Page 01 Nov 17 - The Peninsula...2016/11/16 · Director (fourth right) with other Board members of Commercial Bank at the Extraordinary General meeting 2016 at Commercial Plaza yesterday.

Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani received Guillaume Barazzone (fourth left), the visiting Mayor of the City of Geneva and a member of the Swiss Parliament, yesterday. Also seen are Qatari Businessmen Association(QBA) Chairman Faisal bin Qassim Al Thani (second left) and other QBA Board members.

Minister receives City of Geneva Mayor

PAGE | 24PAGE | 22Mideast power generation capacity to grow 66%

BUSINESSBUSINESSGlobal businesses

urge Trump to back Paris deal

Thursday 17 November 2016

Dow & Brent before going to press

Commercial Bank gets nod to raise capitalSachin Kumar The Peninsula

Shareholders of Commercial Bank yesterday approved board of directors proposal

of QR1.5bn rights issue in the Extraordinary Meeting held yes-terday at the bank's headquarters at West Bay. The rights issue will increase the share capital of the bank from QR3.26bn to QR3.85bn by offering 58.82 mil-lion new ordinary shares.

" The rights issue is required as the bank wants to increase its capital to support its future growth as well as to meet the capital requirements for Basel III. In addition, the bank has been identified as a Domestic System-ically Important Bank (DSIB) under the Central Bank’s regula-tory framework, and hence requires a higher capital buffer to be maintained on its capital ratios as compared to a non-DSIB bank." Said Sheikh Abdullah bin

Ali bin Jabor Al Thani addressing the shareholders.

"On behalf of the Board of Directors, I would like to express our sincere appreciation for the visionary leadership of His High-ness Sheikh Tamim Bin Hamad Al Thani, Emir of the State of Qatar, and for and support received from His Excellency the Prime Minister and Minister of

the Interior, His Excellency the Minister of Finance, His Excel-lency the Minister of Economy and Commerce and His Excel-lency the Governor of Qatar Central Bank," he added.

The shareholders also approved the increase in the share capital of the Bank from QR 3.2bn to QR3.8bn by way of offering of 58.8 million new ordi-nary shares for subscription to eligible shareholders and hold-ers of subscription rights in the

proportion of (1 share) for every (5.5 shares) held.

Any remaining unsubscribed shares will be dealt with by the Board subject to any required approval of the Commercial Com-panies Department at the Ministry of Economy and Commerce and the Qatar Financial Markets Authority in line with the Trading in Rights Issue Regulations issued by the Qatar Financial Markets Authority (the QFMA Regulations) and any other applicable

regulations.The issue price recom-

mended by the Board to the shareholders and holders of sub-scription rights is QR 25.50 per share (consisting of a nominal value of QR 10 per share and a share premium of QR15.50).

Shareholders authorised the Board with full authority to complete the necessary procedures to implement the capital increase and allotment of shares and attend to any other

matters resulting therefrom in accordance with the concerned Commercial Companies Law, QFMA Regulations , the Company’s Articles of Association and any other applicable regulat ions; Shareholders also approved the listing of the Rights Issue in relation to the Company’s increased capital on the Qatar Stock Exchange pursuant to the QFMA Regulations, and any other applicable regulations.

Opec members likely to hold informal meeting in Doha todayDoha/London

Reuters

Opec officials are working to nail down details of their plan to limit oil sup-

ply and gaps over some sticking points are narrowing, Opec sources said, a sign of progress in finalising the exporter group's first such deal since 2008.

Opec agreed in Algeria on September 28 to limit supply

with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions. The details are meant to be finalised when Opec

ministers meet in Vienna on November 30.

With two weeks to go, dif-ferences persist over details and the prospect of a supply glut per-sisting in 2017 has weighed on oil prices, which are below $47 a barrel. Crude reached a 2016 high near $54 after the Septem-ber deal.

Two sources familiar with discussions said efforts were under way to narrow gaps and a final agreement would be

reached. "It is difficult at some points

but I don't see any deadlock," one of the sources said. "What happened in Algeria gave a lot of hope and impetus and I think people are committed to that."

