BUSINESS Thursday 8 November 2018 PAGE | 22 PAGE | 23 Over 7kg of gold up Algeria keen on for grabs as Doha Bank bolstering trade ties launches spend campaign with Qatar
China emerges as Qatar’s key trading partner THE PENINSULA by Xu Lumi, Deputy Director reflect both countries’ keenness and stimulate growth. General of the Department of on strengthening cooperation Elaborating on the resilience DOHA: China is Qatar’s third West Asian and African Affairs at across numerous fields, espe- of Qatar’s economy, he said: largest trading partner with the China’s Ministry of Commerce. cially on the economic, trade and “Wise economic policies that the combined value of trade Since the 1980’s, Qatar and investment levels. country’s leadership has pursued exchange hitting at QR38.6bn China have enjoyed friendly rela- Commenting on Chinese to achieve the Qatar National ($10.6bn) in 2017, accounting for tions, marked by the opening of investments in Qatar, he said at Vision 2030, and build a diver- 10.92 percent Qatar’s total embassies, the exchange of high- least 14 fully owned Chinese sified and competitive foreign trade, noted a senior ranking official visits and the companies and over 181 joint knowledge-based economy, have government official at the signing of several cooperation Qatari-Chinese firms are cur- positioned Qatar as one of the opening of the Qatar-China agreements aimed at strength- rently operating in the Qatari most dynamic, stable and diver- Economic Forum in Shanghai, ening economic and trade rela- market covering areas such as sified investment destinations in yesterday. tions, Al Khater said in his engineering, consulting, con- the region.” Sultan bin Rashid Al Khater, opening speech. tracting, IT, commerce and He also referred to the inter- Undersecretary at the Ministry of These are mainly related to services sectors. national agencies reports Qatar’s Commerce and Industry chaired the promotion and protection of Al Khater emphasised that wise economic policies and the the Forum, which took place on mutual investments, the devel- the conference marks another country’s success in weathering the sidelines of the First China opment of joint investments, and milestone in the successful the regional crisis, he explained, International Import Expo in the several other memoranda of journey of Qatari-Chinese noting that Fitch Ratings has clas- commercial capital of the world’s understanding in the areas of partnerships, adding that Qatar sified Qatar’s outlook as stable, second largest economy. He research, health, cultural and looks forward to building on cementing the country’s (-AA) highlighted the importance of the education fields, as well as mar- bilateral ties and strengthening credit rating, one of the highest Sultan bin Rashid Al Khater, Undersecretary at the Ministry of bilateral economic cooperation itime, air and land shipping, he cooperation between the worldwide. Commerce and Industry, delivering his speech at the opening of for mutual benefits. added. The Undersecretary Qatari and Chinese private and the Qatar-China Economic Forum in Shanghai, yesterday. The event was also attended explained that these agreements public sectors to bolster trade → CONTINUED ON PAGE 22 Oil production cuts Norway wealth fund will not yet Katara Hospitality acquires cannot be ruled blacklist greenhouse gas emitters out: Opec sources REUTERS Grosvenor House London REUTERS THE PENINSULA OSLO: Norway’s $1 trillion LONDON: A return to oil wealth fund, the world’s largest, production cuts by Opec and will not yet blacklist firms for DOHA: Katara Hospitality, its allies next year cannot be producing too much greenhouse Qatar Investment Authority’s ruled out, two Opec sources gases, as mandated by hotel unit, a leading global hotel said yesterday, to avert a parliament, because further clar- owner, developer and operator, possible supply glut that could ification is needed, the board of announced the expansion of its weigh on prices. the Norwegian central bank said global portfolio with the acqui- The sources were yesterday. The fund is forbidden sition of JW Marriott Grosvenor responding to a report by Rus- by parliament from investing in House, a historic hotel on the sia’s TASS news agency that firms that produce nuclear famed Park Lane in London’s Russia and Saudi Arabia had weapons or landmines, or are decision has been delayed Mayfair district, reflecting trust started bilateral discussions involved in the production of several times. Yesterday, the in the United Kingdom’s market over possible curbs to output tobacco, among other criteria. board said it had discussed the as part of State of Qatar £5bn in 2019. Carbon emissions became a recommendations from the investment plan. Opec and its allies criteria for exclusion from the ethics watchdog at a meeting on The acquisition brings including Russia decided in fund in 2016 and last year the October 24. “The Board did not Katara Hospitality’s portfolio of June to relax output curbs in Council on Ethics, the fund’s decide on any exclusions of indi- properties in operation or under place since 2017, after pressure ethics watchdog, recommended vidual companies at this development to 40 and marks A view of Grosvenor House London. from US President Donald “a small handful” of firms be meeting,” Governor Oeystein the company’s third acquisition Trump to reduce oil prices and excluded for producing too much Olsen (pictured) and Deputy in London after The Savoy, A term. Opened in 1929 and fre- When the hotel first opened, make up for supply losses from greenhouse gas emissions in Governor Egil Matsen said in a Fairmont Managed Hotel and quented by royalty and celeb- it was also the headquarters of the Iran. either the oil, cement and steel letter to the finance ministry the Adria Boutique Hotel. rities, Grosvenor House was the International Sportsmen’s Club. Asked whether discus- sectors. dated and published yesterday. The announcement further first hotel in London at that time Its facilities included Turkish sions pointed to a return to Since then recommenda- Among the reasons it cited builds on Katara Hospitality’s to have a separate bathroom and baths, a swimming pool, squash supply cuts in 2019, one of the tions have been under review by was that more work was needed vision for iconic properties in entrance lobby for each bedroom courts and a gymnasium. two sources, who are delegates the board of the central bank, to assess the ground for strategic markets to commit sig- and running chilled water in from the Organization of the which oversees the fund, but a exclusion. nificant investment over the long every bathroom. → CONTINUED ON PAGE 23 Petroleum Exporting Coun- tries, said: “Certainly not the other way around.” Oil prices have come under downward pressure GCC sovereigns’ funding needs see a slowdown to $300bn from rising supplies, even SATISH KANADY though Iranian exports are central government deficit has a much larger proportion of with an expected $300bn over decline to $55/bbl by 2021. It expected to fall because of new THE PENINSULA much improved, and S&P esti- fiscal revenue. 