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BUSINESS Monday 21 January 2019 PAGE | 04 PAGE | 05 QIIB hosts Qatar Academy students France pushes Japan to accept Renault-Nissan merger More Qatari products set to hit international market MOHAMMAD SHOEB THE PENINSULA More local products are set to hit the international market as over a dozen Qatari companies from the agriculture and food sector are showcasing their world-class products at the the ongoing International Green Week (IGW)- Berlin expo, which will run until January 27 in Germany. With the participation of local SMEs from the agriculture and food industries at the high- profile event, more Qatari food products are now rubbing shoulders with global brands and set to establish footprint in the global market. Qatar, traditionally the net importer of food and agro- products, is witnessing a major transformation in terms of achieving food security and self-sufficiency. Thanks to the collective efforts of various private and public entities, including the Qatar Devel- opment Bank (QDB), which are providing all the possible support to local SMEs and startups as part of the eco- nomic diversification drive in line with Qatar’s long term vision. In an unprecedented move, in less than 20-months period (after Saudi Arabia-led Arab quartet stopped the supply of all products, including food, bev- erage and other agro products), Qatari companies expanded their capabilities and ramped up pro- duction to fill the gaps created by the unjust blockade. And now we can see a lot of them are forging partnerships with foreign companies to export their quality products to overseas markets by participating in various interna- tional events. The IGW is a one-of-a-kind international exhibition of the food, agriculture and gardening industries which has been taking place since 1926. This is the 84th edition of the expo which opened on January 18. Over 1,700 exhibitors with more than 100,000 products from all over the world are showcasing their agriculture products and green technol- ogies and innovations at the coveted exhibition. Qatar is the only country from the GCC region showcasing the state of the art products matching global standards and ready to hit the international markets. Some of the other coun- tries participating at the event from the Middle East and North Africa region include Morocco, Tunisia, Egypt, Ethiopia, South Africa and others. In total over 65 countries from across the world are participating this year’s edition. Some of the Qatari com- panies and organisations which are participating at the exhibition include QDB (state-development agency); Dandy (producer of milk, dairy and beverage products); Agrico Organic Farm; SAIC (Al Sulaiteen Group); Al- Qaseem Dates; Azba Farm for Chicken & Quail Birds; Dolci Sera Sweets; Empire Coffee; Kafe Chocolatier; Qatar Food Factory; Qatar Meat Production Company; Global Farm for Agri- cultural Supplies; Gulf Water Plant and others. Agrico is Qatar’s first high-tech greenhouse organic project to grow, harvest and process organic plants, on its own organic farms. In line with ‘Vision 2030’, in the coming ten years, 200 greenhouses of a similar model are expected to be developed. The company aims to expand output by using envi- ronment friendly systems that do not use harmful chemicals or pesticides. SAIC, owned by Al Sulaiteen Group, is the leading land- scaping and agriculture company in Qatar with opera- tions ranging from turnkey landscaping projects to supply of flowers, fresh fruits and veg- etables to the local market. ‘AL-Qaseem Dates’ is one of the oldest dates’ stores in Qatar and is famous for its quality products and have more than 200 products in various forms. The company has major expansion plans within the next three years, part of our expansion plan. Azba Farm for Chicken & Quail Birds is considered to be the first farm of its kind in Qatar and the third in the Middle East. It is equipped with the latest and most sophisticated technologies in the field of poultry and slaughter house. Azba offers a wide range of different products. Kafe Chocolatier was founded in 2011 by a Qatari family, who nurtured the dream of creating fine chocolates with an Arabic taste. The company has established and grown signifi- cantly by using its own online shopping website as a marketing portal for customers, and now looking forward to take it to the next level. QDB has launched a Fran- chise programme to support the local SMEs for expanding their footprints in overseas markets. The programme aims to encourage SMEs and local brands to grow globally through a fran- chise model. Minister of Municipality and Environment H E Abdullah bin Abdulaziz bin Turki Al Subaie (second right) with Carola Schouten (second leſt), Netherlands’ Minister of Agriculture, Nature and Food Quality, and other dignitaries posing for a group picture at the Qatar’s pavilion at the ongoing International Green Week (IGW)-Berlin expo, in Germany. EMBI inclusion could widen Qatar investor base SATISH KANADY THE PENINSULA The J.P. Morgan’s inclusion of five GCC sovereign bonds, including Qatar and Kuwait, to its Emerging Market Bond Index (EMBI) from this month could lead to a significant demand for GCC sovereign bond issues. The JPMorgan’s emerging market bond index inclusion will widen the investor base and could lead to increased liquidity of GCC bonds and Sukuk. ‘Markaz’ noted yesterday in its “GCC economic and investment themes 2019”, that passive investment by index- tracking funds could amount to $30bn to $45bn of new demand , or about 30 percent of the value of outstanding GCC sovereign issuance. This would lead to a decline in sov- ereign spreads relative to inter- national benchmarks, reducing the premium they pay relative to similar or lower rated issuers. For instance, this could amount to up to 30 basis points for Qatar. This passive demand would further ease access to global financial markets and likely lower funding costs, including corporate. With international bond issuance by corporate also sig- nificant at about $40bn from 2014 to the first half of 2018 securing a reduction in financing costs could result in higher private investment and stronger and more broad- based economic growth. Easing access to global financial markets would help ease the impact of tightening global financial conditions and provide an important channel to mitigate the risk of further bouts of financial market volatility. According to Markaz ana- lysts, GCC bonds offer higher risk-adjusted returns than their emerging market peers. This is due to their robust credit metrics due to the presence of higher fiscal reserves, under- pinned by strong sovereign ratings. Further, the correlation of GCC bonds with other asset classes remain low, which argues for their inclusion in investor portfolio. In the envi- ronment of increasing oil prices, the outlook could only get better. Meanwhile, Bloomberg yesterday reported the GCC region’s bond sales are expected to slip in 2019 from last year’s $78bn as issuers turn cautious amid rising interest rates and market volatility. “Most of our clients have mul- tiple funding options and will consider other alternatives” if bonds turn too expensive”, Bloomberg quoted Hani Deaibes, JPMorgan Chase & Co’s regional head of debt capital markets as saying in a report yesterday. Borrowers from the GCC, primarily sell bonds in dollars and two further interest rate hikes forecast in the US this year will add to costs. GCC syndicated loans surged 54 percent to $114.5bn last year, when foreign and local banks were flush with liquidity.”It’s difficult to expect similar volume this year than in 2018,” Deaibes said. GCC countries combined have issued a quarter of all new debt sold by emerging markets in each of the last three years. Currently, they account for approximately 14 percent of total outstanding Emerging Market debt stock. The total domestic and USD denomi- nated debt outstanding from GCC issuers is about $317bn. According to ‘ Markaz’ ana- lysts, four themes—Oil prices, GCC Banking M&A wave, Gulf Bonds; and Competitiveness of GCC economies-- are expected to reshape the GCC’s economic landscape in 2019. China set to post slowest growth in 28 years in 2018 REUTERS BEIJING China is expected to report today that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising US tariffs, adding pressure on Beijing to roll out more support measures to avert a sharper slowdown. Growing signs of weakness in China — which has generated nearly a third of global growth in the past decade — are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers. Chinese policymakers have pledged more support for the economy this year to reduce the risk of massive job losses, but they have ruled out a “flood” of stimulus like that which Beijing has unleashed in the past, which quickly juiced growth rates but left a mountain of debt. Analysts polled by Reuters expect the world’s second- largest economy to have grown 6.4 percent in the October- December quarter from a year earlier, slowing from the pre- vious quarter’s 6.5 percent pace and matching levels last seen in early 2009 during the global financial crisis. That could pull 2018 gross domestic product (GDP) growth to 6.6 percent, the lowest since 1990 and down from a revised 6.8 percent in 2017. With stimulus measures expected to take some time to kick in, most analysts believe con- ditions in China are likely to get worse before they get better, and see a further slowdown to 6.3 percent this year. Some analysts believe real growth levels are already much weaker than official data suggest. Chen Xingdong (pictured), chief China econ- omist at BNP Paribas, said investors should not expect the latest round of stimulus to produce similar results as during the 2008-09 global crisis, when Beijing’s huge spending package quickly boosted growth. ‘Markaz’ noted yesterday in its “GCC economic and investment themes 2019”, that passive investment by index- tracking funds could amount to $30bn to $45bn of new demand , or about 30 percent of the value of outstanding GCC sovereign issuance. With the participation of local SMEs from the agriculture and food industries at the high-profile event, more Qatari food products are now rubbing shoulders with global brands and set to establish their footprint in the global market.

BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

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Page 1: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

BUSINESSMonday 21 January 2019

PAGE | 04 PAGE | 05QIIB hosts

Qatar Academy students

France pushes Japan to accept Renault-Nissan merger

More Qatari products set to hit international marketMOHAMMAD SHOEB THE PENINSULA

More local products are set to hit the international market as over a dozen Qatari companies from the agriculture and food sector are showcasing their world-class products at the the ongoing International Green Week (IGW)-Berlin expo, which will run until January 27 in Germany.

With the participation of local SMEs from the agriculture and food industries at the high-profile event, more Qatari food products are now rubbing shoulders with global brands and set to establish footprint in the global market.

Qatar, traditionally the net importer of food and agro-products, is witnessing a major transformation in terms of achieving food security and self-sufficiency. Thanks to the collective efforts of various private and public entities, including the Qatar Devel-opment Bank (QDB), which are providing all the possible support to local SMEs and startups as part of the eco-nomic diversification drive in line with Qatar’s long term vision.

In an unprecedented move, in less than 20-months period (after Saudi Arabia-led Arab

quartet stopped the supply of all products, including food, bev-erage and other agro products), Qatari companies expanded their capabilities and ramped up pro-duction to fill the gaps created by the unjust blockade. And now we can see a lot of them are forging partnerships with foreign companies to export their quality products to overseas markets by participating in various interna-tional events.

The IGW is a one-of-a-kind international exhibition of the food, agriculture and gardening industries which has been taking place since 1926. This is the 84th edition of the expo

which opened on January 18. Over 1,700 exhibitors with more than 100,000 products from all over the world are showcasing their agriculture products and green technol-ogies and innovations at the coveted exhibition.

Qatar is the only country from the GCC region showcasing the state of the art products matching global standards and ready to hit the international markets. Some of the other coun-tries participating at the event from the Middle East and North Africa region include Morocco, Tunisia, Egypt, Ethiopia, South Africa and others. In total over 65 countries from across the world are participating this year’s edition.

Some of the Qatari com-panies and organisations which are participating at the exhibition include QDB (state-development agency); Dandy (producer of milk, dairy and beverage products); Agrico Organic Farm; SAIC (Al Sulaiteen Group); Al-Qaseem Dates; Azba Farm for Chicken & Quail Birds; Dolci Sera Sweets; Empire Coffee; Kafe Chocolatier; Qatar Food Factory; Qatar Meat Production Company; Global Farm for Agri-cultural Supplies; Gulf Water Plant and others.

