business - the peninsula...2018/11/07  · today. qse total return index decreased 0.78 percent to...

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QCB Governor attends meeting in Istanbul The State of Qatar participated in the 14th Financial Stability Council’s Regional Advisory Working Group for the Middle East and North Africa meeting. The two-day meeting, held in Istanbul, Turkey, was aended by Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani (fourth right, front row), and the Governor of the Central Bank of the Republic of Turkey, Murat Cetinkaya. The meeting discussed global and regional financial developments and actions by central banks in this regard. BUSINESS Wednesday 7 November 2018 PAGE | 24 PAGE | 22 Qatargas’ JBOG Recovery Facility wins Sustainability Award Macron refuses to back down on French fuel tax QSE lays emphasis on quality corporate disclosures THE PENINSULA DOHA: Qatar Stock Exchange (QSE) is in the process of intro- ducing a new electronic system to assist listed companies in producing unified disclosure format, Rashid bin Ali Al Mansoori, CEO of QSE, announced yesterday. Addressing a meeting of rep- resentatives from the Qatar Financial Markets Authority (QFMA), Qatar Central Securities Depository (QCSD), and the rep- resentatives from listed com- panies, the QSE CEO stressed the importance of disclosures and transparency in the financial market. He said transparency and effective corporate disclosures are vital for any market to help investors build their investment decisions. Transparency and ade- quate disclosures are key ele- ments in the success of any financial market to gain the con- fidence of both individuals and institutional investors. The companies on QSE have made great strides in the imple- mentation of international standards in terms of disclosure and transparency and the devel- opment of dedicated Investor Relations (IR) departments. Such measures have great impact on the companies’ success in gaining investors’ confidence and ensure healthy, transparent and fair trading environment, he said. “What matters to investors primarily are transparency, effi- cient disclosure process and access to information. Our con- sultative meetings with local and international brokers, funds and investment firms have assured the significance of access to exec- utive management and the avail- ability of information on the com- pany’s plans, liquidity and divi- dends, are important factors on which investment decisions are based,” Al Mansoori stated. Nasser Al Abdulghani, QSE’s Operations Director, also briefed the participants on the best dis- closure practices and stated that the aim of the meeting is to promote cooperation and coor- dination between communication officers of the listed companies and the representatives of QFMA, QCSD, and QSE for the best interest of investors. The best way to reach this objective is through exchanging views and listening to suggestions from the partici- pants in order to overcome the difficulties encountered in the application of the best disclosure practices in the market, he said. The QFMA and QCSD repre- sentatives responded to some queries from the communication officers representing the partici- pating listed companies and lis- tened to their recommendations and suggestions to promote the disclosure practices and strengthen cooperation among listed companies, the QFMA, the QCSD, and the QSE for the best interest of investors. The meeting was concluded with some recom- mendations that are in the interest of investors, the financial market and the national economy. Rashid bin Ali Al Mansoori (second right), CEO of QSE, and other dignitaries during the event, yesterday. Qatar, new GFF investors pledge $1bn to transform global health THE PENINSULA DOHA: Qatar is one of 10 new investors in the Global Financing Facility (GFF) which announced yesterday — with total pledges amounting to $1.005bn to transform the global health. The GFF, in Support of ‘Every Woman Every Child’ announced the contributions from the Bill & Melinda Gates Foundation, Burkina Faso, Canada, Côte d’Ivoire the European Commission, Denmark, Germany, Japan, Laerdal Global Health, the Netherlands, Norway, and the UK, in addition to Qatar. These funds will help the GFF partnership on the pathway toward expanding to as many as 50 countries with the greatest health and nutrition needs, and contribute to saving and improving millions of lives by 2030. The GFF is a catalyst for health financing that is helping countries to transform how they invest in women, children and adolescents because for too long, their health and nutrition has been chronically and persistently de-prioritised and under- funded—resulting in the pre- ventable deaths of 5 million women and children every year. The GFF helps countries in three specific ways like devel- oping an investment case and implementation plan prioritizing reproductive, maternal, newborn, child and adolescent health and nutrition and a strong primary health care system; strengthening a country-led platform that aligns all key stake- holders around a prioritized health and nutrition plan; and working with countries to mobilize and coordinate the financial resources needed to accelerate progress for the most vulnerable populations in the hardest-to-reach regions. Yesterday, World Bank, which hosts the GFF, announced that in just the last three years, $482m in funding from the GFF Trust Fund had been linked to $3.4bn in funding from the World Bank’s International Devel- opment Association (IDA) and International Bank for Recon- struction and Development (IBRD). The $1.005bn pledged to the GFF Trust Fund in Oslo today is expected to link to an addi- tional $7.5bn in IDA/IBRD resources for women, children and adolescents’ health and nutrition. Additionally, in partnership with the GFF, the World Bank announced that the World Bank Treasury had launched a series of Sustainable Development Bonds to raise awareness among investors of the significant and long-lasting benefits of investing in the health and nutrition of women, children and adoles- cents, and that these have raised $935m since June 2018. These bonds bring private capital into the IBRD financing pool and serve as an entry point for investors to become aware of the growing opportunities in sus- tainable investments. To reduce barriers for coun- tries to access these funds, the GFF provides co-financing and loan buy-down grants that enable governments to catalyze public and private funds for investing in the health and nutrition of women, children and adolescents. “Today there is great hope that the world’s poorest countries can build healthy, vibrant futures where no woman, child or youth is left behind. The GFF partnership is effective and efficient—working with countries to develop the capacity to build and sustain the health systems their women and children need to survive and thrive,” said Erna Solberg, Prime Minister of Norway and Co-Chair of the Sustainable Development Goals Advocates. “In 2018, all mothers should be able to protect their own health, and the health of their babies and children. But each day, 830 women die from com- plications related to pregnancy or childbirth and 450,000 children under five die need- lessly every month,” said Kris- talina Georgieva, CEO of the World Bank. Qatar bourse ends trading at 10,376.94 points QNA DOHA: Qatar Stock Exchange (QSE) index dropped 81.34 points (-0.78 percent) when the bourse closed trading at 10,376.94 points yesterday. The volume of shares traded decreased to 6,416,764 from 8,386,596 on Monday and the value of shares also decreased to QR204,952,826.77 from QR330,287,016.80 on Monday. From the 47 companies listed on QSE, shares of 44 saw trading today. From these, 23 companies gained, 15 closed lower and remained six unchanged. Indices of three sector ended in green zone and four sectors ended in red zone today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53 points. QSE All Share Index lost 0.83 percent to 3,061.14 points.

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Page 1: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

QCB Governor attends meeting in Istanbul

The State of Qatar participated in the 14th Financial Stability Council’s Regional Advisory Working Group for the Middle East and North Africa meeting. The two-day meeting, held in Istanbul, Turkey, was attended by Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani (fourth right, front row), and the Governor of the Central Bank of the Republic of Turkey, Murat Cetinkaya. The meeting discussed global and regional financial developments and actions by central banks in this regard.

BUSINESSWednesday 7 November 2018

PAGE | 24PAGE | 22Qatargas’ JBOG

Recovery Facility wins Sustainability Award

Macron refuses to back down on French fuel tax

QSE lays emphasis on quality corporate disclosuresTHE PENINSULA

DOHA: Qatar Stock Exchange (QSE) is in the process of intro-ducing a new electronic system to assist listed companies in producing unified disclosure format, Rashid bin Ali Al Mansoori, CEO of QSE, announced yesterday.

