BUSINESS Monday 29 October 2018 PAGE | 22 PAGE | 25 QIIB to finance No-deal Brexit subscriptions to IPO may prolong UK of Qamco shares austerity

Barwa records QR1.08bn net profit THE PENINSULA the other projects such as the Warehouses Project of Barwa Al DOHA: Barwa Real Estate Baraha and Al Khor’s Recreation Group’s net profit attributable to Barwa is also keen Extension project. the shareholders of the parent The Group said it will con- company stood at QR 1.08bn for on enhancing the tinue to study its available land the financial period ended partnership with bank in order to identify the laborers at Salwa Road, Madinat September 2018, down from the Government of optimal utilisation, thus helping Al Mawater project and Mus- QR1.22bn posted for the same the State of Qatar to support the development of tawdaat project. period in 2017. Barwa’s earnings sustainable revenues, where it “During the nine-month per share is at QR 2.78 compared to create real estate is expected to award the con- period, Barwa accomplished a to QR3.14 for the same period of development projects struction contracts of Phase number of key achievements, last year. that contribute to Three of Barwa Al Baraha project including increasing the rental The Group successfully and the Phase Three of Madinat income, completion of the devel- enhanced its operating revenues meet the needs of Al Mawater project before the opment of Mustawdaat project, through increasing its rental citizens and residents. end of the year. the phase two of Madinat Al income by QR70m, representing Barwa is also keen on Mawater project and Barwa Abdullah bin Hamad Al Attiyah (second left), CEO of Qatari Diar, an increase of 8 percent com- enhancing the partnership with Village extension project. It also along with other officials at the project site in Malaysia. pared to the same period in 2017. Barwa completed the con- the Government of the State of include finalising development Barwa’s rental income increased struction work of Phase two of Qatar to create real estate devel- work of the Affordable Housing by 8 percent year-on-year. Madinat Al Mawater project and opment projects that contribute project for laborers at Salwa The Group aims to increase the Barwa Village extension to meet the needs of citizens and Road and Dara project, and con- Qatari Diar completes its operating revenues by project, in addition to finalising residents. This will help the tinuing the development of Al improving the efficiency of the development work of the Group fulfill its role as the largest Baraha Warehouses project. existing operational projects, in Affordable Housing project for real estate developer in the Barwa also awarded a contract Citi Tower infrastructure addition to supporting the laborers at Salwa Road and Dara country. This has resulted in worth QR105m for Al Khor’s Group’s operational real estate A project. It also finalised the many projects such as the Recreation Extension project”, portfolio through new projects. ongoing development work of Affordable Housing project for Barwa said. project in Malaysia THE PENINSULA Petronas (Petroliam Nasional Berhad), which is the strategic DOHA: Qatari Diar Real Estate partner of the project, in the QNB starts QP to allocate free Qamco shares for Company announced the presence of Qatar’s Ambas- completion of the infrastructure sador to Malaysia Fahad financing of and parking phase of the Citi Mohammed Kafood. Qataris covered by social security law Tower project in the heart of The visit aimed at following subscriptions Malaysia’s capital Kuala up the progress of Citi Tower THE PENINSULA price in accordance with the Offering Memorandum. Lumpur. project, one of Qatari Diar’s for IPO shares The details of the free share allocation will be The announcement was important projects that is DOHA: Qatar Petroleum has announced that it will finalised in consultation with the various concerned made within the framework of implemented in partnership THE PENINSULA allocate 750 free shares in Qatar Aluminium Manu- entities. Qamco shares will be offered at QR10.1, the visit paid by a delegation with Petronas. The project is a facturing Company (Qamco), under incorporation, which includes the nominal value per share of QR10, from Qatari Diar, headed by mixed-use commercial hub DOHA: QNB, the largest to all registered Qatari beneficiaries covered by the plus offering and listing costs of QR0.1 per share. CEO Eng. Abdullah bin Hamad adjacent to the iconic Petronas financial institution in the social security law. QP has announced on Monday October 22, that Al Attiyah, to Malaysia to review Towers comprising of high rise Middle East and Africa, has The beneficiaries stipulated by the law include it was planning an Initial Public Offering of shares the latest developments in the office tower with retail and 5 announced the financing the elderly, those unable to work, orphans, needy representing 49 percent of the issued share capital project, which cost a total of star hotel. The project com- of subscriptions to the families, the disabled, divorced women, widows, of Qatar Aluminium Manufacturing Company, QR5.6bn. prises of two Towers including initial public offering prisoners’ families and other categories. Qamco is set to own 50 percent of the total issued During the visit, the dele- office, hotel, retail podium and (IPO). The Bank will In addition to the free Qamco shares, members capital of Qatar Aluminium Limited (Qatalum), which gation met with Ahmad Nizam an underground car park. finance 65 percent of the of the entitled groups can subscribe to an additional is a joint venture founded between QP and the