business · 2018-12-05 · 02 business thursday 6 december 2018 qc chairman: ‘made in qatar’...

6
BUSINESS Thursday 6 December 2018 PAGE | 02 PAGE | 05 QC Chairman: ‘Made in Qatar’ opens new horizons IMF’s Lagarde urges US, others to reject ‘dystopian’ path Moody’s Outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system showed stability in all the seven components of credit drivers, including operating environment, asset risks, capital, profitability & efficiency, funding & liquidity and government support. Qatar is among the two countries in the region which ticked all these boxes as ‘stable’ in Moody’s Outlook for the GCC Banks. Qatar banks’ outlook for 2019 remains stable: Moody’s SATISH KANADY THE PENINSULA With improving operating con- ditions, solid loan performance and strong capital, Qatar banks have stable outlook for 2019. Moody’s Outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system showed stability in all the seven components of credit drivers, including oper- ating environment, asset risks, capital, profitability & efficiency, funding & liquidity and gov- ernment support. Qatar is among the two countries in the region which ticked all these boxes as ‘stable’ in Moody’s Outlook for the GCC Banks. The rating agency noted Qatari banks are most reliant on confidence-sensitive foreign funding, along with Bahrain, in the region. The 2019 Outlook expresses the rating agency’s expectation of how banks’ cred- itworthiness will evolve over the next 12 to 18 months in the GCC. Current oil prices will support increased government spending, and stimulus packages such as Qatar FIFA 2022, and will underpin banks’ stable financial performance, said Nitish Bho- jnagarwala, Moody’s Vice Pres- ident - Senior Credit Officer. The Moody’s announcement yesterday coincides with a Bloomberg report that foreign investors are favouring Qatar over Saudi Arabia. Overseas institutional investors were net buyers of about $2.3bn of shares traded on Qatar bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg. “Foreign stock investors have made clear which side of the Saudi Arabia-versus- Qatar conundrum they favour, at least in 2018”, the report said. The rating agency expects GCC Banks’ nonperforming loans (NPLs) to stand at a still good 3 percent of total loans at the end of 2019. Profitability pressures are expected to ease, with net income to tangible assets remaining strong at around 1.5 percent to 2.1 percent. Governments’ willingness to support GCC banks remains high and their capacity to support is strong, with the exception of smaller GCC economies, such as Oman and Bahrain. Moody’s expects GCC real GDP growth next year to an average of around 3.3 percent, from 1 percent in 2017 driven by a return to rising oil production after production cuts in 2017- 2018. The economic recovery will benefit GCC banks. The report noted GCC banks’ loan performance will weaken but remain solid overall. Problem loans will continue to increase due to the lagging effect of the economic slowdown in previous years. “We expect nonper- forming loans to stand at a still- solid 3 percent of total loans at the end of 2019. Capital will remain a strength”, Moody’s ana- lysts noted. Moody’s expects tangible common equity of around 15 percent of risk-weighted assets for 2019. At these levels capital buffers can withstand sudden stress. Profitability pressures will ease. The ratings agency expects an average return on assets of around 1.5 percent for 2019 due to a modest pick-up in lending and the benefits of loan re-pricing in a rising interest- rate environment. Banks’ efficiency will remain high and stable, but provisioning needs may lift moderately. Funding pressures have reduced and will remain stable. Current oil prices and continued inter- national debt issuances by GCC sovereigns have reversed public- sector deposit outflows (aggregate deposits from the public sector make up around 30 percent of total deposits) and reduced the funding interde- pendence of GCC banking systems. Liquid assets will remain high (around 28 percent of total assets for 2019) relative to confidence-sensitive market funding. Liquidity coverage ratios will remain comfortable. Government willingness to support banks in a crisis remains high. Qatargas wins Sword and Globe of Honour awards for the fiſth consecutive year THE PENINSULA DOHA In recognition of its commitment to safety management and envi- ronmental management excel- lence, for the fifth consecutive year, Qatargas’ Commercial and Shipping Group was awarded the prestigious Sword of Honour and Globe of Honour by the British Safety Council. In the presence of Khalid bin Khalifa Al Thani, Qatargas Chief Executive Officer, Abdurrahman Al Mulla, Qatargas Shipping Manager, received the awards at a ceremony held in London. Qatargas is one of 10 organisa- tions worldwide that won the ‘double’ by being awarded both the Sword of Honour and Globe of Honour. Khalid bin Khalifa Al Thani said: “Qatargas is very proud to receive the Sword of Honour and the Globe of Honour awards for the fifth consecutive year. These prestigious awards are testament to the world-class standards we maintain at Qatargas, and most importantly, they recognise our commitment to operating safely, efficiently and reliably. On behalf of Qatargas, I would like to acknowledge the British Safety Council for promoting excellence in workplace health, safety and environmental management, and for bestowing this honour on Qatargas.” Mike Robinson, Chief Exec- utive of British Safety Council, said: “The awards recognise and reward the organisations that have reached the pinnacle of health and safety, or environ- mental management. This is such a significant achievement because it also requires an organisation to demonstrate how they intend to continually improve in specific aspects of health, safety and environ- mental management.” Lawrence Waterman, Chairman of British Safety Council, said: “The award winners have set an example of excellence in the management of health, safety and environ- mental risk worldwide, further strengthening the case for good health and safety at work. We should remember, however, that the management of health and safety is not only about accident prevention. For a company to be truly successful and for its employees to be engaged, com- mitted and happy, it must create conditions where people are able to thrive at work. This is the true meaning of wellbeing and it’s our industry’s goal for the future.” FROM RIGHT: Khalid bin Khalifa Al Thani, Qatargas CEO; Abdurrahman Mohamed Al Mulla, Shipping Manager; and Alaa Abu Jbara, Chief Operating Officer – Commercial and Shipping, at the Sword and Globe of Honour Awards ceremony in London. Foreign flows favour Qatar over Saudi stocks BLOOMBERG DUBAI Foreign stock investors have made clear which side of the Saudi Arabia-versus-Qatar conundrum they favour, at least in 2018. Overseas institutional investors were net buyers of about $2.3bn of shares traded on Doha’s bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg. Inflows have picked up in Qatar this year after several large-cap companies announced they were easing limits on foreign ownership, prompting an adjustment of their weighting in benchmarks used by emerging-market fund managers. In Saudi Arabia, overseas investors were net buyers of as much as $3bn at a peak in June, but that figure fell to around $700m after a sell-off following the murder of news- paper columnist Jamal Khashoggi at the Saudi con- sulate in Istanbul in October. Earlier this week, Qatar announced it will withdraw from the Organization of Petroleum Exporting Coun- tries, just as Saudi Arabia out- lined plans for Russia to increase crude-market coop- eration with the group. While flows into Saudi stocks could pick up next year as the country joins emerging- market gauges compiled by FTSE Russell and MSCI Inc., which already include Qatar, geopolitics should continue to weigh on sentiment more for Riyadh trading than for Doha, according to Naeem Aslam, the chief market analyst at Think Markets UK in London. “Investors see that Qatar is still a stable area for investment,” Aslam said. “Going into 2019, the trend could very well continue because Saudi Arabia has itself been involved in a number of conflicts around its border and this doesn’t rep- resent stability at all.” MEEZA announces launch of Business Cloud platform THE PENINSULA DOHA MEEZA, Qatar’s prominent end- to-end Managed IT Services & Solutions Provider, announced the launch of its ‘Business Cloud’ Platform to enhance its existing cloud service offerings as part of its business expansion strategy. The Business Cloud platform will enable clients to subscribe and provision a wide range of products and services including Microsoft Office 365, Azure Public cloud services, Domain registrations and Managed Services hosted within MEEZA’s Qatar based Tier III Certified LEED Platinum Data Centre. The MEEZA Expansion team is also delighted to announce that in partnership with CloudBlue and Microsoft, the MEEZA Business Cloud is being used by Gulf Bridge Interna- tional (GBI) as part of its Digital Transformation program. On this collaboration, Ghada Philip El Rassi, Chief Executive Officer Expansion/Executive Board Member, MEEZA, said: “Building upon the local capa- bility and experience of MEEZA Qatar and our world class facil- ities, we are proud to launch one of the most unique and compre- hensive platforms that provides a central location for local, regional and international cus- tomers to subscribe to a wide range of products and services.” Isidoro Porquicho, Vice- President EMEA CloudBlue, said: “We live in an “as a service” world, and it’s exciting to see MEEZA leverage our CloudBlue platform and strategic alliance with Microsoft to better serve their customers and adopt and benefit from cloud-based services and solutions at a more rapid rate.” Lana Khalaf, Country General Manager, Microsoft Qatar, said: “The Fourth Indus- trial Revolution is upon us. This is the time for bold decisions that will shape our futures for years to come. Organizations that take the plunge into digital transformation, soon discover the power to engage customers, empower employees, optimize operations and reinvent products, services and business models. Gulf Bridge International will benefit greatly from its migration to MEEZA’s Business Cloud, gaining access to Microsoft’s trusted, secure and agile Azure platform, and the industry- leading productivity of solutions such as Office 365. Cost-savings, innovation, optimization and many other welcome milestones lie on the road ahead for GBI.”

