BUSINESS Monday 24 July 2017

PAGE | 18 QE DOW FTSE100 BRENT PAGE | 19 9,499.75 21,580.07 7,452.91 $45.60 QC reviews trade -42.53 PTS -31.71 PTS -34.96 PTS -0.03 F-16 supplier 0.45% 0.15% 0.47% cooperation with gets financing Tatarstan edge Dow & Brent before going to press

QIIB records QR465.3m net profit in first half

Chairman and Managing Direc- capital adequacy (Basel III) Qatar Development Bank, know- Surge in assets tor of QIIB, said the solid 5 stood at 17.60 percent reflect- ing that the returns of such QIIB’s total assets percent year-on-year growth in ing its impressive strength in projects are greatly reflected on reached QR45.9bn the bank’s net profit indicates terms of risk mitigation. the society”. compared to that QIIB was able to take advan- Al Jamal said, “QIIB results QIIB is adequately respond- QR42.3bn recorded a tage of Qatar’s economic growth. show that the bank succeeded ing to the expansion of its Sheikh Dr Khalid said, “We in adapting itself to the differ- customer base and to the market year ago, reflecting are reaping today the fruits of our ent factors of the market, developments. 8.5% growth. strategy, which we implemented whether in terms of the risks or On QIIB’s foreign operations a long time ago with a focus on the competition, whereas the Jamal said, “The first half of this local market. We were able to bank could maintain a stable year witnessed a great develop- The Peninsula maintain a stable growth pace pace of growth for a long time, ment as Umina Bank in Morocco and the lowest possible levels of and maintain strong indicators saw commencement of its oper- IIB, one of the leading risks….We respond to different on the various items of the bal- ational activities. Islamic lenders in types of challenges, and rely on Sheikh Dr Khalid bin Thani bin Abdullah Al Thani (left), ance sheet”. The bank is the result of a Qatar, has recorded an the innovation and renovation Chairman and Managing Director of QIIB and the Acting CEO “We are into financing dif- partnership among QIIB, the impressive QR465.3m and respond to the aspirations Jamal Al Jamal. ferent projects and are giving Moroccan Real Estate and Tour- Qnet profit for the first of the bank’s customers”. special attention to infrastructure ism Loan Bank (CIH), and the half of 2017 (H1, 17), up 5 percent QIIB keenly follows national best standards accepted world- QIIB’s total assets reached projects, which remains a strate- Deposit and Management Fund compared to the same period in economic developments and our wide in banking, he said. QR45.9bn compared to gic priority for us. We have made (CDG). 2016. QIIB’s assets grew by 8.5 business strategies are in line QIIB Acting CEO Jamal Al QR42.3bn recorded a year ago, great strides with regard to SME The bank’s operations were percent to QR45.9bn during the with the national vision.The bank Jamal stated: “The bank’s reve- reflecting an 8.5 percent growth. funding, and have a leading posi- launched through branches in period. also ensures the implementation nues reached QR910m for the “The size of QIIB funding tion in the local banking sector in Casablanca and Rabat, and will Announcing the financial of the various plans and strate- first half of 2017, a 11.4 percent portfolio increased by 7.5 per- terms of funding such enterprises, be expanded to different regions results, Sheikh Dr Khalid bin gies developed at local and jump, from QR817m reported cent to QR28.7bn from especially through our effective of Morocco, providing innovative Thani bin Abdullah Al Thani, foreign levels while applying the during the same period last year.” QR26.7bn”, he said. QIIB’s and fruitful partnership with products.

