, partly because of plementation plans,” says Jeremie Wa- gust 2015. being met on the ground,” said Jacob 1980s and the Made in China 2025 plan grade its economy, creating an impasse regular central bank interven- terman, president of the China Center The Green Book breaks down targets Parker, vice president for operations at itself draws heavily from Germany’s that appears destined to deepen in the tion to defend the rupiah. at the US Chamber of Commerce in for dozens of industries that supply the US-China Business Council in Bei- “Industry 4.0 Plan” adopted in 2013. days ahead.

Canon joins Sony, Nikon in battle for pro-photography market As inquiry lashes Australian fi nancial fi rms, Bloomberg have forgotten about standalone Tokyo cameras will take another look.” Removing the mirror system more ethics study for would-be bankers in the EOS R reduces the distance Canon Inc is finally entering the between the lens and the image full-frame mirrorless camera sensor. The tighter design will Reuters responding dip in enrolments in courses of Melbourne. “All that the Royal Com- SEAD’s affi liate professor of ethics and market, joining Sony Corp and boost stability, help eliminate blur, Sydney aimed at the highly paid fi nancial sector. mission is doing is pulling it together.” social responsibility N Craig Smith. Nikon Corp in a new battleground and opens possibilities for new But the daily drumbeat of negative For its fi nal hearing, starting Septem- INSEAD did not give Australian-spe- for professional-grade camera lens designs, executives said. headlines is making it impossible to ber 10, the inquiry will turn its focus to cifi c fi gures. The Royal Commission has equipment. Older Canon lenses will still be hen Nick Wailes started as the quarantine the classroom from com- the country’s A$46bn ($33bn) insurance focused on the adverse eff ects of finance The Japanese electronics giant supported through mount adapt- head of Australia’s top-ranked munity concerns, they say, and they are industry, having already racked over sector misconduct on customers but the will begin selling in late October ers. Canon and Nikon have domi- Wbusiness graduate school in changing the course work accordingly. the banking, superannuation and funds reputational damage has spread to em- the EOS R for ¥237,500 ($2,130), a nated the pro market for decades, February, he already had the idea of of- “There is a trust defi cit, and it is im- management sectors. Elizabeth Sheedy, ployees of the industry, psychologists price tag targeted at professionals first with film and then with digital fering a course to address a shortfall of portant that we don’t bury our head in an associate professor of applied fi nance and ethics coaches said. and enthusiasts. It aims to move single-lens reflex (DSLR) cameras. training in ethical leadership. the sand,” said Pamela Hanrahan, the at Macquarie University, said the Royal The sector employs around 450,000 20,000 units a month. Canon is However, it’s becoming clearer A few weeks later, the country’s most UNSW professor writing the 10-week Commission showed the way ethics was people, or 4% of Australia’s workforce. the last major manufacturer to that devices without the mirror- powerful type of inquiry, a Royal Com- course which covers topics ranging from being taught was ineff ective. “They are experiencing a range of off er a mirrorless camera that’s and-prism system off er significant mission, began airing allegations of accountability to the relationship be- “Historically it’s been done (in a way adverse eff ects: a sense of embarrass- aimed at pros. benefits. Thanks to advanced bribery, fee-gouging and board-level tween ethics and the regulation system. that’s) very philosophical,” said Sheedy, ment and shame through association Sony took the lead in the mar- image sensors, sophisticated deception in the fi nance sector, and the “We do have to respond to the fact that a former employee of investment bank (and) fatigue caused by the need to re- ket with devices equipped with software and a simpler design, University of New South Wales’ “Law, there’s a change in expectations and what Macquarie Bank Ltd and No 2 Austral- spond to the extraordinary demands for sensors that’re better at grabbing mirrorless systems can capture Regulation and Ethics” course was born. the community thinks businesses ought ian lender Westpac Banking Corp. “What documentation,” said Simon Longstaff , more light, making it easier for light faster while staying in focus, The course will be compulsory for all to do,” added Hanrahan, who is also ad- we need to do is make the discussion less executive director of The Ethics Centre photographers to shoot crisper making it easier to capture clearer 2,000 students attending UNSW’s grad- vising the Royal Commission. theoretical and more practical.’Assuming which wrote the voluntary “Banking and images of fast-moving objects. images of rapidly moving objects. uate school from next year. The year-long Royal Commission has you’re in this situation, what could you Finance Oath” for industry employees Analysts are betting that the “Canon is moving to the next “If one of the students says ‘Why are become an outlet for public rage against actually do?’,” she said. after the fi nancial crisis. three-way competition will drive stage,” President Masaya Maeda we studying this?’ it’s not hard to make a sector seen by many Australians as While there was no immediate sign Thomas Clarke, a professor at Uni- more innovation and even slow told reporters at an event in Tokyo that argument now,” said Wailes. “It was greedy and unfair. the Royal Commission was aff ecting en- versity of Technology, Sydney’s business the migration of consumers to- yesterday. “We are pushing the something we were doing anyway, but But study of corporate ethics began in rolments, years of scandals had played a school, said students shared the disil- ward smartphones and away from boundaries of imaging expres- I think the Royal Commission has rein- earnest in the aftermath of the 2008 fi - part in a gradual, industry-wide decline lusionment, but “just as customers have digital cameras. sion.” While mirrorless cameras forced the need for that type of focus.” nancial crisis and has been helped along in numbers of students opting to study nowhere else to go but the big banks, our “Sony was the only option until have been around for more than The Royal Commission has fl agged it by years of scandal, educators inter- fi nance, Sheedy said. students looking for a career can hardly now, but with Nikon and Canon a decade, Sony was first to embed will recommend criminal charges against viewed by Reuters said. France’s INSEAD, one of the world’s dismiss them lightly”. At a University of now out, we’ll see this space them with the larger full-frame some of the country’s biggest money “I’ve been teaching the subject Eth- largest MBA schools, which has Austral- Sydney open day last month, there was become very active,” said Ichiro image sensors – the chips that con- managers when it reports to the govern- ics in Finance for the past seven or eight ian students, said 12% of its graduates no sign of waning interest in business Michikoshi, an analyst at Tokyo- vert light particles into digital bits ment this month. years now and I’ve never had any short- joined the fi nance sector in 2017, com- studies, as crowds of bright-eyed juniors based BCN Inc. “There’s a lot more – putting them on par with DSLRs People teaching the next generation age of the most annoying cases of unethi- pared to 14% in 2016 and 15% in 2015. and academics brushed off the detail of buzz now, so maybe people who in terms of picture quality. of banking executives say they are yet cal misconduct,” said Paul Kofman, dean The company has “strengthened our the inquiry’s revelations to focus instead to see any lessening of interest and cor- of business and economics at University ethics coverage in our teaching”, said IN- on their future. Gulf Times Thursday, September 6, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Bank Al-Jazira 14.16 -2.48 3,206,554 Independent Petroleum Group 449.00 0.00 3,000 Al Madina Takaful Co Saoc 0.09 -1.05 89,119 Al Rajhi Bank 84.20 -3.00 2,999,174 Kuwait Real Estate Co Ksc 47.90 -0.62 687,368 Al Madina Investment Co 0.04 0.00 - Samba Financial Group 27.60 -3.83 1,882,341 Salhia Real Estate Co Ksc 333.00 0.00 33,500 Al Kamil Power Co 0.38 0.00 - United Electronics Co 58.00 -3.01 199,986 Gulf Cable & Electrical Ind 390.00 0.26 277,223 Al Jazerah Services -Pfd 0.55 0.00 - Allied Cooperative Insurance 16.78 -6.57 80,567 Kuwait Finance House 0.00 0.00 - Al Jazeera Steel Products Co 0.27 0.00 - Malath Insurance 12.20 -7.44 2,387,128 Gulf North Africa Holding Co 49.50 0.00 134,500 Al Jazeera Services 0.11 0.00 117,400 Alinma Tokio Marine 18.88 -1.15 231,628 Hilal Cement Co 112.00 1.82 40 Al Izz Islamic Bank 0.09 -1.15 20,000 Arabian Shield Cooperative 18.30 -6.15 467,421 Osoul Investment Kscc 52.10 0.00 46,000 Al Buraimi Hotel 0.88 0.00 - Savola 28.35 -3.08 1,215,837 Gulf Insurance Group Ksc 620.00 -4.47 110 Al Batinah Power 0.11 0.00 - Wafrah For Industry And Deve 14.04 0.00 - Umm Al Qaiwain General Inves 59.70 0.00 109 Al Batinah Hotels 1.13 0.00 - Fitaihi Holding Group 11.70 -3.31 100,922 Aayan Leasing & Investment 38.00 0.80 13,355,119 Al Batinah Dev & Inv 0.08 0.00 - QATAR Tourism Enterprise Co/ Shams 29.95 -3.39 152,902 Alrai Media Group Co Ksc 63.70 -3.48 881,903 Al Anwar Holdings Saog 0.12 0.88 163,328 Sahara Petrochemical Co 16.90 -3.43 1,477,156 National Investments Co 88.30 -1.89 537,184 Al Ahlia Insurance Co Saoc 0.36 0.00 - Herfy Food Services Co 43.00 -0.69 92,729 Commercial Facilities Co 179.00 1.70 30,609 Ahli Bank 0.15 0.67 45,000 Company Name Lt Price % Chg Volume Saudi Ind Investment Group 26.00 -3.70 496,535 Yiaco Medical Co. K.S.C.C 131.00 0.00 5,512 Acwa Power Barka Saog 0.78 0.00 - Zad Holding Co 91.50 0.55 3,300 Salama Cooperative Insurance 17.12 -5.31 308,545 Munshaat Real Estate Project 112.00 0.00 75,000 Abrasives Manufacturing Co S 0.05 0.00 - Widam Food Co 71.20 1.57 743 Emaar Economic City 9.12 0.00 8,003,225 Noor Financial Investment Co 53.00 0.00 434,584 A’saff a Foods Saog 0.61 0.00 - Vodafone Qatar 8.85 -0.67 182,939 Alahli Takaful Co 24.08 -5.57 136,366 Al Tamdeen Investment Co 300.00 0.00 20,000 0Man Oil Marketing Co-Pref 0.25 0.00 - United