Salleh, the Chairman of the total value of shares that number of shares, if they wish, and pay the due share Norwegian company, Hydro. Malaysian oil company → CONTINUED ON PAGE 22 Qatari QNB customers wish to purchase, with the capability of providing them at ‘0’ percent interest until the surplus shares are GIS posts QR39m net profit, allocated. The Bank offers a simple subscription revenue grows to QR1.96bn process by visiting its THE PENINSULA website qnb.com/ipo, Revenue in the aviation aggressive cost optimisation and downloading the form, segment was slightly up on last growth initiatives by the group in filling it out, signing it, DOHA: Gulf International year despite reduction in rev- some selected business segments. and sending it to the Bank Services (GIS), the largest services enues from Qatar’s aviation oper- The improvement realised in the along with the required group in Qatar, with interests in ations, which was offset by the drilling segment was somewhat documents. After regis- a broad cross-section of indus- increase in the other revenue offset by lower profit in the avi- tering online, customers tries, has recorded QR1.96bn in streams. Revenues in the catering ation segment. can easily subscribe to revenue for the period ended in segment was moderately down GIS is continuing the exe- the IPO online or through September 2018, up by 5 percent on last year. Project demobili- cution of some of the opportu- SMS anytime. from a year ago. The group’s net zation, reduced camps occupancy nities identified by the growth QNB is working to profit was surged by 78 percent were the main reason for this strategy initiatives that was con- provide innovative ways year-on-year to QR39m. reduction. The reduction was cluded earlier this year. to enable customers to Revenues in the insurance however somewhat offset by These opportunities include register on all IPOs segment improved significantly other revenue streams. the recently announced either for themselves or versus last year primarily due to The group’s Earnings per agreement between GDI and on behalf of their rela- Turkish-Germany ministers meet capturing of new business in the share is QR 0.21, compared to Seadrill to utilise synergies in tives and children. More energy / general insurance QR0.12 last year. The Qatar’s offshore drilling market, information will be Turkish Technology and Industry Minister Mustafa Varank (right) segment, while the drilling improvement on last year was continued assessment of the available from QNB’s and German Economy and Energy Minister Peter Altmaier during segment reported a slight growth primarily driven by the con- group’s operation to capture Customer Care Center at their meeting in Ankara, Turkey. in revenue due to operations of tinuous efforts of cost reduction potential revenue enhancement 44407777. some of the assets which were not across all segments following the and cost improvement contracted in the previous year. implementation of some opportunities. 22 BUSINESS MONDAY 29 OCTOBER 2018 QIIB to finance subscriptions MarketWatch to IPO of Qamco shares QSE FTSE100 DOW BRENT 10,144.37 6,939.56 24,688.31 $67.59 THE PENINSULA -8.99 PTS −64.54 PTS −296.24PTS +0.80 QIIB is participating in 0.09% 0.92% 1.19% Dow & Brent before going to press DOHA: QIIB announced the IPO subscription yesterday that it will be to Qamco shares by financing the subscriptions to financing prospective the initial public offering (IPO) subscribers and of the Qatar Aluminum Manu- Nakilat announces facturing Company (Qamco) welcoming them at 15 shares, which officially starts dedicated branches tomorrow, tuesday and Jamal Al Jamal, QIIB covering all the regions relevant QIIB’s branches; improved profits continues until November 12. knowing that the Bank has suc- QIIB has made all the Deputy CEO in the country. cessfully executed similar oper- required logistic arrangements ations in the past. in third quarter to welcome the subscribers in A professional and experi- THE PENINSULA the branches that are partici- success and evolution of the finance has been set from 7,000 enced team supervises the efforts towards developing the pating in the Qamco IPO Qatari economy”. shares to an upper limit of various aspects related to the LNG market, as it is the energy subscription. He said QIIB is participating 50,000 shares. IPO subscription while dealing DOHA: Nakilat posted an of the future. Nakilat’s solid per- On the occasion of QIIB’s in the IPO subscription to However, there is no limit with the standards and require- improved net profit of QR659m formance is a result of the com- participation in the Qamco IPO Qamco shares by financing pro- for QIIB customers who salaries ments that are necessary for the for the nine-month period ended pany’s effective operations and subscription, Jamal Al Jamal spective subscribers and wel- have been transferred to the success of the subscription September 2018, up 8.5 percent, determination to ensure long- (pictured), QIIB Deputy CEO, coming them at 15 dedicated bank. process. compared to QR607m posted term sustainability, which has said, “We are delighted to par- branches covering all the He called on the “sub- Clients are able to subscribe during the same period last year enabled Nakilat to maintain a ticipate in all activities which regions in the country with scribers to benefit from the to the initial public offering in 2017. steady cashflow and generate add value to the national flexible subscription hours, in opportunity of QIIB’s sub- (IPO) of the Qatar Aluminum Nakilat’s stronger per- greater returns for its economy. the morning and evening as scription finance along