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Thursday, October 25, 2018 Safar 16, 1440 AH TURKISH FESTIVAL: Page 16 GULF TIMES Turkey posts 100% growth in exports to BUSINESS Qatar, says envoy

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700 startups to attend entrepreneurial matchmaking event

By Peter Alagos Business Reporter

he Centre for Entrepreneurship (CFE) of the College of Business and Economics at Qatar University, in collaboration with Qatar Business Tand Incubation Centre (QBIC) and Qatar Development Bank (QDB), is launching the third edition of ‘Startup!’, an entrepreneurial matchmaking event slated in Doha on October 29. Close to 700 startups, entrepreneurs, local partners, and other attendees have signed up for the event, which will be held from 5pm to 7.30pm at the St Regis Hotel, organisers said. The event consists of fi ve-minute pitching sessions and negotiation mod- ules. After the pitches, there will be a networking session to allow these vari- An aerial view of Qapco’s facilities in Mesaieed (file). IQ – the holding entity of Qatar Petrochemicals, Qatar Fertiliser and Qatar Steel – has reported earnings-per-share of ous groups of people to interact and fi nd potential collaborators. QR6.32 at the end of September 30, 2018. Last year, startups received “great attention” from the investors and people looking for employment opportunities. The networking session at ‘Startup!’ also served as a platform to match entrepreneurs from diff erent groups of people. Dr Khalid al-Abdulqader, dean of the College of Business and Economics, said the event encourages students and startups to thrive and grow, while enhance their skills and knowledge about entrepreneurship and business de- velopment in Qatar. He also pointed out the importance of providing innovative mechanisms to facilitate the necessary funding needs for startups, especially in the early IQ nine-month profi t stages by approaching the largest number of investors in one pool. CFE director Dr Mahmoud Abdullatif said the development of practical aspects and skills of entrepreneurship for startups plays a key role in the event. He said ‘Startup!’ focuses on the hand-on skills of entrepreneurship for all students who are interested in entrepreneurship and willing to estab- lish new projects. Abdullatif said Qatar has an advanced business environment and is full of jumps 62% to QR3.8bn innovative and youthful ideas that should be refl ected in the growth of new startups. He said ‘Startup!’ brings together all angel investors, funders, star- mproved prices and sales volumes eff orts towards optimising operations same period of 2017. Polyethylene pric- to the increase in the steel prices. Rev- tups, students, and individuals looking for employment opportunities. across the group entities helped and costs. es have started to stabilise and grow enue stood at QR4.6bn, signifi cantly up QBIC CEO Aysha al-Mudahka said, “QBIC is proud to be partnering with Imarket heavyweight Industries The year-on-year moderate im- while fuel additive prices have im- 44% on last year. The revenue growth is Qatar University – one of the fi nest educational institutions in the Middle Qatar (IQ) report a 62% year-on-year provement of sales volumes was par- proved notably compared to last year. largely attributable to a moderate im- East – as we strive towards identifying and developing local talents. surge in net profi t to QR3.8bn in Janu- tially due to higher polyethylene pro- The stability of crude oil prices provement in sales volumes due to the “At QBIC, we pride ourselves in being driven and determined to continu- ary-September this year, exceeding the duction, as the polyethylene facilities has supported both polyethylene and change of sales mix, marketing strategy ously work with local partners to contribute to the growth of the entrepre- group’s budget expectations for 2018. were on an extended unplanned shut- fuel additive prices to remain strong and increased selling prices, according neurial ecosystem in Qatar – a responsibility we all share.” The company – the holding entity of down during the fi rst nine months of throughout the current year, an IQ to the spokesman. She added: “Events like this provide the ideal networking environment for Qatar Petrochemicals, Qatar Fertiliser 2017 (specifi cally during the fi rst quar- spokesman said, adding fertiliser prices Strong liquidity position led the local startups seeking talent, investors searching for promising startups, and and Qatar Steel – has reported earn- ter of 2017). have shown a modest rise driven by a company’s total cash across the group promising talents wanting to be part of the next success story. The opportu- ings-per-share of QR6.32 at the end of Additionally, stable global demand tightening in global supplies, and a gen- to reach QR12.1bn and total debt of only nities are out there, and we’ll continue through special partnerships such as September 30, 2018. has aided the group’s fertiliser segment eral recovery in demand. QR0.2bn at the end of September 30, this one to help local entrepreneurs grasp them.” This improved performance in prof- to maintain its sales volumes, while the Steel prices continue to remain ro- 2018. CFE Business Incubator manager Juha Peralampi said the centre is intro- itability was driven by a combination sales of steel products improved due to bust with prices in the current year has Total assets were valued at QR35.97bn ducing two new features into the mix – Qatari partners and also small-scale of factors including increased product the change of geographical mix and the steadily risen. The increase in raw ma- comprising current assets of QR12.56bn investors (up to QR100,000) and matchmaking these groups with local and prices, a moderate growth in sales vol- steel marketing strategy. terials and other related costs, resur- and non-current assets of QR23.41bn at global startups. “One of our aims is to increase the business angels’ culture in umes, effi ciently managed operating Product prices across most segments gence of demand in some geographies the end of nine-month ended Septem- the wealthiest state in the world. The business angels’ network in this region assets base and the group’s continuous have moderately increased versus the were the key factors that contributed ber 30, 2018. is still being developed and so far not been fully tapped on,” Peralampi said. AZF, QFC join hands to attract multinationals to sports business

MoU to see Qatar Financial able businesses and startups and many opportunities and sizeable Center and Aspire Zone facilitate the commercialisation potential for investments that Foundation collaborate of sports-related products and we wish to fully utilise through on setting up Qatar Sports services by off ering unique incen- this collaborative partnership,” Business District tives and service packages, which al-Jaida said. include QFC designated locations By attracting local and interna- in the SBD. tional businesses in sports, he With Doha’s sports sector ex- The move comes in the backdrop said QFC’s mandate continues to pected to reach $20bn by 2023, of Qatar’s sports sector expected focus on boosting foreign direct Aspire Zone Foundation (AZF) to reach $20bn by 2023. This investment (FDI) into the country, and Qatar Financial Center (QFC) growth comes as momentum thereby supporting its progress are together establishing Qatar continues to build in the lead up towards self-suff iciency. Sports Business District (QSBD) to the 2022 FIFA World Cup and The QFC – which is an onshore to attract large sports-related beyond, as the country outlines a business and financial centre, multinationals and promote sus- $200bn investment programme providing a platform for regulated tainable businesses to facilitate to develop world-class facilities and non-regulated firms to do the commercialisation of sports- and services. business in Qatar and in the Mid- related products and services. Although Doha’s sports business dle East and North Africa region – A memorandum of understand- development sector has seen a is eyeing to triple the assets (FDI) ing (MoU) was signed by Yousuf “significant” growth in the past to more than QR200bn. Mohamed al-Jaida, chief execu- few years, entrepreneurs and “The establishment of the new tive, QFC Authority and Mohamed investors are facing several chal- QSBD is another example of Khalifa al-Suwaidi, chief executive lenges to start-up development. AZF’s significant contribution to of AZF, to set up QSBD, which is This collaboration between AZF help diversify Qatar’s economy aimed at creating a premier sports and the QFC will orchestrate and transform the country into a business cluster in the country eff orts aimed at attracting large favourable business destination and the wider Middle East. sports-related multinational for multiple sports related indus- The MoU will see the QFC and AZF corporations and promote the tries. This collaboration with QFC collaborate on numerous initia- setup of sustainable businesses will see the creation of a sports tives aimed at developing and to facilitate the commercialisation business cluster, the first-of- promoting this industry, as well of sports-related products and its-kind in Qatar and the wider as an all-inclusive sports business services in Qatar. region, combining renowned district (SBD). Its goal is to attract “The estimated size of the global local and international brands large sports-related multination- sports industry surpassed the $1tn and under one roof,” according to Al-Jaida and al-Suwaidi after signing the pact to establish Qatar Sports Business District. The country’s sports sector is expected to reach $20bn als, promote the setup of sustain- mark in 2017, so there are clearly al-Suwaidi. by 2023. Gulf Times 2 Thursday, October 25, 2018 BUSINESS Saudi conference loses sheen amid Khashoggi outcry

AFP It especially paled in comparison to anchors such as Fox News’s Maria The conference was largely filled with Riyadh last year’s inaugural FII, where Prince Bartiromo — who moderated a panel with delegates from Arab nations, many Mohammed dazzled investors with plans Prince Mohammed last year — notably from Saudi Arabia itself, and most of the for the $500-bn mega city NEOM billed absent. Westerners present sought to maintain a Delegates swooned as a band belted as a regional Silicon Valley, and a talking Organisers frequently changed the low profile and some appeared unwilling out Hotel California on the sidelines of a robot named Sophia was declared a agenda of the event in a sign speakers to even share their business cards with Saudi investment forum, with organisers Saudi citizen. were dropping out. journalists. projecting it as business as usual despite The forum was billed as an economic They scrambled yesterday to replace But Saudi off icials heaped praise on mass cancellations from global CEOs coming-out party after the prince, a the political no-shows with figures from Western business heads such as the CEO over critic Jamal Khashoggi’s murder. self-styled reformer, won global plaudits regional allies, with Lebanese prime of French energy giant Total, Patrick Multi-billion dollar “mega deals” were for ending a decades-long ban on minister-designate Saad Hariri and the Pouyanne, for standing by Saudi Arabia in declared and sumptuous buff et spreads women drivers and his ambitious plans presidents of Senegal and Gabon listed as this diff icult period. laid out at the Future Investment Initiative to modernise the ultraconservative headliners. Khashoggi’s murder has plunged the in Riyadh, while delegates rushed to take kingdom. Saudi off icials were still eager to project kingdom into what observers call an selfies with Crown Prince Mohammed bin But the star attractions of last year the kingdom’s economic ambitions, with acute public relations crisis. Salman, who received a standing ovation. were missing as the event opened on a Lucid electric car displayed outside the The companies doing business with But the flagship three-day conference Tuesday with British billionaire Richard lunch venue and each delegate receiving Saudi Arabia would have to “find a that seeks to project the oil-rich kingdom Branson, SoftBank chief Masayoshi Son a bulky hardcover book titled “A blueprint balance between maintaining a good PR People walk past a sign of the Future Investment Initiative in the Saudi as a lucrative business destination and Siemens chief executive Joe Kaeser for the 22nd century”. image and their business considerations”, capital Riyadh yesterday. The three-day conference that seeks to project appeared to largely be a subdued aff air among dozens of global business titans At a gala dinner reception on Tuesday, said Tony Chan, president of Saudi the oil-rich kingdom as a lucrative business destination appeared to after the Khashoggi murder pushed the who shunned the event. Chico Bouchikhi, one of the founders of Arabia’s King Abdullah University of largely be a subdued aff air after the Khashoggi murder pushed the world’s top oil exporter into one of its The brightly lit booths of Western media the Gipsy Kings, regaled participants with Science and Technology, who attended world’s top oil exporter into one of its worst crises. worst crises. outlets were gone, with star television hit songs such as Hotel California. the forum.

Under Khashoggi Lockheed’s $15bn Saudi shadow, Saudis struggle to put best face on Thaad deal seen at risk business summit Bloomberg Washington Bloomberg Riyadh ockheed Martin Corp’s potential $15bn sale to Saudi Arabia of its Thaad air- Ldefence system may be the unfi nished lobal business leaders may have stayed away, deal most vulnerable to growing congres- but Saudi Arabia’s fl agship investment confer- sional demands to stop providing arms to Gence started on Tuesday. And even as attend- the desert kingdom after the killing of critic ees squeezed in to watch speeches, they checked their Jamal Khashoggi. phones for news about Jamal Khashoggi’s death. It also underscores that the $110bn pack- As the Future Investment Initiative began at Riyadh’s age of arms sales that President Donald Ritz-Carlton hotel, an hour-long traffi c jam snarled ve- Trump announced on his visit to the Gulf hicles in the last few blocks before the venue. nation last year – and has vowed to protect While some sessions stayed packed over the course of despite Khashoggi’s death – was always as- the day, others were sparsely attended. Late afternoon pirational at best. saw the arrival of Mohammed bin Salman, the 33-year- “That number is not analytically helpful, old crown prince whose leadership of the desert kingdom that number is politically helpful,” said Jon has become a lightning rod for international criticism. Alterman, director of the Middle East pro- The second-ever FII was planned to be the stage for gramme at the Center for Strategic and In- showcasing new ventures and unveiling billion-dollar ternational Studies in Washington. “It’s not contracts in front of the world’s business elite, but the close to $110bn in hardware, and it doesn’t go killing of Khashoggi, the Washington Post columnist this year or next year.” and critic of the government, prompted dozens of fi - The pending Saudi deals for arms, logistics nance and business leaders to withdraw. After two weeks and training includes sales started during of denials, the kingdom acknowledged on Saturday that President Barack Obama’s administration. Khashoggi was killed inside its consulate in Istanbul. Only $14.5bn of that involves signed “letters of off er and acceptance” that spell out fi nal Amid the controversy, some businessmen and terms and prices, according to the Pentagon. state offi cials were concerned about being seen The sale of Lockheed’s Terminal High- with journalists. One offi cial told a reporter that Altitude Area Defense system remains under it would be best to speak next week negotiation a year after it was initially ap- The logo of Lockheed Martin is seen at the Euronaval defence exhibition in Le Bourget near Paris on Tuesday. The sale of Lockheed’s Terminal proved by Congress. US offi cials and con- High-Altitude Area Defense system to Saudi Arabia remains under negotiation a year after it was initially approved by Congress. Saudi Energy Minister Khalid al-Falih didn’t shy away gressional aides said that although Congress from addressing the writer’s death. Addressing the con- approved the potential Thaad sale early last The sentiment was refl ected in a bipar- “This is a defensive weapons system which The proposed package includes a $3.5bn ference ahead of an energy panel, he called the matter November, the letter of off er and acceptance tisan bill introduced on Tuesday by Demo- is in no way implicated in any human rights discount that the Saudis won from the Pen- a crisis for the country. “From the leadership on down, agreed to in February hasn’t yet been signed cratic Representative James McGovern to violation, and will form the bedrock of the tagon in 2016, under the Obama adminis- we’re very upset about what has happened, and of course and remains under negotiations. immediately stop all military sales to Saudi Saudi air defences for at least two genera- tration. The price break was approved after the king has made it clear that there will be an investiga- Bruce Tanner, chief fi nancial offi cer for Arabia, an even tougher approach than the tions to come,” he said. “If this sale is de- the Saudis contended the sale could be lost tion, justice and retribution,” he said. Lockheed, the biggest US defence contrac- bill he proposed just last week to tie such nied or delayed, the Saudis can be expected without it. It came in the form of two waiv- Amid the controversy, some businessmen and state of- tor, told analysts on the company’s quarterly deals to a US determination of the Saudi gov- to question the relationship and seek alter- ers from a US law requiring foreign purchas- fi cials were concerned about being seen with journalists. earnings call on Tuesday that the Thaad deal ernment’s role in the killing. nate suppliers – most probably the Russian ers of American weapons to pay part of the One government offi cial told a reporter that it would be with the Saudis is “the largest order we’ve “With the murder of Jamal Khashoggi, it’s S-400,” he said of Russia’s most advanced Defense Department’s costs in developing best to speak next week. Another changed the topic to been waiting on” that “has not taken place time for the US to halt all weapons sales and air defence system. them. talk about the conference’s agenda. yet.” He said the Bethesda, Maryland-based military aid to Saudi Arabia,” the Massachu- The US has voiced strong opposition to But a year later, even with the discount, Many of the Western attendees were expats living company is “not sure when that will take setts lawmaker said in a statement. plans by Nato ally Turkey – Saudi Arabia’s the Thaad sale lingers, unfi nished. in the Gulf, rather than visitors. The crowd was more place.” Trump told reporters on Tuesday that “in prime accuser in the Khashoggi case – to buy “It’s not clear that the Saudis have ever Saudi and Emirati than last year, when the Crown Prince In any case, Tanner said, “we would not terms of what we ultimately do I’m going the Russian weapon. been serious about Thaad. They have been unveiled plans for a robot-staff ed Red Sea city and ex- have signifi cant sales in the near-term” in to leave it very much – in conjunction with Under the deal outlined during Trump’s considering it for years,” Bruce Riedel, sen- ecutives of the kingdom’s Public Investment Fund min- part because he understood the Thaad sys- me – up to Congress” although he continued visit to Riyadh last year, Saudi Arabia re- ior fellow at the Brookings Institution, a CIA gled with Wall Street fi gures like Larry Fink and Steve tem for Saudi Arabia wouldn’t possess an to say it would be “foolish” to impede arms quested a potential purchase of 44 launch- veteran and Middle East adviser on the Na- Schwarzman. (Fink and Schwarzman both pulled out of initial combat capability until 2023. deals or investment fl ows. ers, 360 missiles, 16 Fire Control and Com- tional Security Council, said in an e-mail. this year’s event.) Now the Thaad sale may be caught up in Although the McGovern legislation would munications Mobile Tactical Stations, and “The US has much more leverage than The only US bank CEO to attend was Ken Moelis of the growing congressional backlash against cover all arms transfers, “militarily, denying seven Raytheon Co AN/TPY-2 radars. The Saudi Arabia,” he said. “Without American Moelis & Co, and the lobby was devoid of last year’s the Saudis – and especially Crown Prince or delaying Thaad to the Saudis seems to be package also includes maintenance equip- support the Saudi military would be inop- robots. Instead, outside the buff et launch, attendees Mohammed bin Salman for his suspected counterproductive,” David Des Roches, as- ment, 43 trucks, generators, electrical power erative. If Washington wants answers from gawked at a sleek electric car from Lucid Motors Inc The responsibility in the death of journalist sociate professor at the Near East South Asia units, trailers, communications equipment, Riyadh” about Khashoggi’s death, “squeeze PIF signed an agreement to invest more than $1bn in Khashoggi inside his country’s consulate in Center for Strategic Studies at the National tools, test and maintenance equipment and the spare parts and maintenance lifeline,” he the Silicon Valley startup in September – months after Istanbul. Defense University, said in an e-mail. spare parts. said. building a stake in Elon Musk’s Tesla Inc.

US senator asks McKinsey to provide information on work for Saudi

Bloomberg Warren said that after the killing of Saudi government used information New York Jamal Khashoggi, a Saudi journalist prepared by the firm to crack down on and critic of the Riyadh government, multiple critics of the regime, whether and apparent eff orts to cover up the McKinsey should have reasonably Senator Elizabeth Warren is urging crime, “it is important for McKinsey known that an authoritarian regime McKinsey & Co to be transparent about to be transparent about its consulting would use such information to repress its relationship with Saudi Arabia and services used by the Saudi government dissidents, and whether the firm should its consulting services that she said and how these services may have reconsider the consulting services it may have enabled the kingdom to enabled the kingdom to limit dissent.” currently provides at the direction, or crack down on dissent. In her letter to Sneader, Warren laid for the benefit, of the kingdom,” Warren “I am concerned that McKinsey’s report out 13 questions she wanted answered. added in the letter. on public perception may have been Those included explaining the rationale McKinsey said in a statement last weaponised by the Saudi government behind preparing the report, who had Saturday that the Saudi report was to crush criticism of the kingdom’s access to it, and which Saudi off icials intended largely for the company’s use. policies, regardless of McKinsey’s obtained the report. She also asked for It added that it was “horrified” that the intended purpose for the information,” details about McKinsey’s evaluation report may have been misused. Warren, a Massachusetts Democrat, process for working with foreign McKinsey added in the weekend wrote in a letter to Kevin Sneader, a governments. statement that firm “has not and never McKinsey global managing partner. She also requested “a full and would engage in any work that seeks The letter was sent in the wake of unredacted copy of this report,” to target individuals based on their a New York Times article that said communications related to it, and a list views.” McKinsey had prepared a nine-page of all McKinsey contracts “with or for Warren requested a response from report in 2015 on reaction within the the benefit of the Saudi government or McKinsey by November 7. kingdom to government austerity entities aff iliated with the government.” Other companies are trying to navigate measures, which included traff ic “We have received and are reviewing their relationship with the Saudis in the on social media. Some people who the senator’s letter,” McKinsey said in a wake of the international outcry over were thought to be driving negative statement late on Tuesday. Khashoggi’s killing. Several firms have Women walk on a street in Riyadh (file). McKinsey reportedly had prepared a nine-page report in 2015 on reaction within comments were later arrested or “The reported circumstances pulled out of the Future Investment the kingdom to government austerity measures, which included traff ic on social media. Some people who were thought to had their online accounts shut down, surrounding the 2015 report raise Initiative conference taking place in be driving negative comments were later arrested or had their online accounts shut down, according to a New York Times according to the Times article. serious questions about whether the Riyadh this week. article. Gulf Times Thursday, October 25, 2018 3 BUSINESS