Development Co 14.05 -1.26 197,643 Anaam International Holding 10.80 -4.76 257,992 Credit Rating & Collection 17.50 0.00 69,686 Salam International Investme 5.19 0.19 209,152 Saudi Telecom Co 81.10 -3.34 355,296 Ifa Hotels & Resorts Co. K.S 99.00 0.00 200 Qatar & Oman Investment Co 6.07 -0.49 348 Al Alamiya Cooperative Insur 31.75 0.16 385,801 Sokouk Holding Co Sak 47.20 3.06 991,282 Qatar Navigation 64.50 -0.77 51,092 Saudi Industrial Services Co 13.78 -4.83 513,308 Warba Bank Kscp 236.00 0.43 641,294 Qatar National Cement Co 56.01 -3.41 17,936 Al-Ahsa Development Co. 10.10 -4.17 279,535 Viva Kuwait Telecom Co 723.00 0.14 36,400 Qatar National Bank 178.50 1.70 228,916 National Co For Glass In/The 18.20 -2.99 21,701 Mezzan Holding Co Kscc 701.00 0.43 261,878 Qatar Islamic Insurance 55.00 3.77 168 Dur Hospitality Co 20.24 0.20 784,488 Qatar Industrial Manufactur 39.00 -4.88 11,558 Tabuk Cement Co 11.84 -1.99 139,910 Qatar International Islamic 56.30 0.30 10,293 Sasco 14.68 -4.30 198,281 Qatari Investors Group 30.53 -0.42 18,776 Saudi Cement 41.30 -2.13 60,754 Qatar Islamic Bank 139.40 0.99 98,572 Aseer Trading Tourism & Manu 10.06 -4.01 228,788 Qatar Gas Transport(Nakilat) 17.21 -1.66 344,801 Nama Chemicals Co 24.70 -4.45 341,257 Qatar General Insurance & Re 50.00 0.00 - Saudi Arabian Mining Co 52.00 -3.17 1,053,535 Qatar German Co For Medical 5.10 -0.39 9,307 Yanbu Cement Co 21.94 -0.81 148,007 Qatar Fuel Qsc 144.00 0.00 63,597 Qatar First Bank 5.28 -1.31 637,656 Qatar Electricity & Water Co 189.00 -0.54 81,115 Qatar Exchange Index Etf 97.60 -0.09 432 KUWAIT Qatar Cinema & Film Distrib 16.51 0.00 - Al Rayan Qatar Etf 22.00 -2.83 1,000 Qatar Insurance Co 36.40 0.28 323,008 Company Name Lt Price % Chg Volume Ooredoo Qpsc 70.78 -0.03 98,144 Sultan Center Food Products National Leasing 9.20 -1.08 130,817 58.00 0.00 161,013 Kuwait Foundry Co Sak Mazaya Qatar Real Estate Dev 6.92 -0.43 203,492 194.00 1.04 8,600 Kuwait Financial Centre Sak Mesaieed Petrochemical Holdi 15.70 -0.51 55,021 105.00 0.00 221,009 UAE Ajial Real Estate Entmt Al Meera Consumer Goods Co 153.50 -0.65 8,245 151.00 1.34 181,984 Kuwait Finance & Investment Medicare Group 67.12 -0.68 18,255 48.80 0.00 35,482 National Industries Co Ksc Company Name Lt Price % Chg Volume Mannai Corporation Qsc 51.06 -3.66 39,693 170.00 0.00 50,853 Kuwait Real Estate Holding C 30.90 0.00 3,050 Masraf Al Rayan 37.00 -1.20 192,337 Waha Capital Pjsc 1.82 -1.62 302,379 Securities House/The 50.50 -0.59 2,073,924 Al Khalij Commercial Bank 11.00 -1.52 124,215 United Insurance Company 2.00 0.00 - Boubyan Petrochemicals Co 1,050.00 3.65 1,096,164 Industries Qatar 124.00 0.00 118,357 United Arab Bank Pjsc 1.20 0.00 - Al Ahli Bank Of Kuwait 295.00 2.08 111,473 Islamic Holding Group 27.02 -0.37 5,338 Union National Bank/Abu Dhab 4.95 11.74 39,469,885 Ahli United Bank (Almutahed) 311.00 -1.89 1,149,700 Investment Holding Group 5.80 -0.51 379,145 Union Insurance Co 2.03 0.00 - National Bank Of Kuwait 810.00 0.12 2,488,603 Gulf Warehousing Company 40.00 -0.12 47,866 Union Cement Co 0.00 0.00 - Commercial Bank Of Kuwait 501.00 -0.79 4,000 Gulf International Services 17.40 -0.57 38,966 Umm Al Qaiwain General Inves 1.00 0.00 - Kuwait International Bank 243.00 0.00 2,097,864 Ezdan Holding Group 10.34 0.10 737,459 Sudan Telecommunications Gro 0.46 0.88 500 Gulf Bank 256.00 0.00 2,239,277 Doha Insurance Co 13.63 4.05 508 Sharjah Islamic Bank 1.23 0.82 106,440 Al-Massaleh Real Estate Co 38.50 0.00 255,600 Doha Bank Qpsc 25.58 -0.39 110,086 Sharjah Insurance Company 2.84 0.00 - Al Arabiya Real Estate Co 29.90 -3.24 259,600 Dlala Holding 13.00 -4.41 594,267 Sharjah Group 1.30 0.00 - Kuwait Remal Real Estate Co 34.90 -1.69 361,500 Commercial Bank Pqsc 39.30 0.13 304,237 Sharjah Cement & Indus Devel 1.01 0.00 - A’ayan Real Estate Co Sak 58.50 2.63 175,102 Barwa Real Estate Co 36.29 0.25 66,895 Ras Al-Khaimah National Insu 3.50 0.00 - Investors Holding Group Co.K 13.80 -0.72 1,544,098 Al Khaleej Takaful Group 10.00 -0.30 37,250 Ras Al Khaimah White Cement 0.95 0.00 - Al-Mazaya Holding Co 76.40 -3.90 200 Aamal Co 9.57 -0.73 10,025 Ras Al Khaimah Ceramics 2.29 -0.43 252,365 Al-Madar Finance & Invt Co 104.00 0.00 1,349,100 Ras Al Khaimah Cement Co Psc 0.70 0.14 662,009 Gulf Petroleum Investment 25.60 -0.78 509,529 Ras Al Khaima Poultry 1.89 0.00 - Mabanee Co Sakc 671.00 0.15 66,705 Rak Properties 0.62 0.82 2,359,900 Inovest Co Bsc 88.00 1.73 51,602 Ooredoo Qpsc 72.90 0.00 - Al-Deera Holding Co 18.20 0.00 49,955 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Mena Real Estate Co 24.60 0.00 955,000 National Takaful Company 0.45 0.00 60,000 SAUDI ARABIA Amar Finance & Leasing Co 32.80 0.00 24,800 National Marine Dredging Co 3.25 0.00 - United Projects For Aviation 654.00 9.92 60 National Investor Co/The 0.58 0.00 - National Consumer Holding Co 44.00 0.00 555 Company Name Lt Price % Chg Volume National Corp Tourism & Hote 1.95 0.00 - Amwal International Investme 62.40 0.00 120,946 National Bank Of Umm Al Qaiw 2.50 0.00 - United Wire Factories Compan Equipment Holding Co K.S.C.C 29.00 0.69 64,004 15.90 -2.21 110,535 National Bank Of Ras Al-Khai 4.15 0.00 258,000 Etihad Etisalat Co Arkan Al Kuwait Real Estate 80.00 0.00 57,097 17.40 -3.33 2,625,995 National Bank Of Fujairah 2.96 0.00 - Dar Al Arkan Real Estate Dev Gfh Financial Group Bsc 104.00 0.00 586,607 9.80 -1.80 21,937,696 Methaq Takaful Insurance 0.80 1.27 77,000 Alawwal Bank Energy House Holding Co Kscp 29.00 0.00 100 14.74 -1.47 875,261 Manazel Real Estate Pjsc 0.46 0.44 1,447,533 Rabigh Refining And Petroche Kuwait Co For Process Plant 249.00 3.32 438,836 24.00 -2.12 1,525,914 Invest Bank 2.10 0.00 - Banque Saudi Fransi Al Maidan Dental Clinic Co K 1,200.00 0.00 70,000 31.00 -6.06 291,657 Intl Holdings Co Pjsc 1.18 -0.84 12,300 Saudi Enaya Cooperative Insu National Shooting Company 17.20 0.58 24,340 21.00 -6.75 279,922 OMAN Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran Al-Ahleia Insurance Co Sakp 430.00 0.70 445,371 17.34 -6.27 177,947 Gulf Pharmaceutical Ind Psc 2.00 0.00 - Saudi British Bank Wethaq Takaful Insurance Co 27.50 -1.79 11,400 31.90 -3.04 195,534 Company Name Lt Price % Chg Volume Gulf Medical Projects 1.98 0.00 - Red Sea International Co Salbookh Trading Co Kscp 43.90 0.00 11,000 15.72 -5.76 93,664 Gulf Cement Co 0.89 0.00 - Takween Advanced Industries Aqar Real Estate Investments 70.00 0.00 14,220 Voltamp Energy Saog 0.29 0.00 100 10.48 -4.73 878,443 Fujairah Cement Industries 1.20 0.00 - Sabb Takaful Hayat Communications 79.00 0.00 1 Vision Insurance Saoc 0.15 0.00 - 19.20 -3.03 161,043 Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co Soor Fuel Marketing Co Ksc 123.00 1.65 156,004 United Power/Energy Co- Pref 1.00 0.00 - 72.70 0.83 1,237,576 Foodco Holding Pjsc 3.70 0.00 - National Gypsum Tamkeen Holding Co 11.20 1.82 49,130 United Power Co Saog 3.44 0.00 - 12.94 -2.71 260,669 First Abu Dhabi Bank Pjsc 14.10 -2.76 5,296,206 Saudi Ceramic Co Burgan Co For Well Drilling 110.00 0.00 10 United Finance Co 0.09 0.00 - 17.20 -4.34 170,669 Finance House 1.68 0.00 - National Gas & Industrializa Kuwait Resorts Co Kscc 55.00 0.73 1,741,610 Ubar Hotels & Resorts 0.13 0.00 - 26.10 -0.38 184,636 Eshraq Properties Co Pjsc 0.57 -0.17 7,094,120 Saudi Pharmaceutical Industr Oula Fuel Marketing Co 123.00 2.50 139,446 Takaful Oman 0.13 0.00 - 31.10 -2.20 112,696 Emirates Telecom Group Co 16.86 0.60 1,316,996 Thimar Palms Agro Production Co 0.00 0.00 - Taageer Finance 0.09 0.00 - 27.00 -3.91 306,946 Emirates Insurance Co. (Psc) 6.50 0.00 - National Industrialization C Mubarrad Holding Co Ksc 59.60 0.34 25,000 Sweets Of Oman 0.55 0.00 - 20.20 -3.07 2,010,100 Emirates Driving Company 6.80 -2.16 4,400 Batic Investments And Logist Shuaiba Industrial Co 225.00 0.00 500 Sohar Power Co 0.11 0.00 - 37.90 0.80 33,443 Dana Gas 1.14 0.88 15,733,152 Saudi Electricity Co Aan Digital Services Co 18.70 0.00 179,953 Sohar Poultry 0.21 0.00 - 17.10 -3.72 1,264,078 Commercial Bank Internationa 0.70 0.00 - Saudi Arabia Refineries Co First Takaful Insurance Co 41.00 -8.89 1,500 Smn Power Holding Saog 0.60 0.00 - 43.30 -4.63 526,805 Bank Of Sharjah 1.08 0.93 64,420 Arriyadh Development Company Kuwaiti Syrian Holding Co 34.90 1.16 822,822 Shell Oman Marketing - Pref 1.05 0.00 - 16.70 -1.88 136,432 Axa Green Crescent Insurance 0.50 0.00 - Al-Baha Development & Invest National Cleaning Company 53.10 -0.93 668,793 Shell Oman Marketing 1.49 0.00 20 15.38 -4.83 76,265 Arkan Building Materials Co 0.55 1.10 344,354 Saudi Research And Marketing United Real Estate Company 67.00 0.00 780,458 Sharqiyah Desalination Co Sa 2.60 0.00 - 98.70 -4.73 233,087 Alkhaleej Investment 2.10 0.00 - Aldrees Petroleum And Transp Agility 847.00 0.83 1,063,928 Sembcorp Salalah Power & Wat 0.22 0.00 - 26.35 -4.53 264,911 Aldar Properties Pjsc 1.91 -0.52 4,917,686 Saudi Vitrified Clay Pipe Co Kuwait & Middle East Fin Inv 27.00 12.50 1,490,329 Salalah Port Services 0.60 0.00 - 46.50 -2.52 6,311 Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co Fujairah Cement Industries 66.00 0.76 20,000 Salalah Mills Co 0.80 0.00 - 182.80 -1.72 36,458 Al Qudra Holding Pjsc 1.04 0.00 - Arab National Bank Livestock Transport & Tradng 220.00 0.00 1 Salalah Beach Resort Saog 1.38 0.00 - 31.40 -5.85 178,697 Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical International Resorts Co 21.00 0.00 3,874 Sahara Hospitality 2.38 0.00 - 71.20 -3.65 433,203 Al Fujairah National Insuran 300.00 0.00 - Arabian Cement National Industries Grp Hold 167.00 0.60 4,420,962 Renaissance Services Saog 0.41 0.00 183,949 21.20 -2.30 154,550 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Middle East Specialized Cabl Warba Insurance Co 75.90 1.20 402 Raysut Cement Co 0.42 0.00 1,260 7.80 -1.27 1,588,626 Al Buhaira National Insuranc 2.21 0.00 - Al Khaleej Training And Educ First Dubai Real Estate Deve 40.00 -2.44 355,000 Phoenix Power Co Saoc 0.12 0.00 16,794 13.22 -1.78 175,735 Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran Al Arabi Group Holding Co 69.00 0.00 29,200 Packaging Co Ltd 2.21 0.00 - 13.30 -2.92 241,123 Agthia Group Pjsc 4.70 -2.08 81,023 Trade Union Cooperative Insu Mobile Telecommunications Co 474.00 -0.21 3,991,992 Ooredoo 0.53 0.38 3,158,077 22.00 -5.09 316,067 Abu Dhabi Ship Building Co 1.30 3.17 3,652 Arabia Insurance Cooperative Eff ect Real Estate Co 15.00 -6.25 30,000 Ominvest 0.34 0.00 1,611 