business - the peninsula · 2018-12-19 · 02 business wednesday 19 december 2018 uk intensifies...

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BUSINESS Wednesday 19 December 2018 PAGE | 02 PAGE | 04 Elon Musk’s SpaceX set to raise $500m China signs oil deals as Xi underscores opens trade Oil drops 4% on oversupply, equities sell-off LONDON REUTERS Oil prices fell by 4 percent by yesterday after reports of swelling inventories and forecasts of record US and Russian output combined with a sharp sell-off in stock markets as the outlook for global growth deteriorated. US crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.55 by 1140 GMT. North Sea Brent crude lost $2.41, or 4.0 percent, to $57.20, a 14-month low. It last traded around $58.21, down $1.40. Both crude oil benchmarks have shed more than 30 percent since early October due to swelling global inventories. World stock markets tumbled on Tuesday as fears about a slowing global economy gripped investors, just as the US Federal Reserve looked set this week to deliver its fourth interest-rate hike of the year. Germany’s Ifo economic institute said its business climate index fell for the fourth month in a row to its lowest in over two years, adding to the worries about global growth. Japan’s Nikkei lost 1.8 percent after US stocks dropped to their lowest in more than a year. “A large part of the move is due to a broader market sell-off, with both US and Asian equity markets coming under pressure,” said commodities strategist Warren Patterson at Dutch bank ING in Amsterdam. “Specifically for the oil market, there are no clear signs yet of the market tightening,” he added. The Organisation of the Petroleum Exporting Countries and other oil producers agreed this month to curb production by 1.2 million barrels per day (b/d), equivalent to more than 1 percent of global demand, in an attempt to drain tanks and boost prices. But the cuts won’t happen until next month and meanwhile production has been at or near record highs in the United States, Russia and Saudi Arabia, undermining spot prices. Russian oil output has hit a record 11.42 million b/d this month, an industry source familiar with the data told Reuters. Oil production from seven major US shale basins is by the year-end expected to climb to more than 8 million bpd for the first time, the US Energy Infor- mation Administration said on Monday. Inventories at the US storage hub of Cushing, Oklahoma, delivery point for the oil futures contract, rose more than 1 million barrels from December 11 to 14, traders said, citing data from market intelligence firm Genscape. The United States has sur- passed Russia and Saudi Arabia as the world’s biggest oil pro- ducer, with total crude output climbing to a record 11.7m b/d. With prices falling, unprof- itable shale producers will even- tually stop operating and cut supply, but that could take some time, and meanwhile inventories keep growing. “Rising US shale production levels along with a deceleration in global economic growth have threatened to offset Opec + efforts,” said Benjamin Lu Jiaxuan, at Singapore-based bro- kerage Phillip Futures. US crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.55 by 1140 GMT. Qatargas celebrates QND in Qatar, liaison offices in other countries THE PENINSULA DOHA Qatargas celebrated Qatar National Day (QND) with its employees at multiple locations across the country, and at the Company’s liaison offices in South Korea, Japan, Thailand and China. In support of QND, a giant billboard measuring 102 metres by 74 metres was unveiled at Qatargas’ head- quarters in Doha. The billboard features Qatar’s national flag and one of the most prominent archi- tectural monuments in Doha – the arches of Interchange 5/6. The iconic arches sym- bolise the country’s resilience and ability to overcome chal- lenges. Inscribed with the National Day slogan ‘Qatar Will Remain Free’, the billboard includes a quotation from the country’s founder Sheikh Jassim bin Mohammed bin Thani. Qatargas liaison offices around the world celebrated QND with ceremonies and media advertisements wishing the government and people of the State of Qatar continued peace and prosperity. A unique global energy operator in terms of size, service and reliability, Qatargas operates 14 LNG trains with a production capacity of 77 million tonnes per annum, two helium refineries that make Qatar the world’s largest exporter of helium and the second largest producer, two of the world’s largest con- densate refineries, and the world’s largest charted fleet of LNG vessels. A giant billboard measuring 102 metres by 74 metres was unveiled at Qatargas’ headquarters in Doha to mark the Qatar National Day celebrations. QIB employees celebrate Qatar National Day THE PENINSULA DOHA Qatar Islamic Bank (QIB) held an event yesterday to celebrate Qatar National Day with great fanfare. The QIB’s national event took place in QIB’s head- quarters in Grand Hamad Street which was attended by the executive management of the Bank and QIB employees. Sheikh Jassim bin Hamad bin Jassim AI Thani, Chairman of QIB, said: “QIB is proud to see its employees take part in the National Day celebrations. The Bank views it as an integral part of its mission as the nation’s leading Islamic Bank.” He added: “QIB is the gold sponsor of National Day cele- brations across the country. Encouraging our employees to partake in such events is yet another testament to our com- mitment towards our beloved Qatar.” “The National day is an occasion that is close to our hearts; and, for that reason, it is celebrated by all our employee’s citizens and resi- dents alike. Our event is also part of our effort to promote interaction within the com- munity by actively partaking in events and initiatives that serve the local community in Qatar; thus, reaffirming the leading role we play as part of our national contribution”, added Sheikh Jassim. “As we celebrate the Qatar National Day, on behalf of QIB I would like to extend our heartfelt congratulations and well wishes to the Amir H H Sheikh Tamim bin Hamad Al Thani, and the Father Amir H H Sheikh Hamad bin Khalifa Al Thani, and Deputy Amir H H Sheikh Abdullah bin Hamad Al Thani. We wish Qatar con- tinued success and progress in the future”, said Sheikh Jassim. QIB executive management and employees celebrating Qatar National Day, at QIB headquarters located at Grand Hamad Street in Doha, yesterday. The billboard features Qatar’s national flag and one of the most prominent architectural monuments in Doha. ‘Turkey and India should have balanced trade ties’ ANATOLIA NEW DELHI Turkey and India need to work together to establish balanced and sustainable trade ties, Ruhsar Pekcan, the Turkish trade minister, said yesterdayTurkey and India’s bilateral trade volume reached $8 billion in the first 11 months of 2018, up from $7 billion in all of 2017, she noted on a visit to the capital New Delhi. “India’s exports to Turkey exceeded Tur- key’s exports to India,” she told the Turkey- India Business Forum, organized by Tur- key’s Foreign Economic Relations Board. Last year, Turkey’s exports to India amounted to $758.6 million, while India’s to Turkey totaled $6.2 billion, according to the Turkish Statistical Institute (TurkStat). This year, around 10-15 percent of bilateral trade was done by Turkey, while India accounted for the rest, said TurkStat. During her India visit, Pekcan also met with Suresh Prabhu, India’s commerce, industry and civil aviation minister, and Radha Mohan Singh, the agriculture minister. She underlined that such bilateral meetings would strengthen and expand the two countries’ trade and economic ties. -National currencies, investment oppor- tunities Touching on using national cur- rencies for trade, bypassing the dollar and euro, she highlighted that India uses national currencies with some countries, and it could do the same with Turkey. “With the convenience provided by visas and the number of flights rising, bilateral trade and tourism ties will increase,” she said. Turkey provides unique opportunities for investors worldwide with its developed and qualified workforce, stable and regular environment, investment incentive system, investor-friendly policies, and strategic geo- graphic position, Pekcan stressed.

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Page 1: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

BUSINESSWednesday 19 December 2018

PAGE | 02 PAGE | 04Elon Musk’s

SpaceX set to raise $500m

China signs oil deals as Xi underscores opens trade

Oil drops 4% on oversupply, equities sell-offLONDON REUTERS

Oil prices fell by 4 percent by yesterday after reports of swelling inventories and forecasts of record US and Russian output combined with a sharp sell-off in stock markets as the outlook for global growth deteriorated.

US crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.55 by 1140 GMT.

North Sea Brent crude lost $2.41, or 4.0 percent, to $57.20, a 14-month low. It last traded around $58.21, down $1.40.

Both crude oil benchmarks

have shed more than 30 percent since early October due to swelling global inventories.

World stock markets tumbled on Tuesday as fears about a slowing global economy gripped investors, just as the US Federal Reserve looked set this week to deliver its fourth interest-rate hike of the year.

Germany’s Ifo economic institute said its business climate index fell for the fourth month in a row to its lowest in over two years, adding to the worries about global growth.

Japan’s Nikkei lost 1.8 percent after US stocks dropped to their lowest in more than a year.

“A large part of the move is due to a broader market sell-off, with both US and Asian equity markets coming under pressure,”

said commodities strategist Warren Patterson at Dutch bank ING in Amsterdam.

“Specifically for the oil market, there are no clear signs yet of the market tightening,” he added.

The Organisation of the Petroleum Exporting Countries and other oil producers agreed this month to curb production by 1.2 million barrels per day (b/d), equivalent to more than 1 percent of global demand, in an attempt to drain tanks and boost prices. But the cuts won’t happen until next month and meanwhile production has been at or near record highs in the United States, Russia and

Saudi Arabia, undermining spot prices.

Russian oil output has hit a record 11.42 million b/d this month, an industry source familiar with the data told Reuters.

Oil production from seven major US shale basins is by the year-end expected to climb to more than 8 million bpd for the first time, the US Energy Infor-mation Administration said on Monday.

Inventories at the US storage hub of Cushing, Oklahoma, delivery point for the oil futures contract, rose more than 1 million barrels from December 11 to 14, traders

said, citing data from market intelligence firm Genscape.

The United States has sur-passed Russia and Saudi Arabia as the world’s biggest oil pro-ducer, with total crude output climbing to a record 11.7m b/d.

With prices falling, unprof-itable shale producers will even-tually stop operating and cut supply, but that could take some time, and meanwhile inventories keep growing.

“Rising US shale production levels along with a deceleration in global economic growth have threatened to offset Opec + efforts,” said Benjamin Lu Jiaxuan, at Singapore-based bro-kerage Phillip Futures.

US crude oil dropped

$2.04, or 4.1 percent,

to a low of $47.84,

its weakest since

September 2017,

before recovering

to around $48.55 by

1140 GMT.

Qatargas celebrates QND in Qatar, liaison offices in other countriesTHE PENINSULA DOHA

Qatargas celebrated Qatar National Day (QND) with its employees at multiple locations across the country, and at the Company’s liaison offices in South Korea, Japan, Thailand and China. In support of QND, a giant billboard measuring 102 metres by 74 metres was unveiled at Qatargas’ head-quarters in Doha.

The billboard features Qatar’s national flag and one of the most prominent archi-tectural monuments in Doha – the arches of Interchange 5/6. The iconic arches sym-bolise the country’s resilience and ability to overcome chal-lenges. Inscribed with the National Day slogan ‘Qatar Will Remain Free’, the billboard includes a quotation from the country’s founder Sheikh Jassim bin Mohammed bin Thani.

Qatargas liaison offices

around the world celebrated QND with ceremonies and media advert i sements wishing the government and people of the State of Qatar cont inued peace and prosperity.

A unique global energy operator in terms of size, service and reliability, Qatargas operates 14 LNG trains with a production capacity of 77 million tonnes per annum, two helium refineries that make Qatar the world’s largest exporter of helium and the second largest producer, two of the world’s largest con-densate refineries, and the world’s largest charted fleet of LNG vessels.

A giant billboard measuring 102 metres by 74 metres was unveiled at Qatargas’ headquarters in Doha to mark the Qatar National Day celebrations.

QIB employees celebrate Qatar National DayTHE PENINSULA DOHA

Qatar Islamic Bank (QIB) held an event yesterday to celebrate Qatar National Day with great fanfare. The QIB’s national event took place in QIB’s head-quarters in Grand Hamad Street which was attended by the executive management of the Bank and QIB employees.

Sheikh Jassim bin Hamad bin Jassim AI Thani, Chairman

of QIB, said: “QIB is proud to see its employees take part in the National Day celebrations. The Bank views it as an integral part of its mission as the nation’s leading Islamic Bank.” He added: “QIB is the gold sponsor of National Day cele-brations across the country. Encouraging our employees to partake in such events is yet another testament to our com-mitment towards our beloved Qatar.”

“The National day is an occasion that is close to our hearts; and, for that reason, it is celebrated by all our employee’s citizens and resi-dents alike. Our event is also part of our effort to promote interaction within the com-munity by actively partaking in events and initiatives that serve the local community in Qatar; thus, reaffirming the leading role we play as part of our national contribution”,

added Sheikh Jassim.“As we celebrate the Qatar

National Day, on behalf of QIB I would like to extend our heartfelt congratulations and well wishes to the Amir H H Sheikh Tamim bin Hamad Al Thani, and the Father Amir H H Sheikh Hamad bin Khalifa Al Thani, and Deputy Amir H H Sheikh Abdullah bin Hamad Al Thani. We wish Qatar con-tinued success and progress in the future”, said Sheikh Jassim.

QIB executive management and employees celebrating Qatar National Day, at QIB headquarters located at Grand Hamad Street in Doha, yesterday.

The billboard features

Qatar’s national

flag and one of the

most prominent

architectural

monuments in Doha.

‘Turkey and India should have balanced trade ties’ANATOLIA NEW DELHI

Turkey and India need to work together to establish balanced and sustainable trade ties, Ruhsar Pekcan, the Turkish trade minister, said yesterdayTurkey and India’s bilateral trade volume reached $8 billion in the first 11 months of 2018, up from $7 billion in all of 2017, she noted on a visit to the capital New Delhi.

“India’s exports to Turkey exceeded Tur-key’s exports to India,” she told the Turkey-India Business Forum, organized by Tur-key’s Foreign Economic Relations Board.

Last year, Turkey’s exports to India amounted to $758.6 million, while India’s to Turkey totaled $6.2 billion, according to the Turkish Statistical Institute (TurkStat).

This year, around 10-15 percent of bilateral trade was done by Turkey, while India accounted for the rest, said TurkStat.

During her India visit, Pekcan also met with Suresh Prabhu, India’s commerce, industry and civil aviation minister, and Radha Mohan Singh, the agriculture minister.

She underlined that such bilateral meetings would strengthen and expand the two countries’ trade and economic ties.

-National currencies, investment oppor-tunities Touching on using national cur-rencies for trade, bypassing the dollar and euro, she highlighted that India uses national currencies with some countries, and it could do the same with Turkey.

“With the convenience provided by visas and the number of flights rising, bilateral trade and tourism ties will increase,” she said.

Turkey provides unique opportunities for investors worldwide with its developed and qualified workforce, stable and regular environment, investment incentive system, investor-friendly policies, and strategic geo-graphic position, Pekcan stressed.

Page 2: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

02 WEDNESDAY 19 DECEMBER 2018BUSINESS

UK intensifies plan to leave EU

VW’s $34bn e-Car budget won’t cover tighter EU rulesBLOOMBERG FRANKFURT

Volkswagen AG has to rejig its record €30bn ($34bn) spending plan on electric cars after the European Union tightened the rules of the game.

