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Walmart expands its robotic workforce to 650 additional stores

BU

TUESDAY 14 JANUARY 2020

BUSINESS

BUSINESS BRIEFS

Helsinki: A group of Nordic banks that had been sued by a Russian oligarch aren’t required to accept his business, in what may prove to be a landmark ruling by a court in Finland. Russian billionaire Boris Rotenberg lost his lawsuit against four Nordic banks and was ordered to pay more than €500,000 ($556,000) to cover their legal fees, the Helsinki District Court ruled yesterday. BLOOMBERG

Stockholm: Danske Bank A/S is offering 2,000 of its employees in Denmark the option of stepping down as the cost of adapting to a world with stricter regulations and negative interest rates just keeps growing.Staff have until the end of Jan-uary to decide, according to an emailed comment sent by the bank on Monday. BLOOMBERG

Russian billionaire loses lawsuit against Nordic banks

Danske offers 2,000 employees option to quit

NPIM announces completion of 49% equity stake acquisition in Stockyard Hill Wind FarmTHE PENINSULA — DOHA

Nebras Power Investment Management B.V. (NPIM), a wholly owned affiliate of Nebras Power (Nebras) has successfully completed a transaction with Goldwind Stockyard Hill Wind Farm Limited, a wholly owned Hong Kong affiliate of Xinjiang Goldwind Science & Technology Co., Ltd (Goldwind), by acquiring a 49 percent equity stake in Stockyard Hill Wind Farm in Australia.

Located 35 km west of Ballarat in Victoria, Stockyard Hill Wind Farm will have 149 wind turbines with a combined capacity of 527 MW. The wind farm will be the biggest in the southern hemi-sphere, upon completion in early Q4, 2020.

This first transaction is consistent with Nebras’s strategy to enhance its asset base through fully contracted projects and further marks the com-pany’s inaugural entry into the Australian power sector. Under this agreement, Nebras has secured a 49 percent stake; while Goldwind, through its Hong Kong affiliates, will retain a 51 percent equity stake in Stockyard Hill Wind Farm.

The transaction has been fully

backed by Goldwind’s as well as Nebras’s senior management and Board of Directors and is deemed to be in the best interest of both companies and their respective shareholders.

Commenting on the agreement, Fahad Hamad Al Mohannadi, Chairman of the Board of Nebras said: “The acqui-sition of a large equity stake in Stockyard Hill Wind Farm solidifies Nebras’s foray

into the Australian market, which we are pursuing as a major new growth market. In this respect, we are confident that this will be the first of several lucrative investments in Australia’s power industry by Nebras.”

Khalid Mohammed Jolo, Chief Exec-utive Officer of Nebras stated: “The acquisition of Stockyard Hill Wind Farm serves as a landmark deal for Nebras to establish and further expand our presence in Australia and the Asia-Pacific marketplace. Additionally, this deal aligns and bolsters Nebras’s stra-tegic growth objective of becoming a leading international power company.”

Commenting on the transaction, Faisal Al Siddiqi, Chief Business Devel-opment Officer of Nebras said: “With the Stockyard Hill Wind Farm, we are entering our next chapter. For this reason, we will aim to develop and diversify the Australian asset portfolio with other renewable energy technol-ogies and gas-to-power projects. In the years ahead, we look forward to jointly positioning this wind farm as a flagship project in Nebras’s global energy portfolio.”

Fahad Hamad Al Mohannadi (second right), Chairman of the Board of Nebras; Khalid Mohammed Jolo (second left), Chief Executive Officer of Nebras; and other officials during the signing ceremony.

Qatar International Court welcomes delegation from

Kuwaiti Court

02 TUESDAY 14 JANUARY 2020BUSINESS

Qatar International Court welcomes delegation from Kuwaiti CourtTHE PENINSULA — DOHA

The Qatar International Court welcomed a Kuwaiti judicial delegation from the Court of Cassation including Undersec-retaries Counsellors Ishaq Hussein Al Kandari, Mishaal Ahmad Al Jerawi, and Mohammed Ahmed Al Sayed Al Rifai, as well as GCC Legal Affairs representative, Nayef Al-Otaibi.

The delegation was received by Qatar International Court CEO Faisal Al Sahouti and Qatar I n t e r n a t i o n a l C o u r t Enforcement Judge, Rashid Al Badr. The visit reiterates the commitment between Qatar and Kuwait to enhance knowledge exchange in the judicial field.

During the meeting, aspects of cooperation in the judicial and legal fields were discussed, as well as the work undertaken by the Qatar International Court and the nature of the cases brought forth.

Commenting on the visit, Faisal Al Sahouti stated: “We are pleased to welcome the dele-gation from the Kuwait Court of Cassation to our premises.

Such visits between our coun-tries contribute to enhancing and expanding knowledge exchange in the judicial field. In 2018, a Qatar International Court delegation visited the Center for Judicial Studies in Kuwait, where we discussed

ways to enhance cooperation between the Center and our Court in the exchange of information.”

The delegation was shown around the Courtroom and arbitration rooms, while the Registry team gave an overview

on current cases, and explained the benefits of our eCourt.

The Kuwaiti delegation expressed its thanks for the hospitality extended and praised the technological advancements of the Court’s facilities.

Qatar International Court CEO Faisal Al Sahouti (second left), presenting a memento to the head of Kuwait delegation.

QIB launches first-of-its-kind instant credit card through its award-winning mobile appTHE PENINSULA — DOHA

Qatar Islamic Bank (QIB) announced the launch of a new ‘Instant Credit Card’ service that is available through its award-winning mobile app. The inno-vative service, which is a first-of-its-kind in Qatar, offers pre-approved QIB customers the opportunity to instantly apply, get approval and receive a credit card tailored to their specific needs.

Eligible customers receive an SMS or notification via the Mobile App to let them know that they are qualified to apply for an instant credit card.

Through QIB’s mobile app, each customer is offered the credit card that best suits their needs and meets their credit criteria.

A summary of features and benefits on each credit card is displayed to help the customer make an informed decision on which card to pick. The customer can then choose to receive their new credit card the next business day from the C-Ring Service Center, or have it delivered to their doorstep by Q-Post. Within just a few simple steps, the whole process to apply and get the approval for a new credit card is completed in a couple of minutes.

