Volvo to build Lynk & Co vehicles at Belgium plantPhilippe Muyters (right) , Flemish Minister of Employment, Economy, Innovation, Science Policy and Sports; Li Shufu (left), Chairman, Geely automotive manufacturer; and Kris Peeters, Vice-Prime Minister and Minister of Employment, Economy and Consumer Affairs; attending the presentation of the automotive brand Lynk & Co that will be produced in the Volvo Cars plant in Ghent, Belgium.

BUSINESSThursday 29 March 2018

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QFB’s income from financialassets grows

Nebras records huge jump in2017 revenue

QNBFS remains bullish on Qatari equities for ’18SATISH KANADY

THE PENINSULA

DOHA: Driven by attractive fundamentals, QNB Financial Services (QNBFS) is bullish on Qatari equities for this year. Announcing its Qatar equity strategy for 2018 recently, QNBFS noted it remained opti-mistic on the Qatari equity market on long-term and QEWS, GWCS and QGTS would play.

“Within our coverage uni-verse, we forecast a normalized 4.4 percent increase in aggregate earnings in 2018 followed by a more robust 2019 with 11.7 percent. Despite the issues related to the blockade, we high-light that we continue to expect Qatari equities to post ROE metrics for 2018 and 2019 that are largely in line with peers (12.0/12.5 percent vs. regional peer averages at~11.8/12.2 percent).”

“Similarly, Qatari equities are expected to register dividend yields in line with peer average over the next 2 years at an esti-mated 4.3/4.6 percent vs. 4.7/5.0 percent. With that in mind, we compiled net income expecta-tions of key Qatari equities that we cover,”, QNBFS noted in its ‘Qatar equity strategy 2018.’ ana-lysts said in.”

QNBFS’ Qatari coverage list constituted a significant ~43 percent of the overall total market capitalization (ex. QNB Group) of the Qatar Exchange. Factors that can negatively impact our thesis include decel-eration of global economic growth prospects, regional geo-political issues, significant dete-rioration in oil prices, increase in volatility, exit of hot money from emerging/frontier markets, etc.

QNB analysts said the impact of the blockade was certainly felt

in equity prices, ‘but with much of the uncertainty behind us, val-uations likely price in the current environment,’ they said. For the time being, valuations are attractive vs. the region’s forward price-to-earnings multiples; the Qatar Stock Exchange Index (DSM) trades at a 2018 P/E of 12.5x, complemented by a div-idend yield of 4.3 percent, while regional peer median is at a 11.3x

P/E along with a dividend yield of 4.7 percent. While the bounce beginning in December was fueled by optimism regarding div-idends and net buying interest in selected names by foreign/GCC investors, the way forward will depend on continued recovery in the macro operating envi-ronment. Longer-term, attractive fundamental drivers and a

significant spending program should provide tailwinds for growth. Qatar’s macro picture remains resilient – no significant challenges for Qatar to continue to offset potential fund outflows, support the banking system, sustain economic growth, and defend the peg.

Elaborating the big macro story, QNB analysts noted the

Import/export levels remain largely stable with exports increasing from $5.6bn in May 2017 (before blockade start) to $6.0bn only 6 months later. Over the same period, imports initially (and expectedly) declined from $2.6bn in May 2017 to $1.6bn only 1 month later.

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Oil backs away from $70 a barrel ahead of US inventoriesREUTERS

LONDON: Oil fell yesterday as investors took profit on a rally the day before to this year’s highs after a report showed a surprisingly large increase in US crude inven-tories.

June Brent crude futures were last down 53 cents on the day at $68.93 barrel by 1330 GMT, while the May contract, which expires today, was down 45 cents at $69.66. WTI futures fell 67 cents to $64.58 a barrel.

Traders said most pressure ensued after the American Petroleum Institute (API) on Tuesday reported a surprise 5.3 million barrels rise in crude stocks in the week to March 23, against expectations for a decline of to 430.6 million barrels.

The oil price has risen in seven out of the last 9 months and has increased by more than 4 percent this year, making this the third consec-utive quarter of gains, which is the longest stretch since late 2010.

US oil production has risen by nearly 25 percent in the last two years to over 10 million barrels per day, taking it past top exporter Saudi Arabia and within reach of the biggest producer, Russia, which pumps around 11 million bpd.

QNB named Qatar’s Best Bank for Asia by Asiamoney magazineTHE PENINSULA

DOHA: QNB has been named as Qatar’s Best Bank for Asia by Asiamoney magazine, during the GlobalCapital Asia-money’s Middle East Awards ceremony held recently in Hong Kong.

The prestigious award cel-ebrates banks, which have dem-onstrated excellence and inno-vation in their services and products through the year, based on inputs from

Asiamoney’s industry analysists team. The award reflects QNB’s successful strategy and plans to strengthen its leadership in the banking industry, reflected through its strong financial results, increased market share and high ratings, as well pro-viding innovative solutions and products to meet global markets’ investment needs.

It also underlines the long and consistent growth the Group has made in enhancing a com-prehensive range of banking

solutions to meet the various financial needs of clients in dif-ferent markets, while keeping focus firmly on quality and innovation.

A member of the Euromoney group, Asiamoney, specializing in financial markets in Asia, reports and offers analysis on the financial and investment markets for capital issuers, bor-rowers, institutional investors, and senior corporate and gov-e r n m e n t m o n e t a r y decision- makers.

Tenders for 26 Al Furjan Markets to be announced in Q2THE PENINSULA

DOHA: Tenders for the implementation of 26 Al Furjan Markets are to be announced by the second quarters of this year. The upcoming markets, which are currently at the design state, are to be developed at several strategically selected areas of the country.

The markets, being developed by Qatar Devel-opment Bank in collabo-ration with several other state agencies, are con-sidered to be one of the leading strategic projects that are targeting the con-solidation of the private sector, participating in pushing economic growth forward in line with the Qatar National Vision 2030 to create a diverse per-m a n e n t e c o n o m i c environment.

QDB is currently in the process of finalising the con-struction permits and approvals of the proposed commercial real estate prop-erties. The proposed 26 markets will be located in Umm Lekhba, Al Gharaffa, Izghawa, Bani Hajer, Luaib / Al Muhajirah, Al Aziziya, Muaither north, Bu Sidra, AinKhalid (2 lands), Umm Al Saneem(3 lands), Al Sakhama, Saina Al-Humaidi,

Al Thakhira, Madinat Al Kaaban, Madinat ash Shamal, Rawdat Rashed, Al Karaana, Al Wakra, Al Utouriya, Lkhreeb, Al Ghwairyya, Al Rayyan Al Jadeed, Aba Al Hiran and Ain Sinan.

The date of the tenders for the implementation of the upcoming markets was revealed yesterday in a press statement issued to announce the beginning of construction works for phase two of the neighborhood markets, which will see con-struction of six markets that will include 78 shops and are expected to be completed within 12 months.

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of QDB, said: “The beginning of construction works for the phase two of Al Furjan Markets will further benefit citizens and will support the growth and competitiveness of the business sector in the state. It comes as a fruit of coop-eration between the Ministry of Municipality and Envi-ronment, the project’s engi-neering office and QDB. This initiative is a basic solution to the provision of basic needs for goods and services that are used on almost daily basis by individuals and families.”

Import/export levels remain largely stable with exports increasing from $5.6bn in May 2017 (before blockade start) to $6.0bn only 6 months later.

8,553.14 -140.84 PTS1.62%

QSE FTSE100 DOW BRENT7,044.74 +44.60 PTS0.64%

23,892.00 +34.29 PTS0.14% Dow & Brent before going to press

$64.63 -0.62

22 THURSDAY 29 MARCH 2018BUSINESS

→ CONTINUED FROM PAGE 21

This however quickly reversed to pre-blockade levels as now imports are $2.5bn (as of November 2017).

Banking deposits have also been stable though obvi-ously there was a shift in favor of public sector deposits as a result of the injected liquidity and fund outflow from blockading countries.

“We do note that the fund outflow has been more than offset by public sector deposits and that the outflow rate has dissipated from $21bn in June to a positive inflow of $1bn in November. Qatar’s credit rating con-tinues to be one of the highest in the world at Aa3 (Moody’s) in line with Belgium and Taiwan and ahead of neighboring Saudi Arabia (A1). In addition, the government can easily defend the peg to the greenback given its reserves as well as cover QR deposits and currency in circulation (23 percent of GDP).

The country’s large infra-structure investment spending continues largely unaffected with new potential for further investment arising in the medium-to-long term. Current project pipeline capex spending includes $58bn on various con-struction projects (2019-2025), $98bn on transpor-tation projects (2018-2026), and $21bn on oil/gas projects.