EU negotiators agreed on Monday to reduce carbon-dioxide emissions by an addi-tional 37.5 percent by 2030. The new guidelines are more aggressive than initial goals of a 30 percent cut and would mean that more than 40 percent of Volkswagen’s European deliveries need to be electric, Chief Executive Officer Herbert Diess said Tuesday in an emailed statement.

“That means our existing overhaul program isn’t enough yet,” Diess said, adding that spending plans will be revised next fall. Accelerating the shift toward battery-powered cars would trigger a faster pha-seout of conventional models, prompt a revamp of pro-duction plans and require additional battery capacity, he said.

While regulators are putting enormous pressure on automakers to combat climate change, Diess said it remains “completely unclear” how the energy to power such a large fleet of electric cars can be generated in an environmen-tally-friendly way and where the charging infrastructure will come from.

A more aggressive electric-car shift represents a particular challenge for Volkswagen. The models require fewer working hours to assemble compared with c o n v e n t i o n a l m o d e l s , meaning an accelerated ramp-up could cause friction with the company’s powerful labor leaders.

Meanwhile, consumers have shown little appetite for electric vehicles, with many instead opting for roomy sport utility vehicles. That adds complications to planning for the technology shift.

The new regulation effectively imposes a quota f o r e l e c t r i c v e h i c l e s , a c c o r d i n g t o E l m a r Degenhart, CEO of Conti-nental AG, the world’s second-biggest parts sup-plier. He said the auto industry should be allowed more leeway on technol-ogies to reduce emissions because battery-electric vehicles will remain too costly for carmakers to offer them at affordable prices.

“Without affordable solu-tions, there will be no buyers,” said Degenhart. “There will not be the desired effects in terms of environmental protection.”

Mercedes-Benz parent Daimler AG still aims to meet the CO2 limits in Europe, but it anticipates fleet emissions to edge higher this year and next as customer opt for larger and more powerful cars, the Stuttgart, Germany-based manufacturer said in a statement.

Mercedes introduced the EQC in September. It plans a gradual rollout of hybrid and purely battery-powered cars in coming years.

German Economy Minister Peter Altmaier warned against overburdening the auto industry, while emphasizing the need to move gradually toward “emissions-free mobility.”

“The compromise on carbon-dioxide caps pushes against the limits of what is technically and economically viable,” Altmaier said in an interview with Handelsblatt newspaper.

Facebook, Google foot-dragging over Russia regulatorsBLOOMBERG NEW YORK

Facebook Inc., Google and Twitter Inc. were slow to respond to Russian abuse of their services, and they dragged their feet when U.S. lawmakers investigated, leaving the industry more exposed to a regulatory crackdown.

Two reports released yes-terday by the Senate Intelli-gence Committee show Russia’s online meddling in US politics was deeper than previously thought, and is still happening. The studies also called out the internet giants for responding slowly and sharing limited information with researchers throughout the investigation.

Slowing probes and betting on Washington gridlock to avoid new regulation is a common and successful tactic among corporations. Still, after a stream of bad news about data breaches and privacy lapses this year, the tech industry has used up much of its political goodwill.

“The legislature’s not going to be giving too much credence to what the industry says because of all these incidents and events that we’re learning about, pretty much every day,”

said Dipayan Ghosh, a researcher at Harvard’s Kennedy School who used to work on Facebook’s public policy team.

After the Senate-commis-sioned reports came out on Monday, some lawmakers ratcheted up calls for stricter regulation of the industry.

“It is time to get serious in addressing this challenge,” Mark Warner, a Democratic senator from Virginia, said on Twitter. “That is going to require some much-needed and long-overdue guardrails when it comes to social media.”

The Democratic Party, which has few qualms about government oversight of private companies, is set to take control of the House of Repre-sentatives in January.

The Congressional Black Caucus, which represents African American legislators, tweeted out its own message for tech companies: “If they can’t stop the weaponization of their platforms, then Congress will.”

US Representative Adam Schiff, a Democrat from Cali-fornia, said he and other law-makers urged internet com-panies to collaborate on an analysis of Russian activity that included major social networks and other online services. The firms were reluctant, making ‘our task far more difficult than it should have been,” he said.

“Congress must hold these companies accountable in a manner commensurate with their public responsibility,’ Schiff added. He’s set to become chairman of the House Intelli-gence Committee when the new Congress is sworn in next year.

A spokeswoman for Alphabet Inc.’s Google declined to comment. Twitter said it has made significant progress lim-iting abuses of its service and is working with investigators. Facebook said it had provided thousands of ads to lawmakers to help the investigation.

Previously, Facebook has said it’s open to regulation, as

long as it is smart. In the meantime, the company has attempted to regulate itself, with mixed results. A new political ad identity verification system blocked some ads that weren’t political. It has also been shown to be easily manip-ulated by reporters and others.

So far, the only recent new federal regulation on tech com-panies is a law that makes web-sites liable if they knowingly facilitate sex trafficking. A top internet lobbying firm sup-ported the bill but warned it could become a slippery slope. Using that same template but adding other types of content, such as misinformation, may be more damaging to the industry.

The main legislative threat is a strong federal privacy bill, according to Ghosh, the former Facebook policy team member. California has its a tough privacy law set to go into effect in 2020, so tech companies have an incentive to support a weaker federal bill that would supersede the state rules, he said.

“From a commercial lens it’s the right thing for them to do to just slow-roll everything,’ Ghosh said. ‘Their calculation is there’s going to be political gridlock basically forever.’

Hungary keeps key rates unchangedREUTERS BUDAPEST

Hungary’s central bank left interest rates unchanged at record lows on Tuesday but shifted to a more hawkish tone in its comments, flagging a rise in core inflation in 2019 and dropping references to loose monetary conditions.

The National Bank of Hungary, which has been Central Europe’s most dovish central bank, said core inflation could rise above 3 percent in early 2019. The bank said it would mainly focus on domestic inflationary trends in its policy decisions.

The central bank targets 3 percent headline inflation with a tolerance band of plus or minus one percentage point.

It reiterated that it was pre-pared for a gradual and cautious normalisation of monetary policy, “which will begin depending on the persistent inflationary developments.”

“The Monetary Council closely monitors incoming mac-roeconomic data and will decide to adjust monetary conditions depending on their outcome,” the rate-setting panel said.

It dropped a sentence -- which still featured in its

November statement -- that maintaining loose monetary con-ditions was necessary to achieve its inflation target in a sustainable manner from mid-2019.

Eszter Gargyan, an analyst at Citigroup, said the statement showed a shift in language.

“This is just a verbal shift, but this creates room for the central bank to act earlier than it sig-nalled previously,” Gargyan said.

The NBH left its base rate at 0.9 percent and its overnight deposit rate at -0.15 percent, both

in line with analyst forecasts in a Reuters poll.

The bank said the volatility of inflation remained high, adding that headline CPI was expected to fall below 3 percent.

However, along with strong domestic demand, core inflation excluding indirect tax effects was likely to rise above 3 percent in early 2019 and then stay close to 3 percent over the monetary policy horizon, the bank added.

“Loose monetary conditions in the euro area may remain for

a longer period of time. The main factor among these, determining the NBH’s monetary policy deci-sions, is developments in per-sistent domestic inflationary trends,” the bank said.

At 1505 GMT, the forint gained to 322.80 versus the euro, from 323.30 before the comments.

According to economists polled by Reuters, the base rate is unlikely to change before 2020.

But analysts say the central bank might tighten monetary conditions before then, by cutting back the liquidity it provides to banks via its currency swaps or by raising its overnight deposit rate.