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Page 1: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

BUSINESSThursday 6 December 2018

PAGE | 02 PAGE | 05QC Chairman:

‘Made in Qatar’ opens new

horizons

IMF’s Lagarde urges US, others to reject ‘dystopian’ path

Moody’s Outlook for ‘GCC Banks for 2019’

showed Qatar’s banking system showed

stability in all the seven components of credit

drivers, including operating environment, asset

risks, capital, profitability & efficiency, funding

& liquidity and government support. Qatar is

among the two countries in the region which

ticked all these boxes as ‘stable’ in Moody’s

Outlook for the GCC Banks.

Qatar banks’ outlook for 2019 remains stable: Moody’sSATISH KANADY THE PENINSULA

With improving operating con-ditions, solid loan performance and strong capital, Qatar banks have stable outlook for 2019.

Moody’s Outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system showed stability in all the seven components of credit drivers, including oper-ating environment, asset risks, capital, profitability & efficiency, funding & liquidity and gov-ernment support. Qatar is among the two countries in the region which ticked all these boxes as ‘stable’ in Moody’s Outlook for the GCC Banks.

The rating agency noted Qatari banks are most reliant on confidence-sensitive foreign funding, along with Bahrain, in the region. The 2019 Outlook expresses the rating agency’s expectation of how banks’ cred-itworthiness will evolve over the next 12 to 18 months in the GCC.

Current oil prices will support increased government spending, and stimulus packages such as Qatar FIFA 2022, and will underpin banks’ stable financial performance, said Nitish Bho-jnagarwala, Moody’s Vice Pres-ident - Senior Credit Officer.

The Moody’s announcement yesterday coincides with a Bloomberg report that foreign investors are favouring Qatar over Saudi Arabia. Overseas institutional investors were net buyers of about $2.3bn of shares traded on Qatar bourse this year, more than triple the foreign

flows into Riyadh, according to stock-exchange data compiled by Bloomberg. “Foreign stock investors have made clear which side of the Saudi Arabia-versus-Qatar conundrum they favour, at least in 2018”, the report said.

The rating agency expects GCC Banks’ nonperforming loans (NPLs) to stand at a still good 3 percent of total loans at the end of 2019. Profitability pressures are expected to ease, with net income to tangible assets remaining strong at around 1.5 percent to 2.1 percent.

Governments’ willingness to

support GCC banks remains high and their capacity to support is strong, with the exception of smaller GCC economies, such as Oman and Bahrain.

Moody’s expects GCC real GDP growth next year to an average of around 3.3 percent, from 1 percent in 2017 driven by a return to rising oil production after production cuts in 2017-2018. The economic recovery will benefit GCC banks.

The report noted GCC banks’ loan performance will weaken but remain solid overall. Problem loans will continue to increase due to the lagging effect of the economic slowdown in previous years. “We expect nonper-forming loans to stand at a still-solid 3 percent of total loans at the end of 2019. Capital will remain a strength”, Moody’s ana-lysts noted.

Moody’s expects tangible common equity of around 15 percent of risk-weighted assets for 2019. At these levels capital

buffers can withstand sudden stress. Profitability pressures will ease. The ratings agency

expects an average return on assets of around 1.5 percent for 2019 due to a modest pick-up in lending and the benefits of loan re-pricing in a rising interest-rate environment.

Banks’ efficiency will remain high and stable, but provisioning needs may lift moderately. Funding pressures have reduced and will remain stable. Current oil prices and continued inter-national debt issuances by GCC sovereigns have reversed public-sector deposit outflows (aggregate deposits from the public sector make up around 30 percent of total deposits) and reduced the funding interde-pendence of GCC banking systems. Liquid assets will remain high (around 28 percent of total assets for 2019) relative to confidence-sensitive market funding. Liquidity coverage ratios will remain comfortable. Government willingness to support banks in a crisis remains high.

Qatargas wins Sword and Globe of Honour awards for the fifth consecutive yearTHE PENINSULA DOHA

In recognition of its commitment to safety management and envi-ronmental management excel-lence, for the fifth consecutive year, Qatargas’ Commercial and Shipping Group was awarded the prestigious Sword of Honour and Globe of Honour by the British Safety Council.

In the presence of Khalid bin Khalifa Al Thani, Qatargas Chief Executive Officer, Abdurrahman Al Mulla, Qatargas Shipping Manager, received the awards at a ceremony held in London. Qatargas is one of 10 organisa-tions worldwide that won the ‘double’ by being awarded both the Sword of Honour and Globe of Honour.

Khalid bin Khalifa Al Thani said: “Qatargas is very proud to

receive the Sword of Honour and the Globe of Honour awards for the fifth consecutive year. These prestigious awards are testament to the world-class standards we maintain at Qatargas, and most importantly, they recognise our commitment to operating safely, efficiently and reliably. On behalf of Qatargas, I would like to acknowledge the British Safety Council for promoting excellence in workplace health, safety and environmental management, and for bestowing this honour on Qatargas.”

Mike Robinson, Chief Exec-utive of British Safety Council, said: “The awards recognise and reward the organisations that have reached the pinnacle of health and safety, or environ-mental management. This is such a significant achievement because it also requires an

organisation to demonstrate how they intend to continually improve in specific aspects of health, safety and environ-mental management.”

