business - the peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of...

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Qatar, over the last one and a-half year aſter the siege, has been able to transform the challenges into opportunities by introducing a series of economic and other reforms, and has come under the spotlight of global companies and investors. BUSINESS Wednesday 14 November 2018 PAGE | 22 PAGE | 24 Techno Blue opens its 12th retail store QDB makes major announcements at Entrepreneurship Conference QC contracting panel reviews means of protecting sub-contractors THE PENINSULA DOHA: The Qatar Chamber’s Contracting Committee has hailed the speech of Amir H H Sheikh Tamim bin Hamad Al Thani at the opening of the 47th session of the Advisory Council in which the Amir affirmed the role of the private sector in the inclusive economic development. The Committee members praised the Amir’s statement at the Committee meeting held last week under the chairmanship of Mohammed Sultan Al Jaber (pictured), Board Member and Chairman of the Committee, in the presence of Faisal bin Abdullah Al Mana, Vice Chairman of the Committee, and members of the Committee. The members of the com- mittee discussed during two meetings held this week mecha- nisms of support and protection of subcontractors and a number of procedures related to the con- tracting sector, such as tenders and others, in addition to the most important obstacles facing the construction sector and appro- priate solutions. The meetings also highlighted the importance of identifying the obstacles facing the contracting sector and the importance of communicating with all the con- cerned authorities in the country to communicate the committee’s vision about finding appropriate solutions. The attendees stressed that these steps will create a strong contracting sector that con- tributes positively to the renais- sance witnessed by the state. The attendees agreed on the importance of inviting small and medium enterprises in the sector to the membership of the committee due to its important role in the sector and the impor- tance of drawing upon its views and suggestions. The Committee stressed the importance of identifying the future projects that will be held in the country during the next five years from the donors in order to allow Qatari companies to enter them, especially in light of the government’s tendency to allow the private sector to participate in these projects. Mohammed Sultan Al Jaber, Chairman of the Committee, said that the Qatar Chamber, as the traders’ house, is exerting great efforts in cooperation with all the authorities in the State in order to facilitate the business environment and remove all obstacles facing its employees in all sectors. Al Jaber praised the role of the concerned authorities in the country and expressed great cooperation with the Chamber in removing all obstacles facing the business environment, stressing that there are many good models among contractors who do their work to the fullest and contribute positively to the renaissance witnessed by the state. QFC sees Qatar as gateway to $2.1 trillion market MOHAMMAD SHOEB THE PENINSULA DOHA: Despite the ongoing blockade, Qatar has not only proved its resilience as a robust and vibrant economy, but has successfully reversed the economic impact of the unjust siege into opportunities. The country, with ambitious devel- opment strategies, is now emerging as a gateway to $2.1 trillion regional market, noted a top official of the Qatar Financial Centre (QFC), yesterday. Qatar, over the last one and a-half year after the siege, has been able to transform the chal- lenges into opportunities by introducing a series of economic and other reforms, and has come under the spotlight of global companies and investors. “We are focusing on the few markets in the nearby such as Kuwait, Oman, Turkey, India, Pakistan and some other coun- tries in the Southeast Asia region. If you quantify those markets, which are nearly four hours away from Doha, it constitutes a very big economic block. And we firmly believe that Doha-based companies can serve these markets better,” Yousuf Al Jaida, CEO and Board Member at QFC, told The Peninsula on the sidelines of the Qatar Business Law Forum, organised by LexisNexis, a leading firm in the Mena region. Al Jaida added: “We are incentivising multinationals to establish in Qatar to tap the business opportunities in those markets. We have strategic geo- graphical location, good connec- tivity, better infrastructure and logistics facilities, so we believe that there is a very good business proposition here.” He also noted that the five emerging markets—Turkey, Kuwait, Oman, Pakistan and Qatar— have a total population of over 400 million generating a combined GDP of about $2.1 trillion and contributing about $1.13 trillion of trade providing huge opportunities of business, trade and investment. Al Jaida highlighted that attracting FDI has become a pri- ority, reality and a way to move forward, and Qatar is becoming more and more suitable and attractive destination for investors and businesses. Citing robust macro-eco- nomic data such as GDP growth, bank deposits, steady growth in trade and improved balance of payment position, performance of the capital market, he said that Qatar remains resilient through the blockade. Commenting on Qatar emerging as regional financial hub, he said: “It’s progressing very well. Currently we are putting together our governance structure for the incentive pro- posal. We intend to work with our colleagues at the Ministry of Finance and the Free Zone Authority, and many companies are expected to start operations from 2019.” Al Jaida, speaking at a panel discussion on ‘Qatar Business Climate and the Role of the QFC Platform’, also highlighted that Qatar, after the blockade, has emerged stronger, and have established access to new markets, achieved self-suffi- ciency in many essential and strategic goods and services, including food security. It has introduced more reforms and better legal system, witnessed significant jump in the ease of doing business, and also introduced encouraging changes in the immigration laws to create a more business and investment friendly environment. Other panelists included Sheikh Thani bin Ali Al Thani, Founder of Thani Bin Ali Al Thani Law Firm, who provided a detailed overview on foreign investment laws and regulations; and Dr Yassin El Shazly, Legal Counsel at the Ministry of Com- merce and Industry. He highlighted various reforms introduced to create a better investment climate in Qatar. Dr Yassin also spoke briefly about some of the upcoming laws, including the most awaited law related to Public-Private Partnership. The discussion was moderated by Mubarak Al Sulaiti, Chairman of Al Sulaiti Law Firm. FROM LEFT: Sheikh Thani bin Ali Al Thani, founder, Thani Bin Ali Al Thani Law Firm; Yousuf Al Jaida, CEO and Board Member, Qatar Financial Centre; Dr Yassin El Shazly, Assistant Professor, Qatar University and Legal Affairs Department, MoEC, and Mubarak Al Sulaiti, Chairman, Al Sulaiti Law Firm, at the Qatar Business Law Forum held at the InterContinental The City in Doha, yesterday. PIC: SALIM MATRAMKOT / THE PENINSULA Opec basket price ended 2.9% up in October, highest monthly average in 4 years SATISH KANADY THE PENINSULA DOHA: The OPEC Reference Basket (ORB), an important benchmark for crude oil prices, ended October higher, increasing by $2.21, or 2.9 percent month- on-month (m-o-m), to average $79.39/b. This is the highest monthly average since October 2014, the Opec monthly oil report noted yesterday. Crude oil futures also peaked in early October, hitting a four- year high, with ICE Brent reaching $86.29/b, as the market focused on concerns over potential oil supply shortages. ICE Brent increased by $1.52 m-o-m, or 2 percent, reaching $80.63/b in October, while NYMEX WTI rose by 67¢, m-o-m, or 1.0 percent, averaging $70.76/b. Year-to-date, ICE Brent was $20.54, or 39 percent, higher at $73.58/b, while NYMEX WTI increased $17.63, or 36 percent, to $67.23/b, compared with the same period a year earlier. The Opec monthly report noted in 2018, oil demand growth is anticipated to increase by 1.50 mb/d y-o-y, a downward revision from the previous month of 40 tb/d, mainly due to weaker- than-expected oil demand data from the Middle East. Expected total oil demand for the year is anticipated to reach 98.79 mb/d. In 2019, world oil demand growth is forecast to grow by 1.29 mb/d y-o-y, about 70 tb/d lower than last month’s projection, with total world consumption to reach 100.08 mb/d. Non-Opec oil supply growth in 2018 is esti- mated at 2.31 mb/d, an upward revision of 0.09 mb/d from the previous month’s assessment. On the supply-demand balance, the Opec report noted demand for Opec crude in 2018 is estimated at 32.6 mb/d, 0.9 mb/d lower than the 2017 level. In 2019, demand for Opec crude is forecast at 31.5 mb/d, around 1.1 mb/d lower than the estimate 2018 level. Commenting on the Opec- member countries’ economic performance, the report noted Qatar’s GDP expanded by 2.5 percent y-o-y in Q2, 18, up from 2.0 percent in Q1, 18. The sector of mining and quarrying shrank by 1.1 percent y-o-y in Q2, from a 2.1 percent decline in the pre- vious quarter. While the non-mining and quarrying sector posted growth of 6.1 percent y-o-y in Q2, up from 5.8 percent in the previous quarter. As a part of the non- mining and quarrying sector, manufacturing showed robust growth of 14.1 percent y-o-y in 2Q18, from 10.8 percent in 1Q18. The construction sector con- tinued its strong performance. The Commiee stressed the importance of identifying the future projects that will be held in the country during the next five years from the donors in order to allow Qatari companies to enter them, especially in light of the government’s tendency to allow the private sector to participate in these projects. THE PENINSULA DOHA: The International Monetary Fund (IMF) under- lined that the measures adopted by the State of Qatar to face the consequences of the siege have contributed to easing the impact of it, and enabled the national economy to gain more rigour in the face of any emergency circumstances may be exposed to. In statements to Qatar News Agency (QNA), Director of the Middle East and Central Asia Department at IMF, Jihad Azour, said that the Qatari economy managed to take a series of measures last year to mitigate the negative repercussions of the siege crisis. The Qatari government has liberalised the trade movement, diversified invest- ments and injected liquidity into the financial system, thus contributing to introducing a new dynamic to the national economy. He noted that the investment diversification program carried out by the Qatari government and its preparation for hosting the 2022 World Cup contributed to strengthening the Qatari economy, in addition to the rise in oil and gas prices glo- bally which constituted a pos- itive boost to the economy. Measures adopted by Qatar eased siege impact: IMF