Agrico is Qatar’s first

high-tech greenhouse organic project to grow, harvest and process organic plants, on its own organic farms. In line with ‘Vision 2030’, in the coming ten years, 200 greenhouses of a similar model are expected to be developed. The company aims to expand output by using envi-ronment friendly systems that do not use harmful chemicals or pesticides.

SAIC, owned by Al Sulaiteen Group, is the leading land-scaping and agriculture company in Qatar with opera-tions ranging from turnkey landscaping projects to supply of flowers, fresh fruits and veg-

etables to the local market. ‘AL-Qaseem Dates’ is one of

the oldest dates’ stores in Qatar and is famous for its quality products and have more than 200 products in various forms. The company has major expansion plans within the next three years, part of our expansion plan.

Azba Farm for Chicken & Quail Birds is considered to be the first farm of its kind in Qatar and the third in the Middle East. It is equipped with the latest and most sophisticated technologies in the field of poultry and slaughter house. Azba offers a wide range of different products.

Kafe Chocolatier was founded in 2011 by a Qatari family, who nurtured the dream of creating fine chocolates with an Arabic taste. The company has established and grown signifi-cantly by using its own online shopping website as a marketing portal for customers, and now looking forward to take it to the next level.

QDB has launched a Fran-chise programme to support the local SMEs for expanding their footprints in overseas markets. The programme aims to encourage SMEs and local brands to grow globally through a fran-chise model.

Minister of Municipality and Environment H E Abdullah bin Abdulaziz bin Turki Al Subaie (second right) with Carola Schouten (second left), Netherlands’ Minister of Agriculture, Nature and Food Quality, and other dignitaries posing for a group picture at the Qatar’s pavilion at the ongoing International Green Week (IGW)-Berlin expo, in Germany.

EMBI inclusion could widen Qatar investor baseSATISH KANADY THE PENINSULA

The J.P. Morgan’s inclusion of five GCC sovereign bonds, including Qatar and Kuwait, to its Emerging Market Bond Index (EMBI) from this month could lead to a significant demand for GCC sovereign bond issues. The JPMorgan’s emerging market bond index inclusion will widen the investor base and could lead to increased liquidity of GCC bonds and Sukuk.

‘Markaz’ noted yesterday in its “GCC economic and investment themes 2019”, that passive investment by index-tracking funds could amount to $30bn to $45bn of new demand , or about 30 percent of the value of outstanding GCC sovereign issuance. This would lead to a decline in sov-ereign spreads relative to inter-national benchmarks, reducing the premium they pay relative to similar or lower rated issuers. For instance, this could amount to up to 30 basis points for Qatar. This passive demand would further ease access to global financial markets and likely lower funding costs, including corporate.

With international bond issuance by corporate also sig-nificant at about $40bn from 2014 to the first half of 2018

securing a reduction in financing costs could result in higher private investment and stronger and more broad-based economic growth. Easing access to global financial markets would help ease the impact of tightening

global financial conditions and provide an important channel to mitigate the risk of further bouts of financial market volatility.

According to Markaz ana-lysts, GCC bonds offer higher risk-adjusted returns than their emerging market peers. This is due to their robust credit metrics due to the presence of higher fiscal reserves, under-pinned by strong sovereign ratings. Further, the correlation of GCC bonds with other asset classes remain low, which argues for their inclusion in investor portfolio. In the envi-ronment of increasing oil prices, the outlook could only get better.

Meanwhile, Bloomberg yesterday reported the GCC region’s bond sales are expected to slip in 2019 from last year’s $78bn as issuers turn

cautious amid rising interest rates and market volatility. “Most of our clients have mul-tiple funding options and will consider other alternatives” if bonds turn too expensive”, Bloomberg quoted Hani Deaibes, JPMorgan Chase & Co’s regional head of debt capital markets as saying in a report yesterday. Borrowers from the GCC, primarily sell bonds in dollars and two further interest rate hikes forecast in the US this year will add to costs. GCC syndicated loans surged 54 percent to $114.5bn last year, when foreign and local banks were flush with liquidity.”It’s difficult to expect similar volume this year than in 2018,” Deaibes said.

GCC countries combined have issued a quarter of all new debt sold by emerging markets in each of the last three years. Currently, they account for approximately 14 percent of total outstanding Emerging Market debt stock. The total domestic and USD denomi-nated debt outstanding from GCC issuers is about $317bn.

According to ‘ Markaz’ ana-lysts, four themes—Oil prices, GCC Banking M&A wave, Gulf Bonds; and Competitiveness of GCC economies-- are expected to reshape the GCC’s economic landscape in 2019.

China set to post slowest growth in 28 years in 2018REUTERS BEIJING

China is expected to report today that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising US tariffs, adding pressure on Beijing to roll out more support measures to avert a sharper slowdown.

Growing signs of weakness in China — which has generated nearly a third of global growth in the past decade — are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers.

Chinese policymakers have pledged more support for the economy this year to reduce the risk of massive job losses, but they have ruled out a “flood” of stimulus like that which Beijing has unleashed in the past, which quickly juiced growth rates but left a mountain of debt.

Analysts polled by Reuters expect the world’s second-largest economy to have grown 6.4 percent in the October-December quarter from a year earlier, slowing from the pre-vious quarter’s 6.5 percent pace and matching levels last seen in

early 2009 during the global financial crisis.