Commenting on this new milestone for the Bank, QIB’s Personal Banking Group General Manager, D. Anand

stated: “As customers remain at the heart of our strategy, we continuously work on providing them with technology-driven products and services that offer them a convenient banking experience. Our ‘Instant Credit Card’ service is the first-of – its-kind in the market, giving cus-tomers the opportunity to get a digital approval on a credit card that will be ready for use within just a few hours.

The hassle-free process we have provided on our award-winning mobile app will ensure that the customer selects the credit card that best suits their financial needs.”

Over the past few years, QIB has taken strides in facilitating and accommodating customers’ digital needs. QIB’s ever-evolving innovative products and solutions offer customers a technology-driven and seamless digital banking journey. As a first step, QIB’s “Digital Onboarding” process allows new customers to start a relationship with the Bank by opening a Current, Savings or Misk account through QIB’s Mobile App.

Interested customers have only to download the app and use QIB’s digital identification technology to scan their Qatari ID (in addition to Passport for Expatriates), take a selfie and fill a few personal details.

Thereafter, they can start taking advantage of all the digital solutions that the Bank offers.

Qatari German Medical Devices wins PAHO supply contractTHE PENINSULA — DOHA

Qatari German Medical Devices company has been selected by the Pan American Health Organization (PAHO) to supply one of its medical syringes products (Medical syringes with needle: 1CC) for two years- 2020 and 2021.

The tender process for this contract began in September 2019 and the company was informed of the tender in January, 2020.

The Pan American Health Organization (PAHO) is an international public health

agency found in 1902 that works to improve health and living standards of the people of the Americas.

The company’s winning such an important contract is a testament to our leading position in the medical supplies industry and helps to promote a high-quality national product that competes regionally and globally.It achieves one of the company’s strategic goals and that is to upgrade the national industry by opening new markets within the framework of achieving Qatar’s national vision by 2030.

In continuation of the success of the

company, the exclusive agency was signed between Qatari German Medical Devices company and British BridgeMaster Medical Company on January, 2020 to make the company the exclusive agent for Bridge-Master Medical Company products.

It is worth noting that the products of Bridge Master Medical Company in general, depend on the “genie”, a unique self-powered lighting source that produces shadow free illumination within body cav-ities. Genie is used in a variety of instruments.

Barwa Real Estate ranked sixth among top 50 listed real estate companies in Middle EastTHE PENINSULA — DOHA

Forbes Middle East magazine recently published its report on the top 50 listed real estate companies in the Middle East for the year 2019, ranking Barwa Real Estate Group as sixth among all companies as part of the report. The ranking featured the top 50 companies listed on the region’s stock exchange, ranked by market value as of October 21st, 2019.

Issa Mohammed Al Mohannadi, Deputy Chairman & Managing Director of Barwa Real Estate, commented on the group’s performance saying: “Barwa Real Estate is one of the largest Qatari companies in the field of real estate development. The diverse investments which Barwa carries out to fulfill the needs of the local market is the key for its success. The group always considers the needs and aspirations of the Qatari society and views the national vision as the compass which deter-mines the direction of its current and upcoming plans. Barwa will continue its efforts

being the strategic partner of the Qatari government”.

Barwa Real Estate Group is a leading developer and operator of multiple realty asset-classes in Qatar and the Middle East Region. As a fun-damental contributor to the development of Qatar, The Group primarily focuses on projects that serve the country’s requirement and meet the framework as set out in Qatar National Vision 2030. The Group enjoys a well-balanced portfolio of income generating annuity assets in residential,

commercial, mixed use and hospitality. The Group owns more than 3.5 million square meters (built up area) of oper-ating assets, with a local land bank of more than 5.2 million square meters.

Barwa serves broad range of stakeholders and clients, cre-ating enduring demand and driving long-term performance. The Group subscribes to strong emphasis in operational excel-lence, good governance and value creation.

The total assets of Barwa Real Estate amounted to QR31.5bn with an increase of QR1.1bn com-pared to the total assets at 31 December 2018. While net profit attributable to the shareholders of the parent company amounted QR804m with earnings per share amounted to QR0.21 for the period ended on September 30, 2019.

Forbes Middle East report included the names of other Qatari companies besides Barwa Real Estate, which reflected the rapid growth and powerful performance of the real estate sector in Qatar.

The tender process for this contract began in September 2019 and the company was informed of the tender in January 2020.

Barwa serves broad range of stakeholders and clients, creating enduring demand and driving long-term performance. The Group subscribes to strong emphasis in operational excellence, good governance and value creation.

10,567.61 +58.85PTS0.56%

QSE FTSE100 DOW CRUDE

7,617.60 +29.75PTS0.39%

28,890.54 +66.77 PTS0.23% Dow & Brent before going to press

$58.42 -0.62

MARKETWATCH

03TUESDAY 14 JANUARY 2020 BUSINESS

QP hosts farewell in honour of Issa Shahin Al GhanimTHE PENINSULA — DOHA

Qatar Petroleum hosted a farewell in honour of Issa Shahin Al Ghanim.

Al Ghanim joined Qatar Petroleum’s Corporate Planning

Department in 1990. In 1993 he became the director of the department, after which he was appointed as director of Stra-tegic Planning and Policy in 2009. He also represented the State of Qatar in the

Organization of Petroleum Exporting Countries (Opec) from 2000 until 2018.

H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, attended

the farewell along with Exec-utive Vice Presidents and senior executives. Minister H E Al Kaabi appreciated Al Ghanim’s valuable contributions during three decades of service at Qatar Petroleum.

H E Saad Sherida Al Kaabi (third right, front), the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum; Issa Shahin Al Ghanim (third left, front) with QP officials during the farewell event.

Qatar-Turkey trade reaches QR5.69bn during first nine months of 2019MOHAMMAD SHOEB THE PENINSULA

The Qatar-Turkey bilateral economic cooperation is expected to continue main-taining robust growth in 2020 and beyond. Bilateral trade volume between the two friendly countries during first nine months of 2019 reached QR5.69bn.

The trade exchange between Qatar and Turkey witnessed remarkable jump of 85 percent from QR4.88bn ($1.34bn) in 2017 to QR8.74bn ($2.4bn) in 2018, according to data provided by Qatar Chamber (QC) on the occasion of a meeting with a trade delegation from Turkey.