2018-2021 (5 percent of GDP), expects oil prices to decline US sanctions. Forecasts of a mates it will be around $75bn Barring any significant fiscal and that total funding require- over the forecast period, cur- 2019 supply surplus and DOHA: The GCC region’s in 2019 (5.5 percent of combined consolidation or sharp rise in oil ments over 2015-2021 will come tailing government deficit slowing demand have also funding needs are projected at GDP), way below the 2016 nadir prices, S&P does not expect this to around $750bn”, the ratings reduction. dented the market. about $300bn between 2018 of $190bn (16 percent of com- situation to reverse. It forecasts agency said. Two factors have Second, many GCC govern- Brent crude had dropped and 2021, a slower pace due to bined GDP). GCC central government bal- supported the improved fiscal ments have enacted major from a four-year high in higher oil prices and Nevertheless, GCC govern- ances to remain in deficit until picture. First, the oil price has fiscal consolidation measures, October above $86 a barrel to government policy responses, ments’ net debt positions have at least 2021. “We estimate pre- almost trebled from the $29 per including first-time value- $71 on Tuesday. Prices rallied S&P Global Ratings said significantly deteriorated since vious funding needs in 2015- barrel (/bbl) trough and is cur- added tax introduction. back above $73 yesterday, sup- yesterday. oil prices fell in 2015 and debt- 2017 were $450bn (or 12 percent rently $80/bbl; that said, S&P ported by the TASS report. GCC sovereigns’ combined servicing costs now account for of combined GDP), compared assumes the oil price will → CONTINUED ON PAGE 22 22 BUSINESS THURSDAY 8 NOVEMBER 2018 Rentals for residential properties stabilise MarketWatch MOHAMMAD SHOEBTHE Values have continued their PENINSULA downward trend, which has QSE FTSE100 DOW BRENT been evident since 2016. New 10,252.50 7,117.28 26,164.23 $61.71 DOHA: Despite increase in apartments in The Pearl Qatar supply of new units, rentals for are currently available for -124.44 PTS +76.60 PTS +529.22 PTS -0.51 residential properties in Qatar between QR12,000 and 1.20% 1.09% 2.06% Dow & Brent before going to press relatively stabilised during the QR16,000 per square metre third quarter of the current year (sqm), depending on size and (Q3, 2018) after witnessing two apartment type, while in the years of decline, noted a latest ‘second hand market’ recent report released yesterday by a transactions have typically QNB brings SMEs leading real estate consulting reflected prices of between firm. QR9,000 and QR11,000 per According to the DTZ report sqm. (Q3 Qatar 2018) by DTZ, the The activity in office leasing together to further longest established global real market has been dominated by estate advisor in Qatar, the relocations within Doha in overall rental trends have recent months with limited new declined by approximately 10 demand. The first commercial boost e-commerce to 15 percent in the past year office occupiers have now THE PENINSULA alone as supply has witnessed restored a sense of affordability moved into Msheireb, which is to achieve sustainable eco- steady increases. to the prime residential sector, likely to become one of Doha’s nomic development as an There has been an increase following several years of esca- prime office locations DOHA: QNB has organised a essential part of the Qatar in leasing activities in Q3, lating rents. Lower rents have DTZ expects new Office rents in West Bay briefing workshop about QNB- National Vision (QNV) 2030. however the vast majority of also encouraged residents to now average QR130 to QR150 Simplify e-commerce, an The workshop included new lettings are to existing res- seek higher quality accommo- demand in Qatar to per sqm per month on a floor- innovative cloud based live demonstrations and pres- idents of Qatar looking for dation than may have previ- be largely generated by-floor basis for shell and core platform that allows entations of the successful reduced rents, rather than ously been deemed affordable. by those in the space, however premium fitted merchants to create their journeys of the participating incoming residents. The large pipeline of new suites can still command in online shop. entrepreneurs and SMEs in the The relative lack of new prime apartment developments service sector as excess of QR200 per sqm per Organised in collaboration use of this platform, the first demand currently being gen- in neighbourhoods such as The construction projects month. with mastercard, the global of its kind in Qatar. erated means that oversupply Pearl Qatar and Lusail is likely complete prior to In the hospitality sector, leading technology and pay- The event gave major continues to grow as new to put further downward the Fifa World Cup. hotel supply surpassed 25,800 ments provider and the plat- opportunities to introduce developments complete. pressure on rents unless signif- keys by Q3, with 4-star and form’s technology partner, the QNB-Simplify platform as an Asking rents for vacant icant new demand is created. Developments such 5-star accommodation com- event brought together more end-to-end e-commerce apartments in areas such as Al DTZ expects new demand as Ezdan Oasis in Al prising 87 percent of total than 150 entrepreneurs and solution that allows any reg- Sadd, Bin Mahmoud Al Mirqab in Qatar to be largely generated Wakra now provide available keys. An additional small and medium-sized istered business to take their and Bin Omran have fallen by by those in the service sector modern master- 16,000+ hotel room and hotel enterprises (SMEs) in Qatar, products online without any up to 20 percent since 2016, as construction projects com- apartment keys are currently reflecting QNB’s keenness to technology infrastructure or although a number of new plete prior to the Fifa World planned residential at various stages of planning promote this platform, which technical expertise, easily and high-quality developments Cup. Developments such as neighbourhoods and construction. was launched earlier this year quickly with no upfront cost with high specification finishing Ezdan Oasis in Al Wakra now catering for this The supply of organised in cooperation with the Min- and contribute in promoting still command relatively strong provide modern master- demand. retail accommodation in Qatar istry of Transport and digital innovation and compet- rents in these areas. West Bay planned residential neighbour- has grown by more than Communications. itiveness in the Qatari market. and The Pearl Qatar have typ- hoods catering for this demand. 600,000 sq m since 2015. The This event took place The Group’s presence ically dropped by 10 to 15 Rental levels of QR4,500 for The number of residential sales increase in supply has seen a within the framework of QNB’s through its subsidiaries and percent over the past 12 a one-bedroom apartment up transactions for July and August shift in the market dynamic efforts to introduce its new associate companies now months, with rent free incen- to QR6,500 for a three- increased by 9 percent on the from undersupply to over- platform aimed at promoting extends to more than 31 coun- tives of at least a month bedroom apartment, are cur- same months in 2017, which supply during this period digital transformation, excel- tries across three continents available on the majority of rently being sought in Ezdan reflected an overall increase in resulting in a fall in occupancy lence in entrepreneurship and providing a comprehensive new leases. Oasis, which has set the tone the value of house sales of 3 rates and rental levels innovation in all sectors, while range of advanced products The recent drop in rent has for mid-market rental levels. percent. throughout 2018. supporting the ongoing efforts and services.