Addressing a meeting of rep-resentatives from the Qatar Financial Markets Authority (QFMA), Qatar Central Securities Depository (QCSD), and the rep-resentatives from listed com-panies, the QSE CEO stressed the importance of disclosures and transparency in the financial market. He said transparency and effective corporate disclosures are vital for any market to help investors build their investment decisions. Transparency and ade-quate disclosures are key ele-ments in the success of any financial market to gain the con-fidence of both individuals and institutional investors.

The companies on QSE have made great strides in the imple-mentation of international standards in terms of disclosure and transparency and the devel-opment of dedicated Investor Relations (IR) departments. Such measures have great impact on the companies’ success in gaining investors’ confidence and ensure healthy, transparent and fair trading environment, he said.

“What matters to investors primarily are transparency, effi-cient disclosure process and access to information. Our con-sultative meetings with local and international brokers, funds and investment firms have assured the significance of access to exec-utive management and the avail-ability of information on the com-pany’s plans, liquidity and divi-dends, are important factors on which investment decisions are based,” Al Mansoori stated.

Nasser Al Abdulghani, QSE’s Operations Director, also briefed the participants on the best dis-closure practices and stated that the aim of the meeting is to promote cooperation and coor-dination between communication officers of the listed companies and the representatives of QFMA, QCSD, and QSE for the best

interest of investors. The best way to reach this objective is through exchanging views and listening to suggestions from the partici-pants in order to overcome the difficulties encountered in the application of the best disclosure practices in the market, he said.

The QFMA and QCSD repre-sentatives responded to some queries from the communication officers representing the partici-pating listed companies and lis-tened to their recommendations and suggestions to promote the disclosure practices and strengthen cooperation among listed companies, the QFMA, the QCSD, and the QSE for the best interest of investors. The meeting was concluded with some recom-mendations that are in the interest of investors, the financial market and the national economy.

Rashid bin Ali Al Mansoori (second right), CEO of QSE, and other dignitaries during the event, yesterday.

Qatar, new GFF investors pledge $1bn to transform global healthTHE PENINSULA

DOHA: Qatar is one of 10 new investors in the Global Financing Facility (GFF) which announced yesterday — with total pledges amounting to $1.005bn to transform the global health. The GFF, in Support of ‘Every Woman Every Child’ announced the contributions from the Bill & Melinda Gates Foundation, Burkina Faso, Canada, Côte d’Ivoire the European Commission, Denmark, Germany, Japan, Laerdal Global Health, the Netherlands, Norway, and the UK, in addition to Qatar.

These funds will help the GFF partnership on the pathway toward expanding to as many as 50 countries with the greatest health and nutrition needs, and contribute to saving and improving millions of lives by 2030. The GFF is a catalyst for health financing that is helping countries to transform how they invest in women, children and adolescents because for too long, their health and nutrition has been chronically and persistently de-prioritised and under-funded—resulting in the pre-ventable deaths of 5 million women and children every year.

The GFF helps countries in three specific ways like devel-oping an investment case and implementation plan prioritizing reproductive, maternal,

newborn, child and adolescent health and nutrition and a strong primary health care system; strengthening a country-led platform that aligns all key stake-holders around a prioritized health and nutrition plan; and working with countries to mobilize and coordinate the financial resources needed to accelerate progress for the most vulnerable populations in the hardest-to-reach regions.

Yesterday, World Bank, which hosts the GFF, announced that in just the last three years, $482m in funding from the GFF Trust Fund had been linked to $3.4bn in funding from the World Bank’s International Devel-opment Association (IDA) and International Bank for Recon-struction and Development (IBRD). The $1.005bn pledged to the GFF Trust Fund in Oslo today is expected to link to an addi-tional $7.5bn in IDA/IBRD resources for women, children and adolescents’ health and nutrition.

Additionally, in partnership with the GFF, the World Bank announced that the World Bank Treasury had launched a series of Sustainable Development Bonds to raise awareness among investors of the significant and long-lasting benefits of investing in the health and nutrition of women, children and adoles-cents, and that these have raised

$935m since June 2018. These bonds bring private capital into the IBRD financing pool and serve as an entry point for investors to become aware of the growing opportunities in sus-tainable investments.

To reduce barriers for coun-tries to access these funds, the GFF provides co-financing and loan buy-down grants that enable governments to catalyze public and private funds for investing in the health and nutrition of women, children and adolescents. “Today there is great hope that the world’s poorest countries can build healthy, vibrant futures where no woman, child or youth is left behind.

The GFF partnership is effective and efficient—working with countries to develop the capacity to build and sustain the health systems their women and children need to survive and thrive,” said Erna Solberg, Prime Minister of Norway and Co-Chair of the Sustainable Development Goals Advocates.

“In 2018, all mothers should be able to protect their own health, and the health of their babies and children. But each day, 830 women die from com-plications related to pregnancy or childbirth and 450,000 children under five die need-lessly every month,” said Kris-talina Georgieva, CEO of the World Bank.

Qatar bourse ends trading at 10,376.94 pointsQNA

DOHA: Qatar Stock Exchange (QSE) index dropped 81.34 points (-0.78 percent) when the bourse closed trading at 10,376.94 points yesterday. The volume of shares traded decreased to 6,416,764 from 8,386,596 on Monday and the value of shares also decreased to QR204,952,826.77 from QR330,287,016.80 on Monday.

From the 47 companies listed on QSE, shares of 44 saw trading today. From these, 23 companies gained, 15 closed lower and remained six unchanged.

Indices of three sector ended in green zone and four sectors ended in red zone today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53 points. QSE All Share Index lost 0.83 percent to 3,061.14 points.

Page 2: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

22 WEDNESDAY 7 NOVEMBER 2018BUSINESS

Qatargas’ JBOG Recovery Facility wins Sustainability Award

THE PENINSULA

DOHA: Qatargas’ Jetty Boil-Off Gas (JBOG) Recovery Facility has been awarded a Qatar Sustain-ability Award during the Qatar Sustainability Week 2018. The prestigious accolade was awarded to Qatargas by the Qatar Green Building Council, a member of Qatar Foundation at a gala dinner held in honour of individuals, institutions and organisations who have posi-tively impacted society with world-class sustainable initia-tives.

The Qatar Sustainability Awards recognise the efforts, commitment and contributions of individuals, institutions and organisations in furthering sus-tainable development and envi-ronmental protection in Qatar and beyond. The awards are sup-ported by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sus-tainable Development.

Built and operated by

Qatargas, the JBOG Recovery facility minimises flaring at the Liquefied Natural Gas (LNG) loading berths in Ras Laffan City. This facility commenced opera-tions in October 2014 and recovers more than 90 percent of the boil-off gas that was pre-viously flared near the jetties. The JBOG collects the boil-off gas and transports it to a central com-pressor prior to returning it to the LNG plants where it is used as fuel gas, or converted back into LNG.

The facility reduces jetty flaring by approximately 90 percent and CO2 emissions by approximately 1.6 million tonnes per annum. The reduction in CO2 emissions is equivalent to the emissions of 175,000 cars. As a result, the JBOG facility supports the environmental protection and sustainability targets of the Qatar National Vision (QNV) 2030, and supports the State of Qatar’s commitment to reduce climate changing carbon emissions.

Hilal Saad Al Mohannadi (right), Head of Environment Regulatory and Compliance at Qatargas, receiving the award from Meshal Al Shamari, Director of Qatar Green Building Council.