The QC held a meeting yes-terday with the members of the visiting trade delegation headed by Board Member of Electrical Electronics and Services Exporters’ Association (TET) Kerem Ozdogan. The Qatari side was headed by QC’s First Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari.

During the meeting they reviewed means of strength-ening the level of cooperation between the Qatari private sector and its Turkish coun-terpart, especially in the field of manufacturing sector such as electronics and electrical products.

The meeting also discussed the possibility of establishing partnerships between Qatari business men and Turkish coun-terparts from the association.

Al Kuwari, who presided over the Qatari side, said that the there is a wide range of oppor-tunities for expanding cooper-ation between the two sides, such as in the metal sector, espe-cially in the light of the distin-guished relations between both

the friendly countries.On his part, the head of the

Turkish visiting delegation Kerem Ozdogan said that the delegation comprises leading companies specialised in electric and electronic industries with a view to developing ties for coop-eration with Qatari businesses and exploring the Qatari market.

He said that Qatar enjoys huge potential, noting that it is a leading and attractive investment destination.

Commenting on Turkey’s vibrant industrial and manufac-turing sectors and its fast growing exports, Ozdogan noted that Turkey’s exports reached $150bn in 2018 which is expected to reach $160bn in 2019. Out of this massive volume, the exports of TET com-panies accounted for 10 percent of the total annual exports.

TET was established in 1991 and has over 7500 member companies which has been working to improve and promote the export volume of the electrical-electronics indus-tries in Turkey.

He said that Qatar and Turkey have been witnessing fast and steady growth in bilateral cooperation which is expected to increase further in the coming days as both sides are working on it aggressively.

The trade and economic relations between the two coun-tries witnessed unprecedented growth over the last couple of years, especially after the unjust blockade by the Saudi-led Arab quartet in early June 2017m, after that Qatar ramped up imports from Turkey.

The areas of bilateral eco-nomic cooperation is also expanding and deepening. Cur-rently the major Qatari imports from Turkey include articles of iron and steel, electric machines and equipment, tools, furniture, apparel of clothes and acces-sories, vegetables and fruits, among others.

Among major Qatari exports to Turkey are petroleum oils and its products, plastic and its products, aluminum, chemicals and petrochemicals and many other items.

The First Vice-Chairman of Qatar Chamber (QC), Mohamed bin Ahmed bin Towar Al Kuwari (right), with the head of the visiting Turkish business delegation and Executive Board Member of Electrical and Electronics Exporters’ Association (TET), Kerem Ozdogan, at a meeting held at the QC headquarters in Doha yesterday. PIC: SALIM MATRAMKOT/THE PENINSULA

Invesco appoints Head of Official InstitutionsTHE PENINSULA — DOHA

Invesco yesterday announced the appointment of Rod Ringrow (pictured) as Head of Official Institutions based in Henley-on-Thames. Rod will report to Zainab Kufaishi, Head of Middle East and Africa Distri-bution.

As Head of Official Institu-tions, Rod will be responsible for continuing to develop and build Invesco’s profile and engagement with Central Banks and Official institutions across EMEA and Latin America.

Rod joins from State Street where he was responsible for sovereign sales and strategic client coverage in EMEA. Previ-ously, he held senior roles in State Street’s Global strategic client group, and the global rela-tionship management and sales groups. He joined State Street in 1998 to spearhead the com-pany’s business in the Middle East. Prior to joining State Street, Rod worked at Standard Char-tered Bank in the UK and India, and with Mellon Bank in London.

Zainab Kufaishi, Head of Middle East and Africa said “Official institutions represent

an important client group for Invesco and we are pleased to have Rod join us. We are looking forward to continuing to deepen our commitment to sovereign investors through our estab-lished and specialist thought leadership and knowledge transfer programmes and to have Rod lead our efforts.”

As Head of Official Institutions, Rod will be responsible for continuing to develop and build Invesco’s profile and engagement with Central Banks and Official institutions across EMEA and Latin America.

AFP — LONDON

World stock markets mostly rose yesterday as investor attention turned to the global economic outlook and this week’s planned signing of the China-US trade pact.

Heading towards midday, London won 0.5 percent on the back of the weaker pound, which boosts share prices of multinationals that earn in

dollars. Sterling sagged as Bank of England policymaker Gertjan Vlieghe hinted at a potential vote in favour of a January cut to the central bank’s main interest rate.

Stoking rate-cut speculation, official data showed the UK economy shrank 0.3 percent in November, as Brexit and political uncertainty contributed to slashing manufacturing output.

In the eurozone meanwhile,

Paris stocks added 0.3 percent but Frankfurt flatlined.

“Equity market sentiment in Europe... is positive as traders are looking ahead to the signing of the first phase of the US-China trade deal on Wednesday,” said CMC Markets analyst David Madden.

The picture was brighter in Asia with Hong Kong rallying more than one percent and Shanghai up 0.8 percent.

Global stock markets mostly up as focus on China-US pact

Oil steady as US-Iran conflict eases REUTERS — LONDON

Oil prices dipped slightly yesterday as investors shift their focus away from easing Mideast tensions to this week’s scheduled signing of an initial US-China trade deal whose details remain to be seen.

Brent crude was down 15 cents at $64.83 per barrel at 1150 GMT, while West Texas Intermediate (WTI) crude was down 8 cents at $58.96 a barrel from the previous session. Oil prices surged to their highest in almost four months after a U.S. drone strike killed an Iranian commander and Iran retaliated with missiles

launched against US bases in Iraq. But they slumped again as Washington and Tehran retreated from the brink of direct conflict last week.

Global benchmark Brent touched $71.75 per barrel last week before ending on Friday below $65. “Oil is likely to keep treading water for a little while in our view with the de-esca-lation of US-Iran tensions and consequent decline in the per-ception of potential future supply disruptions,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.

“While this week should see the signing of a phase 1 trade

deal between the US and China, we suspect that agreement is already largely discounted in the price level, and is unlikely to provide a strong boost to oil prices.” Backwardation in Brent, a market structure where prices for near-term contracts are higher than those for later con-tracts, is currently at 72 cents per barrel, from 84 cent a week earlier, whereas the WTI back-wardation is at 4 cents a barrel from 23 cents last week.

Backwardation tends to reflect tightening supplies, and the narrowing of the values indicate that worries over supply disruption are receding.