China is Qatar’s key trading partner; trade volume at QR38.6bn
→ CONTINUED FROM PAGE 21 He also added that Qatar has begun to fast-track the imple- mentation of progressive eco- nomic policies and has intro- duced key amendments to a number of existing business leg- islations to attract and encourage domestic and foreign investments Al Khater highlighted that these laws include the GCC sovereigns’ funding needs Investment Free Zones Law, the Investment of Non-Qatari see a slowdown to $300bn Capital in Economic Activity, which allows up to 100 percent → CONTINUED FROM PAGE 21 particularly the case in Bahrain, foreign investment in all eco- “We expect the average GCC where interest payments nomic and trade activities. fiscal deficit will widen slightly account for 23 percent of gov- Qatar is also in the process Experts during the panel discussion at the Qatar-China Economic Forum held in Shanghai, yesterday. over the forecast period to ernment revenue. of introducing a public and around 6 percent of GDP (from The global liquidity is private sectors partnership law 5.5 percent in 2018), driving the becoming scarcer and more to pave the way for the launch promising investment opportu- environment is the ideal place building communication $300bn financing requirement. expensive, while regional of several investment projects, nities that the country’s to do business. channels between representa- Our assumption of falling oil banking sector liquidity remains he noted. economy offers while working The forum aimed at tives of the Qatari and Chinese prices and higher spending will adequate. He reiterated that Qatar alongside Qatar to achieve enhancing economic, trade and private sectors to establish joint likely offset planned revenue- The scale of financing needs welcomes Chinese investors shared economic goals, adding investment cooperation investment projects that serve raising measures and widen also offers potential upside for who are looking to tap the that Qatar’s business between Qatar and China and the interests of both countries. fiscal deficits in both Abu Dhabi regional sovereign sukuk and Kuwait. However, the issuance, particularly as this denominator effect of rising GDP could offer some diversification should maintain the fiscal deficit to investors or attract liquidity India-focused at the 6 percent of GDP level for from investors in Islamic Over 7kg of gold up for grabs as Doha the region as a whole,” the products. tech firm weighs ratings agency said. Work has been carried out S&P still believes that by GCC governments over the London IPO Bank launches spend campaign regional government consoli- past few years to establish the THE PENINSULA dation measures will, for the necessary legal frameworks for BLOOMBERG home 50 grams of gold. In addition to lucky draw most part, bear fruit over the sukuk issuance programs in Customers can increase entries, the bank’s cardholders medium-to-long term. Since domestic and external markets. LONDON: Streamcast Group, DOHA: Highlighting its their odds of winning the gold can take advantage of six- 2015, governments have opted However, the complexity a firm whose technology commitment to offer prize draw by increasing their month installment plans at no to avoid a sharp fiscal and slow speed to market of enables streaming services and rewarding experiences to purchases using Doha Bank’s fee for travel, hotel, interna- correction. Islamic products continue to boosts networks in emerging customers, Doha Bank has payment cards. tional and jewelry spends. Instead, where available, inhibit the industry’s widespread markets, is considering an initial announced the launch of its Credit and debit card users Dr R Seetharaman, Group they have deployed substantial growth, in our view. public offering as soon as next Cards Spend Campaign that will receive an entry against CEO, Doha Bank, said: “At stocks of assets to cushion the It is expected that Bahrain’s year, people familiar with the would award 106 lucky their every spend of QR500, Doha Bank, we strive to negative effects of the oil price net debt will have nearly tripled matter said. The company is winners with more than 7 kilo- while the same amount spent provide our customers with shock. Growth-boosting capital between 2015 and 2021 and that aiming to list in London, though grams of gold. at travel or hotel merchants or rewarding banking experi- expenditure (capex) is also Oman will slip into a net debt it’s also considered other Doha Bank customers can internationally will offer them ences and offer products and embedded in strategic economic position in 2019. S&P forecasts venues, the people said, asking enter a raffle draw by using five chances. solutions that exceed their plans and is set to remain high. Saudi Arabia’s net assets to have not to be identified because the their credit or debit cards for Meanwhile, card transac- expectations. Finally, current expenditures nearly halved to 65 percent of deliberations are private. HSBC purchases during the campaign tions at jewelry merchants will With exciting prizes, the could well be loosened in GDP by 2021 (71 percent of GDP Holdings Plc and JPMorgan period running from 1 fetch the highest number of new cards spend campaign will response to higher oil prices, as in 2018). For Abu Dhabi, Kuwait, Chase & Co. are poised for a role November 2018, until 31 chances with customers be a significant value addition has been the case in Saudi Arabia and Qatar, the ratings agency on the listing, they said. January 2019. receiving five chances to the to our cardholders. over 2018. Changes in domestic expects the impact of deficits will Discussions about an IPO The first winner of the draw against their QR500 The campaign joins our and international liquidity con- be more muted because of their are at an early stage and lucky draw, which is set to take spend. several initiatives aimed at ditions could present challenges larger asset stocks. “In our view, Streamcast, which does much place on 17 February 2019, will Furthermore, customers promoting cashless and digital for sovereign issuance and tilt financing substantial multi-year of its business in Malta, India walk away with 1 kilogram of applying for new Doha Bank transactions, which in turn will the financing balance toward deficits is gradually reshaping and developing nations, may gold, while next five winners credit card will automatically support government’s efforts assets from debt, or increase sovereign balance sheets in the still decide against selling will receive 250 grams of gold earn two chances to enter the focused on transforming the debt-servicing costs, as is GCC”, the ratings agency noted. shares, they said. and 100 winners will take draw. country into a digital economy. THURSDAY 8 NOVEMBER 2018 BUSINESS 23 Algeria keen on bolstering trade ties with Qatar