with the Manufacturing Company formance is a result of the com- shareholders. No doubt that the sub- well as at the weekend. facilitated conditions, which (Qamco) shares in the desig- pany’s successful expansion, Nakilat Chief Executive scription in Qamco shares Al Jamal noted, “QIIB pro- have always met clients’ expec- nated QIIB branches and obtain which is attributed to its strategic Officer (CEO) Abdullah Fadhalah clearly reflects the dynamic vides the subscribers with tations and needs for fair, the finance, starting Tuesday. long-term plan to diversify and Al Sulaiti said, “Nakilat’s state of the Qatari economy, financing 65 percent of the sub- flexible and expedite finance.” All information on sub- seek business opportunities with improved financial performance which is able to provide devel- scribed shares’. The Deputy CEO expressed scribing to the Qamco IPO can minimal risk, as well as through bears testament to the company’s opment opportunities and As for IPO applicants whose the hope that “the subscription be had from the QIIB call effective cost optimisation initia- ongoing emphasis on enhancing engage the largest possible salaries are not transferred to to Qamco IPO shares will be center, on 44840000, round tives across its integrated opera- efficiency, increasing produc- number of citizens in the QIIB, the limit of subscription smoothly conducted in all the clock. tions. This has been achieved tivity and pursuing growth strat- through the acquisition of two egies, without compromising additional jointly-owned liquefied safety and quality across all our natural gas (LNG) carriers and a integrated operations”. Qatari Diar major stake in the first floating Al Sulaiti added that the Browder’s laundering complaint storage regasification unit (FSRU). company is always on the completes Citi The expansion of Nakilat’s lookout for opportunities to fleet opens a new horizon and diversify its business and expand Tower infra project shows $97m Nokia payment business avenue for the company its portfolio, with the aim to to sustain its long-term growth widen international outreach and → CONTINUED FROM PAGE 21 BLOOMBERG for the transactions, they pre- and development strategies, secure industry-leading position The expertly planned Citi date 2013, when Ukio Bank was which in turn will further max- in the dynamic and competitive Tower is a purpose-built, fully HELSINKI: Nokia Oyj has been declared bankrupt. imize value and returns for its LNG market, which will integrated inner city devel- identified as the biggest indi- In general, Finnish law shareholders. Nakilat joint strengthen Qatar’s leading opment featuring quality and vidual recipient of potentially requires that companies abide by venture companies have also position in the global LNG trans- intelligent buildings, state-of- illicit funds relating to money know-your-customer rules in performed well, supported by the portation market. the-art amenities and the laundering allegations against trades in which amounts encouraging demand for ship “Nakilat will continue to play finest communication Nordea Bank Abp, according to exceeding ¤10,000 ($11,500) repair and retrofits and offshore our significant role in steering facilities. investor Bill Browder (pictured). change hands, said Santeri fabrication at the world-class our efforts toward enhancing The Citi Tower Precinct is As much as $97.2m that may Suominen, legal adviser at the Erhama bin Jaber Al Jalahma capability and resiliency to designed to be another iconic have been laundered ended up Confederation of Finnish shipyard in the last quarter. strengthen the country’s shipping landmark enhancing Kuala in Nokia’s accounts at Nordea, Industries. The Board of Directors com- and maritime industry, elevating Lumpurs skyline. The hub according to a document sent by And if companies receive mended Nakilat’s prudent oper- the company to greater heights comprises of a 56-storey Hotel, the UK financier to Bloomberg. payments for their goods from ational management, which has in alignment with our vision to a 77-storey Office Tower, a Browder sent the complaint entities other than the buyer with enabled the company to be be a global leader and provider 6-storey retail podium and earlier this month to Finland’s which the transaction was resilient in the global energy of choice for energy transpor- multi-level basement parking. National Bureau of Investigation If companies receive agreed, then “companies oper- transportation market. This is tation and maritime services,” Qatari Diar Real Estate and the prosecutor general. payments for their ating carefully would check out aligned with Qatar’s vision and the CEO said. Company was established in “Nokia takes such allegations goods from entities the entity who wired the money 2005 by the Qatar Investment very seriously, but as we have not and whether it’s a genuine third Authority. It was entrusted to yet seen the claims by Mr other than the party,” he said. support Qatars growing Browder, we cannot comment on buyer with which Suominen also noted that economy and to coordinate the the contents,” spokesman Brett the transaction anti-money laundering laws country’s real estate devel- Young said in a statement on was agreed, then today are much stricter than they opment priorities. Sunday. He said the allegations were back in 2012. Nokia wasn’t The company’s flagship appear to be related to Nokia’s companies operating the only company named in project, Lusail City, was mobile-phone business, which it carefully would check Browder’s complaint, but its launched in December 2005 divested in 2014, and are thus out the entity who