Lawrence Waterman, Chairman of British Safety Council, said: “The award winners have set an example of excellence in the management of health, safety and environ-mental risk worldwide, further strengthening the case for good health and safety at work. We should remember, however, that the management of health and safety is not only about accident prevention. For a company to be truly successful and for its employees to be engaged, com-mitted and happy, it must create conditions where people are able to thrive at work. This is the true meaning of wellbeing and it’s our industry’s goal for the future.”

FROM RIGHT: Khalid bin Khalifa Al Thani, Qatargas CEO; Abdurrahman Mohamed Al Mulla, Shipping Manager; and Alaa Abu Jbara, Chief Operating Officer – Commercial and Shipping, at the Sword and Globe of Honour Awards ceremony in London.

Foreign flows favour Qatar over Saudi stocksBLOOMBERG DUBAI

Foreign stock investors have made clear which side of the Saudi Arabia-versus-Qatar conundrum they favour, at least in 2018. Overseas institutional investors were net buyers of about $2.3bn of shares traded on Doha’s bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg.

Inflows have picked up in Qatar this year after several l a r g e - c a p c o m p a n i e s announced they were easing limits on foreign ownership, prompting an adjustment of

their weighting in benchmarks used by emerging-market fund managers. In Saudi Arabia, overseas investors were net buyers of as much as $3bn at a peak in June, but that figure fell to around $700m after a sell-off following the murder of news-paper columnist Jamal Khashoggi at the Saudi con-sulate in Istanbul in October.

Earlier this week, Qatar announced it will withdraw from the Organization of Petroleum Exporting Coun-tries, just as Saudi Arabia out-lined plans for Russia to increase crude-market coop-eration with the group.

While flows into Saudi

stocks could pick up next year as the country joins emerging-market gauges compiled by FTSE Russell and MSCI Inc., which already include Qatar, geopolitics should continue to weigh on sentiment more for Riyadh trading than for Doha, according to Naeem Aslam, the chief market analyst at Think Markets UK in London.

“Investors see that Qatar is still a stable area for investment,” Aslam said. “Going into 2019, the trend could very well continue because Saudi Arabia has itself been involved in a number of conflicts around its border and this doesn’t rep-resent stability at all.”

MEEZA announces launch of Business Cloud platformTHE PENINSULA DOHA

MEEZA, Qatar’s prominent end-to-end Managed IT Services & Solutions Provider, announced the launch of its ‘Business Cloud’ Platform to enhance its existing cloud service offerings as part of its business expansion strategy.

The Business Cloud platform will enable clients to subscribe and provision a wide range of products and services including Microsoft Office 365, Azure Public cloud services, Domain registrations and Managed Services hosted within MEEZA’s Qatar based Tier III Certified LEED Platinum Data Centre.

The MEEZA Expansion team is also delighted to announce that in partnership with CloudBlue and Microsoft, the MEEZA Business Cloud is being

used by Gulf Bridge Interna-tional (GBI) as part of its Digital Transformation program.

On this collaboration, Ghada Philip El Rassi, Chief Executive Officer Expansion/Executive Board Member, MEEZA, said: “Building upon the local capa-bility and experience of MEEZA Qatar and our world class facil-ities, we are proud to launch one of the most unique and compre-hensive platforms that provides a central location for local, regional and international cus-tomers to subscribe to a wide range of products and services.”

Isidoro Porquicho, Vice- President EMEA CloudBlue, said: “We live in an “as a service” world, and it’s exciting to see MEEZA leverage our CloudBlue platform and strategic alliance with Microsoft to better serve their customers and adopt and benefit from cloud-based

services and solutions at a more rapid rate.”

Lana Khalaf, Country General Manager, Microsoft Qatar, said: “The Fourth Indus-trial Revolution is upon us. This is the time for bold decisions that will shape our futures for years to come. Organizations that take the plunge into digital transformation, soon discover the power to engage customers, empower employees, optimize operations and reinvent products, services and business models. Gulf Bridge International will benefit greatly from its migration to MEEZA’s Business Cloud, gaining access to Microsoft’s trusted, secure and agile Azure platform, and the industry-leading productivity of solutions such as Office 365. Cost-savings, innovation, optimization and many other welcome milestones lie on the road ahead for GBI.”

Page 2: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

02 THURSDAY 6 DECEMBER 2018BUSINESS

QC Chairman: ‘Made in Qatar’ opens new horizonsQNA MUSCAT

Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al Thani (pictured) has said that “Made in Qatar” Exhibition in Muscat has opened new horizons for joint cooperation with Oman’s business community.

The QC Chairman said in a press statement that holding the 7th session of the exhi-bition in the Sultanate of Oman was the culmination of the distinguished relations between the private sector in the two countries, and reflects the true desire of business owners in both countries to establish joint trade and investment alliances.

The exhibition offers the suitable platform to discuss these alliances and bring business owners closer to further trade and investment cooperation, he said.

He said that the high turnout by the Omani busi-nessmen and the great inter-action with the joint business forum accompanying the exhi-bition reflected the strong desire of the business sectors of the two countries to enhance joint cooperation and transfer it to higher levels to enhance trade and investment exchange between the two countries.

The QC Chairman praised the great efforts by the Oman Chamber of Commerce which contributed to the success of

the exhibition and the accom-panying forum, pointing out that the exhibition has gained great attention from the business sectors in Oman as it represents an important platform for presenting the Qatari industries and dis-cussing bilateral cooperation in various fields of industry.

About 240 companies rep-resenting five industrial sectors: furniture and furnishings, pet-rochemical industries, small and medium industries, food and beverage industries and other industries, have participated in the exhibition.

He explained that “Made in Qatar” exhibition aims at pro-moting the Qatari industries and exploring the needs of the Qatari market in new industries that meet local demand and supports the Qatari industrial exports by encouraging Qatari busi-nessmen and foreign investors to establish industrial projects in Qatar and take advantage of the incentives provided by the State to encourage investment in industrial sectors.

QFC engages with French businesses at Qatar-France Business and Investment ForumTHE PENINSULA DOHA

The Qatar Financial Centre (QFC) participated in the Qatar-France Business and Investment Forum. Organised by the Qatari Busi-nessmen Association, Business France, the national trade and investment agency of France, the French Embassy in Qatar and MEDEF International, the French Business Confederation, the event focused on explaining the

mechanisms for investing in the French economy as well as high-lighting selected investment projects in France.

Prior to the event, the QFC hosted a delegation of French and Qatari businesses to explore potential bilateral investment opportunities and the unique advantages that the QFC platform offers to companies looking to expand to Qatar and the region.

Sheikha Alanoud bint Hamad Al Thani, Managing Director,

Business Development, QFC said: “As part of our mandate to attract foreign direct investment to Qatar, the QFC has always looked to further strengthen relations with our French partners. I am confident that the Forum has provided an inval-uable platform for fostering even more extensive partnerships.”

Sheikha Alanoud added: “Our commitment to continually enhancing our relations with the French market is also evident

through the roadshow we suc-cessfully hosted earlier this year in Paris, during which, we met with more than 100 French com-panies who expressed great interest in expanding to Qatar through the QFC’s platform and we will continue to work closely to develop these connections.”