Mboweni warns of Crypto bulls want lawmen tough choices as S Africa debt climbs to legitimise wild market Bloomberg Johannesburg Bloomberg are subject to federal securities rules. London More enthusiastic jurisdictions in- clude Switzerland, which has encour- ito Mboweni’s appoint- aged the creation of “crypto valley” ment as South Africa’s fi - fter the crypto crash, the indus- in the canton of Zug. The Swiss have Tnance minister two weeks try wants governments to confer extended regulatory recognition to ago appeased investors, but his Alegitimacy on digital currencies former UBS Group banker Jan Brzezek fi rst mid-term budget showed whose enthusiasts originally boasted of and a unit of his crypto startup, putting the nation’s debt burden is heav- being outside the system. For some op- him on an equal standing as a fund ier than they previously thought. erators, the alternative could be bleak. manager to his counterparts in tra- Government debt will peak Regulators largely ignored digital ditional assets. Brzezek, though, says two years later, and higher, than assets after Bitcoin was introduced a crypto needs to spread quickly to the previously forecast, the fi scal decade ago, but last year’s 1,400% rally fi nancial industry’s established players. gap will widen further and state made them pay attention, with reac- “If you come from institutional fi - revenue will continue to under- tions in diff erent jurisdictions ranging nance, there is no way you would ever shoot, according to estimates for from courtship of a nascent industry to trade with or store your cryptos or your the next three years that Mbo- outright hostility. However, this year, clients’ with a small startup, because of weni presented to lawmakers in some digital currencies have plunged as the counterparty risk,” said Brzezek, co- Cape Town yesterday. The rand much as 90%. founder of Zug-based Crypto Finance. and bonds plunged. A growing crowd of crypto entrepre- In Asia, Hong Kong regulators re- The nation’s fi fth fi nance neurs from San Francisco to Singapore cently said they’re considering ex- minister in less than three years, say the market, estimated at $200bn, perimenting with diff erent approaches Mboweni, 59, must boost in- must shed its image as a lawless under- to crypto. Japan has welcomed dig- vestor confi dence and growth world and become a regulated asset class, ital currencies, but China has issued an in Africa’s most-industrialised like stocks and bonds, for professional outright ban on exchanges and initial economy after almost nine years investors. To become a staple for pension coin off erings. In between is Singapore, of economic mismanagement funds and asset managers, the industry where regulators said this month that under former President Jacob will need to be regulated, a future that they’re willing to help cryptocurrency Zuma. Cyril Ramaphosa, who many in the market are lobbying for. Regulators largely ignored digital assets aft er Bitcoin was introduced a decade ago, but last year’s 1,400% fi rms set up local bank accounts, but succeeded Zuma in February, “The most powerful force to reverse rally made them pay attention, with reactions in diff erent jurisdictions ranging from courtship of a nascent don’t plan to loosen rules to lure more has pledged to lure $100bn to the such negative sentiment would be mar- industry to outright hostility startups. country in the next fi ve years and ket regulation,” said Daniel Santos, a A big name who is betting that will host an investment summit former Standard Chartered Plc banker who urges a focus on consumer protec- ibility,” Nwosu said. That will “make step in shows just how immature the crypto is ready for regulatory prime in Johannesburg from Thursday. who’s starting a Singapore-based rat- tion, anti-money laundering and risk other people that don’t necessarily crash-chastened market still is, said time is former hedge funder Michael “We must choose a path that ings company for digital assets. “If the management. His fi rm, which holds have the resources to do due diligence Kyle Asman, co-founder of crypto ad- Novogratz, who says big institutional stabilises and reduces the na- crypto market is ever to establish itself about 60% of the currency XRP, is on crypto, and have read some negative visory fi rm BX3 Capital. money could turn the crypto price tional debt,” Mboweni said in his as a credible alternative asset class, it among those lobbying US lawmakers. headlines, say ‘if it’s OK for these guys, “If you heard someone from a bank drop around, possibly in the fi rst half mid-term budget speech. “We will need a set of rules that will weed out “Regulation is in fact a betrayal of maybe it’s OK for me.’” asking for more regulation, you would of 2019. Most digital asset fi rms are cannot continue to borrow at this fraudulent activity and encourage stable the origins of Bitcoin, which was built While he has yet to persuade the think you were reading a headline from already operating to standards equiva- rate. We must choose to reduce growth, which should attract the deep around anonymity and skirting govern- FCA, Nwosu said he’s encouraged by The Onion,” said New York-based Asman, lent to those in stock or currency mar- the structural defi cit, especially pockets of institutional investors.” ment oversight,” said Zagone, the digital UK policy makers’ recent statements. referring to the satirical news website. kets, while waiting for greater clarity the consistently high growth in Santos’s company, Digital Asset Rat- money transfer company’s director of Chancellor of the Exchequer Philip “But people don’t have confi dence that from regulators, he said last week on the real public-service wage bill.” ing Agency, aims to assuage fund man- regulatory relations. “This philosophy is Hammond said earlier this month that crypto markets are not manipulated.” Bloomberg Television. The rand erased an earlier agers leery of investing in so-called unrealistic and immature.” he wants Britain to lead global eff orts to New York’s attorney general warned Some observers with experience of gain, weakening as much as 1.9% utility and security tokens by grading An established crypto player who design a regulatory approach to crypto last month that the industry has largely the compliance world are taking a jaded against the dollar after Mboweni issuers’ business models, management says regulation can’t come soon enough assets and distributed ledger technol- failed to adopt serious measures to de- view of the rush to be regulated. Au- started speaking, while the yield and compliance. is Obi Nwosu, who plans to cut jobs at ogy. In the meantime, Coinfl oor this tect suspicious trading. US authorities thorities should look fi rst to see how on the 2026 local-currency bond The idea of a version of S&P or the London Bitcoin exchange he runs - month won approval to operate in the have taken a hard line on market ma- existing rules protecting investors can jumped 19 basis points to 9.24%. Moody’s stamping their approval on Coinfl oor, which says it’s the UK’s old- British overseas territory of Gibraltar, nipulation, with the Justice Depart- apply, rather than creating an untested The Treasury more than digital assets shows how far crypto has est. He has been asking the Financial an off shore hub that has sought crypto ment opening a probe into suspected il- new framework from scratch as some halved its economic growth come from the anarchic days of the Conduct Authority to regulate Coinfl oor fi rms. That could facilitate business legal practices. One piece of good news crypto professionals might prefer, said forecast for 2018 to 0.7% after original die-hards. But those ideologi- and the broader industry since 2013. with institutions that are prohibited for crypto bulls came from the Securi- Eoin O’Shea, a former compliance chief the economy plunged into a re- cal days are over, says Ryan Zagone of “Institutional players bring large from trading with unregulated entities. ties and Exchange Commission, which at Credit Suisse Group AG who now cession in the fi rst half of the San Francisco-based Ripple Labs Inc, volumes as well as liquidity and cred- The clamour for big government to has said neither Bitcoin nor Ethereum runs Temple Grange Partners. year. Gross domestic product hasn’t expanded at more than 2% annually since 2013 and un- employment is at 27%. “Government needs to take some diffi cult decisions to get Want yellow peas, fake milk? New-age traders are seeking you out the economy on a higher growth path and to encourage job crea- tion,” Mboweni said. Bloomberg cifi c types of feed or crops,” said Indigo Cargill off ers an organic, non-GMO pea already aggregated potential buyers in meet their specifi c needs, said CEO Moody’s Investors Service, Chicago Chief Executive Offi cer David Perry. “It protein that’s used in baking, snacks China, India, Brazil and Argentina, he Karla Klinger. “It’s really about know- the only one of three major rat- opens up the market for technology to and beverages, according to April Nel- said. ing your buyer,” she said. ings companies that still assesses improve quality or sustainability.” Mil- son, a spokeswoman. Other business models are also New normal: For farmers, premi- South Africa’s debt at investment ellow peas, fake milk and soy- lennials, in particular, are throwing Meanwhile, ADM’s speciality crops working to achieve what’s being re- ums paid for growing consignment grade, said last month it wants to beans with diff ering colours, their dollars toward food that they feel includes chickpeas, high- oleic soy- ferred to in the industry as “decom- crops might be the incentive to focus see government debt stabilising. Ytaste and consistency. These is both good for them, and for society in beans and yellow peas, among others, moditisation.” Farmers Business Net- not on quantity, which leads to com- This will now only happen in emerging foods and others are spur- general. according to spokeswoman Jackie An- work Inc is one. modity production, but on quality or 2024, at almost 60% of gross do- ring a wave of new startups seeking to Traditional food companies are derson. “We are able to leverage our Sharing data: The network, which method. This is already becoming a mestic product, and not at 56% change how crops are sold in a world of struggling to source ingredients with large asset network to meet the speci- shares data among farmers with 26mn new normal, said Stephen Nicholson, in 2022 that was forecast in Feb- rapidly shifting consumer tastes. specifi c qualities that appeal to younger ality ingredient needs of our custom- acres in North America, hasn’t estab- a St Louis-based senior grains and ruary. Mboweni also sees a wider The big agricultural traders - Arch- Americans. At the same time, farmers ers in a very effi cient and cost-eff ective lished an eBay-style platform. Instead, oilseeds analyst at Rabobank. budget defi cit as wider over the er-Daniels-Midland Co, Bunge, Cargill have faced years of declining income manner,” she added. it considers itself a farm supply chain Still, cutting out the existing mid- next two years, coming in at 4.2% Inc and Louis Dreyfus Co - built their and are looking for ways to increase Inter-connectivity: Still, new for food companies, providing direct dlemen and creating new supply chains next year compared with econo- dominance on millions of acres of yel- profi ts. companies believe their unique focus sourcing for traceable speciality crops. from scratch isn’t going to be easy, ac- mists’ estimate of 3.6%. low No 2 corn and other standards. ‘New economic era’: Agriculture is and inter- connectivity gives them an For instance, FBN farmers are now cording to Zach Luttrell, principal at Yesterday’s mid-term budget Startups like Indigo Ag Inc and Grain- “making the change into the new eco- edge. Boston-based Indigo’s digital capturing premiums on the yellow peas consultancy StraightRow in Memphis, makes very little mention of the ster Inc are betting their tight focus on nomic era,” according to Roger Cun- marketplace already has hundreds of that produce the protein used in Ripple Tennessee. nation’s sovereign credit rat- the premiums paid for niche crops can ningham, Grainster’s CEO. The in- diff erent crops on its platform, when Foods Inc’s non-dairy products. Unlike online sellers such as eBay, ings, aside from pointing out entice farmers to their eBay-style dig- formation and fi nancial technologies you count all the various types and Seed companies are also embracing they need to become expert at coordi- that another downgrade of the ital platforms. available will “change every practice specifi cations, Perry said. The compa- consignment opportunities. Palin- nating logistics, confi rming quality and local-currency debt would lead Want wheat grown from a specifi c throughout the supply chain,” he said. ny raised $650mn after its most recent dromes, which contracts with farmers guaranteeing payment, complex proc- to higher risk premiums and seed, or with a certain protein level? In- To be sure, the emerging trend hasn’t round of funding. to sow its speciality seeds for custom- esses that don’t come easily, he said. capital outfl ows. digo Marketplace, which went public in been lost on the biggest traders. Grainster anticipates its online mar- ers in Asia and other countries, is trying Additionally, premiums for rare “I was clearly too optimistic September, can connect you to a farmer Bunge, for instance, acquired Minsa ketplace will go live next year. Its Series to turn tofu into the next Angus beef for crops don’t always last, said Brennan that Mboweni would announce to provide it. Meanwhile, the growers Corp earlier this year to expand its of- A early-stage funding is in process, and soybean farmers. Turner, the CEO of FarmLead, an online enough fi scal tightening to keep get access to a variety of bidders. ferings of organic and non-genetically the Little Rock, Arkansas-based star- Some customers want a certain col- North American grain marketplace. He the ratings agencies at bay,” Win “If all of this works, what will happen modifi ed organism corn fl our, as well tup is looking overseas for markets that our, taste or consistency of soybeans pointed to the example of Nexera can- Thin, the global head of currency is it will create all kinds of interesting as “on-trend colours such as blue and US farmers can grow custom crops for, that are turned into tofu, and they’ll ola, which produces the oil favored by strategy at Brown Brothers Har- niches that don’t exist today for spe- red corn,” the company said in January. according to Cunningham. They have pay a premium for farmers that can McDonald’s Corp for its french fries. riman & Co in New York said. Alumina squeeze hits slowing global aluminium growth

By Andy Home the ramp-up of new capacity in India. tion around its third smelter in Spain, year’s levels. Key to understanding what London Vedanta Resources reported record the 230,000-tonne per year San Ciprian is happening to China’s giant aluminium production of 494,000 tonnes in Q3, plant, which it pointedly noted “produces sector is the structural reform programme up 23% year-on-year, as the company’s both alumina and aluminum”. The Mostar enacted by Beijing over the last couple of Global aluminium production growth has Jharsuguda II plant builds up towards its smelter in Bosnia is another European years. New capacity has been blocked or ground to a halt this year. Cumulative 1.25mn tonne-per-year capacity. smelter facing closure due to both rising allowed only in exchange for the closure production grew by just 0.3% in the first The plant’s third line was operating 303 alumina and power prices. of older plants. nine months, the slowest rate of expan- out of 336 pots by the end of September The government is actively working on Illegal capacity has been ordered sion since the Global Financial Crisis (GFC) with the fourth line remaining “under a financial lifeline for the indebted plant closed, while smelters are increasingly in 2008-2009. evaluation”, the company said. but it is currently operating on a “warm prone to the same environmental pres- Smelter outages in Canada and Brazil Restarts in the United States are also regime”, running at minimal levels to sures being applied to the rest of China’s continue to constrain run rates in the building momentum but their impact on keep the pots warm enough to allow for a industrial base. Western World, while structural reform in regional output is being mitigated by the future production restart. A plan to raise fees on onsite power China is capping output in the world’s larg- continuing strike action at Alcoa’s Becan- Aluminium production in China fell by plants is causing more headaches for a est aluminium producing nation. cour smelter in Canada. 0.7% over the first nine months of the year, sector that has expanded smelter capacity In theory, the potential exists for a re- Only one of the plant’s three production according to the IAI. on the back of such “captive” power. acceleration in growth in both China and lines has been operational since a lock-out This is not the same picture painted And, like their Western counterparts, the rest of the world. of union members in January. by the off icial figures from the National Chinese smelters without vertically inte- In practice, however, a squeeze on avail- Output in the third quarter was just Bureau of Statistics but that’s why the IAI grated alumina supplies are also suff ering ability of alumina, the raw material used to 32,000 tonnes, compared with 113,000 switched its methodology on Chinese margin compression. make aluminium, is compressing smelter tonnes in the year-earlier period, accord- February due to environmental concerns. the likes of Becancour and Albras. production at the start of the year. China’s unusually high exports of alu- margins with the rising threat of more ing to minority owner Rio Tinto. The continuing loss of production from Alcoa has just announced the start of a The IAI’s estimate that China produced mina to the international market doesn’t production hits. Also continuing to operate at just Alunorte is roiling the alumina market, consultation process to lay off workers at 27.18mn tonnes in January-September mean it’s not short itself. Aluminium output in the world outside 50-percent of its 450,000-tonne per year keeping prices elevated and squeezing op- its Aviles and La Coruna smelters in Spain. is 2.18mn tonnes higher than the off icial Indeed, this will be a year of alumina of China grew by 1.9% in Jan-Sep 2018, capacity is the Albras smelter in Brazil. erating margins for smelters without their Both have been struggling with what count. deficit in both China and the rest of the according to the International Aluminium Norway’s Hydro has cut output at own integrated raw material pipeline. the company called “structural issues”, The IAI’s estimates capture a pick-up world, a very rare market development. Institute (IAI). Asia (excluding China) is the Albras to align it with the company’s The consequent threat to aluminium operating below combined 180,000-tonne in run-rates over the last three months region with the fastest production growth Alunorte alumina refinery, which has also production is likely to counteract the per year capacity for several years. but a highly modest one and not yet suf- „ Andy Home is a Reuters market analyst. at 14.0% so far this year largely thanks to been operating at 50% of capacity since resolution of one-off supply disruptions at Alcoa intends to restructure produc- ficient to push this year’s output up to last The views expressed are those of the author. Gulf Times 4 Thursday, October 25, 2018 BUSINESS

EM bond funds beat pack IPOs amid global stock by staying at short end Bloomberg „ “We buy bonds with short Singapore remaining life, which trade mate- rially below par, but where we feel we can look through to maturity s emerging-market bonds and expect to be paid in full” markets rout: Thailand head for a losing year, „ The company has exposure Asticking to notes with to oil fi rms and a “bullish cycli- shorter duration has proven a cal play” on corporate credit in winning strategy so far amid in- Brazil creases in US yields. Warren Hyland, a man- Funds run by Muzinich & Co, ager of the $624mn-Muzinich Ashmore Group, and Neuberger Emerging Markets Short Dura- bags $2bn in October Berman Group are the three best tion Fund, which is focused on performers among developing- high-yield debt: Bloomberg nation bond funds this year, re- „ Shorter tenor EM corporate Bangkok turning investors about 0.3% dollar bonds now off er similar each, according to data compiled spreads to longer notes after a by Bloomberg. In a search of al- fl attening in yield curves nvestors are snapping up fi rst-time most 230 funds that include both „ Hyland expects defaults will share sales in Thailand despite the hard and local-currency notes, remain low in emerging markets Irout in global equity markets. In Oc- only fi ve off ered positive returns. because underlying fundamen- tober alone, Thai fi rms and the country’s “Duration risks are still not in tals are supportive at the com- government raised $1.95bn through ini- vogue as the market awaits clarity pany level tial public off erings, the most for a sin- on where US yields are going to set- „ “People will look again at gle month since 2013, according to data tle at,” said Eugene Leow, a fi xed- emerging markets. Valuation compiled by Bloomberg. That’s even as income strategist at DBS Group versus Western markets are the equity rout derails listings around the Holdings in Singapore. “Similar compelling” world, from Spain to Hong Kong to India. considerations are at play for EM Jennifer Gorgoll, Atlan- “You have a huge amount of local li- dollar debt. It still makes more sense ta-based fund manager of the quidity that is chasing every single penny to stay short duration for now.” $3.66bn-Neuberger Berman of return,” Tibor Pandi, Citigroup Inc’s A Bloomberg Barclays index Short Duration Emerging Mar- country head for Thailand, said in an in- tracking emerging-market local- ket Debt Fund, which has 50% terview in Bangkok. “That has created a currency debt is heading for its exposure each to sovereigns and local microcosm for IPOs and local bonds fi rst annual loss in three years, corporates: – kind of a universe for themselves.” while the measure for dollar-de- „ “We have some headwinds, Thai fi nancial markets have been com- nominated EM debt is set for its but medium term we’re con- paratively resilient due to factors such as fi rst decline since 2013. Prospects structive. Emerging-market economic expansion and a current-ac- of tighter monetary policy by the economies are stronger now count surplus, according to DBS Group Federal Reserve sent benchmark than they were say during the Holdings. Treasury yields this month to taper tantrum” The Bank of Thailand has skirted a their highest since 2011, weighing Alain Defi se, head of emerg- global wave of monetary-policy tight- on the appetite for riskier bonds. ing credit at Pictet Asset Man- ening, keeping interest rates close to a Below are some investment agement in London and helps record low to support the economy. It picks from the top-performing oversee the fi rm’s $1.2bn-Short predicts growth of more than 4% this EM bond funds so far this year: Term Emerging Corporate Bonds year and in 2019. Jan Dehn, head of research at fund, which returned almost Osotspa Pcl, maker of the most pop- Ashmore in London, who helps 0.3% so far this year: ular energy drink in Thailand, raised oversee the $5bn-Ashmore SI- „ Pictet Asset favours fi nan- $484mn after pricing at the top end of CAV – Emerging Markets Short cials and commodity-related a marketed range, Bloomberg-compiled A pedestrian walks past the Stock Exchange of Thailand building in Bangkok. In October alone, Thai firms and the country’s government Duration Fund. The fund has ex- companies due to their good data show. The stock surged as much as raised $1.95bn through initial public off erings, the most for a single month since 2013, according to data compiled by Bloomberg. posure mostly to EM corporate fundamentals 20% on its trading debut last week but dollar debt plus a bit of sovereign „ “While we remain some- has since slipped below its off er price. bright spot in the region,” said Vineet the MSCI Emerging Markets index. The roen Sirivadhanabhakdi is considering and quasi-sovereign risk: what cautious for the rest of the Thailand Future Fund, which will fi - Mishra, JPMorgan Chase & Co’s head of momentum in IPOs should carry on to an IPO of a domestic property business „ “The single biggest oppor- year given the volatility so far nance infrastructure projects, said this Southeast Asia equity capital markets in next year, with a number of large Thai that could raise at least $1.5bn. One of the tunity in global fi xed income to- this year, we are seeing solid EM week it raised 44.7bn baht ($1.4bn) for Singapore. “Despite turning cautious on companies planning listings, said Man- country’s biggest conglomerates, Cen- day is in EM” corporate fundamentals” its IPO, with almost all of the units sold many of the emerging markets, foreign pong Senanarong, the head of the issuer tral Group, is studying options including to retail and local institutional investors. investors continue to actively participate marketing unit at the Stock Exchange a potential listing of retail assets, people Within Southeast Asia, only compa- in select Thai equity off erings.” of Thailand. There’s a “huge amount” with knowledge of the matter have said. nies in Vietnam have raised more through The same can’t be said for the Thai of demand from local mutual funds, “Despite global and local market Emerging equities recover IPOs this year, though Vietnam’s two stock market as a whole: foreign inves- pension funds and individuals for new volatility, we still see strong preference biggest off erings – from a bank and a tors have pulled out a net $8bn this year, stocks, he said. for quality papers from Thailand,” said Reuters lawmakers in parliament on Brexit property developer – took place in the while pouring $7.6bn into bonds. Lo- For 2019, big off erings are already in Anuwat Ruamsuke, head of capital mar- London and a growing international row fi rst half, according to data compiled by cal buyers have helped to limit the drop the works. State-owned energy giant kets at Phatra Securities Pcl in Bangkok. over the killing of Saudi journalist Bloomberg. in the benchmark SET equity index to PTT Pcl is planning an IPO of its retail oil Local Thai funds “need to put money to Jamal Kashoggi. “Thailand’s IPO market remains a 6.5% in 2018, less than the 17% slide in business. Thailand’s richest man Cha- work,” Anuwat said. Emerging-market stocks steadied Most Asian currencies gained, yesterday, with Shanghai indexes led by the Indian rupee’s rise to a boosted by upbeat earnings and three-week high helped. signs of more government moves The South African rand held to support the stock market. steady ahead of the medium-term South Africa’s rand edged higher budget speech by Tito Mboweni, Japan’s insurers hint at major shift in bond investments before the government off ers a the country’s finance minister. budget proposal. Mboweni is expected to target The MSCI index of emerging- spending on agriculture, infra- Bloomberg going into JGBs. “We plan to allocate part kets. Chatter around this possible shift ment plans. The yield on 30-year JGBs market stocks recovered from structure and job creation in his Tokyo of our funds to JGBs depending on the in fl ows has picked up since the 30-year – watched by lifers to manage their long- lows hit a day earlier, but was still speech, with analysts watching market environment if there is a rela- yield this month came within striking term liabilities – touched 0.95% this on track for its worst month since for concessions to attract inves- tive superiority against hedged foreign distance of 1%, a level watched by insur- month, with its advance quickened by a August 2015. Chinese equities tors. The tone of his speech may he rise in yields on Japanese gov- bonds,” said Naoki Akiyama, general ers – which are among the biggest buyers Treasury-led global rout and the Bank of closed with slight gains. Markets decide whether Moody’s strips ernment bonds since the central manager of fi nance & investment plan- of foreign bonds. Japan’s scaling back of debt purchases in in India and Russia also rose. South Africa of its last investment- Tbank tweaked policy in July has ning department at Nippon. Comments from Akiyama, whose the super-long sector. The move up be- “Given...such a big setback in the grade credit rating at a review put them back on Nippon Life Insurance “While the yield level is insuffi cient, it fi rm oversaw about ¥67tn in assets as gan as the BoJ’s pledged to allow greater last few days, I don’t think it’s a sur- expected afterwards. Co’s radar as an alternative to hedged has become easier to invest in JGBs as yields of end-June, come after Fukoku Mutual fl exibility in yields at the end of July. prise that we are seeing a little bit “The Minister of Finance will foreign-currency debt. rose after July, and we invested more in Life Insurance Co, one of Japan’s smaller “Absolute JGB yield levels aren’t yet of a breathing space,” said Anders have to convince investors and Japan’s largest private life insurer may them toward the end of the fi scal fi rst half.” insurers, said this week that JGBs are be- suffi cient for aggressive investments, but Svendsen, chief analyst for emerg- rating agencies of the success put some of its ¥600bn ($5.3bn) of fresh Rising Japanese yields have caught coming increasingly attractive amid ris- we plan to put them in the relative con- ing markets at Nordea Markets. and sustainability of the planned funds into JGBs in the fi scal half ending the attention of investors globally, given ing global uncertainties. Investors will text of rising hedge costs and an increase Gains were limited by British measures for the consolidation of in March, it said Wednesday. It invested their potential to prompt local funds to look for more signals later in the week, in overseas yields,” Akiyama said. Nip- Prime Minister Theresa May’s the national finances,” analysts at ¥1tn in local-currency debt in the April bring home some of the $2.4tn parked with Japan Post Insurance Co among pon still seeks a level of 1% or more on speech to Conservative Party Commerzbank said. to September period, with about 70% in the US, Europe and other debt mar- companies to lay out second-half invest- super-long JGB yields, he said.