THE PENINSULA that there are 115 Qatari-Algerian joint businesses operating in the DOHA: The visiting Algerian Qatari market in various sectors. Minister of Commerce Saeed “We are looking forward to Qatar Chamber’s Gallab said that his country is increasing these partnerships keen on developing its cooper- between the private sectors, espe- Chairman Sheikh ation relations with Qatar in all cially that there are a host of Khalifa said that the fields. Both Qatar and Algeria investment opportunities brotherly relations share the same economic visions available in all economic sectors between Qatar and in diversification. in general and in SMEs in par- The Minister was addressing ticular.” QC chairman said that Algeria are historic, a meeting hosted by Qatar Algeria is one of the most distinguished and Chamber in honour of the attractive investment destinations always witnessing Algerian delegation representing to Qatari businessmen. There are 30 companies specialised in food, many Qatari investments estab- significant growth beverage and food processing. lished in Algeria within the past in all economic and Qatar Chamber (QC) few year such as the Algerian- trade sectors in light Chairman Sheikh Khalifa bin Qatari Steel Company (Bellara Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani (fourth right), with the Algerian delegation with of the wise Jassim Al Thani, Chairman of Steel Complex) located northeast and Qatar Chamber officials during the event. Algeria Chamber of Industry and of Algiers. leaderships of both Commerce Mohamed Bin Omar The project, which covers an countries. and QC Board Members and busi- Africa, he said. brotherly relations between Qatar reordering a growth of 22 percent, area of about 216 hectares, is the nessmen attended the event. Gallab expressed his hope and Algeria are historic, distin- he noted. “ This figure doesn’t first of the co-operation The Algerian Minister said the that both countries’ Chambers guished and always witnessing match the huge potentials agreement signed between Qatar gradually increase and reach in visit demonstrates his country’s would open new cooperation significant growth in all economic available in both counties. and Algeria in 2013. It is a joint the coming year to about 2 million keenness on enhancing its coop- channels and help the private and trade sectors in light with of We have to study all means venture between Qatar Interna- tonnes of steel, Sheikh Khalifa eration with Qatar. Algeria enjoys sectors to establish economic and the wise leaderships of both that help in increasing trade tional Steel Company (49 percent) added. He expressed hope that distinguished relations with trade alliances and countries. between our brotherly countries. and Algeria’s Cedar and Algeria this meeting would help reinforce Africa. This helps in creating partnerships. The Qatar-Algeria trade There are lots of investment and Investment Fund (51 percent). cooperation relations among cooperation opportunities Qatar Chamber’s Chairman exchange stood at QR134m in business opportunities in both It is expected that the pro- Qatari and Algerian businessmen between Qatar and Algeria in Sheikh Khalifa said that the 2016 and QR163m in 2017, sides.” Sheikh Khalifa pointed out duction capacity of the plant will to establish more joint venture. Excelerate Energy opens new office in Katara Hospitality acquires Grosvenor House London → CONTINUED FROM PAGE 21 including 5-star amenities, a Room has hosted the world’s Qatar to tap growing opportunities The hotel is now one of the fitness centre and 31 meeting oldest charitable ball, the Royal world’s truly great hotels, pro- rooms. Each room offers space, Caledonian Ball, and it is one of viding travelers with an unri- privacy and many modern the largest ballrooms in Europe. THE PENINSULA valled blend of historical sig- comforts. Katara Hospitality’s vision nificance and elegant accom- The Great Room at the JW is to build a portfolio of leading DOHA: Aiming to tap growing modation. Operated by Marriott Marriott Grosvenor House is the hotels in key destinations business opportunities as Qatar International under the JW venue of many prominent around the world. Grosvenor set to expand gas production Marriott brand, Grosvenor awards evenings, charity balls House is the ideal opportunity capacity, Excelerate Energy House is a five-star hotel that and the like, and it is often seen to expand the company’s foot- (Excelerate), the market leader offers 496 luxurious guest on British television. print into the vibrant and in floating liquefied natural gas rooms, extensive facilities Since the 1930s, the Great exciting London market. (LNG) regasification solutions, marked the opening of its new office in Qatar, yesterday. The company marked the opening with a celebration at the Credit Suisse pulls out of Four Seasons Hotel Doha in the presence of dignitaries, senior diplomats and top executives from the industry. South Africa in global shift The new office was regis- REUTERS tered and is operated under the Credit Suisse, which had around 30 staff at its FROM LEFT: Nakilat Chief Executive Officer, Abdullah Al Sulaiti, administration of Qatar JOHANNESBURG: Credit Suisse has pulled out of Johannesburg office, re-entered South Africa in 2006 Excelerate Energy Managing Director Steven Kobos, and Chief Financial Center. South Africa after more than a decade as part of chief after leaving in the 1980s under pressure from anti- of