Investment opportunities exist to support self-suffi-ciency such as increasing capacity at Hamad Port, cre-ating large-scale dairy and poultry facilities, relaxing tourism regulations and investments in new leisure facilities, and building the necessary infrastructure to meet the planned 30 percent increase in LNG production over the next 5-7 years.

QFB’s income from financial assets grows by 18.3%THE PENINSULA

DOHA: Qatar First Bank (QFB), a leading Shari’ah compliant bank based in Qatar and listed on the Qatar Stock Exchange (QSE), has recorded a revenue of QR334.2m for the year ended 31 December 2017. QFB investment portfolio continued to generate healthy dividends (QR25.5m) which constitute double the income generated in 2016.

The bank’s income from financing assets increased by 18.3 percent, compared to 2016, recording an additional income of QR12.6m and the financing assets will generate recurring income during the coming years. Also, the bank’s income from placement with financial institu-tions stood at QR25.6m mainly derived from cash deployment in Shari’ah compliant money market funds.

QFB recorded a net loss of QR269.3m for the year-end 2017 resulting mainly from the downward revision of the valu-ations of some of the Bank’s

investments across several markets.

Moreover, the bank sold its stake in Amanat Holding, a Dubai based-listed healthcare and edu-cation company and generated overall cash returns of QR25.6m.

In line with the results and the changes instituted during 2017, QFB’s management con-tinued raising efficiency levels through the implementation of the cost rationalization plan that resulted in a reduction of the staff expenses by 10.8 percent and other operating expenses by 20.7 percent with an overall reduction of the expenses by 7.8 percent compared to 2016. The expenses expected to be reduced further in coming years as it will have full year impacts of the cost initia-tives measures.

Ayman Zaidan, Head of Treasury & Investment Man-agement, said: “We continue on rerouting and fully matching QFB with the evolution of Qatar and the wider region’s investment direction to access lucrative investment opportunities.” Whilst

the current volatility in the global markets has impacted the bank’s business, QFB continued to suc-cessfully manage its existing portfolio, as well as seeking out new lucrative opportunities. The management is confident that they will perform well in the years to come.

He further added: “QFB’s strategy focuses on our role as a trusted advisor, a gateway for investors who wish to tap into innovative, Shari’ah compliant, investment opportunities in local, regional and global markets. We

will continue to diversify our portfolio, tapping into new and attractive geographical markets. We are well positioned to provide capital solutions to growing busi-nesses in the region, utilizing our expertise and network. We look to partner with market leaders, private and institutional investors, attracting third party money with the objective to create value while following international best practices and the highest levels of corporate governance.” Over the previous year, QFB has leveraged on the in-house and international breadth of investment solutions and structuring capabilities to offer an attractive range of products and services. The bank announced the placement of the ‘Ijarah Aviation Structured Product’ that was met with great enthusiasm by individual and institutional clients. Additionally, the bank’s team of professionals catered clients with a wide range of investment opportunities and innovative financial solutions to grow, manage and protect their

wealth and assets.Besides, QFB,

after the completion of its second resi-dential project in London, announced offering specialised real estate services to individuals and corporates seeking to add value to their p o r t f o l i o s b y owning, occupying and investing in real estate across the world. The bank also continued to focus on liquidity o p t i m i z a t i o n t h r o u g h t h e interbank market and money markets. Also, the team was actively involved in investing and man-aging the Sukuk book which con-tinued to perform well and growing its private equity deal pipeline. QFB headquarters is seen in this picture.

The bank’s income from placement with financial institutions stood at QR25.6m mainly derived from cash deployment in Shari’ah compliant money market funds.

QIIB honoured for its CSR roleTHE PENINSULA

DOHA: As part of its leading role in corporate social responsibility and community service, Qatar Corporate Social Responsibility Network honoured QIIB during the CSR initiatives honoring ceremony held at Qatar University.

The ceremony was attended by H E the Minister of Economy and Commerce, Sheikh Ahmed bin Jassim bin Mohamed Al-Thani, as well as representatives of government and non-gov-ernment bodies and institutions and a number of ambassadors and dignitaries.

At the ceremony, QIIB Deputy CEO Jamal Abdullah Al Jamal, received a shield from the Pres-ident of Qatar University, Dr. Hassan Al Derham.

This is the third award that QIIB has received during the Uni-versity’s annual events to honor CSR initiatives and launch its annual CSR reports. This year’s event was titled “Citizenship” as it highlighted the citizenship of institutions in Qatar, their success in overcoming the siege, their contributions and achievements in the service of society and their progress during 2017 with regard to their obligations towards

supporting the four pillars of Qatar National Vision 2030 and sustainable development.

Commenting on QIIB’s honour, Jamal Al Jamal said, “we are pleased to be among the insti-tutions that play an outstanding role in corporate social respon-sibility. In fact, we have an broad based strategy in this field that focuses on supporting innovative initiatives and providing value-added services and products that benefit the largest segment of the society”.

He said: “As a bank, we are aware that our main role is to provide innovation and novelty in Islamic banking, design products that meet the aspira-tions of society, serve national economy and small and medium-sized enterprises that contribute to a sustainable growth.” He noted: “We also support a large number of activities and events that serve the society, namely in sports, culture, heritage, charity and education as well as other non-profit activities which success reflects the economic and profitable institutions’ awareness of their corporate social respon-sibility and the important role they play in achieving the various development goals”.

The Deputy CEO stressed on

the fact that “QIIB focuses on supporting schools, educational institutions and academic insti-tutions through the bank’s par-ticipation in a number of activ-ities as well as on providing them with appropriate resources to conduct activities that enrich and contribute to the development of education. The bank also sup-ported students’ creative projects and welcomed schools that organised professional days in the bank to deepen the students’ knowledge and guide them in their professional life. Moreover,

the bank gives greater attention to human resources, especially Qatari resources, and seek to provide them with care, placement, training and career development opportunities as per the best standards”.

“QIIB contributes to quali-tative efforts that highlight Qatar’s bright image and crea-tivity as a centre of attraction and host of many events, conferences and activities. The bank is also keen to actively participate, attend and sponsor many similar conferences and activities.” “The

bank will continue to implement its strategy to further support and enrich its corporate social responsibility programmes so as to achieve the overall objectives of the Qatar National Vision 2030.”

He expressed QIIB’s gratitude to Qatar Corporate Social Responsibility Network and Qatar University for honoring the bank and affirmed that the bank will continue its role in serving the Qatari economy and the Qatari society through the best possible means.

Jamal Abdullah Al Jamal (right), QIIB Deputy CEO; receiving a shield from Dr Hassan Al Derham, President of Qatar University.

QNBFS remains bullish on Qatari equities for 2018

Nakilat holds fourth Annual National Forum

THE PENINSULA

DOHA: Nakilat recently held its fourth ‘Annual Forum’ for its Qatari employees. The event was an excellent platform for National employees to learn about the company’s career development plans and programs, interact with senior management members and have their queries addressed during the various discussions

held. The session also allowed senior management to gain insight into the experiences and challenges faced by Qatari devel-opees and marine cadets during their learning process at the company.

The forum featured a series of insightful presentations and interactive sessions by both the company’s management as well as Qatari employees, highlighting

the company’s Qatarization progress and the new and ongoing initiatives for the pro-fessional development of Qatari staff.

This initiative comes as part of the company’s robust Qatari-zation program that focuses not only on recruiting talented Qataris, but also developing our existing talent pool and enable them to reach their full potential

and become key contributors to the company and Qatar’s mar-itime industry, in line with Qatar National Vision 2030.

During the session, awards were presented to graduating marine cadets sponsored by the company, and to those whom had achieved excellent results in their studies. Mentors and coaches of Qatari Developers were also rec-ognized for their efforts and

contribution towards developing Nakilat’s young National talents.

In 2017, Nakilat achieved a Qatarization rate of 42 percent as compared to 37.4 percent in 2016. Through its wide-ranging Qatarization efforts, which includes supporting the training initiatives of various educational institutions in the country, the company aims to enhance the skills and abilities of its employees while raising awareness and interest in Qatar’s rapidly developing maritime industry.

Nakilat Managing Director Eng. Abdullah Fadhalah Al-Sulaiti said: “This annual forum is an invaluable platform to reinforce the importance of Qatarization to Nakilat, and highlights the company’s commitment in sup-porting our Qatari staff to achieve their professional goals. Ulti-mately, this contribution towards the sustainable development of our economy and the advancement of our people will allow us to realize the Nakilat vision, to be a global leader and provider of choice for energy transportation and maritime services.”

Officials and participants at Nakilat’s fourth Annual Forum.

Qatar’s credit rating continues to be one of the highest in the world at Aa3 (Moody’s) in line with Belgium and Taiwan.