04 TUESDAY 14 JANUARY 2020BUSINESS

Taking oath of office

QFC records exceptional 33% growth in 2019THE PENINSULA — DOHA

The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, ended the year on a high note with an unprecedented growth of 33 percent in 2019 with close to 200 firms being registered to the platform. The number of firms set up to operate out of the QFC now stands at 816 as of December 2019. Compared to 612 firms at the beginning of the same year, the QFC is well underway in its goal of registering 1,000 firms by 2022.

The expansion of firms on the QFC platform represents a variety of industries, both financial and non-financial services, including Fintech, IT, and tax and investment advi-sories, hailing from diverse coun-tries including the United States, Canada, the United Kingdom, France, Germany, Switzerland, Jordan as well as India.

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “The QFC platform has made substantial progress towards its core mandate of attracting FDI to Qatar and promoting economic diversification, as seen by our remarkable international part-nerships, global engagement and business growth over the course of the last year.”

Al Jaida added: “With over 800 companies now registered on the platform, we are pleased that our efforts in developing

relations with local and interna-tional stakeholders and key markets continue to bolster investor confidence in Qatar, shaping our nation as the gateway of choice to the Middle East and beyond.”

The QFC kick-started 2019 with the unveiling of its 2022 strategy, announcing its renewed focus on developing sectors of Qatar’s economy that are poised for substantial growth, namely digital, media, sports, and financial services sectors, as well as targeting emerging markets such as Oman, Kuwait, India, Pakistan and Turkey.

In line with this strategic vision, the QFC has taken major strides across financial services and expanded their financial services definition on the platform to extend licensing to FinTech companies. The QFC now has an increasing number

of Fintech firms on its platform including Instimatch, Q-Pay, and Goals 101. Additionally, the QFC partnered with B-Hive, a leading European FinTech platform, to develop the financial technology industry in Qatar.

2019 also saw the launch of the Investment Promotion Agency of Qatar, which is regis-tered on the QFC platform and aims to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors.

The QFC signed 11 landmark MoUs in 2019 with key local and international stakeholders; including a key partnership with

the Finance Office of the Presi-dency of the Republic of Turkey (CBFO) to establish the long-term cooperation between the Istanbul Financial Center and the QFC. The QFC’s agreement with CBFO aims to allow financial institu-tions in Qatar to operate in İstanbul Finance Centre and allow financial institutions in Turkey to operate in the QFC, establishes passporting services for financial institutions, and also connects QFC based entities and Istanbul Finance Centre entities to Islamic financial markets in central Asia and QFC-based com-mercial entities to Turkish and European markets.

In line with the QFC’s core mandate to promote economic diversification and attract foreign direct investment, the QFC organised a series of interna-tional roadshows in strategic markets including the United States, Spain, Turkey, China, Japan, Korea and Taiwan, among others, to highlight the numerous market opportunities in Qatar and benefits of doing business both in Qatar and under the QFC platform. QFC also welcomed various high-profile delegations from around the world including Canada, Mexico, the United States, France, Holland, Turkey, Russia and Japan.

Yousuf Mohamed Al Jaida, CEO, QFC Authority, sheds light on new strategy during panel discussion at QFC Strategy Briefing, in this file picture.

London Mayor to undercut biggest utilities in green power drive

BLOOMBERG — LONDON

The Mayor of London, Sadiq Khan, is getting into the power supply business.

Londoners will now be able to buy 100 percent green elec-tricity at a price that could be significantly cheaper than they pay traditional suppliers that include both domestic and some of Europe’s biggest utilities. Greater London Authority, the body overseen by the mayor’s office and partner Octopus Energy Ltd. aim to cash in on the growing trend of households leaving the larger companies for lower prices and a guaranteed climate-friendly power.

“It is a disgrace that many Londoners pay too much to heat and light their homes, with more than a million living in fuel poverty,” Khan said in a statement. “For the first time we have a fair, affordable, green energy company specially designed for Londoners.” Upstarts like Octopus have dis-rupted the dominance of the biggest energy suppliers in the UK, known as the Big Six. The moniker is becoming somewhat of a misnomer after Scottish utility SSE Plc last year sold its retail unit to startup Ovo Energy Ltd. The deal with London adds to Octopus’s efforts to try and offer customers more options to source power locally.

Oil threat looms for India as inflation set to breach 6% capBLOOMBERG — NEW DELHI/MUMBAI

Rising oil prices add a new risk to already surging inflation in India, clouding the outlook for monetary policy and threat-ening a nascent rally in sovereign bonds.

Oil briefly rose above $70 a barrel last week for the first time since September amid US-Iran tensions, and while they’ve since eased, prices remain elevated compared to last year. In India, the world’s third-biggest oil importer, costs of everything from food to medicines and mobile-phone services have already been climbing.

The upcoming data will probably show inflation breached the upper end of the Reserve Bank of India’s 2 percent-6 percent target band for the first time since July 2016. Price-growth probably accel-erated to 6.7 percent in December from 5.5 percent in the previous month, according to the median estimate of 37 economists surveyed by Bloomberg.

The RBI cited “much higher than expected” inflation when it unexpectedly kept interest rates unchanged in December following five cuts totaling 135 basis points earlier in the year.

Inflation of 6 percent-plus “would almost certainly bring an end to the RBI’s easing c y c l e ” , s a i d S h i l a n

Shah (pictured), senior India economist at Capital Economics Ltd. in Singapore. “A rise in core inflation over the coming quarters should prompt the central bank to switch to a tightening mode much sooner than is generally expected.” Core CPI, which strips out vol-atile food and fuel prices, has been subdued so far, reaching 3.5 percent in November.

Price stability is the central bank’s prime objective as per-sistently high inflation dispro-portionately affects the poor, Governor Shaktikanta Das said last week. That’s a more cau-tious tone than his comments in December, when he said the central bank will maintain an easing bias for “as long as it is necessary” to revive economic growth.

“The inflation path ahead is highly uncertain as the food supply shock abates while the fresh oil and gold price shock emerges due to rising geopo-litical risks.

“The RBI is unlikely to resume easing until after the surge in inflation starts to reverse in February and fall back below the 6% upper end of its target band, said Bloomberg India economist Abhishek Gupta.

The central bank will make its next interest rate decision on February 6, days after Finance Minister Nirmala Sitharaman is scheduled to deliver a budget speech. With limited room for more central bank easing, all eyes are on the government to take steps to boost growth from 5 percent this fiscal year, the slowest pace in more than a decade.