Sensex snaps losing streak; rupee up

Bloomberg, Reuters gains in other emerging-market Asian currencies, Most Asian bourses extend sell-off Mumbai gaining 0.4% to 73.28 in Mumbai, halting two days of declines. AFP among the worst hit after both The Reserve Bank of India appears to have Hong Kong main contracts plunged more Indian shares rose yesterday amid volatile trade, moved away from its hands-off exchange rate than 4% on Tuesday after Saudi snapping four straight sessions of fall. A firmer strategy as the rupee plumbed fresh lows earlier Energy Minister Khalid al-Falih rupee and a fall in global oil prices supported the this month. sian equities mostly fell said the major producer would sentiment. The Sensex rose 186 points or 0.55% The country’s foreign-exchange reserves plunged again yesterday, extend- boost output and spare capacity to regain the 34,000 mark while Nifty settled $5.14bn in the week ended October 12, the Aing the previous day’s ge- to help maintain supplies. 0.77% higher at 10,224. biggest drop in seven years, hinting the central opolitics-fuelled sell-off , with Prices had hit four-year highs Oil marketing companies cheered weak crude bank intervened to stem the rupee’s losses from energy fi rms taking another bat- this month with sanctions due to prices and were among the top gainers. Shares getting out of hand after it held interest rates at tering in response to an oil mar- be imposed on Iran next month, of Bharat Petroleum Corp or BPCL rose nearly an October 5 meeting. ket rout. Investors around the while Venezuela remained in po- 5% while those of Hindustan Petroleum Corp or While it may be too early to conclude that the world are fl eeing riskier assets litical and economic crisis and HPCL surged 7%. Indian Oil shares surged 5.5%. RBI will step in frequently to defend the rupee such as stocks and high-yielding US data pointed to a pick-up in Analysts however remain cautious on Indian on such a magnitude regularly, the intervention currencies in search of safety as demand. markets. along with a fall in oil prices helped steady the a wave of negative issues domi- However, they have dipped The gains in Indian shares may be short-lived, currency, according to analysts at Natwest nates the news. in recent weeks owing to grow- said Sudhakar Pattabiraman, head of research Markets and Standard Chartered. Stephen Innes, head of Asia- Traders work at the Hong Kong Stock Exchange. The Hang Seng ing concerns about the global operations, William O’Neil India. “If markets have “This reserve selling was mostly due to USD/ Pacifi c trading at OANDA, closed down 0.4% to 25,249.78 points yesterday. economy, particularly China, fallen for four days, people would obviously take INR buying pressure after the FX market reacted pointed to “a toxic geopolitical and a rise in the US dollar, which the opportunity to take some positions, hoping negatively to the RBI decision,” said Maximillian cocktail of nagging concerns” icy chill enveloping global stock lise the market’s confi dence for makes the commodity expensive things will be diff erent, but this is not sustainable. Lin, an emerging-markets Asia strategist at from Chinese growth, stutter- markets has sent investors fl ock- a while but more fundamental for holders of other currencies. Overall, we still don’t see a great reason for NatWest in Singapore. The intervention helped ing Brexit talks, Italy’s budget ing to safe to haven assets.” steps are needed,” wrote Vincent While Brent and WTI were es- people to buy stocks or take positions at this limit further weakness in the rupee, a move standoff with Brussels and the Despite an afternoon bounce, Chan and Pearl Xu, strategists at sentially fl at yesterday, Sydney- point,” Pattabiraman added. helped by a decline in oil prices and a softer killing of Saudi Arabian journal- Wall Street’s three main indexes Credit Suisse. listed Woodside Petroleum fell Sentiment in Indian markets has been sour dollar, he said. ist Jamal Khashoggi. ended with losses following a Tokyo ended 0.4% higher but 1.3%, while Inpex tanked 3.3% in in recent weeks after a string of defaults at a The rupee lost more than 1% in three sessions Even US stocks — which mixed round of earnings. Seoul dropped 0.4% and Sydney Tokyo and CNOOC dived 3.8% major non-banking financial company sparked after the RBI’s rate decision, sinking to a record have been supported in recent In Asia, markets fl uctuated was 0.2% lower. Singapore rose in Hong Kong. concerns of a liquidity crunch. 74.4825 on October 11. Asia’s worst-performing months by a strong economy throughout the day. 0.3% but Taipei, Wellington, Investors are also keeping an Among other top gainers, HDFC shares rose currency then recovered to advance over the despite sharp losses elsewhere Hong Kong, which dived more Manila, Bangkok and Jakarta all eye on Italy after the EU rejected 3% while those of lender IndusInd Bank also past two weeks, though ING Bank NV has said the — are feeling the strain, Innes than 3% on Tuesday, lost 0.4%. dropped. the populist government’s big- advanced 3%. Among top Sensex gainers, bounce will soon give way to another round of added. Shanghai rose 0.3% but the Fri- David Kudla, chief executive of- spending budget, the fi rst time it Bharti Airtel surged 11%, Asian Paints rose 4.5% declines. “Signifi cant for global equity day-Monday surge from Chinese fi cer of Mainstay Capital Manage- has turned a member away over while HUL rose 2%. IT stocks weakened due “The strong intervention appears to be aimed investors, the US equities Tefl on offi cials’ co-ordinated support ment, told Bloomberg Television: spending rules violations. to a stronger rupee. Infosys fell over 1%. Wipro at containing the losses post the RBI policy, and persona was seriously questioned has been almost forgotten, while “We’ve come up upon a tremen- With Rome likely to ignore the shares ended flat ahead of its quarterly results. they may also have been worried about this as price action suggested there is observers said a steady drip of dous wall of worry for US stocks decision, the move puts the two Pharmaceutical stocks slipped, with Sun Pharma spilling into the equity market,” said Gopikrishnan one asset class investors fear: eq- stimulus announcements were and stocks around the world. on course for a clash, just as the shares slipping 1%. MS, head of foreign exchange, rates and credit for uities,” he warned in a note. also unlikely to provide a long- Concern among investors EU struggles to reach a deal for Meanwhile the rupee yesterday rose, reflecting South Asia at Standard Chartered in Mumbai. “And like migratory birds term solution. is the deceleration in earnings Britain to leave the bloc with a heading south for winter, the “Recent measures may stabi- growth.” Energy companies were deadline imminent. Gulf Times Thursday, October 25, 2018 5 BUSINESS