That could pull 2018 gross domestic product (GDP) growth to 6.6 percent, the lowest since 1990 and down from a revised 6.8 percent in 2017.

With stimulus measures expected to take some time to kick in, most analysts believe con-ditions in China are likely to get worse before they get better, and see a further slowdown to 6.3 percent this year. Some analysts believe real growth levels are already much weaker than official data suggest. Chen Xingdong (pictured), chief China econ-omist at BNP Paribas, said investors should not expect the latest round of stimulus to produce similar results as during the 2008-09 global crisis, when Beijing’s huge spending package quickly boosted growth.

‘Markaz’ noted

yesterday in its

“GCC economic and

investment themes

2019”, that passive

investment by index-

tracking funds could

amount to $30bn

to $45bn of new

demand , or about 30

percent of the value

of outstanding GCC

sovereign issuance.

With the participation

of local SMEs from

the agriculture and

food industries at the

high-profile event,

more Qatari food

products are now

rubbing shoulders

with global brands

and set to establish

their footprint in the

global market.

Page 2: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

02 MONDAY 21 JANUARY 2019BUSINESS

Page 3: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

03MONDAY 21 JANUARY 2019 BUSINESS

Page 4: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

04 MONDAY 21 JANUARY 2019BUSINESS

China-Germany financial dialogue

10,760.23

-27.52 PTS

0.26%

QSE FTSE100 DOW BRENT6,968.33

+133.41 PTS

1.95%

24,706.35

+499.19PTS

2.06% Dow & Brent before going to press

$53.76

+1.69

MarketWatch

QIIB hosts Qatar Academy studentsTHE PENINSULA DOHA

As part of QIIB’s CSR commitment, two groups of students from Qatar Academy spent a ‘Professional Day’ at the bank’s headquarters in Grand Hamad Street, where they got introduced to various aspects of Islamic banking, banking opera-tions and QIIB’s services and products.

QIIB Chief Executive Officer Dr Abdulbasit Ahmad Al Shaibei welcomed the students and high-lighted “the important role played by Qatar Academy as a leading educational institution, equipping future generations with knowledge and education so that they can become an asset to our country and play their role to the fullest in serving the nation.” He stressed that QIIB pays great

attention to serving the society and particularly in supporting education.

The meeting was also attended by Ali Hamad al-Mesaifri, QIIB

Head of Human Resources and Administrative Services and Omar Abdul Aziz al-Meer, Head of Development in QIIB.

Dr Al Shaibei wished the stu-dents success in their studies to achieve their ambitions. He noted that practical activities help stu-dents develop their skills and expand their perceptions.

The Chief Executive Officer briefed the students about the history of Islamic banking in Qatar and how it developed and achieved its current level of pros-perity and how it played an important and vital role in serving the Qatari economy through its advanced products and services.

During the interactive session, students asked several questions about Islamic banking in particular and banking sector in general.

Students were also told about career options available in banks

and the degrees and qualifications that are required for those who choose to work in the banking sector.

The students’ professional day at QIIB included a visit to a number of QIIB departments where they were briefed by exec-utives on Islamic banking oper-ations, customer service, types of accounts, cheques and bank cards. They also saw the func-tioning of the main banking hall and the section dedicated to VIP customers at QIIB, and of the services provided by Islamic banks to their customers.

During the tour, students were given the opportunity to ask questions about adoption of modern technology in banking and emerging trends, especially through mobile phones, Internet banking, telephone banking and the call center.

QIIB Chief Executive Officer Dr Abdulbasit Ahmad Al Shaibei and other bank officials with the visiting Qatar Academy students.

US delegation informed on measures of overcoming blockade

German Finance Minister, Olaf Scholz (left), greets Chinese Vice-Premier Liu He after attending a signing ceremony for the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, China.

Kuwait announces $200m technology investment fundat Beirut summitREUTERS BEIRUT

Kuwait is launching an initiative to create a $200m fund for invest-ments in technology, its foreign minister said at an Arab economic summit in Beirut yesterday.Sheikh Sabah Al Khalid Al Sabah said Kuwait would give $50m to the fund to allow “investment in the fields of technology and digital economy” which the private sector will take part in.

THE PENINSULA DOHA

Qatar Chamber (QC) has high-lighted in front of US dele-gation from Johns Hopkins University the economic measures taken by Qatar to overcome the siege and how it turned its repercussions into advantages.

A presentation titled (How Qatar Invested the Siege and Turned Its Repercussions Into Gains) was delivered by the Research and Studies Department, shedding light on the procedures adopted by the country to face the siege.

According to the presen-tation, these steps included the launch of direct shipping lines between Hamad Port and number of ports in and outside the region, encouraging and motivating the local industry, and supporting the national products, and obliging minis-tries and government agencies to purchase local products by 100 percent as well as refor-mulating the food security strategy.

The presentation high-lighted the positive gains of the siege including the dependence on local products in the local market from 5 percent before siege to 30

percent before, the estab-lishment of 164 agricultural companies in the market, while there are a 22 percent growth in the number of new companies.

It also reviewed the efforts of Qatar Chamber during the siege as a repre-sentative of the private sector, and outlined the measures taken in co-ordi-nation and co-operation with the competent authorities in the State to face the conse-quences of the siege, where the Chamber worked with importers of food and building materials to find new al ternat ives and overcome all the obstacles facing companies operating in this sector in order to ensure continuity of flow of those goods to the State.