19.78 -0.60 272,837 Abu Dhabi Natl Co For Buildi 0.46 -2.74 149,500 Saudi Chemical Company Tamdeen Real Estate Co Ksc 380.00 0.00 41,310 Oman United Insurance Co 0.31 0.00 - 31.30 -2.19 79,838 Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C Al Mudon Intl Real Estate Co 30.00 0.00 41,489 Oman Telecommunications Co 0.78 1.03 127,164 22.68 -5.81 635,416 Abu Dhabi National Oil Co Fo 2.45 2.51 1,455,367 Bupa Arabia For Cooperative Kuwait Cement Co Ksc 380.00 1.33 10,000 Oman Refreshment Co 1.75 0.00 - 98.80 -1.40 103,520 Abu Dhabi National Insurance 3.61 -6.23 29,666 Wafa Insurance Sharjah Cement & Indus Devel 78.00 0.00 25,000 Oman Qatar Insurance Co 0.11 0.00 - 11.54 -3.99 1,448,145 Abu Dhabi National Hotels 2.70 0.00 - Jabal Omar Development Co Kuwait Portland Cement Co 1,068.00 -0.19 129,710 Oman Packaging 0.28 0.00 - 37.00 -3.65 918,803 Abu Dhabi National Energy Co 1.16 -1.69 228,321 Saudi Basic Industries Corp 120.60 -4.44 4,174,010 Educational Holding Group 312.00 -0.95 40,000 Oman Oil Marketing Company 1.10 0.00 - Saudi Kayan Petrochemical Co 16.98 -4.28 17,846,721 Asiya Capital Investments Co 35.50 -2.74 20,897 Oman National Engineering An 0.15 0.00 - Etihad Atheeb Telecommunicat 5.35 0.00 - Kuwait Investment Co 122.00 -0.81 403,000 Oman Investment & Finance 0.10 0.00 146,000 Co For Cooperative Insurance 50.70 -5.23 303,473 Burgan Bank 257.00 0.39 3,159,965 Oman Intl Marketing 0.52 0.00 - National Petrochemical Co 27.50 -1.43 84,043 Kuwait Projects Co Holdings 226.00 0.00 218,001 Oman Flour Mills 0.74 0.00 100 Gulf Union Cooperative Insur 12.82 -4.90 137,597 Al Madina For Finance And In 26.30 -4.36 827,209 Oman Fisheries Co 0.09 2.41 217,900 Gulf General Cooperative Ins 13.62 -5.81 82,103 Kuwait Insurance Co 288.00 -5.57 16,298 Oman Europe Foods Industries 1.00 0.00 - Basic Chemical Industries 22.00 -3.93 88,316 Al Masaken Intl Real Estate 58.00 0.00 500 Oman Education & Training In 0.20 0.00 - Saudi Steel Pipe Co 21.20 -5.19 1,309,856 Intl Financial Advisors 25.00 -0.79 130,900 Oman Chromite 3.64 0.00 - Buruj Cooperative Insurance 24.90 -4.05 88,008 First Investment Co Kscc 40.80 -0.49 133,233 Oman Chlorine 0.32 0.00 - Mouwasat Medical Services Co 83.00 0.12 51,644 Al Mal Investment Company 17.00 1.19 162,137 Oman Ceramic Company 0.42 0.00 - Southern Province Cement Co 33.60 -3.03 176,199 Bayan Investment Co Kscc 51.00 -0.97 201,338 Oman Cement Co 0.38 0.00 - BAHRAIN Maadaniyah 17.60 -4.66 187,844 Egypt Kuwait Holding Co Sae 346.00 0.00 20,000 Oman Cables Industry 0.92 0.00 - Yamama Cement Co 14.04 -1.82 86,347 Coast Investment Development 30.50 -1.61 130,500 Oman & Emirates Inv(Om)50% 0.13 0.00 452,500 Company Name Lt Price % Chg Volume Jazan Energy And Development 15.80 -3.30 351,395 Privatization Holding Compan 52.60 -0.75 9,857 Natl Aluminium Products 0.36 0.00 - Zamil Industrial Investment 20.04 -3.65 69,074 Injazzat Real State Company 84.00 0.00 34,546 National Securities 0.04 0.00 - Zain Bahrain Bscc 0.00 0.00 - Alujain Corporation (Alco) 30.00 -4.46 458,875 Kuwait Cable Vision Sak 30.00 170.27 21 National Real Estate Develop 5.00 0.00 - United Paper Industries Bsc 0.00 0.00 - Tabuk Agricultural Developme 10.10 -5.78 137,117 Sanam Real Estate Co Kscc 60.00 0.00 5 National Pharmaceutical 0.12 0.00 - United Gulf Holding Bsc 1.12 0.00 1,500 United Co-Operative Assuranc 11.40 -5.47 174,150 Ithmaar Holding Bsc 31.10 0.65 5,418,269 National Mineral Water 0.10 0.00 - Trafco Group Bsc 0.00 0.00 - Qassim Cement/The 34.00 -1.59 18,653 Aviation Lease And Finance C 343.00 0.88 142,893 National Life & General Insu 0.34 0.00 - Takaful International Co 0.00 0.00 - Saudi Advanced Industries 12.74 -3.19 342,841 Arzan Financial Group For Fi 29.40 0.00 70,000 National Gas Co 0.31 0.00 104,116 Seef Properties 0.23 0.89 20,000 Kingdom Holding Co 8.68 -0.57 807,892 Ajwan Gulf Real Estate Co 22.50 0.45 615,715 National Finance Co 0.13 0.00 - National Bank Of Bahrain Bsc 0.60 0.00 4,000 Saudi Arabian Amiantit Co 5.88 -2.81 1,565,959 Kuwait Business Town Real Es 51.90 0.00 213,600 National Detergent Co Saog 0.70 0.00 - Nass Corp Bsc 0.10 0.00 114,200 Al Jouf Agriculture Developm 22.50 -4.09 38,810 Future Kid Entertainment And 104.00 0.00 4,800 National Biscuit Industries 3.75 0.00 - Khaleeji Commercial Bank 0.09 0.00 20,000 Saudi Industrial Development 8.45 -3.32 441,423 Specialities Group Holding C 74.80 -0.80 325,040 National Bank Of Oman Saog 0.19 0.00 - Ithmaar Holding Bsc 0.11 5.00 195,000 Riyad Bank 15.66 -2.13 466,644 Abyaar Real Eastate Developm 18.40 0.00 2,752,634 Muscat Thread Mills Co 0.08 0.00 - Investcorp Bank -$Us 9.40 0.00 2,000 The National Agriculture Dev 31.50 -3.37 78,576 Kgl Logistics Company Kscc 43.50 0.69 1,645,208 Muscat Insurance Co Saog 0.80 0.00 - Inovest Co Bsc 0.29 0.00 50,000 Halwani Bros Co 49.50 -1.20 11,776 Combined Group Contracting 400.00 0.76 41,881 Muscat Gases Company Saog 0.25 0.00 - Gulf Hotel Group B.S.C 0.00 0.00 - Arabian Pipes Co 10.10 -4.90 1,675,673 Jiyad Holding Co Ksc 95.40 0.53 2,167,431 Muscat Finance 0.09 0.00 160,000 Gfh Financial Group Bsc 0.38 2.74 3,396,667 Eastern Province Cement Co 21.42 -1.20 31,923 Boubyan Intl Industries Hold 28.70 -4.65 183,630 Muscat City Desalination Co 0.13 0.00 - Esterad Investment Co B.S.C. 0.00 0.00 - Al Gassim Investment Holding 10.80 -1.64 112,144 Gulf Investment House Ksc 18.30 3.98 73,689 Majan Glass Company 0.18 0.00 - Eskan Bank Realty Income Tr 0.10 0.00 100,000 Filing & Packing Materials M 35.35 -2.08 172,898 Boubyan Bank K.S.C 536.00 1.52 2,822,091 Majan College 0.45 0.00 - Delmon Poultry Co 0.00 0.00 - Saudi Cable Co 27.30 6.85 1,411,795 Ahli United Bank B.S.C 204.00 -0.49 5,542,608 Hsbc Bank Oman 0.12 0.00 - Bmmi Bsc 0.70 0.00 10,000 Tihama Advertising & Public 41.10 -6.70 287,033 Osos Holding Group Co 97.00 0.00 40,000 Hotels Management Co Interna 1.25 0.00 - Bbk Bsc 0.44 0.00 33,500 Saudi Investment Bank/The 17.80 -0.56 33,555 Al-Eid Food Ksc 70.00 0.00 5,000 Gulf Stone 0.12 0.00 - Bahrain Telecom Co 0.25 0.80 1,485,000 Astra Industrial Group 17.74 -1.44 113,892 Qurain Petrochemical Industr 336.00 1.51 299,672 Gulf Mushroom Company 0.31 0.00 - Bahrain National Holding 0.38 -3.55 20,000 Saudi Public Transport Co 13.98 -2.92 388,878 Ekttitab Holding Co Sak 24.90 -0.40 1,147 Gulf Investments Services 0.09 0.00 1,320,644 Bahrain Kuwait Insurance 0.00 0.00 - Taiba Holding Co 30.00 -1.15 93,059 Real Estate Trade Centers Co 23.70 -3.27 4,400 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Bahrain Islamic Bank 0.13 0.00 100,000 Saudi Industrial Export Co 220.20 -4.59 48,351 Acico Industries Co Kscc 220.00 0.00 3,266 Gulf International Chemicals 0.19 0.00 - Bahrain Flour Mills Co 0.35 0.00 14,437 Saudi Real Estate Co 14.08 -4.35 1,443,267 Kipco Asset Management Co 66.90 -5.64 273,850 Gulf Hotels (Oman) Co Ltd 9.50 0.00 - Bahrain Duty Free Complex 0.70 0.00 7,500 Saudia Dairy & Foodstuff Co 88.00 -1.23 33,116 National Petroleum Services 804.00 0.37 900 Global Fin Investment 0.09 0.00 160,000 Bahrain Commercial Facilitie 0.76 2.03 15,000 National Shipping Co Of/The 31.10 -4.01 3,110,670 Alimtiaz Investment Group 122.00 -2.40 1,763,625 Galfar Engineering&Contract 0.10 -0.95 151,900 Bahrain Cinema Co ` -7.41 3,000 Methanol Chemicals Co 11.38 -5.32 5,438,699 Ras Al Khaimah White Cement 70.00 4.48 5,000 Galfar Engineering -Prefer 0.39 0.00 - Arab Banking Corp Bsc-$Us 0.39 0.00 561,778 Chubb Arabia Cooperative Ins 19.34 -7.02 136,702 Kuwait Reinsurance Co Ksc 0.00 0.00 - Financial Services Co. 0.18 0.00 - Aluminium Bahrain Bsc 0.63 -0.79 110,143 Mobile Telecommunications Co 5.96 -1.49 2,176,281 Kuwait & Gulf Link Transport 105.00 1.94 81,653 Financial Corp/The 0.10 0.00 - Albaraka Banking Group 0.28 -1.79 50,000 Saudi Arabian Coop Ins Co 12.08 -1.95 885,300 Humansoft Holding Co Ksc 3,391.00 -0.26 26,297 Dhofar Tourism 0.49 0.00 - Al-Salam Bank 0.10 0.00 25,000 Axa Cooperative Insurance 22.00 -4.10 218,950 Automated Systems Co Kscc 118.00 0.00 60,638 Dhofar Poultry 0.18 0.00 - Ahli United Bank B.S.C 0.66 -1.49 4,761,150 Alsorayai Group 12.60 -5.55 726,201 Metal & Recycling Co 68.00 0.00 25 Dhofar Intl Development 0.28 0.00 - Bank Albilad 24.44 -1.93 786,520 Gulf Franchising Holding Co 0.00 0.00 - Dhofar Insurance 0.14 0.00 - Al-Hassan G.I. Shaker Co 8.99 -2.60 653,465 Al-Enma’a Real Estate Co 32.40 1.25 75,484 Dhofar Fisheries & Food Indu 1.28 0.00 - Wataniya Insurance Co 24.30 -4.52 71,432 National Mobile Telecommuni 780.00 0.00 7,659 Dhofar Cattlefeed 0.17 0.00 - Abdullah Al Othaim Markets 66.00 -3.65 173,606 Unicap Investment And Financ 59.90 -0.17 157,500 Dhofar Beverages Co 0.26 0.00 - Hail Cement 7.72 -3.50 235,321 Al Salam Group Holding Co 32.90 -1.20 608,941 Construction Materials Ind 0.03 0.00 - Saudi Re For Cooperative Rei 7.04 -5.25 621,244 Al Aman Investment Company 51.00 0.00 3,501 Computer Stationery Inds 0.26 0.00 - Solidarity Saudi Takaful Co 16.30 -5.78 243,695 Mashaer Holding Co Ksc 46.40 0.43 12,420 Bankmuscat Saog 0.38 -1.04 105,956 Amana Cooperative Insurance 16.30 -9.75 540,585 Manazel Holding 34.00 2.10 810,794 Bank Sohar 0.13 0.00 - Alabdullatif Industrial Inv 11.24 -5.55 61,845 Tijara And Real Estate Inves 56.90 0.00 5,020 Bank Nizwa 0.09 -1.15 8,860 Saudi Printing & Packaging C 16.82 -6.24 482,448 Jazeera Airways Co Ksc 749.00 0.00 18,079 Bank Dhofar Saog 0.16 0.00 - Saudi Paper Manufacturing Co 6.81 -2.71 1,518,184 Commercial Real Estate Co 74.90 1.08 2,256,988 Aloula Co 0.53 0.00 - Alinma Bank 20.80 -2.62 34,796,172 National International Co 70.00 -1.41 50,025 Al-Omaniya Financial Service 0.28 0.00 - Almarai Co 51.50 -1.53 634,719 Taameer Real Estate Invest C 29.30 4.64 2,326,583 Al-Hassan Engineering Co 0.03 0.00 - Falcom Saudi Equity Etf 31.40 0.32 160,566 Gulf Cement Co 75.00 0.00 47,000 Al-Fajar Al-Alamia Co 0.75 0.00 - United International Transpo 29.20 -2.67 182,575 Heavy Engineering And Ship B 490.00 2.08 1,180,219 Al-Anwar Ceramic Tiles Co 0.09 3.41 296,230 Hsbc Amanah Saudi 20 Etf 33.05 0.00 - National Real Estate Co 111.00 0.91 1,204,177 Al Suwadi Power 0.11 0.00 - Saudi International Petroche 19.68 -4.00 1,622,520 Al Safat Energy Holding Comp 28.90 0.00 14,350 Al Sharqiya Invest Holding 0.10 0.00 - Falcom Petrochemical Etf 34.10 0.00 1 Kuwait National Cinema Co 1,050.00 0.00 2,500 Al Maha Petroleum Products M 0.77 0.00 - Al Maha Ceramics Co Saoc 0.19 0.00 50,266 Walaa Cooperative Insurance 23.60 -7.45 195,361 Danah Alsafat