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Page 1: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

Qatar, over the

last one and a-half

year after the

siege, has been

able to transform

the challenges into

opportunities by

introducing a series

of economic and

other reforms, and

has come under the

spotlight of global

companies and

investors.

BUSINESSWednesday 14 November 2018

PAGE | 22 PAGE | 24

Techno Blue opens its 12th

retail store

QDB makes major announcements at Entrepreneurship Conference

QC contracting panel reviews means of protecting sub-contractorsTHE PENINSULA

DOHA: The Qatar Chamber’s Contracting Committee has hailed the speech of Amir H H Sheikh Tamim bin Hamad Al Thani at the opening of the 47th session of the Advisory Council in which the Amir affirmed the role of the private sector in the inclusive economic development. The Committee members praised the Amir’s statement at the Committee meeting held last week under the chairmanship of Mohammed Sultan Al Jaber (pictured), Board Member and Chairman of the Committee, in

the presence of Faisal bin Abdullah Al Mana, Vice Chairman of the Committee, and members of the Committee.

The members of the com-mittee discussed during two meetings held this week mecha-nisms of support and protection of subcontractors and a number of procedures related to the con-tracting sector, such as tenders and others, in addition to the most important obstacles facing the construction sector and appro-priate solutions.

The meetings also highlighted the importance of identifying the obstacles facing the contracting sector and the importance of communicating with all the con-cerned authorities in the country to communicate the committee’s vision about finding appropriate solutions.

The attendees stressed that these steps will create a strong contracting sector that con-

tributes positively to the renais-sance witnessed by the state.

The attendees agreed on the importance of inviting small and medium enterprises in the sector to the membership of the committee due to its important role in the sector and the impor-tance of drawing upon its views and suggestions.

The Committee stressed the importance of identifying the future projects that will be held in the country during the next five years from the donors in order to allow Qatari companies to enter them, especially in light of the government’s tendency to allow the private sector to participate in these projects.

Mohammed Sultan Al Jaber, Chairman of the Committee, said that the Qatar Chamber, as the traders’ house, is exerting great efforts in cooperation with all the authorities in the State in order to facilitate the business environment and remove all obstacles facing its employees in all sectors.

Al Jaber praised the role of the concerned authorities in the country and expressed great cooperation with the Chamber in removing all obstacles facing the business environment, stressing that there are many good models among contractors who do their work to the fullest and contribute positively to the renaissance witnessed by the state.

QFC sees Qatar as gateway to $2.1 trillion marketMOHAMMAD SHOEB THE PENINSULA

DOHA: Despite the ongoing blockade, Qatar has not only proved its resilience as a robust and vibrant economy, but has successfully reversed the economic impact of the unjust siege into opportunities. The country, with ambitious devel-opment strategies, is now emerging as a gateway to $2.1 trillion regional market, noted a top official of the Qatar Financial Centre (QFC), yesterday.

Qatar, over the last one and a-half year after the siege, has been able to transform the chal-lenges into opportunities by introducing a series of economic and other reforms, and has come under the spotlight of global companies and investors.

“We are focusing on the few markets in the nearby such as Kuwait, Oman, Turkey, India, Pakistan and some other coun-tries in the Southeast Asia region. If you quantify those markets, which are nearly four hours away from Doha, it constitutes a very big economic block.

And we firmly believe that Doha-based companies can serve these markets better,” Yousuf Al Jaida, CEO and Board Member at QFC, told The Peninsula on the sidelines of the

Qatar Business Law Forum, organised by LexisNexis, a leading firm in the Mena region.

Al Jaida added: “We are incentivising multinationals to establish in Qatar to tap the business opportunities in those markets.

We have strategic geo-graphical location, good connec-tivity, better infrastructure and logistics facilities, so we believe that there is a very good business proposition here.”

He also noted that the five emerging markets—Turkey,

Kuwait, Oman, Pakistan and Qatar— have a total population of over 400 million generating a combined GDP of about $2.1 trillion and contributing about $1.13 trillion of trade providing huge opportunities of business, trade and investment.

Al Jaida highlighted that attracting FDI has become a pri-ority, reality and a way to move forward, and Qatar is becoming

more and more suitable and attractive destination for investors and businesses.

Citing robust macro-eco-nomic data such as GDP growth, bank deposits, steady growth in trade and improved balance of payment position, performance of the capital market, he said that Qatar remains resilient through the blockade.

Commenting on Qatar

emerging as regional financial hub, he said: “It’s progressing very well.

Currently we are putting together our governance structure for the incentive pro-posal. We intend to work with our colleagues at the Ministry of Finance and the Free Zone Authority, and many companies are expected to start operations from 2019.”

Al Jaida, speaking at a panel discussion on ‘Qatar Business Climate and the Role of the QFC Platform’, also highlighted that Qatar, after the blockade, has emerged stronger, and have established access to new markets, achieved self-suffi-ciency in many essential and strategic goods and services, including food security.

It has introduced more reforms and better legal system, witnessed significant jump in the ease of doing business, and also introduced encouraging changes in the immigration laws to create a more business and investment friendly environment.

Other panelists included Sheikh Thani bin Ali Al Thani, Founder of Thani Bin Ali Al Thani Law Firm, who provided a detailed overview on foreign investment laws and regulations; and Dr Yassin El Shazly, Legal Counsel at the Ministry of Com-merce and Industry.

He highlighted various reforms introduced to create a better investment climate in Qatar. Dr Yassin also spoke briefly about some of the upcoming laws, including the most awaited law related to Public-Private Partnership. The discussion was moderated by Mubarak Al Sulaiti, Chairman of Al Sulaiti Law Firm.