23THURSDAY 29 MARCH 2018 BUSINESS

Nebras records huge jump in 2017 revenueTHE PENINSULA

DOHA: Nebras Power held its fourth annual General Assembly Meeting at its office in West Bay. The meeting was attended by all shareholders, which are Qatar Electricity & Water Company (60 percent) and Qatar Holding (40 percent). Fahad bin Hamad Al Mohannadi, Chairman of the Board, chaired the meeting. Khalid Mohammed Jolo, Chief Executive Officer of Nebras Power, also attended the event.

Addressing the meeting, Fahad bin Hamad Al Mohannadi briefed the General Assembly on the Board of Directors’ report and the achievements made

during 2017, praising the com-pany’s financial results in 2017, with revenues exceeding QR 476 m, an increase of 175 percent compared to the previous year. Operating profit for the year 2017 exceeded QR 382m, a year-on-year increase of 215 percent.

He also discussed the ability of Nebras Power to overcome the effects of the embargo imposed on the State of Qatar by some of its neighbors where the company exited from the Saudi and UAE markets, but the company was able to find markets and other investment opportunities in South-East Asia, North America and South America and Nebras Power is considering new

investment opportunities that are expected to be successfully completed in 2018.

The Chairman thanked the shareholders for their continuous support to the company and its management and stressed that the company’s board of directors

will continue to implement the company’s plan for growth and expansion and achieve its vision to become one of the world’s largest companies in the field of energy and electricity gener-ation. During its meeting, the

General Assembly approved the matters presented to it.

Nebras Power Q.P.S.C. head-quartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company (QEWC), and Qatar Holding. It is

a strategic investor in the power and water sectors with a global vision. The company’s target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield vs M&A development.

Fahad bin Hamad Al Mohannadi (left), Nebras Power Chairman; and Khalid Mohammed Jolo, Nebras Power CEO.

Huawei launches P20 smartphoneXTelecom equipment company Huawei CEO Richard Yu presents the new P20 C in Paris.

The company’s operating profit for the year 2017 exceeded QR 382m, a year-on-year increase of 215%.

Investcorp appoints Jan Erik Back as Chief Financial OfficerTHE PENINSULA

DOHA: Investcorp, a leading global provider and manager of alternative investments, yesterday announced the appointment of Jan Erik Back (pictured) as Group Chief Financial Officer. Jan Erik will join Investcorp in the summer.

Jan Erik has more than 30 years of industry experience, the majority of which was in senior finance roles of financial services firms including Skandi-naviska Enskilda Banken AB (SEB), Skandia and Han-delsbanken. Jan Erik most recently served as Executive Vice President and Chief Financial Officer of SEB, a leading Nordic financial services group providing retail and merchant banking, wealth management, and life insurance services to its corporate and institutional clients across international markets.

Prior to that, he was Exec-utive Vice President and Chief Financial Officer at Vattenfall, one of the largest producers of electricity and heat and Exec-utive Vice President and Chief Financial Officer of Skandia Group, a provider of products for savings and investments (subsequently acquired by Old Mutual plc). In these positions, his responsibilities included

finance, treasury, investor rela-tions, risk control and pro-curement functions. He started his career with Swedish bank, Handelsbanken, in their inter-national finance and accounting operations.

Commenting on the appointment, Mohammed Alardhi, Executive Chairman, Investcorp said: “We are delighted to welcome Jan Erik to Investcorp. He brings with him extensive experience of leading finance functions across the international financial services industry. This expe-rience will be extremely val-uable to ensure the first-class financial reporting standards and management that we strive for, continue to be delivered and adhered to. Together with the board and the wider exec-utive team, I look forward to working with Jan Erik.”

Companies clamp down on crypto ads as regulators play catch-upREUTERS

LONDON: A growing number of internet companies are banning cryptocurrency advertising, fearing reputational damage if their users are duped or left penniless, even as regulators struggle to get to grips with the fast-emerging industry.

Twitter on Tuesday began blocking crypto ads, becoming the latest internet giant to crack down after moves by Alphabet’s Google and Facebook earlier this year.

Once restricted to small online chatrooms for early bitcoin backers, cryptocurrencies have since exploded in popu-larity and the industry has grown rapidly.

Huge billboards promoting the latest coin hang over Tokyo’s streets, ads touting crypto-trading dot the London under-ground network, and social media platforms are full of start-ups looking to raise capital through “initial coin offerings” (ICOs), as the selling of new virtual tokens is known.

While regulators have stepped up their warnings about the risks to consumers of investing in cryptocurrencies and

the potential for scams, in most jurisdictions they are only beginning to discuss publicly how they might regulate the industry, let alone frame adver-tising rules.

Last week, the G20 group of nations failed to agree on spe-cific regulatory action.

So companies are taking matters into their own hands.

“If internet companies were not already under pressure from regulators for their loose control of data privacy, they probably would not ban advertising from cryptos, which are still a grey area for many regulators,” said Arnaud Masset, a crypto-cur-rency analyst at Swissquote Bank.

Snapchat in February started removing adverts for ICOs - which regulators say lack trans-parency and are susceptible to fraud - a spokesperson told Reuters.

The company declined to comment on whether it would widen the ban to include indi-vidual cryptocurrencies, crypto-wallets and unregistered exchanges, as other technology giants have done.

LinkedIn is blocking crypto-related ads, a spokesman said,

although owner Microsoft does allow adverts on its other platforms.

Across Asia, where the crypto frenzy is at its most feverish, firms are also restricting advertising.

China outlawed cryptocur-rency exchanges and ICOs last year. Chinese internet titans Baidu, Tencent, and Weibo fol-lowed suit by curbing ads shortly after.

While Japan’s government and regulators have embraced cryptocurrencies as a phe-nomenon that is here to stay, sentiment was hit by a $530 million cyber heist of an exchange in January.

Prime time TV advertising subsequently fell, billboards on

Tokyo’s transport network were cut back and online companies are responding with changes to their advertising policies.

Line, Japan’s most popular social media site and messaging app, does not allow crypto-related advertising. The policy is designed to protect customers and avoid legal risks, it says.

The country’s financial watchdog, meanwhile, has asked the crypto industry’s new self-regulatory body to draw up advertising rules. It has not stip-ulated what it wants to see but it is likely that Japanese exchanges will not be allowed to mention specific currencies when adver-tising, while TV promotions for ICOs could be banned altogether, a source familiar with the matter told Reuters.

A spokesman for Yahoo Japan said the search engine was reviewing its policy in light of the changing environment.

Russian search site Yandex said it had not carried crypto ads for “a long time”.

While online companies are prohibiting ads, there is less evi-dence that traditional advertising routes are under threat.

London’s metro system is plastered with advertising

promoting crypto-trading. Transport for London did not respond to requests for comment about its policy on advertising.

The slump in virtual currency prices this year has not rattled British punters lured in by adverts, however: A spokesman for Britain’s Advertising Standards Authority said it had to date received fewer than 10 complaints about crypto ads.

Cryptocurrencies, unlike most securities, do not confer ownership in the underlying business, which is partly why advertising is not currently gov-erned in conjunction with financial authorities.

Also, regulators are reluctant to rush to impose rules on cryptocurrencies as they examine the possible benefits of the Blockchain technology underpinning them.

Many analysts expect the likes of Google and Facebook to loosen blanket bans once author-ities provide guidance on how virtual currencies and the infra-structure around them will be treated.

Christie Dennehy-Neil at the Internet Advertising Bureau, a British trade body, said large online platforms often introduce

policies that take “a judgment more broadly than advertising” to protect their reputation.She said that the ideal case “would be for a product to be regulated and for there to be sector-spe-cific rules for advertising”. But without regulation in place, com-panies were sensible to act on their own accord, she added.

Crypto supporters argue the bans will have little impact. In China, which tried to stamp out crypto trading through a crackdown last year, investing in the sector remains popular.

Also, while promotions on Twitter and Facebook may appeal to new would-be buyers, investor conversations have shifted to other platforms and chatrooms where advertising is still permitted or where infor-mation on new coins is spread by word of mouth. The price of bitcoin fell heavily after the F a c e b o o k a d s b a n announcement, but the reaction to similar moves by Google and Twitter since then was muted.

“Interest in cryptocurrency and ICOs remains undiminished even in China,” said Zennon Kapron at Shanghai-based f i n a n c i a l c o n s u l t a n c y Kapronasia.

The Last week, the G20 group of nations failed to agree on specific regulatory action.So companies are taking matters into their own hands.

No sign of US walking away from WTO: AzevedoREUTERS

GENEVA: There is no sign that the United States is distancing itself from the World Trade Organization, and negotiations are underway to avert a global trade war, WTO Director-General Roberto Azevedo said in a BBC interview broadcast yesterday.