Mission and Chargé d´Affaires of the United States Embassy “The opening of our Doha executive Tidjane Thiam’s bank-wide revamp, three apartheid campaigners. in Doha William Grant, cutting a ribbon to mark the opening of office demonstrates Excelerate’s sources with knowledge of the matter said. Swit- The Swiss bank’s quiet withdrawal comes long-term commitment to the Excelerate Energy’s new office in Qatar. zerland’s second largest bank is in the final stages months after its rival Deutsche Bank said it would LNG industry, given that Qatar of a three-year drive to focus on managing the wind up its advisory, corporate broking and sponsor- is the largest exporter of LNG delivered more regasified LNG money of wealthy investors and scale back services to refocus on Europe and its home market globally,” said Excelerate’s Man- ashore than any other FSRU in investment banking. after three years of losses. aging Director Steven Kobos. history. The vessel will be “They are gone. It’s a total withdrawal wrapped Credit Suisse is quitting a country whose “This strategic location will This strategic location receiving its 150th cargo of LNG up some weeks back,” one of the sources said. economy has slipped into a recession for the first allow us to better serve our from Qatargas later this year. In 2013 Credit Suisse, which declined to time since 2009, and where activity in mergers and partners and support their will allow us to better The event witnessed the comment, told customers in nearly 50 markets, acquisitions halved in the first six months of the year efforts in expanding Qatar’s LNG serve our partners presence of many dignitaries including Congo and Angola, that it would end cross- to its lowest level in a decade. export capacity to emerging and support their and government officials, border wealth management business with them. Unlike Credit Suisse, Deutsche Bank plans to markets worldwide.” efforts in expanding business leaders, associates and Credit Suisse’s website says it has offices in approx- maintain a physical presence offering debt capital In June of this year, Excel- partners, and Excelerate imately 50 countries and lists Johannesburg as its markets, fixed income and treasury services. erate and Nakilat entered into Qatar’s LNG export leadership. only sub-Saharan African location. “We announced earlier this year that we were an agreement for a joint-venture capacity to emerging Among the distinguished Thiam, who in September ruled himself out as reviewing our operations in Johannesburg, and sub- company, with Nakilat acquiring markets worldwide. guests present for the cele- a candidate for political office in his native Ivory sequently took the decision to close the office,” Credit a 55 percent interest in Exceler- bration were Nakilat Chief Exec- Coast, has been the driving force behind the changes Suisse spokesman James Quinn said in an email. ate’s floating storage regasifi- utive Officer Abdullah Al Sulaiti at the Swiss bank. Like other European players, “South Africa remains a focus for Credit Suisse, cation unit (FSRU) “Exquisite”, operation in Pakistan, the FSRU and Chief of Mission and Chargé Credit Suisse has been struggling to compete with and we continue to serve clients across our wealth the first such vessel to join the “Exquisite’’ is the most utilised d´Affaires of the United States the US investment banks which dominate Wall management and investment banking Nakilat fleet. Currently in FSRU in the industry, having Embassy in Doha William Grant. Street. franchises.” Rosneft in stand-off with oil buyers REUTERS clearly worried and is trying to but Washington has imposed suppliers around the world. minimize possible risks,” said a new sanctions instead, including A Rosneft tender document MOSCOW: Rosneft wants its trading source with a European on some of Russia’s richest seen by Reuters showed the Western oil buyers to accept new major. “We said no, we couldn’t people. company had asked its oil buyers terms and pay penalties from accept this,” he added. Russian businesses are pre- to accept a new clause in its 2019 2019 if they fail to pay for Rosneft did not immediately paring for a new wave of sanc- annual tender to sell oil products. supplies in the event that new US respond to a Reuters request tions expected in the coming “No sanctions ... shall ter- sanctions on the Russian energy comment. BP and Gunvor days and months. The firms are minate or amend any obligations major disrupt its oil sales, declined Reuters requests for trying to diversify away from of the parties stated by the con- according to trading sources and comment. Shell, Total, Vitol did dollar payments and tapping Asia tract,” the document said. Rosneft’s draft contracts. not respond to Reuters inquiries. for more of their financing and It also said that if a buyer The buyers — including some Russia has been under US technology needs. walks away from the contract of the world’s biggest oil com- and EU sanctions since 2014 Rosneft is run by a close ally because of sanctions, it must panies and traders such as BP, when it invaded Ukraine’s of Putin, Igor Sechin. compensate Rosneft with a Royal Dutch Shell , Total, Vitol Crimean peninsula. He and his company have payment that could either be a and Gunvor — are fiercely The sanctions have been been under sectoral sanctions fixed amount or a sum calculated A worker is seen at the central processing facility of the Rosneft owned opposing the move, according to repeatedly widened to include since 2014. Rosneft has so far on the basis of the contract Priobskoye oil field outside the West Siberian city of Nefteyugansk. trading sources. new companies and sectors, avoided being put on the Special terms. The stand-off is likely to making it tough for Russian oil Designated Nationals (SDN) list, Currently Rosneft has rela- force Rosneft to soften its firms to borrow money abroad, which would make it impossible tively mild sanction clauses, 4 percent of global oil — on par buyers’ bids at tenders as valid demands, the sources said, raise new capital or develop for major Western companies to which say that none of the with Iran — and counts all the