FROM LEFT: Sheikh Thani bin Ali Al Thani, founder, Thani Bin Ali Al Thani Law Firm; Yousuf Al Jaida, CEO and Board Member, Qatar Financial Centre; Dr Yassin El Shazly, Assistant Professor, Qatar University and Legal Affairs Department, MoEC, and Mubarak Al Sulaiti, Chairman, Al Sulaiti Law Firm, at the Qatar Business Law Forum held at the InterContinental The City in Doha, yesterday. PIC: SALIM MATRAMKOT / THE PENINSULA

Opec basket price ended 2.9% up in October, highest monthly average in 4 yearsSATISH KANADY THE PENINSULA

DOHA: The OPEC Reference Basket (ORB), an important benchmark for crude oil prices, ended October higher, increasing by $2.21, or 2.9 percent month-on-month (m-o-m), to average $79.39/b. This is the highest monthly average since October 2014, the Opec monthly oil report noted yesterday.

Crude oil futures also peaked in early October, hitting a four-year high, with ICE Brent reaching $86.29/b, as the market focused on concerns over potential oil supply shortages. ICE Brent increased by $1.52 m-o-m, or 2 percent, reaching $80.63/b in October, while NYMEX WTI rose by 67¢, m-o-m, or 1.0 percent, averaging $70.76/b. Year-to-date, ICE Brent was $20.54, or 39 percent, higher at $73.58/b, while NYMEX WTI increased $17.63, or 36 percent, to $67.23/b, compared with the same period a year earlier.

The Opec monthly report noted in 2018, oil demand growth is anticipated to increase by 1.50 mb/d y-o-y, a downward revision from the previous month of 40 tb/d, mainly due to weaker-than-expected oil demand data from the Middle East. Expected total oil demand for the year is anticipated to reach 98.79 mb/d.

In 2019, world oil demand growth is forecast to grow by 1.29 mb/d y-o-y, about 70 tb/d lower than last month’s projection, with total world consumption to reach 100.08 mb/d. Non-Opec oil supply growth in 2018 is esti-mated at 2.31 mb/d, an upward revision of 0.09 mb/d from the previous month’s assessment.

On the supply-demand balance, the Opec report noted demand for Opec crude in 2018 is estimated at 32.6 mb/d, 0.9 mb/d lower than the 2017 level. In 2019, demand for Opec crude is forecast at 31.5 mb/d, around 1.1 mb/d lower than the estimate 2018 level.

Commenting on the Opec-member countries’ economic performance, the report noted Qatar’s GDP expanded by 2.5 percent y-o-y in Q2, 18, up from 2.0 percent in Q1, 18. The sector of mining and quarrying shrank by 1.1 percent y-o-y in Q2, from a 2.1 percent decline in the pre-vious quarter.

While the non-mining and quarrying sector posted growth of 6.1 percent y-o-y in Q2, up from 5.8 percent in the previous quarter. As a part of the non-mining and quarrying sector, manufacturing showed robust growth of 14.1 percent y-o-y in 2Q18, from 10.8 percent in 1Q18. The construction sector con-tinued its strong performance.

The Committee stressed

the importance of

identifying the future

projects that will be

held in the country

during the next five

years from the donors

in order to allow Qatari

companies to enter

them, especially in light

of the government’s

tendency to allow

the private sector to

participate in these

projects.

THE PENINSULA

DOHA: The International Monetary Fund (IMF) under-lined that the measures adopted by the State of Qatar to face the consequences of the siege have contributed to easing the impact of it, and enabled the national economy to gain more rigour in the face of any emergency circumstances may be exposed to.

In statements to Qatar News Agency (QNA), Director of the Middle East and Central Asia Department at IMF, Jihad Azour, said that the Qatari economy managed to take a series of measures last year to mitigate the negative repercussions of the siege crisis.

The Qatari government has liberalised the trade movement, diversified invest-ments and injected liquidity into the financial system, thus contributing to introducing a new dynamic to the national economy.

He noted that the investment diversification program carried out by the Qatari government and its preparation for hosting the 2022 World Cup contributed to strengthening the Qatari economy, in addition to the rise in oil and gas prices glo-bally which constituted a pos-itive boost to the economy.

Measures adopted by Qatar eased siege impact: IMF

Page 2: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

Qatar International Court hosts Canadian AmbassadorQICDRC’s CEO Faisal Al Sahouti yesterday met with the recently appointed Canadian Ambassador to Qatar, Stefanie McCollum where they reviewed the legal and judicial relations between Qatar and Canada. As part of her visit, Al Sahouti gave a detailed explanation of the successful attempt by the State of Qatar to establish its specialised judiciary through the establishment of the Qatar International Court.Qatar International Court is the first specialised court in the State to look into commercial and investment disputes that may arise from the transactions of international financial companies which operate through the Qatar Financial Centre.

22 WEDNESDAY 14 NOVEMBER 2018BUSINESS

Techno Blue opens its 12th retail store

THE PENINSULA

DOHA: Techno Blue the authorized distributor of Samsung has opened its 12th retail showroom in Tawar mall, in Gharafa Area. The state-of-art showroom features the latest in Televisions, Appli-ances, Mobile Phones, IT products, Small domestic appli-ances etc.

The outlet is designed to maximize customer experience who can touch and feel the product before making their

decisions. In addition to the experienced bi-lingual sales staff, who offer expert pre-sales consulting, the products sold in the outlet are compli-mented by relevant after sales service directly by Techno Blue.

Commenting on the strategy of Techno Blue, wholly owned subsidiary of HBK holdings, its Chairman Sheikh Nasser bin Hamad Al Thani said, “ in a crowded market place where electronics business has become a com-modity, Techno Blue stores

strive to offer customers with products and services which are unmatched by other retailers.

He also mentioned that Qatar’s economy is poised for a strong growth in the coming years and investment in good retail locations will drive the business of premium products in the years to come. HBK holdings will continuously invest in expanding the retail network, service operations and sales infrastructure.”

Andrew Shin of Samsung

Qatar Office commenting on the occasion mentioned that Samsung will launch new Tel-evisions and Appliances with ground breaking technologies in 2019 to remain as the number one global leader in Televisions and to increase market share in premium segment in Qatar Market.

The occasion was also graced by, Ashraf Abu Issa and Nabil Abu Issa of Abu Issa Holdings along with R. Srini-vasan, Managing Director of Techno Blue.

Nabil Abu Issa, Vice Chairman of Abu Issa Holding, Andrew Shin, President of Samsung Gulf Electronics, Sheikh Nasser bin Hamad Al Thani, Chairman of HBK Holdings, and Ashraf Abu Issa, Chairman of Abu Issa Holdings, with other officials during the opening of Techno Blue 12th retail store at Tawar Mall yesterday. PICS: BAHER AMIN / THE PENINSULA

Ezdan Hotel launches special promotionTHE PENINSULA

DOHA: Ezdan Hotel West Bay, Ezdan Holding Group’s major hotel operating in Doha, has announced a promotion for long-stay residence that may extend to 18 months, for tourists and expats.

“With Qatar being a business hub in the sub region, and uniquely positioned us a destination for tourism, we are thrilled as a business to pur-posefully design this special bargain to offer both business travelers and leisure seekers alike an

opportunity to experience the authentic Qatari Hospitality.

This is in line with Qatar Tourism Authority’s Next Chapter of its National Tourism Sector Strategy 2030 which aims to attract 5.6 million visitors to Qatar annually by 2023” said the Group Hotels General Manager, Wael El Telbany.

“The promotion designed to run until the end of December 2018 offers guest the opportunity to book a room for as low as QR190 per night and long stay guest to secure an Ezdan Hotel residential address for a long stay price starting from QR 3,500 when they book for 18 months” said David Attricki, Marketing Manager.