US President Donald Trump has launched a series of tariff-raising moves, upsetting allies and rivals alike. Trump is also vetoing the appointment of WTO

judges, causing a backlog in dis-putes and threatening to par-alyse what is effectively the supreme court of trade. Some trade experts have begun asking if Trump wants to kill the WTO, whose 164 members force each other to play by the rules.

“I have absolutely no indi-cation that the United Sates is walking away from the WTO. Zero indication,” Azevedo said. Last month Trump called the WTO a “catastrophe”, and com-plained the United States had only a minority of its judges. The

next day Azevedo gently set him straight, noting that the United States had an unusually good deal, since it had always had one of the seven judges.

Asked if the WTO should be thinking about a Plan B without the United States, Azevedo told the BBC that he had not heard anything to suggest that such a situation was on the cards. “Every contact that I have in the US administration assures me that they are engaging,” he said.

The question of whether US tariffs were legal could only be

settled by a WTO dispute panel but the damage from such uni-lateral actions would be felt much more quickly as other countries retaliated, leading to a global trade war, he said.

“I don’t think we are there yet but we are seeing the first movements towards it, yes.” Nobody believed it was a minor problem, including those in the US administration, and people were beginning to understand how serious the situation was and what impact it could have on the global economy, he said.

Kazakhstan’s c.bank launches securities trading appREUTERS

ALMATY: Kazakhstan’s central bank has launched a blockchain-based mobile securities trading application which it hopes will allow locals to become more involved in the capital markets by simplifying access to it.

The oil-rich Central Asian nation’s stock and bond markets are dominated by a handful of institutional investors, with only 109,000 retail investor accounts in the nation of 18 million.

24 THURSDAY 29 MARCH 2018BUSINESS

Facebook privacy debate tip of an iceberg: UN REUTERS

GENEVA: The scandal over data privacy that is causing a headache for Facebook Inc shows just one aspect of the huge task of preparing the world for e-commerce, the United Nations trade and devel-opment agency UNCTAD said on yesterday.

Facebook has faced a global outcry and its shares have slid in value after a whistleblower said data from millions of users was improperly harvested by consultancy Cambridge Ana-lytica to target US and British voters.

“The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy,” UNCTAD Secretary-General Mukhisa Kituyi said in a statement.

Data privacy is just one of many boxes that national reg-ulators need to tick if they hope to get a handle on e-commerce, UNCTAD’s head of internet and computer technology analysis Torbjörn Fredriksson told a news conference.

Other issues include legal questions related to e-transac-tions and e-signatures, con-sumer protection online, data protection, cybercrime, tax-ation and domain names.

“Then you look at trade logistics, especially to try to address what we call the tsunami of parcels, when

people start ordering from online platforms instead of going to the retail shop that has bought everything in bulk,” he said.

In developing countries, internet purchases are still mainly paid for with cash on delivery, and central banks and finance ministries need to help ensure access to online payment systems, Fredriksson added. But most developing countries are still unclear about whose job it is to coordinate e-commerce, he said.

Without online payments, local firms would struggle to export on international e-com-merce platforms such as Amazon and Ali Baba, while the flood of imports risks creating a trade imbalance.

“There is some concern that... there is a risk of concen-tration of markets among the big platforms,” Fredriksson said, adding that UNCTAD was working on ways to address the problem.

Inauguration of easyJet’s new baseeasyJet CEO Johan Lundgren (left), easyJet France President Francois Bacchetta (third right) and air crew pose with a mascot covered in flowers as they attend the inauguration of easyJet’s new base at Bordeaux Airport, France, yesterday.

South Africa’s central bank cuts rate to 2-year low of 6.5%BLOOMBERG

JOHANNESBURG: The South African Reserve Bank cut its benchmark lending rate to a two-year low as it sees inflation staying in target until at least the end of 2020.

The central bank’s Mon-etary Policy Committee voted to cut the repurchase rate by 25 basis points to 6.5 percent, Governor Lesetja Kganyago told reporters yes-terday in the capital, Pretoria.

The second rate cut since July comes as inflation slowed to a three-year low February, moving well below the midpoint of the central bank’s target range of 3 percent to 6 percent, and 2017 economic growth exceeded forecasts. It could add to the positive sentiment that gained momentum when Cyril Ramaphosa suc-ceeded Jacob Zuma as pres-ident last month, boosting business and consumer con-fidence and the currency.

“The outlook for the domestic economy has improved in recent months,” Johannes Khosa, an econ-omist at Nedbank Ltd. in Johannesburg, said before the announcement.

“Chances of further cuts for the rest of the year will be limited by increasing inflation as the year progresses and improving domestic demand.”

South Africa escaped a third junk credit rating last week when Moody’s Investors Service kept its assessment of the nation’s debt unchanged and changed the outlook to stable from negative, citing recent changes in political leadership.

The reduction was in line with all but four of the esti-mates by 16 economists in a Bloomberg survey. Four MPC members voted for a cut and three favored unchanged policy, Kganyago said.

After more than three years with an even number, the panel now consists of seven people following the appointment of Fundi Tshaz-ibana last month.

The central bank fore-casts inflation will remain in the target band until at least the end of 2020, peaking at 5.5 percent in the first quarter of next year.

China preparing list of retaliatory tariffs on US imports: Global TimesREUTERS

BEIJING: China will soon announce a list of retaliatory tariffs on United States exports to China to counter an expected announcement from the United States of proposed new tariffs on Chinese imports, the Global Times said yesterday.

The Chinese list will target a large number of major US imports to China, said the English-language editorial.

The widely-read state run Global Times is run by the ruling Communist Party’s official Peo-ple’s Daily, although its stance

does not necessarily equate with Chinese government policy.

Trade tensions between the two countries flared last week after US President Donald Trump imposed tariffs on steel and alu-minium imports and targeted China by announcing plans for tariffs on up to $60bn of Chinese goods.

Alarm over a possible trade war between the world’s two largest economies has chilled financial markets as investors anticipated dire consequences should trade barriers go up due to Trump’s bid to cut the US deficit with China.

Markets are now waiting for the US to publish a list of Chinese products that could be targeted with additional tariffs after a US inquiry found China guilty of intellectual property theft and unfair trade. “Compared to China’s list, the US list hurts itself more than China. The tougher the move, the stronger the impact on Washington,” said the Global Times in its editorial.

“This will deal a heavy blow to Washington that aggressively wields the stick of trade war and will make the US pay a price for its radical trade policy toward China,” the tabloid outlet said.

EBRD urged to stay on to help GreeceAFP

ATHENS: The Greek government has asked the European Bank for Reconstruction and Development to extend its mandate beyond 2020 as the country builds on a recovery, the multilateral investment institution said Tuesday.

The announcement followed a meeting in the Greek capital between the bank’s president Suma Chakrabarti and Greek Prime Minister Alexis Tsipras, who tweeted, “EBRD has been crucial to the upturn of our economy and we are waiting impatiently to continue our cooperation.”

The EU’s bailout fund is to make a fresh ¤5.7bn ($7bn) cash

injection to Greece yesterday, putting Athens closer to leaving its painful bailout programme later this year. The new tranche is the latest from Greece’s third financial rescue package since 2010, when its debt crisis brought the European single currency close to collapse.

Chakrabarti said EBRD share-holders will vote at the annual general assembly in May on the extension of the mandate. He wel-comed “progress made in Greece” while adding, “but much still to be done.”

“In less than two and a half years we have invested 1.6 billion euros in the Greek economy and Greece has become the fifth largest country in which we invest,” he said. “If our

shareholders agree, we are ready to work with the Greek author-ities to extend our mandate to support economic recovery.”

The EBRD has invested solely in the private sector in Greece, including in the four leading banks.The bank said it has sought to develop renewable sources of energy, improve competitiveness and strengthen regional eco-nomic integration.

It listed a ¤187m partici-pation in the modernisation of 14 regional airports, a ¤300m framework for renewables and support for corporates as well as an equity investment in the real estate developer Dimand.

Founded in 1991 to help former Soviet bloc countries switch to market economies, the

EBRD has spread its mix of financial investments, business services and policy reform to include countries such as Tunisia, Morocco, Egypt, Cyprus,

Lebanon, Mongolia and Turkey.The bank is owned by 66 coun-tries from five continents, as well as the European Union and the European Investment Bank.

Greek Prime Minister Alexis Tsipras (left) meets with President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, at his office in the Maximos Mansion in Athens, Greece.

SUVs to steal the New York International Auto ShowAP

NEW YORK: Yes, there will be a few cars, but SUVs will capture most of the headlines at this year’s New York International Auto Show.