unless they accept the new adding that the development Arctic and unconventional have dealings with it. parties has an obligation to abide global oil majors among its terms. shows the extent to which the deposits. When Washington put Rus- by the contract if sanctions are buyers. Rosneft will award its annual state-owned oil giant is con- President Vladimir Putin’s sia’s aluminium giant Rusal on imposed and no penalty is levied. The buyers have insisted on oil products supply tenders on cerned about widening US sanc- administration has been hoping the SDN list earlier this year, the Rosneft is the world’s largest sticking with the old clauses, December 5, according to the tions on Russia. for a thaw in relations with the move brought its metals exports listed oil firm with oil and gas according to five trading sources. tender documents, giving the “It is all very uncertain with United States since President to a near standstill and disrupted output at around 5 million Rosneft has so far said that it companies more time to the sanctions and Rosneft is Donald Trump came to power its access to raw materials from barrels per day. It produces over could not guarantee to consider negotiate. 24 BUSINESS THURSDAY 8 NOVEMBER 2018 How Apple is losing its grip on India REUTERS three million phones in 2017, sales one of the raft of firms to have may sink to two million this year, invested in the southern city of BENGALURU: Software engineer according to their estimate, the first Bengaluru, often called India’s Samee Alam was ready to take the decline in four years. Silicon Valley. big leap and buy an iPhone in this Even in the premium More than half of those sales Solid Mac sales and the high week’s Diwali festival sales, but at segment, smartphones will come from cheaper older unit price of iPhones meant Apple’s the last minute he opted for that cost more than models, and the lack of progress in total revenue of $2bn in India last cheaper Chinese competitor $400, Apple lagged India was among problems cited year was still double that of OnePlus instead. by Chief Executive Officer Tim OnePlus, which only sells mobile Alam, 27, spends hours on his Samsung and China’s Cook when he gave a disappointing phones. But Counterpoint’s data phone watching shows, surfing and OnePlus in the third holiday outlook last week. says that gap will also shrink. shopping, making him the perfect quarter. Even in the premium segment, OnePlus’ India head Vikas target for Apple Inc as it strives to smartphones that cost more than Agarwal told this week that 10-15 raise sales among India’s 1.3bn con- $400, Apple lagged Samsung and percent of new customers in recent sumers. But in a country where the costs twice as much as many of the China’s OnePlus in the third months have been defectors from Apple iPhone X mobile phones are seen at an Apple reseller store average per capita income is alternatives. quarter. “I have never used an Apple, suggesting even some loy- in Mumbai. around $2,000 a year, even the Hong Kong-based Counter- iPhone and I was keen on getting alists are opting out of upgrading cheapest of this year’s new iPhones, point Research says that iPhone my hands on one but it didn’t make their handsets. price. The company, facing down lost some of its top executives in the XR at 76,900 rupees ($1,058), sales are falling as a result. From sense,” says Alam, who works for Apple’s problems go beyond a handful of regulatory headaches, India at the start of this year. Germany and Ireland top the pile Amazon plans to split second headquarters in two cities REUTERS mopping up Brexit bank business largest online retailer sparked a “Amazon is going where it bidding frenzy in September 2017 won’t have to jostle with Google BLOOMBERG official Peter Lutz said in a speech NEW YORK: Amazon.com Inc is when it announced it would invest and Facebook as much as it would at the Goethe University planning to split its second head- over $5bn to create an “HQ2” in in San Francisco or it does in FRANKFURT: Germany and Frankfurt on yesterday. Ireland, quarters evenly between two addition to its home base in Seattle,” said Alex Snyder (pic- Ireland are emerging as the big with its proximity to London and cities, people familiar with the Seattle and hire up to 50,000 tured), analyst at CenterSquare winners from Brexit, at least as use of English, is also seeing “a matter said yesterday, in a twist people. One of the major reasons Investment Management near far as attracting banking business lot” of interest, he said. to a more than year-long contest for the decision was for Amazon, Philadelphia. is concerned. As many as 50 Most of the applications to that has drawn overtures from which has satellite operations The HQ2 split also could help lenders are applying for licenses Germany are “very close” to a locales across North America. around the world, to recruit top Amazon ease the same degree of that will allow them to continue decision, said Lutz, BaFin’s head Dallas, Long Island City in talent. Offering a choice of head congestion and jump in costs of doing business in the European of foreign-bank supervision. New York and Arlington near confirm which two are expected offices could help it win new living that led to unrest in Seattle. Union after Britain quits the bloc, Talks are generally focused Washington, DC are all among the to win or if any others remain in workers in a battle with Alphabet An affordable housing crisis there according to German banking on the level of staffing the banks finalists with which Amazon is the running. Inc’s Google and others, with prompted the city council to adopt watchdog BaFin. will need to adequately manage holding advanced talks, one of the Amazon declined to comment which Amazon competes in areas a head tax on businesses in May, Almost half of those are risk, he said, adding that we’re people said on condition of ano- on the news, first reported by the such as cloud computing and which Amazon helped overturn looking to move to Germany, now in a “bargaining phase.” nymity. The person would not Wall Street Journal. The world’s voice-controlled technology. in a subsequent city council vote.