CORPORATE RESULTS Boeing third-quarter profits jump 30.6% to $2.4bn

ing) but several factors that added up,” a company spokesman Earnings before interest, tax, depreciation and amortisation said.”Above all of this, an economic downturn becomes notice- (EBITDA) were €6.72bn in the nine months to September 30. Un- able.” Voestalpine shares fell as much as 8.5% to €30.88. der the reiterated guidance, net profit is expected to reach €3bn “The possible profit decline in automotive related products might with dividends increasing in line with rising income. more than be included in...(its) share price decline,” Baader analyst The company said on Tuesday that it would raise its interim Christian Obst said in a note to clients. Voestalpine, which makes dividend by 7% to €0.15 per share. around one third of group sales from the auto industry, said the car Net profit fell 13.5% to 2.091bn because of an unfavourable market in Europe had been distorted by a new exhaust emission comparison with last year, when it received a dividend from the test procedure introduced on September 1 and related uncertain- merger of wind power business Gamesa — of which it owned ties. Chief Executive Wolfgang Eder warned last week, that after almost 20% — with the wind division of Germany’s Siemens. three boom years, the auto industry must adjust to the fact that As part of a drive to focus on renewable assets and cut debt, demand will no longer grow quite as strongly. German premium Iberdrola sold its Scottish gas, hydro and pumped storage power carmaker Daimler issued its second earnings warning since June plants to Britain’s Drax last week. In the Spanish company’s last week, partly blaming new emissions standards. domestic market, concern has been growing over plans being Restaurant Brands hatched by the young Socialist government to limit profits on hy- dro and nuclear power generation, a prospect analysts say could Restaurant Brands International reported a quarterly profit weigh on Iberdrola shares for some months to come. yesterday that missed analysts’ estimates as its Burger King unit Deutsche Bank struggled in a fiercely competitive US market, off setting gains in its Tim Hortons cafes. Comparable sales at Burger King rose 1% Deutsche Bank’s bleak third quarter results and revenue forecast in the third quarter, compared with a 3.6% increase a year earlier. overshadowed its assertion yesterday that it is on track to return Restaurant Brands has been investing heavily to attract more to profit this year, knocking its shares. After three years of losses, diners to Burger King by introducing cheaper-priced meals in the a failed stress test, several attempts to restructure, a leadership face of stiff competition from McDonald’s Corp and Yum Brands shake-up and a ratings downgrade, many investors have lost faith Inc’s Kentucky Fried Chicken. in Germany’s biggest bank, whose shares have fallen by 43% this Last month, Burger King added Crispy Chicken Tenders to its year. Although Deutsche Bank said that it was on track to make menu. The company’s eff orts to refurbish its Tim Hortons coff ee a profit this year, it posted a steep fall in third quarter profit as it chain paid off , with comparable sales rising 0.6%, from 0.3% restructures under new chief executive Christian Sewing. increase a year earlier. Its shares were down by 4.5% after the bank said it expected Net income attributable to the shareholders in the company rose revenue this year will fall from 2017. “We have our costs under Boeing raised its full-year profit and revenue forecasts yesterday weakness in Europe. The fast-growing MedSurg business brought to $136.5mn, or 54 cents per share, in the three months ended control and suff icient capital to grow. We are on track to be profit- following a better-than-expected third quarter as demand for in 10.4% higher revenue of $746mn in the third quarter, ahead of September 30, from $91.4mn, or 37 cents per share, a year earlier, able in 2018, for the first time since 2014,” Sewing said. commercial and defence aircraft stayed robust. analysts’ expectations of $735.5mn, according to Refinitiv data. based on accounting standards used until the fourth quarter of Net profit in the third quarter fell by 65 % to €229mn ($263mn), The aerospace giant, which has benefited from a multi-year Boston Scientific tightened its adjusted earnings per share last year. down from €649mn a year ago but ahead of the €149mn forecast investment boom in global air travel and lofty defence spending forecast for 2018 to a range of $1.38 to $1.40 per share, taking into Total revenue fell to $1.18bn from $1.21bn. The company said it had in a Reuters poll of analysts. Revenue in the quarter was €6.175bn, amid rising geopolitical tensions, reported profits of $2.4bn for account a 4-5 cent negative impact from foreign exchange rates. a profit of $133.6mn and revenue of $1.38bn under new account- down 9% from 6.776bn a year ago. the quarter ending September 30, a 30.6% jump from the same “Investors would have liked to see EPS guidance move higher ing standards applied since the first quarter. On an adjusted basis, “It is diff icult to find anything positive in Deutsche Bank’s latest period of the prior year. Revenues rose 3.8% to $25.1bn. but foreign exchange was a greater headwind than expected,” JP the company earned 63 cents per share. earnings, there was weakness right across all lines of business,” Boeing upgraded its revenue forecast by $1bn to a range of $98- Morgan analyst Robert Marcus told Reuters. Analysts on an average had expected a profit of 65 cents per Octavio Marenzi, CEO of capital markets management consul- 100bn for the full year. General Dynamics share on a revenue of $1.38bn, according to Refinitiv data. tancy Opimas, said. “Our teams continued to perform at a high level during the quar- Nordea The quarter was marked by continued weakness in Deutsche ter,” Boeing chief executive Dennis Muilenburg said. US aerospace and defence company General Dynamics Corp Bank’s key trading business, amid lower volatility. “Strong underlying performance, along with growth across our beat analysts’ estimates for quarterly profit yesterday, helped by The Nordic region’s largest bank, Nordea, reported yesterday an Revenue at its bond trading division fell by 15%, while revenues businesses we’ve seen throughout the year, give us confidence to higher demand for its IT services by US government agencies. 18% fall in third quarter net profit, which it put down to seasonal from equities-trading were also down 15%. raise our 2018 revenue and earnings guidance and reaff irm our The company closed its $9.7bn purchase of IT services-heavy market conditions and low interest rates. Nordea chief executive Metro Bank operating cash flow guidance.” CSRA Inc in the middle of the year. Casper von Koskull said the lower-than-expected profits were The gain came a day after fellow industrial giants Caterpillar and This was the first full quarter for General Dynamics to report the partly explained by a “challenging” quarter with low levels of Britain’s Metro Bank reported a doubling of underlying pretax 3M saw shares plummet following disappointing results that results of that business as the US government is in the midst of a activity during the summer months. profit in the third quarter thanks to a strong loan book, while issu- acknowledged higher costs associated with tariff s connected to broad modernization eff ort. Revenue rose at all of the company’s “I’m not happy with the income development but I know there is ing a warning about “competitive trends” in the mortgage market. US trade conflicts with China and other countries. businesses, with its information technology unit recording the nothing structural there, I know we can improve that,” he said. The bank, the first new UK high street bank in 150 years when But Boeing’s press release made no mention of fallout from trade. biggest jump. Revenue from the IT business more than doubled Nordea announced a net profit of €684mn for the period, it launched in 2010, raised £303mn this year to replenish funds “It seems like they’re hitting on all cylinders,” said CFRA Research to $2.31bn, as integration of the unit continued and the business compared to €832mn one year previously, and a total operating used to buy a large mortgage portfolio, as it aims to more than analyst Jim Corridore. But he still expects Boeing shares to stay won several contracts during the quarter. income of €2.0bn. double its loan book within three years. volatile as long as US trade conflicts persist. Major wins during the quarter for the unit included a $330mn Nordic banks, like many of their peers, have felt the pinch of Its common equity tier-one capital ratio (CET1) — a key measure “They have great demand, they’re executing very strongly, but contract from the US Census Bureau and a $210mn contract from historically low interest rates over recent years. of financial strength — stood at 15.7% at the end of September, investors are not going to let go of the idea that tariff s will aff ect the Centers Medicare & Medicaid Services. The bank announced a fall of 14% in its income from fees and while net interest margin (NIM) fell to 1.77% from 1.94%, hurt by them at some point,” Corridore said. Profit margins at the IT services business slipped from 9.5% to commission, while net interest income dropped 10% from the mortgage market competition. Commercial airplane deliveries actually fell compared with a year 6.8% compared to the same period a year ago. third quarter of 2017. “Third quarter 2018 results demonstrate continued growth across earlier, in part due to a production slowdown in Washington state Total operating margins for General Dynamics were 12.5%, down Antti Saari, analyst at OP bank, said the results were weaker than Metro Bank,” the bank said. due to delays in receiving key components. But profit margins in from 14% in the same period last year. Revenue from the com- expected. “If you look at the last six or seven results there’s only “Competitive trends in the mortgage market, however, have the business surged on higher production of other key planes. pany’s aerospace division, which makes business jets, rose 1.8%. been one positive surprise. Investors are always expecting rev- persisted despite the base rate increase in August as we have The company booked 171 net orders, a decline from the second Total new Gulfstream deliveries, a key metric for investors, fell to enues to turn upwards, but so far we haven’t seen that,” he said. continued to focus on high quality growth of low risk assets.” quarter, but well above the prior year’s level. The defence busi- 27 from 30 compared with the third quarter last year. Net earn- However, the same period did see 3.0% fall in operating expenses, That warning comes on the heels of a Bank of England survey ness turned in an operating loss due to $691mn in one-time costs ings rose 11% to $851mn in the third quarter ended September to €1.14bn. At the end of last year Nordea announced it would cut this month that said increasingly cautious lenders expect to scale connected to investment programs. 30. On an adjusted basis, the company earned $2.89 per share, 6,000 jobs over the coming years in order to ensure long-term back mortgage lending in the next three months to the greatest AT&T beating Refinitiv estimates of $2.76. Total revenue rose 20% to profitability. extent since the height of the 2008 financial crisis. $9.09bn, but fell short of estimates of $9.38bn. Earlier this month Nordea relocated its headquarters to the Finn- Third-quarter underlying pretax profit at the lender, one of a new AT&T Inc’s quarterly profit for the latest quarter rose less than IndiGo ish capital, Helsinki, from neighbouring Sweden, bringing it into class of UK challenger banks set up to challenge Britain’s big expected, held back by its declining satellite TV business, sending the same supervisory mechanism as other eurozone banks. banks after the crisis, rose to £15.1mn ($19.59mn) from £7.2mn a the company’s shares down more than 6 %. The second-largest InterGlobe Aviation’s IndiGo has pushed back plans to own Airbus Nordea says the move will cut costs by providing a stable and year earlier. US wireless carrier has been reducing its dependency on the A320neo planes to preserve cash and will continue to lease them, predictable regulatory environment. Barclays phone business with its $85bn acquisition of Time Warner this its interim CEO said yesterday after the company posted its first Yet this October Nordea has also found itself facing money year, but it is struggling to grow in the TV market as its satel- quarterly loss since 2015. laundering allegations, after Sweden’s financial crime unit said it British bank Barclays yesterday reported a 72% surge in quarterly lite business continues to shed customers, while its streaming Higher fuel prices and a weaker rupee have pushed up costs at received a complaint against Nordea for alleged money launder- net profits after strong retail and credit card performances more services have not attracted as many subscribers as analysts had Indian airlines including IndiGo, the largest domestic carrier by ing following on from a massive scandal engulfing Danske Bank. than off set a mixed showing by the investment unit. Profit after hoped. AT&T lost more satellite TV customers than Wall Street market share, while intense competition has limited its ability to Scor tax jumped to £1.0bn ($1.3bn, €1.1bn) in the three months to expected in the third quarter, shedding a net 359,000 subscrib- raise fares, putting pressure on yields. September compared with the third quarter of 2017, Barclays said ers, as viewers move to services like Netflix Inc and Hulu. “At times when there is a little uncertainty we want to be prudent French reinsurer Scor delivered a third quarter net profit yester- in a statement. It lost 251,000 in the same period last year. Wall Street analysts with cash, so right now we are holding off buying any A320s with day, saying this helped justify its rejection of last month’s €8.2bn “In spite of macro-economic uncertainty, and particularly expected AT&T to shed 245,000 satellite subscribers, according cash and continuing to rely on sale and leaseback,” Rahul Bhatia ($9.4bn) bid by rival Covea. concerns over Brexit which weigh heavily on market sentiment, to research firm FactSet. said on an analyst call. “This performance bears witness to the relevance of our strat- 2018 is proving to be a year of delivery...at Barclays,” said chief Meanwhile, DirecTV Now, the company’s “over-the-top” streaming IndiGo already owns ATR planes using free cash and had plans to egy,” Scor chief executive Denis Kessler said in a statement, later executive Jes Staley. video service that was launched to lure back viewers who had own some A320neo aircraft as well but has now put the decision adding that “the board of directors doesn’t wish Scor to become “We remain focussed on generating improved returns, and on dropped more expensive satellite TV services, added only 49,000 on hold and will review it in future, Bhatia said. a Covea subsidiary”. Although Covea, an increasingly assertive distributing a greater proportion of excess capital to shareholders net subscribers in the quarter, much lower than the 296,000 it India is the world’s fastest-growing aviation market but the player on the French insurance market with wider European am- over time,” he added. added last year. surging fuel prices, weak currency and competition is putting bitions, has said it intends to take over Scor despite the rejection, Pre-tax profit also surged, to £1.46bn in the reporting period Analysts had expected 287,000 net new customers, according pressure on airlines’ ability to make money despite 20% annual Kessler said it had not received any new off er. despite a fall in income to £5.13bn. to FactSet. Third-quarter net income attributable to AT&T rose to growth in domestic air traff ic. Covea, which already owns about 8.5% of Scor, off ered in late “A jump in profits at Barclays can be largely put down to a lower $4.7bn, or 65 cents per share, from $3.0bn, or 49 cents per share Full-service carriers such as state-owned Air India are surviving August to pay €43 per share, but this was rejected by Scor’s board level of bad loans,” noted Laith Khalaf, senior analyst at Har- a year earlier. Excluding some items, the company earned 90 on government bailouts while Jet Airways is scrambling to raise as undervaluing it. greaves Lansdown stockbrokers. “The recent volatility we have cents per share, missing analysts’ estimate of 94 cents per share, money to stay afloat. IndiGo has also put on hold plans to launch Scor shares, which were up 1.4% following its earnings, have seen in global markets should also help out a bit with trading according to Refinitiv data. Total operating revenue rose 15.3% to low-cost long haul flights and will increase its international pres- gained roughly 15% since Covea’s bid. income at the investment bank, though questions will still linger, $45.74bn, beating analysts’ expectation of $45.65bn. ence using its existing fleet of A320neo aircraft. Excluding the eff ects of a US tax reform, Scor was close to meet- not least as activist investor Edward Bramson reportedly wants to United Parcel Service Novatek ing its 2019 targets during the third quarter, Kessler said after the shrink this division,” he added. reinsure said its third quarter net income had risen to €80mn. Staley told a conference call with reporters that he intended to United Parcel Service Inc reported a 20% rise in quarterly profit Russia’s biggest non-state gas producer Novatek beat forecasts This compared with a loss of €267mn a year ago, when earnings stick to his strategy of having strong retail and investment bank- yesterday, but shares dropped 3.5% after it said the US trade war with a 22% rise in third-quarter net profit as it benefited from ris- were hit by the impact of hurricanes Harvey, Irma and Maria and ing divisions sitting side by side. American veteran banker Staley with China contributed to disappointing international results. ing oil and gas prices and the start of LNG production. devastating earthquakes in Mexico. Scor’s net profit over the first joined Barclays three years ago, tasked with restoring the bank’s Investors consider UPS a bellwether for the US economy and they Novatek, France’s Total and Chinese partners jointly launched nine months of the year rose to €342mn from €25mn last year. battered reputation following a series of high-profile scandals, seized on news that President Donald Trump’s shift to more pro- production of liquefied natural gas (LNG) in the Yamal Peninsula Iberdrola including the rigging of foreign exchange and Libor interest rate tectionist trade policies weighed on its results. UPS shares were in the Arctic circle last December. The company said yesterday markets. down $4.04 at $110.20 in late morning trade after the company at- that LNG output helped increase its third quarter net profit to Spain’s Iberdrola stuck to its 2018 guidance yesterday after a Barclays’ share price was up 0.8% to 167 pence in morning deals tributed an 11.6% decline in international package operating profit 45.9bn roubles ($700mn), topping a Reuters poll forecast of 22.5% jump in core profit in the first nine months, boosted by its yesterday on London’s benchmark FTSE 100 index, which was to unhedged currency in emerging markets, higher fuel costs and 43.7bn roubles. Brazilian business, recovering hydropower output in Spain and 0.2% higher overall. slowing economic activity resulting from changing trade policies. In the first nine months of 2018, Novatek shipped 5mn tonnes new renewable assets. The supplier of energy to more than 30mn Barclays’ performance in the first quarter had been hit by a huge “Concerns over unresolved trade issues between China and the of LNG and 473,000 tonnes of stable gas condensate from the people in countries including Spain, the United States and Britain US fine over its conduct in the run-up to the global financial crisis US as well as Brexit continued to be a focus for our customers,” port of Sabetta in Yamal, for delivery under both short-term and said it still expects core earnings to pass €9bn ($10.3bn) this year. a decade ago. chief executive David Abney said on a call with analysts.”We are long-term contracts. Russia wants to become a global leader in assisting them with contingency planning.” LNG production, more than doubling its worldwide market share Brexit refers to Britain’s exit from the European Union. to 20% in the next decade and targeting annual exports of 80mn- “We expect international operating profits to rebound in Q4,” 115mn tonnes. US and European sanctions imposed on Russia Abney said in an interview with Reuters. over Moscow’s actions in Ukraine have made exports of technol- The rapid rise in online shopping has significantly boosted ogy to Russia and the funding of some projects challenging. domestic package volume at UPS, but the company is scrambling However, Novatek — which is controlled by its CEO Leonid Mikhel- to cut the high cost of delivering parcels to households versus son and businessman Gennady Timchenko, a friend of Russian businesses, which generally receive parcels in bulk. President Vladimir Putin — said it was able to raise necessary Operating profit was down 6.1% for the US package segment dur- funding for the Yamal project. ing the latest quarter. Total revenue rose 8% to $17.44bn, narrowly Novatek’s total group sales jumped 68% in July-September from a missing the $17.46bn estimated by analysts. year earlier to 219.37bn roubles, while normalised earnings before Boston Scientifi c interest, tax, depreciation and amortisation (EBITDA) of subsidiar- ies increased by 57% to 70.7bn roubles, exceeding the average Medical device company Boston Scientific Corp posted a slightly forecast of 69.6bn roubles. better-than-expected quarterly profit yesterday, helped by higher Voestalpine sales in its MedSurg business, which makes surgical products for various urological and pelvic disorders. Austrian speciality steelmaker Voestalpine cut its full-year Boston Scientific, whose key cardiovascular unit reported lower- operating profit forecast yesterday, citing weaker demand from than-expected revenue for the third quarter, has been entering carmakers following profit warnings from some big names in the into several smaller, tuck-in deals in an attempt to diversify its auto industry. portfolio. The company last week completed its acquisition of Shares in the group hit a two-year low following the statement, Augmenix Inc, which makes injectable gels to reduce the side which said an unplanned plant shutdown in the US had also hurt eff ects of radiation treatment for prostate cancer. The company’s second-quarter earnings. biggest revenue contributor — the cardiovascular unit that For the full year, the group said it now expects earnings before makes heart valves and stents — posted a 6% increase in sales to interest and taxes (EBIT) of “just under €1bn”. In August, it had $908mn, but missed the average analyst estimate of $923mn. said that the EBIT would be roughly at the previous year’s level of The unit’s revenue miss comes a day after rival Edwards Lifesci- €1.18bn. Average analyst estimates are at €1.14bn, Refinitiv Eikon ences posted lower-than-expected heart valve sales due to data shows. “There is not just one reason (for the profit warn- Gulf Times 6 Thursday, October 25, 2018 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 14.64 3.98 623,832 Specialities Group Holding C 70.50 -0.70 32,000 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 14.68 9.88 822,963 Abyaar Real Eastate Developm 16.30 0.62 1,787,998 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 10.66 0.00 81,594 Kgl Logistics Company Kscc 41.20 0.98 534,123 Al-Hassan Engineering Co 0.03 0.00 - Saudi Printing & Packaging C 14.90 5.82 1,638,620 Combined Group Contracting 358.00 0.00 4,040 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 13.14 -0.45 1,134,473 Jiyad Holding Co Ksc 75.00 1.35 101,554 Al-Anwar Ceramic Tiles Co 0.08 0.00 158,176 Alinma Bank 20.50 -0.39 13,137,834 Boubyan Intl Industries Hold 27.00 -6.57 565,021 Al Suwadi Power 0.12 0.00 5,000 Almarai Co 45.55 -1.19 254,023 Gulf Investment House Ksc 13.80 -7.38 104,695 Al Sharqiya Invest Holding 0.09 -2.13 170,070 Falcom Saudi Equity Etf 29.70 0.34 163,573 Boubyan Bank K.S.C 534.00 0.56 282,692 Al Maha Petroleum Products M 0.91 0.00 - United International Transpo 25.55 2.00 466,426 Ahli United Bank B.S.C 206.00 1.48 5,714,300 Al Maha Ceramics Co Saoc 0.20 0.00 - Hsbc Amanah Saudi 20 Etf 30.20 0.00 - Osos Holding Group Co 97.40 4.84 77,120 Al Madina Takaful Co Saoc 0.10 -1.04 50,450 QATAR Saudi International Petroche 19.74 -1.69 1,443,495 Al-Eid Food Ksc 65.00 0.00 7,920 Al Madina Investment Co 0.04 2.56 10,000 Falcom Petrochemical Etf 34.10 0.00 15 Qurain Petrochemical Industr 409.00 0.49 1,754,041 Al Kamil Power Co 0.38 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 21.80 3.91 285,421 Ekttitab Holding Co Sak 21.40 1.90 181 Al Jazerah Services -Pfd 0.55 0.00 - Bank Al-Jazira 13.60 -1.31 4,753,301 Real Estate Trade Centers Co 24.00 0.00 100 Al Jazeera Steel Products Co 0.28 0.00 - Zad Holding Co 99.15 0.05 738 Al Rajhi Bank 83.90 -2.33 4,015,538 Acico Industries Co Kscc 200.00 1.01 736 Al Jazeera Services 0.11 0.00 10,000 Widam Food Co 70.00 -3.42 47,823 Samba Financial Group 30.00 -2.60 2,064,021 Kipco Asset Management Co 64.40 0.16 30,000 Al Izz Islamic Bank 0.09 0.00 - Vodafone Qatar 8.40 -1.18 719,539 United Electronics Co 55.60 0.36 131,313 National Petroleum Services 827.00 0.24 1,281 Al Buraimi Hotel 0.88 0.00 - United Development Co 13.99 0.21 664,384 Allied Cooperative Insurance 17.46 1.99 95,156 Alimtiaz Investment Group 127.00 0.79 92,169 Al Batinah Power 0.12 0.00 4,901 Salam International Investme 4.93 -1.40 62,292 Malath Insurance 10.48 0.96 1,277,848 Ras Al Khaimah White Cement 84.90 14.73 37,600 Al Batinah Hotels 1.13 0.00 - Qatar & Oman Investment Co 5.91 -1.66 21,973 Alinma Tokio Marine 16.40 3.14 578,197 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Batinah Dev & Inv 0.09 0.00 - Qatar Navigation 75.00 2.74 95,377 Arabian Shield Cooperative 17.80 6.33 1,025,822 Kuwait & Gulf Link Transport 91.60 -1.08 237,000 Al Anwar Holdings Saog 0.10 0.00 10,000 Qatar National Cement Co 63.39 2.27 63,433 Savola 30.20 1.68 119,420 Humansoft Holding Co Ksc 3,135.00 4.08 84,734 Al Ahlia Insurance Co Saoc 0.36 0.00 - Qatar National Bank 188.00 0.00 285,332 Wafrah For Industry And Deve 14.40 2.71 114,452 Automated Systems Co Kscc 116.00 0.87 2,000 Ahli Bank 0.15 0.00 - Qatar Islamic Insurance 53.50 -1.29 1,205 Fitaihi Holding Group 10.28 -0.77 113,800 Metal & Recycling Co 68.00 0.00 37 Acwa Power Barka Saog 0.72 0.00 - Qatar Industrial Manufactur 41.90 -0.71 500 Tourism Enterprise Co/ Shams 29.25 0.69 70,491 Gulf Franchising Holding Co 70.00 -22.22 3,698 Abrasives Manufacturing Co S 0.05 0.00 - Qatar International Islamic 60.75 -0.59 125,064 Sahara Petrochemical Co 15.76 -0.38 1,519,200 Al-Enma’a Real Estate Co 30.20 -4.73 85,101 A’saff a Foods Saog 0.60 0.00 - Qatari Investors Group 29.21 -0.81 78,571 Herfy Food Services Co 39.70 -0.38 66,554 National Mobile Telecommuni 757.00 0.93 19,397 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Islamic Bank 144.40 -0.41 60,769 Saudi Ind Investment Group 23.60 0.00 736,971 Unicap Investment And Financ 58.20 0.00 30,000 #N/A Invalid Security 0.00 0.00 - Qatar Gas Transport(Nakilat) 17.98 -0.94 952,763 Salama Cooperative Insurance 15.24 8.24 813,314 Al Salam Group Holding Co 31.30 0.32 81,524 #N/A Invalid Security 0.00 0.00 - Qatar General Insurance & Re 48.00 0.00 - Emaar Economic City 8.10 0.00 1,057,246 Al Aman Investment Company 45.00 0.00 82 #N/A Invalid Security 0.00 0.00 - Qatar German Co For Medical 4.74 -0.42 5,864 Alahli Takaful Co 26.60 9.83 365,907 Mashaer Holding Co Ksc 44.40 5.21 100 #N/A Invalid Security 0.00 0.00 - Qatar Fuel Qsc 173.25 -2.12 22,820 Anaam International Holding 9.12 0.77 306,390 Manazel Holding 30.00 5.26 100 #N/A Invalid Security 0.00 0.00 - Qatar First Bank 4.45 -3.26 609,561 Saudi Telecom Co 81.30 -2.17 258,829 Tijara And Real Estate Inves 53.00 0.00 102,500 #N/A Invalid Security 0.00 0.00 - Qatar Electricity & Water Co 187.00 0.01 8,778 Al Alamiya Cooperative Insur 32.80 1.55 246,130 Jazeera Airways Co Ksc 727.00 -0.41 85,425 #N/A Invalid Security 0.00 0.00 - Qatar Exchange Index Etf 100.00 -0.49 5 Saudi Industrial Services Co 11.50 -0.69 241,131 Commercial Real Estate Co 79.80 0.00 220,289 Qatar Cinema & Film Distrib 16.53 0.00 - Al-Ahsa Development Co. 9.53 0.32 76,562 National International Co 66.00 20.88 250 Al Rayan Qatar Etf 23.90 -0.42 955 National Co For Glass In/The 17.94 -0.33 20,316 Taameer Real Estate Invest C 26.90 -2.18 545,480 Qatar Insurance Co 36.40 -2.91 172,996 Dur Hospitality Co 20.58 0.59 39,182 Gulf Cement Co 76.00 0.00 100,100 Ooredoo Qpsc 67.95 -3.08 55,401 Tabuk Cement Co 11.10 3.35 151,892 Heavy Engineering And Ship B 465.00 -0.85 271,648 UAE National Leasing 8.45 -0.24 73,040 Sasco 15.00 0.00 112,504 National Real Estate Co 91.00 0.00 64,457 Mazaya Qatar Real Estate Dev 7.70 -0.13 357,412 Saudi Cement 36.90 2.64 167,345 Al Safat Energy Holding Comp 27.00 -10.00 6,633 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 17.00 -1.68 619,525 Aseer Trading Tourism & Manu 8.90 1.14 162,684 Kuwait National Cinema Co 993.00 0.00 360 Al Meera Consumer Goods Co 153.45 0.29 5,898 Nama Chemicals Co 24.20 -3.97 271,964 Danah Alsafat Foodstuff Co 37.50 0.00 191,138 Waha Capital Pjsc 1.89 1.07 84,683 Medicare Group 64.50 -0.43 16,083 Saudi Arabian Mining Co 46.30 6.44 1,284,394 Independent Petroleum Group 430.00 0.00 20,000 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 59.96 0.00 - Yanbu Cement Co 20.00 2.56 93,449 Kuwait Real Estate Co Ksc 45.30 0.67 3,744,872 United Arab Bank Pjsc 1.20 0.00 - Masraf Al Rayan 37.11 -1.04 256,860 Saudi Fisheries 14.66 2.81 734,180 Salhia Real Estate Co Ksc 328.00 0.00 35,000 Union National Bank/Abu Dhab 4.55 1.11 2,705,175 Al Khalij Commercial Bank 11.19 -0.53 10,410 Ash-Sharqiyah Development Co 40.65 3.17 117,963 Gulf Cable & Electrical Ind 370.00 1.09 18,034 Union Insurance Co 1.33 0.00 - Industries Qatar 139.00 -2.11 197,292 Makkah Construction & Devepl 77.40 -0.13 11,307 Kuwait Finance House 0.00 0.00 - Union Cement Co 0.00 0.00 - Islamic Holding Group 24.30 -1.30 10,500 Al Jouf Cement 7.40 0.00 295,350 Gulf North Africa Holding Co 48.20 0.42 24,700 Umm Al Qaiwain General Inves 1.00 0.00 - Investment Holding Group 5.38 0.56 151,900 Abdullah A.M. Al-Khodari Son 7.24 0.00 - Hilal Cement Co 0.00 0.00 - Sudan Telecommunications Gro 0.46 0.00 - Gulf Warehousing Company 41.00 -1.42 14,360 Knowledge Economic City 10.02 0.20 256,251 Osoul Investment Kscc 58.40 0.00 48,609 Sharjah Islamic Bank 1.16 0.87 100,030 Gulf International Services 19.99 -1.62 152,922 Al-Ahlia Cooperative Insuran 9.69 4.87 420,728 Gulf Insurance Group Ksc 620.00 -0.48 1,000 Sharjah Insurance Company 2.84 0.00 - Ezdan Holding Group 10.65 -0.93 202,529 Al Rajhi Co For Co-Operative 54.40 6.25 446,723 Umm Al Qaiwain General Inves 64.90 0.00 58,950 Sharjah Group 1.20 0.00 - Doha Insurance Co 12.52 0.00 - Alkhodar Ab Equity 45.55 -1.09 543,044 Aayan Leasing & Investment 32.50 0.62 899,752 Sharjah Cement & Indus Devel 0.93 0.00 - Doha Bank Qpsc 21.27 -0.42 61,116 Kec Ab Equity 19.12 0.63 61,718 Alrai Media Group Co Ksc 52.90 3.73 35,324 Ras Al-Khaimah National Insu 3.20 0.00 - Dlala Holding 10.70 1.81 23,119 Alahlia Ab Equity 23.20 9.95 130,211 National Investments Co 78.90 3.14 781,714 Ras Al Khaimah White Cement 0.90 0.00 - Commercial Bank Pqsc 40.99 -0.75 169,252 Arcci Ab Equity 7.30 1.11 500,916 Commercial Facilities Co 172.00 0.00 132,750 Ras Al Khaimah Ceramics 2.23 0.45 4,129 Barwa Real Estate Co 36.70 -2.39 224,450 Appc Ab Equity 20.80 -0.48 717,829 Yiaco Medical Co. K.S.C.C 130.00 0.00 21,188 Ras Al Khaimah Cement Co Psc 0.66 -4.06 1,449 Al Khaleej Takaful Group 8.96 -0.44 21,300 Albabtai Ab Equity 43.10 -2.05 1,366,137 Munshaat Real Estate Project 111.00 -2.63 283,158 Ras Al Khaima Poultry 1.89 0.00 - Aamal Co 9.60 -0.10 22,747 Noor Financial Investment Co 51.30 0.00 203,443 Rak Properties 0.61 0.66 579,857 Al Tamdeen Investment Co 280.00 0.00 46,436 Ooredoo Qpsc 65.10 5.85 5,301 KUWAIT Credit Rating & Collection 22.50 -1.75 5 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 90.00 -5.26 7,450 National Takaful Company 0.55 0.00 - SAUDI ARABIA National Marine Dredging Co 2.85 0.00 - Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 43.50 3.57 19,050 Warba