The spike in inflation and expectations of fiscal slippage are weighing on the outlook for Indian sovereign bonds. For now though, sentiment is being buoyed by the RBI’s Operation Twist, in which the central bank has bought longer-maturity bonds and sold shorter-term ones.

The yield on benchmark 10-year government bonds has declined by about 15 basis points since Operation Twist w a s a n n o u n c e d i n mid-December.

“The next few weeks are going to be a bit choppy for bonds,” said Sandeep Bagla, an associate director at Trust Capital Services India in Mumbai. “I don’t see any great joy on the face of increasing headline inflation.”

Spain’s Industry Minister Maria Reyes Maroto takes the oath of office during a ceremony next to Spanish King Felipe VI at the Zarzuela Palace in Madrid, yesterday.

The QFC kick-started 2019 with the unveiling of its 2022 strategy, announcing its renewed focus on developing sectors of Qatar’s economy that are poised for substantial growth, namely digital, media, sports, and financial services sectors.

The end of the bonus culture is coming to Wall StreetBLOOMBERG — LONDON/ NEW YORK

Chris Purves has been at the cutting edge of markets for more than a decade - from algorithmic trading to machine learning.

Now the head of UBS Group AG’s Strategic Development Lab is turning his focus to the human survivors of the tech invasion, persuading them to understand things will never be the same. They’re going to have to – in the jargon of Silicon Valley’s missionaries – “unlearn” how they’ve always operated.

It’s not just that their software may know their next move before they do. The extinction of an entire way of life is looming, as Purves sees it: the end of the bonus culture. Compensation will be a last

frontier in the onslaught of technology on finance.

He’s moving traders toward electronic systems as the era of legendary gamblers stalking the markets in search of the $100m payday becomes a distant memory. What’s coming is increased bureauc-ratization, an evolution that renders individuals’ judgment less important – and with it the need to reward them as they might have once expected.

“We want to hire people who are less driven by their own bonus and P&L and more by the long-term goal of what the market will look like in say 10 years,” said London-based Purves. “The idea that you are responsible for your own destiny has gone. It’s a team sport now.” The moves in that direction are only accelerating. Coders have been handed

licenses to trade equities at JPMorgan Chase & Co. while they’re the focus of the biggest hiring spree in years for Goldman Sachs Group Inc.’s trading division. Citigroup Inc. plans to recruit 2,500 pro-grammers this year.

The competition for talent with companies like Google and Facebook Inc. hasn’t caused a surge in banker bonuses. And while tech skills are still in high demand, that doesn’t always translate to more compensation. Most trader payouts are forecast to remain steady or decline, according to an analysis by recruiting firm Options Group.

Even as demand for quan-titative skills “showed no sign of letting up” last year, pay for these roles will probably stay flat, Options Group projected. For example, an equities

managing director in a financial engineering role can expect to earn $570,000 to $775,000 a year, while asso-ciates are forecast to earn about $140,000 to $190,000.

To be sure, post-crisis culture and weaker trading revenues have already put a dent in bonuses. Wall Street’s average bonus fell for the first time in three years in 2018 to $153,700, according to the most-recent estimates by the New York State Comptroller.

But it’s not just about the amount of compensation reducing. Bonus culture is now at stake -- with tech platforms center stage, traders may no longer be paid on an “eat what you kill” model, but will have their bonuses determined more by the strength of a broader desk or unit.

“Good traders used to be

easily identifiable,” said Tim Hall, who spent more than 20 years in banking including at Credit Agricole SA and ING Groep NV. “Now trading is very commoditized and you’re being replaced by platforms and robots and people with dif-ferent skillsets.” The mismatch between skills and demands is putting even the industry’s highest-paying jobs at risk, says Marcos Lopez de Prado, the former head of machine learning at the hedge fund AQR Capital Management LLC and now a Cornell University pro-fessor. Many of the 6.1 million people employed in finance and insurance will lose their jobs “not necessarily because they are replaced by machines, but because they are not trained to work alongside algo-rithms,” he told the U.S. House Committee on Financial

Services in December.Traders have no choice but

to adapt to the new envi-ronment. Automation could cut headcount for Wall Street and the banking industry by 200,000 in the next decade, estimates Mike Mayo, senior bank analyst at Wells Fargo Securities. Almost one-third of financial-services jobs could be displaced by the mid-2030s, according to a report by Price-waterhouseCoopers LLP in 2018.

Traders have no choice but to adapt to the new environment. Automation could cut headcount for Wall Street and the banking industry by 200,000 in the next decade.

German factory outfitters want fairer tradeAFP — FRANKFURT AM MAIN

Germany’s powerful machine-tool makers’ federation said yesterday that China should submit to the same interna-tional trade rules as developed countries, rather than enjoy emerging-economy leg-ups.

China – the world’s second-largest machine-tool exporter after Germany – has got away with “subsidy distor-tions and unequal market access” at the World Trade Organization (WTO), the VDMA industry body said. “In many areas China has long since

ceased to be a developing country. Therefore, the same international trade rules must apply to China as to Germany or the EU,” it added.

Subsidies allow Chinese firms to hide the true costs of production, the VDMA argues.

It pointed to areas like the solar panel market, where cut-price surplus product from China flooded international markets and helped drive com-petitors out of business, notably in Germany.

Since joining the WTO in 2001, China has committed like other member states to inform

the organisation of its subsidy schemes. “Practice shows that this is only done to a limited extent,” the VDMA charged.

In future, reporting should be “sharpened and every non-notified subsidy must automat-ically be classified as market-distorting - combined with the possibility of countermeasures,” the federation’s international trade chief Ulrich Ackermann said.

While the European Union does not distinguish between its own and foreign companies in public procurement, China does not reciprocate.

Funding small businesses

05TUESDAY 14 JANUARY 2020 BUSINESS

If you’re going to have a successful business in China, you need to have an appropriate relationship with the government because so much happening in China relates to the government.

UK economic growth weakest since 2012 in NovemberREUTERS — LONDON

Britain’s economy grew at its weakest annual pace in more than seven years in November, raising expectations that the Bank of England will cut interest rates later this month. Yesterday’s official figures showed the economy in November - before last month’s decisive election win for Prime Minister Boris Johnson - was just 0.6 percent larger than a year before, the weakest expansion since June 2012.