BMW denies “Defiance!” Award QNB Group commences emissions India operations manipulations The Peninsula and services. The Group also offers its rich experience in Frankfurt NB Group, the largest wealth management, invest- Reuters financial institution in the ment portfolios, project finance, QMiddle East and Africa, and a range of innovative prod- erman carmaker BMW has recently commenced oper- ucts and services designed to yesterday rejected ations in the city of Mumbai, the suit the requirements of the Gmedia reports that the economic capital of India. Indian market. emissions treatment systems The start of the Group’s The Indian economy is the in its vehicles did not work operations in tIndia comes in seventh largest in the world effectively and that it col- support of its vision to become with an annual GDP of $2.3tn in luded with rivals on their a leading bank in the Middle 2016. It is the world’s second design and prices. East, Africa, and Southeast Asia most populated country and the Der Spiegel magazine by 2020, in addition to estab- fastest growing major economy. reported on Friday that BMW, lishing a foothold in highly It is expanding trade and pop- VW , Audi and Porsche may Reid Hoffman (left), co-founder of LinkedIn, presents the inaugural Disobedience Award competitive markets. ulation ties with Qatar and the have colluded to fix the prices to Virginia Tech engineering Professor Marc Edwards (centre) and Dr Mona Hanna-Attisha Through its new branch in Middle East region more and designs of diesel emis- of Michigan’s Hurley Medical Center at MIT in Cambridge, Massachusetts, U S. India, the Group offers a full broadly. India is the third larg- sions treatment systems and spectrum of banking products est importer of LNG from Qatar. other vehicle parts. “Cars of the BMW Group are not being manipulated and are in line with the appli- cable legal requirements,” Qatar remains on strong footing despite blockade BMW said in a statement. The European Commis- sion said on Saturday that EU Satish Kanady government will do whatever it shedding 0.45 percent from the enough to stop it being one of the hydrocarbon exports,” Reuters antitrust regulators were The Peninsula takes to achieve its vision, previous day’s gain. The bench- region’s strongest performers. quoted Monica Malik, chief econ- investigating the allegations including the required economic mark index was up 5.67 percent Next year’s growth forecast was omist at Abu Dhabi Commercial and German politicians have fter six weeks into the openness, the removal of obsta- on month to date as on July 20, cut to 3.1 percent from 3.7 per- Bank as saying. called for transparency and unprecedented economic cles to investment, and the 2017. cent. If the new predictions are The poll predicts consumer punishment in the event of Ablockade, Qatar is fast prevention of monopolies in the Market watchers believe that correct, Qatar will still grow more price inflation in Qatar will barely wrongdoing. adjusting to the situation. Emir context of building the national Qatar has largely outlived the quickly this year and next year change because of the sanctions, Vehicle emissions have H H SheikhTamim bin Hamad economy.” stand-off. Bloomberg data than most of the five other rich coming in at 2.4 percent this year, come under closer scrutiny Al Thani’s Saturday’s address to The Qatar stocks market, showed the country’s revenue Gulf Arab oil exporters. the same forecast as in the previ- worldwide since Volkswagen the nation reflects the fact that which tanked on June 5, the day from LNG and oil exports has Qatar’s ability to continue ous poll. The Reuters poll predicts admitted in September 2015 the country is on a strong foot- the Saudi-led countries imposed remained intact through the dip- exporting natural gas, and its huge Qatar will run a current account to installing illegal software ing. Adding to the country’s the blockade on Qatar, has lomatic row. According to foreign exchange reserves, mean surplus this year and next. to cheat U S emissions tests confidence is the pickup in the almost recovered its lost ground. Standard Chartered analysts, the sanctions are inconvenienc- The President and CEO of on diesel cars. market activities. The QSE benchmark index is Qatar’s overall GDP is angling for ing its economy rather than Qatar Petroleum, Saad Sherida Al German trade magazine Analysts see a growing con- heading, though slowly, to the a 2.5 percent growth, little change crippling it. Kaabi, said on Saturday the siege Auto Bild said earlier on fidence in the subtext of the pre-crisis levels. The index from the year 2016. “We do not expect any sys- laid by the three Gulf neighbours Thursday that BMW’s X3 Emir’s address to the country. plunged 7.27 percent to close the A Reuters poll showed that temic economic or financial have not so far affected maritime xDrive 20d model exceeded In his first open address to the market at 9,202.62 points on diplomatic stand-off has pushed shocks as things currently stand routes for Qatari LNG vessels, as “Euro 6” emissions limits nation after the diplomatic June 5. Yesterday, the market fin- economists to cut growth fore- given Qatar’s strong foreign they can pass through the Strait more than 11-fold stand-off, the Emir said: “The ished at 9,499.75 points, after casts for Qatar -- but not by exchange position and ongoing of Hormuz. 18 BUSINESS MONDAY 24 JULY 2017