The Czech central bank, which has a lower inflation target, is already tightening, while the Polish central bank has main-tained a similar dovish stance as its Hungarian peer. The Polish benchmark rate is at 1.5 percent. (Reporting by Gergely Szakacs, editing by Larry King)

The central bank

targets 3 percent

headline inflation

with a tolerance band

of plus or minus one

percentage point.

Britain’s Minister of State at the Department for Business, Energy and Industrial Strategy Claire Perry (left) and Britain’s International Development Secretary and Minister for Women and Equalities Penny Mordaunt leaves 10 Downing Street in central London yesterday, after attending the weekly meeting of the Cabinet. British ministers met yesterday to intensify plans for leaving the European Union without a deal -- a prospect that is becoming more likely as Prime Minister Theresa May plays for time with just 101 days to go until Brexit.

Two reports released

yesterday by the

Senate Intelligence

Committee show

Russia’s online

meddling in US

politics was deeper

than previously

thought, and is still

happening.

Elon Musk’s SpaceX set to raise $500mAFP NEW YORK

Elon Musk’s rocket company SpaceX plans to raise $500 million to help launch its satellite internet service, The Wall Street Journal reported Tuesday.

SpaceX will garner the funds from existing share-holders and a new investor, Baillie Gifford & Co, a Scottish money management firm that is also a major shareholder in the Musk-led Tesla Motors.

The new funding round lifts SpaceX’s valuation to $30.5 billion, the newspaper reported. SpaceX could announce the deal by the end of the year.

SpaceX in November won authorization from US offi-cials for a total of nearly 12,000 satellites into orbit in order to boost cheap, wireless internet access by the 2020s.

A file picture of the National Bank of Hungary.

Renault digs in on plan to name board member at partner NissanBLOOMBERG PARIS

Renault SA is pushing ahead with its plan to name a new director to the board of Nissan Motor Co. and safeguard power within their car-making alliance, signaling mounting tension between the two companies almost a month after the jailing of leader Carlos Ghosn.

“Renault wants to exercise the possibility to name its directors and this will be done at a shareholders’ meeting,” Martin Vial, a Renault board member and head of the agency that holds the French govern-ment’s stake, said in an interview Tuesday on BFM Business.

Through complicated cross shareholdings, Renault owns 43 percent of Nissan and has three board members including Ghosn, who was indicted in Japan for financial crimes.

The comments served to highlight a growing rift between the French and Japanese man-ufacturers over their respective powers within each others boardrooms. On Monday, Nissan Chief Executive Officer

Hiroto Saikawa rebuffed the French carmaker’s demand for a meeting of all shareholders to discuss Nissan’s governance, something it would need to do to change its board representation.

“It’s not a fight,” Vial said. “Renault has rights over Nissan as a shareholder” and will exercise them to replace Ghosn on the board if we have to.

Alliance MeetingSaikawa traveled to

Amsterdam for a meeting starting Tuesday of the alliance between Nissan, Renault and the third partner, Mitsubishi Motors Corp., according to a person familiar with the plan, who asked not to be identified as the information isn’t public. The last time the carmakers met -- soon after car titan Ghosn’s arrest and ouster as Nissan’s chairman in November -- Saikawa, 65, chose to attend the gathering by video.

At the two-day gathering, the CEO will have a chance to personally give a detailed explanation of the events that led to Ghosn’s indictment by Japanese prosecutors on alle-gations he understated his income. Renault,

10,489.04

-7.46 PTS

0.07%

QSE FTSE100 DOW BRENT6,773.24

−71.93 PTS

1.05%

23,554.44

−546.07PTS

1.27% Dow & Brent before going to press

$49.29

-1.91

MarketWatch

Page 3: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

03WEDNESDAY 19 DECEMBER 2018 BUSINESS

Brazil business meetingEconomist Paulo Guedes (centre), incoming Brazil’s Economy Minister, and Roberto Castello Branco, Chief Executive of Petroleo Brasileiro SA, with businessmen at the Federation of Industries of Rio de Janeiro (FIRJAN) headquarters, in Rio de Janeiro.

Companies in UK to pay packaging waste costs under new lawREUTERS LONDON

Companies and factories in England will have a legal obligation to foot the bill for the disposal or recycling of waste packaging they produce under new plans by Britain’s environment minister.

Prime Minister Theresa May has pledged to eradicate avoidable plastic waste by 2042 as a growing flood of plastic endangers life in the world’s oceans.

“We can move away from being a ‘throw-away’ society, to one that looks at waste as a valuable resource,” Michael Gove, minister for the Department of the Environment, Farming and Rural Affairs (DEFRA), said in a statement on the proposed overhaul to England’s waste system.

“We will cut our reliance on single-use plastics, end confusion over

household recycling, tackle the problem of packaging by making pol-luters pay, and end the economic, environmental and moral scandal that is food waste.”

Producers of items that are harder to recycle, such as cars and batteries, will have to take more responsibility for what they produce, while a byzantine system for household recycling will be simplified

in a bid to boost recycling rates.The proposals only affect England

as environmental policy is devolved to regional assemblies in Wales, Scotland

and Northern Ireland.The issue of single-use plastics has

become more salient this year after China cracked down on imports of plastic trash, leading the UN envi-ronment chief to call on developed nations to re-think their use of plastics.

In October, finance minister Philip Hammond announced a tax on plastic packaging which does not meet a threshold of at least 30 percent recycled content from April 2022.

Britain also wants to tackle food waste. Supermarkets and other food businesses will have to report annual food surplus and government may consult on mandatory targets to prevent food waste if no more progress is made.

“Our priority is to stop surplus food from becoming waste ... Ideally, surplus food should be redistributed for people to eat,” Gove’s strategy paper said.

A file picture of a plastic recycling and processing facility which was opened last year in Whittlesey, Cambridgeshire, in the UK.

Prime Minister Theresa May

has pledged to eradicate

avoidable plastic waste by

2042 as a growing flood of

plastic endangers life in the

world’s oceans.

ABB well-positioned for future acquisitions: CEOBLOOMBERG LONDON

ABB Ltd’s chief executive officer said the engineering group has sufficient “financial horsepower” to fund acquisitions after completing its transformation from infrastructure player to industrial-products supplier.

The Swiss group could target application software and “chunky assets” in areas such as measurement and analytics that are key to the digitization of its process-automation business, Ulrich Spiesshofer said in an interview in London on Tuesday. ABB might also buy small- or mid-sized players to bolster its electrification arm in Latin America, Africa and Asia, he revealed.

Any deals would build on the group’s switch from selling infra-structure to governments to

focusing on digitized industrial products such as factory robots, electrical supplies to data centers, charging stations for electric cars and household sockets that provide an Internet connection in every room. The climax of the transformation came with Monday’s agreement to sell ABB’s power-grid arm to Japan’s Hitachi Ltd., valued at $11 billion including debt.

“We can fund significant moves in the future from our own cash flow,” Spiesshofer said. “We have always been custo-dians of active portfolio man-agement. We have always added, and when the time was right we also exited. That will continue.”

ABB won’t be drawing on receipts from the Hitachi deal to fund takeovers, with the company planning to return as much as $7.8 billion to investors through a share buyback or other measures.

There’s also scope for acqui-sitions in robotics, Spiesshofer said, though with larger assets either not available or unat-tractive, ABB is pursuing what he called a “string of pearls strategy” aimed at adding expertise and technology.

Still, the CEO cautioned that for the next 12 to 18 months man-agement will be concentrating on executing the power-grids disposal, simplifying ABB’s business structure, and inte-grating an industrial-solutions operation acquired from the General Electric Co. last year.