Bank Kscp 226.00 0.00 353,895 National Investor Co/The 0.58 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 52.00 -7.96 109,283 Viva Kuwait Telecom Co 720.00 0.00 43,387 National Corp Tourism & Hote 1.92 0.00 - Kuwait Foundry Co Sak 189.00 -1.05 250 Mezzan Holding Co Kscc 637.00 -0.78 112,609 National Bank Of Umm Al Qaiw 2.40 -4.00 102,290 United Wire Factories Compan 13.38 -0.30 83,237 Kuwait Financial Centre Sak 89.50 0.00 65,000 National Bank Of Ras Al-Khai 4.05 0.00 500,000 Etihad Etisalat Co 16.50 0.49 1,726,767 Ajial Real Estate Entmt 140.00 0.00 77,941 National Bank Of Fujairah 3.40 0.00 - Dar Al Arkan Real Estate Dev 9.01 0.00 13,219,315 Kuwait Finance & Investment 48.20 0.00 40,000 Methaq Takaful Insurance 0.80 3.51 10,616 Alawwal Bank 14.24 0.28 325,850 National Industries Co Ksc 170.00 0.00 3,038 OMAN Manazel Real Estate Pjsc 0.43 -0.92 1,076,100 Rabigh Refining And Petroche 20.10 -0.40 1,029,690 Kuwait Real Estate Holding C 20.10 -17.28 71,100 Invest Bank 2.25 0.00 - Banque Saudi Fransi 32.00 0.00 187,550 Company Name Lt Price % Chg Volume Securities House/The 48.60 1.25 600,411 Intl Holdings Co Pjsc 1.13 0.89 46,000 Saudi Enaya Cooperative Insu 16.82 9.93 339,815 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 1,036.00 -0.10 229,304 0.29 - Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 13.24 2.64 772,127 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 296.00 0.68 10 0.14 - Gulf Pharmaceutical Ind Psc 2.20 0.00 - Saudi British Bank 32.55 -1.36 314,857 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 290.00 0.00 358,279 1.00 - Gulf Medical Projects 1.98 0.00 - Red Sea International Co 14.06 4.30 604,907 United Power Co Saog 0.00 National Bank Of Kuwait 815.00 0.62 1,146,059 3.44 - Gulf Cement Co 0.92 0.00 - Takween Advanced Industries 9.56 4.14 586,324 United Finance Co 0.00 Commercial Bank Of Kuwait 510.00 0.99 4,558 0.09 - Fujairah Cement Industries 1.20 0.00 - Sabb Takaful 18.10 7.23 592,935 Ubar Hotels & Resorts 0.00 Kuwait International Bank 235.00 1.73 1,448,146 0.13 - Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co 79.80 0.13 303,805 Takaful Oman 0.00 Gulf Bank 257.00 1.18 1,956,211 0.13 - Foodco Holding Pjsc 3.35 0.00 - National Gypsum 12.42 -0.48 127,387 Taageer Finance 0.00 Al-Massaleh Real Estate Co 40.80 0.00 5,000 0.10 - First Abu Dhabi Bank Pjsc 14.44 -1.77 2,030,577 Saudi Ceramic Co 20.50 -2.38 284,557 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 29.40 1.38 47,410 0.55 - Finance House 1.68 0.00 - National Gas & Industrializa 28.60 -1.38 67,902 Sohar Power Co 1.65 Kuwait Remal Real Estate Co 32.60 0.00 3,037 0.12 14,960 Eshraq Properties Co Pjsc 0.60 -0.17 2,805,327 Saudi Pharmaceutical Industr 28.25 0.18 64,721 Sohar Poultry 0.00 A’ayan Real Estate Co Sak 61.50 2.16 33,100 0.21 - Emirates Telecom Group Co 16.88 0.48 849,315 Thimar 23.48 1.65 125,375 Smn Power Holding Saog 0.00 Investors Holding Group Co.K 12.50 0.81 228,601 0.54 - Emirates Insurance Co. (Psc) 6.50 0.00 - National Industrialization C 16.90 -2.31 5,505,708 Shell Oman Marketing - Pref 0.00 Al-Mazaya Holding Co 72.00 0.00 588,922 1.05 - Emirates Driving Company 6.80 0.00 5,000 Batic Investments And Logist 34.25 -1.72 108,084 Shell Oman Marketing 0.00 Al-Madar Finance & Invt Co 154.00 1.32 962,441 1.49 - Dana Gas 1.15 -0.86 5,562,384 Saudi Electricity Co 14.54 -0.41 1,063,637 Sharqiyah Desalination Co Sa 0.00 Gulf Petroleum Investment 25.50 4.51 665,636 3.10 - Commercial Bank Internationa 0.62 0.00 - Saudi Arabia Refineries Co 36.65 0.55 145,405 Sembcorp Salalah Power & Wat 0.00 Mabanee Co Sakc 613.00 -0.33 140,944 0.21 - Bank Of Sharjah 1.06 -0.93 180,434 Arriyadh Development Company 16.50 0.36 51,801 Salalah Port Services 0.00 Inovest Co Bsc 84.40 0.00 82,399 0.60 - Axa Green Crescent Insurance 0.50 0.00 - Al-Baha Development & Invest 14.76 3.94 540,680 Salalah Mills Co 0.00 Al-Deera Holding Co 17.20 1.18 10 0.77 - Arkan Building Materials Co 0.52 -9.90 479,371 Saudi Research And Marketing 91.00 9.90 396,863 Salalah Beach Resort Saog 0.00 Mena Real Estate Co 27.50 1.85 55,100 1.38 - Alkhaleej Investment 1.90 0.00 - Aldrees Petroleum And Transp 28.95 2.30 473,932 Sahara Hospitality 0.00 Amar Finance & Leasing Co 32.40 0.00 273,000 2.38 - Aldar Properties Pjsc 1.67 -1.18 3,899,636 Saudi Vitrified Clay Pipe Co 48.00 -1.03 12,386 Renaissance Services Saog -1.50 United Projects For Aviation 620.00 0.00 5,010 0.39 10,058 Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co 176.00 0.80 38,828 Raysut Cement Co 0.00 National Consumer Holding Co 0.00 0.00 - 0.39 - Al Qudra Holding Pjsc 0.98 0.00 420,000 Arab National Bank 31.80 2.25 341,815 Phoenix Power Co Saoc 0.00 Amwal International Investme 64.20 0.00 20 0.11 541,097 Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 64.50 0.78 281,677 Packaging Co Ltd 0.00 Equipment Holding Co K.S.C.C 28.40 0.71 2 2.21 - Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 18.00 -1.10 141,643 Ooredoo 0.00 Arkan Al Kuwait Real Estate 78.30 0.00 30,000 0.55 - Al Dhafra Insurance Co. P.S. 3.60 0.00 - Middle East Specialized Cabl 7.63 3.53 935,796 Ominvest 0.00 Gfh Financial Group Bsc 94.00 -2.08 365,161 0.36 - Al Buhaira National Insuranc 2.21 0.00 - Al Khaleej Training And Educ 10.98 2.23 372,089 Oman United Insurance Co 0.00 Energy House Holding Co Kscp 36.00 -2.70 34,393 0.31 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran 11.08 4.73 675,325 Oman Telecommunications Co 0.49 Kuwait Co For Process Plant 224.00 -0.44 38,000 0.83 20,616 Agthia Group Pjsc 3.95 0.00 5,346 Trade Union Cooperative Insu 20.24 4.33 434,270 Oman Refreshment Co 0.00 Al Maidan Dental Clinic Co K 1,220.00 0.00 500 1.75 - Abu Dhabi Ship Building Co 1.11 0.00 3,652 Arabia Insurance Cooperative 18.20 1.11 119,694 Oman Qatar Insurance Co 0.00 National Shooting Company 16.60 3.75 110,001 0.12 - Abu Dhabi Natl Co For Buildi 0.49 0.00 - Saudi Chemical Company 30.40 0.66 79,045 Oman Packaging 0.00 Al-Ahleia Insurance Co Sakp 427.00 0.00 46,135 0.28 - Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C 19.64 0.20 268,067 Oman Oil Marketing Company 0.00 Wethaq Takaful Insurance Co 26.00 0.00 1,000 1.13 - Abu Dhabi National Oil Co Fo 2.20 0.00 2,016,578 Bupa Arabia For Cooperative 101.00 0.40 48,899 Oman National Engineering An 0.00 Salbookh Trading Co Kscp 40.00 0.00 91,500 0.18 - Abu Dhabi National Insurance 3.50 0.00 - Wafa Insurance 9.98 5.94 607,404 Oman Investment & Finance 0.00 Aqar Real Estate Investments 62.00 0.49 3,220 0.09 26,929 Abu Dhabi National Hotels 3.65 0.00 - Jabal Omar Development Co 35.00 -0.28 640,987 Oman Intl Marketing 0.00 Hayat Communications 77.00 0.00 150 0.52 - Abu Dhabi National Energy Co 1.06 -7.83 1,000,498 Saudi Basic Industries Corp 122.00 -0.97 2,696,787 Oman Flour Mills 0.00 Soor Fuel Marketing Co Ksc 116.00 -2.52 15,862 0.71 - Saudi Kayan Petrochemical Co 14.28 -1.65 13,917,439 Oman Fisheries Co -2.50 Tamkeen Holding Co 10.30 0.00 24,000 0.08 107,600 Etihad Atheeb Telecommunicat 5.35 0.00 - Oman Europe Foods Industries 0.00 Burgan Co For Well Drilling 100.00 0.00 42,000 1.00 - Co For Cooperative Insurance 52.40 0.77 286,465 Oman Education & Training In 0.00 BAHRAIN Kuwait Resorts Co Kscc 56.00 0.18 178,010 0.22 - National Petrochemical Co 26.00 1.96 328,589 Oman Chromite 0.00 Oula Fuel Marketing Co 115.00 0.00 8,405 3.64 - Gulf Union Cooperative Insur 11.70 4.46 157,909 Oman Chlorine 0.00 Palms Agro Production Co 60.00 0.00 4,890 0.30 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 12.50 4.87 143,069 Oman Ceramic Company 0.00 Mubarrad Holding Co Ksc 61.00 2.52 8 0.42 - Basic Chemical Industries 23.70 -1.33 51,063 Oman Cement Co 0.00 Zain Bahrain Bscc 0.09 0.00 88,830 Shuaiba Industrial Co 198.00 0.00 2,663 0.32 - Saudi Steel Pipe Co 17.82 0.79 189,964 Oman Cables Industry 0.00 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 17.80 2.30 131,000 1.03 - Buruj Cooperative Insurance 20.22 5.97 390,878 Oman & Emirates Inv(Om)50% -1.59 United Gulf Holding Bsc 0.95 0.00 1,600 First Takaful Insurance Co 47.10 2.39 6,500 0.12 5,739 Mouwasat Medical Services Co 70.10 2.34 55,517 Natl Aluminium Products 0.00 Trafco Group Bsc 0.00 0.00 - Kuwaiti Syrian Holding Co 36.90 -1.34 406,169 0.38 - Southern Province Cement Co 32.20 0.63 71,274 Celebrity National Financial 0.00 Takaful International Co 0.00 0.00 - National Cleaning Company 58.00 -1.69 78,030 0.04 - Maadaniyah 16.80 0.84 6,295 National Real Estate Develop 0.00 Seef Properties 0.22 0.00 80,286 United Real Estate Company 61.00 0.00 341,000 5.00 - Yamama Cement Co 12.90 1.57 357,095 National Pharmaceutical 0.00 National Bank Of Bahrain Bsc 0.60 -1.64 153,000 Agility 808.00 0.62 2,639,367 0.12 - Jazan Energy And Development 13.80 1.77 124,114 National Mineral Water 0.00 Nass Corp Bsc 0.10 0.00 28,340 Kuwait & Middle East Fin Inv 28.50 -3.39 54,001 0.10 - Zamil Industrial Investment 16.64 0.24 165,940 National Life & General Insu -9.47 Khaleeji Commercial Bank 0.09 0.00 100,000 Fujairah Cement Industries 61.50 0.00 33,058 0.31 5,900 Alujain Corporation (Alco) 22.00 1.85 1,377,856 National Gas Co 0.00 Ithmaar Holding Bsc 0.10 0.00 200,000 Livestock Transport & Tradng 201.00 0.00 1,000 0.33 - Tabuk Agricultural Developme 9.29 0.98 163,949 National Finance Co 0.00 Investcorp Bank -$Us 9.60 0.00 5,000 International Resorts Co 19.40 0.52 87,000 0.14 - United Co-Operative Assuranc 10.80 4.65 570,374 National Detergent Co Saog 0.00 Inovest Co Bsc 0.00 0.00 - National Industries Grp Hold 159.00 2.58 1,646,418 0.70 149,430 Qassim Cement/The 33.90 0.89 16,408 National Biscuit Industries 2.63 Gulf Hotel Group B.S.C 0.44 0.00 4,860 Warba Insurance Co 74.90 9.34 48,331 3.90 3,344 Saudi Advanced Industries 10.96 1.29 211,272 National Bank Of Oman Saog 0.00 Gfh Financial Group Bsc 0.35 -1.43 226,587 First Dubai Real Estate Deve 37.10 -1.33 22,944 0.18 4,000 Kingdom Holding Co 7.86 -1.75 95,904 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.11 0.00 32,094 Al Arabi Group Holding Co 65.00 -0.76 20,250 0.08 - Saudi Arabian Amiantit Co 5.49 0.55 736,152 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.10 0.00 67,000 Mobile Telecommunications Co 444.00 1.37 1,851,535 0.80 - Al Jouf Agriculture Developm 19.30 1.15 51,243 Muscat Gases Company Saog 0.00 Delmon Poultry Co 0.00 0.00 - Eff ect Real Estate Co 20.00 0.00 100 0.23 3,492 Saudi Industrial Development 8.04 2.42 329,400 Muscat Finance 0.00 Bmmi Bsc 0.74 0.00 21,702 Tamdeen Real Estate Co Ksc 332.00 0.00 19,214 0.09 107,000 Riyad Bank 16.72 -0.48 645,652 Muscat City Desalination Co 0.00 Bbk Bsc 0.44 -0.45 11,500 Al Mudon Intl Real Estate Co 27.00 0.00 210 0.13 - The National Agriculture Dev 25.60 0.20 84,486 Majan Glass Company 0.00 Bahrain Telecom Co 0.25 -0.80 574,500 Kuwait Cement Co Ksc 375.00 0.00 4,549 0.18 - Halwani Bros Co 43.80 -1.35 49,817 Majan College 0.00 Bahrain National Holding 0.36 0.00 4,722 Sharjah Cement & Indus Devel 72.10 0.00 54,856 0.45 - Arabian Pipes Co 9.15 1.44 403,572 Hsbc Bank Oman 0.00 Bahrain Kuwait Insurance 0.32 0.00 14,680 Kuwait Portland Cement Co 1,065.00 0.00 22,516 0.12 19,350 Eastern Province Cement Co 16.94 0.24 633,888 Hotels Management Co Interna 0.00 Bahrain Islamic Bank 0.13 -1.54 120,000 Educational Holding Group 310.00 0.00 110,000 1.25 - Al Gassim Investment Holding 9.52 -0.21 140,931 Gulf Stone 0.00 Bahrain Flour Mills Co 0.00 0.00 - Asiya Capital Investments Co 30.40 -2.25 25,012 0.12 - Filing & Packing Materials M 32.60 1.56 42,761 Gulf Mushroom Company 0.00 Bahrain Duty Free Complex 0.72 1.41 24,372 Kuwait Investment Co 122.00 0.00 57,505 0.31 - Saudi Cable Co 31.80 2.58 963,547 Gulf Investments Services 0.00 Bahrain Commercial Facilitie 0.76 0.00 20,000 Burgan Bank 275.00 1.10 1,699,060 0.09 162,000 Tihama Advertising & Public 36.85 5.29 605,232 Gulf Invest. Serv. Pref-Shar 0.00 Bahrain Cinema Co ` 0.00 1,700 Kuwait Projects Co Holdings 207.00 -0.48 806,694 0.11 - Saudi Investment Bank/The 17.56 -0.79 209,729 Gulf International Chemicals 0.00 Arab Banking Corp Bsc-$Us 0.40 0.00 32,000 Al Madina For Finance And In 22.20 0.00 61,791 0.20 - Astra Industrial Group 16.04 -0.25 363,130 Gulf Hotels (Oman) Co Ltd 0.00 Aluminium Bahrain Bsc 0.60 0.00 7,000 Kuwait Insurance Co 330.00 0.00 10,000 9.50 - Saudi Public Transport Co 12.88 1.42 294,667 Global Fin Investment 0.00 Albaraka Banking Group 0.30 0.00 108,354 Al Masaken Intl Real Estate 42.90 2.63 5,050 0.09 - Taiba Holding Co 27.75 0.00 15,828 Galfar Engineering&Contract -0.97 Al-Salam Bank 0.10 -1.01 180,000 Intl Financial Advisors 22.20 2.78 4,611,875 0.10 285,586 Saudi Industrial Export Co 134.40 9.98 26,865 Galfar Engineering -Prefer 0.00 Ahli United Bank B.S.C 0.67 0.00 965,145 First Investment Co Kscc 38.30 -1.54 1,648,084 0.39 - Saudi Real Estate Co 12.14 -0.33 851,973 Financial Services Co. 0.00 #N/A Invalid Security 0.00 0.00 - Al Mal Investment Company 19.20 -0.52 2,633,768 0.18 - Saudia Dairy & Foodstuff Co 79.10 2.73 81,795 Financial Corp/The 0.00 #N/A Invalid Security 0.00 0.00 - Bayan Investment Co Kscc 37.30 3.61 36,929 0.10 - National Shipping Co Of/The 33.65 1.82 3,328,083 Dhofar Tourism 0.00 #N/A Invalid Security 0.00 0.00 - Egypt Kuwait Holding Co Sae 342.00 0.00 34,000 0.49 - Methanol Chemicals Co 11.18 -0.71 2,168,827 Dhofar Poultry 0.00 #N/A Invalid Security 0.00 0.00 - Coast Investment Development 29.50 1.72 2,000 0.18 - Chubb Arabia Cooperative Ins 17.38 8.22 288,699 Dhofar Intl Development 0.00 #N/A Invalid Security 0.00 0.00 - Privatization Holding Compan 51.00 0.00 15,000 0.28 1,000 Mobile Telecommunications Co 6.03 0.84 1,550,500 Dhofar Insurance 0.00 #N/A Invalid Security 0.00 0.00 - Injazzat Real State Company 82.50 0.00 120,515 0.16 - Saudi Arabian Coop Ins Co 10.76 3.66 505,485 Dhofar Fisheries & Food Indu 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Cable Vision Sak 30.00 0.00 21 1.28 - Axa Cooperative Insurance 20.00 5.60 364,926 Dhofar Cattlefeed 0.00 #N/A Invalid Security 0.00 0.00 - Sanam Real Estate Co Kscc 43.20 0.00 287 0.17 - Alsorayai Group 10.22 0.99 447,156 Dhofar Beverages Co 0.00 #N/A Invalid Security 0.00 0.00 - Ithmaar Holding Bsc 29.10 0.34 1,062,991 0.26 - Bank Albilad 23.00 0.88 495,216 Construction Materials Ind 0.00 #N/A Invalid Security 0.00 0.00 - Aviation Lease And Finance C 348.00 2.35 100,913 0.03 - Al-Hassan G.I. Shaker Co 7.79 1.04 258,072 Computer Stationery Inds 0.00 #N/A Invalid Security 0.00 0.00 - Arzan Financial Group For Fi 25.20 0.80 177,654 0.26 - Wataniya Insurance Co 21.76 4.02 106,585 Bankmuscat Saog 0.00 #N/A Invalid Security 0.00 0.00 - Ajwan Gulf Real Estate Co 21.00 5.00 430,256 0.42 3,037,400 Abdullah Al Othaim Markets 64.90 -0.15 27,448 Bank Sohar 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Business Town Real Es 47.00 1.08 59,003 0.13 49,486 Hail Cement 7.26 -0.55 114,065 Bank Nizwa 1.15 Future Kid Entertainment And 90.00 -10.00 1,050 0.09 605,239 Saudi Re For Cooperative Rei 6.39 1.27 828,162 Bank Dhofar Saog 0.16 0.65 53,200 LATEST MARKET CLOSING FIGURES Gulf Times Thursday, October 25, 2018 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 25,109.91 -81.52 Apple Inc 220.02 -1.22 15,361,535 S&P 500 Index 2,714.34 -26.35 Microsoft Corp 105.69 -2.23 18,239,513 Nasdaq Composite Index 7,351.18 -86.36 Exxon Mobil Corp 79.32 -0.65 4,007,467 S&P/Tsx Composite Index 15,075.39 -209.78 Johnson & Johnson 139.77 0.60 2,253,889 Mexico Bolsa Index 46,127.73 -321.30 General Electric Co 12.57 -0.95 25,608,232 Brazil Bovespa Stock Idx 84,072.64 -1,227.39 Jpmorgan Chase & Co 104.36 -0.85 8,570,051 Ftse 100 Index 6,962.98 +7.77 Procter & Gamble Co/The 89.58 2.77 9,511,141 Cac 40 Index 4,953.09 -14.60 Walmart Inc 98.68 0.90 3,408,663 Dax Index 11,191.63 -82.65 Verizon Communications Inc 56.99 -0.38 12,573,082 Ibex 35 Tr 8,677.40 -48.70 Pfizer Inc 44.07 -0.08 8,650,916 Nikkei 225 22,091.18 +80.40 Visa Inc-Class A Shares 138.27 -0.61 3,770,596 Japan Topix 1,652.07 +1.35 Chevron Corp 112.65 -0.66 1,977,643 Hang Seng Index 25,249.78 -96.77 Coca-Cola Co/The 47.20 1.81 8,780,785 All Ordinaries Indx 5,926.52 -18.33 Intel Corp 43.57 -2.10 9,376,386 Nzx All Index 1,514.77 -5.94 Merck & Co. Inc. 72.42 0.44 3,722,914 Bse Sensex 30 Index 34,033.96 +186.73 Cisco Systems Inc 45.18 -0.53 8,218,130 Nse S&P Cnx Nifty Index 10,224.75 +77.95 Home Depot Inc 180.76 1.25 2,272,732 Straits Times Index 3,032.08 +0.69 Intl Business Machines Corp 129.81 -1.07 1,690,924 Karachi All Share Index 28,925.72 +935.00 Walt Disney Co/The 114.27 -3.04 4,488,906 Jakarta Composite Index 5,709.42 -88.47 Unitedhealth Group Inc 264.20 -0.25 1,157,339 3M Co 188.03 -2.35 1,696,466 Mcdonald’s Corp 176.92 -0.13 3,034,480 Nike Inc -Cl B 74.30 1.30 3,443,686 TOKYO United Technologies Corp 126.00 -3.10 3,935,181 Boeing Co/The 361.86 3.37 4,052,609 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 214.81 -1.72 915,671 Sumitomo Realty & Developmen 3,954.00 1.25 1,572,100 American Express Co 103.77 -0.58 964,773 Sumitomo Metal Mining Co Ltd 3,579.00 -1.84 1,586,800 Caterpillar Inc 115.82 -2.66 6,809,972 Orix Corp 1,772.00 0.03 4,603,400 Travelers Cos Inc/The 123.10 -0.57 715,022 Daiwa Securities Group Inc 665.30 0.14 5,973,000 Softbank Group Corp 9,205.00 0.52 11,621,900 Mizuho Financial Group Inc 190.10 -0.63 123,117,000 Central Japan Railway Co 21,615.00 1.67 309,100 FTSE 100 Nitori Holdings Co Ltd 14,430.00 0.56 429,200 T&D Holdings Inc 1,846.50 -1.89 3,078,800 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,578.00 0.52 6,485,600 Hoya Corp 6,268.00 0.29 1,229,200 Wpp Plc 1,056.00 1.39 5,559,033 Sumitomo Mitsui Trust Holdin 4,420.00 -1.76 1,340,600 Worldpay Group Plc 0.00 0.00 - Japan Tobacco Inc 2,942.50 2.05 5,976,200 Wolseley Plc 0.00 0.00 - A broker looks at financial information on computer screens on the IG Index trading floor in London (file). The FTSE 100 was Osaka Gas Co Ltd 2,119.00 1.83 1,066,400 Wm Morrison Supermarkets 250.50 0.72 5,879,685 up 0.1% at 6,962.98 points at close yesterday. Sumitomo Electric Industries 1,557.00 0.61 3,106,400 Whitbread Plc 4,342.00 -1.23 508,505 Ono Pharmaceutical Co Ltd 2,639.00 -0.90 2,189,600 Vodafone Group Plc 146.42 0.12 55,170,307 Ajinomoto Co Inc 1,848.00 1.48 1,602,900 United Utilities Group Plc 720.80 0.84 1,800,327 Mitsui Fudosan Co Ltd 2,551.00 0.51 2,542,000 Unilever Plc 4,173.50 1.04 2,728,663 Daikin Industries Ltd 13,220.00 0.38 945,700 Tui Ag-Di 1,282.00 -1.08 776,986 Toray Industries Inc 803.30 -0.54 5,103,500 Travis Perkins Plc 1,048.00 2.75 2,135,208 Bridgestone Corp 4,217.00 1.61 2,388,400 Tesco Plc 215.30 0.47 18,877,371 Sony Corp 6,208.00 0.39 7,140,300 European markets end lower, Taylor Wimpey Plc 153.20 0.13 9,498,529 Astellas Pharma Inc 1,814.50 0.81 7,038,500 Standard Life Plc 0.00 0.00 - Jxtg Holdings Inc 763.00 -0.90 12,451,000 Standard Chartered Plc 519.80 -1.74 6,580,829 Nippon Steel & Sumitomo Meta 2,132.50 -0.33 3,445,100 St James’s Place Plc 970.20 -1.02 2,092,283 Suzuki Motor Corp 5,569.00 -0.55 1,803,900 Sse Plc 1,136.50 0.62 2,334,046 but FTSE up on weak pound Nippon Telegraph & Telephone 4,847.00 0.35 3,937,000 Smith & Nephew Plc 1,275.50 0.55 2,549,897 Sompo Holdings Inc 4,600.00 -0.67 1,152,500 Sky Plc 1,726.00 -0.46 608,843 Daiwa House Industry Co Ltd 3,310.00 1.85 2,788,400 Shire Plc 4,485.00 0.43 1,522,998 ing corporate results, so did shares in month with sanctions due to be im- Komatsu Ltd 2,784.50 -4.97 14,517,500 AFP Severn Trent Plc 1,856.00 0.73 613,861 Europe. posed on Iran, while Venezuela re- West Japan Railway Co 7,426.00 0.47 443,000 London Schroders Plc 2,608.00 -1.51 539,335 London’s FTSE index resisted the mained in political and economic crisis Murata Manufacturing Co Ltd 16,050.00 -1.68 1,025,900 Sainsbury (J) Plc 305.10 0.07 4,288,041 Kansai Electric Power Co Inc 1,689.00 1.23 1,322,500 downward trend thanks to a weak and US data pointed to a pick-up in Sage Group Plc/The 525.60 -1.79 2,638,702 Denso Corp 5,116.00 0.45 1,404,700 orld stock markets fell yes- pound, which helps to boost the earn- demand. Abi Sab Group Holding Ltd 0.00 0.00 - Dai-Ichi Life Holdings Inc 2,242.00 -1.84 5,132,900 terday after failing to sustain ings of multinationals who generate Traders reacted also to news that Rsa Insurance Group Plc 543.80 0.04 3,901,717 Mazda Motor Corp 1,248.00 0.08 6,074,900 an earlier timid rebound as sales in other currencies. business growth in the 19-nation eu- Royal Mail Plc 363.00 2.46 3,520,423 W Mitsui & Co Ltd 1,889.50 -0.89 5,103,400 Royal Dutch Shell Plc-B Shs 2,468.00 -0.58 3,978,082 geopolitical concerns again got the “There is clearly still a huge amount rozone dropped in October to the low- Kao Corp 7,547.00 -2.88 4,339,200 Royal Dutch Shell Plc-A Shs 2,418.50 -0.41 4,045,948 better of investor nerves. of anxiety in the markets right now,” est point in two years, hit by falling Sekisui House Ltd 1,624.50 1.09 2,463,300 Royal Bank Of Scotland Group 230.70 -0.90 10,873,606 Oriental Land Co Ltd 10,535.00 0.05 536,700 Risks stretching from US tensions noted Oanda senior market analyst exports. Rolls-Royce Holdings Plc 840.00 -0.17 4,197,362 Secom Co Ltd 9,329.00 1.48 879,800 with Russia and Saudi Arabia to trade Craig Erlam. In a fi rst estimate, data monitor- Rio Tinto Plc 3,599.50 -0.80 3,421,517 Tokio Marine Holdings Inc 5,250.00 -1.56 2,093,100 issues with China, as well as Italy’s Investors around the world have ing company IHS Markit said slowing Rexam Ltd 0.00 0.00 - Aeon Co Ltd 2,610.00 1.69 2,707,600 exports extended to the service sector, Relx Plc 1,525.50 1.29 4,653,144 budget stand-off with the European been fl eeing riskier assets in search Fanuc Corp 18,860.00 0.00 1,258,100 Reckitt Benckiser Group Plc 6,729.00 2.16 1,358,736 Union have been keeping markets on of safety as a wave of negative issues with companies’ expectations of fu- Daito Trust Construct Co Ltd 14,805.00 2.03 334,600 Randgold Resources Ltd 6,412.00 -1.87 436,288 their toes. dominates the news. ture growth at the lowest level in nearly Otsuka Holdings Co Ltd 5,428.00 1.67 1,031,000 Prudential Plc 1,495.00 -0.66 4,911,522 With the exception of London, key The euro hit a two-month low four years. Resona Holdings Inc 588.20 -2.54 15,622,100 Provident Financial Plc 496.70 -2.19 1,075,905 Asahi Kasei Corp 1,366.00 -2.88 7,265,600 European markets ended the day lower, against the dollar, before paring early Investors are also keeping an eye on Persimmon Plc 2,200.00 0.27 843,057 Kirin Holdings Co Ltd 2,672.50 -0.43 2,187,800 having earlier taken heart from some losses, while oil prices rebounded eurozone member Italy after the EU re- Pearson Plc 888.60 0.09 3,820,005 Mitsubishi Ufj Financial Gro 664.10 -1.13 63,797,900 strength in Asia and a solid opening on from the previous day’s heavy down- jected the populist government’s big- Paddy Power Betfair Plc 6,330.00 1.52 173,073 Marubeni Corp 913.70 -0.44 9,910,400 Old Mutual Plc 0.00 0.00 - the Wall Street. turn. spending budget, the fi rst time it has Mitsubishi Chemical Holdings 890.70 -0.41 5,978,300 Next Plc 5,120.00 0.51 304,007 London’s FTSE 100 was up 0.1% Oil’s main Brent and WTI contracts turned a member away over spending Fast Retailing Co Ltd 57,230.00 2.20 1,276,700 National Grid Plc 839.10 1.02 8,164,324 at 6,962.98 points at close; Frank- plunged more than 4% on Tuesday rules violations. Ms&Ad Insurance Group Holdin 3,462.00 -0.63 1,446,800 Mondi Plc 1,745.00 0.17 1,848,995 furt’s DAX 30 fell 0.7% at 11,191.63, after Saudi Energy Minister Khalid al- With Rome likely to ignore the deci- Kubota Corp 1,837.50 -0.84 3,499,000 Merlin Entertainment 311.40 -0.19 1,854,456 Seven & I Holdings Co Ltd 4,810.00 1.46 1,699,200 while Paris’CAC 40 was down 0.3% at Falih said the major producer would sion, the move puts the two on course Mediclinic International Plc 347.50 -3.07 1,497,532 Inpex Corp 1,333.50 -3.30 7,611,900 4,953.09. boost output and spare capacity to help for a clash, just as the EU struggles to Marks & Spencer Group Plc 285.60 0.49 3,811,360 Sumitomo Mitsui Financial Gr 4,304.00 -1.53 8,102,100 But as American stock prices turned maintain supplies. reach a deal for Britain to leave the bloc London Stock Exchange Group 4,235.00 0.36 1,207,197 Ana Holdings Inc 3,615.00 0.67 1,299,500 Lloyds Banking Group Plc 56.66 0.48 132,547,336 down, mostly because of unconvinc- Prices had hit four-year highs this with a deadline imminent. Mitsubishi Electric Corp 1,359.50 -0.87 5,521,300 Legal & General Group Plc 240.60 0.00 23,496,887 Honda Motor Co Ltd 3,019.00 0.27 4,899,700 Land Securities Group Plc 836.60 0.48 1,320,100 Tokyo Gas Co Ltd 2,754.50 1.74 1,947,700 Kingfisher Plc 243.50 0.45 4,089,934 HONG KONG HONG KONG Tokyo Electron Ltd 14,645.00 -1.05 1,928,800 Johnson Matthey Plc 2,858.00 0.07 529,654 Panasonic Corp 1,216.50 1.00 8,619,000 Itv Plc 151.15 -1.37 9,925,566 Fujitsu Ltd 7,434.00 1.45 927,800 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 196.15 0.51 3,106,824 East Japan Railway Co 9,570.00 0.20 926,500 Intl Consolidated Airline-Di 565.80 0.78 4,719,602 Aluminum Corp Of China Ltd-H 3.04 0.33 18,368,935 Hong Kong & China Gas 14.82 0.27 10,716,002 Itochu Corp 2,071.00 -0.77 6,081,200 Intertek Group Plc 4,429.00 0.96 609,410 Bank Of East Asia Ltd 25.30 -0.59 1,383,029 Hong Kong Exchanges & Clear 211.00 0.67 5,208,855 Fujifilm Holdings Corp 5,031.00 2.44 2,572,900 Intercontinental Hotels Grou 3,948.00 -0.68 724,067 Bank Of China Ltd-H 3.27 0.00 286,740,826 Hsbc Holdings Plc 61.60 -1.28 35,346,106 Yamato Holdings Co Ltd 3,251.00 1.50 1,202,300 Inmarsat Plc 459.00 0.13 1,114,889 Bank Of Communications Co-H 5.58 0.72 14,433,756 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,633.00 1.33 1,558,700 Informa Plc 723.40 1.69 1,810,324 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 5.29 0.95 259,056,202 Mitsubishi Estate Co Ltd 1,816.00 0.44 4,251,100 Imperial Brands Plc 2,645.50 -0.08 2,303,063 Boc Hong Kong Holdings Ltd 32.95 -0.90 8,389,988 Li & Fung Ltd 1.54 0.65 45,749,362 Mitsubishi Heavy Industries 4,087.00 -0.58 1,464,400 Hsbc Holdings Plc 600.80 -0.97 23,516,721 Cathay Pacific Airways 10.62 -0.19 1,175,353 Mtr Corp 38.45 0.79 2,847,798 Shiseido Co Ltd 7,067.00 1.87 2,669,700 Hargreaves Lansdown Plc 1,762.00 1.06 978,911 Ck Hutchison Holdings Ltd 80.20 0.69 4,672,911 New World Development 10.02 0.00 18,456,311 Shionogi & Co Ltd 7,169.00 1.01 1,355,300 Hammerson Plc 427.00 0.28 2,241,294 China Coal Energy Co-H 3.51 5.09 32,076,500 Petrochina Co Ltd-H 5.81 -1.86 143,942,420 Recruit Holdings Co Ltd 3,191.00 -0.68 4,920,000 Glencore Plc 297.90 -0.62 34,284,164 China Construction Bank-H 6.22 0.32 434,993,771 Ping An Insurance Group Co-H 75.90 0.00 35,500,623 Japan Airlines Co Ltd 3,826.00 -0.18 1,938,800 Glaxosmithkline Plc 1,552.60 0.60 8,411,352 China Life Insurance Co-H 17.20 -0.92 29,171,580 Power Assets Holdings Ltd 52.80 0.57 2,773,235 Nitto Denko Corp 7,320.00 -1.61 1,360,000 Gkn Ltd 0.00 0.00 - China Merchants Port Holding 13.74 -0.15 1,209,575 Sino Land Co 12.30 -0.81 4,327,611 Kddi Corp 2,929.00 1.65 5,996,000 Fresnillo Plc 938.00 -4.01 3,839,257 China Mobile Ltd 74.70 0.27 15,209,447 Sun Hung Kai Properties 101.00 -0.69 6,766,823 Rakuten Inc 769.00 0.08 7,187,300 Experian Plc 1,766.50 0.94 1,427,337 China Overseas Land & Invest 23.65 0.21 11,597,020 Swire Pacific Ltd - Cl A 83.15 0.42 1,408,155 Kyocera Corp 6,012.00 -0.58 1,646,700 Easyjet Plc 1,141.00 0.75 2,072,232 China Petroleum & Chemical-H 6.44 1.10 132,460,654 Tencent Holdings Ltd 275.80 -0.72 26,379,754 Nissan Motor Co Ltd 998.30 0.43 13,434,500 Dixons Carphone Plc 160.15 1.17 1,431,139 China Resources Beer Holding 28.00 -0.36 6,958,052 Wharf Holdings Ltd 19.32 -0.41 2,231,212 Direct Line Insurance Group 329.40 1.35 5,301,066 China Resources Land Ltd 25.65 0.79 6,880,080 China Resources Power Holdin 12.46 -1.89 8,230,378 Diageo Plc 2,693.00 0.75 4,345,659 SENSEX Dcc Plc 6,360.00 0.55 244,488 China Shenhua Energy Co-H 18.32 2.69 26,540,908 GCC INDICES Crh Plc 2,081.00 -0.48 2,872,165 China Unicom Hong Kong Ltd 8.87 0.34 25,677,905 Compass Group Plc 1,505.00 1.48 2,661,040 Company Name Lt Price % Chg Volume Citic Ltd 11.50 0.70 5,778,528 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,309.00 -0.52 470,713 Clp Holdings Ltd 86.10 0.23 3,433,900 Doha Securities Market Zee Entertainment Enterprise 435.30 -0.53 3,382,296 10,152.62 -111.45 Centrica Plc 149.05 0.68 20,180,998 Cnooc Ltd 13.58 -3.82 118,101,750 Saudi Tadawul Yes Bank Ltd 204.00 -4.32 41,740,568 7,512.52 -37.25 Carnival Plc 4,197.00 -0.36 800,798 Cosco Shipping Ports Ltd 8.06 -0.74 2,353,363 Kuwait Stocks Exchange Wipro Ltd 308.80 -0.10 5,035,302 #N/A N/A #N/A N/A Capita Plc 121.10 2.41 2,809,919 Esprit Holdings Ltd 1.94 -1.02 1,667,166 Bahrain Stock Exchage Vedanta Ltd 211.90 0.74 8,945,360 1,316.38 -4.78 Burberry Group Plc 1,672.00 0.09 1,644,657 Fih Mobile Ltd 0.71 -1.39 6,478,760 Oman Stock Market Ultratech Cement Ltd 3,383.55 1.19 367,071 4,462.76 +3.40 Bunzl Plc 2,198.00 0.37 1,319,877 Hang Lung Properties Ltd 14.28 0.28 6,430,130 Abudhabi Stock Market Tech Mahindra Ltd 667.40 -0.13 3,276,683 4,926.29 -44.02 Bt Group Plc 250.20 4.05 47,229,801 Hang Seng Bank Ltd 198.60 0.86 1,601,400 Dubai Financial Market Tata Steel Ltd 550.05 0.82 4,523,070 2,738.01 -15.06 British Land Co Plc 577.60 1.01 2,088,231 Henderson Land Development 36.95 -0.81 2,852,685 Tata Power Co Ltd 69.25 -0.29 2,905,560 British American Tobacco Plc 3,527.50 0.66 4,302,325 Tata Motors Ltd 170.65 0.00 17,150,957 Bp Plc 532.90 -0.06 34,586,339 Tata Consultancy Svcs Ltd 1,848.50 0.26 2,908,481 Bhp Billiton Plc 1,490.60 -2.01 6,678,003 Sun Pharmaceutical Indus 570.70 -0.89 6,163,153 Berkeley Group Holdings/The 3,284.00 0.31 533,448 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 255.70 0.02 26,907,167 Barratt Developments Plc 496.30 -0.26 2,865,621 Reliance Industries Ltd 1,045.75 -0.85 14,239,894 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 170.70 2.98 64,158,744 Punjab National Bank 65.80 1.62 18,974,323 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 536.40 0.04 8,607,433 Power Grid Corp Of India Ltd 190.40 -0.29 3,227,726 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 598.00 1.08 3,473,051 Oil & Natural Gas Corp Ltd 157.75 1.51 8,727,892 this data.” Aviva Plc 413.90 -1.69 12,055,045 Ntpc Ltd 163.05 -1.18 10,827,231 Astrazeneca Plc 5,931.00 0.00 1,674,881 Maruti Suzuki India Ltd 6,768.30 -0.04 753,078 Associated British Foods Plc 2,334.00 2.19 1,153,049 Mahindra & Mahindra Ltd 736.25 0.86 4,990,333 Ashtead Group Plc 1,815.50 -0.14 2,561,617 Lupin Ltd 860.95 1.17 1,526,672 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,218.90 1.52 1,570,066 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 727.20 -3.89 4,130,065 DINAR DINAR Kotak Mahindra Bank Ltd 1,177.10 0.23 4,549,132 Anglo American Plc 1,606.40 -0.96 4,295,372 Itc Ltd 287.75 0.61 9,283,299 Admiral Group Plc 1,977.50 0.61 540,382 Infosys Ltd 649.80 -1.19 8,883,959 3I Group Plc 832.40 -1.37 1,726,708 Indusind Bank Ltd 1,521.35 3.27 2,247,218 #N/A 0.00 0.00 - Vodafone Idea Ltd 36.25 2.40 20,935,754 Icici Bank Ltd 322.00 -0.26 33,996,841 TOKYO Housing Development Finance 1,741.45 3.24 3,657,977 Hindustan Unilever Ltd 1,585.95 2.18 817,824 Hindalco Industries Ltd 229.85 4.72 10,721,507 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 2,701.65 -0.83 533,103 Hitachi Ltd 3,302.00 -0.66 2,965,800 Hdfc Bank Limited 1,992.25 0.37 4,600,352 Takeda Pharmaceutical Co Ltd 4,508.00 -0.44 5,850,900 Hcl Technologies Ltd 980.70 3.06 4,429,177 Jfe Holdings Inc 2,337.00 -0.43 2,584,400 Grasim Industries Ltd 809.00 -2.05 1,840,441 Sumitomo Corp 1,725.00 0.00 4,792,500 Gail India Ltd 342.00 0.59 8,842,369 Canon Inc 3,498.00 0.95 3,598,400 Dr. Reddy’s Laboratories 2,434.30 -1.59 768,644 Nintendo Co Ltd 37,140.00 -1.01 1,369,300 Coal India Ltd 277.25 -0.04 5,832,147 Eisai Co Ltd 9,970.00 -1.82 1,325,500 Cipla Ltd 621.30 -0.17 1,033,110 Isuzu Motors Ltd 1,505.00 2.03 3,376,100 Cairn India Ltd 0.00 0.00 - Unicharm Corp 3,129.00 0.26 2,630,200 Bosch Ltd 18,351.55 3.47 16,966 Shin-Etsu Chemical Co Ltd 8,427.00 -3.93 2,823,000 Bharti Airtel Ltd 315.85 10.48 12,714,575 Smc Corp 32,920.00 0.12 223,500 Bharat Petroleum Corp Ltd 281.55 4.45 14,589,838 Mitsubishi Corp 3,279.00 -0.49 4,944,500 Bharat Heavy Electricals 75.95 2.84 8,616,440 Asahi Group Holdings Ltd 4,835.00 0.94 1,489,300 Bank Of Baroda 102.65 0.93 12,690,940 Keyence Corp 54,090.00 0.48 457,900 Bajaj Auto Ltd 2,475.15 -4.31 1,757,292 Nidec Corp 14,290.00 1.60 2,152,800 Axis Bank Ltd 564.10 0.24 10,731,140 Nomura Holdings Inc 541.50 0.02 16,027,000 Asian Paints Ltd 1,186.90 4.26 2,545,952 Daiichi Sankyo Co Ltd 4,520.00 0.11 1,672,900 Ambuja Cements Ltd 196.40 -2.09 17,715,881 Subaru Corp 3,008.00 -7.02 10,981,000 Adani Ports And Special Econ 314.15 -1.52 8,287,650 Ntt Docomo Inc 2,906.00 1.80 4,686,200 Acc Ltd 1,382.30 0.09 1,144,900 Gulf Times Thursday, October 25, 2018 11 BUSINESS