money flows were considerably and quickly went on to gain “unrelated to our current wired the money bigger than those of the other tremendous praise for its inno- operations.” firms listed. vative approach to real estate. Browder says he has evi- and whether it’s a Once known for its near- Qatari Diar has a shared dence that as much as $405m genuine third party. unbreakable mobile phones, capital of $8 billion, with 60 was laundered through Nordea Nokia sold its handset business investment projects under in a case he alleges is linked to to Microsoft Corp. in 2014 and development or held in 24 the scandal engulfing Danske at Ukio Bank, in Lithuania, that now designs and manufactures countries around the world, Bank A/S. He says the money were set up to launder money mobile network components. At combining a value of over received by Nokia came from fic- and evade taxes. While the com- its peak in 2008, Nokia sold more $35bn. titious companies with accounts plaint didn’t specify a time frame than 468m handsets. Doha Bank hosts staff quiz competition THE PENINSULA Conrado Caberte, Dinesh Sachdev, and Mohamed Isaad DOHA: Doha Bank Qatar, with their team ‘Virtus Pro’ and, recently hosted a staff quiz Mahmoud Rabie, Jayakrishnan competition, alongside enter- Kavukattu, and Ashwin Hatwalne taining activities for its staff and representing ’The Fluffy Warriors’ their families. team secured the fourth and fifth The fun-filled event, titled positions respectively. ‘Brainy Squad’, saw tremendous Commenting on the suc- response and wholehearted cessful conclusion of the event, involvement from bank-wide Dr Seetharaman, Group CEO, staff. With around 30+ teams par- Doha Bank, said: “Doha Bank is ticipating in the competition, the an employee-centric organisation top 5 teams walked away with that strives to sustain a positive attractive prizes, in a tightly- work environment where Doha Bank headquarters in fought, yet fun-filled event. employees feel valued and enjoy West Bay. The format of the competition coming to work. included preliminaries, rapid fire, The Brainy Squad quiz com- Qatar, GK, IT and Social Medial Nishantha Fernando, and petition was part of our endeavors rounds, and also a mixed bag Tharindu Prasad, emerged as the focused on nurturing a company- round where the teams had to bid winners of the competition. ‘Team wide culture of learning and for their scores, which increased FIT’, with Manjula Sandanayake, teamwork. the intensity of the event. Dharnendra Khothari, and I would like to congratulate Audience also had opportunities Krishnan Cooray bagged the the winners of the competition to challenge their skills through second prize, while ‘Remittance and extend my deepest gratitude an interactive treasure hunt and Super Eagles’ team, consisting of to all staff members who made several skill based games. Michael Orosco, Devidasanunny, this event a great success with Team ‘Risk Mongers,’ com- and Ryan Fabian won the third their spirited participation, coor- prising of Erantha Madawala, prize. dination and hard work.” MONDAY 29 OCTOBER 2018 BUSINESS 23 24 BUSINESS MONDAY 29 OCTOBER 2018 Economic conference PROFILE set to open tomorrow Breaking QNA respect for human rights and to ensure mutual respect in inter- DOHA: The 13th Enriching the national relations away from Middle East’s Economic Future political passions and the logic invisible barriers Conference 2018 will kick off in of force. Doha tomorrow with a wide In statements to Qatar News local and foreign participation. Agency (QNA), Director of the Maryam Al Mansoori The two-day event is Center for Middle East Devel- Chief Support Officer, BARZAN Holdings organised by the Permanent opment at UCLA Steven Spiegel Committee for Organizing Con- said that this year’s edition of the ferences at the Ministry of Enriching the Middle East’s Eco- SATISH KANADY graph before she quit the organ- 'Take the risk' is successful corporate head just Foreign Affairs, in cooperation nomic Future Conference aims THE PENINSULA isation in 2008 as Head of because she is very nice to with the Center for Middle East at discussing the mechanisms of Workforce Planning & HR Maryam’s message people. “Nice lady doesn’t mean Development (CMED) of the Uni- improving the economies of the Systems. to young Qatari I am not professional, not smart, versity of California-Los Angeles. Middle East and building a better HE is a free spirit who She joined Msheireb Prop- girls. 'Let them I won’t be able to manage As every year, the Enriching economy in the region, along loves chasing her dream. erties in the same year as HR people. There are plenty of lead- Middle East Economic Future with identifying the successful An HR strategist, entre- Manager and rose to the position chase their dreams. ership styles. Nice leaders do Conference will offer a wide economic experiences in the preneur, motivational of Chief Officer-Corporate If you really like exist and are successful , I need ranging overview of the key Middle East and the countries Sspeaker, Maryam Al Mansoori is Planning & Support within a to prove this. I was proving this something, just issues in the region and around participating in the conference in the pursuit of inventing her span of six years. She also for myself.” the world, bringing together a for the benefit of all and bene- future on her own terms. She is worked with Sidra Medical & take the plunge. It’s The pressure is generally distinguished elite of eminent fiting from the exchange of expe- direct, unremorsefully blunt and Research Centre for a brief stint always about taking high because women feel they economists, experts, researchers, rience and economic knowledge. to the point as shares her as Chief HR Officer. For the risk.' have to continuously prove academics, business men and Spiegel said that the con- personal story and how she tries Maryam, the adage “a rolling themselves, and when that decision makers from all over ference will be attended by 250 to break the glass ceiling. stone gathers no moss” is a mis- happens, the passion for their the world to express their views figures from over 76 countries Maryam Al Mansoori, cur- nomer. She keeps rolling to “why not I can do it?”