Msheireb Properties to take part inBarcelona’s Smart City Expo 2018THE PENINSULA

DOHA: Msheireb Properties, a leading sustainable property development company and a subsidiary of Qatar Foundation for Education, Sciences and Society Development, is taking part in the 2018 Smart City Expo World Congress to be held in Barcelona from November 13 to 15.

Through their participation, Msheireb Properties aims to increase its global exposure and promote its flagship project Msheireb Downtown Doha (MDD), as the second smartest smart city district in the world. As the official global sponsor of the event, Msheireb Properties is also seeking to enhance its inter-national presence, highlighting its commitment to developing smart, sustainable cities of the future.

At the Expo, Msheireb Properties will introduce its flagship project to the world, uti-lising this prominent platform to present Qatar as a leading nation of sustainable, smart city development, with a view to attracting new multinational companies and potential investors to the renovated downtown and

business hub in the heart of Doha.Ali Al Kuwari, Acting CEO of Msheireb

Properties said: “Msheireb Properties’ partic-ipation in Barcelona’s Smart City Expo World Congress is a major benchmark in showcasing Msheireb Downtown Doha to the world and occupying a leading position on the interna-tional map as one of the smartest city districts in the world. As we move closer to the eventual completion of the project and start activating large blocks of the city, we are promoting MDD as one of the first Smart and Sustainable city districts built in the world, meaning that resi-dents, tenants and visitors have the oppor-tunity to experience urban living through a consistent deployment of network infra-structure, connected urban systems, integrated city operations and digital services.” “We also view our presence in Barcelona as helping to raise the profile of Qatar globally, as we reit-erate the capabilities of our national companies to execute such huge projects. MDD is a clear indication of Qatar’s abilities and talents; a nation that can deliver sophisticated projects and exceed expectations with the world’s best”, Al Kuwari added.

Centrally located within Barcelona’s Smart City Expo, Msheireb Properties’ Booth includes three walls intended to highlight the different aspects of what makes MDD as smart city; smart home applications, MDD’s smart city portal, and the command and control centre which oversees the entire district.

Msheireb Downtown Doha is the first downtown regeneration project embedding smart city technology and connectivity from design inception to development. From designs and planning, to delivery of infrastructure and transportation, through to the delivery of an overall lifestyle, the city is smart to its core. MDD offers residents and companies many impressive benefits, including a transportation system with the largest metro station in Doha, which connects all four service lines, as well as car parks with a smart system for access.

An additional benefit is the installation of telecom providers services throughout; High Speed Network (Voice, Video, & Data), iSolu-tions applications (Smart phone & internet application), Smart Homes, Free Wireless Con-nectivity across the site. In terms of safety, MDD has 10,000 CCTV cameras throughout the dis-trict to maximize security, and the facility and project management teams offer support services which are available 24/7/365 manned by more than 1,300 customer service, MEP and security staff. A concierge service is also available for extra ease and comfort.

Barcelona’s Smart City Expo World Con-gress is an international platform for com-panies and entities related to smart-city projects and development to display their latest projects, capabilities and technology solutions. The exhibition is accompanied by a conference at which a number of Msheireb Properties Management representatives will present MDD as a case study, along with their insights on smart cities. Barcelona Smart City Expo brings together multinational companies specialized in technology and real estates and is attended by top managers and executives.

A view of Msheireb project.

QFBA receives membership of CPD Certification ServiceTHE PENINSULA

DOHA: Qatar Finance and Business Academy (QFBA) has announced that it has recently received the most acclaimed membership of The CPD Certifi-cation Service. The accreditation is to acknowledge that QFBA courses comply with universally accepted principles of Continual Professional Development (CPD) and have been structured to meet the criteria of personal devel-opment plans.

The CPD certification means that the content and structure of the courses have been independ-ently assessed and approved for multi-disciplinary and industry-

wide continuing personal and pro-fessional development purposes.

Continuing Professional Development (CPD) is the holistic commitment of professionals towards the enhancement of per-sonal skills and proficiency throughout their careers. The foundation of CPD is based on the auspices of vocational and skills-based or ‘practical’ learning.

The CPD certified training is a testament that the learning activity has reached the required CPD standards and benchmarks, and

that the learning value has been scrutinized to ensure integrity and quality. Furthermore, the CPD Certification Service provide rec-ognized independent CPD assessment compatible with global CPD standards.

Providing CPD enables organ-izations to become a knowledge bank to key stakeholders of your organization. CPD accredited training courses, workshops and events allow professionals to use the learning time towards indi-vidual CPD requirements. Such

strong membership is slated to enhance the scope of QFBA in its future endeavors and will ulti-mately benefit students who are a part of QFBA.

Dr. Khalid Al Horr, Chief Exec-utive Officer, QFBA, said: “We are delighted to be recognized as an accredited provider with the CPD Standards Office. As we are all aware, the world of financial edu-cation is constantly changing at a rapid pace, with increased com-petition. This credential will offer a tremendous boost to our

academy’s apprentices in their future endeavors and provide them a great platform to start their career on the right track. We, at QFBA, are taking immense efforts to support Qatar National Vision 2030 where education is recog-nized as one of the crucial pillars for the country’s holistic growth. By offering right platforms to our future generations, we believe we will be able to achieve our target in the most structured way and would be able to bring a change to the Qatari financial landscape.”

ICAI Doha Chapter organises 5th International ConferenceTHE PENINSULA

DOHA: The Doha Chapter of the Institute of Chartered Accountants of India (ICAI) conducted its 5th International Conference with the theme “Sustainability and Growth in the Digital Era” at Sheraton Grand Doha Resort and Convention Hotel. The conference was attended by the members of ICAI Doha Chapter, overseas delegates and finance professionals repre-senting various key organizations in Qatar, India & GCC countries.

Inaugurating the conference Chief Guest Ashraf Abu Issa (pictured), Chairman Abu Issa Holding, spoke on how

retailers should bring customer expe-rience to their stores. Ashraf in his address covered the disruption caused by tech-nology and how his Group is coping up with challenges in this digital era.

C A Sripriya Kumar, Guest of Honor, Central Council Member, ICAI & Chair-person CPE Committee, enlightened the delegates on the role a chartered accountant could play in the digital era. Mohammed Asim Mirza, Guest of Honor Director Client Affairs, Qatar Financial Center, said the conference will contribute towards the facilitation of meaningful dis-cussions that address the effect of digital technologies on economic activities, while

offering new ways to meet the challenges and opportunities of the fast-paced digital era

Chapter chairperson C A Rupalakshmi Setty emphasised that sustainability and growth in digital era has brought in both challenges and opportunities in business, organizations and professionals. We need to be able to embrace and leverage tech-nological advances to our advantage to be able to continue to deliver enhanced value to our organizations and clients.

As part of inauguration, the Doha Chapter launched the souvenir for the conference. The “CA Dilip Thakkar Pro-fessional Achiever Award” aimed at

inspiring chartered accountants to achieve all round excellence under the framework of contribution to profession, organization and society was awarded to CA Hatim Hussain, Past Chairman , Doha Chapter of ICAI & Group CFO & Board member of Abu Issa Holding for his significant con-tribution to the Chartered Accountant fra-ternity and in taking the flag of CA pro-fession to new heights in Qatar.

Addressign the event, Sheikha Athba Al Thani, CEO of ACC, explained on how Digitization is going to make Qatar Sus-tainable. Addressing the valedictory session, Dr R Seetharaman, CEO Doha Bank mentioned that this conference

provides an ideal platform for discussions on emerging trends in digital technologies and the evolving roles of Chartered Accountants in the Digital Era.