One issue has been the level of production at which Iran would be expected to freeze its output.

Sources say Iran wants an output cap of 4 million barrels per day, while other members

of the Organization of the Petro-leum Exporting Countries want Iran to freeze supply at about 3.7 million bpd. Other Opec mem-bers are willing to be more flexible on this, two sources said. "Whatever it takes to reach a consensus will be taken by the ministers," said a third Opec source familiar with discussions, referring to finding a compro-mise over Iran. "We cannot leave Vienna on November the 30th without an agreement."

The High Level Committee meets for a second time in Vienna on Monday, and a number of Opec ministers are likely to hold talks informally in Doha today on the sidelines of a gas conference. In a further effort to forge consensus, Opec Secretary-General Mohammed Barkindo is visiting more Opec members in the next few days. Barkindo said on November 7 that Opec was committed to implementing the deal.

Gold prices fall 10% since SeptemberSachin Kumar The Peninsula

The nine-month long rally of gold price is fizzling out. The yellow metal has

fallen around 10 percent in the last two months in the local market.

The precious metal has become cheaper by QR13 since the last week of September. Strong surge in dollar and Don-ald Trump’s- the President Elect of US- plans for economy is pull-ing down gold prices.

A gramme of 22 carat gold was trading yesterday at QR140 in local market which is sub-stantially lower from QR153 on September 26. The purest form of the metal -24 carat- was trad-ing at QR150 yesterday while it was at QR163 per gramme on September 26 .

“Gold is impacted by

international factors currently and rise in the dollar is one of them. The Dollar Index has risen to a fresh 14-year high which has weakened gold prices,” Ahmad Akl, Doha based Financial Ana-lyst told The Peninsula.

“The Federal Reserve, US Central Bank, is widely expected to raise interest rate in its December meeting which will support dollar. This rate hike will pull out money from gold and investors will look to invest in high yielding bonds and bank deposits,” added Akl.

The dollar index, a measure of its value against a basket of currencies, rose to 100.53 yes-terday, its highest since April 2003. Federal Reserve’s Vice Chairman Stanley Fischer said on Friday that US economic growth prospects appear strong enough for the Fed to proceed with a gradual increase in inter-

est rates. Trump’s win in US election

and his speech has raised opti-mism that increased fiscal spending and tax cuts under a his administration will spur eco-nomic growth and inflation, which would ultimately lead to an era of higher interest rates.

Prices of yellow metal in Qatar follow global prices as prices of gold here are linked to international market, mainly the London Bullion Market.

Gold was on the upward move since the start of this year and had jumped around 24 per-cent in the local market in the first nine month. The road ahead for gold looks rough and prices are expected to decline in the near future. “In the international market, gold prices have fallen from $1,300 per ounce to $1,225 in a matter of few weeks. It may go down further", he said.

Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman (fourth left); Hussain Ibrahim Al Fardan, Vice-Chairman and Managing Director (fourth right) with other Board members of Commercial Bank at the Extraordinary General meeting 2016 at Commercial Plaza yesterday. pic by Abdul Basit/The Peninsula

Capital increaseThe rights issue is required as the bank wants to increase its capital to support its future growth.

The shareholders approved the increase in the share capital of the Bank from QR 3.26bn to QR3.85bn

Supply gapEfforts were under way to narrow gaps and a final agreement would be reached.

9,741.71 + 61.79 PTS

0.64%

$46.00 $46.00 +0.19+0.19

QE BRENT

6,749.72 -43.02 PTS

0.63%

18,840.85 -82.21 PTS

0.43%

FTSE100DOW

22 THURSDAY 17 NOVEMBER 2016 BUSINESS

The Peninsula

Vodafone Qatar was named ‘Telecom Achiever of the Year’ at the Enter-prise Agility Awards

2016 in recognition of the Com-pany’s outstanding performance over the past year. The award was collected by Vodafone Qatar’s Director of External Affairs Mohammed Al Yami at a prestigious ceremony held at the Grand Hyatt Doha attended by top business executives.