The November figure repre-sented a slowdown from annual growth of 1.0 percent in October, after that month’s growth pace was revised up from previously reported data. Output in November alone shrank by 0.3 percent, the biggest drop since April. Economists polled by Reuters had expected unchanged output for the month.

The weak data, reflected the uncertainty of last autumn about Brexit and the election, said John Hawksworth, chief economist for accountants PwC. “It is too early to say for sure if economic momentum will pick up in the new year now the political situation is clearer, but our latest survey of the financial services sector

with the CBI does suggest some boost to optimism since the election,” he said.

Sterling fell and gov-ernment bond yields headed lower as financial markets priced in a 50 percent chance the Bank of England will cut interest rates on Jan. 30, after its next meeting.

The BoE predicted in November that the economy would eke out limited growth in the fourth quarter, before recov-ering in 2020. That forecast assumes progress towards a post-Brexit trade deal and a reduction in US-China trade tensions. In the past week, BoE Governor Mark Carney - who steps down in March - and two other rate-setters, Silvana Ten-reyro and Gertjan Vlieghe, said a rate cut could be needed if

those assumptions prove over-optimistic.

Two more policymakers, Michael Saunders and Jonathan Haskel, already support a rate cut. However, there have been some signs that business con-fidence has revived since John-son’s Conservatives won an unexpectedly large majority in the December 12 election. That victory put Britain on course to leave the European Union on January 31 with a transition deal. However, Johnson has only given himself 11 months to reach a long-term trade deal with the EU, and some busi-nesses fear they could face tariffs and other obstacles to trade with the EU from 2021.

Looking at the three months to November, which smoothes out some volatility, the economy grew by 0.1 percent versus poll forecasts for a 0.1 percent fall, due to unexpected upward revisions to September and October output, which the ONS said reflected late survey returns. “Overall, the economy grew slightly in the latest three months, with growth in con-struction pulled back by weak-ening services and another lacklustre performance from manufacturing,” ONS statis-tician Rob Kent-Smith said.

Turkish trade minister to embark on Africa tourANATOLIA — ANKARA

Turkish Trade Minister Ruhsar Pekcan will set off on an Africa tour this week to explore new business cooperation oppor-tunities.

Pekcan along with a Turkish business delegation will visit Nigeria on Monday and Tuesday and Morocco on Wednesday, according to the information available with Anadolu Agency.

On Tuesday, the Turkey-Nigeria Business Forum will be held in the capital Abuja. It will be chaired by Pekcan and her Nigerian counterpart Richard Otunba Adeniyi Adebayo.

Pekcan will also meet with Yemi Osinbajo, the Nigerian vice president, and Zubairu Dada, the Nigerian foreign affairs minister, to discuss bilateral economic relations and investments.

Nigeria is the sixth largest trade partner of Turkey in Africa and the second in Sub-Saharan Africa. The two countries’ trade volume was $2.3bn in 2019. Meanwhile, Turkish contractors assumed 48 projects worth $1.8bn so far.

Hakan Ozel, the head of Turkey-Nigeria Business Council of the Foreign Eco-nomic Relations Board (DEIK), said that Turkey can provide quality and cost-effective products for Nigeria.

“Nigeria’s economy is based on imports, there are markets for every Turkish product in the country which has a 200-million population,” he told Anadolu Agency.

As part of Pekcan’s Morocco visit, Turkey-Morocco Free Trade Agree-ment’s joint committee meeting will be organized in the capital Rabat. Pekcan will meet with Mohamed Ben-chaaboun, the economy and finance minister, Mouly Hafid Elalamy, the industry, trade and digital economy minister, and Abdelkader Amara, the equipment, transport, logistics and water minister.

Phase 1 trade deal stops bleeding, doesn’t end US-China dispute: US ChamberREUTERS — BEIJING

The Phase 1 trade deal to be signed this week by China and the United States “stops the bleeding” but does not end the trade war, a senior US Chamber of Commerce official said on Monday, warning that signif-icant challenges remain.

Myron Brilliant (pictured), the chamber’s Executive Vice President, told a media briefings in the Chinese capital that there is “clearly a sigh of relief from both sides” with the agreement, expected to be signed on Wednesday in Wash-ington, and that the depth of the Phase 1 was more positive than initially thought.

“Implementation of Phase 1 will be important to building trust and certainty, building off the success of the negotiation,” said Brilliant, who said he had been briefed on the text of the accord but not seen it.

But while the Phase 1 accord “stops the bleeding”, he said. “at the same time it’s important that the two sides demonstrate a commitment to moving forward on the Phase 2 negotiations”.

Brilliant said there were “still significant challenges” given that core structural issues at the heart of the bilateral dispute remain largely unresolved. There was still much unfinished work to

do on tariffs still in place.The deal, initially reached

on December 13, was heralded by investors and business exec-utives as a way to de-escalate the 18-month bilateral trade dispute that has roiled global markets and stoked worries about a global recession.

But the United States has left in place tariffs on $370bn worth of Chinese imports and negotiations for a Phase 2 deal will probably touch on more difficult issues, including Chinese subsidies for state-owned firms and industrial pol-icies perceived to be creating an uneven playing field.

Some sceptics also question whether the Phase 1 deal can stick, partly due to the massive increase in US agricultural imports China would have to make as part of the terms that Washington says is part of the deal.

Sterling fell and government bond yields headed lower as financial markets priced in a 50% chance the Bank of England will cut interest rates on Jan. 30, after its next meeting.

French Economy and Finance Minister, Bruno Le Maire (left), and French Junior Minister for Digital Affairs, Cedric O, attend the signing of an official commitment by French institutional investors to fund small businesses in the technology sector at the Economy Ministry in Paris, yesterday.

Brazil sees US ban on beef imports as ethanol paybackBLOOMBERG — BRASÍLIA

Washington will likely take time to lift a ban on Brazilian fresh-beef imports amid frus-tration at the South American country’s decision to keep quotas on tariff-free imports of US ethanol, according to people familiar with talks in Brazil.

The breakdown in negoti-ations on fresh beef can be traced back to what’s seen as a failure from Brazilian officials to make good on a promise President Jair Bolsonaro per-sonally made to his counterpart Donald Trump during a trip to Washington, according to the people, who have direct knowledge of the talks and asked not to be named because the discussion isn’t public.