Porsche loses two shareholder suits over VW Mobileye opens up driverless diesel disclosure Bloomberg Berlin

Porsche Automobil Holding SE, tech as Intel tie-up deepens the controlling shareholder of Volkswagen AG, lost two lawsuits Bloomberg by shareholders who claimed Jerusalem the company took too long to disclose information about VW’s diesel-emissions rigging. obileye NV’s driverless test Stuttgart Regional Court Judge car has developed a bit of a Fabian Richter Reuschle said Mfeisty streak. Porsche is liable for investors’ During a test drive in October, with a losses because VW’s then- Bloomberg reporter sitting in the pas- chief executive off ice Martin senger seat, the car merged into traffi c Winterkorn, who also headed on a highway. Then, when drivers were Porsche’s board at the time, reluctant to allow it to change lanes — violated his duties at the “gate- a situation quite common on Israel’s keeper” of the company. roads — it made the move, smoothly While the compensation award but assertively. amounts to about €47.2mn Over the 20-minute drive, the driver ($53.8mn), the judgment is likely didn’t touch the steering wheel or the to be overturned on appeal amid brake once. a stand-off between Richter Re- Mobileye’s driverless car is part of uschle and the Stuttgart appeals Intel Inc’s attempt to grab a stake in court over the issue. autonomous technology. Intel bought After the judge declined to the Israeli company for about $15bn relinquish a number of lawsuits in 2017. Companies such as BMW AG to a German process akin to a US and Fiat Chrysler Automobiles NV also class action, the Stuttgart appeals plan to use Mobileye’s technology in court questioned that move. In their driverless cars. an interim ruling, it indicated that Like its rivals, it has experienced all cases over the disclosure issue hiccups. At a May press event in Mobi- should be part of the mass case leye’s hometown of Jerusalem, its cam- Mobileye CEO Amnon Shashua speaks during a keynote address at the 2018 Consumer Electronics Show (CES) in Las Vegas, on January 8. Without a safety model that currently heard in Braunschweig, era-only vehicle ran a red light about a persuades the public to accept autonomous cars, the whole industry is in danger of becoming “a science project,” says Shashua. near VW’s headquarters city. quarter of a mile from the company’s Richter Reuschle had reacted garage. The problem was blamed on the suades the public to accept autono- tel’s photonics engineers and tapped which is aiming to jump straight to car companies don’t know how it works with angry language in a hearing electromagnetic interference caused by mous cars, the whole industry is in Intel engineers previously working on fully autonomous systems. and can’t make adjustments,” said Ram- in September. wireless transmitters on cameras being danger of becoming “a science project,” micro-radars for smart phones, and In a move that could help it win au- sey. “Companies’ biggest frustration In a third case, the judge issued used by a television crew. The company said Mobileye’s chief executive offi cer put them on creating digital radars for tomotive market share, Mobileye’s with Mobileye was because of that.” a procedural ruling. said it has since fi xed the problem. Amnon Shashua, who created a safety a future generation of Mobileye chips. customers will be able to add their own The ability to open up Mobileye’s Richter Reuschle in May tried Mobileye has been keen to ham- code that sets clear rules for faults, “There is lots and lots of potential code to its next chip. Mobileye’s range technology came after Intel’s acquisi- to summon about 30 witnesses mer home its focus on safety, without based on a mathematical model. for building the next generation sen- of EyeQ chips are currently a closed sys- tion was completed in August 2017, to find out what Winterkorn which society is unlikely to adapt to the The Israeli unit is also an experiment sor way beyond the current science of tem, meaning the client purchases the when 200 of the multinational’s engi- knew about the scam. That idea of a car without a driver. “When for Intel, as it tries to break its depend- lidars,” said Shashua. chip and software as a single package. neers moved over to the Israeli compa- eff ort failed after most of those you help an industry accelerate the ence on personal computer proces- Unlike many of its autonomous com- Allowing car makers to write their ny and joined its Eyeq5 chip develop- involved claimed their right transition to an advanced data centre sors. Instead of absorbing its engineers petitors — such as Alphabet Inc’s Way- own code — a process known as open ment team, said Shashua. not to testify as they are being platform, like assistive or autonomous and products into its own eff orts, the mo — Mobileye’s current autonomous architecture — could let items such as “The way Mobileye works is as a probed in various criminal driving, nothing is more strategic,” said world’s second-largest chipmaker left prototype doesn’t use lasers or radars. lidar processing or driving software closed system,” Shashua said. “But investigations. Most lawyers Bob Swan, Intel’s chief fi nancial of- Mobileye intact. Underlining that inde- They will be added once development be added on top of Mobileye’s existing given those 200 engineers from Haifa didn’t expect Richter Reuschle fi cer and interim CEO, in a statement pendence, Mobileye’s most advanced is completed, which is expected by the technology. By making its chips cus- we created another market in which we would put out a final judgment to Bloomberg. chips are manufactured by competitors end of the year. tomisable, Mobileye is attempting to can off er open compute to customers without that sort of evidence. Billions of dollars are pouring into and not made in Intel plants. Meanwhile, Mobileye’s main busi- demystify its technology to its growing who want to write their own code.” In Wednesday’s ruling, one case autonomous technologies as car makers In the second quarter Mobileye hit ness is supplying automakers with a base of major automobile clients, who Even before Mobileye’s newest chip, was brought by the pension and technology giants battle to be the record revenue with a 37%, year-over- ’driver assist’ system — a camera and are pursuing a range of methods in the still under development, hits the mar- funds of the UK’s Wolverhamp- fi rst to bring driverless cars to the au- year increase, Intel said in July. custom chip that allows it to predict race to launch an autonomous car. ket, the company has been announcing ton City Council, which won tomobile masses. Despite two fatal au- While Mobileye continues to chase when a driver is about to hit something. The change is likely to be signifi - deals. In May, it signed a contract to €3.2mn, according to their law- tonomous car crashes involving vehicles the goal of autonomous driving, it’s Via Mobileye, Intel has the highest cant and grow the Mobileye market, supply a European automaker’s eight yer Andreas Lang. The investors run by Uber and Tesla, most contenders reaping the benefi ts of being part of number of systems on the road, albeit said Michael Ramsey, research director million cars with self-driving technol- in the second suit won €44mn, expect their cars to navigate cities at a larger company by tapping some of at lower levels of autonomy as they for Automotive and Smart Mobility at ogies. Shashua declined to elaborate according to Broich, the lawfirm casual speeds within three years. Intel’s engineering capabilities. Six pursue an incremental approach, un- Gartner Inc “One of the big complaints and added that the company “has been in the case. Without a safety model that per- months ago it repurposed some of In- like companies such as Nvidia Corp, has been that Mobileye is a black box, the closing many deals.” Gulf Times 12 Thursday, October 25, 2018 BUSINESS

Airtel Africa mobilises Cabinet okays India-Taiwan $1.25bn from SoftBank, five others

Reuters bilateral investment pact Mumbai

IANS Airtel Africa Ltd, a subsidiary New Delhi of India’s Bharti Airtel Ltd, said yesterday it raised $1.25bn from six global investors including he Union Cabinet yesterday ap- SoftBank Group Corp, Warburg proved a bilateral investment Pincus LLC and Temasek Hold- Tagreement between India and ings (Private) Ltd. Taiwan that is expected top help project The fundraising, through a India as a preferred foreign direct in- primary equity issuance, now vestment destination to the East Asia. values the telecommunications “The Union Cabinet chaired by the company at $4.4bn and will be Prime Minister Narendra Modi has ap- used to reduce existing debt of proved the signing of Bilateral Invest- about $5bn and grow its Africa ment Agreement (BIA) between India operations, Airtel Africa said. Taipei Association (ITA) in Taipei and “The transaction will help us Taipei Economic and Cultural Center further deleverage our balance (TECC) in India,” an offi cial statement sheet and boost our capacity to said. upgrade networks, expand cov- “The BIA is likely to increase invest- erage in diff erent markets and ment fl ows between the parties,” it achieve rapid growth of Airtel stated. Money across our operations,” “It will provide appropriate protec- Raghunath Mandava, chief ex- tion to investments on a reciprocal basis ecutive of Bharti Airtel’s Africa between ITA and TECC. unit, said in a statement. “BIA is likely to increase the comfort Faced with a price war in level and boost the confi dence of inves- India since the market entry of tors by assuring a level playing fi eld and Reliance Jio in 2016, Airtel, like non-discrimination in matters related its peers, has been trying to to investments, thus providing condu- shed debt and aggressively win cive investment climate to investors.” customers. India and Taiwan do not maintain Bharti Airtel has chosen UBS formal diplomatic relations as Beijing Group AG, JPMorgan Chase & claims Taiwan, offi cially called Repub- Co and Citigroup Inc to coordi- lic of China, as a part of China. Bilateral nate the London initial public trade volume between Taiwan and India off ering of its Africa business, increased 27% year-on-year to $6.4bn Reuters reported in September, in 2017, according to TECC Representa- citing two people familiar with tive Tien Chung-Kwang. the matter. Under Taiwanese President Tsai Ing- Yesterday, Airtel Africa said wen’s New Southbound Policy (NSP) it aimed to go public on an that looks to deepen the East Asian na- international stock exchange in tion’s relationships with South Asia, a deal whose proceeds would Southeast Asia, Australia and New Zea- also be used to reduce debt. land, Taiwan boosted its external trade India’s Prime Minister Narendra Modi attends a conference at Hyderabad House in New Delhi. The Union Cabinet chaired by Modi has approved the signing of Bilateral Airtel operates in 14 African with these NSP countries by 15.61% to Investment Agreement (BIA) between India Taipei Association (ITA) in Taipei yesterday, an off icial statement said. markets including Democratic $110.9bn last year. Republic of the Congo, Kenya, Meanwhile, The Union Cabinet on during Prime Minister Narendra Modi’s for Electronic Transfers (NETS), UPI- Payments Corporation of India (NPCI) The terms of references of the JWG Nigeria, Rwanda, Seychelles, Wednesday approved a MoU signed be- visit to Singapore in June this year. FAST payment link, Aadhaar Stack and to establish a cross-border payment include exchange of best practices to Uganda and Zambia. The conti- tween India and Singapore to establish a “Collaboration of India with Singa- e-KYC in the ASEAN region and co- linkage between Singapore’s PayNow improve regulatory connect, promote nent accounted for over a quar- joint working group to strengthen bilat- pore will benefi t both India and Sin- operation on regulations, solutions for and India’s Immediate Payment Service experience sharing on fi ntech policies ter of Bharti Airtel’s June-quarter eral co-operation in fi nancial technolo- gapore to excel in the fi elds of devel- fi nancial markets, insurance sector and (IMPS). and regulations, encourage creation of revenue of about Rs201bn gies. The memorandum of understand- opment of Application Programming sandbox models,” the government said This partnership is aimed at boosting standards on use of data by fi ntech fi rms ($2.74bn). The telecom firm is set ing (MoU) was signed between India’s Interfaces (APls), regulatory sandbox, in a statement. trade, tourism and remittances through and promote cooperation between the to report earnings for its quarter Department of Economic Aff airs and security in payment and digital cash Singapore payment system opera- real-time fund transfers between bank fi nancial technology industry in India ended September today. the Monetary Authority of Singapore fl ow, integration of RuPay-Network tor NETS has partnered with National accounts in the respective countries. and Singapore.

Ford hires new chief Zydus to pay $628mn for Kraft Heinz India brands for China Bloomberg while India-based Cyril Amarchand Growth in malt-based hot drinks is operations Mumbai Mangaldas and global law fi rm Gibson, also slowing. Dunn & Crutcher served as legal advis- The market, valued at Rs78.7bn, is ers. estimated to slow to a 3.7% pace in the Reuters ydus Wellness Ltd, with parent Revenues of the four brands for the 2017-2022 period from 11.5% in 2012- Beijing/Shanghai Cadila Healthcare Ltd, agreed 12 months ended June 30 were approxi- 2017. Zto pay Rs46bn ($628mn) to ac- mately Rs11.50bn, Ahmedabad-based The leader in this segment, Horlicks, quire some Kraft Heinz Co businesses Zydus said in the statement. is also up for sale. Ford Motor Co has hired a new in India to strengthen their presence The acquisition is expected to be GlaxoSmithKline Plc has requested chief for its troubled China op- in the world’s fastest growing major completed by early 2019. bids for its Indian consumer- health erations, ending a nine-month economy. Zydus will get global rights for Glu- unit, which owns Horlicks, according search after the previous head Zydus will gain control of nutrition con-D, Nycil and Sampriti. to people with knowledge of the matter. suddenly quit and tasking him drink Complan, instant-energy drink It will acquire rights for India, Bang- Both Complan and Horlicks are fac- with fixing a deep sales slump in Glucon-D, talcum powder brand Nycil ladesh, Nepal and countries where the ing stiff competition from alternatives the world’s biggest car market. and ghee brand Sampriti from the ac- seller has intellectual property rights such as drinks with added protein and Anning Chen, 57, a former quisition of Heinz India Pvt, for Complan. mixing syrups such as chocolate or va- Ford engineer and chairman Zydus said in a statement yesterday. The Indian affi liate of Kraft Heinz nilla. of Chery Jaguar Land Rover in Zydus will use a mix of debt and eq- started operations in 1994, under HJ At the same time, rising health China, will take the helm from uity to fund the transaction and “select Heinz Co. awareness in India is driving demand November 1. An American leading private equity fi rms have com- Zydus Wellness, with parent Cadila Healthcare, agreed to pay Rs46bn ($628mn) to It has two manufacturing facilities in for Ayurveda-based products. national who was born in China, mitted to partnering the transaction by acquire some Kraft Heinz businesses in India to strengthen their presence in the Aligarh and Sitarganj, both in northern “Ayurveda-based pharmaceutical he is fluent in Chinese and has way of equity support,” it said in the ex- world’s fastest growing major economy. India, and employs about 2,500 people, companies, including Baidyanath and roughly 14 years experience of change statement. The deal gives Zydus according to the company’s website. Dabur, are planning to enter this catego- working in the country. access to the top brands in the supple- in turn leading to intensifying competi- country of this size, sales of hot drinks Zydus is entering a slowing nutrition ry as demand for Ayurveda-based prod- The move, which cements a ment nutrition drinks market estimated tion in the segment. like tea, coff ee and malted beverages drinks market. ucts is rising,” said Devchandan Mallick, shift to Chinese management in by Euromonitor International to be “Malted beverages are growing more surpass that of cold drinks.” The segment is estimated to expand research analyst for drinks and tobacco the country for Ford, comes at worth Rs17bn last year. than dark carbonated drinks,” said San- Zydus was advised by Avendus Capi- at a compound annual growth rate of at Euromonitor International.“Existing a pivotal time with sales sliding Greater awareness is encouraging tosh Kanekar, founder at consultancy tal and Khaitan & Co. 5.6% in the 2017-2022 period, after players are also expected to revamp their on the lack of a popular SUV more young Indians to prefer healthier BeLive Corp. “India has always been JP Morgan Securities LLC served as growing at a 16.1% pace during 2012- product portfolios in line with changing for the market as well as rocky options to carbonated drinks and that’s an outlier and despite being a tropical the fi nancial adviser to Kraft Heinz, 2017, according to Euromonitor. consumer preferences and demands.” relationships with its Chinese joint venture partners. “Getting a local person in this role is a good move. This will A banker’s woe: Chinese wealth may get harder to snag for global bankers likely give Ford a better under- standing of the market,” said Bill Russo, head of Shanghai Reuters when contacted by Reuters on Wednes- The question is if those rules need to The number of rich – those with at cess to taxpayer data by sharing financial consultancy Automobility Ltd. Hong Kong/Shanghai day. be revisited and you have to reinforce least $1mn to invest – rose by 12% last information with other countries. Ford’s vehicle sales fell 43% The uncertainty around the UBS that,” he said, declining to be named due year in Asia Pacific, led by China. Authorities now “may be gradually in- in September from a year banker’s delayed departure comes at a to the sensitivity of the matter. The rate of growth was the fastest creasing supervision of off shore assets,” earlier and are down 30% in the News of a foreign wealth manager being tricky time for foreign investors in China UBS is the largest wealth manager in the world, according to consultant said Song Xu, a partner at Shanghai off ice first nine months of the year. denied exit from China last week is rais- as Beijing steps up curbs and increases operating in Asia, with $383bn of assets CapGemini. of law firm Zhong Yin. Ford blames its weak China ing concerns for global private banks, scrutiny on off shore investments and under management, according to Asian The investible assets of rich in China The yuan has fallen over 6% so far this business on an ageing model as they seek to tap trillions of dollars of outflows amid a weakening economy and Private Banker magazine, ahead of Citi, is estimated to have reached $8.4tn last year, hit by a Sino-US trade dispute, and lineup that is awaiting an over- wealth off shore in the face of Beijing’s currency. Credit Suisse, HSBC and Julius Baer. year, and CepGemini says 45.5% of the unobtrusively China has been moving to haul. growing curbs on overseas investments And as authorities continue a sweep- Foreign private banks have invested onshore wealth were held outside the rein in currency outflows. By comparison, industry- and outflows. ing campaign to root out graft, some heavily in courting the rich in China – home market as of the second quarter of Moreover, under new global stand- wide sales are up 1.5% for the The banker, a Singapore-based mem- bankers are beginning to get nervous home to the world’s fastest-growing pool last year. ards aimed at cracking down on tax year to date with rival Toyota ber of UBS wealth management business, about pursuing arguably one of the big- of wealth and the second-largest group A high degree of secrecy means cheats, China this year began a two-way Motor Corp logging a 12.5% was prevented from leaving Beijing and gest opportunity worldwide in the wealth of billionaires in the world, after the there are no credible data on the total exchange of information about bank gain. China represents Ford’s asked to meet local off icials this week. management business. United States. assets that Chinese individuals hold accounts with other nations, which con- second-biggest market by Her identity is not known yet. The UBS snag could prompt clients as Regulations and restrictions on busi- offshore. sultants say will give the authorities more sales volume but in the second Although the purpose of the meeting well as their off shore advisers to be more ness ownership and products have so Off shore private banks are at liberty visibility about the off shore holdings of quarter the automaker booked is not publicly known, the news still led cautious in making new investments, four far deterred most banks from having an to help clients – including those from its citizens. a pretax loss of $483mn for its several banks including UBS, Citigroup, senior private banking sources said. onshore presence. China – manage wealth already outside “The capital control measures in China operations there. JPMorgan, Standard Chartered and BNP “The immediate impact will be that An off shore business, mainly managed the mainland via legal means such as are getting tighter, not looser. Executives have noted the Paribas to ask private bankers to recon- everyone will be on pause for some time out of their Hong Kong and Singapore through company stock listings, asset And the ongoing crackdown on combination of lower prices and sider travel to China, people familiar with and try to figure out what all these means hubs, remains the preferred route. sales or the creation of trust companies. corruption and deleveraging has also falling sales, particularly in the the matter said on Monday. for China off shore wealth management While off shore wealth managers often But UBS’s recent hiccup comes as created new barriers for off shore wealth hot crossover and SUV market, The Swiss bank on Tuesday rescinded business,” said a wealth management make “social visits” to clients in their bankers and lawyers expect China to get management,” said a Beijing-based bou- had hit the company hard. its travel guidance and said in a state- executive at a large European bank. home countries, most nations including more stringent about the off shoring of tique wealth manager. Ford is due to report ment it was business as usual in China. “All the firms have their rules of China don’t allow them to solicit business wealth. “While Chinese clients are still very third-quarter earnings later A UBS spokesman in Hong Kong engagement with clients when you are or sell overseas investment instruments They fear further curbs as Beijing grap- keen to diversify their assets, there will yesterday. declined to off er any further comment handling off shore wealth. in the onshore market. ples with a weaker currency, and gets ac- be a lot more caution on all sides.” Gulf Times Thursday, October 25, 2018 13 BUSINESS