Automakers will be shoring up gaps in their SUV lineups and revamping models that already are popular in the hottest-selling part of the US market.

Leading the way is Toyota with an all-new RAV4 compact SUV, which last year was the most popular vehicle in the US that isn’t a truck. There are also new SUVs coming from Subaru, Volkswagen, Acura, Cadillac and Lincoln.

Nissan showed off a rede-signed Altima midsize sedan, while Toyota will roll out a new Corolla hatchback. Kia will unveil a new K900 big luxury sedan, among others.

But SUVs, which hit a record 43 percent of US sales last year at just over 7.3 million, according to Kelley Blue Book, will steal the show.

The compact SUV is now the largest part of the US market, and Cadillac hasn’t had a product to

offer - until now. The General Motors luxury brand rolled out the new XT4 SUV at a pre-show event in New York Tuesday night.

It’s built on underpinnings specifically designed for the Cadillac brand and comes with sculpted looks and an interior

that Cadillac says is luxurious and spacious. The company says it will have segment-leading back-seat legroom. It’s powered by a 237 horsepower 2-liter turbo-charged four-cylinder engine with a nine-speed automatic transmission that will get an

estimated 30 miles per gallon on the highway. The XT4 is available in the fall and starts at $35,790 including shipping.

Volkswagen broadens its growing SUV lineup with a five-seat version of the three-row Atlas. The company calls the Atlas

Cross Sport a concept, but it’s almost ready to be built at the automaker’s US factory in Chat-tanooga, Tennessee.

The new version is 7.5 inches shorter than the seven-seat Atlas. The concept is powered by a 355-horsepower plug-in hybrid system with a V6 gasoline engine and a battery that can take it 26 miles on electric power. The hybrid concept can go from zero to 60 mph in 5.4 seconds, VW says. There’s also a “mild hybrid” with 310-horsepower from a V6 and a smaller hybrid battery. The SUV is due in showrooms sometime next year. Mileage and price were not announced.

Toyota sold almost 408,000 RAV4 compact SUVs last year, making it the new American family car and the top-selling vehicle in the nation aside from Detroit’s popular big pickups. In an effort to stay on top, Toyota is revamping the RAV for the 2019 model year.

The fifth-generation comes on all-new underpinnings that the company says will give it better handling and a smoother ride. It’s also slightly wider and a little lower. New looks are more

chiseled and athletic, and the dis-tance between the wheels grows by 1.2 inches for more passenger and cargo space.

It comes standard with Toy-ota’s safety system that includes automatic emergency braking. It’s powered by a 2.5-liter four-cylinder engine and an eight-speed transmission, or a 2.5-liter gas-electric hybrid system with a continuously variable trans-mission. Horsepower, gas mileage and price weren’t released. The new RAV hits show-rooms in the fall.

Ford’s luxury brand finally gets an Explorer-like midsize SUV with three rows of seats to compete in the hot luxury SUV market- the Aviator. Few details were given, except that it will have a twin-turbo engine of undisclosed size as well as a plug-in hybrid option.

Ford says it will have tapered lines and a roomy interior. It also gets standard safety features such as automatic emergency braking and can be opened and started with a smart phone. The Aviator goes on sale sometime next year. The price wasn’t disclosed.

Anders Gustafsson, Volvo Car USA, President and CEO, accepts the 2018 World Car of the Year Award for the Volvo XC60 at the New York Auto Show in the Manhattan borough of New York City, New York, the US, yesterday.

The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy.

25THURSDAY 29 MARCH 2018 BUSINESS

26 THURSDAY 29 MARCH 2018BUSINESS

QATAR STOCK EXCHANGE

QE Index 8,553.14 1.62 %

QE Total Return Index 15,069.01 1.56 %

QE Al Rayan Islamic

Index - Price 2,192.55 1.51 %

QE Al Rayan Islamic Index 3,546.87 1.22 %

QE All Share Index 2,519.80 1.59 %

QE All Share Banks &

Financial Services 2,794.75 1.87 %

QE All Share Industrials 2,890.31 1.81 %

QE All Share Transportation 1,799.51 0.91 %

QE All Share Real Estate 1,838.12 1.79 %

QE All Share Insurance 3,046.58 0.79 %

QE All Share Telecoms 1,079.63 1.40 %

QE All Share Consumer

Goods & Services 5,346.49 0.25 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

28-03-2018Index 8,553.14

Change 140.84

% 1.62

YTD% 0.35

Volume 8,159,081

Value (QAR) 199,471,502.73

Trades 3,714

Up 06 | Down 37 | Unchanged 127-03-2018Index 8,693.98

Change 17.93

% 0.21

YTD% 2.00

Volume 7,303,845

Value (QAR) 189,591,099.78

Trades 2,415

EXCHANGE RATE

GOLD QR156.9981 per grammeSILVER QR1.9339 per gramme

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

All Ordinaries 5899.2 -44.5 -0.75 6256.5 5881

Cac 40 Index/D 5073.37 -42.37 -0.83 5567.03 5043.27

Dj Indu Average 23857.71 -344.89 -1.43 26616.71 20379.55

Hang Seng Inde/D 30022.53 -768.3 -2.5 33484.08 29129.26

Iseq Overall/D 6542.15 25.12 0.39 7257.41 6410.26

Kse 100 Inx/D 45172.99 168.8 0.38 45494.52 40169.62

S&P 500 Index/D 0 0 0 2872.87 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 5.1212 QR 5.1934