“In addition, guest will enjoy unlimited access to the hotel’s unique recreational facilities including Kids play area, giant swimming pool, Gym and discounts on F&B offerings and Spa” he added.

Ezdan Hotel, West Bay, Qatar’s indigenous 3000 unit hotel, with fully equipped contemporary meeting space that consists of seven halls, an array of services and amenities such as an ‘Olympic size’ swimming pool, a health club, international res-taurants, supermarket, ladies & gents hairdresser salon, pharmacy, ice cream shop and pizza parlor has launched a tailor made promotion for all res-idents of Qatar and the International community as a whole.A view of Ezdan towers in West Bay.

NBK & Khaya enter partnership to provide world class services for FIFA 2022THE PENINSULA

DOHA: NBK Holding, one of the leading business holding groups in Qatar and Khaya Global, a global travel and logistical support organisation, have signed an agreement partner and support the upcoming 2022 FIFA World Cup in Qatar.

The agreement was signed at NBK headquarters in Doha by Sheikh Nawaf bin Nasser Al Thani, NBK Chairman and Volkhard Bauer, CEO and Founder of Khaya, in the presence of Sheikh Khalid bin Nasser Al Thani, Business Development Manager of NBK Holding and representatives of both Parties including Volker Schmidt and Imad Saifan of NBK and Kyungwon Han, Khaya Operations Manager.

The agreement will allow NBK and Khaya to utilise their joint expertise and services to support the serviced accommodation and travel needs of the World Cup staff and visitors. Relying on their individual expertise and long history operating within the sector, NBK and Khaya will merge the skills of each organisation to present tailor-made services for all visitors including market research, planning,

accommodation, flights and comprehensive tailored trip programs including for must-try restaurants and top cultural and tourist destinations, and a host of other services.

Sheikh Nawaf bin Nasser Al Thani, Chairman of NBK Holding said of the new partnership: “We are honored to be working with Khaya, in a move which will allow regional and international visitors planning to attend the 2022 FIFA World Cup in Qatar to benefit from their international expertise, coupled with our local knowledge and resources.

Through this partnership NBK will be able to provide state of the art services for visitors and staff, ensuring they enjoy this eagerly anticipated event.

“Thanks to the vision of our wise leadership, we are moving forward to contribute effectively in deliv-ering a legacy event that will remain in the memory of all generations, both at home and abroad.” Volkhard Bauer, Khaya Group CEO said: “As a company specialising in accommodation and travel arrangements, we are pleased to partner with the leading business group in Qatar, Nasser bin Khaled, which we believe is a perfect fit to our business

The officials of NBK Holding and Khaya Global, after the signing ceremony.

QNA

DOHA: Vodafone Qatar announces that trading in the company's shares will be suspended for one day on Thursday, 15 November, as per regulatory requirements, on account of its previously announced capital reduction that will take effect on the same day.

Trading in the shares will

resume on Sunday, 18 November.Vodafone Qatar obtained its

shareholders approval at the Com-pany's Extraordinary General Assembly on 19 March 2018, in addition to all requisite regulatory approvals, to proceed with the implementation of the capital reduction. The capital reduction is essentially a balance sheet trans-action effected by means of an accounting adjustment all within

the "Total Equity" section. The share capital of the company will be reduced from QR8.45bn to QR4.2bn by way of reducing the nominal value of the shares of the company from QR 10 per share to QR5 per share. The transaction has no impact whatsoever on the value or the number of the shares held by shareholders or on the cash position or financial liquidity of the company.

Trading in Vodafone shares to be suspended

10,314.62

-100.38 PTS

0.96%

QSE FTSE100 DOW BRENT7,053.76

+0.68 PTS

0.007%

25,361.21

−25.97 PTS

0.10% Dow & Brent before going to press

$56.27

-3.66

MarketWatch

Page 3: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

QDB has always

been a frontrunner

in bringing the

best local, regional

and international

expertise to help

promote innovators

and entrepreneurs’

skills and support

their projects.

23WEDNESDAY 14 NOVEMBER 2018 BUSINESS

European shares recover after US tech routREUTERS

LONDON: European shares recovered after feeling the strain of a tech rout on Wall Street, while political risks in Europe helped the dollar as investors dumped riskier assets.

Fears of a peak in corporate earnings growth, softening global demand and rising interest rates in the United States have put investors on edge in the past month.

So has the Sino-US trade war and the twin risks from Brexit and Italy’s budget row with the European Union. Volatility is on the rise again.

Monday’s equity sell-off in the US was led by tech stocks, and Apple and Amazon were the major culprits, with the latter’s stock slumping over 5 percent.

But fears about a long-term slump in technology stocks faded on Monday as investors turned to

efforts to wind down the Sino-US tariff war. The pan-European STOXX 600 gained 0.5 percent by 0930 GMT. Markets in Asia also recouped some losses after a report that China’s top trade nego-tiator was preparing to visit the United States before a meeting between the leaders of the world’s two largest economies.

The Shanghai composite index .SSEC rose 0.9 percent but Japan’s Nikkei .N225 lost more than 2 percent. “Though there have been some efforts to resolve the (trade war) tensions in recent days, in my opinion, things are likely to get worse before they get better,” said Sergio Ermotti, CEO UBS.

Some reckon that US Pres-ident Donald Trump will turn up the heat over trade. His adminis-tration is broadening its trade battle with a plan to use export controls, indictments and other tools to counter alleged Chinese the theft of intellectual property,

the Wall Street Journal reported.Riskier assets including Asian

equities have been hurt by rising US interest rates. The Federal Reserve is expected to tighten policy further in December.

In Europe, sterling jumped half a percent to as high as $1.2917 GBP=D3 after a British cabinet office minister said a Brexit agreement with the EU was still possible in the next 24 o 48 hours.

A growing rift over Italy’s budget has hit the euro recently but the currency drifted up from a 16-month low to $1.1234.

The political malaise in Europe continued to aid the dollar .DXY against a basket of cur-rencies. At 0900GMT it was flat at 97.6. It had hit 97.70, its highest since June 2017.

“King dollar has staged a return,” said Valentin Marinov, head of G10 FX strategy at Credit Agricole. “After the Fed’s hawkish policy outlook last week, investors are pretty happy to reload on long dollar positions. The European currencies look most vulnerable.”

Oil prices hovered near multi-month lows after declining for a record 11th consecutive session as Trump said he hoped there would be no oil output reductions. US crude CLc1 skidded 83 cents to $59.1 a barrel. Brent crude futures LCOc1 fell 74 cents to $69.38.

The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany.

Japan’s SoftBank Group steps closer to transformation with mammoth IPOREUTERS

TOKYO: SoftBank Group Corp has won approval to conduct a 2.4 trillion yen ($21.04bn) initial public offering (IPO) of its domestic telecoms business, in a deal that will seal the group’s transformation into a top global technology investor.

The IPO will be one of the biggest ever worldwide, and will provide the group with funds to pay down debt and continue placing big bets on innovations that Chief Executive Masayoshi Son (pictured) predicts will drive future tech trends.

SoftBank’s bets so far have been as varied as small gaming startups, ride-hailing firms such as Uber Technologies Inc [UBER.UL], and e-commerce behemoth Alibaba Group Holding Ltd.

SoftBank Group aims to raise 2.4 trillion yen through the sale of 1.6bn SoftBank Corp shares at an tentative price of 1,500 yen each, showed a filing with the Ministry of Finance on Monday.

The amount could rise by 240.6bn yen if demand triggers an overallotment, taking the total closer to the $25bn that Alibaba raised in 2014 in the biggest-ever IPO.

The final IPO price will be determined on December 10, and SoftBank Corp will list on the Tokyo Stock Exchange on Dec. 19 with an initial market value of 7.18 trillion yen — about 1 trillion yen

above that of rival KDDI Corp which has about 10 million more subscribers.