Essar lenders voting to clear $5.4bn India planning trade deal Arcelor bid Bloomberg Mumbai

Lenders to Essar Steel India Ltd, the biggest mill being sold under to boost exports to China the nation’s insolvency process, are voting to finalise a bid from Bloomberg ArcelorMittal, people with knowl- New Delhi edge of the matter said. Arcelor has off ered to make an upfront payment of about ndia is devising a plan to boost Rs395bn ($5.4bn) to the banks, shipments of around 200 prod- the people said, asking not to be Iucts to China and narrow the defi- identified because the informa- cit with its biggest trading partner, a tion is private. The Luxembourg- person with knowledge of the matter based suitor later plans to pay said. the lenders about Rs25bn from The plan includes seeking duty Essar Steel’s retained earnings, waiver on a raft of products under the according to the people. Asia Pacific Trade Agreement, the It has also proposed a capital person said, asking not to be identi- injection of Rs80bn into the fied as the talks are still on. mill, they said, taking the bill for New Delhi wants China to scrap Arcelor to about Rs500bn. levies on items including uncombed The world’s biggest steel- single cotton apart from castor oil, maker, controlled by billionaire menthol, granite, diamonds and glass Lakshmi Mittal, was chosen last envelopes for picture tubes when ne- week as the preferred bidder for gotiations for expansion come up in Essar Steel after going through April 2019. multiple rounds of bidding for An analysis by Prime Minister the asset, which would give it Narendra Modi’s administration a foothold in India’s growing shows that Southeast Asian nations, market for the alloy. Australia, and South Korea among Following legal challenges others have competitive advantage to the bidding process, India’s over India due to free trade agree- Supreme Court this month ments with China. cleared the way for lenders to In marine products, especially fro- decide on a winner. Voting on zen shrimps and prawns, India loses Arcelor’s proposal is expected to its competitive advantage due to tar- close yesterday, according to the iffs while shipments from the Asso- people familiar. Bidding for Essar ciation of Southeast Asian Nations are Steel, which can produce about allowed duty free. 10mn metric tonnes annually, APTA, established in 1975, seeks has been one of the most hotly to create a liberal trading regime be- contested under the nation’s new tween Bangladesh, India, Laos, Korea insolvency resolution process. and Sri Lanka and China. India is devising a plan to boost shipments of around 200 products to China and narrow the defi cit with its biggest trading partner, a person with The mill had drawn bids Apart from seeking tariff conces- knowledge of the matter said. The plan includes seeking duty waiver on a raft of products under the Asia Pacifi c Trade Agreement, the person from billionaire Anil Agarwal’s sions, the ongoing US and China trade said, asking not to be identifi ed as the talks are still on Vedanta Ltd and a VTB Capital- conflict also presents an opportunity led consortium. A representa- to cut down the $56bn trade gap it But trade experts feel that it is not its bid to boost exports to China. National University of Singapore, New Delhi given its large pool of tech tive for Arcelor declined to runs with China, the person said. tariff concession alone that will help “While APTA may be a good idea said by phone. “Difference in compet- workers, even as it opens its market comment, while lead lender India’s Commerce ministry spokes- India, which lags many of its south- to pursue, RCEP is a complete pack- itiveness level and non-tariff barriers to a clutch of nations known for their State Bank of India, and the woman didn’t immediately respond to east Asian peers in competitiveness. age as it would give access to Japan, imposed by China is a major problem manufacturing prowess. resolution professional oversee- two phone calls to her mobile phone. Also, India shouldn’t lose focus on Australia and other markets too apart for India.” It is facing pressure from member ing the Essar Steel sale didn’t China’s Ministry of Commerce other trade pacts that are being nego- from China,” Amitendu Palit, a sen- India has dragged its feet as RCEP nations – including Japan, China, immediately respond to emails didn’t immediately respond to a fax, tiated including the Regional Com- ior research fellow at the Institute of doesn’t provide for free movement Australia, New Zealand and South Ko- seeking comment. seeking comments. prehensive Economic Partnership in South Asian Studies, of skilled workers, a key concern for rea – to conclude talks by end of 2019.

Tech guru bets drones will be ‘gold rush in the air’ for Japan Rupee devaluation helps

Bloomberg government, which has provided some financial Tokyo backing for the funds, is trying to create the laws and Pakistan avert BoP crisis infrastructure needed to put flying cars into the sky in the next decade. The only person in a kimono at a recent Japanese It formed a group in August for this purpose, which Internews the impact of decision is now partially vis- as bad as it is today. However, the senators government meeting on flying cars was Kotaro includes big names such as Uber Technologies Inc Islamabad ible but ensured that the full impact of de- did not agree with SBP’s justifi cation. Chiba, a former online-game executive turned finan- and Boeing Co. valuation would be seen in the next year. Another issue that came under discussion cier of a very specific kind. The government sees uses for drone technology He justifi ed the devaluation that it helped was of the discriminatory policies against For Chiba, 44, who wears the kimono on special in everything from tourism to getting supplies to re- he recent rupee devaluation will not in reducing trade defi cit by 1.6% and current parliamentarians, advocates, politicians occasions to show his pride in Japanese culture, is mote islands or mountainous areas in times of disas- only boost exports but curtail fl ows of account defi cit by 2.6%. and journalists while opening their bank gathering money for what he calls the Drone Fund. ter. His ¥5bn fund will be a “drop in the ocean,” Chiba Timports to avert the balance of pay- The committee was informed that the accounts and issuing credit cards. Senator It invests in unmanned vehicles to survey build- told attendees at the group’s inaugural gathering. ments crisis, says the State Bank of Pakistan current account defi cit fell to $600mn in the Musadik Malik not only endorsed the issue ings, make deliveries and take aerial photos for But if Tokyo could become the first city to prove (SBP) in its latest offi cial position defending fi rst quarter this year as against $2bn posted but also narrated his story as to how he was tourist boards; hover scooters; and a pilotless cargo that flying cars can work, money would surge into the fall in the currency. over the corresponding period last year. He unable to receive credit card from a private craft that’s seeking to make it all the way from Japan the area. A day after the meeting, Uber shortlisted Testifying before the Senate Standing also said that in order to control infl ation, bank even after a lapse of fi ve months. to Silicon Valley in one go. Japan as one of the five locations it’s considering for Committee on Finance, the SBP representa- the SBP was revising the monetary policy, On this issue, the only clarifi cation that Chiba is at the forefront of an industry that’s only the commercial launch of its air taxis. Venture funds tives said this week the devaluation will help the committee was informed. came from the SBP representative was that years away from changing our lives. In five to 10 specialising in drones are rare. The US-based Com- in boosting foreign exchange reserves and for- Senator Mohsin Aziz criticised the previ- there was no reason for the rejection of ap- years, the skies could be alive with drones delivering mercial Drone Fund and China’s DJI-backed Skyfund eign remittances. The committee meeting was ous government for keeping rupee artifi cial- plication without any legal reason. He said goods, according to McKinsey & Co. Ten to 15 years are the other two that have raised more than $10mn, headed by its chairman Senator Farooq Naik. ly at a higher rate to which the SBP repre- the bank offi cer is bound to satisfy the cus- out, you could be heading to work in a flying taxi, according to Chiba.) That’s partly because they take An offi cial of the SBP went on to say that sentative replied that the situation was not tomer in case of denying any services. the consultancy says. “It’s like a gold rush in the air,” more time to deliver returns than other investments. Chiba said in an interview from his off ice in central But the potential market size is huge. Tokyo. McKinsey estimates it could be as big as $46bn in And “the first movers will reap the best results.” the US alone by 2026. In Japan, it could reach $20bn Bloomberg Q&A Chiba’s fund forms part of Japan’s drive to regain by 2025, according to a forecast by Japanese drone QuickTake its technological edge through drones after the coun- startup Skyrobot Inc. try fell behind in other areas, such as ride-hailing, A major hurdle for integrating drones into society autonomous driving and connected cars. is concerns over safety. One deadly accident could Why Pakistan is asking for another IMF bailout But the country has work to do to catch up with set the nascent industry back by years. Another other markets such as the US and China when it obstacle is the diff iculty in creating a regulatory comes to the commercial drone industry. framework for the unmanned craft from scratch, By Faseeh Mangi pushed up demand for imports, the moderate to 4% in 2019 and to about 3% Chiba started his first Drone Fund, which was small which ties to both safety and privacy issues. Karachi current-account gap widened and in the medium term. and oversubscribed, in 2017. Japan is among the first countries to regulate the reserves started to slide. Does Pakistan have other He put in ¥150mn ($1.3mn) of his own money. flying of hobby drones, banning them from densely What would a next bailout options? He’s currently raising as much as ¥5bn for the populated areas, and its initial plan for drone taxis Pakistan’s economy is going through a look like? second one, which he aims to close by the end of the is to allow them to operate only between remote familiar boom-and-bust cycle that sees China has become a bigger player in year. He’s already lined up money from Mizuho Bank islands and in mountainous areas. Chiba has already it back at the door of the International The new government may need more Pakistan’s economy, financing billions of Ltd, KDDI Corp, and the Japanese soccer star and made 22 investments in drone companies through Monetary Fund. than $12bn, Umar said in August. dollars of power and road projects as part angel investor Keisuke Honda. his first fund. They include Aerial Lab Industries Inc, a Debt is soaring, the current-account That would be higher than the biggest of its Belt and Road programme. When that closes, he plans to gather as much as startup that plans to introduce a bike that can hover a deficit is widening, reserves are falling IMF package extended to Pakistan until Though China has denied that it’s taking ¥50bn for a third one by about 2020. The Japanese few meters above the ground in Tokyo in 2022. and the currency has been devalued now, a $7.6bn loan in 2008. an IMF-like role in lending to Pakistan, multiple times since December. The IMF typically provides three-year that could be an option in the future. Imran Khan’s new government has put loan programmes under its Extended Funding from China typically doesn’t together a team to meet with the IMF Fund Facility to help countries facing come with the kind of strings attached to about yet another aid package, with balance-of-payments crises. IMF loans. his finance minister Asad Umar leading The loans are often tied to economic An IMF loan is looking more likely since negotiations. targets the government has to meet, for Pakistani delegations that recently How many bailouts has example curbing fiscal or current-account visited China and Saudi Arabia made no Pakistan needed? deficits, trimming inflation or allowing announcement that they had secured more flexibility in currency policy. external funding from those countries. Twelve since the late 1980s. Would the IMF be willing to How urgent is the problem? Most recently, in 2013, the government extend yet another loan? of Nawaz Sharif agreed to terms for an Pakistan’s external balances have IMF loan of $6.6bn disbursed over 36 The Washington-based lender hasn’t weakened considerably. months. commented directly about the possibility. Foreign-exchange reserves have dropped During that time, the government mostly This month, it said Pakistan needed to the lowest level in almost four years; fell short of broadening the tax base or significant external funding to stabilise the government is running twin current- privatising money-losing state-owned its economy and that recent government account and budget deficits of more than companies, as the IMF had hoped. efforts weren’t sufficient to stop a 5% of gross domestic product. Nevertheless, the economy rebounded mounting financial crisis. That means it has less foreign funding after the IMF programme, with growth In a May report, the IMF had weakened to repay debt and pay for much-needed accelerating, stocks soaring, the currency Pakistan’s economic growth outlook to imports to keep the economy going. stabilising and foreign-exchange reserves 4.7% in the year that began in June, from Weaker external balances are the main tripling to a record. an estimated 5.6% in the previous fiscal reason Moody’s Investors Service cut the All of that came undone last year as year. nation’s credit-rating outlook to negative Chiba: Countless drone companies will go public in the next five to 10 years. higher oil prices and the growth boom On October 9, it said growth may in June. Gulf Times 14 Thursday, October 25, 2018 BUSINESS

Canada central bank hikes US new home sales drop key lending rate to 1.75%

AFP to near 2-year low in Sept Ottawa Canada’s central bank Reuters increased its key lending Washington 0.25% to 1.75% yesterday, saying a continental trade deal reached with the United ales of new US single-family States and Mexico has homes fell to a near two-year low lifted uncertainty that was Sin September and data for the pri- weighing on the economy. or three months was revised lower, the The Bank of Canada’s fifth latest indications that rising mortgage rate hike in the past year rates and higher prices were undercut- comes as projections for ting the housing market. exports and business The Commerce Department said investment were revised up, yesterday new home sales dropped 5.5% reflecting the new USMCA to a seasonally adjusted annual rate of trade pact announced on 553,000 units last month. October 1. That was the lowest level since De- The increase was widely cember 2016. expected, but still worries August’s sales pace was revised down many debt-laden Canadians, to 585,000 units from the previously re- with nearly one in five telling ported 629,000 units. CBC Research it will make June and July sales rates were also re- it harder for them to keep vised lower. up with loan and mortgage New home sales have now declined payments. for four straight months. In a statement, the central Economists polled by Reuters had bank acknowledged those forecast new home sales, which account concerns, saying it “will for about 9.7% of housing market sales, continue to take into falling 1.4% to a pace of 625,000 units account how the economy is in August. adjusting to higher interest New home sales are drawn from per- rates, given the elevated mits and tend to be volatile on a month- level of household debt” to-month basis. in deciding future rate They declined 13.2% from a year ago. increases. US fi nancial markets were little It also pointed to an easing moved by the data. of inflation last month to Hurricane Florence likely weighed on 2.2% after a summer spike in new home sales in the South, which de- airfares was reversed. creased 1.5% in September to their low- It noted that the impact of est level since August 2017. past increases in gasoline The South accounts for the bulk of prices and minimum wages transactions and covers North and should also “fade in early South Carolina, which were lashed by 2019.” the storm in mid-September. CIBC Economics analyst Sales in the South have now de- Avery Shenfeld said the rate creased for four straight months. increase was “reasonable” Sales tumbled 12% in the West to a despite some “not two-year low and plunged 40.6% in A man works on a new home for sale in Chicago. The US Commerce Department said yesterday new home sales dropped 5.5% to a seasonally adjusted annual rate of spectacular” economic data the Northeast to their lowest level since 553,000 units last month. of late. April 2015. “But the tone was more They rose 6.9% in the Midwest. interest rate increases.” The housing July from a year ago. While wage growth snapshot of third-quarter gross domes- since January 2009 and up 2.8% from hawkish than we expected, The weak new home sales came on market has underperformed a robust has picked up in recent months as the tic product tomorrow. August. dropping the reference to the heels of reports last week showing economy and analysts blame the slug- labour market tightens, the annual in- A separate report yesterday from the Supply is, however, just over half of ‘gradual’ for hikes ahead,” declines in homebuilding, permits and gishness on the more expensive home crease remains below 3%. Mortgage Mortgage Bankers Association showed what it was at the peak of the housing he commented, adding housing completions in September. loans and higher house prices, which rates are likely to rise further, with the applications for loans to purchase a market boom in 2006. that markets will see this as In addition, sales of previously owned have outstripped wage growth, making Federal Reserve expected to raise in- home rose 2% last week. At September’s sales pace it would “leaving the door open for homes dropped to a near three-year low home purchasing unaff ordable for some terest rates in December for the fourth Applications, however, remained 4% take 7.1 months to clear the supply of two in a row, meaning a hike in September. fi rst-time buyers. time this year. lower than two weeks ago. houses on the market, the most since in December.” A survey last week showed confi - The 30-year fi xed mortgage rate has Residential investment contracted in The median new house price fell 3.5% March 2011, compared with 6.5 months “We’re not as optimistic dence among single-family home- increased more than 80 basis points this the fi rst half of the year and is expected to $320,000 in September from a year in August. on the economy’s ability builders rose in October, but builders year to an average of 4.85%, according to have declined further in the third ago. Nearly two-thirds of the houses sold to weather that dose of said “housing aff ordability has become to data from mortgage fi nance agency quarter. There were 327,000 new homes on last month were either under construc- tightening,” he concluded. a challenge due to ongoing price and Freddie Mac. House prices rose 5.9% in The government will publish its the market in September, the most tion or yet to be built. The central bank said it now expects inflation to remain close to its 2% target through the end of 2020, “consistent with an economy that is operating at capacity.” The global Apple CEO slams Silicon Valley rivals over use of data economic outlook, it said, “remains solid.” The economy of the Bloomberg Silicon Valley competitors, like Al- Cook also reiterated calls for fed- nies, Apple indirectly benefi ts from United States – Canada’s Brussels phabet Inc’s Google and Facebook, eral privacy laws in the US similar to that business. Google will pay Ap- largest trading partner and both under scrutiny for recent user those unveiled in Europe, called the ple as much as $9bn this year for neighbour – “is especially data breaches. General Data Protection Regulation. its search engine to be the default robust” but is expected pple Inc chief executive of- “We shouldn’t sugarcoat the con- In the wake of those new rules, on many parts of the iPhone and to “moderate over the fi cer Tim Cook lashed into sequences,” he said yesterday. “This regulators and lawmakers in Europe other Apple devices, Goldman Sachs projection horizon.” Acompanies like Google and is surveillance and these stockpiles and the US have trained their eyes on Group Inc estimates. Going forward, the bank Facebook Inc that collect user data, of data serve only to make rich the Facebook and Google, particularly Apple has been in the headlines said increases in Canadian equating their services to “surveil- companies that collect them. This following revelations of potential recently for security issues of its exports and investments lance,” as he touted the importance should make us uncomfortable.” user privacy violations. own following a Bloomberg report will be helped by the USMCA of privacy and legislation to protect Cook has previously criticised the Facebook in September reported that Chinese spies used a microchip and a recently-approved it. companies for basing their busi- a cyber-attack that aff ected 30mn to infi ltrate the computer networks liquid natural gas terminal The comments, given at an EU ness models on harvesting personal people, with hackers stealing inti- of almost 30 US companies, includ- on Canada’s Pacific coast, for privacy conference in Brussels yes- information for advertising, while mate user information, including ing Apple and Amazon.com Inc. shipping to Asia. terday, come months after the bloc highlighting that Apple tries to col- search results, recent locations and Apple has vehemently disput- But it warned that economic implemented strict new data pro- lect as little of it as possible. hometowns, in many cases. And af- ed the report and said its servers growth will be dampened tection rules and as Apple begins to “We at Apple believe that privacy ter keeping quiet for months, Google weren’t compromised. In an inter- by a recent decline in mend a diffi cult relationship with is a fundamental human right but in October said it found a “software view with Buzzfeed News published commodity prices, limited the EU following a clash over €13bn also recognise that not everyone glitch” in its Google+ social network last week, Cook called on Bloomberg transportation capacity in allegedly unpaid taxes. sees it that way,” Cook said, refer- in March that could have exposed to retract the story. Bloomberg in (notably oil pipelines) Cook: Reiterating calls for federal privacy laws in the In some of his harshest rebukes of ring to his competitors. “The desire the personal data of as many as half response said it stands by the story and ongoing competitive US similar to those unveiled in Europe, called the his competitors yet, Cook sought to to put profi ts over privacy is nothing a million users. and is confi dent in the reporting and challenges. General Data Protection Regulation. distinguish the iPhone maker from new.” Despite criticising their compa- sources. Daimler, Geely in ride-hailing tie-up in China

Reuters bility services in several Chinese cities using premium Didi, founded in 2012, cemented its dominance in Frankfurt vehicles including but not limited to Mercedes-Benz China when it bought Uber’s operations in the country vehicles,” Daimler said in a statement yesterday. in 2016. The 50:50 venture will be headquartered in It is preparing to launch car-sharing and other on- Germany’s Daimler is setting up a ride-hailing joint Hangzhou, China, and use Mercedes S-Class, E-Class demand transport services. venture in China with Geely Group, in a sign the and V-Class vehicles among others. The prospect of autonomous cars hitting the road Chinese firm is making progress in its drive for closer Financial terms and investment plans were not has intensified competition between technology com- relations with the maker of Mercedes-Benz cars. disclosed. panies, ride-hailing firms and traditional carmakers The deal creates a new competitor to Didi Chuxing, As part of the deal, Geely Group Company and to roll out fleets of smartphone-hailed taxis, or strike which currently dominates a Chinese ride-hailing Daimler Mobility Services will be equally represented cooperation deals. market that has shown explosive growth in recent on the board of the new ride-hailing service, for In China, Daimler already has a car-sharing busi- years, expanding from 30mn users in 2014 to 217mn which the two companies will jointly develop the ness, Car2Go, while German rival BMW has ReachNow. in 2017, according to Bain & Co The market is currently software infrastructure required to support the busi- SAIC has EVCard and Ford has a shuttle-sharing worth $23bn, more than all other ride-hailing markets ness in China. service, Chariot. combined, and Didi accounts for 90% of all bookings, “The development of such services, in which both Bain said that for Chinese customers the time spent the consulting firm said. companies already have a presence, forms part of our in traff ic has reduced the attractiveness of owning a Geely chairman Li Shufu took a 9.69% stake in transformation from a vehicle manufacturer into a car. Daimler earlier this year, asking Mercedes-Benz to global automotive technology group,” Geely Holding “Customers tend to care most about the cost, wait- strike up an alliance to better counter the threat from President An Conghui said. ing time and driver ratings, and much less about the upstart mobility companies. Ride-hailing accounts for more than 30% of the glo- brand of the car in which they travel. Li’s move rekindled German fears about high-tech bal taxi market and Goldman Sachs believes it could This is a shift with huge potential implications for know-how falling into Chinese hands and Daimler grow eightfold to $285bn by 2030, with significant manufacturers that for decades have worked hard to initially balked at the prospect of an alliance, in part potential in China, the world’s largest car market. build and maintain diff erentiated brands,” Bain said. on fears it might alienate Mercedes’ existing Chinese Part of the growth in mobility services in China is At 1200 GMT, Daimler shares were up 1.4% at 51.14 A view of the Mercedes-Benz S-Class car. Geely chairman Li Shufu took a 9.69% stake in partner BAIC. down to the popularity of mobile payment systems, euros. Daimler earlier this year, asking Mercedes-Benz to strike up an alliance to better counter “The JV (joint venture) will provide ride-hailing mo- which have made transactions seamless, Bain said. Geely also owns Swedish carmaker Volvo. the threat from upstart mobility companies. Gulf Times AVIATION Thursday, October 25, 2018 15 BUSINESS Offset carbon emissions, How airspace if you are flying! is distributed