The Hitachi deal hands the Japanese conglomerate a market-leading business in power grids, ahead of Siemens AG and GE. With all three players having been pondering what to do with their large-scale infra-structure assets, Spiesshofer sees a first-mover advantage in the transaction.

UK banks told to get crisis-ready as BOE seeks to end bailouts

BLOOMBERG LONDON

The UK’s biggest banks will have to show investors their plans to avoid a disorderly failure in a crisis, as part of regulators’ plans to ensure no firm is too big to fail.

The Bank of England pro-posed requiring lenders with retail deposits of at least 50 billion pounds such as Barclays Plc to submit reports on their preparations for a controlled collapse and to publish sum-maries of the reports.

“Disorderly bank failures can imperil financial stability, including by interrupting the most important services banks provide to their cus-tomers,” BOE Deputy

Governor Jon Cunliffe said on Tuesday.

The BOE’s goal is to ensure that by 2022, banks are “fully resolvable,” meaning they can fail without disrupting the economy or relying on tax-payers to bail them out. The resolution rules are designed to allow vital services such as lending and deposit-taking to continue after a bank fails, so authorities or new man-agement have the time they need to restructure the firm or wind it down.

Under the proposal from the BOE’s Prudential Regu-lation Authority, big banks would submit assessments of their resolution planning every two years starting in 2020, with public disclosure from 2021.

UBS says Asia’s wealthy trade less, cut debt as politics shiftREUTERS ZURICH

Wealthy Asian investors are trading less, worried that trade tensions are tilting the global balance of power, Martin Blessing, co-head of wealth management at UBS, said.

“I think they would share the conclusion that it is not only about tariffs, it is more about political balance. That might take longer to resolve. People who had taken lev-erage to invest into the market ... have retrenched a bit,” he told Reuters.

As geopolitical jitters and trade tensions have put pressure on its main business, Switzerland’s biggest bank, which is also the world’s largest wealth manager, is turning to ultra-rich Amer-icans for growth.

While U.S. clients have begun to take more note of ongoing trade wars, their mood remains more positive, Blessing said.

UBS has seen a rise in their investments. Democrats took control of the US congres-sional House of Representa-tives and made gains in state governor races in November.

“Their willingness to invest has gone up. Their outlook on the capital market has become even more pos-itive,” he said.

Blessing expects profita-bility in the wealth man-agement business to remain good, despite margin pressure.

“Competitive pressure will continue, profit margins are coming down, and then you either have to find different business opportunities or you have to grow volumes to make

up for the revenues,” the German, former Com-merzbank CEO said.

Although margins are higher on business for so-called high net worth and affluent clients, UBS will con-tinue focusing on so-called ultra high net worth indi-viduals, to capture faster market growth amongst billionaires.

Asked whether he might be interested in succeeding Sergio Ermotti, who has been UBS Chief Executive for seven years, Blessing, who started at the Swiss bank in 2016, said:

“My experience is you should not worry too much about career planning. You should worry about the job you are currently doing, how can you do it better. Career planning other people do for you.”

Tesla loses sales executive to Airbnb pushBLOOMBERG SAN FRANCISCO

Tesla Inc.’s head of global sales and marketing has left the electric-car maker in the midst of a year-end deliv-eries push to join home-sharing startup Airbnb Inc.

Dan Kim, who joined Tesla in January, declined to comment on the move via LinkedIn, where he’s updated his profile.

He’s become director of Airbnb Plus, a more premium service in which higher-end homes have to pass the company’s quality inspections.

Tesla shares have rallied in the months since its record third-quarter earnings report, as Elon Musk moves to make selling electric cars a financially sustainable business.

ExxonMobil becomes top Permian drillerBLOOMBERG HOUSTON

ExxonMobil has overtaken rivals to become the most active driller in the Permian Basin, showing the urgency with which the world’s biggest oil company by market value is pursuing US shale.

After a slow start in the West Texas and New Mexico basin, Exxon is now operating more drilling rigs than Concho

Resources Inc., which merged with RSP Permian Inc. earlier this year to create one of the biggest Permian-focused explorers, according to statistics from RigData Inc. supplied to Bloomberg Intelligence.

It’s not hard to see why the Permian has become so important to Exxon. A series of strategic mis-takes sent the oil giant’s overall production careening to a 10-year low by the middle of this year.

NBC chief hints company likely to unveil Netflix-style serviceBLOOMBERG NEW YORK

NBC Universal’s boss sent a holiday greeting to employees this week, and it contained an intriguing hint about the coming year.

Steve Burke, head of the Comcast Corp. division, sug-gested that the company might unveil an online TV service in 2019 -- though it’s hard to know how seriously to take a message written in the rhyming style of Dr. Seuss.

“While you all go off to relax, swim or ski,” Burke wrote. “Maybe, just maybe, next year we will announce our plan for OTT.” The initials are a reference to “over-the-top” services that provide video content to cus-tomers via the internet rather than a traditional satellite or cable TV subscription.

Burke, who oversees the NBC network, cable channels such as USA, and the Universal theme parks and movie studio, has yet to announce a streaming product like those planned by

rivals Walt Disney Co. and AT&T Inc.’s Warner Media next year. But Comcast is getting such a service through its acquisition of Sky Plc.

The whole industry is rushing to compete with Netflix Inc., which continues to amass subscribers and programming for its dominant streaming platform. In his holiday note, Burke also lamented that Comcast lost out to Disney in a bidding war for 21st Century Fox’s entertainment assets.

“During 2018 our businesses

mostly rocked,” he said. “But it did not feel at all good when Disney got Fox.” The executive noted the disappointing per-formance of the Dwayne Johnson film “Skyscraper,” while praising hits such as “Jurassic World: Fallen Kingdom,” the NBC show “New Amsterdam” and results at the Spanish-language network Telemundo.

“Even though ‘Skyscraper’ did not quite deliver, we come back next year with ‘Pets 2’ in our quiver,” he said.

Page 4: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

04 WEDNESDAY 19 DECEMBER 2018BUSINESS

Mexico reforms

China signs oil deals as Xi underscores opens tradeBLOOMBERG HONG KONG

China signaled its openness for business with a raft of deals that’ll give oil majors including Royal Dutch Shell Plc new opportunities to develop fields in partnership with the nation’s biggest offshore explorer.

China National Offshore Oil Corp. said in Beijing yesterday that it had inked oil and gas accords with nine firms. The signing ceremony followed President Xi Jinping’s address to party cadres marking 40 years of reform and broadly under-lining the nation’s commitment to global trade.

The agreements cover 64,000 square kilometers in the Pearl River basin, to a depth of up to 3,000 meters. In addition to the Netherlands-based Shell, France’s Total SA and US-based Chevron Corp. were also awarded parcels. All three majors hold existing production sharing contracts with CNOOC. The other firms involved are: ConocoPhillips, Equinor ASA, Husky Energy Inc., Kuwait Foreign Petroleum Exploration Co., Roc Oil Co., and SK Inno-vation Co.

“It’s no coincidence that CNOOC made the statement a couple of hours after President Xi’s speech,” said Tian Miao, a Beijing-based analyst at Ever-bright Sun Hung Kai Co. “It’s only reasonable to assume this is one of the real actions China is taking to show the world it’s willing to open businesses to the whole world.”

CNOOC has signed more than 200 PSCs since its inception in the early 1980’s, even as it has increasingly relied on its own resources to tap deep-water projects in Chinese waters -- most recently the giant

Lingshui 17-2 gas field in the South China Sea. The company has promised to increase spending and raise output, heeding Xi’s call for enhanced energy security as imports grow and the nation contends with the US over trade.