10,376.94

-81.34 PTS

0.78%

QSE FTSE100 DOW BRENT7,040.68

−63.16 PTS

0.89%

25,555.11

+93.41 PTS

0.37% Dow & Brent before going to press

$61.60

-1.50

MarketWatch

Page 3: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

Third Roundtable Dialogue in BeijingWorld Bank President Jim Yong Kim (left), Chinese Premier Li Keqiang (centre) and International Monetary Fund (IMF) Managing Director Christine Lagarde attend a news briefing after the Third Roundtable Dialogue in Beijing yesterday.

23WEDNESDAY 7 NOVEMBER 2018 BUSINESS

Corporate heads cautiously optimistic despite rollercoaster yearTHE PENINSULA

DUBAI: Executives interviewed for the 2018 edition of the ‘Business Barometer: Gulf CEO Survey’ carried out by Oxford Business Group (OBG) were largely upbeat in their outlook for the coming 12 months, buoyed by higher and more stable oil prices, although regional political vola-tility remained a cause of concern for many.

As part of its survey on the economy, the global research and consultancy firm asked almost 900 C-suite executives from across the Gulf’s industries a wide-ranging series of questions on a face-to-face basis aimed at gauging business sentiment.

According to OBG’s findings, 70 percent of executives said their expectations for local business

conditions in the approaching year were either positive or very pos-itive, with only 16% describing them as negative or very negative.

Responding to a separate question, a similar proportion (69 percent) of interviewees told OBG they thought it likely or very likely that their company would make

a significant capital investment within the same timeframe, despite facing higher borrowing costs on the back of rising US Federal Reserve interest rates.

Business leaders were also positive about the tax environment of the market in which they operate, with 87% describing it as competitive or very competitive on a global scale. In addition, most of those interviewed (70 percent) felt that the level of transparency for conducting business in their market was high or very high, rel-ative to the region.

From those surveyed, the vast majority of respondents said that less than 40% of their business was driven by government spending, while just 15 percent told OBG that more than 80 percent of their work came from the public coffers, in a sign that reforms aimed at

boosting the role of the private sector were beginning to deliver results. Understandably, regional political volatility remained a key cause of concern for many business leaders, with over 70 percent citing it as the external event most likely to impact their market’s economy in the short to medium term beyond the move-ments in commodity prices, well ahead of China demand growth and multiple Fed rate hikes.

When business leaders were asked about the skills they felt to be in highest demand in the work-place, however, results were more varied. From those interviewed, 23 percent cited leadership as the skill they believed to be in greatest need, followed by engineering (18 percent), research and devel-opment (14 percnet), and com-puter tech (10 percent).

Commenting on the results in his blog, Oliver Cornock, OBG’s managing editor for the Middle East, said that higher and more stable oil prices had undoubtedly helped to lift the Gulf countries over the past year, while also pro-viding governments with some breathing space, several of whom had found themselves under pressure to implement difficult reforms with urgency on the back of falling hydrocarbon receipts.

“It is essential, though, that the often-painful reforms to policies such as subsidies are not reversed,” he added. “That is the fear of some analysts, not least because they impact the nationals who can least afford it almost by default. The introduction of a goods and services value-added tax (VAT) has been partially rolled out in the region, and by and large

passed off uneventfully. However, this is an ongoing process, and even the more diverse economies have much to do in terms of varying their revenue generation.” Cornock noted that the positive sentiment expressed by CEOs in the survey broadly mirrored the outlook of the IMF, which has forecast real GDP growth in 2019 for all but one of the markets in the region. “The key for govern-ments looking to increase the level of private sector engagement in their economies will be to con-tinue chipping away at the reform and diversification process without knocking this positive confidence,” he said.

This survey has been designed to assess business sentiment among business leaders (Chief Executives or equivalent) and their outlook for the next 12 months.

Executives interviewed

for the 2018 edition of

the ‘Business Barometer:

Gulf CEO Survey’ carried

out by Oxford Business

Group (OBG) were

largely upbeat in their

outlook for the coming

12 months, buoyed by

higher and more stable

oil prices.

Doha Bank offers online customers a chance to win iPhone XTHE PENINSULA

DOHA: As part of its continued efforts to promote digital banking, Doha Bank has announced an exciting promotion to reward online and mobile banking customers with three iPhone X smartphones.

During the three-month campaign, which started 1 October and ends on 31 December, 2018, the bank’s personal banking users can enter monthly draws with their digital bill payments and fund transfers.

Customers can increase their chances of winning iPhone X with more transac-tions through Doha Bank’s online or mobile

banking. A total of 3 winners will be awarded during the entire promotion period with one winner awarded each month.

With successful logins, Doha Bank cus-tomers will receive a chance to enter the draw, while every bill payment for Ooredoo, Vodafone, and Kahramaa will offer them two entries per month.

Meanwhile, with local funds transfer to any banks within Qatar, international money transfer to any destination and transfers through Western Union, customers will gain three chances in monthly draws.

Commenting on the launch of the cam-paign, Dr. R. Seetharaman, Group CEO, Doha Bank, said: “Increased internet,

mobile, and smartphone penetration and the proliferation of quick and secure digital payments technologies have enabled con-sumers across the world to access and share information, purchase, and avail banking services online and through their mobile devices. With this new online and mobile banking promotion, Doha Bank has come to represent the digital ambitions of the people of Qatar, which is home to a large tech-savvy population.

We remain committed to encouraging our customers to take advantage of the con-venience and benefits of digital banking, thereby accelerating the country’s journey towards a digital economy.”

Institutional investors embrace factor-based allocationTHE PENINSULA

DOHA: Institutional and wholesale investors are increas-ingly adopting factor-based allo-cations as part of their portfolios, according to the third annual Invesco Global Factor Investing Study. The trend is expected to continue with three fifths of investors overall (64percent of institutional and 56 percent of wholesale investors) planning on increasing factor allocations by 2021.

Over 300 wholesale and institutional investors with assets under management (AUM) totaling more than $19trillion were interviewed for this com-prehensive study.

The key driver for further increases in allocations by investors is, by some distance, better net performance, followed by cost-effectiveness and two dimensions of risk reduction.

While the sentiment of global investors is to increase their factor allocations over the coming three years, this is even more the case for Asia Pacific

factor investors. Over three quarters (77 percent) of respondents intend to increase factor allocations, in comparison to 57 percent in Europe and 54 percent in North America.

Georg Elsaesser, Senior Port-folio Manager, Quantitative Strat-egies at Invesco said: “Factor investing’s progress is forcing a structural change within the industry, creating a true third pillar in the investment world, distinct from traditional active and market cap weighted

passive. Investors – both wholesale and institutional - see factor investing as a distinct com-petency requiring specific rather than generalist expertise from elsewhere in the internal team.

“Our Study has found that ‘factor’ has become the preferred overarching term for the phi-losophy and practice of sys-tematic investing. Other terms in common usage such as ‘smart beta’ and ‘active quant’ are located lower in the hierarchy as product-related terms denoting

different types of factor strat-egies.” Zainab Kufaishi, Invesco’s head of institutional business for the Middle East and Africa said: “Fluctuating oil prices and head-winds in the global economy have led regional investors to seek a better understanding of the drivers of risk and return in their portfolios. We are wit-nessing a growing appetite for factor investing in the Gulf region as sovereign wealth funds embrace factor-based investing to monitor or build portfolios as they seek better risk adjusted returns.” Style factors continue to be the most widely used set of factors, and within this, value remains the most popular (78 percent of factor investors), fol-lowed by low volatility (62 percent) There are some signif-icant regional variations; in Europe, factor investors make less use of value than the global average and more use of high yield. Asia Pacific investors favour value and quality, while North American investors prefer value and size.