IMF sees 2017 Mideast deal picks up in Q2, 2017: McKenzie Saudi growth The Peninsula investment. “Largely due to two top performing sector by volume M&A activities up mega transactions, the first half and value in Q2 2017, account- ‘close to zero’ espite a backdrop of The global Index, of 2017 has seen an impressive ing for three deals valued at continued political four-fold increase in Middle East $1bn. Beirut which tracks quarterly turbulence, cross- outbound deal value compared By value, cross-regional Bloomberg border deal-making deal activity using a to the same period last year, deals originating from the Mid- held steady globally baseline score of 100, despite a much smaller number dle East trebled from Q1 to Q2, audi Arabia’s economy Din Q2, 2017, with the Middle East decreased to 233 for of deals,” said Will Seivewright 2017, reaching $17.2bn, the will stall this year with seeing a substantial uptick in Q2, 2017, down 4 (picture), Corporate/M&A Part- highest outbound M&A value Sgrowth “close to zero” deal activity, according to Baker percent from the prior ner at Baker McKenzie Habib Al since 2015, which was a record- due to lower oil revenue, the McKenzie’s Cross-Border M&A quarter but up 15 Mulla, based in the UAE. “While breaking year for International Monetary Fund Index. percent from Q2, M&A deals targeting the Middle cross-regional M&A. However, said. The global Index, which 2016. East dropped in both value and deal volume fell by 41 percent, The fund lowered its 2017 tracks quarterly deal activity volume in Q2, 2017, the overall with only 10 deals during the growth forecast to 0.1 percent using a baseline score of 100, In Q2, 2017, cross- level of cross-border and cross- same quarter. from 0.4 percent, citing OPEC decreased to 233 for Q2, 2017, border M&A made up Pharmaceuticals and Construc- regional activity that we are The UAE was the most production cuts, uncertainty down 4 percent from the prior 36 percent and 47 tion were the second and third seeing is a promising indicator active outbound investor coun- over oil prices and the quarter but up 15 percent from highest sectors in terms of value, for the rest of the year.” try from the Middle East by both structural reforms the percent of global deal Q2, 2016. In Q2, 2017, cross-bor- contributing $40.2bn and Compared to the previous volume and value, with a total country is undertaking to volume and value, der M&A made up 36 percent $36.3bn, respectively. quarter, the value and volume of six deals valued at US$16.6 reduce its reliance on crude, and 47 percent of global deal respectively. Middle East cross-border of cross-regional M&A deals tar- billion. The second and third it said in a statement on volume and value, dealmaking picked up in Q2, geting the Middle East fell by 38 highest bidder countries by Friday concluding its Article respectively. announcing 364 deals valued at 2017, with the Middle East Index percent in Q2 2017, with only five both volume and value were IV consultation. The IMF also Buyers announced 1,368 $128.9bn. Following a challeng- increasing to 201.5, withstand- deals valued at $1.84bn, repre- Bahrain with three deals val- lowered its non-oil growth cross-border deals worth ing first quarter impacted by ing the continuing political and senting a 73 percent decrease ued at $571m and Qatar with projection to 1.7 percent from $345.8bn, a 10 percent decrease government legislation, Chinese economic uncertainty in the from the same quarter last year. one deal valued at $73m. 2.1 percent -- compared with in volume but only a 1 percent investors returned to the deal region and beyond. Cross- The UAE was the top target The Pharmaceuticals sec- actual growth of 0.2 percent decrease in value compared to table in Q2, 2017 and were the regional deal activity was country by both volume and tor was the stand-out industry in 2016. Q1, 2017. As the EU gained rela- second most acquisitive cross- spurred by a substantial increase value, with three deals across by value, attributable to the Lower oil prices and tive stability in the wake of Brexit border nation with 94 deals in outbound M&A, although the various sectors amounting to mega $9.05bn buyout of US- austerity measures are developments and elections in valued at $35.9bn. quarter witnessed lower inbound $1.07bn. France was the top bid- based Pharmaceutical Product weighing on Saudi Arabia’s the region, it accounted for more Globally, the Chemicals and M&A activity. The United Arab der country by value for Q2, Development, LLC by the sov- economy, which contracted than half of cross-border deal Materials sector led by deal value Emirates (UAE) continued to 2017, with ENGIE’s $775m acqui- ereign wealth funds of Abu in the first quarter for the first value and nearly half of cross- in Q2, 2017 with 42 deals valued drive M&A in the region, being sition of a 40 percent stake in Dhabi and Singapore. The time since 2009 -- illustrating border deal volume in Q2 2017. at $60.4bn, while the Industri- the most active country in the UAE-based industrial firm Transportation sector was top the scale of the challenge North America was the most als sector led by deal volume Middle East in respect of both Tabreed. by deal volume, recording three facing the country’s acquisitive region by deal value, with 209 deals valued at $25.4bn. inbound and outbound Financial Services was the deals. leadership. Doha Bank announces winners of Al Dana scheme GCC’s $6bn leather The Peninsula