QATAR STOCK EXCHANGE
QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES EXCHANGE RATE
QE Index 10,252.50 1.20 % 07-11-2018 Index Day’s Close Pt Chg % Chg Year High Year Low Currency Buying Selling QE Total Return Index 18,063.77 1.20 % Index 10,252.50 US$ QR 3.6305 QR 3.6500 All Ordinaries 5982 23.3 0.39 6481.3 5721.6 QE Al Rayan Islamic Change 124.44 UK QR 4.7607 QR 4.8283 Index - Price 2,403.89 0.84 % % 1.20 Cac 40 Index/D 5141.79 66.6 1.31 5657.44 4896.8 Euro QR 4.1579 QR 4.2165 YTD% 20.29 QE Al Rayan Islamic Index 3,900.36 0.84 % CA$ QR 2.7597 QR 2.8141 Volume 4,966,856 Dj Indu Average 25635.01 173.31 0.68 26951.81 23242.75 QE All Share Index 3,017.82 1.42 % Swiss Fr QR 3.6309 QR 3.6825 Value (QAR) 173,316,023.96 Hang Seng Inde/D 26147.69 26.73 0.1 33484.08 24540.63 Yen QR 0.0319 QR 0.03251 QE All Share Banks & Trades 3,742 Financial Services 3,694.90 2.45 % Up 10 | Down 29 | Unchanged 05 Iseq Overall/D 6218.85 82.52 1.34 7257.41 5857.39 Aus$ QR 2.6313 QR 2.6831 QE All Share Industrials 3,344.55 0.40 % Ind Re QR 0.0498 QR 0.0507 06-11-2018 Kse 100 Inx/D 41543.98 585.45 1.43 47144.12 36274.25 QE All Share Transportation 2,106.93 0.04 % Index 10,376.94 Pak Re QR 0.0267 QR 0.0278 QE All Share Real Estate 1,964.26 0.87 % Change 81.34 S&P 500 Index/D 0 0 0 2940.91 2532.69 Peso QR 0.0684 QR 0.0698 QE All Share Insurance 3,046.15 0.33 % % 0.78 SL Re QR 0.0206 QR 0.0211 GOLD AND SILVER QE All Share Telecoms 979.60 0.76 % YTD% 21.75 Taka QR 0.0430 QR 0.0439 Volume 6,416,764 Nep Re QR 0.0309 QR 0.0315 QE All Share Consumer GOLD QR144.7454 per gramme Value (QAR) 204,952,826.77 Goods & Services 7,031.65 0.58 % SA Rand QR 0.2587 QR 0.2640 Trades 4,258 SILVER QR1.7261 per gramme THURSDAY 8 NOVEMBER 2018 BUSINESS 25 EU digital tax plan Dollar drops, stocks and bonds jump after midterms BLOOMBERG picked up steam in September. Intermediate crude surged 1.1 flounders as states Futures on the S&P 500 Index percent to $62.92 a barrel, the first LONDON: The dollar retreated, climbed 0.9 percent as of 10:46 advance in more than a week. U.S. equity futures jumped and am London time to the highest in Steve Englander, global head ready national moves Treasuries climbed as investors three weeks.The Stoxx Europe of G10 currency research at mulled the fallout from American 600 Index rose 1.2 percent to the Standard Chartered: “The chance midterm elections. European highest in four weeks. The UK’s of major policy initiatives is low, REUTERS While the harshest criticism stocks rallied and Asian shares FTSE 100 Index rose 1.2 percent. as more time will be spent on had previously taken place were mixed. Germany’s DAX Index rose 1.1 scoring political points. But the BRUSSELS: A European Union behind closed doors, many EU With Democrats winning the percent.The MSCI Asia Pacific risk that the 2020 election could plan to tax big Internet firms finance ministers voiced their House of Representatives majority names including the IMF’s Index gained 0.2 percent. The produce a sea change in policy is like Google and Facebook on concerns at a meeting in and Republicans clinching control Christine Lagarde and Former US MSCI Emerging Market Index rose also reduced.” their turnover was on the verge Brussels that was streamed over of the Senate, President Donald Treasury Secretary Hank Paulson. 0.6 percent. Nader Naeimi (pictured), head of collapsing yesterday after the internet, allowing their dis- Trump’s party loses full control of Meanwhile, the Italian gov- The euro rose 0.5 percent to of dynamic markets at AMP Capital several EU governments putes to be aired publicly. Congress. The results dim chances ernment is holding a confidence $1.1488. The British pound rose 0.4 Investors in Sydney: “For global rejected it and announced Germany, which initially for any major fiscal initiative from vote on Wednesday, the Federal percent to $1.3153. The Japanese markets and the global economy national initiatives instead. had backed the plan, urged for the administration that might Reserve is set to decide interest yen jumped 0.3 percent to 113.04 as a whole, I think this was the best Under a proposal from the the first time a revision that have pushed yields higher and rates on Thursday, and Theresa per dollar.The yield on outcome. When you look at the EU’s executive Commission in would exclude from the scope strengthened the greenback. May is pushing on with efforts to 10-year Treasuries sank five basis pressure on the US dollar, the March, EU states would charge of the new tax activities that The outcome largely matched agree a Brexit deal. points to 3.18 percent, the biggest expectations of more fiscal a 3 percent levy on the digital could be linked to carmakers. polling going into the vote, and it’s Elsewhere, shares of Spanish tumble in two weeks. Germany’s spending in the US adding to more revenues of large firms that are German Finance Minister Olaf likely investors will now refocus banks surged after they escaped 10-year yield dipped one basis pressure on debt and debt issuance, accused of averting tax by Scholz also said the tax should their attention. The biggest macro paying billions of euros in back point to 0.43 percent. Britain’s having a split government now routing their profits to the bloc’s not be applied until the summer theme remains the trade war after taxes. The euro rallied as data 10-year yield fell two basis points with more checks and balances is low-tax states. of 2020, and only if no global recent warnings from major showed German industrial output to 1.527 percent.West Texas actually a positive set-up.” The plan is aimed at deal was reached on the same changing tax rules that have let issue. some of the world’s biggest France’s Finance Minister companies pay unusually low Bruno