Franck Gellet, Ambassador of France to Qatar, said: “We are delighted to welcome a dele-gation of more than 50 French corporations in Doha on the

occasion of the Qatar-France Business and Investment Forum – a precedent in Qatar. The rela-tions between France and Qatar have been developing all along the past fifty years on the basis of friendship, mutual trust and shared values and interests. French investments in Qatar have been on the rise, reflecting the dynamism and the level of commitment of French com-panies operating in Qatar, some of them for decades.

Some 200 French companies are working alongside public and private stakeholders such as the QFC on key projects in oil and gas, electricity and water, transport, urban development and other fields, assisting Qatar in achieving its goals, enshrined in the Qatar Vision 2030.”

The QFC is an onshore jurisdiction, allowing com-panies to operate in and from Qatar within the QFC legal and tax environment.

The QFC team members on the sidelines of Qatar-France Business and Investment Forum.

‘Sharkena’ receives nomination for Hermes Creative Awards 2018THE PENINSULA DOHA

The “Om Jassim & Om Saeed” Ad, a short animated film promoting “Sharkena, an innovative real estate product, will compete for t h e g l o b a l Hermes Creative Awards 2018, in the category of creative social networking ads which are made with 3D ani-mation technology.

The film invites female-land-owners to embrace the concept of real estate investment, and to use their real estate product, “Sharkena” to become a member of a long series of real estate partners who have benefited from real estate partners with SAK Holding Group.

The brand-new promo-tional film for “Sharkena” des-ignated “Om Jassim & Om Saeed” will compete for “Hermes Creative Awards” with many advertising and artworks selected from around the world as part of an annual interna-tional competition for inno-vators in the world of optics. An event organized and supervised by the “Association of Mar-keting and Communication Professionals”.

It is an international organization founded in 1994 in the United States for holding a fair independent, inexpensive, and open inter-national competition that includes several thousand professionals recognized for their integrity and profession-alism. They will judge pro-posed contributions from 200 categories: Printed media, public relations/communica-tions and electronics/social/interactive media, as well as individual creations and works such as ads, publications, web-sites and videos clips. In addition to strategy campaigns, multi-media sites, marketing &

communications programs, and emerging technologies

SAK Holding Group, under the guidance of Sheikh Thani bin Abdullah Al Thani, con-tinued to develop Sharkena until it rose to be unprece-dented fully integrated real estate solution. “Sharkena”, presents multiple solutions for a large segment of landowners allowing them to embark on the experience of real estate investment. It is based on entering into a partnership with landowners, who stand to benefit from transforming their vacant land into a lucrative investment project serving the best interests of the real estate investor, and giving him good investment returns in line with of the ongoing urban and real estate development in Qatar.

The film holds an open invi-tation to female-landowners in Qatar to contest the world of real estate investment. To join its long list of real estate partners, who benefited from Sharkena, which have pro-duced numerous successful investment real estate projects. This invitation addressed to this important segment of the society, is a high-tech 3-dimen-sional animated promotional ad. It features a dialogue between two female characters about all what female land-owners need to know about Sharkena and how owning a land suitable for building a real estate investment project will enable them to transform their land into a successful project that protects their future and the future of their families.

Palladium outshines gold for first time in 16 yearsREUTERS BENGALURU

Palladium is more valuable than gold for the first time since 2002, with prices soaring by around 50 percent in less than four months to record levels — just as gold failed to capitalise on some seem-ingly bullish scenarios.

A sustained supply deficit coupled with robust demand and rising interest from specu-lators have pushed prices of pal-ladium — used mainly in emis-sions-reducing catalysts for vehicles — from around $832 an ounce in mid-August to a high of $1,263.56 per ounce yesterday.

Palladium was trading at a premium of more than $25 an ounce to gold on Wednesday, in striking contrast to about two years ago when bullion was twice as expensive.

Gold is meanwhile stuck in the doldrums around $1,235, having largely lost out to the dollar this year as a US-China trade row escalated against a backdrop of rising interest rates.

Expectations that investors might turn to gold as a safe haven asset at a time of rising economic uncertainty and pro-tectionism have been dented.

“It (parity with gold) is fun-damentally justified. The market has been in sustained deficit and the effects of that are being borne out,” said Marcus Garvey, analyst at ICBC Standard bank.

Palladium’s gains this year have overshadowed platinum

as well, having overtaken its better-known sister metal last year. Both are primarily con-sumed by automakers for cata-lytic converter manufacturing, but platinum is more heavily used in the diesel vehicles that have fallen out of favour since the Volkswagen emissions-rigging scandal broke in 2015.

“Palladium is characterised by the strongest supply-demand backdrop across the major pre-cious metals,” precious metals consultancy Metals Focus said in a note. Supplies from major producers including Russia and South Africa are also not growing, analysts said.

Metals Focus said it expected global automotive palladium demand to achieve a new record high in 2018 of around 8.5 million ounces. Palladium, unlike platinum, has benefited from a switch to petrol engines and expectations for growth in hybrid electric vehicles, which

tend to be petrol-powered.This has helped the metal

largely ignore falling car sales across the globe, especially in China, the world’s largest auto market, where sales marked a fourth straight month of declines.

Longer term, though, wide-spread adoption of electric vehicles (EVs) could lead to reduced demand for both platinum and palladium in autocatalysts.

“Palladium seems to have been successfully marketed as the ‘go-to’ input in hybrids before the EV market share hits an inflection point,” analysts at Scotiabank wrote in a note.

Commerzbank said the rise in palladium prices was accom-panied by high speculative interest, reflected in the strong build-up of net long positions.

However, palladium’s strong run could run out of steam, as technical analysis charts show prices now moving into over-bought territory, which could enable gold to re-establish its premium over palladium, ana-lysts said. “It’s clearly reached a level where a question will be asked whether this move is jus-tified and that eventually will lead to some profit-taking,” Saxo Bank analyst Ole Hansen (pictured) said.

Investors favouring the dollar over gold has proved a double negative as a stronger greenback makes gold more expensive for buyers with other currencies, dampening demand.

China confident on US trade pactREUTERS SHANGHAI

China expressed confidence yesterday that it can reach a trade deal with the United States, a sentiment echoed by US President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.

The remarks, by the Chinese Commerce Ministry, follow a period of relative quiet from Beijing after Trump and Chinese leader Xi Jinping reached a temporary truce in their trade war at a meeting over dinner in Argentina on Saturday.

In a brief statement, the ministry said China would try to work quickly to implement specific items already agreed upon, as both sides “actively promote the work of negoti-ations within 90 days in accordance with a clear time-table and road map”.

“We are confident in implementation,” it said, calling the latest bilateral talks “very successful”.

The White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immedi-ately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

Sources said that Chinese oil trader Unipec plans to resume buying US crude by March.

10,589.98

-12.86 PTS

0.12%

QSE FTSE100 DOW BRENT6,921.84

−100.92 PTS

1.44%

25,027.07

−799.36 PTS

3.10% Dow & Brent before going to press

$53.01

-0.22

MarketWatch

Page 3: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

03THURSDAY 6 DECEMBER 2018 BUSINESS

Russia’s TASS news

agency quoted an

Opec source as

saying that Opec

and its allies were

discussing the idea of

reducing output next

year by reverting to

production quotas

agreed in 2016. Such

a move would mean

cutting production by

more than 1m b/d.