Euro QR 4.4859 QR 4.5493

CA$ QR 2.8032 QR 2.8585

Swiss Fr QR 3.8025 QR 3.8563

Yen QR 0.03408 QR 0.03474

Aus$ QR 2.7696 QR 2.824

Ind Re QR 0.0554 QR 0.0564

Pak Re QR 0.0311 QR 0.0319

Peso QR 0.0690 QR 0.0703

SL Re QR 0.0232 QR 0.0236

Taka QR 0.0429 QR 0.0439

Nep Re QR 0.0346 QR 0.0353

SA Rand QR 0.3084 QR 0.3145

INTERNATIONAL MARKETS - A LIST OF SHARES FROM THE WORLD

Aarti Drugs-B/D 506 -7.35 2551

Aban Offs-A/D 159.25 -4 145957

Acc Ltd-A/D 1508.2 -16.3 12283

Ador Welding-B/D 370.25 -14.65 1594

Aegis Logis-A/D 259.3 -2.45 9557

Alembic-B/D 53.3 -2.9 60688

Alok Indus-T/D 2.99 0.14 1900995

Apollo Tyre-A/D 275.4 0.75 148118

Asahi I Glass-/D 331 -1.55 1942

Ashok Leyland-/D 145.3 0.65 3678543

Bajaj Hold-A/D 2623.95 12.95 6857

Ballarpur In-B/D 12.48 -0.24 181127

Bata India-A/D 728 -11.35 44375

Bayer Crop-A/D 4200 47.8 20929

Beml Ltd-A/D 1044.15 -19.1 29005

Bhansali Eng-B/D 170.35 2.6 152813

Bharat Bijle-B/D 1495 -44.6 3391

Bharat Ele-A/D 142.05 -1.05 780226

Bharat Heavy-A/D 81.4 -1.35 364524

Bharatgears-B/D 169.95 -5.8 2393

Bhartiya Int-B/D 395.05 -13.5 1630

Bom.Burmah-X/D 1168.95 -7.25 20774

Bombay Dyeing-/D 239.35 -2.85 710134

Canfin Homes-A/D 485.05 -23.2 179054

Caprihans-X/D 87.7 1.35 4206

Castrol India-/D 205.1 2.75 64138

Century Enka-B/D 301 -0.8 4082

Century Text-A/D 1145.25 -9.2 22049

Chambal Fert-A/D 162.6 -1.3 23075

Chola Invest-A/D 1449.7 -17.15 10429

Chowgule St-Xt/D 12.2 -0.6 14089

Cimmco-T/D 78 0.15 12452

Cipla-A/D 543.25 0.25 53285

City Union Bk-/D 174.85 5.6 24473

Colgate-A/D 1056.75 13.45 10303

Container Cor-/D 1239.45 14.05 9737

Dai-X/D 395.2 -9.65 1152

Dcm Shram Ind-/D 196.05 -1.65 7146

Dhampur Sugar-/D 136.65 -2.4 66397

Dr. Reddy-A/D 2082.45 -19.7 18522

E I H-B/D 158 -1.95 18640

E.I.D Parry-A/D 276.45 -5.05 8420

Eicher Motor-A/D 28201.7 -210.9 1114

Electrosteel-B/D 24.4 -1.05 87860

Emco-B/D 10.3 -0.35 41752

Escorts Fin-Xt/D 4.63 0.22 5772

Escorts-A/D 818.35 -7.65 37132

Eveready Indu-/D 372.1 4 2853

F D C-B/D 256 2.6 7591

Federal Bank-A/D 89.35 -1.65 417434

Ferro Alloys-X/D 8.11 -0.4 147660

Finolex-A/D 650 2.1 2291

Forbes-B/D 3094.8 18.15 6746

Gail-A/D 328.6 7.6 782781

Garden P -B/D 32.3 -0.6 1820

Godfrey Phil-A/D 820.95 -6.4 14236

Goodricke-X/D 299.4 -12.2 11426

Goodyear I -B/D 1111.85 -24.65 5751

Hcl Infosys-A/D 51 -1.3 337022

Him.Fut.Comm-A/D 25.9 -0.7 966245

Himat Seide-X/D 349.8 6.9 15546

Hind Motors-T/D 7.05 -0.1 23017

Hind Org Chem-/D 23.15 -0.3 43790

Hind Unilever-/D 1335.9 3.4 95753

Hind.Petrol-A/D 344.15 -2.4 129004

Hindalco-A/D 214.2 -4.35 302176

Hous Dev Fin-A/D 1827 5.05 67435

Idbi-A/D 72.25 -4 9054856

Ifb Ind.Ltd.-B/D 1150 -14.35 1232

Ifci Ltd-A/D 19.75 -0.4 884162

India Cement-A/D 141.65 -1.85 170982

India Glycol-B/D 452.25 -7.3 15795

Indian Hotel-A/D 127.35 -2.3 301712

Indo-A/D 86.15 1.25 60854

Indusind-A/D 1795.6 7.7 40613

J.B.Chemical-B/D 309 4.05 3030

Jagatjit Ind-X/D 94.55 -4.95 5482

Jamnaauto-B/D 78.65 -0.7 76568

Jbf Indu-B/D 84.25 -6.4 112959

Jct Ltd-X/D 2.77 -0.09 194978

Jindal Drill-B/D 150.2 -2.45 14469

Jktyre&Ind-A/D 161.65 4.7 122219

Jmc Projects-B/D 547.4 -14.05 2502

Kabra Extr-B/D 117.9 -4.05 10261

Kajaria Cer-A/D 567.25 -12.1 22998

Kakatiya Cem-B/D 251.35 24.15 44364

Kalpat Power-B/D 481.45 5.6 11875

Kalyani Stel-B/D 296.55 0.25 24220

Kanoria Chem-B/D 66.25 -1.6 7151

Kg Denim-X/D 45.5 -2.65 23416

Kilburnengg-X/D 74.05 -0.55 9368

Kinetic Eng-Xt/D 68.7 -0.4 7863

Kopran-B/D 55.15 -2.55 53269

Lakshmi Mach-A/D 6872.9 113.55 1362

Laxmi Prcisn-B/D 39.85 0.55 2491

Lloyd Metal-X/D 15.95 0.25 493594

Lumax Ind-B/D 2159.5 -10.05 3108

Lupin-A/D 736.4 -11.7 99220

Lyka Labs-B/D 45.55 -0.75 8832

Mafatlal Ind-X/D 261 -0.5 1123

Mah.Seamless-B/D 426.5 -1.35 1654

Mangalam Cem-B/D 326.2 -7.95 1255

Maral Overs-B/D 30.8 -0.95 5831

Mastek-B/D 528.55 -13.05 39344

Max Financial-/D 448.25 -16.35 29153

Mrpl-A/D 109.6 -1.75 41978

Nagreeka Ex-T/D 27.5 -0.45 16840

Nagreeka Ex-T/D 27.5 -0.45 16840

Nahar Spg.-B/D 86.5 -1.85 15804

Nation Alum -A/D 66.75 -0.85 588105

Navneet Edu-B/D 142.25 0.7 4297

Neuland Lab-B/D 707 -11.95 1165

Nrb Bearings-B/D 153.25 -1.65 4280

O N G C-A/D 177.8 -1.8 163343

Ocl India-B/D 1298.7 -28.45 1364

Oil Country-B/D 31.6 -1.2 8560

Onward Tech-B/D 87 -3.1 5340

Orchid Pharm-M/D 11.05 -0.55 59348

Orient Hotel-B/D 41.7 -0.45 9837

Orient.Carb.-B/D 1010 -27.85 1409

Orient.Carb.-B/D 1010 -27.85 1409

Patspin India-/D 13.5 -0.15 19653

Radico Khait-A/D 331.1 -10.5 131642

Rallis India-A/D 236.55 9.95 47069

Rallis India-A/D 236.55 9.95 47069

Reliance Indus/D 433.85 -4.4 70760

Ruchi Soya-B/D 16 -0.4 310279

Saur.Cem-X/D 69.95 -0.55 22345

Tanfac Indu-Xt/D 113.55 -2.55 2272

Tanfac Indu-Xt/D 113.55 -2.55 2272

Thirumalai-B/D 1718 -16.3 5142

Til Ltd.-B/D 443.05 -14.55 1528

Timexgroup-T/D 44.2 0.1 94168

Tinplate-B/D 187.65 -7.2 116893

Ucal Fuel-B/D 234.25 -6.65 16324

Ucal Fuel-B/D 234.25 -6.65 16324

Ultramarine-X/D 274 -5.2 16612

Unitech P -B/D 5.56 -0.17 4055278

Univcable-B/D 131.35 -0.05 4091

3I Group/D 858.6 -9.2 513998

Assoc.Br.Foods/D 2473 50 493388

Barclays/D 204.05 -2.1 12373445

Bp/D 469.9 -5.45 7437448

Brit Am Tobacc/D 3983 37 1444069

Bt Group/D 223.55 1.45 5113948

Centrica/D 138.9 1.5 6128110

Gkn/D 426.6 -3.7 3376785

Hsbc Holdings/D 663.9 -8.1 9827746

Kingfisher/D 289 0 4858746

Land Secs./D 924.8 -4.2 393606

Legal & Genera/D 255.1 -3.3 5618039

Lloyds Bnk Grp/D 64.78 -0.25 53708817

Marks & Sp./D 265.4 -1.3 1930904

Next/D 4840 43 257111

Pearson/D 752.6 -4.4 1279038

Prudential/D 1818.5 -12 1859618

Rank Group/D 209 -0.5 11883

Rentokil Initi/D 267.7 0.4 1289609

Rolls Royce Pl/D 871.6 -2.8 965529

Rsa Insrance G/D 627.6 -3.2 499152

Sainsbury(J)/D 230.2 1 2443771

Schroders/D 3168 -40 107276

Severn Trent/D 1803 61 505048

Smith&Nephew/D 1335 1 988686

Smiths Group/D 1502 -1 1030608

Standrd Chart /D 708.2 -11 2232408

Tate & Lyle/D 534.4 8.4 537509

Tesco/D 203.2 -2.3 5803925

Unilever/D 3824 85 1313603

United Util Gr/D 701.4 33 1677683

Vodafone Group/D 192.5 -1.34 20555301

Whitbread/D 3691 -18 98975

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

LONDON

AGOP leaders aren’t planning on using the procedural trick they deployed in 2017 that allowed them to bypass Democratic opposition and pass the tax overhaul bill with a simple majority.

27THURSDAY 29 MARCH 2018 BUSINESS VIEWS

A MITCH DANIELS

THE WASHINGTON POST

Isn’t technology wonderful? At Purdue University, the same IT infrastructure that enables us to manage student assignments and grades, operate

residential and dining facilities, and support a leading community of scientific researchers pro-duces as a byproduct a massive amount of fasci-nating information.

We know where each student is anytime - which is virtually all the time - their mobile devices are con-nected to our WiFi network. When they enter their dorm, or dining court, or recreational facility, they swipe in, and a machine captures the time and place.

Whether they’re in class or in their rooms, a machine knows when they’re online and where they’re going while there. Forget that old ominous line, “We know where you live.” These days, it’s, “We know where you are.”

University people are curious by nature, and much of today’s “Big Data” era was born at our school. So it’s only natural that we would want to delve into this treasure trove of information in search of illuminating patterns - especially those that might prove helpful to those same students, whose aca-demic success is the heart of our mission.

Does the data say that too many days away from campus, or too many absences from class, or too much in-class browsing of websites unrelated to the

course, or too few visits to the gym, correlates with lower grades? Does eating meals with the same people day after day appear to help scholastic performance? If so, shouldn’t we bring this to the students’ attention, for their own good?

For the past two years, virtually every entering Purdue freshman (there is an opt-out option that few exercise) has been given a mobile application through which the university sends them personalizsd infor-mation about ways to improve their chances of academic success.