oha Bank, one of the larg- est private commercial industry has great Dbanks in Qatar, yesterday announced the winners of its Al Dana savings scheme for the growth potential month of July 2017, at a draw held at the Bank’s Doha Festival City branch. The fourth monthly draw of The Peninsula the year crowned a total of 19 winners, including S Ali, who ith the Middle East took home the QR1m mega prize. growing in promi- On the occasion: S Ali said, “I Wnence as a global am glad to be the winner of the leather industry hot spot, it was QR1m. This is such a great not surprising that ‘Leather- opportunity to contribute to my world Middle East’ has tasted community back home. I invite considerable success in its first all the people in Qatar to save two editions in the region. with AL DANA which might also The winners of Doha Bank’s Al Dana savings scheme posing with the QR1m mega prize cheque According to analysts, the change their lives. ” leather industry in the GCC was with senior officials of the Bank. N C Bhavsar was named the worth as much as $6bn, and the winner of the QR100,000 prize, region is also upscaling as a while N Firdous received the social media platforms, includ- to maintain a minimum balance services; utility bill management leather manufacturing hub. Lat- Young Savers Scholarship prize ing Facebook, Twitter, and of QR5,000 in their Al Dana through Al Dana account as well est reports indicate that $1.9bn leather. Hides are superior to worth QR25,000. Fifteen addi- YouTube. accounts – of course, the more as easy fund remittance over- worth of dressed leather, lug- other leathers in terms of tional winners walked away “It is very gratifying to be they save, the greater their seas at the most competitive gage, handbags, saddlery, strength, durability and with prizes worth QR10,000 able to contribute in making our chances of winning.” exchange rates. harnesses and footwear were softness. each. Meanwhile, B A S Al Shatti loyal customers’ dreams come On top of the amazing cash To open an Al Dana account produced in the Gulf region in “We offer raw leather to from Kuwait was announced as true through the monthly Al prizes, Al Dana Savings Scheme and stand a chance to become 2014, with Saudi Arabia ($1.1bn), manufacturers of shoes, furni- the winner of the KWD2,500 Dana prize draws,” said Dr R offers customers a wide range the new millionaire next month, the UAE ($468m), the region’s ture, aircraft, yachts, and even prize for overseas Al Dana Seetharaman, CEO of Doha of banking benefits, which customers can visit their near- big two leather producers. clothing. We’re dealing with the customers. Bank. “All that the customers include, among others, free VISA est Doha Bank branch or send Leatherworld Middle East Sheikh Khalifa bin Zayed The prize draw was need to do to have a chance at international debit card; online, an SMS to 92610 with the key- 2017, meanwhile outdid its suc- Humanitarian Foundation via streamed live on Doha Bank’s becoming the next millionaire is SMS and mobile banking word “AL DANA”. cessful regional debut last year a big project to manufacture by featuring 65 exhibitors from shoes for school students, serv- 16 countries and attracting 2,221 ing nearly 90,000 students trade buyers from 64 countries. across the country. A raft of global and local play- “Our daily production is QC reviews trade cooperation with Tatarstan ers alike were out in full force about two thousand pieces, and at Leatherworld Middle East the annual production is one 2017, where they displayed their and a half million feet annually. The Peninsula wares to thousands of trade We export to India for example buyers, from exotic Indonesian and we focus on East Asia, atar Chamber (QC) yesterday hosted reptile skins, luxury fashion , Europe. We’re keen to the visiting business delegation from accessories, or UAE-produced participate in international QTatarstan and discussed ways to camel leather goods from exhibitions as they attract man- enhancing bilateral cooperation between Founding Sponsor Al Khaznah. ufacturers and suppliers,” added businessmen from both countries and other “Leatherworld Middle East Al Mansoori. aspects in the fields of trade and economy. was created to serve as a dedi- Leatherworld Middle East The meeting held at QC’s headquarters cated trade and business 2017 also featured the Fashion also explored investment opportunities in development event for an Avenue, where the UAE’s most Tatarstan and the advantages granted to industry that is not only fast talented designers at ESMOD investors in agriculture, infrastructure and expanding but also lacked an Dubai presented their creative sports sectors in particular. industry-wide common plat- flair with an inspiring array of Talks also included the possibility of form,” said Ahmed Pauwels leather garments, bags, and organising a meeting between Qatari and (pictured), CEO of organisers, accessories. Tatarstan businessmen to discuss prospects Messe Frankfurt Middle East. Thomas Perreaux, Project of cooperation in the private sectors of both “Over the past three years of the Manager at ESMOD Dubai, said: the countries and investment show’s existence, it Gulhas suc- “We’re very happy to have col- opportunities. ceeded in attracting widespread laborated with Leatherworld. A Memorandum of Understanding (MoU) support and interest from both This is a very interesting project has been signed between both industry leading regional and interna- for our students and the crea- chambers of Qatar and Tatarstan, reports tional players looking to make tions in leather that they QNA. further headway into regional displayed at the show. It helped Ali Abdulateef Al Misnad, Qatar Cham- Ali Abdulateef Al Misnad (left), Qatar Chamber’s Member and Honorary Treasurer, markets,” he added. our students get the right expo- ber’s Member and Honorary Treasurer, Mohammed Ghanem Al sure and knowledge of the hnouring the members of the delegation from Tatarstan. stressed