Foodstuff Co 48.00 0.00 390,397 LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, September 6, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 25,959.89 +7.41 Apple Inc 226.82 -0.67 15,421,433 S&P 500 Index 2,881.78 -14.94 Microsoft Corp 108.67 -2.73 13,413,446 Nasdaq Composite Index 7,997.12 -94.13 Exxon Mobil Corp 80.57 0.35 3,527,832 S&P/Tsx Composite Index 16,083.26 -78.04 Johnson & Johnson 135.10 1.03 2,089,971 Mexico Bolsa Index 48,568.53 -315.64 General Electric Co 12.56 -0.87 28,696,286 Brazil Bovespa Stock Idx 75,014.16 +302.36 Jpmorgan Chase & Co 115.07 -0.07 3,598,677 Ftse 100 Index 7,383.28 -74.58 Procter & Gamble Co/The 83.38 0.82 2,566,012 Cac 40 Index 5,260.22 -82.48 Walmart Inc 96.68 1.38 4,121,304 Dax Index 12,040.46 -169.75 Verizon Communications Inc 53.57 0.71 5,264,663 Ibex 35 Tr 9,301.30 -75.00 Pfizer Inc 41.66 0.70 6,820,246 Visa Inc-Class A Shares 143.80 -2.71 5,071,420 Chevron Corp 117.91 -0.81 1,893,857 Nikkei 225 22,580.83 -116.07 Coca-Cola Co/The 45.31 1.23 3,436,892 Japan Topix 1,704.96 -13.28 Intel Corp 47.88 -0.18 6,668,183 Hang Seng Index 27,243.85 -729.49 Merck & Co. Inc. 68.46 0.75 2,242,011 All Ordinaries Indx 6,339.18 -59.67 Cisco Systems Inc 47.06 -1.40 7,397,652 Nzx All Index 1,629.02 -11.29 Home Depot Inc 205.13 0.02 1,431,297 Bse Sensex 30 Index 38,018.31 -139.61 Intl Business Machines Corp 146.14 0.32 1,097,846 Nse S&P Cnx Nifty Index 11,476.95 -43.35 Walt Disney Co/The 110.26 -0.53 2,261,956 Straits Times Index 3,156.28 -54.23 Unitedhealth Group Inc 267.47 -0.39 673,107 Karachi All Share Index 30,579.47 -86.98 3M Co 210.30 0.81 681,472 Jakarta Composite Index 5,683.50 -221.80 Mcdonald’s Corp 162.55 0.51 1,019,383 Nike Inc -Cl B 80.09 0.62 6,213,570 United Technologies Corp 132.66 0.58 719,738 Boeing Co/The 344.93 -0.38 908,765 TOKYO Goldman Sachs Group Inc 237.76 0.04 788,461 American Express Co 106.91 -0.09 849,148 0.00 0.00 - Company Name Lt Price % Chg Volume Caterpillar Inc 140.48 1.62 2,049,325 Orix Corp 1,741.50 -1.58 5,367,900 Travelers Cos Inc/The 132.86 0.55 347,274 Daiwa Securities Group Inc 662.20 -0.29 4,843,300 Softbank Group Corp 9,850.00 -3.86 6,444,500 Mizuho Financial Group Inc 193.20 -0.46 87,415,500 Central Japan Railway Co 22,155.00 0.00 258,900 Nitori Holdings Co Ltd 16,770.00 -1.93 378,500 T&D Holdings Inc 1,643.00 -0.60 2,804,200 FTSE 100 Toyota Motor Corp 6,721.00 -0.77 6,024,100 Hoya Corp 6,474.00 -1.75 726,300 Sumitomo Mitsui Trust Holdin 4,365.00 -0.18 1,086,200 Company Name Lt Price % Chg Volume Japan Tobacco Inc 2,910.00 -0.34 3,957,400 Osaka Gas Co Ltd 2,028.00 -0.95 1,159,900 Wpp Plc 1,147.50 -4.10 6,152,654 Sumitomo Electric Industries 1,702.50 -0.82 1,973,600 Worldpay Group Plc 0.00 0.00 - Ono Pharmaceutical Co Ltd 2,896.00 -0.28 1,060,100 Wolseley Plc 0.00 0.00 - Ajinomoto Co Inc 1,870.50 -0.72 2,056,300 Wm Morrison Supermarkets 262.40 -0.68 9,250,719 Mitsui Fudosan Co Ltd 2,453.00 -1.62 5,131,200 Whitbread Plc 4,711.00 0.23 953,950 Daikin Industries Ltd 13,970.00 -0.07 705,500 A stock broker walks past the display board of the DAX 30 in Frankfurt. The index lost 1.4% to 12,040.46 points yesterday. Vodafone Group Plc 162.90 -0.85 77,649,318 Toray Industries Inc 815.90 -0.80 6,491,700 United Utilities Group Plc 712.80 -0.31 2,587,212 Bridgestone Corp 3,999.00 -0.45 2,651,200 Unilever Plc 4,283.00 -1.70 3,361,244 Sony Corp 6,234.00 -0.70 3,876,300 Tui Ag-Di 1,363.50 -3.19 2,221,088 Astellas Pharma Inc 1,829.00 -2.04 11,519,300 Travis Perkins Plc 1,135.50 -0.48 866,459 Jxtg Holdings Inc 755.10 -1.02 11,691,700 Tesco Plc 240.30 -1.31 19,718,260 Nippon Steel & Sumitomo Meta 2,161.00 -0.94 3,924,800 Taylor Wimpey Plc 166.40 1.28 14,663,870 Suzuki Motor Corp 7,303.00 1.07 2,312,500 Standard Life Plc 0.00 0.00 - Nippon Telegraph & Telephone 4,793.00 -2.96 4,677,300 Standard Chartered Plc 630.90 -0.33 4,369,758 European stock markets slide Sompo Holdings Inc 4,586.00 -0.82 846,900 St James’s Place Plc 1,127.50 -0.70 1,002,038 Daiwa House Industry Co Ltd 3,284.00 -0.55 1,689,200 Sse Plc 1,264.00 -0.16 2,363,721 Komatsu Ltd 3,025.00 -3.94 6,800,000 Smith & Nephew Plc 1,368.50 -0.36 2,251,632 West Japan Railway Co 7,427.00 -0.13 435,000 Sky Plc 1,546.00 -0.13 1,555,936 Murata Manufacturing Co Ltd 18,985.00 0.29 658,600 as emerging currencies tumble Shire Plc 4,397.50 -2.09 4,980,204 Kansai Electric Power Co Inc 1,564.00 -1.67 1,965,300 Severn Trent Plc 1,922.50 -1.28 936,219 Denso Corp 5,238.00 -0.72 1,794,900 Schroders Plc 2,990.00 -1.90 388,687 Dai-Ichi Life Holdings Inc 2,064.50 -1.74 4,392,700 Sainsbury (J) Plc 320.90 -0.93 7,420,243 Mazda Motor Corp 1,244.00 -1.19 4,386,500 AFP analyst, Mike van Dulken. “European investors are still focused Sage Group Plc/The 579.80 -1.86 3,914,172 Mitsui & Co Ltd 1,797.50 -0.85 4,710,400 London Nevertheless, Briefi ng.com analyst on buying the dips,” said ETX Capital Abi Sab Group Holding Ltd 0.00 0.00 - Kao Corp 8,599.00 -1.24 1,585,400 Rsa Insurance Group Plc 626.60 -0.85 2,589,844 Patrick O’Hare cautioned that investor analyst, Neil Wilson. Sekisui House Ltd 1,777.50 0.20 2,897,700 conviction remains weak. “Stocks in Europe have recovered Royal Mail Plc 467.00 1.88 3,304,612 Oriental Land Co Ltd 11,790.00 -0.84 520,100 Royal Dutch Shell Plc-B Shs 2,545.50 -1.30 4,030,244 Secom Co Ltd 9,013.00 -0.76 712,500 lobal stock markets rebound- “The typical pattern of late has fea- ground.” Royal Dutch Shell Plc-A Shs 2,507.00 -1.14 4,111,553 Tokio Marine Holdings Inc 5,200.00 -0.46 2,258,600 ed yesterday as investors tured weak opens that then give way to While British retail sales rebounded Royal Bank Of Scotland Group 250.40 1.58 20,166,028 Aeon Co Ltd 2,376.50 -1.12 1,845,300 snapped up bargains after the a steady buy-the-dip bid that makes in October from September, they fell Rolls-Royce Holdings Plc 966.60 -3.34 5,622,667 Fanuc Corp 21,255.00 -0.65 1,049,500 G Rio Tinto Plc 3,564.50 -0.27 3,548,652 Daito Trust Construct Co Ltd 15,470.00 -3.67 574,500 recent sell-off, encouraged by solid things look better by the close,” O’Hare on an annual basis for the fi rst time Rexam Ltd 0.00 0.00 - Otsuka Holdings Co Ltd 5,262.00 -0.15 927,000 quarterly earnings reports on Wall said. in more than four years, with Britons’ Relx Plc 1,689.50 -2.00 6,536,037 Resona Holdings Inc 604.00 -1.50 11,934,100 purchasing power weighed down by a Reckitt Benckiser Group Plc 6,468.00 -0.89 1,089,712 Street. “In that vein, then, we wouldn’t put it Asahi Kasei Corp 1,578.00 -0.54 3,169,800 After Tokyo recovered from a six- past this fi ckle market to see a solid open combination of high infl ation and weak Randgold Resources Ltd 4,947.00 -0.08 541,692 Kirin Holdings Co Ltd 2,730.00 -0.60 2,740,500 Prudential Plc 1,710.50 -0.98 3,482,219 Mitsubishi Ufj Financial Gro 667.20 -0.52 42,165,200 day losing streak and European in- today give way to selling on the strength earnings growth. Provident Financial Plc 671.60 -0.03 337,117 Marubeni Corp 901.30 -1.23 7,030,600 dices pushed higher, Wall Street was that makes things look worse by the end “We’ve been waiting for the pay Persimmon Plc 2,372.00 0.59 1,127,108 Mitsubishi Chemical Holdings 970.50 -0.35 4,417,600 Pearson Plc 898.00 -2.07 3,445,890 also in positive territory, buoyed by of the day.” squeeze to fi lter through... and at fi rst Fast Retailing Co Ltd 53,850.00 3.16 1,113,400 glance today’s numbers aren’t good Paddy Power Betfair Plc 7,030.00 0.21 162,964 Ms&Ad Insurance Group Holdin 3,311.00 -2.36 2,307,200 favourable earnings reports from the At the end of the session in Europe, the Old Mutual Plc 0.00 0.00 - Kubota Corp 1,690.00 -0.32 2,714,500 likes of Wal-Mart and Cisco, traders Frankfurt and Paris stock markets were news on that front,” said Hargreaves Next Plc 5,480.00 0.48 342,065 Seven & I Holdings Co Ltd 4,499.00 -0.95 1,677,200 said. each up by more than half a percent. Lansdown economist, Ben Brettell. National Grid Plc 802.90 -0.66 5,932,611 Inpex Corp 1,207.00 1.99 4,989,400 The day before, global equity mar- The gains in London were more mod- In commodities trading, oil prices Mondi Plc 2,115.00 -1.63 1,648,014 Sumitomo Mitsui Financial Gr 4,329.00 -0.46 3,924,100 Merlin Entertainment 378.70 0.13 1,751,602 Ana Holdings Inc 3,773.00 -1.82 2,411,200 kets had dropped, hit by sliding oil est, dampened by lacklustre UK retail dipped further after plummeting this Mediclinic International Plc 486.20 -2.51 1,008,588 Mitsubishi Electric Corp 1,466.00 -0.27 5,954,600 prices and doubts over US President sales data. week when energy watchdog the IEA cut Marks & Spencer Group Plc 300.00 0.54 3,909,604 Honda Motor Co Ltd 3,184.00 -1.06 4,028,800 London Stock Exchange Group 4,662.00 -0.41 579,579 Donald Trump’s plans for tax cuts, as London’s FTSE 100 closed 0.2% up its forecast for crude consumption for Tokyo Gas Co Ltd 2,599.00 -0.86 1,373,800 well as profi t-taking as investors wor- at 7,386.94 points, Frankfurt’s DAX 30 next year. Lloyds Banking Group Plc 60.61 0.43 142,416,839 Tokyo Electron Ltd 18,210.00 -1.65 1,158,300 Legal & General Group Plc 253.70 -0.51 10,827,214 Panasonic Corp 1,313.50 0.54 6,787,300 ried that stocks were overvalued. fi nished 0.6% higher at 13,047.22 points, That has been compounded by offi cial Land Securities Group Plc 908.50 -0.16 1,439,434 Fujitsu Ltd 796.00 -1.06 8,634,000 “Equities are benefi ting from a re- Paris’ CAC 40 ended 0.7% up at 5,336.39 data pointing to a rise in US stockpiles Kingfisher Plc 271.00 0.04 6,231,003 East Japan Railway Co 10,130.00 1.66 1,168,400 turn of risk appetite following a two- points, while the EURO STOXX 50 and the possibility that an Opec-Russia Johnson Matthey Plc 3,486.00 -0.09 724,201 Itochu Corp 1,945.50 0.59 4,178,300 Itv Plc 158.75 -1.40 11,078,037 Fujifilm Holdings Corp 4,615.00 -0.82 1,108,100 week sell-off ,” said Accendo Markets gained 0.5% at 3,564.80 points. output cut may not be extended. Intu Properties Plc 149.15 -3.31 4,595,142 Yamato Holdings Co Ltd 3,211.00 -1.29 1,308,600 Intl Consolidated Airline-Di 694.40 -0.20 4,270,204 Chubu Electric Power Co Inc 1,587.50 -1.43 1,541,100 Intertek Group Plc 5,056.00 -1.52 286,664 Mitsubishi Estate Co Ltd 1,802.50 -1.23 4,499,400 HONG KONG HONG KONG Intercontinental Hotels Grou 4,665.00 -1.19 565,836 Mitsubishi Heavy Industries 4,074.00 -0.73 1,163,500 Inmarsat Plc 528.60 1.07 1,767,829 Shiseido Co Ltd 7,651.00 -4.16 3,091,500 Informa Plc 764.20 -0.55 3,162,138 Shionogi & Co Ltd 6,495.00 -0.03 1,285,400 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Imperial Brands Plc 2,692.00 -1.21 1,469,464 Recruit Holdings Co Ltd 3,410.00 0.56 3,068,000 Aluminum Corp Of China Ltd-H 3.18 -3.64 21,862,000 Hutchison Whampoa Ltd 0.00 0.00 - Hsbc Holdings Plc 670.10 -1.06 26,223,558 Japan Airlines Co Ltd 4,037.00 -0.52 1,775,800 Bank Of East Asia Ltd 28.15 -2.93 6,939,128 Ind & Comm Bk Of China-H 5.67 -2.07 306,973,428 Hargreaves Lansdown Plc 2,186.00 -0.86 645,614 Nitto Denko Corp 8,290.00 -0.58 706,000 Bank Of China Ltd-H 3.47 -1.70 363,913,474 Li & Fung Ltd 2.13 -0.93 39,737,585 Hammerson Plc 451.50 -1.42 4,455,432 Kddi Corp 2,911.00 -1.49 5,240,100 Bank Of Communications Co-H 5.60 -1.41 23,800,511 Mtr Corp 39.70 -1.73 2,693,446 Glencore Plc 312.10 0.35 35,725,329 Rakuten Inc 831.20 0.42 9,781,500 Belle International Holdings 0.00 0.00 - New World Development 10.14 -2.87 13,097,379 Glaxosmithkline Plc 1,553.20 -1.17 6,154,864 Kyocera Corp 6,777.00 -1.21 1,479,100 Boc Hong Kong Holdings Ltd 37.10 -3.01 15,995,820 Petrochina Co Ltd-H 5.66 -2.25 107,038,226 Gkn Plc 0.00 0.00 - Nissan Motor Co Ltd 1,030.00 -1.01 14,586,900 Fresnillo Plc 872.80 0.28 1,126,648 Cathay Pacific Airways 11.52 -2.04 1,407,500 Ping An Insurance Group Co-H 76.00 -1.04 61,567,788 Experian Plc 1,894.00 -1.28 1,470,804 Ck Hutchison Holdings Ltd 90.20 -1.15 11,416,482 Power Assets Holdings Ltd 54.90 -0.45 3,467,807 Easyjet Plc 1,495.00 -0.86 1,508,097 China Coal Energy Co-H 3.19 -2.45 6,735,600 Sino Land Co 13.02 -1.06 5,469,687 Dixons Carphone Plc 164.15 0.61 4,331,886 China Construction Bank-H 6.79 -2.58 299,505,789 Sun Hung Kai Properties 111.30 -3.55 5,786,418 Direct Line Insurance Group 329.00 -0.33 3,160,520 China Life Insurance Co-H 17.38 -2.69 47,963,008 Swire Pacific Ltd - Cl A 86.25 -4.01 1,447,252 Diageo Plc 2,685.50 -1.25 5,093,868 China Merchants Port Holding 14.88 -3.25 9,889,333 Tencent Holdings Ltd 324.80 -4.08 31,479,425 Dcc Plc 6,830.00 -1.87 177,003 China Mobile Ltd 74.00 -2.05 24,097,275 Wharf Holdings Ltd 22.00 -1.35 3,203,557 Crh Plc 2,547.00 -0.70 1,144,705 China Overseas Land & Invest 24.15 -2.03 20,828,325 Compass Group Plc 1,649.50 -1.29 2,091,264 China Petroleum & Chemical-H 7.44 -3.50 137,043,888 Coca-Cola Hbc Ag-Di 2,562.00 -3.65 749,137 China Resources Beer Holding 32.85 -2.23 3,416,830 Centrica Plc 143.40 0.14 17,907,345 China Resources Land Ltd 26.30 -3.49 14,070,736 Carnival Plc 4,592.00 -1.31 706,872 China Resources Power Holdin 13.82 -2.12 4,244,242 Capita Plc 149.70 2.01 3,886,259 China Shenhua Energy Co-H 16.92 -3.31 17,377,084 Burberry Group Plc 2,116.00 -3.82 3,186,833 China Unicom Hong Kong Ltd 9.35 -2.40 52,129,467 Bunzl Plc 2,390.00 -1.04 915,932 SENSEX Citic Ltd 11.02 -1.78 9,348,044 Bt Group Plc 218.80 -0.70 14,905,117 Clp Holdings Ltd 90.25 -2.59 3,131,613 GCC INDICES British Land Co Plc 622.80 -0.57 3,217,233 Company Name Lt Price % Chg Volume Cnooc Ltd 13.42 -3.87 48,122,409 Indices Lt Price Change British American Tobacco Plc 3,712.50 -0.81 3,782,213 Cosco Shipping Ports Ltd 8.05 -3.48 5,293,500 Doha Securities Market 9,830.32 +10.14 Bp Plc 546.30 -1.19 25,637,931 Zee Entertainment Enterprise 482.45 -2.17 2,429,286 Esprit Holdings Ltd 1.83 -1.61 1,882,374 Saudi Tadawul 7,719.10 -249.14 Bhp Billiton Plc 1,618.40 -1.02 9,057,100 Yes Bank Ltd 343.80 2.92 26,202,721 Fih Mobile Ltd 1.05 -1.87 2,962,185 Kuwait Stocks Exchange #N/A N/A #N/A N/A Berkeley Group Holdings/The 3,538.00 0.80 894,493 Wipro Ltd 318.85 1.76 12,041,430 Hang Lung Properties Ltd 15.16 -2.45 6,559,472 Bahrain Stock Exchage 1,335.26 -3.23 Barratt Developments Plc 545.20 1.79 9,992,400 Vedanta Ltd 229.45 2.07 11,379,210 Hang Seng Bank Ltd 205.00 -2.75 1,373,396 Oman Stock Market 4,429.45 +0.26 Barclays Plc 178.00 -1.67 74,001,583 Ultratech Cement Ltd 4,159.45 -0.99 393,838 Henderson Land Development 39.75 -3.64 4,931,742 Abudhabi Stock Market 4,927.92 -56.06 Bae Systems Plc 607.20 0.20 11,062,918 Tech Mahindra Ltd 766.15 0.29 6,388,361 Hong Kong & China Gas 15.88 -1.24 12,827,077 Dubai Financial Market 2,818.44 -18.73 Babcock Intl Group Plc 705.40 0.37 1,329,787 Tata Steel Ltd 594.40 0.23 6,345,000 Hong Kong Exchanges & Clear 219.80 -2.14 4,189,898 Aviva Plc 485.80 -0.98 7,995,088 Tata Power Co Ltd 74.90 2.11 5,190,368 Hsbc Holdings Plc 67.80 -1.45 25,760,163 Astrazeneca Plc 5,701.00 -1.71 2,013,763 Tata Motors Ltd 266.50 1.74 11,204,601 Associated British Foods Plc 2,284.00 1.83 1,061,430 Tata Consultancy Svcs Ltd 2,079.25 -0.94 1,817,990 Ashtead Group Plc 2,361.00 -1.91 1,273,039 Sun Pharmaceutical Indus 663.75 1.28 9,682,004 Arm Holdings Plc 0.00 0.00 - State Bank Of India 296.55 0.05 23,995,495 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Antofagasta Plc 796.20 0.23 2,736,430 Reliance Industries Ltd 1,227.00 -1.20 11,528,903 Anglo American Plc 1,530.00 -1.15 4,541,167 Punjab National Bank 83.10 -0.06 23,465,789 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Admiral Group Plc 2,095.00 -0.05 795,419 Power Grid Corp Of India Ltd 195.65 0.62 5,384,311 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank 3I Group Plc 918.80 1.08 1,812,084 Oil & Natural Gas Corp Ltd 173.70 -0.37 4,073,282 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Ntpc Ltd 167.95 -0.09 2,481,505 Maruti Suzuki India Ltd 8,896.10 0.31 543,410 this data.” Mahindra & Mahindra Ltd 929.40 -0.25 2,236,753 Lupin Ltd 902.85 -1.52 3,614,781 Larsen & Toubro Ltd 1,348.00 -0.83 2,589,330 Kotak Mahindra Bank Ltd 1,238.15 -1.55 2,322,772 CURRENCIES Itc Ltd 310.25 0.21 10,945,559 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Infosys Ltd 729.90 -0.98 9,284,008 DINAR DINAR Indusind Bank Ltd 1,854.85 -0.04 821,905 CURRENCIES $ QATAR RIYAL SAUDI RIYALS UAE DIRHAMS BAHRAINI DINARS KUWAITI DINARS Idea Cellular Ltd 47.90 -3.04 34,079,254 US DOL 1.000000 3.641500 3.750000 3.672700 0.377000 0.302850 Icici Bank Ltd 329.65 0.35 15,062,279 Housing Development Finance 1,937.40 -0.89 5,572,376 EURO 1.158800 4.219770 4.345500 4.255925 0.436868 0.350943 Hindustan Unilever Ltd 1,611.70 -2.39 2,846,885 AUS DOL 0.717500 2.612776 2.690625 2.635162 0.270498 0.217295 Hindalco Industries Ltd 239.95 2.06 12,042,552 CAN DOL 1.317400 2.764157 2.846516 2.787840 0.286170 0.229885 TOKYO Hero Motocorp Ltd 3,145.40 -1.22 373,615 SING DOL 1.378500 2.641639 2.720348 2.664273 0.273486 0.219695 Hdfc Bank Limited 2,045.85 -0.29 1,467,631 HKG DOL 7.849100 0.463939 0.477762 0.467914 0.048031 0.038584 Hcl Technologies Ltd 1,078.95 0.24 2,986,046 Company Name Lt Price % Chg Volume Grasim Industries Ltd 1,028.10 0.48 804,670 STERLING PD 1.282200 4.669131 4.808250 4.709136 0.294026 0.388314 Gail India Ltd 362.00 0.71 4,342,820 EGY.POUND 17.860000 0.203891 0.209966 0.205638 0.021109 0.016957 Hitachi Ltd 710.10 -0.14 18,133,000 Dr. Reddy’s Laboratories 2,567.70 0.97 1,210,681 NEW ZEALAND DOL 0.656200 2.389552 2.460750 2.410026 0.247387 0.198730 Takeda Pharmaceutical Co Ltd 4,558.00 -1.66 3,025,800 Coal India Ltd 277.60 -0.72 3,980,282 LBP 1508.000000 0.002415 0.002487 0.002435 0.000250 0.000201 Jfe Holdings Inc 2,376.00 -0.56 1,743,800 Cipla Ltd 646.55 0.41 2,673,946 SWISS FR 0.973900 3.739090 3.850498 3.771126 0.387103 0.310966 Sumitomo Corp 1,773.50 0.14 3,724,400 Cairn India Ltd 0.00 0.00 - Canon Inc 3,466.00 -1.20 3,602,500 Bosch Ltd 20,699.25 -1.06 28,910 DANISH KR 6.433900 0.565986 0.582850 0.570836 0.058596 0.047071 Nintendo Co Ltd 39,650.00 -0.25 1,502,800 Bharti Airtel Ltd 372.05 -1.67 6,139,314 SWEDISH KR 9.094100 0.400424 0.412355 0.403855 0.041455 0.033302 Eisai Co Ltd 9,807.00 -0.69 1,068,000 Bharat Petroleum Corp Ltd 349.10 -0.63 4,162,421 NORWEGIAN KR 8.399000 0.433564 0.446482 0.437278 0.044886 0.036058 Isuzu Motors Ltd 1,573.50 -0.29 2,095,600 Bharat Heavy Electricals 78.95 0.32 14,995,528 INDIAN RUP 71.705000 0.050784 0.052298 0.051220 0.005258 0.004224 Unicharm Corp 3,550.00 -2.66 1,502,400 Bank Of Baroda 144.55 -0.69 13,580,024 Shin-Etsu Chemical Co Ltd 10,065.00 -0.59 1,734,700 Bajaj Auto Ltd 2,772.30 1.34 497,915 SRILANKA 162.150000 0.022458 0.023127 0.022650 0.002325 0.001868 Smc Corp 35,150.00 -2.58 355,400 Axis Bank Ltd 637.65 -0.65 9,287,356 PAK RS 122.400000 0.029751 0.030637 0.030006 0.003080 0.002474 Mitsubishi Corp 3,100.00 -0.55 3,565,100 Asian Paints Ltd 1,321.30 0.76 1,289,111 JORDAN DINAR 0.709000 5.136107 5.289140 5.180113 0.531735 0.427151 Asahi Group Holdings Ltd 4,920.00 -0.65 1,038,000 Ambuja Cements Ltd 223.20 -2.08 4,239,505 OMANI RIAL 0.384960 9.459424 9.741272 9.540472 0.979323 0.786705 Keyence Corp 60,710.00 -1.44 305,200 Adani Ports And Special Econ 379.20 1.46 2,533,264 JAP YEN 111.610000 0.032627 0.033599 0.032907 0.003378 0.002713 Nidec Corp 15,975.00 0.57 769,800 Acc Ltd 1,548.20 -2.53 849,945 Nomura Holdings Inc 511.70 0.08 14,868,200 BANGLA TAKA 83.750000 0.043481 0.044776 0.043853 0.004501 0.003616 Daiichi Sankyo Co Ltd 4,283.00 -1.97 1,553,200 Subaru Corp 3,171.00 -1.43 3,131,600 FX SPOT / FORWARDS / OPTIONS / FIXED INCOME (BONDS) Ntt Docomo Inc 2,840.00 -1.22 3,518,600 Contact Commercialbank Treasury: 4420 2256 /4420 2205/ 4420 2231 / 44202260 Sumitomo Realty & Developmen 3,788.00 -1.61 1,888,000 Sumitomo Metal Mining Co Ltd 3,547.00 -0.95 1,475,700 AS OF LONDON CLOSE 05 September 2018 Gulf Times Thursday, September 6, 2018 11 BUSINESS

Investors see bargains in China Indonesia stocks tumble convertible bonds