“The agreements will facil-itate the establishment of a long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts,” CNOOC’s listed unit said in a statement.

At the ceremony, Chairman Yang Hua said the company’s aim is to boost output to 2 million barrels of oil equivalent a day by 2025, from about 1.3 million last year, and that agree-ments with foreign companies could extend beyond upstream ventures in China to broader cooperation in other geogra-phies. He also said the gov-ernment is studying policies to support exploration and devel-opment of offshore oil and gas, and that “the sector will open wider to international players going forward.”

The smallest of China’s big three oil and gas firms, CNOOC is its favored vehicle for inter-national cooperation and holds the vast majority of reserves in

Chinese waters. About three-quarters of its offshore pro-duction is conducted independ-ently, with the remainder tied up in PSCs, including deals signed in July with Australia’s Roc Oil and Smart Oil LLC of the US The agreements typically give CNOOC the rights on up to 51 percent of any commercial discoveries.

“From a business per-spective, inviting interna-tional oil companies to join domestic offshore exploration helps reduce investment risks and bring in more offshore drilling expertise,” said Tian. “It definitely helps CNOOC’s promise to quickly raise oil and gas output from domestic fields.”

CNOOC’s shares fell 4.1 percent to HK$12.16. They are up 8.4 percent this year.

Xi’s address in the capital disappointed those hoping for specific policies to counter a slowing economy and show the nation’s intent to free up its markets. Instead, the president focused more on the accom-plishments of the nation’s Com-munist Party.

Xi Jinping

China National

Offshore Oil Corp. said

in Beijing on Tuesday

that it had inked oil

and gas accords with

nine firms. The signing

ceremony followed

President Xi Jinping’s

address to party

cadres marking 40

years of reform and

broadly underlining

the nation’s

commitment to global

trade.

Dollar falls to six-day low asinvestors unwind long betsREUTERS LONDON

The dollar fell to a six-day low yesterday as investors unwound long bets on the currency, antic-ipating the Federal Reserve may slow the pace of interest rate hikes after this week’s meeting.

A rout on Wall Street has-tened by recent weak economic data globally has bolstered the view that the Fed’s widely-expected rate hike today could mark the end of three years of steady rate increases.

Some investors are starting to question whether the dollar’s run as the best performing major currency will continue into 2019.

Investor confidence has dete-riorated, leading to the gloomiest

outlook for the world economy in a decade, a survey by Bank of America Merrill Lynch found.

The dollar has replaced tech-nology stocks as the most crowded trade for the first time since January, it said.

Risk-off sentiment on Tuesday lifted the Japanese yen and the Swiss franc but the dollar did not benefit from the flight to safety. “U.S. central bankers are experiencing strong headwinds for their rate hike plans... that hinders the dollar and poses the question whether it can reign supreme next year,” said Thu Lan Nguyen, an FX strategist at Com-merzbank in Germany.

With the prospect of a “dovish rate hike” keeping the dollar in check, the euro on Tuesday rose

half a percent to scale $1.14. The single currency has recovered all of its losses from Monday when it was hit by weak euro zone data.

Still, the European Central Bank’s assessment last week that the balance of risks was moving to the downside, combined with protests in France weighing on business, means that euro appre-ciation is still a few months away, according to Goldman Sachs analysts.

The dollar index was 0.4 percent lower at 96.699, a six-day low. Markets will scrutinise the Fed’s two-day policy meeting, which starts yesterday, for its sense of how the US economy is holding up amid a US-China trade conflict and global financial market volatility.

Juan Pablo Castanon (left), President of the Business Coordinating Council (CCE), shakes hands with Mexico’s President Andres Manuel Lopez Obrador during a meeting with industry bosses and members of his cabinet to discuss the new administration’s policy on the minimum wage at National Palace in Mexico City, Mexico.

J&J announces $5bn share buyback after stocks extend lossesREUTERS NEW YORK

Johnson & Johnson said yesterday it plans to buy back up to $5 billion of its stock, after a Reuters report on Friday that the company knew for decades that its Baby Powder contained cancer-causing asbestos wiped about $40 billion from its market value. Shares of the company closed down 3 percent on Monday, extending a 10 percent fall on Friday after the report was published.

They were up about 1 percent in extended trading following the announcement of the share buyback. The

repurchase plan has no time limit and may be suspended for periods or discontinued at any time, the company said in a statement.

J&J knew about the presence of small amounts of asbestos in its products as early as 1971, a Reuters exam-ination of company memos, internal reports and other confidential documents showed. The share repur-chase was just the latest effort the healthcare conglomerate has made to boost investor confidence. In response to the report, the company said on Friday “any suggestion that Johnson & Johnson knew or hid information about the safety of talc is false.”

America’s amazing gas business makes less than it did in 2000BLOOMBERG NEW YORK

After a November to remember, America’s natural gas producers are settling back into more-familiar feelings of wistfulness at what might have been. Benchmark gas prices are down 21 percent so far this month as winter has taken less of a bite out of our collective hide than antic-ipated (so far anyway).

Leaving aside the vagaries of the weather, there is some cheery news. With production at a record and benchmark Henry Hub prices up versus last year, producers’ implied revenue looks set to top $100 bn for the

first time since 2008. But there’s a more sobering calculation lurking underneath: They’ll make less revenue this year than they did in 2000 in real terms: (Before going any further: This is a very rough calculation that doesn’t take account of things like gas pricing at different hubs around the US or hedging effects. Purely illustrative.)

That shrinkage in real revenue is even more striking when you consider that, one shale boom later, US gas pro-duction has expanded by 62 percent since W won the presidency:

Of course, the shale boom is the whole story here. By moving

the U.S. from apparent shortages of natural gas to having more than it knows what to do with, prices collapsed. Real revenue this year is less than half what it was in 2008, when Chesapeake Energy was worth more than $35bn and its co-founder Aubrey McClendon, who died in 2016, was one of the highest-paid CEOs in America. That there are still dedicated gas producers like Chesapeake out there - it’s worth only about $2 billion now, however - and production con-tinues to surge is a testament to innovation and efficiency, but also sunk costs and cheap capital.

It’s also a function of not really caring that much about

gas.Another effect of the shale

boom is that a rising proportion of gas comes as a by-product of fracking for oil. Just five years ago, such gas was less than 15 percent of supply; now it’s more than a quarter and accounts for the majority of growth for the foreseeable future. If I do the same back-of-the-envelope math for oil (using West Texas Intermediate crude prices, with all the same caveats), the picture is just as volatile but far happier for producers:

Oil, with its far stronger links to higher global pricing and relative lack of competition in its core transportation

market, has helped fill much of the gap in upstream natural gas revenue. There’s a reason Ches-apeake’s oil production went from 8 percent of its output in 2008 to 17 percent in 2017. Remarkably, while the implied gas revenue outweighed that of oil up until 2009, the latter now accounts for 72 percent of the total:

This is an epic tale of industry renewal, but also an epic example of deflation on the gas side (part of a wider phenomenon in energy). Oil has compensated as fracking has migrated to that part of the business. Yet, as any member of OPEC will tell you,

fracking’s deflationary ten-dency is also being felt in this market, too.

It is possible that the recent outbreak of discipline in E&P strategy-setting will work to lift prices as production output increases moderate. On the other hand, the impulse to chase growth is strong in this industry (see: natural gas). And any disci-pline would tend to limit cost inflation as oilfield services firms struggle to regain pricing power. One thing is clear, though: The shrunken gas market’s fortunes rest to a large degree on the oil market - which, just like the weather, is largely beyond its control.