Organised by Entrepreneur MENA, the 2016 Qatar Enter-prise Agility Awards recognise and honour enterprise leaders and individuals who have dis-tinguished themselves and shown sector significance and outstanding business conduct across a variety of industries that are key drivers of respec-tive Middle East’s economies.

“We are proud that the Qatar Enterprise Agility awards committee has recognised Vodafone Qatar’s impressive achievements and efforts that are reflected in our solid growth. Vodafone is committed to play-ing a key role in Qatar’s society and to bring the world’s most advanced technologies to help realise the 2030 Qatar National Vision,” said Ian Gray , Chief Executive Officer, Vodafone Qatar.

The award committee rec-ognised Vodafone’s continued commitment to innovation and quality in all the products and services the company has intro-duced in the market. The

committee also noted Voda-fone’s continued involvement in the start-up/SME ecosystem with its offerings and initiatives. However, it was Vodafone’s cor-porate social responsibility activities that received the most applaud.

The Company launched its unique platform for the Small Office/Home Office (SOHO) seg-ment, Ready Business. Also for the enterprise segment, Voda-fone brought the power of its international network to Qatar with the launch of its Global IoT Platform in March.

For consumers, in May Vodafone unveiled their Con-nect Plans that combine telecom innovation with experiences customers love followed shortly

by its Happy Offers for prepaid customers. All this is being sup-ported by Vodafone’s state of the art network which this year was named Best in Test’ by interna-tional leader in mobile performance testing, P3 Com-munications and has since maintained its leadership position.

On the CSR front, Vodafone recently announced that it has equipped Al Khor Workers Sports Complex with Wi-Fi to give thousands of labour work-ers access to the Internet for free and its aid programme for online child and youth safety Amantech is promoting digital literacy amongst thousands of parents and improving chil-dren’s digital safety.

Mohammed Al Yami (left), Director of External Affairs, Vodafone Qatar, receiving the award.

The Peninsula

HSBC held its 19th Middle East Economics Road-show at the W Hotel here

yesterday. The event saw David Bloom (pictured), Global Head of Foreign Exchange Strategy, and Simon Williams, Chief Economist, CEEMEA, discuss the most important global and regional trends shaping the Mid-dle East’s economies. Each year, the roadshow visits Abu Dhabi, Dubai, Kuwait, Oman, Qatar and Riyadh.

Simon Williams said: “Two years after oil prices started to fall, the slump in energy

earnings still dominates the regional outlook. The Gulf is wealthy enough to weather the downturn, but the price will be high - falling reserves, rising debt, and slowing growth against a backdrop of spending cuts that still have years to run. Without a fresh pick up in oil prices, only structural reform can turn the story around - a tough ask for a region that has spent two generations depend-ing on its oil receipts.”

“Currencies seem to be bro-ken up into three distinct drivers: cyclical, structural, and political. However, as far as the big trended moves in foreign

exchange are concerned, poli-tics has been the main driver For example, he added, Abe in Japan, Modi in India, Rousseff in Brazil and of course in the UK with Brexit”, said David Bloom.

HSBC is the largest and most widely represented interna-tional banking organisation in the Middle East and North Africa (Mena), with a presence in 9 countries across the region. In first half of 2016, HSBC in the Mena region made a profit before tax of $985m.

HSBC holds Middle East Economics Roadshow

'Telecom Achiever of the Year'

award for Vodafone Qatar

The Peninsula

The Middle East region’s power generation capacity is expected to grow by 66 percent by 2030, Siemens’ energy

outlook released yesterday noted. Siemens’ document maps out the region’s current power generation scenario, upcoming challenges, allocation of energy sources and the role digitalisa-tion will play in the future energy mix.

According to Siemens, today’s power generation chal-lenges to be affordability, sustainability, efficiency and energy security. To overcome these, power generation needs to allow for fuel diversity, and to become more affordable, relia-ble, highly efficient with lower emissions, and flexible enough

to complement renewables. To this end, the Middle East

will require additional power capacity of 267 gigawatts (GW) by 2030. This will take the region’s capacity to 509 GW, from 307 GW today, resulting in

an increase of 66 percent. The next 15 years will also see 66 GW of capacity retired.