. I myself career dries up easily. Maryam and exchange ideas and insights around the world, which affirms rently the Chief Support Officer make her life more meaningful. set a benchmark and compete says in the male dominated on the future prospects of the the importance of the event and at BARZAN Holdings and a man- “Its not easy. Some people think with myself to raise the bar. Yes, ecosystem, she had faced lot of Middle East and the Mediter- its ability to attract many expert agement consultant, enjoys why would a Qatari lady keep it’s not always good. But I am stereotyping. She had worked ranean region in the economic to exchange information and breaking the stereotypes in the struggling, when she has a com- enjoying the moment. I believe in a professional environment field. experiences needed to boost the journey to realize her dream. “As fortable job and can lead a laid I still have energy to do it.” where some male colleagues Since its first edition in 2006, economies of the Middle east a woman, you need to break back life”, she tells. “Take the risk” is Maryam’s even refused to report to her as the Conference has been con- region and building a better your own glass ceiling’, she says, “Yes, I too love shopping and message to young Qatari girls. their team leader, just because cerned with the economic aspect future. and she doesn’t want in limiting a laid back life. I do appreciate “Let them chase their dreams. If she is a female. It’s not only of the Middle East region and the He stressed that economy herself. the value of the time I relax and you really like something, just gender; it’s also about age and development of visions, solu- and politics are interdependent, The young Qatari profes- enjoy my easy life. But every- take the plunge. It’s always being young. “I was in situations tions and initiatives for the econ- therefore, in order to build a suc- sional who quit less than half a thing has its own time. I do about taking the risk.” in business meetings, when I omies of the region and the cessful economy in any country, dozen lucrative jobs within a believe that every person has a According to Maryam , one was often asked “how old are developments related to them a healthy environment, a good span of ten years in pursuit of story to tell. I want to make my of the biggest risks she took in you?”. You need to break it.” in the future. education and a clear policy her ‘dreams’ echoes the Apple story exciting, that’s why I am her life was changing her job at As she said Maryam nar- The conference will be held should be provided, which are co-founder late Steve Job’s doing exciting things. I want to a time when she was standing rated in her recently published in light of the economic, all available in the State of Qatar. vision of an ideal job. “The only tell my story to someone one tall in one of the top energy book “The 4ourth Floor”, a political, security and other The conference will witness way to do great work is to love day. I know someone will be fol- companies. “After seven years brand is everything for a challenges facing the world, more than 20 session over two what you do. If you have not lowing me and someone will be of hard work I was like at the top company. It is what instills con- which carry many dangers that days. The meet will discuss a found it yet, keep looking. Do not influenced by me and inspired of my success then. But I decided fidence in the market; it is what threaten the world’s order and range of important issues, settle…to stop looking beyond by me. I am just curious and to quit that lucrative job to join makes a consumer choose one security. It will be held amidst including the impact of tariffs would be to halt your dreams want to explore this world an organization which was yet product over the other. It is the successive developments in the and global economic trends on midway. And that would be pity. further and further, Maryam to establish. My bosses told me quintessence of the existence Middle East that require dealing the regions economies, Dreams are there for a reason. who earned her Master’s Degree I was doing a big mistake and of a company. Similarly, eve- with them in a manner that upcoming US elections, regional They are what keep me from SBS Swiss Business School killing my career. But I took it as ryone should think themselves respects the principles of inter- policy responses to the trans- going,”she says. and pursuing a PhD, said. a challenge; and now I am here.” as a brand. Consider what sort national legitimacy in its true formation of world trade and Maryam, who joined RasGas “ I am curious. I follow my Maryam recalls some of her of a brand do you wish to create sense, and explores ways to economic challenges, the great as a Network Analyst in 2001, passion. I am willing to take risk. previous bosses telling her that yourself? And what do you want comply with the true meaning powers of the Mideast, cyber- saw a meteoric rise in her career I always have that gut feeling she can never become a to be known for?. of international legality with security and global order.