on Qatar’s keenness to strengthen Mansoori, General Manager at industry. It also helps to edu- trade and economic cooperation worldwide, Al Khaznah Tannery, said: “Al cate them on leather more in establish constructive economic relations Qatar Chamber’s readiness to promote economically developed the region.The Khaznah is a shining star in the depth. The exhibition overall with Asian countries and diversify foreign investment opportunities in Tatarstan among republic is highly industrialised, and ranks Middle East leather industry as has been a great platform for us investment. Qatari businessmen. second to Samara Oblast in terms of indus- it manufactures natural skins, and we look forward to its In this context, Al Misnad expressed Tatarstan is one of the most trial production per square kilometres. chrome-free and eco-friendly upcoming editions.” MONDAY 24 JULY 2017 BUSINESS 19 No-show inflation poses conundrum for Fed

Washington PCE contracts creation and a very low unem- “There’s a litany of excuses advanced economies like Japan AFP ployment rate of 4.4 percent, and reasons why wages have hit and Germany. And even amid Personal Consumption inflationary pressures and wage a speed bump in the US, why growing reports that companies fter tightening mon- Expenditures (PCE) gains show little sign of life. inflation has hit a speed bump in have open positions but cannot etary policy last price index has been The central bank is running the US,” said economist Diane find qualified workers to fill month for the second below the central out of explanations. While the Swonk.Inflation is not simply them, wage growth has been time this year, the US bank’s 2% target for 5 Fed is expected to implement weak—it is deserting the battle- sluggish at best, at 2.5 percent. central bank is years. one more rate increase late this field altogether. While June was a strong expectedA to pause for the next year, there are divisions among The “core” measure of the month for jobs, adding 222,000 few months to monitor After 7 years of policymakers on the timing. Personal Consumption Expen- net new positions, average developments. uninterrupted job Minutes from the June meet- ditures price index, the Fed’s monthly job creation in the first The Federal Reserve will ing of the Federal Open Market favorite inflation indicator, has half of 2017 still lags slightly creation and a low leave the benchmark interest Committee, the Fed’s policy-set- been below the central bank’s behind that of 2016. rate untouched when it meets unemployment rate of ting panel, show several two percent target for five years. “Until you see the whites of Tuesday and Wednesday, partly 4.4%, inflationary members were not “comforta- she said, but it is too soon to say Last month, the headline PCE the eyes of inflation, the central because it has yet to begin to pressures and wage ble” with plans to increase rates flat prices are due to more than price index contracted for the banks of the world are in a wind down its huge stock of gains show little sign again this year. transitory factors.Yellen and second time in 2017. pickle,” Swonk said. bond holdings, and will not make of life. Fed Chair Janet Yellen (pic- other economists have pointed The Consumer Price Index But with only modest growth, another move on interest rates tured) told Congress this month to a series of one-off explana- also came in flat in June after including in manufacturing, Tim until that process is underway. that the central bank was not tions, including lower drug prices contracting in May, dragging the Duy, an economist at the Uni- But the Fed also faces a with it rising wages and inflation, blind to the data showing infla- and costs for mobile phone plans, 12-month measure down more versity of Oregon, said the Fed growing conundrum as it waits which in turn prompts the cen- tion stubbornly below the central some of which will continue to than a full percentage point in was under no pressure to move for signs of long-absent inflation tral bank to hike lending rates to bank’s two percent target. “We’re make their impact felt on the the last four months. again until December. to finally appear. keep prices in check while still watching it very closely and annual inflation rate for some Swonk said another expla- “They can simply continue In the normal course of allowing economic growth to stand ready to adjust our policy months. But baffled economists nation is price competition to maintain their current story events, as an economy recovers continue. But despite nearly if it appears that the inflation are beginning to doubt whether among online retailers, which and wait to see how the data and hiring increases, that brings seven years of uninterrupted job undershoot will be persistent,” that is the whole story. also has been persistent in other plays out,” he said. Finance & farming F-16 supplier gets financing edge