Bloomberg Beijing most in nearly 2 years China’s stock correction has taken its toll on the country’s Reuters change and bond markets yesterday nascent market for convert- Jakarta to “smooth volatility” of the rupiah, ible bonds, which slumped Nanang Hendarsah, head of monetary alongside equities for much of management at Bank Indonesia (BI) this year. With yields now rising, ndonesian stocks tumbled the most told reporters. some investors are ready to in nearly two years yesterday and Yesterday, OCBC Bank in Singapore dive back in. Iauthorities intervened “decisively” said attempts by BI to support the ru- The 231bn yuan ($34bn) to support the currency and bond mar- piah are slowing down its slide, but “are market expanded last year after kets as a global rout in emerging market insuffi cient to turn the tide”. authorities clamped down on assets intensifi ed. Indonesia’s benchmark 10-year bond other types of equity financ- As Jakarta stocks lost nearly 5% af- yield was at 8.448%, up from previous ing, hitting a record in the ter the midday break, President Joko day’s closing of 8.340%. fourth quarter. Then a sell-off Widodo also blamed “a barrage of ex- On Tuesday, Indonesia’s govern- in Chinese stocks began in late ternal factors” for the rupiah’s fall to ment said that authorities will take fi rm January, depressing prices 20-year lows and said the priority was action against currency speculators, on convertible bonds, which to increase investment and exports to and announced plans to delay import- typically have maturities of five contain the country’s current account heavy energy projects. or six years. Levels are now defi cit. Finance Minister Sri Mulyani Indra- starting to prove a lure. “There are only two key (things) — wati did not specify what sanctions “You can earn an equity investments must continue to increase speculators could face, but warned option without too much oppor- and exports must also increase so (we) that large currency transactions would tunity cost,” said Zou Weina, a can resolve the current account defi cit,” be checked by the central bank and the fund manager with Yinhua Fund Widodo told reporters during a visit to Financial Services Authority (FSA) to Management Co in Beijing. The Jakarta’s port, in comments posted on ensure they were based on actual trade key is identifying securities the cabinet secretary’s web page. or commerce. with “relatively high yield, solid Indonesia’s current account defi cit In an attempt to anticipate future fundamentals on the underlying was 1.7% of gross domestic product last dollar requirements, Widodo asked stock and a relatively low con- year, but is expected to widen to around ministers to assess how much foreign version premium,” she said. 2.5% in 2018 as economic activity in- currency would be needed to pay for Among the 107 outstanding creases, Bank Indonesia (BI) has said. imports related to large infrastructure convertible securities in China’s Indonesian assets have sold off as projects. domestic market, more than 40 investors fl ee emerging markets, with The government also announced have seen their yields surpass the vulnerability of Southeast Asia’s plans to delay an estimated $24bn to 3% and at least 10 now have biggest economy increased by worries $25bn in import-heavy power station rates above 4.5%, according to about its current account defi cit and projects, and enforce rules to keep ex- data compiled by Bloomberg. need to import oil. port earnings at home, among eff orts to By contrast, the seven-day The threat of fresh US tariff s on an- prop up the rupiah. repurchase rate is around 2.4%, other $200bn worth of Chinese goods To reduce the oil import bill, Indo- showing the potential yield that could take eff ect after a public com- nesia has sought to boost the use of bi- pick-up for investors borrowing ment period in Washington ends today A man uses a smartphone as tickers display stock prices inside the Indonesia Stock Exchange in Jakarta (file). The Jakarta odiesel. Yesterday, the government will in the money market. and a deepening sell-off in other emerg- stock index closed down 3.7% yesterday, its fifth-straight session of losses and its sharpest one-day fall since November 2016. announce import tariff s on hundreds of The yield draw has helped ing markets kept investors nervous. consumer goods, Indrawati said. the S&P China Convertible Bond Stock markets in the Philippines, South Africa had slipped into recession since November 2016. The battered ru- It was trading at 14,940 against the Among other planned changes, In- TR Index rebound almost 4% China, Singapore and India fell along- and to further sharp falls in markets in piah fared better on the day, although it dollar, around its lowest level since the donesian oil producers must off er crude from its four-year low in June, side Indonesia’s as Asian markets Turkey and Argentina. was still headed for its biggest seven- Asian fi nancial crisis in 1998. to state energy company Pertamina be- while the Shanghai Composite which had so far been sheltered from The Jakarta stock index closed down day selloff in three years, after heavy The rupiah has lost around 9% this fore selling it overseas, a move expected Index of stocks has dropped the rout in other more indebted emerg- 3.7% — its fi fth-straight session of intervention by authorities to support year. Indonesia’s central bank “deci- to save the state energy company up to further. ing economies succumbed to news that losses and its sharpest one-day fall the currency. sively intervened” in the foreign ex- $4 per barrel on shipping costs. “In the medium- and long- term, investors who can tolerate some risk can gradually start to build positions on convert- Sensex falls; rupee weakens to 71.76 ible bonds,” said Beijing-based Sun Chao, deputy manager of Asia bourses dive as emerging fixed income at Changjiang Bloomberg, Reuters During the day, it hit a fresh low of 71.97 a dollar Securities Co. Sun particularly Mumbai but recovered mildly on the intervention from likes the banking sector and Reserve Bank of India, Reuters reported. recommends watching notes The rupee ended at 71.76 a dollar, down 0.27% market fears add to trade woes issued by Bank of Ningbo Co India’s equities benchmark fell in its longest losing from Tuesday’s close of 71.57. It opened at 71.45 and Jiangsu Changshu Rural streak in six months, fuelled by a rout in emerging per dollar. This is the sixth consecutive session AFP this is a...tipping point for EM on Friday. The EM fright is also Commercial Bank Co. markets and concern that the rupee, Asia’s worst when the currency fell. Hong Kong markets and if the idiosyncratic hitting equities, with investors While issuance has acceler- performing currency this year, may damp eco- So far this year, the rupee has weakened 11%, issues are now adding up to some- already on edge as a deadline ap- ated this quarter, convertible nomic growth and corporate earnings. while foreign investors have sold $488.60mn and thing more structurally perni- proaches this week for a public bond sales are still a shadow of The S&P BSE Sensex retreated 0.4% to 38,018.31 $5.75bn in equity and debt markets, respectively. sian markets tumbled cious for EM markets. consultation on Trump’s pro- their record. With most of the at close in Mumbai, falling for a sixth day from a Emerging markets received more bad news as yesterday on growing My guess? Yes, it is.” The brew- posal to impose tariff s on $200bn third quarter now behind, the record high. Thirteen of the 19 sector sub-indexes South Africa’s economy slumped into recession Aconcerns about emerg- ing crisis has seen currencies in a of Chinese imports, on top of the tally so far is just 16.6bn yuan, compiled by BSE declined. Shares of Hindustan on Tuesday, a day after Turkey reported a surge in ing market economies, adding to number of emerging markets — $50bn already being hit. compared with the 68.1bn yuan Unilever and Kotak Mahindra Bank dropped the inflation. Philippines announced yesterday that in- the uncertainty stoked by Donald mostly with deep current account While the two sides have held high reached in the final three most on the broader measure, while Yes Bank led flation exceeded 6% for the first time since 2009. Trump’s trade rows with China defi cits — take a hammering. low-level talks there are fears the months of 2017. More than half gains, rebounding from a two-month low. Traders turned worried after US manufacturing and Canada. India’s rupee was sitting at a measures will be implemented, the 44 convertible bonds issued “The rupee fall is negative as it directly impacts report that boosted the odds of further Federal After Turkey and Argentina’s record low and the Indonesian ru- which would spark a retaliation this year have traded below corporate earnings and hurts consumption Reserve rate increases. recent headline-making prob- piah at levels last seen during the from Beijing and push the world’s their issue prices. demand,” G Chokkalingam, managing director at “A deteriorating EM risk backdrop and pres- lems, South Africa became the 1998 Asian fi nancial crisis. top two economies closer to an One sale in July illustrated the Equinomics Research & Advisory, said by phone sure on current account deficit currencies has latest country to spark panic on Indonesia said it would take all-out trade war. pressures in the primary market. from Mumbai. “Expensive valuations will lead to led rupee vs dollar to multi-year highs. We see Tuesday with data showing a unspecifi ed action against cur- Tokyo ended 0.5% lower, with “A lot of newly issued convert- some churn.” risk of continued rupee depreciation in the near shock plunge into recession for rency speculators and announced the closure of Kansai airport, a ible bonds have been trading While there’s optimism that economic growth term and enter a short-dated long rupee vs dollar the one-time economic starlet. plans to delay import-heavy en- key cargo hub particularly for under water, which has directly topping 8% will help power India equities higher call spread position”, said Nomura Research in a The news sent the rand plung- ergy projects in order to focus electronic parts, following a hurt investor enthusiasm in in the coming months, lingering external risks, recent report. ing in a similar way to the Argen- eff orts on reducing imports and strong typhoon acting as a drag subscribing to new paper,” said most notably from the price of oil – and its impact “Local factors for depreciation include limited tine peso and Turkish lira in re- supporting the rupiah. Adding on several stocks. He Qian, a fund manager at HFT on the rupee – and stretched valuations are giving intervention by the Reserve Bank of India (RBI) cent weeks. to selling pressure on emerging Chip-making devices fi rm Investment Management Co. some investors pause. and limited concerns, in our view, over FX depreci- Observers increasingly fear the market currencies is the US econ- Tokyo Electron lost 1.6%, while At the same time, “a number of Pressure in other emerging market stocks also ation (watch this space), a lack of urgency to hike problems could spread to other omy’s continuing strength, which cosmetics giant Fancl collapsed convertible bonds have already fanned concerns of contagion. The MSCI Emerg- rates, rising political risks, and a large trade deficit emerging market (EM) countries is forcing the Federal Reserve to almost 10% on fears the eff ects of had good bond-investment ing Markets Index of shares also dropped for a with a higher oil price and portfolio outflows”, and possibly spill over into major raise interest rates. the typhoon could scare off tour- value,” he said. sixth day, while MSCI Inc’s index of developing- Nomura report added. economies. Data showing an index of man- ists, who are major buyers of Japa- Convertible bonds became a nation currencies is set for the lowest close since Bond yield erased gains first time after “South Africa is back in reces- ufacturing activity hitting a 14- nese make-up. tool for bond-focused funds to April last year. Meanwhile the rupee yesterday seven sessions. The 10-year bond yield settled at sion and that was not expected,” year high bolstered expectations Hong Kong shed 2.6% and support returns last year amid plummeted further against the US dollar on con- 8.049%, from its previous close of 8.063%. Bond said Greg McKenna, chief market the Fed will continue to increase Shanghai fell 1.7%, while Sin- a downturn in China’s bond cerns of contagion from other emerging markets. yields and prices move in opposite directions. strategist at AxiTrader. borrowing costs. gapore gave up 1.2% and Seoul market and a rally in equities. “The big question is whether Crucial US jobs data is due out dipped more than 1%. Hedge funds face a new threat from richest families in Asia