Opec, Russia move closer to cutting oil outputREUTERS VIENNA

Opec and Russia moved closer yesterday to agreeing cuts in oil production from next year despite pressure from US Pres-ident Donald Trump to reduce the price of crude.

Opec meets today in Vienna, followed by talks with allies such as Russia on Friday. Saudi Arabia has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met yes-terday. Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June.

Two Opec delegates said Russian Energy Minister Alex-ander Novak was flying back to Moscow to get a final agreement from President Vladimir Putin. Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at

least 1.3 million barrels per day, or 1.3 percent of global pro-duction. Riyadh wants Moscow to contribute at least 250,000-300,000 b/d to the cut but Russia insists the amount should be only half of that, Opec and non-Opec sources said.

Russia’s TASS news agency quoted an Opec source as saying that Opec and its allies were dis-cussing the idea of reducing output next year by reverting to production quotas agreed in 2016. Such a move would mean cutting production by more than 1m b/d. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to

A file picture of an employee turning a valve at the Hammar Mushrif new Degassing Station Facilities site inside the Zubair oil and gas field, north of the southern Iraqi province of Basra.

new US sanctions. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and frag-mented oil industry.

Oil prices have fallen by

almost a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

“Hopefully Opec will be

keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!” Trump wrote in a tweet yesterday.

Possibly complicating any Opec decision is the crisis around the murder of journalist Jamal Khashoggi at the Saudi consulate

in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh. “How can the Saudis cut substantially if Trump doesn’t want a big cut?” said Gary Ross, chief executive of US-based Black Gold Investors and a veteran Opec watcher.

“Trump is worried about the Fed and inflation. So he wants low prices now. Also if Saudis are obnoxious with a deep output cut, it will spur the Democrats in Congress to go more actively for the Nopec legislation and the withdrawal of US support for the Saudi-backed forces in the war in Yemen,” Ross said.

The Nopec legislation being discussed by US lawmakers could make it possible to sue Saudi Arabia and other Opec members for price fixing. Bob McNally, President of US-based Rapidan Energy Group, said Opec was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other.

“We think Opec will try to come up with a fuzzy production cut... It won’t be called a cut but will effectively mean a cut, which will also be difficult to quantify,” McNally said.

EU pushes for broader global use of euro to challenge dollarREUTERS BRUSSELS

The European Commission pub-lished yesterday non-binding proposals to boost the role of the euro in international payments and its use as a reserve currency to challenge the dominance of the dollar.

The move follows the decision by the United States to withdraw from an agreement with Iran on its nuclear pro-gramme. That has forced many European companies to stop trading with Iran to avoid US sanctions.

The European Commission called on companies and states to increase their use of the euro in energy contracts. It said it would study possible measures to promote the European Union currency in financial and com-modity markets.

“The decision to use a cur-rency is ultimately made by market participants,” the Com-mission acknowledged. The most effective way to widen the euro’s international role was to overhaul the 19-country cur-rency union and adopt financial reforms that have been blocked for years by conflicting national interests.

In the 20 years since its adoption, the euro’s interna-tional role reached its peak at

the beginning of the last decade. Its use dropped during the 2007-08 financial crisis.

The euro has not recovered since, and the dollar remains the currency most used in the world. Sixty percent of sovereign debt issuance and global foreign exchange reserves are in dollars. The euro is the second global currency, but its share of each market is just 20 percent.

The Commission admitted the dollar dominance was due to higher liquidity, lower trans-action costs and its use as a benchmark in commodities and derivatives markets - preroga-tives that can hardly be chal-lenged in the short term.

But it argued that a stronger euro would be positive not only for Europe but also for the wider world, which “would help improve the resilience of the international financial system”. “More than promotion, you need reforms, stability and convincing investors,” a senior central banker said, airing widespread doubts at the European Central Bank, the body in charge of the euro, over the Commission plan.

However, recent trade con-flicts and the use of the dollar as an instrument to force sanctions on Iran have raised concern in other countries about the dollar. That could contribute to a stronger role of the euro, EU

officials admit.The Commission pushed for

strengthening the euro’s role in international payments, where it holds a global share similar to the dollar, more than 35 percent.

The EU is the world’s largest energy importer with an average import bill of €300bn ($340bn), the Commission said, urging EU states to switch to a default use of the euro in future energy international agreements.

It said it would also consider moves to increase the use of the euro by aircraft manufacturers, such as France-based Airbus, and in commodities markets.

In the financial sector, the EU executive said it could propose extending the scope of derivative contracts that have to go through clearing houses in a bid to expand the market in euro-denominated financial products.

It said it would also explore measures to facilitate an ECB plan for a European instant payment system, which could challenge the dominance of US payment cards and the emerging financial role of US digital giants in payment services.

The plan was proposed by the ECB last week, but so far only eight mostly medium- or small-sized banks from Spain, Germany and France have signed up.

Investors recalibrate chances of Brexit reversalREUTERS LONDON

US investment bank J P Morgan said yesterday that the chances of Britain calling off its divorce from the European Union had increased after a string of humil-iating parliamentary defeats for Prime Minister Theresa May cast new doubt over her plan to quit the bloc and sent sterling higher.

Britain’s pro-Brexit trade min-ister Liam Fox also said it was now possible that Brexit would not happen. There was a real danger that parliament would try to “steal” Brexit from the British people, Fox told a parliamentary committee yesterday.

In one of the biggest shifts in perceptions since the shock 2016

vote to exit the EU, J P Morgan raised the probability of Britain ultimately staying in to 40 percent from 20 percent.

Ever since the referendum, investors have speculated that the United Kingdom’s biggest eco-nomic and political shift since World War Two could ultimately be thwarted, though it was unclear what the mechanism might be.

“The UK now appears to have the option of revoking uni-laterally and taking a period of time of its own choosing to decide what happens next,” J P Morgan economist Malcolm Barr (pictured) wrote in a note to clients. He placed a 10 percent probability on a no deal Brexit, down from 20 percent, and a 50 percent probability on an orderly

Brexit, down from 60 percent.Silvia Dall’Angelo, senior

economist at Hermes Investment Management, offered a similar view to J P Morgan’s assessment.

“Beyond the blows of defeat to the Prime Minister in the House of Commons yesterday, news from the European Court of Justice that the UK could uni-laterally reverse Article 50 makes a no Brexit a more real-istic option. The government has previously denounced this route, but the road to Brexit is becoming increasingly con-tingent on financial markets’ and businesses’ ability to push the government,” he wrote in a note.

Sterling, which has see-sawed on Brexit news since the referendum, touched a 17-month

low on Tuesday but recouped much of its overnight losses yes-terday as optimism grew that Britain may not leave the EU without a deal in place.

To leave the EU on the terms May has negotiated, she needs parliament to approve her deal. Yet that looks unlikely. A final

vote is due on December 11.If May loses, the future of the

world’s fifth-largest economy is uncertain. She has warned Britain could leave without a deal or that there could be no Brexit at all.

J P Morgan said a second ref-erendum appeared more likely than a general election as the route to thwarting Brexit.