Copenhagen the company’s financier, Dan- of debt-crisis fire fighting, Euro- discussion revolves around to be focus of Bloomberg ske Bank A/S. A minnow in an pean policymakers are shifting plans to boost EIB lending to industry dominated by the likes their attention to security and companies with a foot in the ittle Denmark is offering big of Lockheed Martin Corp. and the role it can play in bolstering defence business, increase clues to the European BAE Systems Plc, Terma now a sluggish EU economy. spending on military research UK- US trade talks LUnion’s defence-policy wants to expand participation The bloc is being driven by from the EU budget and stream- ambitions. in the EU’s research everything from Russia’s line arms procurement. Terma A/S, a closely held programme. encroachment in Ukraine and Terma, whose revenue and London Danish aerospace company, says “The EIB loan is a significant US President Donald Trump’s profit have increased for the Bloomberg business is looking up because opportunity for Terma,” Per vocal campaign for allies to past three years, never imag- of the EU’s fresh focus on Thiesen, the company’s chief ramp up defence spending to a ined that the emoving commercial bar- security. financial officer, said in an refugee influx and terrorism. Luxembourg-based EIB would riers with the US could The maker of radars for air- interview at its offices outside While EU countries have venture where other lenders Rgenerate an additional ports and electronics for the F-16 Copenhagen. ceded control over trade, anti- balked. £40bn ($52bn) in trade with the fighter jet recently accepted its “Instead of having a five-to- trust and monetary policies to The company, which is also UK by 2030, Trade Secretary first loan from the European seven year innovation cycle, we the bloc, the latest push for cen- involved in the F-35 fighter pro- Liam Fox (pictured) said yes- Investment Bank after the terms were able to reduce that to a tralised power touches the core gramme, the most-expensive terday as he warned that for the €28m ($32m) deal proved three-to-five year cycle. That is of national sovereignty and will US weapons programme, had a reaching a deal won’t be easy. more attractive than anything competitiveness at the end of be marked by political battles profit last year of €12.2m on Fox, in Washington for pre- from private lenders, including the day.”After almost a decade in the months to come. The sales of €231m. liminary talks on a post-Brexit US trade agreement, said the deals with other countries until projected economic gain is it leaves the European Union in based on recent government March 2019, but can prepare the calculations. Economists and groundwork for accords to be China’s Nasdaq to be cheaper trade specialists say any deal ratified soon after. Many of the will be hard to deliver, since the same issues the EU and US Americans have more experi- experienced in attempting to than Nasdaq Composite Index ence and could bulldoze the UK negotiate a trade deal could on issues such as agricultural resurface. Those transatlantic and financial regulation. talks have been on hold since Hong Kong out of favour in the past year as Ltd. Earnings have played a “It will be a difficult discus- Donald Trump took power in Bloomberg China intensified efforts to part as well. sion, but we’ve got great support January, amid differences over reduce leverage in the finan- Profit warnings by compa- from the and the data privacy and the rolling hina’s small-caps share cial system. nies including Enjoyor Co to administration,” Fox said. “Agri- back of financial regulation. gauge, cowed by the Concerns were heightened Hithink Royal Flush Informa- culture’s always a very difficult Meanwhile, opposition Cnation’s battle against this month, with the Xinhua tion Network Co, and reports Hong Kong issue” but “we’ll want to look at Labour Party leader Jeremy speculators, is on the verge of News Agency citing President regulators are probing the a whole range of other things, Corbyn challenged the UK’s becoming cheaper than the Xi Jinping as saying at a five- finances of index heavyweight may raise 2017 on financial services for exam- willingness to strike a US trade Nasdaq Composite Index for the yearly policy conference that Leshi Internet Information & ple, and other parts of the deal when Trump intends to first time on record. authorities will actively prevent Technology Corp, have added growth estimate service economy,” he said. withdraw the US from the Paris The ChiNext Price Index’s financial risks. to investor bearishness. The UK is already viewing agreement on climate change. valuation based on reported While valuations on the After raising $21bn from Hong Kong a pact as a way for London- The EU has said it won’t enter earnings is now at 36.2, com- small-cap gauge have crumbled share sales in the three years Bloomberg based banks to secure easy deals with governments that pared with 34.3 for the Nasdaq, from the giddy peaks of the through 2016, the 100 ChiNext access to Wall Street, which haven’t signed up to the accord. leaving the narrowest gap since 2015 stock market bubble, members posted a combined ong Kong’s govern- might require the UK to accept While Fox said the agenda the Chinese board started in they’re still elevated relative to profit of just $17bn and nega- ment is likely to raise weaker rules on financial serv- can be pushed forward with the 2010. the rest of China’s stock mar- tive combined free cash flow Hits growth target as the ices less than a decade after US, the same can’t necessarily The ChiNext, which is made ket, or most global indexes. for the period, according to data city’s economy expands faster global financial markets col- be said for negotiations with the up of mostly technology com- “Investors have lost risk compiled by Bloomberg. than expected this year, lapsed. The US also could EU. Many businesses have panies, has plummeted 25 appetite in the face of tighter In comparison, the 107 Financial Secretary Paul Chan demand looser sanitary rules on urged the government to set a percent in the past year, while liquidity conditions and components of the Nasdaq 100 (pictured) said. food, such as allowing hor- transition period to any new the US gauge has climbed 26 increased supply of new Stock Index reported profit of