For the first time the study

looked at how investors prefer to implement their factor strat-egies. For smart beta strategies, exchange traded vehicles such as ETFs are clearly the preferred vehicle of factor investors (51 percent), followed at a distance by segregated mandates (23 percent) and other types of pooled vehicles (6 percent).

European smart beta investors are avid users of ETFs and similar products (55 percent), as are North American users of smart beta strategies (59 percent).

Asia Pacific investors on the other hand currently lean towards segregated mandates (63 percent) reflecting the larger sizes of their portfolios and factor allo-cations; and less local availability of exchange traded products.

The Study has found similar or better results when comparing the performance of active quant, a factor strategy with more precise risk and return potential. A third (33 percent) of institu-tional investors have found this form of factor investing has sur-passed expectations compared to traditional active.

Georg Elsaesser (left) Senior Portfolio Manager, Quantitative Strategies at Invesco; and Zainab Kufaishi, Invesco’s Head of Institutional Business for the Middle East and Africa.

Toyota first-half net profit up 16%, lifts full-year forecastAFP

TOKYO: Japanese car giant Toyota upgraded its full-year forecast yesterday, as the firm posted a 16-percent gain in net profit for the six months to September thanks to steady global sales and cost-cutting efforts.

The maker of the Camry sedan and Prius hybrid revised upward its net profit forecast to 2.3 trillion yen ($20.3bn) from its earlier estimate of 2.12 trillion yen for the year to March 2019 thanks to a weak yen. But even if the firm, which also has the Lexus luxury brand, hits this forecast, profits would still be lower than the record 2.49 trillion yen posted for the previous fiscal year.

In the April-September period, Toyota’s bottom-line profit rose 16 percent to 1.24 trillion yen, beating a 10-percent gain forecast by analysts. The upbeat results boosted its shares by more than two percent on the Tokyo Stock Exchange.

Senior managing officer Masayoshi Shirayanagi said in a statement the firm was “steadily making progress” in its efforts to cut costs. Revenue for the first half increased 3.4 percent to a record 14.7 trillion yen amid steady vehicle sales in North America, Europe, and Asia.

Toyota also revised upward its full-year sales forecast to what would be a record 29.5 trillion yen. “Toyota is showing solid results so far in this fiscal year

thanks to its cost-cutting efforts,” said Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm.

Japanese automakers, however, remain on edge over talk of US tariffs, though imme-diate action by Washington has been put off for now. “Trade rows are still hanging over the Jap-anese auto industry,” Takada told. “Immediate fears of extra tariffs on Japanese auto exports have been put off for now but they may revive depending upon Japan-US trade talks,” he said. Toyota has warned the cost of an imported vehicle would rise by $6,000 if the US levies a 25-percent tariff on cars and parts from abroad.

“We can’t yet say the risk has receded,” said Didier Leroy, Toyota executive vice president. “There is still great uncertainty. Our goal is to be ready if it should happen,” Leroy told.

In September, Donald Trump and Japan’s Prime Minister Shinzo Abe announced an agreement to start negotiations on a trade deal. The two leaders also agreed that the US will not impose additional tariffs on Jap-anese-made cars as long as the bilateral negotiations continue.

“Japanese carmakers are also bracing for the impact of US trade disputes with other major econ-omies,” Takada said.

Last week Honda Motor upgraded its annual forecasts after first-half profits rose more than 19 percent on brisk sales of motorcycles in Asia.

Merkel’s exit might help boost the euroBLOOMBERG

LONDON: One of the most bullish forecasters on the euro is emboldened by the political decline of German Chancellor Angela Merkel, so long a force of stability in the region.

Analysts at Morgan Stanley say that the common currency may reach $1.32, drawing strength from factors including a possible political outcome in which Friedrich Merz succeeds Merkel as leader of the Christian Democratic Union. While Merz, head of BlackRock Inc.’s German asset man-agement unit, would mark a shift to the political right, he is seen as being more in favor of euro-area integration. That will help boost the euro, according to Morgan Stanley.

Morgan Stanley analysts, who predicted at the start of the year that the euro would climb to $1.33 in 2019, now forecast it will reach $1.32 by the end of next year, a level not reached since August 2014. That pre-diction makes the US bank the most bullish in a Bloomberg survey, and compares with a median forecast of $1.25. Should Germany adopt a stance more closely aligned with Macron’s, it could mark a turn-around for a currency that has languished in recent months as economic growth has slowed and worries surrounding Italy’s budget have weighed. Morgan Stanley argues that increasing populism within the region may actually boost the case for further integration, rather than diminish it.

The euro hovered around $1.1400 in London yesterday, having dropped to $1.1302 on Oct. 31, close to the lowest level in more than a year.

The lack of progress on euro-area integration and increasing euroskepticism among member states have helped jeopardise the attempts of policy makers to make the euro a reserve currency to rival the dollar in recent years. The currency has lost almost a fourth of its value since before the region’s debt crisis in 2011.

Page 4: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

REUTERS

PARIS: French President Emmanuel Macron (picutred) said he would not back down from a hike in fuel tax, despite plans for nationwide protests this month and his personal popu-larity reaching a new low.

Drivers are planning blockades and go-slows across France on November 17 to protest against higher fuel prices, which have increased by up to a third in the past year, making Macron’s claim to help hard-working people harder to defend.

In a bid to fight climate change, his government has voted increases in a carbon tax and decided in particular to ramp up the price of diesel, the most com-monly used car fuel in France.

But the increases, decided in late 2017 at a time crude oil prices were hovering under $50 per barrel, have become more painful for consumers after oil surged to over $85 last month. The issue has helped drive Macron’s popularity to as low as 21 percent in a poll published last week.

The president, who has launched a seven-day tour of northeastern France, said he has no plan to back down.

“I prefer taxing fuel to taxing labour. People complaining about

rising fuel prices are the same ones who complain about pol-lution and how their children suffer,” he told regional news-papers in the area, in an interview published.

Macron’s political rivals have seized on the anger to paint the former investment banker as a member of the metropolitan elite who does not relate to those outside Paris.

“You have to be completely out of touch with reality not to understand that taxing fuel is taxing those French who work,” conservative opposition leader Laurent Wauquiez said on Twitter.

The protests, which according to an Odoxa poll are supported by 78 percent of the French, come at a time Macron is seeking to regain the initiative after a

political scandal over the summer and a series of cabinet resignations.

His tour of the northeast, commemorating the 100th anni-versary of the end of World War One, gives the 40-year-old leader a chance to reconnect with de-industrialising areas that are among the poorest and most iso-lated in France.

Sensing a business oppor-tunity from the political tumult over fuel taxes, France’s top two hypermarket chains Leclerc and Carrefour announced promotions to sell petrol at cost. Carrefour said that its special offer on petrol prices would run until November 17, the date of the planned blockades. Leclerc’s will run until the end of the month.

Macron’s political

rivals have seized on

the anger to paint the

former investment

banker as a member

of the metropolitan

elite who does

not relate to those

outside Paris.