It added that Qatar Chamber has benefited from the relations that it has with many of its counterparts in many friendly countries, and opened new markets for the Qatari product and launched several initiatives to support the national product by urging the commercial complexes to display the national products prominently, or through exhi-bitions that support local product.

An expert making a presentation to the visiting US delegation from Johns Hopkins University.

Fund managers see China stock gains aheadBLOOMBERG SINGAPORE

At the end of October, when Chinese shares were in freefall, the chief investment officers at Deutsche Bank Wealth Management made a bold call: the worst was over for the world’s second-largest equity market.

Since the start of November, the MSCI China Index of the nation’s shares has rebounded more than 7 percent.

For Christian Nolting, global chief investment officer, and Tuan Huynh, chief investment officer for Asia-Pacific, those gains are just the start. China’s A shares will lead an advance among Asia ex-Japan equities this year, the two money man-agers say. While they declined to give a specific target for Chinese stocks, they expect the regional ex-Japan gauge to climb almost 5 percent more in 2019.

Here are their reasons for optimism:

Asian shares tend to bounce back after bad years, they say. There’s truth to this pro-nouncement. The MSCI Asia

Ex-Japan Index, which plunged 16 percent in 2018, hasn’t posted back-to-back annual declines since 2002. The Chinese gov-ernment is likely to add more stimulus to the economy, according to Nolting and Tuan.

That’s already happening. Since the start of this year, China has announced a flurry of tax cuts, credit policy tweaks, looser property measures and record injections via open-market operations. Earnings growth at Chinese companies is likely to be in the high single digits or low double digits, they say.And con-cerns about China’s economic slowdown, in their eyes, may be somewhat overdone. They expect the government to take steps to ensure that gross domestic product growth doesn’t fall below 6 percent.China is “one of our most preferred calls,” Tuan said in an interview in Sin-gapore. Equity markets including

China priced in an earnings recession in 2018 that just didn’t exist, he said.

The money managers, which help oversee $336bn at Deutsche Bank Wealth globally, issued their call on Chinese shares in a CIO note to clients on October 25, according to the company. They turned bullish on US equities in December, just before the S&P 500 Index started its climb this year. The US benchmark stock gauge was up 5.2 percent already in 2019 through Thursday’s close, and Nolting and Tuan predict it will advance to 2,850 by year-end, which implies a gain of more than 8 percent from Thursday’s close.

Deutsche Bank Wealth likes infrastructure stocks in most markets as governments are more likely to provide stimulus in 2019 than central banks, which are raising interest rates and reducing their balance sheets, according to Nolting and Tuan. It also likes consumer-dis-cretionary shares in Asia, which it says will benefit from the r e g i o n ’ s b u r g e o n i n g middle-class.

The money managers,

which help oversee

$336bn at Deutsche

Bank Wealth globally,

issued their call on

Chinese shares in a

CIO note to clients on

October 25, according

to the company.

The students’

professional day at

QIIB included a visit

to a number of QIIB

departments where

they were briefed by

executives on Islamic

banking operations,

customer service,

types of accounts,

cheques & bank

cards.

France to push ahead with tax on technology firmsPARIS AFP

France will push ahead with its own tax on large internet and technology companies by intro-ducing a bill that would be retroactive to January 1, its finance minister said yesterday.

The move comes as the European Union tries to finalise an EU-wide levy.

“We are working on a tax that would affect internet service companies with global sales of more than 750 million euros ($850 million) and 25 million euros in France,” Economy and Finance Minister Bruno Le Maire told the weekly newspaper Journal du Dimanche.

“If these two criteria are not met, they (the taxes) will not be imposed,” he noted.

A draft bill would be pre-sented to the government by the end of February “and rapidly put before parliament for a vote,” Le Maire said.

“The tax would apply as of January 1, 2019 and its rate

would vary according to the level of sales, with a maximum of five percent,” a level that would represent “around 500 million euros” annually for France, he added.

Paris has been driving hard for a so-called “GAFA tax” -- named after Google, Apple, Facebook and Amazon -- to ensure the global internet giants pay a fair share of taxes on their huge business operations in Europe.

Le Maire called the question “a major issue in the 21st century.”

He said that a Europe-wide agreement was also possible by late March, in light of a com-promise reached in December with Germany, which has been less enthusiastic about such a levy.

A spokesman for Facebook France told AFP: “We will con-tinue to respect our fiscal obli-gations as defined by French and European legislation.”

Google France declined to comment on Le Maire’s remarks.

Page 5: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

05MONDAY 21 JANUARY 2019 BUSINESS

France pushes Japan to accept Renault-Nissan mergerAFP PARIS

Japanese media reported yesterday that France wants a merger between Renault and Nissan following the arrest of former Nissan chairman Carlos Ghosn, but according to France’s economy minister changing the current set-up is “not on the table”.

Ghosn headed a powerful alliance between Nissan, Mit-subishi and Renault before his arrest in November on charges of financial misconduct.

A delegation including Martin Vial -- a Renault director desig-nated by the French government -- made the merger request at talks with Japanese officials in Tokyo, Kyodo News reported, citing sources close to the matter.

The French government is the biggest shareholder in Renault with a stake of more than 15 percent, while Renault owns 43.4 percent of the Japanese carmaker Nissan with voting rights.

A merger between the two is favoured by French President Emmanuel Macron, Kyodo said.

Japanese business daily Nikkei also reported the merger request by the French delegation, saying Nissan had been opposed

to giving Paris greater sway over the Japanese carmaker.