US equity futures climb; Europe shares pare dropBLOOMBERG LONDON

US equity futures jumped on Tuesday while shares in Europe pared a drop as investor nerves steadied after yet another rout in American stocks a day earlier. Treasuries, gold and the Japanese yen advanced amid a lingering mood of caution.

To the disappointment of many investors, Chinese Pres-ident Xi Jinping offered no fresh commitments to open or stim-ulate the world’s second-biggest economy in a keynote speech. That compounded the gloom surrounding some riskier assets, and the MSCI Asia Pacific and MSCI Emerging Market indexes both retreated. The Stoxx Europe 600 Index initially followed suit, but recovered much of its loss as the session progressed. S&P 500 Index futures climbed after the underlying gauge plunged to the lowest in 14 months on Monday.

Oil extended recent declines, with WTI briefly falling below $48 a barrel, as traders fret a glut of supply as well as the outlook for growth. On a weak-dollar day, the euro stayed higher even as German business sentiment deteriorated to its lowest level in more than two years and talk of a chaotic Brexit increased.

There seems to be little that can sustain a rally in equities just now, so investors are increas-ingly pinning their hopes on the US Federal Reserve taking a dovish turn this week. While a rate hike is widely expected, his-torically the central bank has rarely raised borrowing costs during such market turmoil. President Donald Trump has ramped up his criticism of policy makers, warning them to avoid “yet another mistake” just hours before their two-day meeting begins.

And beyond the Fed looms more trouble for markets: on Friday night, spending authority

expires for a swathe of the U.S. government unless Trump and Congress reach a deal.

“Any news is being taken as bad,” regardless of the context, said Evan Lucas, chief market strategist at Investsmart Group, on Bloomberg Television. “We are trading like we’re in a bear market,” with little likelihood of relief in volume-thinned markets in the holiday period ahead, he said.

Here are some events investors will be watching in the days ahead:

The Fed holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press con-ference with Chairman Jerome Powell.The Bank of Japan’s monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also Thursday.A partial US government shutdown could start this week if

lawmakers and Trump fail to resolve how much money to allocate for Trump’s wall along the Mexican border.And these are the main moves in markets:

Futures on the S&P 500 Index gained 0.7 percent as of 8:18 a.m. New York time.The Stoxx Europe 600 Index dipped 0.2 percent to the lowest in more than a week.The MSCI Asia Pacific Index decreased 0.9 percent to the lowest in a week.The MSCI Emerging Market Index fell 0.4 percent.Currencies

The Bloomberg Dollar Spot Index sank 0.3 percent.The euro increased 0.3 percent to $1.1377.The Japanese yen strengthened 0.4 percent to 112.36 per dollar.Bonds The yield on 10-year Treasuries declined three basis points to 2.83 percent.Germany’s 10-year yield dipped two basis points to 0.237 percent.Britain’s 10-year yield fell less than one basis points to 1.261 percent.Commodities

Page 5: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

05WEDNESDAY 19 DECEMBER 2018 BUSINESS

Growth fears grip world markets ahead of Fed meetingREUTERS LONDON

World stock markets, the US dollar and oil prices tumbled yesterday as fears about a slowing global economy gripped investors, just as the US Federal Reserve looks set this week to deliver its fourth interest rate hike of the year.

Investor confidence has deteriorated further with more fund managers expecting global growth to weaken over the next 12 months, the worst outlook in a decade, Bank of America Merrill Lynch’s December investor survey showed.

US stock futures pointed to a firm open for Wall Street a day after U.S. stocks fell to their lowest levels in more than a year, while European equity markets recovered some ground .

Still the overall tone remained downbeat, with many investors ques-tioning whether the US Federal Reserve will be able to raise rates much further in the face of turbulent markets and a

weakening economy.MSCI’s world stock index has fallen

10 percent this year and is set for its worst year in a decade.

The S&P 500, a broad measure of US stock markets, is almost 8 percent lower in December - heading for its worst month since 2010.

“We’re facing the biggest December fall in U.S. stocks since 1931 and this is striking and worrying at the same time,” said Chris Bailey, European strategist at international financial services firm Raymond James. “We are at a regime shift moment and the debate is how big that regime shift will be.”

A speech by Chinese President Xi Jinping which investors had hoped could lift morale meanwhile had little impact, with Chinese shares falling over 1 percent . Japan’s Nikkei lost 1.8 percent.

In addition, the German Ifo economic institute’s business climate index fell for the fourth month in a row to its lowest level in more than two years and Japan’s

government revised down its economic growth forecasts.

On Monday, US President Donald Trump and his top trade adviser stepped up their criticism of the central bank’s monetary tightening, raising investor anxiety.

Oil prices dropped 4 percent, weak-ening for a third consecutive session as reports of swelling inventories and fore-casts of record US and Russian output.

US crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.53 by 1150 GMT.

Brent crude lost $2.41, or 4.0 percent, to a 14-month low of $57.20.

The dollar extended its falls against major currencies ahead of the Fed meeting. The euro was up 0.4 percent at $1.13935, having recovered all of its losses from Monday when it was hit by weak euro zone data.

The dollar was also weaker against Japan’s currency, trading down 0.5 percent at 112.26 yen.

The US dollar replaced technology stocks known as FAANGs in the United States - Facebook, Apple, Amazon, Netflix and Google - and China’s BATs - Baidu, Alibaba and Tencent - as the most crowded trade for the first time since January, Bank of America Merrill Lynch’s December investor survey showed.

“This year has been quite remarkable

in the sense that pretty much all asset classes have been down, which is even worse than 2008 because during the GFC (global financial crisis) we at least saw some safe havens - U.S. government bonds, gold - performing positively,” said Stefan Keller, asset allocation strategist at Candriam in Luxembourg.

“At least in real terms, that’s not the case today. This is indeed a huge chal-lenge. Clearly it’s in sharp contrast to last year’s optimistic outlook.”

Safe-haven US and German bond markets appeared to be the beneficiaries of the risk-off mood in world markets for now.

Germany’s 10-year bond yield fell to a one-week low of 0.23 percent, while 10-year US Treasury yields fell to their lowest since August at 2.82 percent.

For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in ‘LIVE/’ in the search bar.

Investor confidence has

deteriorated further with

more fund managers

expecting global growth

to weaken over the next

12 months, the worst

outlook in a decade, Bank

of America Merrill Lynch’s

December investor survey

showed.

German business morale hits 2-year lowAFP FRANKFURT

Confidence among German business leaders fell further in December, a closely-watched survey said Tuesday, as global trade friction and Brexit uncer-tainties weigh on Europe’s top economy.

The Munich-based Ifo insti-tute’s monthly barometer slipped to 101.0 points from 102.0 the pre-vious month, a bigger dip than analysts had been expecting and the index’s lowest level since Sep-tember 2016. “Concern is growing among German businesses,” Ifo chief Clemens Fuest said in a statement.

“The German economy faces a lean festive season.”

The survey found that com-panies were both less satisfied with their current situation and more worried about the future.

Manufacturers were the most pessimistic. Their business expectations were turning neg-ative “for the first time since May 2016”, Fuest noted, prompting them to scale back their production plans.

In the service and trade sectors the mood was also downbeat. The only bright spot came from construction com-panies, where confidence remained at a “very high level”.