24 WEDNESDAY 7 NOVEMBER 2018BUSINESS

Macron refuses to back down on French fuel tax

Downgrade overshadows Italian bank Intesa’s strong-stress test showingREUTERS

MILAN: Intesa Sanpaolo’s shares fell by more than 2 percent yesterday, as a Goldman Sachs downgrade outweighed a strong performance by Italy’s top retail bank in Europe’s stress tests. A spike in Italy’s borrowing costs has thrust Italian banks into the spotlight, cutting the value of their large sovereign holdings and eroding their capital reserves.

But in last week’s European health check of the sector even the worst-performing Italian bank, Banco BPM, had a core capital ratio of 6.67 percent under a so-called adverse sce-nario, well above the alarm threshold of 5.5 percent.

The four Italian banks tested by the European Banking Authority (EBA), whose results were released on Friday, per-formed in line with the European average of the 48 banks surveyed under the adverse scenario.

However, traders said the market had paid closer to attention to a Goldman Sachs note which downgraded both Intesa and smaller peer BPER Banca to ‘sell’, leaving UniCredit

as the only ‘buy’ among Italian banks.

“Intesa ... is a well-managed institution with a comfortable capital position. That said, its results will be subject to a dete-riorating macro outlook,” Gold-man’s note of November 2 said.

With a valuation in line with Dutch bank ING’s or Spain’s BBVA and at a 50 premium to domestic rival UniCredit, Intesa’s position looks vul-nerable, Goldman said.

Intesa is due to report third-quarter results and analysts expect its core asset man-agement business to have suf-fered due to market turmoil over Italian assets.

Italy’s populist government has locked horns with the European Commission over its 2019 budget, which plans to raise the state deficit to 2.4 percent of domestic output from 1.8 percent.

Brussels has rejected Italy’s draft budget and given Rome until November 13 to submit changes.

By 0920 GMT shares in Banco BPM fell 1.8 percent while BPER, whose shares were down 4 percent, was the biggest loser on the Italian banking index.

HSBC, UBS shut Nigeria offices as foreign investment declinesBLOOMBERG

LAGOS: HSBC Holdings Plc and UBS Group AG have closed their local representative offices in Nigeria, according to a report published on the website of the central bank.

The Central Bank of Nigeria didn’t specify a reason for the closure of the two banks’ local offices or identify a day when operations ended. The number of representative offices for foreign lenders fell to eight as of the end of June, according to the report.

A spokesman for HSBC in London declined to comment on the Nigeria report. A UBS official wasn’t immediately able to comment when con-tacted outside normal business hours.

The bank also said foreign direct investment in Nigeria fell 29 percent to 379.84bn naira ($1bn) in the first half of the year, from 532.63bn naira in the same period a year earlier.

UBS has in the past said a dispute between the central bank with South African telecom company MTN Group Ltd. over repatriation of $8.1bn may erode confidence in the country.

QATAR STOCK EXCHANGE

QE Index 10,376.94 0.78 %

QE Total Return Index 18,283.02 0.78 %

QE Al Rayan Islamic Index - Price 2,424.33 0.28 %

QE Al Rayan Islamic Index 3,933.53 0.28 %

QE All Share Index 3,061.14 0.83 %

QE All Share Banks &

Financial Services 3,787.85 2.09 %

QE All Share Industrials 3,357.82 0.49 %

QE All Share Transportation 2,107.84 0.23 %

QE All Share Real Estate 1,981.40 1.33 %

QE All Share Insurance 3,056.22 0.26 %

QE All Share Telecoms 987.13 1.98 %

QE All Share Consumer

Goods & Services 7,072.74 0.13 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

06-11-2018Index 10,376.94 Change 81.34 % 0.78 YTD% 21.75 Volume 6,416,764 Value (QAR) 204,952,826.77 Trades 4,258 Up 23 | Down 15 | Unchanged 0605-11-2018Index 10,458.28Change 127.14% 1.23YTD% 22.70Volume 8,386,596Value (QAR) 330,287,016.80Trades 5,214

EXCHANGE RATE

GOLD QR144.9590 per grammeSILVER QR1.7237 per gramme

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

All Ordinaries 5958.7 53.9 0.91 6481.3 5721.6

Cac 40 Index/D 5088.82 -12.57 -0.25 5657.44 4896.8

Dj Indu Average 25461.7 190.87 0.76 26951.81 23242.75

Hang Seng Inde/D 26120.96 186.57 0.72 33484.08 24540.63

Iseq Overall/D 6168.95 -22.42 -0.36 7257.41 5857.39

Kse 100 Inx/D 40958.53 -535.43 -1.29 47144.12 36274.25

S&P 500 Index/D 2738.31 15.25 0.560032 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.7187 QR 4.7849

Euro QR 4.1243 QR 4.1831

CA$ QR 2.7496 QR 2.8038

Swiss Fr QR 3.6031 QR 3.6532

Yen QR 0.03191 QR 0.03253

Aus$ QR 2.6093 QR 2.6603

Ind Re QR 0.0494 QR 0.0504

Pak Re QR 0.0267 QR 0.0278

Peso QR 0.0680 QR 0.0694

SL Re QR 0.0207 QR 0.0211

Taka QR 0.0431 QR 0.0439

Nep Re QR 0.0309 QR 0.0315

SA Rand QR 0.2533 QR 0.2583

Page 5: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

25WEDNESDAY 7 NOVEMBER 2018 BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Savyasachi (2D/Telugu) 2:15pm;White Fang (2D/Animation) 2:00, 3:45 & 5:00pm; The Nutcracker and The Four Realms (2D/Adventure) 2:15, 5:30, 7:30 & 9:30pmDaakini (2D/Malayalam) 4:15 & 11:30pmBadaai Ho (2D/Hindi) 6:30pm; Summer Of 84’ (2D/Horror) 7:00pmEl Kowayseen (2D/Arabic) 9:00pmHalloween (2D/Horror) 11:15pm; Hunter Killer (2D/Action) 11:30pm;

Daakini (2D/Malayalam) 2:15 & 11:30pm The Nutcracker and The Four Realms (2D/Adventure) 5:00, 7:00 & 9:00pm Savyasachi (2D/Telugu) 2:30, 9:00 & 11:00pm;White Fang (2D/Animation) 3:00 & 5:15pmSummer Of 84’ (2D/Horror) 7:00 & 11:00pmBadaai Ho (2D/Hindi) 4:45pm; El Kowayseen (2D/Arabic) 7:00pmHunter Killer (2D/Action) 9:15pm;Halloween (2D/Horror) 11:30pm

White Fang (2D/Animation) 2:45 & 5:15pmThe Nutcracker and The Four Realms (2D/Adventure) 4:30 & 6:30pm Savyasachi (2D/Telugu) 2:30 & 8:30pm;El Kowayseen (2D/Arabic) 7:00pmThe King Of Thieves (2D/Crime) 9:15pmDaakini (2D/Malayalam) 11:15pm Summer Of 84’ (2D/Horror) 11:15pm

Kayamkulam Kochunni (Malayalam) 7:00 & 10:00pmSavyasachi (2D/Telugu) 5:30 & 8:30pmSandakozhi (2D/Tamil) 5:30pmBaazaar (2D/Hindi) 5:30pm; 96 (2D/Tamil) 8;15pmJarugandi (Tamil) 5:45pm; Daakini (2D/Malayalam) 8:00, 10:30pm Chalakkudikkaran Changathi (2D/Malayalam) 11:30pm Vada Chennai (2D/Tamil) 11:00pm