The parent will retain a stake of around two-thirds, depending on the overallotment. The mammoth offering comes at a time when investors have begun questioning the outlook for Japan’s telecoms companies.

The IPO was initially expected to appeal to investors seeking sta-bility, but the government has recently called on carriers to lower fees while backing more wireless competition, sending shockwaves through the industry.

Yet SoftBank’s brand name is still likely to draw retail investors long accustomed to using Soft-Bank’s phone and internet services. Many still see CEO Son as a tech visionary who chal-lenged entrenched rivals NTT DoCoMo Inc and KDDI, and brought Apple Inc’s iPhone to Japan.

Japanese households are commonly seen as an attractive target in IPOs with their 1,829

trillion yen in financial assets, even if they are traditionally risk-averse with over 50 percent of assets in cash and deposits.

More than 80 percent of the shares will be offered to domestic retail investors, a person with knowledge of the matter told.

“I think a reasonable amount of money will be attracted to this one,” said Tetsutaro Abe, an equity research analyst at Aizawa Securities. “It’s a mobile company so the cash flow is steady. If you think about future yield and shareholder returns, it’s a far more attractive investment than government bonds.”

SoftBank Group hopes that putting a value on the telecoms business will help bolster its own share price, which it sees as undervalued.

Son in June argued that even without the domestic telecoms business, SoftBank Group shares should be worth over 14,000 yen — almost 40 percent over their current price — considering the value of its investments in Alibaba, Arm Holdings, Sprint Corp and Yahoo Japan Corp, as well as Vision Fund.

Investors have grown nervous about the lack of clarity in some of the investments by the $90bn Vision Fund.

US credit-rating firm S&P Global Ratings said the IPO was credit positive for the parent, saying it expects a bulk of the pro-ceeds to be used to repay debt

Cybersecurity is one of the top three risks across all industriesTHE PENINSULA

DOHA: A year after organizations were rocked by a series of large-scale cybersecurity breaches and ongoing recriminations over state-sponsored interventions, this year’s EY Global Information Security Survey 2018-19 (GISS) shows cybersecurity continuing to rise up the board agenda.

Clinton Firth, MENA Cyber-security Leader, EY, says: “Cyber-security continues to be one of the top three risks across all indus-tries and government entities in the Mena region. Digital transfor-mation is resulting in more oppor-tunities to exploit while advanced exploitation tools and capabilities are becoming more readily acces-sible. In general, organizations in Mena are not at a commiserate level of cybersecurity readiness and unfortunately this creates the perfect environment for cyber-attacks in the region.”

The survey of more than 1,400 C-level cybersecurity and risk leaders, examines some of the most urgent concerns about cybersecurity and their efforts to manage them. Some of the key findings show an estimated 87 percent of organisations operate with a limited budget to provide for the level of cybersecurity and resilience they require. 55 percent of organisations don’t make the

protection of the organization an integral part of their overall business strategy and execution plans. A majority of organizations (77 percent) are now seeking to use advanced technologies like artificial intelligence, robotic process automation and analytics. Cloud computing (52 percent), cybersecurity analytics (38 percent) and mobile computing (33 percent) are the highest prior-ities for cybersecurity investment.

The survey found the riskiest vulnerabilities are careless/unaware employees (34 percent), outdated security controls (26 percent), unauthorized access (13 percent) and related to cloud-computing use (10 percent). Many organizations (82 percent) are unclear about whether they are successfully identifying breaches and incidents.

As organisations in Mena become increasingly reliant on technology, they are more vul-nerable to cyber-attacks and digital risk. Businesses need to shift towards a 24/7 monitoring to protect their digital presence from attack regardless of industry.

At the end of 2017, EY opened their multimillion-dollar cyber-security center in the GCC, the Digital Security Operations Centre (DSOC), to offer protection against cyber-attacks for businesses located across Mena.

QDB makes major announcements at Qatar Entrepreneurship ConferenceTHE PENINSULA

DOHA: The ongoing Qatar Entre-preneurship Conference “ROWAD Qatar 2018”, which is taking place during the Global Entrepre-neurship Week, is witnessing greater traction from Qatari companies with an aim to expand their horizons and offer sustainable growth paradigms to Qatari youths and SMEs. In this regard, Qatar Development Bank, in two separate press meets, announced the launch of SME definition in collaboration with the Ministry of Commerce and Industry as well as became the frontrunner in launching the first ever SportsTech accelerator for the MEA region. Both initiatives will mark a new era of growth for Qatari companies and will tremendously aid in achieving Qatar National Vision 2030.

The SportsTech Accelerator initiative is powered by Startup Bootcamp, the global player in accelerating Tech. Startups, with the goal to become the leading and central point in the region for sports innovation.

Commenting on this occasion, Ibrahim Al Mannai, Executive

Director of Advisory and Incu-bation at QDB, said: “It is indeed a great moment of pride for all of us who have working painstakingly to realize our dream finally taking the desired shape. Our thrust towards SMEs and youths of Qatar holds no boundaries.”

Saud Abdullah Al Attiyah, Director of Economic Policies and Research Department at the Min-istry of Commerce and Industry, said:“Adopting the same definition for SMEs in Qatar will lead to create a clear framework for SME sector development, which in turn

will support establishing evidence-based decisions.”

The Qatar National SME Def-inition ensures equal support for all SMEs from all stakeholders as it aims to improve the policies and efforts of the SME sector devel-opment based on a clear defi-nition. In addition, it helps develop licensed home-based businesses

that match the definition criteria.

The definition, which is part of the government’s continuous support to the SME sector, will enable all parties to work together and achieve success under unified criteria. It also aims at facilitating financing procedures by providing privileges for investment entities

that can finance SMEs.In regards to the second

announcement made, Qatar SportsTech Incubator will be a key supporter to grow the startup eco-system in Qatar by creating a hub with events and mentors that will definitely provide an unmatched future for startups in Qatar.

QDB has always been a

frontrunner in bringing the best local, regional and international expertise to help promote inno-vators and entrepreneurs’ skills and support their projects. Moreover, since the 2022FIFA World Cup is taking place in Qatar with forecasted investments of $5bn that represents a great opportunity for technology startups.

The accelerator is coming up in partnership with a set of prom-inent Government partners; Aspire Zone Foundation the global leading Dedicated Sports Icon who are hosting the Incubator/Accel-erator in their cozy premises located at Aspire side,the Ministry of Economy and Commerce (MEC), Qatar Financial Center (QFC).

A total of 40 startups will be selected and accelerated, and the best performing of them will be offered to Anchor to Qatar Sports Incubator, while running in par-allel several activities that com-pliment with the current hap-penings in the world of sports, eg., Angel Investment Boot Camps, Hackathons, International Accel-eration for selected Qatari startups, Mentorship programs and more.

Ibrahim Al Mannai (centre), Executive Director of Advisory and Incubation at QDB, addressing the media.

Foxtons closes six branches in challenging London marketREUTERS

LONDON: Foxtons said it had closed six of its branches as the London-focussed estate agent posted flat third-quarter revenue of £35.1m ($45.22m), reflecting a “challenging” property market in the capital.

The brand, known for its chain of coffee shop-style offices, has been hit by cooling demand for London real estate and competition from online competitors in recent years.

A slight increase in lettings revenue was counter-balanced by a small dip in earnings from sales and its mortgage broking business, as London property demand remains sluggish in many areas after increases in a stamp duty property tax.

Apple hit by ‘peak iPhone’ fears after suppliers cut outlook REUTERS

TAIPEI/SEOUL: Shares in Asian suppliers and assemblers for Apple Inc fell yesterday after several component makers warned of weaker than expected results, leading some market watchers to call the peak for iPhones in several key markets.