Analyst Carsten Brzeski (pic-tured) from ING Diba Bank said that as well as grappling with the fallout from the US-China tariffs spat and bracing for the trade dis-ruption that a hard Brexit would cause, the German economy struggled with a series of one-off factors this year. In the third quarter the country’s economy contracted for the first time since 2015 as German carmakers grappled with tough new emis-sions tests and record-low water levels in the Rhine slowed down river shipping.

Mexico to raise base wage; new President pledges more hikesREUTERS MEXICO CITY

Mexico’s wage commission said on Monday it planned to hike the country’s minimum wage by 16 percent to around $5 a day and new President Andres Manuel Lopez Obrador pledged further rises to keep up with inflation.

The $0.71-a-day raise, the biggest in percentage terms since 1996, followed two hikes of around 10 percent by the previous government also aimed at boosting the purchasing power of low-income workers.

Persistently low salaries for many Mexicans stoked

the frustration that led to the landslide election of leftist Lopez Obrador, who has pledged to raise living standards to reduce crime and discourage migration to the United States.

“During many years the minimum wage has lost its pur-chasing power. Some say it has lost 70 percent of its purchasing power over the last 30 years,” said Lopez Obrador, who took office on Dec. 1.

“We’re never going to have wage (increases) below inflation,” he pledged at an event with the wage commission, made up of government, business and labor representatives.

Mexico’s annual inflation rate is running around 4.7 percent, above the central bank’s 3 percent target. One of the main issues US President Donald Trump had with the US-Canada-Mexico North American Free Trade Agreement was Mexico’s lower comparative wages, which help Mexico to attract foreign companies and create jobs but also encourage migration to the United States.

A reworked version of the pact signed in November includes pro-visions to reduce the wage gap, including a pledge from Mexico to lift auto worker wages and to reform labor laws that have weakened independent unions.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Johnny ( 2D/Tamil) 2:15pm Joseph (2D/Malayalam) 2:15pm Spider-Man: Into The Spider-Verse (2D/Arabic) 2:00, 4:45 & 7:00pm; Christmas Break-In (2D/Comedy) 4:15pm; Aquaman (2D/Action) 4:45, 6:00, 8:45 & 11:15pmSecond Act (2D/Comedy) 7:15pm; The Bombing (2D/Action) 9;15pm; Three Words To Forever (2D/ Tagalog) 9:15pm; Oru Kupra Sidha Payyan (2D/Malayalam) 11:00pm; Pinky Memsaab: A Dubai Story (2D) 11:15pm;

Oru Kupra Sidha Payyan (2D/Malayalam) 2:15pm; Elliot The Littlest Reindeer (2D/Animation) 2:15pm; Johnny (2D/ Tamil) 2:30 & 11:30pm Aquaman (2D/Action) 4:00, 7:00, 8:45 & 11:15pmSpider-Man: Into The Spider-Verse (2D/Arabic) 5:00 & 7:15pmMalevolent (2D/Horror) 9:30pmChristmas Break-In (2D/Comedy) 5:00pm; Pinky Memsaab: A Dubai Story (2D) 6:30pmThree Words To Forever (2D/ Tagalog) 9:30pmJoseph (2D/Malayalam) 11:15pm

Elliot The Littlest Reindeer (2D/Animation) 2:30pm; Spider-Man: Into The Spider-Verse (2D/Arabic) 4:15 & 7:00pm; Aquaman (2D/Action) 4:30, 6:30, 9:30 & 11:30pmThe Man Who Invented Christmas (2D/Malayalam) 2:30pmAquaman (2D/Action) 4:30, 6:30, 9:30 & 11:30pmFahrenheit 11/9 (2D/Documentary) 9:15pmJoseph (2D/Malayalam) 11:30pm

Joseph (2D/Malayalam) 5:45, 6:30, 8:30 & 11:15pmOru Kupra Sidha Payyan (2D/Malayalam) 6:00, 6:30, 8:45, 11:00pm, 12:00amJohnny (2D/ Tamil) 3:45 & 9:15pm2.0 (2D/Tamil) 9:15pm

Aquaman (2D/Action) 10:30am, 11:00am, 1:30, 2:00, 4:30, 5:00,

5:30, 8:00, 11:00, 10:30, 11:30pm

Joseph (2D/Malayalam) 1:30, 7:30, 10:30pm

Oru Kupra Sidha Payyan (2D/Malayalam) 4:30 & 8:30pm

Spider-Man: Into The Spider-Verse (2D/Arabic) 1:30, 3:30, 6:00

& 8:30pm

Oru Kuprasidha Payyan is a 2018 Indian Malayalam-lan-guage thriller film directed by Madhupal and written by Jeevan Job Thomas and produced by V Cinemas.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

2.0 (3D) 8:15, 11:25pmAquaman (2D/Action) 12:30, 3:20, 8:35, 11:30pmCreed II (2D/Drama) 10:10Elliot The Littlest Reindeer (2D/Animation) 10:35am & 4:15pm; Mortal Engines 1:35, 10:40, 7:05, 11:05, 5:25pmOru Kupra Sidha Payyan (2D/Malayalam) 6:00pm,Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 4:20, 1:45 & 3:05pmSecond Act 12:25, 8:00pm & 0:20amSpider-Man: Into The Spider-Verse (2D/Arabic) 11:30am, 2:00, 6:10, 2:15, 9:00, 8:30pmThree Words To Forever (2D/ Tagalog) 5:30 & 8:30pmWindows 11:00am, 12:30 & 9:45pm

ORU KUPRA SIDHA PAYYAN

Page 6: BUSINESS - The Peninsula · 2018-12-19 · 02 BUSINESS WEDNESDAY 19 DECEMBER 2018 UK intensifies plan to leave EU VW’s $34bn e-Car budget won’t cover tighter EU rules BLOOMBERG

06 WEDNESDAY 19 DECEMBER 2018CLASSIFIEDS

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REGENCY RESIDENCE AL SADD 12 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �H��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 13 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � � ����������� � ��� ��!�"�#$� ("�/'�"()� 02� �������������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2; �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3���+�.���������=������������������������������������������ �������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� '������(��������������I+���(�����������������A�������C����������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?����"%�'4)�����������������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): 3���+�.���������=������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2����"%�'4)�����������@������������������REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (����.���������0������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 2 (DOHA AREA): (���� .��������� 0� �������� ��� ��������� ������� �� ��������������������� ��*����� �����!�"�#$��%"&'#'"()�(��������*����� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<:�;2=>� �>>2>�>=?<����"%�'4)�����������@����������������� 63 OLD SALATA (OLD SALATA):�3���+�.�����������������+*�� ��� �������� �� �������� � � ����������� � ��� ��!�"�#$��%"&'#'"()� I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� ��������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::0�?=2;� �>>2>�>=?<����"%�'4)�����������@����������������� BIN DIRHAM 1 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� � >;>7� :0<8� �>>:?�8=:?� �??;;�0>72� �??;;�0>:?����"%�'4)�������������@����������������� BIN DIRHAM 5 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� � :::0� ?=2;� � ::<7� :7:?� ��� "%�'4)� ������������@����������������� 18 FLATS (AL WAKRA):� =<� N�.��������� ���� �*������������ ��.��� ������� ��� �������� *������� 0� .���� ������������ 02� ������ ���������� 5�L��� ���������� ��� ��9� 3!��%!�"� '&3!�%�#'!&���44)� 567829�>;>7�:0<8� �>>:?�8=:?� �>>2>�>=?<����"%�'4)�������������@����������������� DOHA GARDENS (AL WAAB):�3���+�.���������>����������)�%�����C�������������������������������������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �:::2�=?;<����"%�'4)������������@������������������

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