Daakini (2D/Malayalam) 12:30, 3:30, 6:00, 8:30 & 11:00pmGoosebumps2: Haunted Halloween (2D/Comedy) 12:20, 3:45, 5:40 & 10:00pmHunter Killer (2D/Action) 12:30, 7:00, 8:30 & 11:00pmSavyasachi (2D/Telugu) 1:00; 4:00 & 7:00pmThe Nutcracker and The Four Realms (2D/Adventure) 12:30, 2:40, 3:00, 4:50, 5:00, 7:00 & 9:30pm

Kuttan Pilla, Moly’s long lost lover is kidnapped by the underworld king named Mayan. 4 grannies and Kuttappi with the help of Vikraman, a local gangster decide to go on a journey to fight the fierce don Mayan and bring back Kuttan Pilla.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

Ana And Bruno (2D/Animation) 11:40am & 4:30pmEl Kowayseen (2D/Arabic) 7:00, 8:20, 9:30pm & 12:00midnightGoosebumps2: Haunted Halloween (2D/Comedy) 12:20, 3:45, 5:40 & 10:00pmHalloween (2D/Horror) 10:00pm & 12:10amHunter Killer (2D/Action) 12:40, 3:10, 5:35, 7:30, 8:00 & 10:30pmThe Nutcracker and The Four Realms (2D/Adventure)

10:30am, 11;35am, 12:40, 1:40, 2:00, 3:00, 4:05, 5:10, 6:10, 7:20, 8:15, 9:30, 10:20, 11;40pm & 0:25am; The Princess And The Dragon (2D/Animation) 10:40am, 12:20 & 5:20pm Venom 2:15 & 10:50pmWhite Fang (2D/Animation) 1:40, 3:30 & 6:30pm

DAKINI

Boeing, Airbus fret over trade warREUTERS

ZHUHAI: The world’s two largest planemakers signaled yesterday that they were keen to see an end to a bruising trade war between Washington and Beijing, as China opened its largest airshow with a display that showcased its aviation ambitions.

Boeing and Airbus made their comments on the opening day of the biennial Airshow China, being held in the coastal city of Zhuhai. The airshow, which ends on November 11, is traditionally an event for Beijing to parade its growing aviation prowess. China has become a key hunting ground for deals for foreign aviation firms thanks to surging travel demand, but the outlook has been compli-cated by Beijing’s desire to grow its own champions in industries ranging from aviation to semicon-ductors to robots.

Its ties with the United States have in particular been strained. President Donald Trump criticizes China for what he sees as intel-lectual property theft, entry bar-riers to US business and a gaping trade deficit, while Beijing calls the complaints unreasonable. The two sides have resorted to tit-for-tat tariffs on goods worth billions of dollars.

While US-made aircraft, among America’s biggest exports to China, have so far escaped

Beijing’s tariffs, analysts said they were still waiting to see what the trade war would spell for US com-panies such as Boeing.

George Xu, the top China executive at Boeing’s biggest rival Airbus, said at a news conference that the European planemaker did not expect a sales windfall from the tensions. “I am Chinese and we don’t like this kind of trade war,” he said. “Nobody will be the winner in this kind of trade war.” Airbus had hoped to close a deal for 184 aircraft during a trip to China by French President Emmanuel Macron in January, but negotiations appear to have stalled, industry sources say.

In carefully worded comments,

Boeing’s senior vice-president of Northeast Asia sales, Rick Anderson, said China was a rapidly growing aviation market and that he believed Washington and Beijing understood that.

“We continue to engage with leaders of United States and China, and continue to urge productive conversation to resolve the trade discrepancies,” he said. “We are optimistic for a quick solution.”

China and United States have in recent days stoked optimism that a breakthrough might be made, after Trump spoke by phone with President Xi Jinping last week. The two countries have also announced that they will hold a delayed top-level security dia-

logue on Friday.Still, Beijing has shown little

sign of taming its ambitions to catch up with rivals like the United States, France and Germany in high-end technology.

Projects being showcased in Zhuhai included a full-scale mock-up of a widebody CR929 jet being jointly developed by Commercial Aircraft Corporation of China and Russia’s United Air-craft Corporation (UAC) in hopes of eventually competing with Boeing’s 787 and Airbus’ A350 jets.

The global market for widebody jets is estimated to be worth $2.5 trillion over the next two decades, according to Boeing, with the fleet size more than doubling to 9,180 jets. Wide-bodies account for around 20 percent of projected global jet deliveries over that period but almost 40 percent by value.

Hundreds of spectators and industry executives at the airshow were also treated to a roaring flight demonstration that involved three of China’s Chengdu J-20 stealth fighters, which debuted at the show two years ago with a 60-second flypast.

China put the J-20 into service last year that experts say is a part of Beijing’s plan to narrow a military technology gap with the United States and its F-35 stealth fighter.

People watch J-10 fighter jets of Bayi aerobatic team of Chinese People’s Liberation Army Air Force perform in Zhuhai, Guangdong.

Citigroup board names new chairman, keeps post separate from CEOREUTERS

NEW YORK: The board of Citi-group Inc (C.N) yesterday named one its independent members to be its new chairman, keeping the post separate from current Chief Executive Officer Mike Corbat.

John C. Dugan (pictured), 63, a former bank regulator and former lawyer to the Citigroup board who became a Citigroup director last year, will succeed Mike O’Neill on January 1, the company said. O’Neill recently reached the board’s retirement age of 72 and was due to leave in April. Corbat, 58, had not asked to be considered chairman after concluding that Citigroup’s current separation of the post from his management job is best, a person familiar with his view said. Corbat and O’Neill had dis-cussed the question over the past year, said the person, who declined to be quoted talking a b o u t t h e p r i v a t e conversations.

As chairman, O’Neill led directors to name Corbat as CEO in October 2012 when the board dismissed Vikram Pandit from the job.

The CEOs of Citigroup big bank rivals JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N) also serve as chairmen of their boards. But the dual assignments have been challenged by shareholders who believe board chairmen should be independent of the company executives they are assigned to oversee.

The change in the leadership of the Citigroup board comes as the bank, the third-biggest US bank by assets, struggles to catch

up with the financial per-formance of its peers after it suf-fered massive losses in the 2007-2008 financial crisis, took gov-ernment bailouts and had to sell assets.

Corbat is pushing the bank to reach 2020 financial targets he laid out last year after missing targets he set in 2013.

In the statement from Citi-group, Dugan said, “I am con-fident in Mike Corbat and his team’s ability to continue to improve returns for its share-holders.” Corbat said, “Citi and our shareholders have been well served by having an independent chairman.” Dugan began advising the Citigroup board in 2015 while he was a Washington lawyer at Covington & Burling, where he headed the law firm’s financial institutions group.

Dugan was Comptroller of the Currency from 2005 to 2010. The US government agency supervises national banks and federal branches of foreign banks. After graduating in 1981 from Harvard Law School, Dugan had worked in a variety of government posts in Wash-ington and at Covington & Burling from 1993 to 2005.

China’s services imports to exceed $2.5trillionIANS

BEIJING: China’s cumu-lative services imports are expected to exceed $2.5 trillion in the next five years, a Ministry of Commerce (MOC) report

said on Tuesday.It would also account

for more than 10 percent of the global services imports, contributing over 20 percent to the growth in the global total in the coming five years,

according to the report.During the period,

China was expected to see over $700bn imports in emerging services, including on intellectual property, telecommunica-tions, computer and

information services, financial services, and personal cultural and rec-reational services, the report said.