The government is likely mone-treated beef to be sold in relationship once the allotted percent. stocks,” said Qiu Zhicheng, $905bn and free cash flow of to raise its full-year growth Britain. time for exit talks is completed Once a darling of local Hong Kong-based strategist at $996bn after selling shares for estimate by 0.5 percentage The UK can’t sign trade in March 2019. investors, the ChiNext has fallen ICBC International Research $24bn in three years. points from the 2 percent to 3 percent forecast in its annual budget in February after reviewing data in August, Chan said, according to Radio China cashing out as mobile payment soars Television Hong Kong (RTHK). Hong Kong’s economy is rebounding after growing 1.9 Beijing has some analysts forecasting it Beijing it is hard to find a prod- percent in 2016, compared AFP could be the first to stop. uct or a service that cannot be with average annual expan- The gross merchandise value purchased with a mobile. sion of 2.9 percent over the ang Qianqian holds out her of third party mobile payment At the fresh produce market, past 10 years. The city’s smartphone to scan a bar- rose more than 200 percent to stallholders display barcodes on growth rate beat analyst Ycode on the mobile of a about $5.6 trillion in 2016 from tables laden with fruit and veg- expectations in the first quar- vendor selling fresh fruit and a year earlier, according to etables for customers to scan. ter as retail sales recovered vegetables at a bustling outdoor China-based iResearch. Some in the cap- and property prices reached market in Beijing. The growth of the cash-free ital no longer accept bank notes records. There are still down- The dance student is part of system has been supported by while it is common for motor- side risks remaining for the an explosion in the use of mobile China’s rapidly expanding bike taxis, street food carts and city, including uncertainty payment platforms in China as e-commerce market as Chinese hair salons to offer mobile surrounding US trade policies consumers increasingly take out shoppers increasingly shun payment. and capital flows amid rising phones instead of cash to pay for bricks and mortar stores. Mobile accounted for eight Federal Reserve interest rates, everything from a coffee to a lan- According to estimates Chi- A woman making purchases by scanning QR codes using her percent of the total value of retail Chan said. guage class or a gas bill. na’s mobile payment market is smartphone at a fruit stall in a market in Beijing payments in 2015 and is The government is capa- China was the first country already 40-50 times larger than expected to reach 12 percent in ble of providing at least in the world to use paper money the United States. Alipay, started Ant Financial, and WeChat Pay, hundreds of millions of users 2020, according to a report pub- 18,000 private housing units but centuries later the soaring by e-commerce giant Alibaba which is built into Tencent’s pop- between them and are China’s lished in April by UN-backed in the fiscal year ending popularity of mobile payment and now owned by its affiliate ular messaging service, have dominant payment platforms. In Better Than Cash Alliance. March 2018, Chan said. 20 BUSINESS MONDAY 24 JULY 2017

QATAR STOCK EXCHANGE

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES EXCHANGE RATE 23-07-2017 Currency Buying Selling Index Day’s Close Pt Chg % Chg Year High Year Low QE Index 9,499.75 0.45 % Index 9,499.75 US$ QR 3.6305 QR 3.6500 QE Total Return Index 15,930.51 0.45 % Change 42.53 All Ordinaries 5800.757 -7.913 -0.14 5983.2 5635.1 UK QR 4.7288 QR 4.7956 % 0.45 QE Al Rayan Islamic Index 3,767.73 0.66 % Cac 40 Index/D 5242.62 7.31 0.14 5442.1 4733.82 Euro QR 4.1521 QR 4.2487 YTD% 8.98 QE All Share Index 2,702.96 0.50 % CA$ QR 2.8582 QR 2.9277 Volume 7,307,007 Dj Indu Average 21637.74 84.65 0.39 21580.79 19677.94 QE All Share Banks & Swiss Fr QR 3.7705 QR 3.8659 Value (QAR) 194,648,503.12 Financial Services 2,906.84 0.85 % Hang Seng Inde/D 26470.58 81.35 0.31 26416.68 21883.82 Trades 2,671 Yen QR 0.03207 QR 0.03297 QE All Share Industrials 2,924.28 0.04 % Up 13 | Down 22 | Unchanged 01 Iseq Overall/D 6910.82 17.35 0.25 7157.43 6369.05 Aus$ QR 2.8571 QR 2.9340 QE All Share Transportation 2,062.63 0.25 % 20-07-2017 Kse 100 Inx/D 44523.21 185.77 0.42 53127.24 43027.15 Ind Re QR 0.0558 QR 0.05711 QE All Share Real Estate 2,064.58 0.67 % Pak Re QR 0.0348 QR 0.0347 Index 9,542.28 S&P 500 Index/D 0 0 0 2463.54 2245.13 QE All Share Insurance 4,200.61 0.00 % Change 39.92 Peso QR 0.0705 QR 0.0726 QE All Share Telecoms 1,175.03 0.49 % % 0.42 SL Re QR 0.0236 QR 0.0239 GOLD AND SILVER QE All Share Consumer YTD% 8.57 Taka QR 0.0445 QR 0.0455 Volume 11,458,240 Goods & Services 5,543.16 0.63 % GOLD QR144.7677 per gramme Nep Re QR 0.0351 QR 0.0357 Value (QAR) 283,103,834.67 SA Rand QR 0.2769 QR 0.2932 Trades 4,162 SILVER QR1.8954 per gramme