Bloomberg the trend underscores the growing sophis- every other day on average, according to family off ices with a greater sense of Singapore tication of Asia’s family off ices and could the UBS/PwC billionaires Report. discipline and professionalism. That’s pose a threat to incumbent money manag- Family off ices have become an increas- especially important when ageing found- ers in a region that’s minting millionaires ingly notable feature of the region’s wealth ers begin passing the reins to younger They’ve already come for the talent, at the fastest pace worldwide. management scene. While each one is generations. poaching traders from the likes of Mil- “What we’re doing, I am sure other fami- unique, they’re typically staff ed by former It’s part of the “transition from family lennium Management. Now Asia’s family lies will do in similar ways,” Manish Tibre- investment bankers, hedge fund traders entrepreneur to entrepreneurial family,” off ices are going after the hedge fund wal, the chief executive off icer of Tolaram’s and private-equity analysts, overseeing said Thomas Zellweger, a professor of industry’s clients, too. family off ice, said in an interview. investments that span both public and business administration at the University Take Tolaram Group, which runs a At least eight family and multi-family private markets. If managed well, they can of St Gallen in Switzerland. $500mn family off ice in Singapore. After off ices in Asia have recently started, or give families more control over their as- The challenge, of course, is convincing hiring former Millennium and Goldman are planning to start, investment funds sets and cost less than farming money out outsiders to hand over their cash. While Sachs Group staff ers to manage $100mn that accept outside money. They include to hedge funds and private banks. family off ices can tout their business acu- of its own cash, Tolaram plans to convert AJ Capital, which is currently applying Family off ices that take outside money men and show that they’ve got skin in the the portfolio into a hedge fund and accept for a license to make its planned financial see several advantages to opening up. For game, some observers question whether outside money next year. It’s the first foray services-focused lending fund available to one, fee income helps off set the cost of they’ll be able to compete with existing into asset management for a family that external investors by March, and Kamet hiring experienced investment profession- wealth-management off erings. made its fortune in textiles, consumer Capital Partners, which is planning a fund als, which can quickly add up. At Tolaram, “I view this development with great goods, and other mostly non-financial with a capacity of S$250mn ($182mn) to for example, the payroll now includes scepticism,” said Claudia Zeisberger, a businesses. invest in liquid assets. Golden Equator ex-Millennium trader Ankit Khandelwal, Singapore-based professor of entrepre- Not content to simply cut costs by man- Capital, JM Enigma and Golden Horse former Goldmanite Lee Kim Leng, and neurship and family enterprise at Insead. aging their wealth in-house, an increasing Fund Management also have off erings in 1979, while billionaire Michael Dell’s MSD important battleground for the world’s Liew Han Piow, who used to run the equity “Asian family off ices still have a way to go number of ultra-rich clans want to turn the works. Capital launched an entity off ering select asset managers. derivatives desk at United Overseas Bank. to achieve a level of institutionalisation their family off ices into revenue genera- They’re breathing fresh life into an idea strategies to outside investors in 2009. The region is home to more rich people Other family off ices in Asia have recently that gives them the right governance tors by charging the merely well-off to pioneered in the US and Europe. The fam- Quilvest, started by the family of German than any other after adding new million- poached talent from firms including Deut- structure, the right risk-management invest alongside them. While sceptics say ily off ice founded in 1882 by oil magnate businessman Otto Bemberg, opened up its aires at an annual rate of about 12% last sche Bank and GIC, Singapore’s sovereign framework and the level of sophistication conflict-of-interest concerns and limited John D Rockefeller opened an asset- private equity fund of funds in 2002. year, data compiled by Capgemini show. wealth fund. before they can start thinking about turn- track records may deter outside investors, management and advisory business in But Asia is now arguably the most In 2016, a fresh Asia billionaire emerged External investors can also help instil ing their family off ice into a business.” Thursday, September 6, 2018 GULF TIMES BUSINESS Germany, UK said to drop key Brexit demands, easing path to deal

Bloomberg some decisions until after Brexit day, pages; now it could be just a tenth of Netherlands, wanting to leave options there are also signs of progress. to the political declaration – that it Berlin according to an off icial who declined to that, off icials say. open. EU off icials are looking for ways to will never need to be implemented,” be named. The EU rejects much of May’s blueprint A fudged deal will still need to show make the bloc’s proposal for the Rahman wrote. The shift means that widespread for future ties, in particular its idea a clear direction of travel and the EU so-called backstop more palatable, a The UK also initially wanted a detailed The British and German governments opposition to UK Prime Minister of remaining only partly in the single remains insistent that the UK won’t person familiar with the situation said agreement before leaving in March have abandoned key Brexit demands, Theresa May’s proposal for the future market and establishing a unique be able to pick and choose bits of the earlier this week. And Brexit Secretary to persuade pro-Brexit lawmakers to potentially easing the path for the relationship – known as the Chequers model for customs that would enable it bloc’s single market, off icials in Brussels Dominic Raab hinted on Tuesday approve the deal and to see what they UK to strike a deal with the European plan – isn’t necessarily an obstacle to to strike its own global trade deals. said. that the UK might be willing to off er a were getting in return for a financial Union, people familiar with the matter getting a divorce deal. The German view is that diff icult However, chief EU negotiator Michel concession to the EU’s position. settlement of an estimated £39bn said. That’s because Brexit is being done decisions, if they can’t be reached now, Barnier has said that the UK can change A fudged political declaration on the ($50bn). But many members of the Germany is ready to accept a less in two parts: first the separation can wait until the UK is in its post-Brexit its mind about what kind of relationship future relationship may also make it British Parliament also dislike May’s detailed agreement on the UK’s future agreement to make sure the exit is transition phase, during which it will it wants even after it has left. easier for May to approve the backstop, future vision because it would keep economic and trade ties with the orderly, and then the future trade deal, continue to abide by EU rules so that A less-detailed agreement on the future according to Mujtaba Rahman, Britain too closely bound to EU rules EU in a bid to get a Brexit deal done, which won’t be negotiated until after the status quo is maintained until the will enable off icials to focus their energy managing director at Eurasia Group, in and a fudged political declaration, according to people speaking on the UK leaves. new regime is clear. on the so-called backstop for the Irish a note yesterday. pointing to an “ambitious free-trade condition of anonymity because the Initially, both sides wanted a detailed The question of how much detail to border – an insurance policy that’s “EU negotiators are now calculating agreement,” may suit them too. discussions are private. outline of what the future relationship agree before Brexit has divided EU triggered if the future UK-EU agreement that the British prime minister will be “We don’t want these negotiations to The UK side is also willing to settle would look like as part of the first stage. governments for a year, with Germany doesn’t prevent the need for customs able to sign off on the EU’s backstop in fail,” German Chancellor Angela Merkel for a vaguer statement of intent on Negotiators in the UK and EU were and France pushing for a detailed plan checks between Northern Ireland and the Withdrawal Agreement because she said on Tuesday. “But we can’t rule it the future relationship, postponing once planning a document of up to 100 and the UK’s closest allies, such as the the Republic of Ireland. On that issue, will be able to argue – pointing explicitly out completely.”