The US Department of Agriculture said in a statement issued through a spokes-woman that it is “completely

untrue” the department is continuing the beef ban in retaliation and said the measure is based “solely because of food safety and animal health concerns.” Bol-sonaro had pledged US ethanol would come into the country free of taxes, but later bowed to pressure from local producers. The news was relayed to US Agriculture Sec-retary Sonny Perdue by Bra-zil’s Agriculture Minister Tereza Cristina Dias during a telephone conversation in August, days before the quota was renewed, the people said.

During the call, Dias argued that removing ethanol tariffs would anger pro-agribusiness lawmakers just as Bolsonaro needed votes to approve an overhaul of the pension system, the cornerstone of his govern-ment’s economic agenda, the people said.

Goldman readies a hiring spree and capital to meet its China ambitions BLOOMBERG — HONG KONG

The news swept through Gold-man’s offices around China, changing everything.

On a Friday afternoon in late 2017, an official in Beijing announced that the world’s most populous nation would let Wall Street banks expand across its markets. Goldman had spent more than a decade waiting in frustration for that chance. Regional bosses including James Paradise and Todd Leland urgently worked the phones, pinning down details to inform headquarters in New York.

Since then, Goldman Sachs Group Inc. has spoken publicly only in broad strokes about its strategy for China as the gates come down this year. But inside the firm, a massive effort is taking shape. Three months ago, a team of executives presented a five-year plan for China to the board, calling for the bank to take control of a joint venture it

set up with a Chinese securities firm in 2004. Infused with hun-dreds of millions of dollars in new capital, the unit would embark on a hiring spree to double its workforce to 600 and ramp up a wide variety of businesses.

The strategy -- described by senior Goldman executives and others familiar with the plan -- shows how Chief Executive Officer David Solomon and President John Waldron are taking up the mantle once carried by former CEO Hank Paulson, betting China will finally make the world’s second-largest economy a more level playing field for foreign investment banks. Last year, they traveled to China seven times to meet senior officials, laying the groundwork. Another round of visits is set for 2020.

“We’re increasingly opti-mistic that we’re going to have the opportunity to actually move more in the right direction,

maybe even faster than we thought,” Waldron said in an interview last week. “If you’re going to have a successful business in China, you need to have an appropriate relationship with the government because so much happening in China relates to the government.”

Global investment banks have been stymied from expanding in China amid its eco-nomic rise this century. Its laws required foreign firms do local securities business through joint ventures with Chinese partners, who kept controlling stakes. That put U.S. and European firms in the uncomfortable position of risking their capital without the final say on strategy or deals.

Now, a growing number of banks are seeking permission to take over those entities. Goldman applied in August to increase its stake in Goldman Sachs Gao Hua Securities Co. to 51 percent from 33 percent. Internally, executives talk about

owning the entire business as soon as possible.

China is opening at a key moment for Goldman, offering the bank another frontier as it faces mounting pressure to find ways to boost revenue. Analysts estimate the bank will confirm this week that revenue fell in 2019. It’s expected to brief investors on its broader strategy in coming weeks.

Still, its plan to ambitiously ramp up the venture is striking after a decade in which top exec-utives said they didn’t want to “overinvest” in winning investment banking mandates from China amid its restrictions.

In that time, JPMorgan Chase & Co. and UBS Group Inc. both established a larger presence than Goldman inside the country.

Goldman intends to add to its advisory, markets and mer-chant banking operations on the mainland. And in a twist, its executives are especially excited about what Waldron calls the potential for “gigantic” growth in its nascent business of tending wealth there. “The biggest opportunity in China is actually not in investment banking,” he said. “The biggest opportunity in China is to be an asset manager for all the savings.”

Goldman Sachs President John Waldron

AMP Capital raises $3.4bn for latest infrastructure fundBLOOMBERG — NEW YORK

AMP Capital has raised $3.4bn for a new global infrastructure fund, exceeding its target as money pours into the burgeoning sector.

The fund, which had an initial target of $3bn, “is a significant step in the global growth of our infrastructure business,” Boe Pahari, global head of infrastructure equity at Sydney-based AMP Capital, said in an emailed statement. “Our approach brings private equity-style rigor to infrastructure investing, influencing and delivering on business per-formance, and ensuring the provision of high-quality essential services.”

The vehicle, known as AMP Capital Global Infra-structure Fund II, raised capital from more than 60 institutional cl ients including family offices. Its pension and sovereign wealth fund backers include PensionDanmark, Kempen Private Markets Fund, West Yorkshire Pension Fund and Ilmarinen Mutual Pension Insurance Co., according to disclosures and data compiled by Bloomberg.

06 TUESDAY 14 JANUARY 2020BUSINESS

QATAR STOCK EXCHANGE

Walmart expands its robotic workforce to 650 additional storesBLOOMBERG — NEW YORK

Walmart Inc.’s robot army is growing. The world’s largest retailer will add shelf-scanning robots to 650 more US stores by the end of the summer, bringing its fleet to 1,000. The six-foot-tall Bossa Nova devices, equipped with 15 cameras each, roam aisles and send alerts to store employees’ handheld devices when items are out of stock, helping to solve a vexing problem that costs retailers nearly a trillion dollars annually, according to researcher IHL Group.

The new robots, designed by San Francisco-based Bossa Nova Robotics Inc., join the ranks of Walmart’s increasingly auto-mated workforce which also includes devices to scrub floors, unload trucks and gather online-grocery orders. They’re part of Chief Executive Officer Doug McMillon’s (pictured) push to reduce costs, improve store per-formance and gain credibility as a technology innovator as it battles Amazon.com Inc. Walmart says the shelf-scanners can reduce tasks that once took as long as two weeks into a twice-daily routine.

“It speeds up the entire cycle,” John Crecelius, Walmart’s senior president of store inno-vations, said in an interview.

Customers gawked when Walmart put the first Bossa Nova robot in a store in rural Penn-sylvania in 2016. Some thought they were anti-theft devices, while others tried to talk to the bots. Kids hugged it, smearing fingerprints on the expensive cameras. Now, they’re a more common sight inside some

stores, while rival robots perform tasks in the aisles of competing grocery chains such as Giant Eagle, Schnucks and Stop & Shop.