Following a poor forecast earlier this month, analysts and investors voiced concern over the state of Apple’s business, contributing to growing worries that iPhone sales were stagnating and could hurt suppliers.

Fresh warnings on Monday from screen maker Japan Display Inc , British chipmaker IQE Plc and Lumentum Holdings Inc, the main supplier of the Face ID technology in the latest generation of iPhones, hurt technology stocks in Asia.

Taiwan-based assembler Hon Hai Precision Industry Co Ltd (Foxconn) dropped more than 3 percent. Rival Pegatron Corp fell more than 5 percent but later recouped losses. Both companies count Apple as a major customer. The world’s largest contract chipmaker, Taiwan Semiconductor Man-ufacturing Co, fell 2.6 percent, while Flexium Interconnect Inc was down 1.5 percent.

Page 4: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

24 WEDNESDAY 14 NOVEMBER 2018BUSINESS

JPMorgan says don’t play the downturn, S&P will bounce backBLOOMBERG

TOKYO: While many investors are getting anxious about the lateness of the economic and market cycle, it’s not yet time to abandon US equities, according to JPMorgan Chase & Co.

“An increasing chunk of the investor base is of the view that one has to be already positioned for the next downturn,” strategists Mislav Matejka (pictured), Prabhav Bhadani and Nitya Saidanha wrote

in a note Monday. “We continue to believe that S&P 500 will recoup the October correction, similar to what it achieved post — the Feb-ruary one.”

A panoply of negatives has hit the US, and global, stocks since the start of October, starting with a rebound in benchmark Treasury yields, which has enhanced the appeal of risk-free investments. Worries over a peak in corporate earnings growth, a continuing escalation of trade tariffs, a

slowdown in China’s domestic demand and a cooling in the outlook for technology products —

the iPhone prime among them — have also dented sentiment.

Against that, there’s no sign that the economy is rolling over just yet. And the JPMorgan team cited a series of other reasons not to throw in the towel on American equities:

The US yield curve is still upward sloping, and the current spread between two-year and 10-year rates of about a quarter percentage point is historically “consistent” with S&P 500 Index gains of 10 percent or more in the

following 12 months.The S&P 500 has slid about 7

percent from its September peak.Premiums on high-yield cor-

porate bonds “always” jump mate-rially ahead of a downturn, yet US junk spreads are only about 40 basis points off the lows of the current cycle.

Inflation-adjusted interest rates are still low. While in the past six decades, a slowdown never occurred with real rates below 1.8 percent, today they aren’t far from

zero. The strategists also took heart from the recent surge in volatility, saying the VIX, or the Cboe Vola-tility Index, has reached levels where stocks typically did well in subsequent months.

Bottom line is the JPMorgan team calls for an “overweight” position in US equities, where “posi-tioning appears relatively light.” It has neutral positions on Europe, where politics remain challenging, and Japan, where a stronger yen could pose a headwind.

Pakistan govt to create separate tax policy divisionINTERNEWS

ISLAMABAD: The government of Pakistan has decided to create a separate tax policy division, constituting a new board, as part of the ongoing reforms in the Federal Board of Revenue (FBR), an official said yesterday.

In the last cabinet meeting led by Prime Minister Imran Khan it was decided to take away policy formation powers from the FBR. ‘We will submit a summary to the next cabinet meeting for the creation of new division and policy board,‘ the official said, adding after cabinet approval, the same will be

notified within next few days.The FBR will remain within

the ambit of existing Revenue Division with its role to be con-fined to tax administration and collection.

As per the proposed plan, the policy division will be stationed at FBR initially with the senior most tax officers posted here. The tax policy division will fall under the Finance Division.

‘We will introduce separate rules for posting, transfers, admin-istration and reporting line of all tax officers posted in tax policy,‘ the official said, adding that it will be totally independent and have no connection with the FBR.

S Africa court orders liquidation of graft-hit bankAFP

JOHANNESBURG: A South African high court yesterday ordered the liquidation of a bank that collapsed after being looted by politically well-connected individuals and businesses.

The collapse of VBS has been one of the most serious graft cases to rock South Africa since the departure earlier this year of scandal-tainted former pres-ident Jacob Zuma.

“VBS must be wound up on an urgent basis and a liquidator appointed so that the necessary civil and criminal proceedings can be pursued to hold those accountable for the demise of

VBS,” the court ruling read.An application by the South

African Reserve Bank was unop-posed at the high court in the capital, Pretoria.

The mutual bank, which opened in October 2000, was put under administration in March 2018 as it ran out on money.

A central bank report titled “The Great Bank Heist” into the failure of VBS detailed how $130m (¤112m) was stolen over three years by 53 individuals, including executives and politicians.

“It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or other, complicit,” the report said.

The bank’s failure has hit the poor and rural clients hardest,

with the government saying the missing money must to recovered to protect depositors.

Previously, local media reports had revealed executives bought luxury cars and char-tered helicopters with the bank’s money, and arranged huge illegal deals by Whatsapp messages.

Motau recommended criminal charges against those in charge at the bank, which had 23,000 retail depositors.

VBS Mutual gained notoriety in 2016 when it lent Zuma $540,000 to repay taxpayers for upgrades he made to his private home.

The bank’s failure

has hit the poor and

rural clients hardest,

with the government

saying the missing

money must to

recovered to protect

depositors.

QATAR STOCK EXCHANGE

QE Index 10,314.62 0.96 %

QE Total Return Index 18,173.21 0.96 %

QE Al Rayan Islamic

Index - Price 2,411.03 0.87 %

QE Al Rayan Islamic Index 3,911.94 0.87 %

QE All Share Index 3,044.04 0.77 %

QE All Share Banks &

Financial Services 3,763.09 0.97 %

QE All Share Industrials 3,312.44 1.14 %

QE All Share Transportation 2,095.88 0.16 %

QE All Share Real Estate 1,969.58 0.12 %

QE All Share Insurance 3,045.46 0.41 %

QE All Share Telecoms 952.68 1.83 %

QE All Share Consumer Goods & Services 7,416.30

0.00 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

13-11-2018Index 10,314.62 Change 100.38 % 0.96 YTD% 21.02 Volume 5,608,995 Value (QAR) 228,382,606.92 Trades 4,010 Up 15 | Down 25 | Unchanged 0312-11-2018Index 10,415.00Change 24.99% 0.24YTD% 22.19Volume 4,419,381Value (QAR) 217,219,121.45Trades 3,922

EXCHANGE RATE

GOLD QR140.7316 per grammeSILVER QR1.6464 per gramme

Index Day’s Close Pt Chg % Chg Year High Year Low

All Ordinaries 5922.6 -104.6 -1.74 6481.3 5721.6

Cac 40 Index/D 5079.84 20.75 0.41 5657.44 4896.8

Dj Indu Average 25387.18 -602.12 -2.32 26951.81 23242.75

Hang Seng Inde/D 25792.87 159.69 0.62 33484.08 24540.63

Iseq Overall/D 6152.43 25.81 0.42 7257.41 5857.39

Kse 100 Inx/D 41152.28 55.95 0.14 47144.12 36274.25

S&P 500 Index/D 2726.22 -54.79 -1.970148 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6792 QR 4.7442