Global brands battle Mexico eyes at Amlak boosts Dubai’s multiple rounds for Russia’s far-flung regions of NAFTA talks stock market Dubai to buy stocks on a net basis while “Russian” with 13 toppings to add 40 outlets this year, ven- Mexico City Reuters Gulf investors cut their holdings Reuters including potato, beef, pork, turing as far as Krasnodar, Reuters further. Last week, the Qatari bacon, mushrooms, pepperoni 1,200km south of Moscow. slamic finance firm Amlak index rebounded to within 4 per- lobal pizza brands and cheese to help ward off the Domino’s closest rival is not here could be between helped to boost Dubai’s cent of its close on June 4, just Domino’s and Papa cold. standing idle. The Russian fran- six to nine rounds of Istock market yesterday.The before Saudi Arabia and three John’s are preparing But Domino’s Pizza’s Russian chise of US chain Papa John’s Tnegotiations between Dubai index added 0.6 percent other Arab countries cut diplo- an assault on Rus- franchisee, DP Eurasia , believes International Inc, the fourth big- the United States, Canada and as Amlak surged 3.6 percent to matic and transport ties with sia’s provinces, the time is now right to expand gest player in the country in 2016, Mexico in the event a quick 1.16 dirhams, closing above its Doha. Gbetting they can turn a profit far beyond Moscow, where sales at sees room for 60-80 store open- deal is reached on a revamp 200-day average for the first The banks which led last from Moscow as online card the 76 outlets it had at the end of ings each year over the next five of the North American Trade time since January, though it week’s rally stalled yesterday, payments become more wide- March are far outstripping years. Agreement, Mexican Econ- came far off its intra-day high with Qatar National Bank falling spread and consumers get to growth in its main market “We still see potential in Mos- omy Minister Ildefonso of 1.24 dirhams. It was the mar- 1.3 percent. Gulf Warehousing know foreign brands better. Turkey. cow. I think we could open a Guajardo said. ket’s most active stock; on dropped 1.8 percent after report- While stay-at-home Musco- “The company has done its further 40-50 stores there, but Guajardo told reporters in Thursday, Amlak had soared ing a year-on-year rise of only 4 vites can order an array of own research and realised that we are also embarking on an Mexico City that the NAFTA 14.3 percent. percent in first-half net profit. international pizza brands from there’s almost no quality pizza in aggressive expansion to small members were looking at Traders attributed the rise to But drilling rig provider Gulf to Domino’s to Papa the regions, which gives us enor- towns,” Christopher Wynne, the avoiding gaps of more than last week’s announcement by International Services , the most John’s, regional cities such as mous ground for development,” chief executive of Papa John’s three weeks between negoti- real estate developer DAMAC active stock, rose 1.2 percent. Rostov-on-Don and Nizhny said DP Eurasia’s head of Rus- franchisee, told Reuters. ating rounds with a view to that it was partnering with Amlak Beaten down to multi-year lows Novgorod are still chiefly the pre- sian development Elena Ivanova. Another US brand Sbarro was making quick progress. to sell second homes to custom- by slumping oil and gas prices, it serve of small local chains. Like-for-like sales in Russia have the market leader with a 4 per- “If we calculate the times ers. However, the partners gave has been in an uptrend for the Multiple challenges have kept risen 30.1 percent this year up to cent market share in 2016, toward the end of the year, no financial details, and many past three weeks, partly because global fast food brands wedded May 21, whereas the comparable according to Euromonitor, fol- we’re saying that this would investors piled into the stock just of plans announced by Qatar to to major Russian cities, includ- figure for Turkey was 6.3 percent lowed by DoDo Pizza, a Russian give us a universe of rounds because it had momentum. boost its gas production ing patchy transport links, growth. Domino’s was Russia’s chain with a presence in former that could be between six and DAMAC rose 1.8 percent capacity. bureaucratic delays, finding an third-largest pizza chain last year Soviet states as well as China and nine rounds,” Guajardo said. yesterday. Saudi Arabia’s index was army of chefs who can maintain yet its share of the fragmented the United States. Reuters this week reported Abu Dhabi’s index fell 0.4 almost flat in thin trade. Alinma quality, as well as the sheer cost market stood at less than 2 per- Sbarro’s Russian franchise the three countries had agreed percent as Abu Dhabi Commer- Bank, the most active stock, rose of shipping often perishable cent, according to Euromonitor had 88 stores last year, including an aggressive timetable to bro- cial Bank dropped 1.2 percent. It strongly for a third straight day ingredients across a vast coun- International. in provincial cities. However, it ker a deal on NAFTA in order reported a 10.4 percent fall in after reporting better-than- try that spans 11 time zones. Guvenc Donmez, DP Eura- was hit by a Russian food import to avoid politicizing Mexico’s second-quarter net profit to expected second-quarter Western fast food chains sia’s Russian head, said he saw ban and a drop in the rouble as presidential election in July AED1.01bn ($275.2m); three ana- earnings last week; it added 3.1 have also had to adapt menus to room for 1,500 Domino’s outlets Sbarro refused to let it replace 2018, forecasting rounds held lysts polled by Reuters had on percent. Arabian Shield Coop- suit Russian palates better, once in the longer term. imports with local products and at three-week intervals. The average forecast AED .11bn. erative Insurance surged 1.2 the allure of new foreign tastes For now, the company is the franchising agreement was first round of talks on renego- Qatar declined 0.5 percent percent after reporting second- has worn off. One of Domino’s using part of the $192m it raised terminated, Russia’s RBC daily tiating NAFTA is due to begin as exchange data showed non- quarter net profit more than best-selling is the listing shares in London in June has reported. in Washington on August 16 Arab foreign investors continuing doubled.