According to Nikkei, the del-egation also said Renault wants to name Nissan’s next chairman -- a post that has remained vacant since Ghosn was ousted on his arrest in November.

But the reports appear to contradict comments French Economy Minister Bruno Le Maire (pictured) made to Le Journal du Dimanche (JDD) newspaper, pub-lished yesterday.

“A shareholder rebalancing, a change in cross-shareholdings between Renault and Nissan is not on the table,” he told the French weekly.

Contacted by AFP, a French economy ministry spokesman had no comment to make on the Japanese media reports.

Macron last month held talks with Japanese Prime Minister Shinzo Abe on the sidelines of the G20 summit in Argentina, at which they only agreed to ensure a stable relationship within the three-way alliance, which also includes Japan’s Mitsubishi Motors.

Abe reportedly stressed the importance of all three companies “maintaining their stable rela-tionship” at the summit talk.

But the Japanese premier reportedly also said the fate of the group should be decided by “private businesses” and “gov-ernments should not commit to how the alliance should operate going forward”, according to a senior government official quoted by Kyodo.

US chipmakers may give clues on China hazardREUTERS SAN FRANCISCO

Intel Corp operates mostly outside the Apple-sphere, and that is exactly why whatever it says next week about business in its vital Chinese market matters so much for investors.

Apple rattled global markets this month when the iPhone maker cut its revenue outlook for the first time in 15 years, blaming factors like the US-China trade dispute and a slowdown in the Chinese economy.

Upcoming quarterly score-cards from Intel, Texas Instru-ments and other chipmakers, as well as Ford Motor Co, will shed light on whether Apple made a convenient excuse for its own troubles or revealed a strengthening headwind faced by global companies that rely on China for a big chunk of their sales.

“They should give us a good gauge of what is happening in China beyond smartphones because Texas Instruments is mostly industrials and autos, and Intel is PCs and servers, and they’re not being driven by the Apple smartphone situation,” said Daniel Morgan, a portfolio manager at Synovus Trust Company in Atlanta.

Underscoring Wall Street’s

sensitivity to China trade, the S&P 500 jumped 1.3 percent on Friday after a report that China has offered to go on a six-year buying spree to ramp up US imports in order to reconfigure the relationship between the two countries.

US stock markets will be closed on Monday for the Martin Luther King Jr. holiday.

China accounts for almost a quarter of Intel’s revenue, while modem chips for iPhones, the focus of recent concerns about Apple, account for just a tiny part of Intel’s business.

While most Intel processors sold in China are used to build laptops and servers for export, Chinese consumers and com-panies also purchase many of those devices.

With the tariff war already taking a toll on China’s trade sector and increasing the risk of a sharper slowdown in the world’s second largest economy, US multinationals will face pressure to be cautious about their outlooks for 2019.

“Anyone doing business in China, especially if you are an American company - I don’t think you can come out with super-positive guidance,” said Stephen Massocca, Senior Vice President at Wedbush Secu-rities in San Francisco.

The French

government is the

biggest shareholder

in Renault with a

stake of more than

15 percent, while

Renault owns 43.4

percent of the

Japanese carmaker

Nissan with voting

rights.

Facebook endows AI Ethics Institute at German university TUMBLOOMBERG LONDON

Facebook Inc. is endowing a new institute devoted to the ethics of artificial intelligence at the Technical University of Munich (TUM), in Germany.

The new center, which Facebook is funding with an initial grant of $7.5m over five years, will investigate issues around AI safety, fairness, privacy and transparency, Joaquin Quinonero Candela, Facebook’s director of applied machine learning, said in a blog post.

Christoph Luetge, a TUM professor specialising in business ethics, will lead the new Institute for Ethics in Arti-ficial Intelligence, Candela said.

Facebook has found itself increasingly embattled in the past two years, facing criticism for failing to stop the spread of fake news, terrorist propa-ganda and hate speech as well as abusing users’ privacy. Chief Executive Officer Mark Zuck-erberg has told the US Con-gress that the company will increasingly lean on AI to police content on the social network.

QATAR STOCK EXCHANGE

QE Index 10,760.23 0.26 %

QE Total Return Index 18,958.34 0.26 %

QE Al Rayan Islamic Index - Price 2,527.52 0.09 %

QE Al Rayan Islamic Index 4,100.96 0.09 %

QE All Share Index 3,239.22 0.02 %

QE All Share Banks & Financial Services 3,916.15 0.08 %

QE All Share Industrials 3,453.37 0.29 %

QE All Share Transportation 2,248.77 0.26 %

QE All Share Real Estate 2,393.91 1.02 %

QE All Share Insurance 3,273.69 0.43 %

QE All Share Telecoms 1,013.48 0.51 %

QE All Share Consumer Goods & Services 7,215.79

0.36 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

20-01-2019Index 10,760.23 Change 27.52 % 0.26 YTD% 4.48 Volume 7,805,848 Value (QAR) 169,028,823.71 Trades 4,515 Up 20 | Down 21 | Unchanged 0317-01-2019Index 10,787.75Change 25.96% 0.24YTD% 4.75Volume 10,371,131Value (QAR) 275,170,987.19Trades 7,085