China’s Byton eyes IPO to fund expansion Tesla’s Musk says tweet that Eurozone REUTERS cost him $20m was ‘worth it’ not prepared

BLOOMBERG enough to face FRANKFURT: Chinese electric car maker Byton may launch an new crisis initial public offering to fund BENGALURU: Tesla Inc.’s Chief Executive Officer Elon Musk said he growth, Carsten Breitfeld, its was signing off Twitter for a few days, shortly after tweeting that the REUTERS chief executive and co-founder, $20m penalty he was given for announcing on Twitter that he had told Germany’s Automobil- funding to take the electric vehicle maker private was “worth it.” woche. His sign-off culminated a series of tweets that included an PARIS: There is no risk of “With the capital-intensive announcement about the release of autopilot drive on navigation. contagion from Italy’s nature of business and our Earlier this month, a US judge approved Tesla and Musk’s $40m budget crisis in the expansion, the topic of listing on settlement with the Securities and Exchange Commission over a probe European Union but the the stock market will become of Musk’s August tweet citing funding being secured to take the euro zone is not prepared relevant,” Breitfeld told the company private. Musk would pay a penalty of $20m as part of the enough to face a new publication. deal. The SEC settlement required that Tesla implement mandatory economic crisis, French Before this, Byton will seek procedures and controls to oversee all of Elon Musk’s communica- Finance Minister Bruno Le The logo is pictured on the back of a Byton Concept T car during another round of fundraising tions regarding the company in any format, including Twitter. It said Maire told daily Le Parisien. a media preview at the Auto China 2018 motor show in Beijing. from private investors prior to any such written communications that contain information material The European Com- starting production of its vehicle, to the company or its shareholders would need to be mission rejected Italy’s Breitfeld said. state-owned carmaker FAW from Chinese battery supplier pre-approved. draft 2019 budget earlier Byton already has financial Group which in May agreed to Contemporary Amperex Tech- Musk took to the social media service Friday, saying “on Twitter, this week for breaking EU backing from Chinese invest around $260m, as well as nology Co (CATL). likes are rare & criticism is brutal. So hardcore. It’s great.” rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action. Mixed US inflation signals leave investors adrift “We do not see any con- tagion in Europe. The REUTERS is running at 2.2 percent for the and materials, stocks may certainly come under pressure,” European Commission has year, above the Federal struggle to maintain current said Fritz Folts, chief investment reached out to Italy, I hope WASHINGTON: US quarterly Reserve’s target. valuations. strategist at 3EDGE Asset Man- Italy will seize this hand,” he earnings reports this month With unemployment at 3.7 Borrowing costs are also agement LP. said in an interview. were supposed to give investors percent, the lowest in nearly 40 rising as the Federal Reserve is Corporate leaders sit on the “But is the eurozone suf- clarity about the health of Wall years, annual wage growth was expected to keep raising interest frontline of inflation, but they ficiently armed to face a new Street’s rally this year. 2.9 percent in September, a rates into 2019 to ward off the are not offering consistent economic or financial crisis? Instead, profit reports and nine-year high. The question is inflationary threat, with US guidance about where they My answer is no. It is urgent forecasts following the most whether the cost increases com- economy growing at 4.2 percent expect the trend to go from here. to do what we have pro- recent three months are giving panies say they are now in the second quarter this year, The divergence in guidance and posed to our partners in investors indigestion as com- absorbing are fleeting or here helped by last year’s $1.5 trillion outlooks is costing investors order to have a solid banking panies send unclear messages to stay. worth of tax cuts. money. union and a euro zone about the rising cost of goods At stake is a market rally And now US businesses are On October 8, paint-maker investment budget.” and labor. built on the premise that stock also warning of input costs PPG Industries Inc told investors Euro zone officials have “I don’t understand why now being replaced in investor valuations are justified by rising as a result of President to expect lower profits, saying said that Rome’s unprece- people are so hesitant to admit psychology by fears that earnings that go on growing. Trump’s imposition of import that it expected the prices for dented standoff with that we’re in an upturn in inflation is finally pushing up While earnings growth is tariffs. Steel and aluminum the raw materials it uses to keep Brussels seems certain to inflation,” said Richard Bern- costs and squeezing margins still high at 22 percent so far this tariffs have cost Ford Motor Co rising, and its stock fell 10 delay the reform process stein (pictured), chief executive and may be one of