So far, the information employed and the ways we’re using it have not seemed at all problematic. “Is that combination of courses you chose a histori-cally tough one? Here’s

where you can find a tutor.”“Did you know that students who wait as long as

you did to sign up for courses are more likely to struggle? The registrar’s office opens at 8am tomorrow.” But that’s today. With the best of motives, schools like ours will feel the urge to use more and more personal data, through more and more insistent tactics, all in the “best interest of the stu-dents.” Much has been written in recent years about the possibilities for “nudging” people to do things they otherwise might not choose to do. In particular, would-be social engineers who have run into trouble, and often political backlash, when trying to order people to change their behavior, have looked long-ingly on more subtle means of influence.

So when does “nudge” come to “shove”? We don’t have to theorise about the far end of that spectrum. The future is now, in the form of China’s new “social credit system,” already in effect for volunteers and becoming mandatory in 2020.

Citizens conforming to governmentally approved behaviors will earn a high numerical rating; noncon-formists can expect unhappy consequences. Those with high scores will enjoy a multitude of prefer-ences, ranging from VIP hotel rooms and air travel to better schools for their children.

For the past two years, virtually every entering Purdue freshman (there is an opt-out option that few exercise) has been given a mobile application through which the university sends them personalizsd information about ways to improve their chances of academic success. From its

traditional City heartland to the brash Canary Wharf skyscrapers and plush Mayfair townhouses, London represents one of the greatest concentrations of financial wealth on earth.

Is London’s largest international financial centre status slipping?

ANDREW MACASKILL

REUTERS

Is London’s position as the largest international centre of finance slipping as a

result of Brexit? London has been a critical artery for the flow of money around the world for centuries. The financial services sector accounts for about 12 percent of Britain’s economic output, employs about 1.1 million people and pays more taxes than any other industry.

From its traditional City heartland to the brash Canary Wharf skyscrapers and plush Mayfair townhouses, London represents one of the greatest concentrations of financial wealth on earth.

Its only rival, New York, is centred on American markets,

while London has more banks than any other hub, dominates markets such as global foreign exchange and c o m m e r c i a l insurance and is home to inter-national bond trading and f u n d management.

But about a third of the transactions on its exchanges and in its trading rooms involve clients in the European Union. These may be jeop-ardised after Brexit unless Britain manages

to maintain similar levels of access to the trading bloc.

The French finance min-ister predicts Paris will overtake London as Europe’s most important financial centre in a few years, although

supporters of leaving the EU say Britain will benefit over the long term by setting its own rules.

London remained top of the rankings in the annual Global Financial Centres Index released this week by Z/Yen Partners and the China Devel-opment Institute, although the gap between it and New York in second closed to one point on a scale of 1,000 and its rating rose by less than the other four top centres.

Reuters is publishing its second Brexit tracker, moni-toring six indicators to help assess the City’s fortunes, taking a regular check on its pulse through public transport usage, bar and restaurant openings, commercial property prices and jobs.

Almost a year before Britain is due to leave the EU, the tracker suggests London’s financial districts have been held back, but there is no evi-dence of a mass exodus.

“London has not come close to taking a mortal blow or anything like it ... The increasing uncertainty though over London’s future has led to a stall in its growth,” Michael Mainelli, Executive Chairman of Z/Yen, told Reuters.

Jobs leaving London? Firms employing the bulk of UK-based workers in inter-national finance told Reuters that the number of finance jobs they plan to shift out of Britain or create overseas by March 2019 due to Brexit has dropped to 5,000, half the figure six months ago.

This comes amid more conciliatory signals from British Prime Minister Theresa May, while progress in talks with the EU have prompted some companies to delay large staff moves.

The findings suggest that the first wave of job losses

may be at the lower end of initial industry estimates, meaning London will keep its place as the continent’s top finance centre in the short term.

London’s finance industry should emerge largely unscathed from Brexit even if thousands of jobs move, the City of London’s political leader Catherine McGuinness says, adding that it could take years to feel the full impact of Brexit.

“All the signs are that companies are just making plans to move the minimum necessary,” she told Reuters, adding “just because you can’t see a massive change sud-denly happening you can’t assume everything is okay.” Hiring numbers, the number of available jobs in London’s financial services industry fell the most in six years in 2017, said recruitment agency Morgan McKinley which hires staff in finance.

It bases its number on the overall volume of mandates it receives to find jobs and applies a multiplier based on its market share of London’s finance industry.

The recruiter found 82,147 new financial services jobs were created last year, a 12.45 percent drop on a year earlier. This is the lowest number of jobs available since 2011.

“Brexit has stalled the growth of jobs. Companies are reluctant to make major investment decisions at the moment,” said Hakan Enver, operations director at Morgan McKinley Financial Services, which carried out the survey.

Commercial property Reuters obtained property data from Savills and Knight Frank, two of the biggest real estate firms in Britain. Savills calculates the value from all-known property deals within the City of London area.

Savills says commercial property prices in the City of London are now at the highest level since the third quarter of 2016, three months after the Brexit vote, driven by a surge in office purchasing and leasing in the final quarter of 2017.

The price of renting real estate in the City of London district rose 9.5 percent in the last three months of the year, climbing to 78 pounds ($107) per square foot, from 71.21 pounds in the third quarter of 2017, Savills says.

“There has been a lot of exaggeration about the demise of the City,” Philip Pearce, a director at Savills, said. “The expectation post-Brexit was the world would start draining away from the City, whereas the reverse has happened.” In Canary Wharf, prices were also unchanged in 2017 com-pared with the year before, Knight Frank, whose data comes from landlords, devel-opers and agents, says. Going Underground Some 400,000 journeys are recorded every day at the three main under-ground stations that serve the City and Canary Wharf.

Reuters filed Freedom of Information Act requests to Transport for London, to get this data which shows that the number of people using Bank and Monument stations is on course for its first fall since the final year of the financial crisis.

Travellers going in and out of Bank and Monument fell by a fifth in 2017 compared with 2016, the data shows. This follows an annual increase each year since 2009.

In Canary Wharf, the number of people using the station fell by 10 percent, while the number of people using London’s underground network fell about 2 percent overall last year.

Big Data is always watching

A file picture of the City of London skyline viewed from City Hall.

Your tax cut isn’t likely to be made permanent any time soonSAHIL KAPUR &

ANNA EDGERTON

BLOOMBERG

House Republicans are approaching their next attempt at tax cuts the

same way they did last year -- by excluding Democrats from the process. But this time a party-line vote won’t be enough, and that may be the point.

GOP leaders aren’t planning on using the procedural trick they deployed in 2017 that allowed them to bypass Democratic oppo-sition and pass the tax overhaul bill with a simple majority. So they’ll need at least nine Senate Democrats to back a so-called

phase two of tax changes that would focus on making the indi-vidual tax cuts permanent.

So far, Democrats have been excluded from talks about what a second round of tax legislation would entail, according to a Republican lawmaker on the House’s tax-writing committee. GOP leaders are also considering timing a floor vote to April 17, when income tax returns are due, said two Republican members of the committee, who asked not to be named because the discussions are private.

Those moves show the effort is shaping up to be a political ploy to bludgeon Democrats ahead of congressional elections in November. Unlike last year,

Republicans need buy-in from some Democrats because the effort would be subject to the 60-vote threshold in the Senate, where the GOP has 51 members.

President Donald Trump mentioned a potential phase two in February -- since then, incoming White House economic adviser Larry Kudlow and con-gressional GOP leaders have added momentum to the effort and highlighted the importance of giving permanent relief to indi-vidual taxpayers.

“We’re in political season at this point,” said Tom Davis, a former Republican congressman who used to run the party’s House election arm. “To taxpayers that are now starting to receive the

benefits of the tax cut, they’ll know where Republicans stand on a tax cut that Democrats oppose.”

Democrats have assailed the new law as a giveaway to corpo-rations and the wealthy, and they’ve called for drastic changes.

“I’m ready to have a dis-cussion with them. They want to fix some problems in the tax law? I want to fix some problems in the tax law,” said Senator Chris Murphy, a Connecticut Democrat. Murphy said one of his demands was reducing the deficit impact of the bill.

Making the individual cuts permanent is estimated to cost $1.5 trillion in the decade after 2025, according to a Tax Foundation analysis using numbers from the

Joint Committee on Taxation. Republicans had to sunset the indi-vidual changes to conform to the budget they set under Senate rules.

Raising the issue now forces Democrats to take an uncom-fortable stance against middle class tax relief. If the individual tax breaks expire at the end of 2025, the bottom 80 percent of Amer-icans would pay higher taxes than they would if the law never passed, according to an analysis by the nonpartisan Tax Policy Center.