By 2030, highly efficient combined-cycle power plants (CCPPs) will dominate the mar-ket, as their share of thermal power generation reaches 65 percent. This trend will be under-pinned by the growing importance of natural gas as the No. 1 source of fuel for power generation. Demand for gas is expected to grow by 4.3 percent annually until 2030. CCPPs can increase fuel efficiency in power plants by around 50 percent. Besides building new power plants, the region has a 45 GW potential for efficiency improve-ments by upgrading facilities which are older than 30 years.

“The Middle East’s growing population increasingly requires reliable and efficient power

supply. While the share of renewables in the region’s energy mix is set to increase, we also see natural gas as the main source of power generation by 2030, with energy efficient

combined-cycle power plants leading in new capacity addi-tions,” said Dietmar Siersdorfer (pictured), CEO of Siemens Mid-dle East and UAE. “We also see digitalization as an essential part of the future energy landscape, harnessing value out of data, improving productivity and cre-a t i n g n e w b u s i n e s s opportunities.”

By 2020, the amount of data globally is expected to reach 44 zettabytes – equivalent to 5 mil-lion laptops worth of data added every day- representing a ten-fold increase from 2013, according to the International Data Corporation.

As the number of devices in power grids grows, complexity and data increase. This requires better interconnectivity and flex-ibility to integrate new technologies and secure assets

from cyber attacks. Companies can use digitalization to protect valuable assets, reduce cost, improve optimization and flex-ibility, and boost operational efficiency.

The Middle East will also see a growing mix between central-ised and distributed power systems, while energy storage will gain importance as the share of renewables – solar and wind – increases and requires better integration into the grid.

The growing role of renew-ables in the Middle East is in line with regional countries’ emis-sions reduction targets and climate change action plans. Power generation from solar is gaining momentum, with around 16 GW of capacity additions expected by 2030. Siemens has been a long-term technology partner to the region.

Mideast power generation capacity to grow 66% Energy sources

509GW

4.3%

The region requires additional 267GW by 2030. It will take region’s capacity to 509GW, from 307GW today.

Demand for gas to grow 4.3% annually till 2030.

The Peninsula

Doha Bank's Board will submit a recommenda-tion to the Extra

Ordinary General Assembly to raise the Bank’s capital by 20 percent to meet the bank’s strategic business develop-ment requirements.

This was announced by yesterday by Sheikh Fahad bin Mohamed bin Jabor Al Thani (pictured), Chairman of Doha Bank. The Board of Directors has resolved in its meeting yesterday to submit a recom-mendation to the EGM.

“The Board of Directors decided to submit a recom-mendation to the Extra Ordinary General Assembly of the shareholders that will be held in March 2017 to approve increasing the current paid-up share capital of the bank

during the first half of 2017 by 20 percent through the issu-ance of 51,674,450 new shares to Doha Bank’s shareholders, and granting the Board of Directors of the Bank and those authorised by the Board full authority to execute this issuance and to determine the share’s price, premium, eligi-ble shareholders for subscription, time of issuance and the related terms and con-ditions after obtaining the approval of Qatar Central

Bank, the Ministry of Economy and Commerce and any other competent authorities,” said Sheikh Fahad.

The Board’s recommenda-tion with regards to this Capital increase is subject to the approval of the regulatory authorities and the Extra Ordi-nary General Assembly of the Shareholders. He also said that the proposed capital increase will enhance the shareholders' equity base and support the bank's prospects for achieving its strategic goals at the local, regional and international lev-els. It will also strengthen the bank's lending ability and improve its competitive edge.

The proposed capital raise would also enable the bank to achieve the targeted growth of the balance sheet and income statement and attain highest levels of performance.