Supporters of Brexit have said that if Brexit is reversed, the United Kingdom will be thrust into a constitutional crisis as what they say the financial and political elite will have thwarted the democratic will of the people.

But many business chiefs and investors fear a chaotic Brexit that they say would weaken the West, spook financial markets and silt up the arteries of trade.

A file picture shows people walking past a signboard of Huawei at CES Asia 2018 in Shanghai, China.

BT scrubs Huawei from 4G networkAFP LONDON

Britain’s largest mobile pro-vider revealed yesterday that it was stripping the equipment of China’s telecoms giant Huawei from its core 4G cellular network after similar moves by the United States and New Zealand.

BT’s announcement comes with Washington reportedly pushing its allies to shun Huawei equipment and tech-nology as they roll out next-gen-eration 5G platforms. It also follows a warning from the head of Britain’s MI6 foreign intelli-gence service about the potential threat Huawei poses to national and corporate security.

Huawei — one of the world’s largest mobile

equipment and service pro-viders — has long been under scrutiny over its allegedly close ties to China’s state intelligence services. Both Beijing and the company deny the link. BT said it has been in the process of removing Huawei equipment from instrumental parts of its 3G and 4G mobile networks since 2016.

It said in a statement that the decision was made “as part of network architecture principles in place since 2006”. “We’re applying these same principles to our current RFP (request for proposal) for 5G core infrastructure,” the British group added. “As a result, Huawei have not been included in vendor selection for our 5G core.”

German auto executives upbeat after meeting TrumpAFP WASHINGTON

Donald Trump met with exec-utives of Germany’s three top auto manufacturers late on Tuesday, amid efforts by Washington and Brussels to resolve the US president’s complaints about imbalanced trade in the sector.

After the talks, the exec-utives sounded optimistic about averting Trump’s threat to impose tariffs on auto imports. The White House said Trump had encouraged the automakers to produce more in the United States, where they are already sig-nificant manufacturers.

“The president shared his vision of all automakers pro-ducing in the United States and creating a more friendly business environment,” the White House said following the meeting.

In July, Washington and Brussels announced a truce in their tit-for-tat tariff battle after Trump threatened to impose duties on European auto imports, citing national security. Daimler CEO Dieter Zetsche, who knows the US well, as he used to live here and ran Chrysler, gave an upbeat assessment after Tuesday’s talks with Trump.

“I would say that this implicit potential threat (of tariffs) was reduced,” said Zetsche. He added, “there was a very positive, pleasant atmosphere.” Volkswagen chief executive Herbert Diess also expressed optimism.

“That’s basically why we are here -- to avoid the addi-tional tariffs, and I think we are on a good way.” Diess added, “I think we made a big step forward to avoid the tariffs.” BMW said the meeting had been “constructive” but that responsibility for international trade policy “rests solely with the relevant political institu-tions” — meaning Brussels will have the final say.

Earlier, Commerce Sec-retary Wilbur Ross had said the aim of the meeting was to pare down the $30bn trade deficit the US has with Germany in cars and auto parts, which amounts to half the $66bn total deficit with the European nation.

Page 4: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

04 THURSDAY 6 DECEMBER 2018BUSINESS

Global stocks tumble REUTERS LONDON

Global stocks tumbled to one-week lows yesterday, as declines by long-dated US bond yields and a renewal of trade concerns stoked fears of a downturn in the United States, the world’s largest economy.

US markets are closed to mark former President George H W Bush’s death, but the effect of Wall Street’s turmoil in the previous session, when New York-listed shares tumbled more than 3 percent, was felt in Asia and Europe. That pushed MSCI’s all-country index down 0.4 percent.

Tuesday’s declines came just a day after an equity surge driven by optimism that China and the United States would sort out their trade dispute. Then President Donald Trump threatened “major tariffs” on Chinese imports if his administration failed to reach an effective trade deal with Beijing.

“As I look into next year, most expectations for further gains have been pared back. Investors have gone from extended bullishness at the start of the year on equities to an uncom-fortable neutrality,” said Paul O’Connor (pictured), head of multi-asset at Janus Henderson.

Trump’s comments, alongside the drop in US stocks and bond yields, pushed Asian shares outside Japan 1.5 percent lower. Shanghai markets fell 0.6 percent, their losses

limited by Chinese officials expressing confidence that a trade deal would be clinched on time. But European losses were trimmed as the session continued, with a pan-European index down 0.75 percent by 1145 GMT compared with falls of over one percent earlier.

Global equities have been shaken by fears of a recession, fanned by the flattening US Treasury yield curve — a phenomenon in which longer-dated debt yields fall faster than their shorter-dated counter-parts. Such an inversion of two-year and 10-year yields, when 10-year bonds yield less than their two-year debt, has preceded every US recession in the past 50 years.

“The market decline in the US overnight and the flattening of the yield curve reflect that economic growth momentum is taking over as the primary concern for investors,” Tai Hui, a strategist at J.P. Morgan

Asset Management told clients. So far, 10-year yields are clinging to an 11-basis-point margin over the two-year, although it was the smallest one in over a decade.

The flattening of the curve gained momentum after last week’s signal by the Federal Reserve that it may be nearing an end to its three-year rate-increase cycle. It has spread to the euro zone, where the German 2-10 yield curve hit its flattest since mid-2017 at 85.70 basis points.

German 10-year yields slipped to six-month lows of 0.247 percent before rising back to 0.259 percent.

Italian bonds extended their rally, with two-year yields falling 10 bps to 4 1/2-month lows after a cabinet official raised hopes that the gov-ernment could cut nearly four billion euros from its 2019 budget plans.

Markets are also bracing for more news on the Brexit front. British Prime Minister Theresa May suffered embarrassing defeats on Tuesday, the start of five days of par-liamentary debate over her plans to leave the European Union.

The pound rose off 17-month lows of $1.2659 hit on Tuesday to around $1.2780, up 0.3 percent on the day, amid creeping optimism that Britain could opt to stay in the EU after all.

The threat of slowing economic activity also weighed on oil prices, but Brent futures trimmed losses to stand 0.4 percent lower at $61.8 per barrel. It had earlier fallen more than 1 percent.

Dollar steadies as hit from fears of US recession easesREUTERS NEW YORK

The dollar steadied yesterday, as the boost to the euro and the yen from worries about a possible US recession fol-lowing an inversion in part of the US Treasury yield curve faded.

The greenback rose 0.32 percent against the Japanese yen and the euro gave up all its early gains to trade down 0.04 percent against the dollar.

The U.S. currency fell broadly earlier this week after a thaw in trade tensions between Washington and Beijing sapped demand for the safe-haven greenback. The currency also came under pressure after the US bond market sent worrisome signs about economic growth.

The difference between short-dated and long-dated US Treasury yields nar-rowed on Tuesday as the inversion of the yield curve spread between more matu-rities, prompted by worries about a slowdown in US economic growth.

Still, lingering uncertainty regarding China and the United States’ ability to resolve their trade war provided some support to the greenback.

“The US dollar is caught in the cross currents of safe-havens flows, as global stock markets remain volatile, and investors’ realignment of Fed rate hike expectations in 2019,” Dean Popplewell, vice president of market analysis at OANDA in Toronto, said in a note.