the culprits quarter, the amount by which about $1 billion in profits, its percent during the following and probably dilute it for of Richard Bernstein Advisors in this month’s selloff of US S&P 500 index companies are chief executive officer said last trading session. Economist Ed good. LLC. Companies, he said, are stocks. beating analyst estimates is month. “Market participants are Yardeni said the forecast help Le Maire also said “scared that they’re not going US consumer price inflation nearly half of what it was during really concerned that maybe set the stage for the broader French banks with branches to get rewarded for pricing was 2.3 percent in the year to the first quarter, according to finally we have seen peak market selloff later that week. in Italy had issued corporate growth.” September, according to the Refinitiv data. earnings and that people are Yet PPG’s rival, Akzo Nobel and household loans The unexplained absence Labor Department, and even Unless companies can raise talking much more about costs NV, said nine days later that it totalling ¤280bn ($319bn). of inflation during the last dec- “core” inflation, which strips out prices fast enough to keep up rising and, looking ahead, cor- thinks inflation on those sorts “This sum is manageable ade’s US equity price boom is volatile food and energy prices, with the rising costs of hiring porate profit margins could of items has peaked for the year. but substantial,” he said. MONDAY 29 OCTOBER 2018 BUSINESS 25 No-deal Brexit may prolong UK austerity Pakistan’s pharma BLOOMBERG sector attracts FDI LONDON: The UK government would need new tax and worth $26m spending plans and may have INTERNEWS to extend austerity policies if it “despite increasing political fails to secure a deal with the will to develop the health European Union, Chancellor of KARACHI: Foreign sector, given the government’s the Exchequer Philip Hammond investment in Pakistan’s phar- poor record of implementing said. maceutical sector remains planned healthcare sector With analysis last week lackluster mainly due to reforms, there is a possibility showing a no-deal Brexit would government regulations and that the implementation of drag the economy to a near counterfeit drug production such improvements will be standstill next year, Hammond despite expectations of phar- delayed.” said “frankly, we’d need to have maceutical-related expend- Pakistan’s pharmaceutical a new budget that set out a dif- iture to double in next 10 market was valued at Rs301 ferent strategy for the future,” years. billion last year. in that scenario. The sector attracted a According to forecasts, “We would take appropriate paltry sum of $26.4m in expenditure in the sector is fiscal measures to protect the foreign direct investment expected to increase to economy, to prepare us for the (FDI) during the first quarter Rs973bn by 2027, however, future and to strike out in a new of 2018-19. The sector sales as opportunities for multina- direction that would ensure that a percentage of GDP have tional organisations will con- Britain was able to succeed consistently ranged at a tinue to be marred by under- whatever the circumstances we meagre 1-2 per cent despite lying issues in the healthcare Britain’s Chancellor of the Exchequer Philip Hammond (left) and Shadow Chancellor of the Exchequer found ourselves in,” he told Sky growth in volumes. system. John McDonnell appear on the Marr Show on BBC Television in central London. News’s “Ridge on Sunday” on According to the Fitch In addition to that, “insuf- the eve of his annual budget Solutions’ projections, at the ficient government funding speech. sort of tax haven which would prime minister unless we get a ongoing pace, pharmaceutical and limited access to The Bank of England may undermine our manufacturing Brexit deal that puts jobs first,” industry’s contribution to GDP healthcare services will also need to take action, poten- base,” he said on Sky after Ham- Frances O’Grady, general sec- will remain dormant at one prevent any significant tially through a change in mond’s recorded interview was retary of the Trades Union Con- per cent till 2027. improvements to healthcare- interest rates, he said. Prime Minister broadcast. gress, said on the Sky broadcast. On the other hand, med- related outcomes.” Hammond is facing pressure Theresa May has Prime Minister Theresa May Hardline Brexiteers like icine and drug exports have The report also adds that to end almost a decade of directed Hammond has directed Hammond to find Tory lawmaker Jacob Rees- gone up during the last three “multinational activity is to spending cuts that have limited an extra 20 billion pounds a year Mogg called on Hammond to years but at slower pace and remain limited.” public services and spurred to find an extra 20 for the National Health Service announce more radical remain appallingly low at The previous government, support for the opposition billion pounds a and she declared an “end to aus- measures in his budget instead $293m during FY18. Indian after consulting provincial Labour Party and its socialist year for the National terity” in her party conference of waiting for an outcome from