Doha Bank may raise capital by 20%

23THURSDAY 17 NOVEMBER 2016 BUSINESS

Riyadh

AFP

As Saudi Arabia seeks to diversify its oil-d e p e n d e n t economy, the chief of a Red Sea "meg-

acity" says his project is pointing the way forward.

A decade after its concep-tion, the King Abdullah Economic City — an integrated industrial, residential and tour-ism centre — is profitable and in line with a government push which intensified this year to develop the private sector, Fahd Al Rasheed said in an interview.

KAEC was one of several "economic cities" touted for development 10 years ago, dur-ing the reign of the late king Abdullah, as special zones where the private sector could thrive. Rasheed said there were "so many challenges" in the project's early years but that the KAEC is now thriving.

"We are profitable for the last five years," he said, "and we are today at the highest cash position that we've ever been."

Oil makes up the bulk of Saudi revenue but a collapse in crude prices since 2014 created a record deficit and intensified economic reform efforts.

In April, the country's pow-erful Deputy Crown Prince Mohammed bin Salman announced an ambitious new economic plan dubbed Vision

2030 that aims to promote pri-vate sector investment.

The scale of the project has raised doubts, but Rasheed said he is convinced of "the strong fundamentals of the Saudi economy" and that the KAEC shows "the model works".

Developed by Emaar, The Economic City, the Saudi-listed unit of Dubai's Emaar Proper-ties, the project has seen $10bn in investment. Rasheed said it has signed contracts with more than 120 companies, many of them French. Renault is assem-bling trucks, drug maker Sanofi has a plant, and Total is also established. The project is pro-moting seaside residential developments and expects to be home to 10,000 people within a few months, with more than 40,000 targeted by 2020.

This will boost another goal of Vision 2030, which is tour-ism development, he added.

Saudi's KAEC sees $10bn in investment

Diverse economy The King Abdullah Economic City — an integrated industrial, residential and tourism centre — is profitable.

It has seen $10bn in investment and signed contracts with more than 120 companies.

Kuwait City

AFP

Kuwait must enact fur-ther subsidy reforms to trim its budget deficit

resulting from low oil prices despite political sensitivity, the International Monetary Fund has said.

Posting its first budget shortfall of $15bn last fiscal year following 16 years of sur-pluses, Opec member Kuwait has adopted a series of aus-terity measures raising the prices of fuel, power and water. The emirate liberalised diesel and kerosene prices last year and recently hiked the cost of petrol, causing a polit-ical crisis that led to parliament being dissolved and calls for a snap election.

But even with these meas-ures, Kuwait will need a massive 35bn dinars ($116bn) to finance its deficit over the next six years, the IMF said in a report. The report encour-aged "the authorities to move ahead with their plans.

The Peninsula

The Qatar Financial Centre (QFC) has been recog-n i s e d a t t h e

just-concluded Entrepreneur Qatar's Enterprise Agility Awards 2016 for “Excellence in Economic Development”. The award was received by Kamal Naji, QFC Authority’s Chief Strategy and Business Devel-opment Officer.

Addressing the event, Kamal stated: “What we have achieved is a result of the col-lective effort by the team at the QFC. At the QFC, we remain committed to contributing to the diversification of both Qatar and the region economies. We will continue to do our utmost to ensure that Qatar remains an attractive and competitive mar-ket for foreign direct investment.”

The Entrepreneur Qatar's Enterprise Agility Awards 2016 recognise and honour enter-prise leaders and individuals who have distinguished

themselves and shown sector significance and outstanding business conduct across a vari-ety of industries that are key drivers of respective Middle East economies.

The Qatar Financial Centre recently announced plans to relocate to Msheireb Downtown Doha; Doha’s new financial city, a move which will ensure more success in the years to come.

'Excellence in Economic Development' award for QFC

Kamal Naji, QFC Authority’s Chief Strategy and Business Development Officer, receiving the award.

IMF calls for further Kuwait subsidy reforms

Tokyo

AFP

Shares in gaming giant Nintendo jumped more than five percent yesterday after giving details of the launch for its keenly

awaited new Super Mario game for iPhones, hot on the heels of the Pokemon phenome-non that swept the globe.