‘Eurozone growth picks up in August, but trade war casts a shadow’ US trade defi cit surges

Reuters With the trade war intensi- London fying, German services growth was supported by a domestical- ly-driven upswing in Europe’s to fi ve-month high urozone business activ- largest economy, reaching a six- ity picked up a bit last month high, and French activity Emonth, extending a period also picked up, earlier surveys of solid growth, but a growing showed. global trade war kept optimism In Britain, outside the cur- in check and suggests the pace rency bloc and set to leave the may not be maintained, a survey European Union next year, its in July as exports fall showed. large services sector picked up Signs of robust growth and more strongly than expected last Reuters infl ationary pressures means the month, bucking a slowdown for Washington European Central Bank is un- manufacturers and construction likely to be swayed from closing fi rms. its €2.6tn asset purchase pro- But Brexit worries are damp- he US trade defi cit rose to a fi ve- gramme by year-end. ening investment plans and month high in July, with the politi- IHS Markit’s Euro Zone Com- confi dence for the year ahead. Tcally sensitive gap with China hit- posite Final Purchasing Man- Britain’s economy has slowed ting a record high, which economists said agers’ Index (PMI), seen as a since the June 2016 Brexit vote, could embolden the Trump administra- good guide to economic health, its growth rate slipping from top tion to aggressively pursue its “America nudged up in August to 54.5 from spot among the Group of Seven First” agenda. July’s 54.3, just above an earlier group of rich nations to jostling The administration’s protectionist fl ash estimate of 54.4. with long-term laggards Japan trade policy has left the United States Anything above 50 indicates and Italy for bottom place in the embroiled in tit-for-tat tariff s with the growth. growth rankings. European Union, Canada and Mexico August’s surveys point to Italy’s services sector slowed as well as an escalating trade war with quarterly eurozone economic for a second month running in China. growth of 0.4%, matching a August, according to an earlier President Donald Trump claims the forecast in a Reuters poll last PMI. United States is being taken advantage of month, IHS Markit said. “The Italian indices were a bit by its trade partners. But it also questioned whether more interesting and a bit more The deterioration in the trade defi cit the pace could be maintained worrying. reported by the Commerce Department next quarter. The big picture is that Italy yesterday came a day before the end “The composite PMIs were seems likely to remain a lag- of a public comment period on a list of pretty encouraging,” said Jack gard in the eurozone, leaving it $200bn worth of Chinese goods widely Allen at Capital Economics. vulnerable to further economic expected to be hit with tariff s soon. “The trade war has had some shocks and possible sell-off s in “America still isn’t getting a fair deal eff ect. The policies that have the market,” Allen said. on trade and that can only mean one been implemented so far by Most recent data in the euro- thing,” said Chris Rupkey, chief econo- the US hitting the eurozone are zone’s third-largest economy mist at MUFG in New York.”President pretty small, but worries about have pointed to a slowdown, Trump is going unleash another $200bn Shipping containers sit stacked at the Port of Savannah in Georgia, US (file). The US trade deficit rose to a five-month high in July, protectionism escalating in the posing a challenge for the anti- in tariff s on China imports.” with the politically sensitive gap with China hitting a record high, which economists said could embolden the Trump administration future could have had an impact establishment government of The Commerce Department said the to aggressively pursue its “America First” agenda. on businesses.” the 5-Star Movement and the trade defi cit increased 9.5% to $50.1bn as An index measuring optimism right-wing League, which took exports of soybeans and civilian aircraft administration says eliminating the trade Trump would soon ramp up the trade Canada shot up 57.6% to $3.1bn. The sank to a near two-year low offi ce in June. dropped and imports hit a record high. defi cit will put the economy on a sustain- war with China. The dollar fell against trade defi cit with the European Union of 61.6 from 63.1. Purchasing A PMI covering the eurozone’s The trade gap has now widened for two able path of faster growth. But econo- a basket of currencies, while US Treas- soared 50% to a record high of $17.6bn. managers were spooked about dominant service industry rose straight months. mists say some of the government’s poli- ury prices were mixed. When adjusted In July, exports of goods and services fell the impact of trade wars, IHS to 54.4 from 54.2, in line with a Economists polled by Reuters had cies such as a $1.5tn tax cut package early for infl ation, the trade gap increased to a 1.0% to $211.1bn. Markit said. US President Don- preliminary reading but well shy forecast the trade shortfall swelling to this year will worsen the trade defi cit. fi ve-month high of $82.5bn in July from Soybean exports dropped $0.7bn and ald Trump has said he is ready to of readings witnessed around $50.3bn in July. The fi scal stimulus has boosted consum- $79.3bn in June. shipments of civilian aircraft decreased implement new tariff s on Chi- the start of the year. The government imposed import du- er and business spending, drawing in more July’s so-called real trade defi cit is $1.6bn. Petroleum exports, however, nese imports as soon as today, Still, forward-looking indica- ties on goods including steel, aluminium, imports. “The US cannot enjoy an invest- above the second-quarter average of were the highest on record. With the which would be a major escala- tors were also more positive last washing machines and solar panels early ment spending boom without installing a $77.5bn. If that trend continues in Au- dollar strengthening in recent months tion after Washington earlier ap- month, with new business and this year to protect American industries signifi cant amount of capital equipment gust and September, trade could subtract against the currencies of the United plied tariff s on $50bn of exports backlogs of work accelerating. from what Trump says is unfair foreign and...this means a surge in capital goods from third-quarter gross domestic prod- States’ main trade partners and global from China. An index measuring employ- competition. imports,” said John Ryding, chief economist uct growth. economic growth slowing, exports could Markets were little moved af- ment — which is a lagging indi- In addition, the United States and at RDQ Economics in New York. Trade contributed 1.17 percentage remain on the back foot. ter the PMI surveys, instead fo- cator — rose to 55.3 from 54.6, its China have slapped retaliatory tariff s on The trade gap narrowed in April and points to the economy’s 4.2% annualised Imports of goods and services in- cussing attention on the looming highest since October 2007. a combined $100bn of products since May as farmers front-loaded soybean ex- growth pace in the second quarter, which creased 0.9% to a record $261.2bn in July. deadline which kept the dollar However, eurozone retail sales early July. ports to China before Beijing’s retaliatory was almost double the 2.2% rate notched They were boosted by imports of com- near two-week highs yesterday, grew at a more moderate rate Washington is also seeking to revamp tariff s came into eff ect in early July. in the January-March period. puters and computer accessories. infl icting fresh losses on emerg- than expected year-on-year in the North American Free Trade Agree- The deterioration in the trade defi cit The goods trade defi cit with China The import bill was also inflated by ing markets and sending world July, mirroring a steady weaken- ment.The United States struck a deal in July was fl agged in an advance report surged 10% to a record $36.8bn in July. petroleum imports, which were the stocks lower for the fourth day ing of consumer sentiment since with Mexico last week, but negotiations published last month. The trade gap with Mexico narrowed highest since December 2014 amid in a row. the start of the year. with Canada have been contentious. The US stocks were trading lower on fears 25.3% to $5.5bn while the shortfall with higher oil prices.

Bayer cuts its earnings forecasts on Monsanto delay as lawsuits pile up

Reuters pills is struggling to stem falling blamed delays to the closure of its Frankfurt sales at its consumer health arm as mammoth acquisition of Mon- US consumers switch from drug- santo, which meant it missed out stores to online shops, and it faces on a typically stronger fi rst-half ayer cut its earnings fore- increasing pressure to strengthen than the second for the seeds casts yesterday due to de- its pharmaceutical division after a maker it agreed to buy in 2016. Blays to its $63bn takeover string of setbacks. “It is clear that analysts have not of Monsanto, and said sales of its The company lowered its fore- appreciated the extent of this phas- consumer care products fell, hit- cast for adjusted core earnings per ing deviation,” said analyst Alistair ting its shares, already reeling share for the year to €5.70 — €5.90, Campbell at brokerage Berenberg. from a legal battle over the weed down from 6.64 in 2017, short of “Nevertheless, this will disappoint.” killer Roundup. analyst expectations, dragging the The addition of Monsanto will The weaker earnings forecast stock down as much as 3.7%. make Bayer as reliant on farming adds to a number of challenges The shares were down 1%, supplies as on pharmaceuticals facing the German drugmaker as leading to a loss of about 16% for earnings. it braces for years of legal wran- since a US jury’s verdict on Au- It is in the midst of an overhaul gling over the alleged cancer risks gust 10 for Monsanto to pay close of its drug research and develop- of glyphosate-based weedkillers. to $300mn in damages in the fi rst ment activities that could result in Bayer said the number of plain- of thousands of lawsuits over al- job cuts as it faces calls to beef up tiff s seeking damages over Mon- leged links between the Roundup its development pipeline. santo’s Roundup and Ranger Pro weedkiller and cancer. Quarterly adjusted EBITDA herbicides had risen to 8,700 from Second-quarter earnings be- at the enlarged Crop Science di- 8,000 from last month, and said fore interest, tax, depreciation vision, now the world’s largest that it expected more to sue. and amortisation (EBITDA), ad- supplier of seeds and pesticides, It has vowed to defend itself in justed for one-off items, rose to almost doubled to a better-than- court, citing regulators and stud- €2.34bn ($2.71bn), the company expected €631mn, helped by a re- ies as saying the products are safe. said yesterday, below an average covery in Brazil and as Monsanto, The inventor of aspirin and the estimate for €2.44bn in a Reuters part of Bayer since June 7, con- maker of Yasmin birth control poll of analysts. The company tributed 70mn.