By Pratap John in the Gulf

Aviation is considered to be one of By Alex Macheras the fastest-growing sources of green- house gas emissions. For example, someone who flies Back in June 2017, a Saudi-led unjust from London to New York and back blockade on the State of Qatar pushed generates roughly the same level of the distribution of airspace in the Gulf emissions an average person in the into the spotlight. Blockading states European Union does by heating his — the UAE, Saudi Arabia, Bahrain, and home for a whole year! also Egypt — issued NOTAMS (notices to Direct emissions from aviation flight crew) announcing the immediate account for more than 2% of global closure of their airspace to all Qatari emissions. Since 1990, CO2 emissions registered aircraft, a breach of ICAO’s from international aviation have Chicago Convention. increased 83%. If global aviation was For Qatar, the closure of Bahrain’s a country, it would rank in the top 10 airspace had been the most critical. emitters. Qatar’s own “airspace” is very small, and That said, airplanes are not the thus its airline relied on flying through world’s biggest polluter. Aviation’s Bahrain’s comparatively vast “airspace”. share of global greenhouse gases is When Bahrain announced it had closed every nation, without discrimination. still a fraction of the carbon dioxide its airspace in order to impose an air With Bahrain now being in breach of emitted by vehicle traff ic around the blockade on its Gulf neighbour — the their ICAO treaty, Bahrain eased restric- world. Middle East realised the huge (air) ter- tions slightly in order to allow Qatari jets However, emissions from airlines ritorial power Bahrain had possessed to fly in/out of Doha. Nevertheless, the are widely expected to grow over for the last 50 years. majority of its airspace remains closed the next few years with more people Sovereign airspace by international law to its Gulf neighbour, and ICAO court now being able to fly, thanks to An aircraft passes a low emission zone sign as it prepares to land at Heathrow airport in London. Direct emissions corresponds with the maritime defini- cases disputing the matter are ongoing. many countries liberalising airline from aviation account for more than 2% of global emissions. Since 1990, CO2 emissions from international aviation tion of territorial waters as being 12 nau- Putting the current Gulf Crisis to one regulations, the development of air have increased 83%. If global aviation was a country, it would rank in the top 10 emitters. tical miles out from a nation’s coastline. side for just a moment, it’s worth transport infrastructure and low-cost Airspace not within any country’s ter- highlighting that its very rare Bahrain carriers making flying aff ordable for Some researchers predict these And crazy as it may sound, all those whose lives depend on forests. ritorial limit is considered international. was able to inherit such a vast amount more people. gases have a far greater effect than switches could come for free, or A carbon off setting method When I refer to ‘airspace’, I’m actually of airspace — which it now uses to its Over the next two decades, the carbon dioxide when emitted in the pretty close to it. proposed by IATA is the referring to a “flight information region” advantage in an unprecedented geopo- number of fliers will double, higher levels of the atmosphere. Researchers note that a single development of new, more shape (FIR). litical blockade, some 50 years later. estimates the International Air A special characteristic of aircraft airplane can consume up to 3mn eff icient aircraft and engines that When Bahrain and Qatar gained their Can Qatar ever reclaim a fair portion of Transport Association. By 2036, emissions is that most of them are gallons of fuel per year. So, one is can substantially decrease CO2 independence from the UK in 1971, airspace? It’s never been done before, fliers will take 7.8bn trips annually. produced at cruising altitudes high clearly looking at millions of dollars a emissions. New technology aircraft there wasn’t any change to the FIR and so remains unknown. And by 2020, global international in the atmosphere. Scientific studies year in fuel costs. are, on average, around 15-20% shapes in the Gulf region, which had This week in Doha, severe thunder- aviation emissions are projected have shown that these high-altitude Obviously, a single percent more fuel-eff icient than the models previously been determined based on storms caused flight disruption at to be around 70% higher than in emissions have a more harmful improvement in fuel eff iciency can they replace. where military radars had initially been Hamad International Airport. HIA 2005. The International Civil Aviation climate impact because they trigger save an airline operator hundreds Carbon off setting also involves installed. These radars were positioned temporarily suspended all arrivals and Organisation (ICAO) forecasts that by a series of chemical reactions and of thousands of dollars. Multiply this spending money to make up for from a military eff iciency perspective, departures, and arriving airline jets 2050 they could grow by a further atmospheric eff ects that have a net over a fleet of planes and one can putting carbon into the atmosphere. without taking into account a future of were forced to circulate at 4,000ft near 300-700%. warming eff ect. see why eff iciency is so important for In other words, the money one thriving Gulf airline carriers. The key to Qatar, waiting for the bad weather Certainly, air transport is a vital Airline operations, undoubtedly, all of us. spends eff ectively off sets one’s part to this answer is that the airspace to clear. feature of the modern, globalised contribute to climate change and The current high oil prices also seem carbon emissions by supporting shape formed for military purposes was Some Qatar Airways aircraft that were world, connecting people and the industry needs to take the to provide the necessary economic projects that produce clean energy maintained. circulating for over 30 minutes needed businesses across oceans and responsibility to lessen this impact spur for developing one of the most or reduce carbon emissions in other Why was airspace distribution in the to divert, but usual divert options of continents. extremely seriously. emissions-cutting technologies — ways. Gulf kept the same? It was a matter of Bahrain, Abu Dhabi and Dubai were The global aviation industry supports Stopping carbon emissions from synthetic fuels from biomass. Critics of carbon off setting, however, administrative convenience. Back in the unavailable due to the ongoing airspace more than 63mn jobs and accounts airlines is wishful thinking, but Sustainable aviation fuels, which say that spending to off set emissions 1970s, it was determined that equally blockade. During the storm, some for 3.5% of the global GDP ($2.7tn controlling them makes real sense. are already being used on certain merely allows polluters to feel distributing FIR areas (airspace) to each Qatar Airways aircraft were forced to — based on 2014 data compiled by Jet fuel costs money, and using commercial flights, will have the better about their emissions and state would require flight crew to speak divert Kuwait (over 1 hour away), and to IATA). less of the stuff is a predictable way potential to cut emissions by up to disincentives from working to reduce to four diff erent air traff ic controllers Kermanshah in Iran. The benefits of air travel are to beef up the airline bottom line. 80%. them. within the space of around 15-20 min- With safety being the global aviation abundantly clear, but this Sounds diff icult, but certainly worth But developing biomass fuels, which While this may be true, if you’re utes. While there are some areas of the industry’s main priority, ICAO should connectivity creates huge doing. Saving fuel, by reducing includes things like algae — are going to fly, off setting your carbon world where this occurs, the Gulf states call on blockading Gulf states to allow environmental challenges as well. carbon emissions, can help save the highly research-intensive and less emissions is still better than doing didn’t see the need for a redistribution, Qatari-registered jets to divert to their For instance, in 2016, civil aviation, planet. cost-eff ective, at least for the time nothing. given the hassle it would present to air- airports in an emergency situation. With as a whole, emitted around 814mn A group of researchers in the UK being. At stake is our planet — the only one line flight crew. With a history of good the worst of this week’s storm lasting tonnes of CO2, which is roughly 2% think that airlines can cut emissions Some bio-fuels do show promise, we have. relations between Qatar and Bahrain, around 1 hour, Gulf states could have of man-made carbon emissions. in half by 2050 with proper planning but without strict standards, Higher carbon emissions will result in both being members of the GCC (Gulf easily edited their airspace access notice, When jet fuel is burned, the carbon and execution. sceptics warn, aviation’s thirst could climate change and impact our lives Council Corp) and also being signatory temporarily allowing Qatari jets to land in the fuel is released and bonds In a research paper in ‘Nature destroy our forests to make way forever. members of International Civil Aviation in the interest of aviation and passenger with oxygen (O2) in the air to form Climate Change’ they said those for what has been dubbed ‘jet-fuel Organization’s (ICAO — UN body for safety — but this was not the case. carbon dioxide (CO2). Burning jet fuel savings would come in the form of plantations’. Pratap John is Business Editor Aviation) Transit Agreement, Bahrain also releases water vapour, nitrous things like new aircraft designs, fuel That would make global warming and Chief Business Reporter had committed under the agreement The author is an aviation analyst. oxides, sulphate and soot. formulations, and flight patterns. even worse and hurt the people at Gulf Times. to always permit scheduled flights from Twitter: @AlexInAir Airport capacity: Striking the right deal

Airport capacity has become a major aircraft to more than 20 in a short period incentive to limit capacity and maintain 2019 edition of the WSG. And regulators issue as air traff ic demand continues (2013–2018). the huge value of the slots. will be kept in the loop at all times. to soar. Infrastructure isn’t being built Administrative allocation through slot The review is composed of four task quickly enough, creating problems for Alternatives to the WSG co-ordination remains the best option. forces. Clarification on performance passengers and cargo. Following the WSG ensures transparen- monitoring, a greater focus on transpar- There is no substitute for the physical ex- Many alternatives to the WSG are being cy, certainty, consistency, and non-dis- ency and independence, and the pos- pansion of airports to resolve this crisis. proposed but each has its challenges. crimination and is globally harmonised. sibility of a revamped new entrant rule But there is a need to manage scarce Experience continues to point the indus- It involves an independent and neutral are likely to be areas of special interest. capacity with a fair, neutral, and trans- try back to the WSG. co-ordinator reviewing the equivalent The timelines and process details that parent system until suff icient capacity Peak/off -peak pricing means airlines season’s operations. Where airlines are involved in slot allocation will also can be built. For that, IATA’s Worldwide wanting to operate in the most con- have been able to achieve 80% usage of be examined in light of today’s dynamic Slot Guidelines (WSG) is critical. gested periods pay more for using the each slot, they retain it through historic market and new technologies. Despite airport capacity constraints, the scarce infrastructure and so it encour- precedence. New requests for slots are “As the global co-ordinators associa- WSG has enabled growth in all parts of ages airlines to use the off -peak periods considered against the capacity available tion, with many years of experience the world. There were more than 2,000 Passenger aircraft seen parked at London Gatwick airport in this aerial — in theory. and at least 50% of new slots are priori- managing the slot process at the new routes established at European view taken over Crawley, UK. According to Eurocontrol, low-cost carrier It doesn’t work for many reasons. Market tised for new entrant airlines. world’s busiest airports, our members slot-co-ordinated airports between 2010 (LCC) flights grew 61% between 2007 and 2016. The top airports for LCCs in demand dictates schedules, for example, have an excellent overview of the and 2017, for example, enabling an extra Europe in terms of movements are London Gatwick, Barcelona, Dusseldorf not airport pricing models. Also, airlines Strategic review different challenges and issues from 155mn passengers to travel. and Stansted — all Level-3 airports (the most congested). must utilise their fleet to the full and different parts of the globe,” says Importantly, new entrants — including can’t avoid peak flying. Most importantly, Though research and analysis has Eric Herbane, COHOR (French Airport low-cost carriers (LCC) — have thrived the system and some regulators have ways does better with global solutions there still needs to be a mechanism to shown that the WSG is enabling con- Co-ordination) and WWACG chair. “We under the WSG. According to Eurocon- experimented with potential alterna- to global problems,” says Lara Maughan, distribute the capacity available to the sumer choice and competition, there is contribute this expertise and experi- trol, LCC flights grew 61% between 2007 tives. IATA’s head of Worldwide Airport Slots. airlines. International Civil Aviation Or- always room to improve. The WSG have ence in defining the best possible proc- and 2016. The top airports for LCCs In large part, this has been brought on ganization (ICAO) guidance shows that evolved over decades and Maughan esses for the future WSG and therefore in Europe in terms of movements are by the increasing severity of the capacity Schedule optimisation peak/off -peak charges have been ineff ec- sees a need to further improve and fully support the strategic review.” Barcelona, Dusseldorf, London Gatwick, crunch. In a worst-case scenario, there tive in prompting airlines to reschedule clarify the process. With this in mind, Herbane stresses that independent co- and Stansted — all Level-3 airports (the could be more than 300 slot-co-ordinat- The WSG maintains value even when flights to less congested airports. IATA launched a strategic review of the ordination is a key principle of the WSG most congested). ed airports in 10 years’ time. Major hubs there is nothing left in the slot pool. Slot auctions are a market-based WSG in July 2016. to ensure a neutral, fair and transparent Similar new entrant growth is seen in are full to the brim and the slot pool is Slot mobility — swapping or transferring measure designed to achieve eff iciency To ensure the views of all stakeholders approach is maintained, and while there other regions. “In the past five years, empty. slots to other airlines in a secondary in allocation. But a recent Chinese are taken into account, the review is are areas of the WSG that need review HKExpress has opened a dozen new Regulators are thus concerned about process — allows airlines to optimise experiment at Guangzhou Baiyun and being undertaken in conjunction with and enhancement, “broadly the policy routes out of Hong Kong’s essentially full how to develop the process to ensure schedules to meet consumer demand Shanghai Pudong hasn’t been repeated. Airports Council International (ACI) and and process work.” airport that had no competition or only new entrants can continue to compete. with speed and agility. The majority of The money involved would not be sus- the Worldwide Airport Co-ordinators “The WSG is essential,” Maughan one incumbent carrier, with the eff ect of Coupled with this is a desire to improve secondary slot exchanges take place tainable in the long term. And it would Group (WWACG). reiterates. “If governments and airports making all of these destinations available the monitoring of slots, so that incum- for no monetary compensation as they favour larger carriers, potentially reduc- “We cannot solve the capacity crisis with resorted to local and unique solutions, it to far more travellers through lower fares bents do not abuse the WSG process. allow the carriers involved in the ex- ing the industry to a few globally domi- the WSG; we can only ensure all avail- would cripple airlines’ eff orts to provide and increased competition,” says Stephen In addressing these concerns, it is critical changes to optimise their operation. nant carriers and destroying the low- able capacity is allocated fairly,” says their customers with the services their Milstrey, manager (Network Planning that a global system is maintained. If Even at the so-called super-congested cost carrier business model. That would Maughan. “Making sure the WSG is as want, to the places they want to fly, and Scheduling) HKExpress. “The historic the system descended into individual airports, airlines can eventually get certainly limit industry growth and the good as it can be is why we’re focusing when they want to fly, and at a price they determination guidelines in the WSG ena- airports pursuing their own allocation access through the WSG; Aeromexico, many benefits it brings. It is worth noting on the strategic review.” want to pay. bled this by allowing us to slowly convert criteria, the resulting patchwork would Air Astana, Hainan Airlines, Philippine that auctions in other sectors, such as The scope, timelines, project details, and “IATA is fully committed to the WSG generally unusable, short series of slots certainly confuse and constrict the Airlines, and Vietnam Airlines have all television, mobile telephone rights and management have been established and its ability to support the growth of into valuable, full-season slots.” network. started operating at Heathrow in the last even airport concessions, have led to and agreed by the three parties. Initial the aviation industry and certainly not Co-ordination is the key. A take-off slot at few years. overbidding, forcing consumer prices conclusions and recommendations will be reluctant to ensuring the review delivers Full to the brim Airport-A only has value if there is a cor- And once they’ve entered the market, up. Even more perverse is the impact presented to the Strategic Review Man- meaningful outcomes.” responding landing slot available at the carriers can grow, as demonstrated by auctions could have on infrastructure agement Group by November 2018 with Despite the success of the WSG, there other congested Airport-B at the right HKExpress at Hong Kong International development. Those receiving the the review completed in 2019. Some early Report courtesy of International have been calls for a radical shake-up of time. “As a global industry, aviation al- Airport. It has grown from a fleet of five auction revenue would have a huge ideas might even make it into the January Air Transport Association. Thursday, October 25, 2018 GULF TIMES BUSINESS

Blockchain, smart contract protocols may change sukuk industry for the better: S&P

Turkey posts 100% Blockchain and smart contract Since blockchain technology protocols could change the enables the creation of a sukuk industry for the better, shared digital transaction according to S&P Global ledger, banks can use it in Ratings. their payment, trade finance, They can increase the money transfer, and post-trade transparency of cash flows services. growth in exports to and the underlying assets, Having a real-time, while enhancing investors’ standardised view of decision-making through a transaction data without greater supply of information. needing multiple These technologies could also reconciliations would remove pave the way for more robust many of the ineff iciencies that Shariah and financial auditing hinder the financial system, of sukuk after issuance, and could reduce costs Qatar, says envoy thereby reducing the risk of considerably. default because of non- Shariah compliance. To date, only a handful By Peter Alagos Turkey to meet food producers On Turkish investments in To date, only a handful of of fi nancial institutions Business Reporter and suppliers. He was referring Qatar, Ozer said: “Turkish com- financial institutions have have used blockchain to to the delegation led by Al Meera panies in Qatar are mostly in used blockchain to issue issue conventional bonds deputy CEO engineer Salah the construction sector. We see conventional bonds and none and none to issue sukuk urkey has witnessed a al-Hammadi, who held meet- good exports to Qatar mainly to issue sukuk. 100% growth in exports ings recently with Istanbul and through Turkish distributors. Some market participants A few small bond issuances Tto Qatar from January to Samsun-based investors and We don’t see a lot of Turkish argue that blockchain was have reportedly involved August 2018, exceeding fi gures businesses looking to expand in investments in Qatar but Turk- created a decade ago, but has cryptocurrencies and the recorded during the same period Qatar. ish companies are helping in the not had much impact on the public Ethereum blockchain. last year, Turkish ambassador “With these recent meet- establishment of factories and financial system. Only Telefonica Deutschland Fikret Ozer told Gulf Times yes- ings with Turkish food pro- farms in collaboration with Qa- However, in S&P view, this and the World Bank have terday. ducers, Al Meera is doing the tari companies.” technology and the increasing reportedly used blockchain “In the fi rst eight months of right thing to go directly to the Figures provided by Qatar prevalence of peer-to-peer to issue conventional bonds, 2018, Turkish exports to Qatar source and get the best infor- Chamber earlier this year re- services are opening up the former to issue a €50mn increased by 100% compared to mation from Turkish compa- vealed that the value of projects opportunities for small debenture bond that was part the same period last year, ex- nies. I have spoken to the ad- carried out by Turkish construc- innovative market participants of a €200mn off ering placed ceeding the value of our exports ministration of Al Meera and tion companies in Qatar is esti- to challenge established in January 2018, S&P noted. to Qatar in 2017. we learned that the company mated at $11.6bn; 205 Turkish financial groups. The World Bank’s use of the “Our exports from January wants to deal and work directly companies are currently oper- “We have long believed technology was for a two- to August 2018 stood at around with the suppliers in Turkey,” ating in the Qatari market, of that, at the very least, year ‘A$110mn off ering’ in $700mn. Similarly, our imports Ozer pointed out. which, 186 are joint ventures blockchain presents an August 2018 that was created, from Qatar are also expanding Asked about Turkish exports infused with Qatari and Turkish opportunity for financial allocated, transferred, and a lot, at about $750mn, in the to Qatar, the ambassador said capital. institutions to minimise costs managed through its lifecycle fi rst eight months of the year,” the embassy saw a “big in- The companies are engaged by streamlining back-off ice via a distributed ledger. said Ozer, who spoke on the crease” in food products, espe- in various fi elds, including in- operations, shortening S&P quoted the bank and said sidelines of the launching of the cially after the economic block- frastructure, construction and clearing and settlement times, “investors showed a strong ‘Turkish Festival’ at Al Meera ade. Turkey’s exports to Qatar, contracting, engineering con- facilitating payments, and appetite for the transaction, Hyatt Plaza. he stressed, are mainly electrical sultancy, trade, electrical work, Turkish ambassador Fikret Ozer speaking to journalists on the even generating new revenue including off icial institutions, Ozer said Al Meera “is do- products, cables, furniture, and auto spare parts, foodstuff s, sidelines of the launching of the ‘Turkish Festival’ at Al Meera Hyatt streams,” S&P said. fund managers, and banks.” ing the right thing” by going to building materials. “and other important sectors.” Plaza in Doha yesterday. PICTURE: Shaji Kayamkulam DP World’s Dubai Local retail investors’ increased container volumes net selling drags shares on QSE

By Santhosh V Perumal to 17,887.79 points, Al Rayan Islamic In- net profi t takers of QR1.83mn on October Business Reporter dex (Price) by 1.1% to 2,383.6 points and 23. fall 6.7% in Q3 All Share Index by 0.86% to 2,997.02 Total trade volume fell 8% to points. 6.65mn shares, while value rose 9% to trong selling — especially within The telecom index declined 2.32%, QR215.89mn despite 19% lower transac- Reuters telecom, insurance and consumer insurance (2.04%), consumer goods tions at 3,667. Dubai Sgoods — resulted in the Qatar Stock (1.46%), industrials (1.3%), realty The telecom sector’s trade volume Exchange sinking below 10,200 levels (1.24%) and banks and fi nancial serv- plummeted 37% to 0.77mn equities, yesterday. ices (0.34%); whereas transport gained value by 29% to QR9.87mn and deals by DP World’s shipping container Local retail investors’ increased net 0.41%. 29% to 258. volumes in Dubai fell 6.7% in the selling was largely instrumental in drag- About 76% of the traded stocks were The banks and fi nancial services sec- third quarter, with the port operator ging the 20-stock Qatar Index 1.09% to in the red with major losers being Oore- tor saw 12% plunge in trade volume to warning on Tuesday that the near- 10,152.62 points, which is, however, up doo, Qatar Insurance, Industries Qatar, 1.71mn stocks but on 10% rise in value to term outlook for Dubai’s major 19.11% year-to-date. Vodafone Qatar, Gulf International Serv- QR92.1mn despite 21% decline in trans- Jebel Ali Port remained challenging. There could be some selling activity on ices, Mesaieed Petrochemical Holding, actions to 1,256. DP World operates Dubai’s Jebel the short-term period as part of a natu- Widam Food, Qatar First Bank and Qatar The industrials sector’s trade volume Ali, a major transhipment port and ral correction, knowing that the nearby Oman Investment; even as Milaha, Ahl- shrank 10% to 1.3mn shares, while value the largest port in the United Arab support levels are located at 10,000 ibank, Dlala and United Development expanded 14% to QR50.34mn and deals Emirates, and the Mina Rashid port. points, 9,660 points and 9,450 points, a Company were among the gainers. by 10% to 824. Dubai government-controlled DP Kamco technical analysis said. Local individuals’ net selling increased The market witnessed 3% fall in World blamed the fall in cargo Mainly led by midcap segments, mar- considerably to QR32.43mn compared to the transport sector’s trade volume volumes on the challenging ket capitalisation declined about QR5bn QR21.06mn the previous day. to 1.06mn equities, 5% in value to macro-economic environment and Containers are off loaded at Jebel Ali Port, owned by DP World, in or 0.79% to QR570.38bn. Domestic institutions’ net profi t QR24.92mn and transactions by 22% to the loss of lower-margin cargo. Dubai. Shipping container volumes in Dubai were down 2.1% to There was also increased net selling by booking strengthened marginally to 463. “While the near-term volume 11.3mn 20-foot equivalent units (TEU) in the first nine months of the domestic funds and lower buying inter- QR1.75mn against QR0.44mn on Tues- However, the insurance sector’s trade outlook in Jebel Ali remains year, says DP World. ests of Gulf funds on the market, where day. volume doubled to 0.2mn stocks, value challenging, we have taken Islamic stocks were seen declining mar- The Gulf institutions’ net buying de- soared 88% to QR6.57mn and deals by measures to maintain profitability,” or Mina Rashid. The company had China. Globally, container volumes ginally faster than the other indices. clined perceptibly to QR1.08mn com- 16% to 148. chairman Sultan Ahmed bin cautioned in August that the near- grew by 2.6% on a reported basis Doha Bank and Masraf Al Rayan spon- pared to QR1.47mn on October 23. The consumer goods sector’s trade Sulayem said in a statement. term outlook for trade was uncertain in the first nine months, with DP sored exchange traded funds QETF and However, non-Qatari funds’ net buy- volume doubled to 0.16mn shares, value Shipping container volumes in due to geopolitical risks and recent World handling 53.6mn units. QATR reported 0.49% and 0.42% de- ing grew signifi cantly to QR31.22mn grew 37% to QR9.68mn and transactions Dubai were down 2.1% to 11.3mn changes in trade policies. DP World did not disclose global clines respectively. against QR23.66mn the previous day. by 3% to 193. 20-foot equivalent units (TEU) in US President Donald Trump container volumes on a reported Trade turnover grew amidst lower vol- Non-Qatari individuals turned net There was 8% shrinkage in the real es- the first nine months of the year, is taking a more protectionist basis for the third quarter, but said umes on the bourse, where banking, real buyers to the tune of QR1.47mn com- tate sector’s trade volume to 1.45mn eq- said DP World. posture on trade than his recent they had fallen 0.5% on a like-for- estate and industrials sectors together pared with net sellers of QR1.83mn on uities and 11% in value to QR22.43mn but It did not disclose individual predecessors, sparking retaliatory like basis in the July-September accounted for more than 67% of the total Tuesday. on 7% fall in deals to 525. container volumes for Jebel Ali Port measures other countries such as period. volume. The Gulf individuals were also net In the debt market, there was no trad- The Total Return Index shed 1.09% buyers to the extent of QR0.37mn against ing of treasury bills and sovereign bonds.

Saudi stocks’ fall cushioned by results; Dubai, Bahrain down

Reuters increased. Saudi Company for 9.9% a day after signing a coop- Dubai Hardware jumped nearly 10% eration agreement with Midor. after its third-quarter profi t rose Eastern Co dropped 2.1% af- and its board recommended a ter reporting a fall in its fi rst- audi Arabia’s stock market capital increase to 360mn riyals quarter profi t. slipped modestly in quiet from 240mn riyals. Commercial International Strade yesterday, despite Saudi Industrial Export, Bank slid 3.2% and Abu Qir Fer- volatility from selling by foreign which has been the best per- tilizers shed 6.6%. and retail investors after the former on the index this month, Abu Dhabi’s index fell 0.9% to killing of Saudi journalist Jamal again rose 10%. The company 4,926 points as First Abu Dhabi Khashoggi. reported a narrow third-quarter lost 1.8% and Abu Dhabi Na- President Donald Trump loss on Tuesday. tional Energy declined 7.8%. said on Tuesday Saudi authori- The Dubai index was dragged ties staged the “worst cover-up In Egypt, the main index down by its real estate stocks, ever” in the killing of Khashoggi, dived 2.5% to 13,246 points falling 0.6% to 2,738 points. as the United States vowed to with 26 of its 30 stocks Union Properties decreased 2%. revoke the visas of some of those falling The fi rm said its unit intends to believed to be responsible. subscribe to the capital increase The Saudi index lost 0.5% to Saudi Arabian Mining of Egypt’s Palm Hills Develop- 7,513 points, but many stocks (Ma’aden) added 6.4% after ment. outperformed the index on the awarding South Korea’s Daelim Emaar Properties fell 3% and back of their corporate earnings. Industrial a contract to build an Emaar Malls dropped 1.1%. Saudi Printing and Packaging ammonia plant for about 3.35bn Elsewhere in the Gulf, the Ku- reported a third-quarter net loss riyals. wait index rose 0.7% to 5,209 of 11.8mn riyals ($3.15mn) yes- In Egypt, the main index points, the Bahrain index closed terday, against 4.6mn one year dived 2.5% to 13,246 points with down 0.4% to 1,316 points and earlier, but the company’s shares 26 of its 30 stocks falling. the Oman index ended up 0.1% rose 5.8% as third-quarter sales Alexandria Mineral Oils fell to 4,463 points.