Euro QR 4.0732 QR 4.1310

CA$ QR 2.7322 QR 2.7856

Swiss Fr QR 3.5834 QR 3.6344

Yen QR 0.03169 QR 0.0323

Aus$ QR 2.5992 QR 2.6500

Ind Re QR 0.0497 QR 0.0506

Pak Re QR 0.0267 QR 0.0278

Peso QR 0.0678 QR 0.0691

SL Re QR 0.0205 QR 0.021

Taka QR 0.0431 QR 0.0439

Nep Re QR 0.0310 QR 0.0316

SA Rand QR 0.2497 QR 0.2551

Page 5: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

25WEDNESDAY 14 NOVEMBER 2018 BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Sarkar (2D/Tamil) 2:00, 8:30 & 11:15pmThugs Of Hindostan (2D/Hindi) 2:00, 4:15, 8:00 & 11:00pmThugs Of Hindostan (2D/Tamil) 5:00pmThe Grinch (2D/Animation) 2:30 & 4:45pmTo Love Some Buddy (2D/Tagalog ) 6:30pmBohemian Rhapsody (2D/Drama) 7:15pmOverlord (2D/Action) 9:30pmAl Fundok (2D/Arabic) 11:30pm

Thugs Of Hindostan (2D/Hindi) 2:00, 5:00, 7:45 & 10:45pmThugs Of Hindostan (2D/Tamil) 4:15pm Sarkar (2D/Tamil) 5:00, 8:00 & 10:45pmThe Grinch (2D/Animation) 2:30pmAl Fundok (2D/Arabic) 7:15pmTo Love Some Buddy (2D/Tagalog ) 9:15pmOverlord (2D/Action) 11:15pm

Sarkar (2D/Tamil) 2:30 & 5:15pmThe Grinch (2D/Animation) 2:30pmThugs Of Hindostan (2D/Hindi) 4:15 & 8:00pmA Private War (2D/Drama) 7:15pmBohemian Rhapsody (2D/Drama) 9:15pmOverlord (2D/Action) 11:30pm

Sarkar (2D/Tamil) 5:00, 7:00, 8:00, 10:00, 11:00pmThugs Of Hindostan (2D/Tamil) 6:00pm Thugs Of Hindostan (2D/Hindi) 6:00, 9:00pm

Thugs Of Hindostan (2D/Hindi) 12:45, 4:00, 7:15 & 10:30pmSarkar (2D/Tamil) 11:15am, 2:15, 5:15, 8:15 & 11:15pmThe Grinch (2D/Animation) 10:45am, 12:45, 2:45 & 4:45pm Overlord (2D/Action) 6:45, 9:15 & 11:45pm

Sarkar (2D/Tamil) 10:20am, 1:30, 4:50, 8:10, 11:30, 6:30, 10:00pm & 1:00amThe Grinch (2D/Animation) 10:30am, 12:30, 2:30 & 4:30pmThe Nutcracker and The Four Realms (2D/Adventure) 11:00 & 1:00pmThugs Of Hindostan (2D/Tamil) 10:30am, 1:00, 2:00, 3:00, 5:30,7:30, 11:30, 6:20, 9:00, 9:40pm & 0:30am

A thug sent by Lord Clive to spy an Indian Revolutionary pirate gang unexpectedly joins them which leads to an epic saga of revolt and war for freedom between 1790 and 1805.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

A Private War (2D/Drama) 5:45 & 10:40pmAl Fundok - (2D/Arabic) 7:10pmBohemian Rhapsody (2D/Drama) 10;50am, 12:35, 1:25, 3:10, 4:00, 8:20 & 10: 55pmEl Kowayseen (2D/Arabic) 8:10pmOverlord (2D/Action) 9:55, 11:30pm & 0:10amSarkar (2D/Tamil) 2:00, 4:30, 6:35, 8:00 & 11:25pmThe Grinch (2D/Animation) 10:35, 11:30, 12:30, 1:25, 2:25, 3:20, 4:20, 5;15 & 6:15pmThe Nutcracker and The Four Realms (2D/Adventure)

11:45, 12:10 & 2:20pmThugs Of Hindostan (2D/Hindi) 12:00, 3;30, 5:00, 7:00, 9:00, 10:30pm & 0:25am

THUGS OF HINDOSTAN

Canada eyes new ways to move stranded crudeREUTERS

C A L G A R Y , A L B E R T A : Canada’s biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.

Congested pipelines have stranded much of Canada’s crude in Alberta, driving dis-counts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the US benchmark light oil price.

The latest blow to the sector landed on Thursday, when a US court ruled con-struction must stop on Trans-Canada Corp’s Keystone XL pipeline.

Pipeline pressure has pushed more crude onto trains owned by Canadian National Railway Co and smaller rival Canadian Pacific Railway Limited. But crude movement by rail is costly and prone to spills and sometimes disas-trous accidents, such as the 2013 derailment at Lac Megantic, Quebec that killed dozens of people.

Enter CN’s patented Canapux product, which is solidified crude encased in plastic, named to evoke the country’s most popular sport, hockey.

The railroad argues that solid crude, never before commercially shipped in the world,

can be transported more cheaply, efficiently and with less environmental risk than liquid crude in tank cars. Since it floats, Canapux is easier to recover from a spill into a water body.

Interest from crude pro-ducers, buyers and transport companies picked up after a Canadian court in August over-turned Ottawa’s approval for the Trans Mountain oil pipeline expansion, said James Cairns, CN’s vice-president of petroleum and chemicals. “There have been a lot more discussions about, ‘How do we get this done?’” Cairns said. “Conversations are much more advanced than they were.” CN is seeking commercial partners to build a pilot plant that will process 10,000 barrels per day of undiluted heavy crude into Canapux.

The plant, to be built either at the Alberta crude storage hub around Edmonton or on an oil producer’s site, is esti-mated to cost less than C$50m ($37.8m). It could be running as soon as 2020, Cairns said.

Hedge funds resume attack on sterlingREUTERS

LONDON: The likelihood of a hard Brexit, where the UK economy crashes out of the European Union without securing a trade deal, is rising once again. And hedge funds smell blood again.

Funds and speculators trading US futures markets are once again turning their guns on sterling, extending their net short position for the second week in a row, something they haven’t done for over two months.

The latest Commodity Futures Trading Commission figures for the week ending Nov. 6 show funds increased their net short sterling position by 4,317 contracts to 56,799 contracts. That’s a $4.6bn bet that the pound will fall.

The bearish turn comes against a renewed wave of neg-ative domestic Brexit headlines for the pound: more government resignations, a cabinet divided

more than ever, and growing signs parliament won’t back Theresa May’s proposed compromise with the EU.

Funds and speculators had gradually scaled back their net short CFTC sterling position for most of last month to $3.8bn from $6.5bn in mid-September, which was the largest bet against the pound since May last year. But that came to an abrupt halt in the last two weeks. And if the UK political backdrop deteriorates further,

don’t be surprised if sterling tests and then breaks below the $1.2650 low that has been in place since April last year.

There’s certainly room for specs to expand their net short position. As recently as late Sep-tember it was nudging 80,000 contracts, while in March last year it reached a record 107,844 con-tracts worth $8.4bn.

In September, the pound was as high as $1.33; in March last year it was as low as $1.22. It’s currently hovering just above $1.28, so if funds intensify their attack on the pound, that $1.22 low could soon come back into view.

Currency traders may already be bracing for that lurch lower. Implied one-month sterling/dollar volatility rose above 11 percent on Monday for the first time in nearly two years, and euro/sterling one-month implied vol hit its highest in a year at 8.7 pct.

The difference between sterling/dollar vol and euro/dollar

vol is now its widest in over two years. Sterling is not alone in its struggle against the dollar, which is on the march against all major currencies. But it has the added drag of Brexit, which is infecting the domestic UK growth outlook.

The European Commission last week released its latest 2019 growth projections. Britain was bottom of the 28-strong list of EU nations, alongside Italy, with growth next year forecast to be just 1.2 pct.