Le Maire, who has long About 1,400 new rates of corporate tax on their been the main supporter of the Microsoft doesn’t use customers’ earnings. But it requires the tax, accepted delaying its imple- businesses get support of all 28 EU states and mentation to the end of 2020, registered in is opposed by a number of a major concession. But he said data for profit: Satya Nadella them, including small, low-tax the EU should still reach Pakistan in October IANS countries like Ireland that have agreement on the issue by the globally. most vulnerable section in benefited by allowing multina- end of this year, to avoid states “We don’t want to overmon- society. INTERNEWS tionals to book profits there on applying their own national LONDON: In an apparent jibe etise. If anything, one of the Nadella applauded the digital sales to customers taxes, in moves he said would against rivals Google and things we’ve done is to is to European Union’s General Data ISLAMABAD: The Securities elsewhere. harm the EU single market. Facebook, Microsoft CEO Satya make sure that the utility is Protection Regulation (GDPR) and Exchange Commission of Nadella has said the company maximised for the users,” as first step towards securing Pakistan (SECP) incorporated doesn’t use customers’ personal Nadella was quoted as saying. data privacy. 1,395 new companies in data for profit unlike some other Nadella’s comments “draw “All of us will have to think October, taking the total firms. a sharp divide between about the digital experiences we number of registered entities In an interview with The Microsoft and other large create to treat privacy as a in the country to 92,109. Times, Nadella said the American technology com- human right,” Nadella was According to the SECP company “had chosen not to panies, which have been criti- quoted as saying. data, the registration of com- squeeze the last drop of revenue cised for abusing the personal “GDPR as a piece of legis- panies has grown by 63 from the troves of user data on information of their users”. lation, a piece of regulation is a percent from corresponding its Bing search engine and the At a Microsoft event in great start and we’ve done a lot period last year. The com- Linkedin social network, which London last week, Nadella of hard work to become com- mission attributed this it bought in 2016”. called on technology companies pliant with GDPR.” Amid increase to various reforms LinkedIn, which Microsoft to defend users’ privacy as increasing data breaches, tech measures, including intro- bought for $26bn, has over human right, urging firms and giants are busy deliberating on duction of simplified com- Facebook logos are seen during the China International Import Expo 560m users and Bing is the governments to collectively how to ensure privacy and bined process for name reser- (CIIE), at the National Exhibition and Convention Center in Shanghai. number 3 search engine work together to protect the security for the users. vation and incorporation. BREAK TIME CROSSWORD MALL ROYAL PLAZA VILLAGGIO & CITY CENTER
Sarkar (2D/Tamil) 11:15am, 2:00, 8:30 & 11:15pm Sarkar (2D/Tamil) 2:30 & 5:15pm Thugs Of Hindostan (2D/Hindi) 11:30am, 2:00, 4:15, 5:00, The Grinch (2D/Animation) 2:30pm 8:00 & 11:00pm Thugs Of Hindostan (2D/Hindi) 4:15 & 8:00pm Thugs Of Hindostan (2D/Tamil) 5:00pm A Private War (2D/Drama) 7:15pm The Grinch (2D/Animation) 12:15, 2:30 & 4:45pm Bohemian Rhapsody (2D/Drama) 9:15pm To Love Some Buddy (2D/Tagalog ) 6:30pm Overlord (2D/Action) 11:30pm Bohemian Rhapsody (2D/Drama) 7:15pm Overlord (2D/Action) 9:30pm ASIAN TOWN Al Fundok - (2D/Arabic) 11:30pm Sarkar (2D/Tamil) 1:00, 2:00, 4:00, 5:00, 7:00, 8:00, 10:00, 11:00pm, 1:00am & 2:00am Thugs Of Hindostan (2D/Tamil) 12:00 & 6:00pm LANDMARK Thugs Of Hindostan (2D/Hindi) 12:00, 3:00, 6:00, 9:00pm, 12:00am & 3:00am.
Thugs Of Hindostan (2D/Hindi) 11:15am, 2:00, 5:00, 7:45 & AL KHOR 10:45pm Thugs Of Hindostan (2D/Hindi) 12:45, 4:00, 7:15 & 10:30pm Thugs Of Hindostan (2D/Tamil) 4:15pm Sarkar (2D/Tamil) 11:15am, 2:15, 5:15, 8:15 & 11:15pm Sarkar (2D/Tamil) 11:30am, 2:15, 8:00 & 10:45pm The Grinch (2D/Animation) 10:45am, 12:45, 2:45 & 4:45pm The Grinch (2D/Animation) 12:15 & 2:30pm Overlord (2D/Action) 6:45, 9:15 & 11:45pm Al Fundok - (2D/Arabic) 7:15pm To Love Some Buddy (2D/Tagalog ) 9:15pm Overlord (2D/Action) 11:15pm ROXY Sarkar (2D/Tamil) 10:20am, 1:30, 4:50, 8:10, 11:30, 6:30, 10:00pm and 1:00am FLIK Mirqab Mall The Grinch (2D/Animation) 10:30am, 12:30, 2:30 & 4:30pm A Private War (2D/Drama) 5:45 & 10:40pm The Nutcracker and The Four Realms (2D/Adventure) 11:00 & Al Fundok - (2D/Arabic) 7:10pm 1:00pm Bohemian Rhapsody (2D/Drama) 10;50am, 12:35, 1:25, 3:10, Thugs Of Hindostan (2D/Tamil) 10:30am, 1:00, 2:00, 3:00, 4:00, 8:20 & 10: 55pm 5:30,7:30, 11:30, 6:20, 9:00, 9:40pm & 0:30am El Kowayseen (2D/Arabic) 8:10pm
Overlord (2D/Action) 9:55, 11:30pm & 0:10am Note: Programme is subject to change without prior notice. Sarkar (2D/Tamil) 2:00, 4:30, 6:35, 8:00 & 11:25pm The Grinch (2D/Animation) 10:35, 11:30, 12:30, 1:25, 2:25, 3:20, 4:20, 5;15 & 6:15pm The Nutcracker and The Four Realms (2D/Adventure) 11:45, 12:10 & 2:20pm Thugs Of Hindostan (2D/Hindi) 12:00, 3;30, 5:00, 7:00, 9:00, 10:30pm & 0:25am
THUGS OF HINDOSTAN
Thugs of Hindostan is an Hindi-language epic action- adventure film, written and directed by Vijay Krishna Acharya, and produced by Aditya Chopra under his banner Yash Raj Films. 26 CLASSIFIEDS THURSDAY 8 NOVEMBER 2018 AL ASMAKH LISTINGS CALL CENTER: 4448 5111 / 4041 0757 We also offer our RICS regulated International valuation service VALUATIONS & RESEARCH [email protected]
Email: info@alasmakhrealestate/com Website: www.alasmakhrealestate.com
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