EXCHANGE RATE

GOLD QR151.0299 grammeSILVER QR1.8309 per gramme

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

All Ordinaries 5893.7 21.9 0.37 5871.8 5620.3

Cac 40 Index/D 4788.79 2.62 0.06 4843.48 4606.2

Dj Indu Averg/D 24065.59 155.75 0.65 26951.81 21712.53

Hang Seng Inde/D 26902.1 71.81 0.27 26838.55 24896.87

Iseq Overall/D 5668.26 27.86 0.49 5751.1 5390.58

Kse 100 Inx/D 39271.94 -342.23 -0.86 39711.92 37046.21

S&P 500 Index/D 2610.3 27.69 1.072171 2597.82 2443.96

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6513 QR 4.7171

Euro QR 4.1221 QR 4.1798

CA$ QR 2.7196 QR 2.7728

Swiss Fr QR 3.6569 QR 3.7082

Yen QR 0.03316 QR 0.03381

Aus$ QR 2.5887 QR 2.6397

Ind Re QR 0.0507 QR 0.0517

Pak Re QR 0.0256 QR 0.0266

Peso QR 0.0691 QR 0.0704

SL Re QR 0.0198 QR 0.0202

Taka QR 0.0430 QR 0.0439

Nep Re QR 0.0317 QR 0.0323

SA Rand QR 0.2631 QR 0.2683

Page 6: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

06 MONDAY 21 JANUARY 2019BUSINESS

Davos A-listers add $175bn in 10 yearsBLOOMBERG LONDON

Davos Man is richer than ever.A decade after the financial

crisis, gold-collar executives set to gather at the World Economic Forum this week have bounced back.

David Rubenstein has doubled his fortune since 2009. Jamie Dimon has more than tripled his net worth. And Stephen Schwarzman has increased his wealth six-fold. It’s a remarkable showing given the economic and political tumult of the past decade, from Lehman Brothers to Brexit to Donald Trump. The fortunes of a dozen 2009 Davos attendees have soared by a combined $175bn, even as median US household wealth has stagnated, a Bloomberg analysis found.

The data illustrate the ever-widening gap between the true haves-those in the 0.1 percent-and the have-nots of a global economy. Data from UBS and PwC Billionaires Insights reports show that global billionaire wealth has grown from $3.4 trillion in 2009 to $8.9 trillion in 2017.Central bank actions to fight the financial crisis-record low interest rates and bond-buying

programs-have underpinned this ballooning wealth by driving up the prices of stocks and other assets.”Ten years ago, ironically at the lows of the market, what you wanted to own was capital and if you did own capital you did incredibly well,” said Michael Hartnett (pictured), Bank of America Corp’s chief investment strategist.

It means Davos Man - the conference remains overwhelm-ingly male - exerts more authority and visibility than ever.

Dimon is returning to the WEF with JPMorgan Chase & Co larger and more profitable than ever. Schwarzman-recognizable in his tan winter coat over suit-has built Blackstone Group LP into

the world’s largest alternative asset manager with $457bn of assets as of September 30, 2018 up from $95bn at the end of 2008.

And Davos remains as popular as ever. The forum - titled Glo-balization 4.0 - is expected to host 3,000 people. This year, George Soros is hosting a dinner at which he will speak and Dimon’s JPMorgan is throwing a party. Bill Gates will be present again as will billionaire Carlyle Group co-founder Rubenstein, who hosts a show on Bloomberg Television and whose fortune has doubled over the past decade.

Billionaire success was dif-ficult to envisage a decade ago, when the gathering was marked by fear, anger and bitterness.

“Everyone I spoke to says it’s

the grimmest Davos they’ve ever been to,” academic Kenneth Rogoff said at the 2009 meeting. “The mood has been very depressed.”

The intervening years have given attendees plenty of reasons for cheer. Business owners and financiers have benefited from the longest bull market in history while the benefits from an era of cheap money and recent US tax cuts have largely flowed to the wealthy.

Even as the meeting’s reports and agendas have repeatedly flagged inequality as one of the chief risks to a stable society, the global economy’s bifurcation has only quickened.

“The financial crisis was the kind of event that shakes things out, but it didn’t happen 10 years ago,” said Anand Giridharadas, author of ‘Winner Takes All: The Elite Charade of Changing the World.’ “The same rigging that caused the crisis ensured the losses were socialized.”

For those with minimal or no assets, it’s been a more chal-lenging decade. Wages have stag-nated and while equity markets have risen, fewer US adults are invested in the stock market than in 2009.

Data from UBS and PwC

Billionaires Insights

reports show that global

billionaire wealth has

grown from $3.4 trillion

in 2009 to $8.9 trillion

in 2017.

ABN Amro’s CEO counting on Dutch govt to cut stake BLOOMBERG AMSTERDAM

ABN Amro Group NV’s chief exec-utive officer is counting on the Dutch government to further sell down its majority stake this year, after a yearlong halt to the process and troubles surrounding the Amsterdam-based bank.

“I have expressed confidence that this year we expect a new chance, and that we are counting on it, actually, that there will be a

further sale,” Chief Executive Kees van Dijkhuizen told anchor Rick Nieman on his WNL op Zondag talk show yesterday.

Three years ago, the bank returned to the market for the first time since the government bailed it out in the throes of the 2008 global financial crisis. The gov-ernment kept a 77 percent stake, and promised to further reduce its holdings,

Van Dijkhuizen said. It last sold shares in the bank in December

2017, and now holds about 56 percent, according to data compiled by Bloomberg.

Van Dijkhuizen told De Tele-graaf newspaper last month that a halt of the sale process would be very damaging.