Bank of England Deputy Gov-ernor Ben Broadbent (pictured) said that the effect of Brexit uncer-tainty on business investment had intensified this year, and that growth in the fourth quarter looks likely to slow.

With less than five months left before Britain and the EU officially part ways, a one-in-four chance remains the sides will fail to reach a deal on the terms of departure, according to economists polled by Reuters last week.

CanaPux crude oil solid pellet is shown in this Canadian National Railway Company (CN) image released from Montreal.

Greece said to weigh freeing banks from $47bn of bad debtBLOOMBERG

ATHENS: Greece’s central bank is working on a plan to help banks cut their bad debts in half, the latest effort to restore trust in the country’s financial system, two people familiar with the matter said.

Under the proposal, Greek lenders would transfer about half of their deferred tax claims to a special purpose vehicle, which will then sell bonds and use the proceeds to buy some ¤42bn ($47bn) of bad loans from the lenders, according to the people, who asked not to be named as the plan hasn’t been finalised yet. The

Greek lenders’ tax claims cur-rently account for most of their capital. As claims against the state, they were granted to offset losses suffered during the country’s debt restructuring. It’s unclear whether investors would have an appetite for the bonds backed by these claims.

The Bank of Greece’s plan differs from a proposal floated by the Hellenic Financial Stability Fund earlier this year, which envisaged creating a vehicle partly funded by hard cash chipped in by the sovereign. The central bank has concerns that the HFSF’s pro-posal may have some drawbacks, while the money available would

only suffice to unload some 15 billion euros of bad debt, much less than required.

Greek bank stocks have dropped by more than 40 percent this year amid lingering doubts that they can deal with a mountain of bad debt lingering from the steepest recession in living memory. Adding to their woes, European supervisors have asked them to reduce their non-per-forming exposures by about 60 percent by the end of 2021, a target that may not be achieved without burning more capital than they currently hold.

The Bank of Greece’s plan has been submitted to the European

Central Bank’s Single Supervisory Mechanism and the Greek finance ministry, while any use of public guarantees is subject to approval by European Commission com-petition authorities. One of the people said that European regu-lators could approve both the Bank of Greece’s plan and that from the HFSF, giving lenders more tools to clean up their balance sheets.

While the transfer of the tax credits to the SPV will deplete banks of some of their capital for a short period, their ratios will bounce back once the sale of the bad loans is completed, one of the officials said.

Page 6: BUSINESS - The Peninsula · 2018. 11. 14. · spotlight of global companies and investors. ... of over 400 million generating ... of mining and quarrying shrank by 1.1 percent y-o-y

26 WEDNESDAY 14 NOVEMBER 2018CLASSIFIEDS

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REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .��������� =� �������� �)� %����-�� �������� ����� ���������������� ������ �������� ������� �� ������� ��� �� �������� � ������������� �����!�"�#$��%"&'#'"()�(��������������I+���(��� ������ J��������(���� ��������!�"�#$�("�/'�"()�02������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� � � ??;;� =>07� � >>77� 20??� �??;;2?>?����"%�'4)������������@������������������REGENCY RESIDENCE AL SADD 3 (AL SADD): 3���+�.���������>K���������)�%����-��������������������������� �������� ������� �� ������� ��� �� �������� � � ������������ ��� ��!�"�#$� �%"&'#'"()� 3���+� "G��**��� I+���� ��!�"�#$�("�/'�"()� 02� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� �::<:�;2=>� �:::2�=?;<� �??;;�0>72� �??;;2?>?����"%�'4)������������@������������������REGENCY RESIDENCE ALSADD 3 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ��������������������������������������������� ��������������������� �������� � � ������������ ��� ��!�"�#$�("�/'�"()� 02�D������������+��������������������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� ??;;�0>:?� �:::0�?=2;� �::<7�:7:?� �??;;2?>?����"%�'4)������������@�����������������REGENCY RESIDENCE AL SADD 10 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ���������������� ������ ��������� ������ �������� ������� ��� ���������� �������� ����� ������������ ��� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� ??;;� 0>:?� � :::0� ?=2;� �::<7� :7:?� ��� "%�'4)� �����������@������������������������������@������������������REGENCY RESIDENCE AL SADD 12 (AL SADD): Fully .��������� =� �������� �)�� ��������� ������� �� ������� ��� ���������� � � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �G��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?�� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 12 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �G��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@������������������REGENCY RESIDENCE AL SADD 13 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � � ����������� � ��� ��!�"�#$� ("�/'�"()� 02� �������������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2; �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3���+�.���������=������������������������������������������ �������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� '������(��������������I+���(�����������������J�������B����������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?����"%�'4)�����������������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): 3���+�.���������=������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (����.���������0������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 2 (DOHA AREA): (���� .��������� 0� �������� ��� ��������� ������� �� ��������������������� ��*����� �����!�"�#$��%"&'#'"()�(��������*����� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������

3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<:�;2=>� �>>2>�>=?<����"%�'4)�����������@����������������� 63 OLD SALATA (OLD SALATA):�3���+�.�����������������+*�� ��� �������� �� �������� � � ����������� � ��� ��!�"�#$��%"&'#'"()� I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� ��������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::0�?=2;� �>>2>�>=?<����"%�'4)�����������@����������������� GULF RESIDENCE 13 (MUNTAZAH): Fully furnished >� �������� �)� %����-�� �������� ����� ������� ����������������������������������������������������� ������������� ��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>>2>�>=?<� �::<7�;2?0� �??;;�2?>?����"%�'4)�����������@����������������� GULF RESIDENCE 14 (MUNTAZAH):�3���+�.���������>����������)�%����-�����������������������������������������������������������������������������!�"�#$�("�/'�"()�02� ������ �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::=�08>2� �::<7�<070����"%�'4)������������@����������������� GULF RESIDENCE 14 (AL NASSER):� 3���+� .���������0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>>=;�0?2?� �??;;�=>07� � ::<:� ;2=>� � :::2� =?;<� ��� "%�'4)� �����������@������������������

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REGENCY BUSINESS CENTER 3 (GRAND HAMAD STREET):� ���������� !.E��� (*��� � � ����������� � ������������*���+�� ������������������� �������+��������#/���(*��������E����.��+��+������3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� ��� "%�'4)�����������@����������������� REGENCY BUSINESS CENTER 2 (CORNICHE): ���������� !.E��� (*��� � � ����������� � ��� ������� �� *���+��������� ��� ��������� �� (*�������� E��� �.��+� �+������ 3!��%!�"� '&3!�%�#'!&���44)� 567829�>;>7�:0<8� �>>:?�8=:?� �??;;�0>72����"%�'4)�����������@����������������� SALWA ROAD OFFICES:� %�������� 6� =��� 3����)� =0�!.E����� 4������ ���� =?2� ��� =72� �G�� �� 0� ������� (����� ����!.E���� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� ::<7�;0;8�����"%�'4)���������@�������������������REGENCY BUSINESS CENTER 2 (CORNICHE STREET): ���������� !.E��� (*��� � � ����������� � ������������*���+�� ������������������� �������+��������#/���(*��������E����.��+��+������3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� ��� "%�'4)�����������@����������������� OFFICE COMMERCIAL BUILDING:� ���������� !.E���(*���� �B��������I������6�0�3�������==2��������(������3!��%!�"� '&3!�%�#'!&���44)� 567829�::<7�;0;8� �222<�:===� �2;2=�;80:����"%�'4)���������@������������������

J-COMPLEX: Brand New Commercial Building (Umm Salal Mohammed).� ��!�"�#$� M"#�'4()� "������*���� ���������*���+��� 3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� :::=08>2� � :::0?=2;� ��� "%�'4)� ���������@������������������

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