China has seen fast growth in imports of services since its entry to

the World Trade Organi-sation. Its services imports surged to $467.6bn in 2017 from $39.3bn in 2001, with its global share increasing to nine per cent from 2.6 percent, the MOC data showed.

Page 6: BUSINESS - The Peninsula...2018/11/07  · today. QSE Total Return Index decreased 0.78 percent to 18,283.02 points and QSE Al Rayan Islamic Index dropped 0.28 percent to 3,933.53

26 WEDNESDAY 7 NOVEMBER 2018CLASSIFIEDS

TOWERS

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REGENCY PEARL 2 (THE PEARL):�3���+�.���������(�������+*��� ��������� ������� �� ������� ���� �������� � � �������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������C��*�+�������!�"�#$�("�/'�"()�02�������D��*������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�8;02�??20 �::<7<070� �??;;�=>07� �::<:�;2=>����"%�'4)����*����������@�����������������REGENCY PEARL 2 (THE PEARL): Fully furnished 1 B���������������������������������������������� ��������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������C��*�+�������!�"�#$�("�/'�"()�02�������D��*������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�8;02�??20� �::<7�<070� �??;;�=>07� �::<:�;2=>����"%�'4)����*���=�������@�����������������REGENCY PEARL 1 (THE PEARL): Fully furnished 1 �������� ��� ��������� ������ �������� ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������C��*�+�������!�"�#$�("�/'�"()�02� ������ D��*� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8� <=7>� � ::<7� <070� � :::2� =?;<� � :::0� ?=2;� ��� "%�'4)� � ���*���=�������@�����������������REGENCY PEARL 1 (THE PEARL): Fully furnished 1 �������� ��� ��������� ������ �������� ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������C��*�+�������!�"�#$�("�/'�"()�02� ������ D��*� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8� <=7> �::<7� <070� � :::2� =?;<� � :::0� ?=2;� ��� "%�'4)� � ���*���=�������@�����������������

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REGENCY PEARL 1 (THE PEARL): Fully furnished =� �������� 6� �.G���� ��������� ������ �������� � ������� �� ����������� �������� � � ����������� ��-��� ��!�"�#$� �%"&'#'"()�(��������*������+�����..��������������C��*�+�������!�"�#$�("�/'�"()� 02� ������ �������+�� ���������� �� ���������� �� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::<8�<=7>� �::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� ��� "%�'4)� ���*���=�������@������������������ REGENCY PEARL 2 (THE PEARL): Fully furnished 0� ���������� ��������� ������ �������� � ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������C��*�+�������!�"�#$�("�/'�"()�02� ������ �������+�� ���������� �� ���������� �� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20� � ::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� ��� "%�'4)� ���*����������@����������������� UMM BAB TOWER (WESTBAY):� 3���+� .��������� 0����������0�%����-��������������������������������������������� ��������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�'���������������*�����.���+��H��**����+��������+����������C��*�+������� �� �������� *������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�>>072>0=� �:::0�?=2;� �::<7�:7:?� �::<7�;2?0����"%�'4)������+�������@����������������� UMM BAB TOWER (WESTBAY):� 3���+� .��������� >��������� 6� ���-� ����� � � I�����)� >� %����-�� �������� �������������������������������������������� ����������������������!�"�#$��%"&'#'"()� '���������������*����� .���+��H��**����+��� �����+����������C��*�+�����������������*�������3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� >>072>0= � ??;;�2?>?� � :::=� 08>2� ::<7� <070� ��� "%�'4)� �����+�������@�������������������

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VILLA DESTE 2 (AL WAAB):�(����.���������>�������������)�%����-����������� �������������������������������������� �������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�(��������*������+���������������!�"�#$�("�/'�"()�02����������������� �� �������+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>:0=8=>� �:::=�08>2� ::<7�<070� �??;;�=>07����"%�'4)�����������@������������������ BEVERLY HILLS GARDEN 10 (Al WAAB): Semi .��������� 2� �������� ����)� >� ��������� ������ �������� �����+������� ������� �� ������� ���� �������� � � �*���� ��-��� ��!�"�#$��%"&'#'"()� (�������� *����� B�������� ��������-�� *�+� ����J+�������� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:0� =8=>� � ??;;� =>07� � ::<:� ;2=>� � :::2� =?;<� ��� "%�'4)�����������@������������������ AIN KHALID GATE:� 3���+� .��������� 2� �������� ���������� 0� %����-�� �������� ����� ������� ��������� ��������������� ������ �������� ���-�� ������ �����+� ������ 0� ������������������������ ��������� � �������������-������+�������� *������ ��������� *����� ��!�"�#$� �%"&'#'"()� (��������������� �������� K������� ������� J+��� ������� K������� ���������������������������������������������������H�������������H������*��������������+����*��������+����������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� ::?=�870?� �::<:�:08=� � � ::<7�:7:?� � � ::<7�;2?0� ���� "%�'4)� ��������������@����������������� BEVERLY HILLS GARDEN 2 (AL WAAB): Semi .���������2��������������)�0�%����-��B����������������������������.���+�������������������������������������*��������������������������+�����-�� ������������������� ���������� ������� ������ ��������� ������ ��� *��� ��� ���+������!�"�#$� �%"&'#'"()� (�������� *����� �+��� �������� ����������������������������������������������-��*�+�������!�"�#$�("�/'�"()� 02� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:0�=8=>� �??;;�=>07� �::<:�;2=>� �:::2�=?;<� �??;;2?>?����"%�'4)�����������@�������������������

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REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .��������� 0� �������� �)� %����-�� �������� ����� ���������������� � ��������� ������ �������� ������� �� ������� ��� ���������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� (�������������� J+��� (��� ������ K������ �� (���� ������ ��!�"�#$�("�/'�"()� 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 .��������� =� �������� �)�� ��������� ������� �� ������� ��� ���������� � � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �H��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?�� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 12 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �H��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 13 (AL SADD): Fully furnished =����������)� ���������� ������������������������������ ������������ � ��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2;� �??;;2?>?����"%�'4)������������@������������������

REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3���+�.���������=������������������������������������������ �������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� '������(��������������J+���(�����������������K�������B����������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?����"%�'4)�����������������@������������������

REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): Fully .��������� =� �������� ��� ��������� ������� �� ������� ����������� � � �*���� ��-��� ��!�"�#$� �%"&'#'"()� (�������� *������J+�����!�"�#$�("�/'�"()�02�������������+��������������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2����"%�'4)�����������@������������������

REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (����.���������0������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������J+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07����"%�'4)�����������@������������������

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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)� �����������@����������������� BIN DIRHAM 1 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� � >;>7� :0<8� �>>:?�8=:?� �??;;�0>72� �??;;�0>:?����"%�'4)�������������@����������������� BIN DIRHAM 5 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� � :::0� ?=2;� � ::<7� :7:?� ��� "%�'4)� ������������@������������������

18 FLATS (AL WAKRA):� =<� N�.��������� ���� �*������������ ��.��� ������� ��� �������� *������� 0� .���� ������������ 02� ������ ���������� 5�I��� ���������� ��� ��9� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� �>>2>�>=?<����"%�'4)�������������@����������������� DOHA GARDENS (AL WAAB):�3���+�.���������>����������)�%�����B�������������������������������������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �:::2�=?;<����"%�'4)������������@������������������

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REGENCY BUSINESS CENTER 3 (GRAND HAMAD STREET): ���������� !.G��� (*��� � � ����������� � ������������*���+�� ������������������� �������+��������#/���(*��������G����.��+��+������3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� ��� "%�'4)�����������@������������������

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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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