Kyoto-based Nintendo said it would release Super Mario Run worldwide for Apple's iPhone and iPad through the App Store on December 15 at a cost of $9.99 in the United States but would provide free access to lim-ited elements of the game. The firm's stock

price soared as much as 5.5 percent at one point before easing slightly to close up 2.77 percent at 25,550 yen on the Tokyo Stock Exchange.

Nintendo's shares more than doubled in July -- making it more valuable than Sony at one point -- as its Pokemon Go game exploded into the public consciousness, being down-loaded half a billion times. However, because the firm did not own the licence to the game -- that is owned by San Francisco-based Nian-tic -- its success had little impact on the firm's bottom line.

But while its share price has dipped back slightly over the past few months, it is still up

two-thirds from its lows seen before the emer-gence of Pokemon Go. Neil Campling, an analyst at Northern Trust Capital Markets, hailed the company's approach of enticing gamers in the same way as other mobile game successes as "a great strategy". "To set a low incentive and then a low total cost when engaged could set Nintendo on a differenti-ated path, which ultimately could be a game changer," Campling said. The game will also be introduced for Android-based devices at a later date. Nintendo announced last year it was teaming up with Japanese mobile spe-cialist DeNA to develop games for the handsets based on its host of popular characters.

Nintendo to release iPhone Super Mario game on Dec 15

A BANK of Japan survey shows lending to the real estate industry was the largest ever during the first half of this fiscal year. The survey tallies the amount of new loans granted by 139 banks across the country, according to a QNA report.

The survey said that lending to companies and individuals from April to September totaled $219.8bn dollars. That's up 16 percent from the same period last year, according to Japan's (NHK WORLD) radio.

The BOJ said that banks lent a record high of about $54.1bn for real estate alone.

Property prices have been rising in metropoli-tan areas since the central bank introduced a nega-tive interest rate policy in February.

As a result, real estate developers, agents and fund managers are bor-rowing more to invest in condominiums and office buildings.

THE CENTRAL parity rate of the Chinese currency renminbi, or the yuan, weakened 97 basis points to 6.8592 against the US dollar yesterday, accord-ing to the China Foreign Exchange Trading System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2% from the central par-ity rate each trading day, according to China's (Xin-hua) News Agency.

NEWS BYTES

Real estate loans in Japan at record high

Yuan weakens against US dollar


General view of the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, yesterday.

New-Gen nuclear reactor

ExxonMobil in negotiations with Chad about $74bn penaltyN'Djamena

Bloomberg

ExxonMobil Corp. is negoti-ating with Chad’s government about a record

$74bn fine the oil company was told to pay last month by a court in the central African nation because of a dispute over royalties.

While the world’s biggest oil producer by market value, val-ued at $360bn, has appealed the October 5 ruling by the High Court, the appeals court hearing has been delayed because of the talks, Thomas Dingamgoto, a lawyer for the company, said in an interview in the capital,

N’Djamena.The penalty exceeds the

$61.6bn financial blow BP Plc incurred after the Deepwater Horizon disaster in 2010 killed 11 rig workers and fouled the Gulf of Mexico with crude for months, and is more than 70 times larger than the $977.5m ExxonMobil was ordered to pay fishermen and other victims of the 1989 Valdez oil spill in Alaska.

The Chadian court imposed the fine after the Finance Minis-try said a consortium led by Irving, Texas-based ExxonMobil hadn’t met tax obligations. The court also demanded the oil explorer pay $819m in overdue royalties.

“This dispute relates to dis-agreement over commitments made by the government to the consortium, not the govern-ment’s ability to impose taxes,” Todd Spitler, an ExxonMobil spokesman, said in an e-mailed statement. “It is vital for all par-ties to honor the terms of a contract and abide by applica-ble law in order to achieve the desired long-term benefits envi-sioned when projects begin.”

The penalty, almost six times Chad’s gross domestic product, is in line with the customs code of a regional organization of which Chad is a member, the Economic and Monetary Com-munity of Central African States,

according to the government’s general director of legal affairs, Fang Langou Operal.