On Tuesday, the futures market

implied traders expect the US central bank to raise interest rates at its next policy meeting, on December 18-19, but they have scaled back their expecta-tions of two rate hikes in 2019 to less than 10 percent, down from 59 percent a month ago. The euro, which initially rose following a Reuters report that European Central Bank policymakers are exploring ways to withdraw stimulus in 2019, soon gave up those gains.

“Upside for the euro is perceived as limited given mounting evidence of a weakening euro zone economy which is raising an already elevated bar for the European Central Bank to lift borrowing rates from crisis lows,” Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington, said in a note.

Businesses across Europe hit the brakes last month as a manufacturing slowdown in the euro zone spread to its dominant service industry, while Brexit uncertainty hammered British com-panies, surveys showed.

“We are on the side that thinks dollar is up for some losses as others recover, but without the fundamentals being there, like GDP and PMI expanding consistently, there is not clear end in sight for dollar domi-nance,” said Juan Perez, senior currency trader with Tempus Inc in Washington.

The Australian dollar slumped 0.93 percent against the greenback as disap-pointing economic data further dimmed the chance of a rise in rates.

QATAR STOCK EXCHANGE

QE Index 10,589.98 0.12 %

QE Total Return Index 18,658.36 0.12 %

QE Al Rayan Islamic

Index - Price 2,473.02 0.83 %

QE Al Rayan Islamic Index 4,012.53 0.83 %

QE All Share Index 3,138.66 0.15 %

QE All Share Banks & Financial Services 3,873.93 1.15 %

QE All Share Industrials 3,360.46 0.89 %

QE All Share Transportation 2,148.16 0.30 %

QE All Share Real Estate 2,153.58 1.49 %

QE All Share Insurance 3,048.90 0.05 %

QE All Share Telecoms 1,064.23 0.62 %

QE All Share Consumer

Goods & Services 6,912.06 0.41 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

05-12-2018Index 10,589.98 Change 12.86 % 0.12 YTD% 24.25 Volume 10,018,432 Value (QAR) 288,360,470.79 Trades 5,616 Up 25 | Down 12 | Unchanged 0404-12-2018Index 10,602.84Change 151.51% 1.45YTD% 24.40Volume 11,431,493Value (QAR) 373,904,998.93Trades 6,460

EXCHANGE RATE

GOLD QR145.2430 grammeSILVER QR1.7002 per gramme

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

All Ordinaries 5749.1 -48.4 -0.83 6481.3 5675.9

Cac 40 Index/D 4967.79 -44.87 -0.9 5657.44 4894.3

Dj Indu Average 25027.07 -799.36 -3.1 26951.81 23344.52

Hang Seng Inde/D 26819.68 -440.76 -1.62 33484.08 24540.63

Iseq Overall/D 5722.03 20.32 0.36 7257.41 5701.71

Kse 100 Inx/D 39303.11 -299.76 -0.76 47144.12 36274.25

S&P 500 Index/D 2700.06 -90.31 -3.236488 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6224 QR 4.6877

Euro QR 4.1098 QR 4.1669

CA$ QR 2.7178 QR 2.7713

Swiss Fr QR 3.6280 QR 3.6788

Yen QR 0.03196 QR 0.03258

Aus$ QR 2.6335 QR 2.6849

Ind Re QR 0.0512 QR 0.0522

Pak Re QR 0.0256 QR 0.0266

Peso QR 0.0685 QR 0.0698

SL Re QR 0.0201 QR 0.0205

Taka QR 0.0430 QR 0.0439

Nep Re QR 0.0320 QR 0.0326

SA Rand QR 0.2624 QR 0.2676

Page 5: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

05THURSDAY 6 DECEMBER 2018 BUSINESS

The Managing Director

of the Washington-

based global crisis

lender issued yet

another plea to

governments, notably

the United States,

to back away from

protectionism and

confrontation.

IMF’s Lagarde urges US, others to reject ‘dystopian’ pathAFP WASHINGTON

Countries that go it alone and fail to adapt to new economic real-ities could face a “dystopian” future where an angry majority is left behind, IMF chief Christine Lagarde (pictured) warned late on Tuesday.

She urged world leaders to remember the lesson of the global recession that followed the 2008 financial crisis: “Inter-national cooperation is essential, not optional.”

The Managing Director of the Washington-based global crisis lender issued yet another plea to governments, notably the United States, to back away from pro-tectionism and confrontation.

At a time when US President

Donald Trump is engaged in global trade conflict that the IMF says puts world economic growth at risk, Lagarde said she is pleased by the “significant progress” over the weekend to defuse the US-China trade dispute.

But asked about the sharp decline in US stock markets — which fell more than three percent due to concerns over the trade war and the impact on the economy — Lagarde urged patience. “Com-pared to what we’ve gone through it’s progress,” she said.

Lagarde delivered her message about the need for global economic cooperation wrapped in praise for the key leadership role the US plays in the world.

In the economic prosperity that followed World War II, “We learned from the past, got

creative, and changed for the better,” she said in a lecture at the US Library of Congress.

“None of this would have been possible without the United States. This country challenged the international economic order when it needed challenging. It forged compromise when com-promise was necessary.” And it

was in the US interest to take a leading role because “a stronger and more stable world paid div-idends for the US,” she said.

“This success did not come at the expense of other nations,” Lagarde said. “On the contrary. This country’s collaborative leadership paved the way not only for decades of opportunity

here in America, but also for growth that spread across the world.” That contrasts sharply with Trump’s “America First” rhetoric and his view of trade as a zero-sum game in which imports equate to countries taking money out of the country.

Policies like that could lead to an “age of anger,” where ine-quality soars and millions are left behind, Lagarde cautioned. Much of the anger erupting worldwide and the economic anxiety “is a legacy of the crisis,” she said in response to a question.

In Britain, it was channeled into fear of foreigners and led to Brexit, but she said there is “more regret in the UK than there was only six months ago,” as the con-sequences of leaving the European Union become apparent.

To avoid the “dystopian sce-nario,” countries must adapt, improving cooperation among governments, to strengthen oversight, reduce corruption and reform tax collection. That will free up resources to improve infrastructure and education.

That also means fixing the trading system to reduce ten-sions, including getting rid of subsidies and protecting tech-nology -- issues Trump has com-plained about.

The rapidly changing global economy offers “a fundamental choice: Stand still and watch discord and discontent bubble over into conflict, or move forward,” Lagarde said. “Because more than ever before, what happens in one nation can impact all nations.”

Maersk aims to be CO2 neutral by 2050REUTERS COPENHAGEN

Maersk, the world’s biggest con-tainer shipper, aims to be carbon neutral by 2050, in a challenge to the rest of the world’s fossil fuel-dependent fleet.

Denmark’s Maersk said yes-terday that it aimed to have carbon neutral vessels commer-cially viable by 2030 by using energy sources such as biofuels and would cut its net carbon emissions to zero by 2050.

The shipping industry, which carries around 80 percent of global trade, accounts for 2.2 percent of CO2 emissions, the UN’s International Maritime Organization (IMO) says.