The bank’s upper echelons have been in turmoil over the past year, with a cull of senior management and the departure in February of its chairwoman, Olga Zoutendijk. Rumblings of discontent have con-tinued, with some employees

appealing to the bank’s state owners to step in and give firmer lead-ership. “There has been some ferment at the bank,” making for some “not ideal” sell-down moments, Van Dijkhuizen said.

The bank didn’t inspire confi-dence in November at its first investor day since its 2015 initial public offering after it declined to tell shareholders how much they might receive in extra dividends and only slightly increased a profita-bility target.

Note: Programme is subject to change without prior notice.

CROSSWORD

FRAUD SAIYAAN

How To Train Your Dragon (2D/Action) 2:15 & 5:15pm; Mikhael (2D/Malayalam) 8:45 &11:15pm

Petta (2D/Tamil) 2:15, 8:00 & 11:00pmF2: Fun And Frustation (2D/Telugu) 4:15pm; Ride (2D/Action) 4:15pm; Glass (2D/Sci-Fi) 7:15 & 11:30pm; Fraud Saiyaan (2D/Hindi) 2:00pm;Mary, Marry Me (2D/Tagalog) 7:00pm; Sa’at Reda (2D/Arabic) 6:00pm; All The Devil’s Men (2D/Action) 9:30pm; Praana (2D/Malayalam) 11:30pm

Mikhael (2D/Malayalam) 2:15 & 11:00pm

F2: Fun And Frustation (2D/Telugu) 3:00 & 11:00pm; How To Train Your Dragon: The Hidden

World (2D/Action) 3:00pmThe Accidental Prime Minister (2D/Hindi)

5:00 & 9:15pm; Petta (2D/Tamil) 5:00 & 8:00pm; Glass (2D/Sci-Fi) 7:00 & 11:15pm;Mary, Marry Me (2D/Tagalog) 9:15pm;

F2 Fun (Telugu) 6:30 & 9:30pmGlass 12:30, 1:00, 3:00, 3:30, 5:30, 6:00, 8:00, 8:30, 11:00 & 8:00pmHow To Train Your Dragon: The Hidden World

(2D/Action) 12:30, 2:45, 5:00 & 7:15pm & 12:30am Mikhael (2D/Malayalam) 12:30, 3:30, 9:30pm & 12:30pmPetta (2D/Tamil) 3:00 & 8:50pm Praana (2D/Malayalam) 12:30, 6:20, 10:45pm & 12:10am

Petta (2D/Tamil) 11:30am, 5:45pm & 12:00midnight; F2 Fun (2D/Telugu) 11:15am, 5:15 & 11:15pm; Glass (2D/Sci-Fi) 10:30am, 3:45 & 9:00pm; Mikhael (2D/

Malayalam) 2:45 & 9:00pm; Viswasam (2D/Tamil) 2:15 & 8:15pm; The Upside (2D/Comedy) 1:15, 6:30 & 11:45pm

MALL

LANDMARK

ROXY

AL KHOR

The Accidental Prime Minister (2D/Hindi) 2:15 & 11:30pm; Praana (2D/Malayalam) 2:30pm; Mikhael (2D/Malayalam)

4:15pm; How To Train Your Dragon: The Hidden World (2D/

Action) 5:00pm; Mary, Marry Me (2D/Tagalog) 7:00pm; The Upside (2D/Comedy) 7:00pm; Woman Walks Ahead (2D/Drama) 8:45pm; Glass (2D/Sci-Fi) 9:15pm; Petta (2D/Tamil) 11:00pm

F2 Fun (2D/Telugu) 5:15pm; Petta (2D/Hindi) 5:45, 8;45, 11:45pm; Mikhael (2D/Malayalam) 6:00, 8;00, 9:00pm; Fraud Saiyaan (2D/Hindi) 7:15pm; Viswasam (2D/Tamil) 9:30pm;Uri (2D/Hindi) 10:45pm

ROYAL PLAZA

FLIK Mirqab Mall

ASIAN TOWN

122 (2D/Arabic) 0:15am; All The Devil’s Men (2D/Action) 9:10, 1:00, & 0:20am; Aquaman (3D/Action) 11:10am, 2:05, 6:20, 9:15, 0:10am & Bumblebee (2D/Animation) 11:05am & 4:00pm; Bumblebee (3D/Animation) 11:50pm; Cheat India (2D/

Hindi) 10:00pm; Glass (2D/Sci-Fi) 11:10am, 1:45, 3:25, 4:25, 7:00, 9:40pm; How To Train Your Dragon: The Hidden World (2D/

Action) 11:45am, 2:00, 4:10 & 6:00pm; Maharaja 6:45pm; Mary Poppins Returns (2D/Comedy) 10:50am & 1:40pm; Petta (2D/Tamil) 8:10 & 11:35pm; Saat Reda 5:35pm; Spider-Man: Into The Spider-Verse (2D/Action) 11:00am; The Amityville Murders 0:40 & 1:35pm; The Mule 1:05 & 10:40pm; The Upside (2D/Comedy) 1:25, 10:35, 4:15 & 21:50pm; Viswasam (2D/Tamil) 6:35pm

Fraud Saiyyan is the story of a con artist in North India who convinces women to marry him just so he can live off their money.

Page 7: BUSINESS - The Peninsula · 2019-01-20 · 04 BUSINESS MONDAY 21 JANUARY 2019 China-Germany financial dialogue 10,760.23 -27.52 PTS 0.26% QSE FTSE100 DOW BRENT 6,968.33 +133.41 PTS

AL ASMAKH LISTINGSCALL CENTER: 4448 5111 / 4041 0757

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