Republicans on the Ways and Means Committee described tying the individual tax cut extension to ‘tax day’ as one option they’re working on. It’s not clear what, if any, other measures would be included.

28 THURSDAY 29 MARCH 2018

INsightback to BUSINESS

CAPITALCOMMENT

Rolls-Royce takes Bespoke to new heights with ‘Wraith Luminary Collection’THE PENINSULA

DOHA: In a bold expression of dynamic luxury, Rolls-Royce unveils the Wraith Luminary Collection. Inspired by those who lead where others follow, the Wraith Luminary Collection will light the way for the luxury trailblazer.

In response to an ongoing global demand for Rolls-Royce Collection Cars, the marque has created a Limited Collection of just 55 of these spectacular Wraiths. These motor cars join the highly exclusive ranks of collectible Bespoke master-pieces, envisioned by the Rolls-Royce Bespoke design team and collected by Patrons of true luxury all over the world.

Torsten Müller-Ötvös, Chief Executive Officer, Rolls-Royce Motor Cars, commented, “Wraith Luminary is a stunning Collection Car. It speaks directly of our contemporary Rolls-Royce brand – progressive and trailblazing; the pinnacle in hand-crafted luxury. This is a motor car that celebrates vision-aries who achieve eminence in their respective fields. Indeed, this collection is for the world’s luminaries.” The heady shade of the golden hour’s sunrays inspire this newly developed exterior paint, Sunburst Grey. One is met

by a flat grey that enlivens when awoken by the sun, rich copper tones, emitting a deep emotive warmth. Further intrigue is added by a hand-painted Sun-burst Motif coachline, hand-painted Wake Channel Lines on Wraith’s bonnet and pinstripes applied to the wheel centres, each in Saddlery Tan, bearing reference to the colourway of the interior leather.

Energy courses through this highly charged edition of Wraith. On opening the coach doors, one is met by a statement of modern luxury, as light flows from the front into the rear pas-senger compartment. The Col-lection’s defining feature, Tudor Oak wood, sourced from the forests of the Czech Republic, selected for its depth of colour and the density of the grain structure, is for the first time, illuminated. The light of 176 LEDs permeates through an intricately perforated design in the unique Tudor Oak veneer, allowing a mesmerizing pattern, reminiscent of the trailing light of a shooting star, to luminesce at the touch of a button. Linked to the controls of the starlight headliner, the cabin’s veneer surrounds Wraith’s occupants in an ambient glow of light.

Speaking of shooting stars, the Rolls-Royce Bespoke

Collective, a talented group of engineers, designers and craft-speople located at the Home of Rolls-Royce in Goodwood, West Sussex, have brought further theatre to the cabin of Luminary in the form of brilliant shooting stars. The prized Rolls-Royce starlight headliner, a hand-woven configuration of 1340 fibre optic lights which act as a glittering night sky, takes a bold new step as it incorporates shooting stars into the constel-lation; a playful display of light that creates wonderment and awe for the car’s passengers.

Taking nearly 20 hours to configure, eight shooting stars fire at random, predominantly over the front seats, in recog-nition of Wraith’s owner-driver appeal.

Wraith Luminary’s cockpit is trimmed in Saddlery Tan, though the rear seats contrast in Anthracite leather, thus high-lighting the prominence of the driver’s position. Contrast piping and stitching masterfully marry the front aesthetic to the rear. Alternatively, a more dra-matic contrast can be selected by specifying Seashell coloured leather in the rear, both of which will be perfectly coa-lesced by the inclusion of a two-tone steering wheel.

The Rolls-Royce Bespoke

Collective continually seeks inspiration from external trends and influences. In a progressive step, the application of hand-woven stainless steel fabric, a highly contemporary and inno-vative new technique in luxury craft, is appointed to the central transmission tunnel and door panniers, contrasting the Tudor Oak wood and Saddlery Tan leather.

Incorporating strands which are 0.08mm – 0.19mm in diameter, this technical fibre is woven in a pattern oriented at precisely 45 degrees, to com-plement the lines of the interior and provide a uniform appearance throughout the passenger compartment when viewed from either side. Taking three days to produce in a ‘clean room’ environment, the fabric is manipulated to cloak the centre console, modified from use in an industrial envi-ronment to create a finish befitting the interior of a Rolls-Royce motor car, refracting the light of the unique illuminated paneling in the doors.

As a final touch, the car’s tread plates bear the prove-nance of this unique collection. ‘Wraith Luminary Collection – one of Fifty-Five’ is engraved in hand-polished stainless steel.

Traders scratching heads as tech turmoil meets month endLONDON/BLOOMBERG

Turmoil, meet month end. Month end, meet turmoil.The latest bout of risk-off moves in global markets

has arrived just as investors prepare to close out the month and quarter. That leaves many with a conundrum: just how much of the current tumult is down to shifting funda-mentals, and how much to portfolio rebalancing that usually accompanies the quarter end? The conclusion could be key to everything from the fate of the epic bull market in stocks and the chances of a bear market in bonds to the path charted by the greenback. It’s particularly important to short-term money market rates, which had been grinding higher as the U.S. raises benchmark borrowing costs and the era of easy money nears its end.

“Markets have been volatile on alternating headlines and systematic flows in an illiquid trading environment,” JPMorgan Chase & Co. strategists including Marko Kolanovic wrote in note. “While a number of narratives have come out to attempt to explain the recent market weakness, we believe these risks shouldn’t derail the larger positive fundamental forces.” Indeed, fewer players had the chance to exert larger-than-normal downward pressure as the holiday-shortened week sapped the market of its usual trading activity. Over the past eight years when U.S. stocks dropped more than 1 percent, volume on the U.S. tape has hit 8.6 billion trades on average. Tuesday’s session, however, fell about 1 billion short of that norm, data compiled by Bloomberg show.

Still US 10-year Treasury yields, which had been locked above 2.8 percent for almost two months, finally fell below that threshold late in US trading on Tuesday. Eurodollars advanced by five to seven basis points, while expectations for more Federal Reserve hikes faded.

Month-end buying in fixed income did squeeze shorts into the close, according to Andrew Brenner, the head of interna-tional fixed-income at NatAlliance Securities in New York. Yet that may not be the end of declines in bond yields.

Considering everything from lower trending economic data to fading rate hike expectations, it’s likely 10-year yields “get an acceleration through to 2.65-ish” percent before getting to 3 percent, he wrote in a Tuesday note.

One sign that rebalancing is at work: The yen was falling against the dollar on Wednesday, belying its usual status as a safe haven in times of trouble. For Kit Juckes, chief currency strategist at Societe Generale AG, it’s a reason not to over-read the current moves.

“These markets are all sound and fury,” he said in a tweet. “Simply looking for yesterday’s sell-off to continue today is as silly as expecting the Monday rally to continue yesterday.” Beyond the usual quarter-end portfolio tink-ering, however, fundamental issues could still weigh on sen-timent. Though growth remains strong, the peak in corporate earnings has passed -- and what remains in its place is an era of uneven global expansion, political uncertainty and a shift in market regime, according to analysts at Sanford C. Bernstein & Co.

“As this unusually synchronized phase ends expect volatility and correlation to rise,” wrote the firm’s global quantitative strategy team, headed by Inigo Fraser-Jenkins. “This does not make us bearish, but reduces the upside from here.” Meanwhile in equities, Tuesday’s declines would appear to be about news rather than portfolio rebalancing. The S&P 500 Index was higher in the middle of the day before a steady stream of neg-ative tech stories dragged some of the biggest companies lower. Even the Nasdaq 100 Index started Tuesday in the green; it ended the day with the biggest drop since February’s rout.

US stock futures, including contracts for the Nasdaq, turned positive on Wednesday as tech fears began to ease, while the yen slumped. The yield on 10-year Treasuries fell, however, hovering around 2.77 percent.

I suspect Trump’s bucking of norms (on trade war) is absolutely part of his

negotiating tactics.

Steve ChiavaronePortfolio ManagerFederated Investors

Shell targets former senior executive in graft complaintREUTERS

LONDON: Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the 2011 sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal.

Dutch prosecutors con-firmed they had received the complaint against Peter Rob-inson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Anglo-Dutch Shell and Italy’s Eni over the acquisition of a different Nigerian oilfield, known as OPL 245.

Shell and Eni deny any wrongdoing related to OPL 245. A Shell spokesman said the two cases were unrelated.

Shell said an internal investigation had found that Robinson may have committed a crime during the sale of an onshore oilfield, Oil Mining Lease (OML) 42, to local company Neconde Energy Ltd in February 2011.

“We suspect a crime may have been committed by our former employee, Peter Rob-inson, against Shell in relation to the sale process for Oil Mining Lease (OML) 42 in Nigeria in 2011,” a Shell spokesman said in a statement.