pharmaceutical sector, which departments, in April last leader, Jeremy Corbyn. The Health Service and speech earlier this month. the EU talks. is valued at $33bn, exports developed the human party, which is neck and neck Hammond will pledge addi- “We should be making reached $17.27bn during resource for Health Vision to in the polls with the Conserva- she declared an “end tional money for adult social announcements now about how 2017-18. tackle the problem of staff tives, said Britain must spend to austerity” in her care and the armed forces, we would deal with leaving on According to Fitch report, shortage in the sector. more than ¤100bn ($128bn) on party conference according to the Mail on Sunday. World Trade Organization Pakistan’s pharmaceutical The vision, under the public services to reverse the speech earlier this He’ll also announce at least 250 arrangements,” he said. sector remains riddled with National Health Services Reg- impact of a decade of million pounds in funding to He urged the chancellor to numerous problems including ulation Ministry, seeks to austerity. month. anchor and extend fiber net- cut customs duties on all goods “poor governance, lack of create one million jobs by The party’s finance works from schools, libraries produced outside the UK and access and unequal resources, 2030. It also set a target to spokesman, John McDonnell, and other state-owned property, reduce the Value Added Tax for corruption in the health increase the number of female said Hammond appeared to “He’s gone back on what he according to the Sunday Tele- goods that are currently higher system, lack of monitoring and health workers from the want a no-deal Brexit and said. He seems to have accepted graph newspaper. because of EU rules, such as planning, and a lack of trained current 93,000 to more than accused him of “complacency” a no deal-Brexit and he does “He’s surely been given solar panels and female sanitary staff.” 180,000 within the next five over talks with the EU. want us to be like Singapore, a ‘mission impossible’ by the products. The report highlights that years. BREAK TIME

CROSSWORD MALL ROYAL PLAZA VILLAGGIO & CITY CENTER

Mandharam (2D/Malayalam) 2:00 & 11:30pm; The Princess And The Dragon (2D/Animation) 2:30pm; Badaai Ho The Princess And The Dragon (2D/Animation) 2:15 & 4:30pm; (2D/Hindi) 2:30pm; Chalakkudikkaran Changathi (2D/Malayalam) Jarugandi (Tamil) 2:30pm First Love (2D/Tagalog) 7:15pm; 4:30pm; Ana And Bruno (2D/Animation) 5:00pm; Hunter Killer Ana And Bruno (2D/Animation) 3:45 & 5:30pm; (2D/Action) 7:30pm; The King Of Thieves (2D/Crime) 7:00pm; Chalakkudikkaran Changathi (2D/Malayalam) 6:00pm; First Love (2D/Tagalog) 9:00pm; Hot Dog (2D/Action) 9:30pm; Baazaar (2D/Hindi) 5:00 & 9:00pm; Halloween (2D/Horror) 9:30pm; Halloween (2D/Horror) 11:30pm; Baazaar (2D/Hindi) 11:15pm Hunter Killer (2D/Action) 7:30pm; Hell Fest (2D/Horror) 11:30pm; Badaai Ho (2D/Hindi) 11:30pm; 9:30pm The King Of Thieves (2D/Crime) ASIAN TOWN LANDMARK Jarugandi (Tamil) 5:45 & 11:30pm Baazaar (2D/Hindi) 5:45 & 11:15pm Baazaar (2D/Hindi) 2:15 & 9:00pm; Ana And Bruno (2D/Ani- 96 (Tamil) 8:15pm mation) 2:15 & 4:00pm; Jarugandi (Tamil) 5:00pm Mandharam (2D/Malayalam) 8;30pm Mandharam (2D/Malayalam) 2:30pm; Badaai Ho (2D/Hindi) Kayamkulam Kochunni (Malayalam) 7:00, 10:00pm 4:45 & 11:00pm; Sandakozhi (2D/Tamil) 5:00pm; The Princess Sandakozhi (2D/Tamil) 5:30pm And The Dragon (2D/Animation) 5:45pm; Chalakkudikkaran Changathi (2D/Malayalam) 8:30pm Hunter Killer (2D/Action) 7:00pm; Chalakkudikkaran Vada Chennai (2D/Tamil) 11:00pm Changathi (2D/Malayalam) 8:00 & 11:00pm; Halloween (2D/Horror) 7:15 & 11:30pm; Hell Fest (2D/Horror) 9:15pm. ROXY FLIK Lagoona Mall 5 Weddings 12:30, 5:00 & 9:30pm Ana And Bruno (2D/Ani- A Star Is Born 1:40pm; Ana And Bruno (2D/Animation) 2:30 mation) 12:30, 2:20 & 4:50 & 7:00pm; Baazaar (2D/Hindi) 9:10 & 6:00pm; Goosebumps2: Haunted Halloween (2D/Comedy) & 11:55pm; Halloween (2D/Horror) 4:15, 6:40, 7:30, 8:20, 12:30, 2:20 & 6:20pm; Halloween (2D/Horror) 4:15, 6:40, 10;15pm & 0:10am; Badaai Ho (2D/Hindi) 2:30 & 7:00pm; Hal- 7:30, 8:20, 10;15pm & 0:10am; Hunter Killer (2D/Action) 4:15, 6:40, 7:30, 8:20, 10;15pm & 0:10am; 12:20, 2:45, 4:20, 5:10, 7:55, 8:45, 9:45, 10:25, 11:05, 11:20pm & loween (2D/Horror) 0:20am; The Princess And The Dragon (2D/Animation) Kayamkulam Kochunni (Malayalam) 3:50pm; Hunter Killer (2D/ 11:20am, 12:55 & 4:25pm Action) 3:50 & 10:30pm; Vada Chennai (2D/Tamil) 12:30 & 7:10pm

AL KHOR Note: Programme is subject to change without prior notice.

Hunter Killer (2D/Action) 10:45am, 1:15, 3:45, 6:15, 8:45 & 11:15pm Jarugandi (Tamil) 10:30 & 3:45pm; Mandharam (2D/Malayalam) 12:15, 5:45 & 11:15pm Badaai Ho (2D/Hindi) 1:15 & 9:15pm Chalakkudikkaran Changathi (2D/Malayalam) 3:00 & 8:30pm Baazaar (2D/Hindi) 6:30 & 11:45pm

HOT DOG

A pair of Tactical units police officers from different walks of life come together to rescue an ambassador’s daughter. 26 CLASSIFIEDS MONDAY 29 OCTOBER 2018 AL ASMAKH LISTINGS CALL CENTER: 4448 5111 / 4041 0757 We also offer our RICS regulated International valuation service VALUATIONS & RESEARCH [email protected]

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