NCR Corp., which has sup-plied Walmart with cash registers and self-checkout kiosks for years, will handle the installation and upkeep of the Bossa Nova machines. David Wilkinson, NCR’s senior vice president and general manager for retail, said he expects robots will be in “the

majority” of Walmart’s 4,750 U.S. stores one day. But they might not all be from Bossa Nova: Walmart has also tested a shelf-scanning device made by Badger Technologies in a Kentucky store. Bossa Nova, meanwhile, has done some tests with Walmart rival Albertsons Cos.

Walmart’s Crecelius declined to give details about how much the robots have reduced out-of-stock products, saying only that the metric has improved, with the devices traveling a total of 50,000 miles, scanning a million aisles and 500 million products. Simbe Robotics, which makes a com-peting device, claims that its robots can cut out-of-stock items by as much as half and trim labor costs as well.

The potential savings, however, has many retail employees spooked. On message boards frequented by shelf-stockers and other rank-and-file

associates, the robots are often referred to as “the job stealers,” usually with an expletive thrown in. They have reason to worry: A May report from consultants at McKinsey & Co. found that about half of all retail activities can be automated with existing technology.

Walmart, for its part, has consistently claimed that its robots lead to the redeployment of employees to less mundane roles, not job eliminations. It’s clear, however, that the robot fleet is growing and it’s getting smarter: Bossa Nova’s newest model has an additional camera and can also look down to scan fresh produce racks, something the current crop can’t do.

It’s also a bit thinner, to help it stay out of the way of shoppers. “We’re going out of our way to get out of their way,” Bossa Nova co-founder and Chief Technology Officer Sarjoun Skaff said.

Auto industry cautious as China starts 2020 with forecast of a 2% sales declineREUTERS — BEIJING/SHANGHAI

Automakers in China need to get used to a new normal of “low speed growth” in the world’s largest car market, the country’s top auto body said on Monday, as it reiterated predic-tions that sales will likely shrink for the third consecutive year in 2020.

The China Association of Automobile Manufacturers (CAAM) expects a 2 percent fall in vehicle sales. That would compare with an 8.2 percent drop last year, when sales were pressured by new emission standards in a shrinking economy also contending with tit-for-tat import tariffs with the United States.

CAAM, affirming its forecast announced last month, also said auto sales declined for the 18th consecutive month in December. Annual sales started falling in 2018, by 2.8 percent, halting a growth march that had started in the 1990s.

Industry watchers, though, are hoping a sales recovery in lower-tier cities, and an easing of trade tensions between China and the United States, can help ease the decline.

“We have moved away from the high-speed devel-opment stage. We have to accept the reality of low-speed development,” Shi Jianhua, a senior official at CAAM, told a news briefing.

“We had high-speed growth for a consecutive 28

years, which was really not bad, so I hope everyone can calmly look at the market.” Sales of new energy vehicles (NEV) sank 27.4 percent in December, resulting in an overall 4% decline to 1.24 million units in 2019. China’s NEV sales jumped 62 percent in 2018 but a subsidy cut hurt sales last year.

When asked if the industry could sell 2 million NEVs this year, a target originally set by China’s industry ministry in 2017, CAAM’s assistant sec-retary general, Xu Haidong, said this was “not possible”.

NEV sales for 2020 would likely “stay at the same level or slightly increase” versus last year, Xu said. Global auto-makers have been cautious with their predictions after cutting production, shutting factories and firing staff last year.

Executives at automakers such as Geely and Ford Motor Co partner Chongqing Changan Automobile Co Ltd have said they expect fiercer competition to weed out weaker players.

Yesterday, Ford said its China auto sales slumped more than a quarter in 2019 for a third year of decline. The latest fall, however, was slower than the 37 percent weathered in 2018, and the automaker said it saw its market share stabilise in the high-to-premium segment.

It remained cautious about 2020, echoing bearish com-ments on China’s market from General Motors Co.

QE Index 10,567.61 0.56 %

QE Total Return Index 19,445.29 0.56 %

QE Al Rayan Islamic Index -

Price 2,322.00 0.24 %

QE Al Rayan Islamic Index 3,953.66 0.24 %

QE All Share Index 3,140.94 0.71 %

QE All Share Banks &

Financial Services 4,330.98 1.01 %

QE All Share Industrials 2,908.07 0.09 %

QE All Share Transportation 2,556.44 0.48 %

QE All Share Real Estate 1,573.36 0.16 %

QE All Share Insurance 2,769.51 1.78 %

QE All Share Telecoms 880.72 0.03 %

QE All Share Consumer

Goods & Services 8,650.75 0.87 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

13-01-2020Index 10,567.61

Change 58.85

% 0.56

YTD% 1.36

Volume 120,346,842

Value (QAR) 298,696,281.96

Trades 5,945

Up 30 | Down 14 | Unchanged 03

12-01-2020Index 10,508.76

Change 64.4

% 0.62

YTD% 0.8

Volume 57,716,185

Value (QAR) 144,103,461.35

Trades 3,027

EXCHANGE RATE

GOLD QR182.3535 grammeSILVER QR2.1124 per gramme

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

All Ordinaries 7020.2 -21.7 -0.31 7046.2 6789.4

CAC 40 Index/D 6053.72 16.61 0.28 6071.66 5955.25

DJ Indu Averg/D 28823.77 -133.13 -0.46 29009.07 23765.24

Hang Seng Inde/D 28954.94 316.74 1.11 28883.3 27857.73

ISEG Overall/D 7260.62 -13.57 -0.19 7385.53 7086.93

KSE 100 Inx/D 43218.67 11.62 0.03 #N/A #N/A

S&P 500 Index/D 3265.35 -9.35 -0.285522 3275.58 3214.64

Currency Buying (QAR) Selling (QAR)

US$ 3.6305 3.6500

Pound Sterlig 4.6973 4.7626

Swiss Frnac 3.7239 3.7765

Japanese yen 0.03285 0.03349

Australian Dollar 2.4909 2.5399

Canadian Dollar 2.7644 2.8182

Indian Rupee 0.051 0.052

Pakistan Rupee 0.0233 0.0238

Philipine Peso 0.0715 0.073

Bangala Takka 0.0425 0.0434

Sri lanka Rupee 0.0199 0.0203

Nepalese Rupee 0.0318 0.0325

South African Rand 0.251 0.2561

Euro 4.0258 4.0818