But along with aviation, it avoided specific emissions-cutting targets in a 2015 global

climate pact which aims to limit a global average rise in temper-ature. However, the United Nations shipping agency reached an agreement in April to cut CO2 emissions by at least 50 percent by 2050 compared with 2008 levels.

“The only possible way to achieve the so-much-needed decarbonisation in our industry

is by fully transforming to new carbon neutral fuels and supply chains,” Maersk’s Chief Oper-ating Officer Soren Toft (pic-tured) said. Given the 20-25 years lifetime of a vessel, the industry would now have to start developing new types of ships that will be crossing the seas in 2050, Maersk said.

Last year, Maersk’s green-house gas emissions amounted to almost 35.5 million tonnes of CO2 equivalent, mostly from its container business, Maersk’s sustainability report shows.

Maersk said CO2 emissions per container had been reduced by 46 percent since 2007. Denmark and Britain are the top countries when it comes to implementing measures to fight climate change, although Britain has lagged in phasing out fossil fuel subsidies.

India keeps interest rates on hold as growth slowsAFP MUMBAI

India’s central bank kept interest rates unchanged yesterday after Asia’s third-largest economy slowed ahead of elections next year. The Reserve Bank of India (RBI) said the benchmark repo rate — the level at which it lends to commercial banks — would remain at 6.50 percent.

It was the second meeting in a row that the bank has kept borrowing rates stable following two rises this year. The decision was “consistent with the stance of calibrated tightening of mon-etary policy in consonance with the objective of achieving the

medium-term target for con-sumer price index (CPI) inflation of 4 percent”, the bank said.

India last week reported slowing economic growth, expanding 7.1 percent in the July-to-September quarter, down from 8.2 percent in the previous period.

Analysts say India needs to regularly record growth of at least

eight percent to generate employment for the millions entering the workforce each year.

Inflation remains tame however, easing to 3.31 percent in October. The slowdown in growth was on the back of a liquidity crunch in the banking system, linked to problems in the shadow banking sector, hitting investment.

Another hike in interest rates could have exacerbated the crunch ahead of general elections expected in April or May next year. Sujan Hajra (pic-tured), economist at Mumbai-based Anand Rathi Securities, said that he expected rates to be kept on hold until the vote.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Aanakallan (2D/Malayalam) 2:00pm 2.0 (2D/Hindi) 2:15pm; 5 Weddings (2D/Comedy) 5:00pm Mortal Engines (2D/Action) 4:45, 7:00 & 11:30pm; Widows

(2D/Crime) 7:00 & 9:15pm; Cats (2D/Animation) 2:15pmZoo (2D/Adventure) 3:45pmBernie The Dolphin (2D/Adventure) 5:30pm Ben Is Back (2D/Drama) 7:15pm; Green Book (2D/ Comedy)

9:15pm; Kedarnath (2D/Hindi) 9:15 & 11:30pm2.0 (2D/Tamil) 11:30pm

Aanakallan (2D/Malayalam) 2:15 & 11:00pm Cats (2D/Animation) 2:15pm2.0 (2D/Tamil) 2:30 & 8:15pm2.0 (2D/Hindi) 5:15pmZoo (2D/Adventure) 3:45pmKedarnath (2D/Hindi) 5:00 & 9:00pmBernie The Dolphin (2D/Adventure) 5:30pmBen Is Back (2D/Drama) 7:15pmMortal Engines (2D/Action) 9:15 & 11:30pm5 Weddings (2D/Comedy) 7:15pmThe Possession Of Hannah Grace (2D/Horror) 11:30pm

Bernie The Dolphin (2D/Adventure) 2:30pm; Zoo (2D/

Adventure) 4:15pm; 2.0 (3D/Hindi) 6:00pm; Mortal Engines (2D/Action) 8:45pm; 2.0 (3D/Tamil) 11:15pmKedarnath (2D/Hindi) 3:00 & 11:30pm; Wedy Atkalam –

Kuwaiti (2D/ Arabic) 5:30pm; Whitney (2D/ Biography)

7:00pm; Green Book (2D/ Comedy) 9:15pm

2.0 (2D/Hindi) 3:15pm, 6:00pm11:30pm & 1:30am; 2.0 (2D/

Tamil) 11:15am, 12:30, 2:00pm, 3:15, 4:45, 7;30, 8;45, 10:30pm & 1:30am; Kedarnath (2D/Hindi) 6:00 & 11:00pm; Aanakallan (2D/

Malayalam) 1:00, 3:45, 6:30, 8:30, 9:15pm, 12:00am & 2:45am

Mortal Engines (2D/Action) 12;30, 6:00 & 11:30pm2.0 (2D/Hindi) 11:00am, 5:00 & 11:00pmAanakallan (2D/Malayalam) 12:00, 6:00 & 12:00 midnight.Kedarnath (2D/Hindi) 3:15 & 8:45pm2.0 (2D/Tamil) 2:00 & 8:00pmEvanakku Engeyo (2D/Tamil) 3:00 & 9:00pm

Aanakallan (2D/Malayalam) 9:00pm & 0:10am Ben Is Back (2D/Drama) 3:50, 4:00 6:10, 9:00, & 11:10 pmBernie The Dolphin (2D/Adventure) 12:30 & 4:30pmCreed II (2D/Drama) 1:10 & 11:15pm; Kedarnath (2D/Hindi)

8:30pm; Mortal Engines (2D/Action) 10:30am, 6:15, 1:20, 4:00, 6:50, 9;30pm & 0:15am; Ralph Breaks The Internet: Wreck It

Ralph 2 (2D/Animation) 2:30 & 6:50pm; 2.0 (2D/Hindi) 4:30, 7:30 & 10:30pm; 2.0 (2D/Tamil) 10:30am; 2.0 (2D/Telugu) 1:30pm

Aanakallan which marks the second directorial of Ivan Maryadaraman fame Suresh Divakar. The film which is touted to have Biju Menon in the role of a thief.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

2.0 (2D) 3:15, 5:00, 6;20, 9:25, 11:20pm & 0:30am2.0 (3D) 4:00, 7:10, 8:10 & 10;20pmCreed II (2D/Drama) 11:30am, 12:35, 1:40, 2:15, 4:20, 5:30, 7:00, 8;10, 9:40, 10;50pm & 0:20amDetective Conan: Zero The Enforcer (2D/Action) 2:00, 4:20pmThe Possession Of Hannah Grace (2D/Comedy) 1:20, 3:45, 8:50 & 11:15pmThe Girl In The Spider’s Web (2D/Crime) 3:00, 6:40, 9:05pm & 0:20amRalph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 1:35, 3:10, 5:20pmRobin Hood: Origins (2D/Action) 5:20, 7:40 & 10:00pm

AANAKALLAN

Page 6: BUSINESS · 2018-12-05 · 02 BUSINESS THURSDAY 6 DECEMBER 2018 QC Chairman: ‘Made in Qatar’ opens new horizons QNA MUSCAT Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim

06 THURSDAY 6 DECEMBER 2018CLASSIFIEDS

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REGENCY RESIDENCE ALSADD 3 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ��������������������������������������������� ��������������������� �������� � � ������������ ��� ��!�"�#$�("�/'�"()� 02�E������������+��������������������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� ??;;�0>:?� �:::0�?=2;� �::<7�:7:?� �??;;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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