The code stipulates that “in the event of fraudulent behav-ior, as is the case, the fine should amount to double the value of the object of the fraud,” Operal said in an interview in N’Djamena on Monday. He declined to elaborate.

Chad says that the consortium should pay 2 percent in royalties on crude exports, even if ExxonMobil argues that it signed a convention with the government in 2009 that set the royalties at 0.2 percent, according to Dingamgoto.“That convention wasn’t ratified by parliament and never signed by the head of state,” Operal said.

Judicial workers including

judges have been on strike for at least two weeks to protest a reduction of allowances, alongside medical staff and teachers. The government announced a series of austerity measures earlier this year to cope with a steep decline in oil income, which is its main source of foreign revenue. ExxonMobil began exploring Chad for crude in 2001 and has been pumping oil there since 2003. The company also operates a pipeline that hauls Chadian oil to a marine terminal in Cameroon. The two other companies named in the case are Chevron Corp. and Malaysia’s state-owned Petroliam Nasional Bhd.

Fed rate-hike odds approach 100% under TrumpenomicsSingapore

Bloomberg

Analysts spent early November warning a Trump victory in the US

presidential election would make the Federal Reserve less likely to raise interest rates. What happened instead is that it made a December increase almost a certainty.

Traders assign about a 94 percent probability, the high-est level this year, to a Fed move at its final meeting for the year on December 13-14, futures contracts indicate. Trump’s spending plans are driving speculation the Fed will pick up its pace of rate increases as inflation expectations climb.

“It’s hard not to think this is incredibly reflationary for the global economy,” said Mark Nash, the head of global bonds in London at Old Mutual Glo-bal Investors, which oversees about $37bn. “We believe there should be more hikes priced in and bond yields should rise,” he said Tuesday in an interview on Bloomberg Television.

US 10-year note yields were little changed at 2.23 percent as of 6:39 am in London, accord-ing to Bloomberg Bond Trader data. The price of the 2 percent security due in November 2026 was 97 31/32. The yield climbed to 2.3 percent Monday, the highest this year. The next tar-get is 2.5 percent, Nash said.

The odds of a Fed move have risen from 68 percent at the start of the month as infla-tion expectations surged. Trump’s election helped drive a bond-market rout that has pushed Bank of America Corp.’s Global Broad Market Index down 1.5 percent in November, heading for the biggest monthly decline since May 2013.

A gauge of expectations for US consumer prices this week climbed to the highest level since April 2015. The difference between yields on 10-year notes and similar-maturity Treasury Inflation Protected Securities reached 1.97 percent-age points on Monday.

An inflation gauge moni-tored by the Fed, the price index for personal consumption expenditures, rose to an annual rate of 1.2 percent in September. The central bank’s target is 2 percent. Prices for goods imported into the U.S. fell in October from a year before, government data showed Tues-day. The producer price index increased 1.2 percent from 12 months earlier, which would be the fastest pace in almost two years, based on a Bloomberg survey of economists before the report Wednesday.

“The outlook for US growth is probably a bit firmer for both 2017 and beyond,” said Su-Lin Ong, an economic and fixed-income strategist at Royal Bank of Canada in Sydney. “Markets have then stepped up to pretty much fully pricing a December move, although we do need to see greater clarity from Trump and his new administration.”

Call for radical shift in energy sectorLondon

Reuters

A radical shift in the energy sector, cutting emissions to zero by around 2040,

is needed to limit the global rise in temperature at 1.5 degrees Celsius the International Energy Agency (IEA) said yesterday.

The IEA's first report on meeting the climate target aspired to in the Paris agree-ment, comes as more than 190 nations meet in Marrakesh, Morocco, to thrash out the details of the globaldeal forged last year.

"The unavoidable conclu-sion is that there is an urgent need for immediate radical reductions in energy sector CO2 (carbon dioxide) emissions if there is to be any chance of achieving the 1.5 degree Celsius goal," the IEA said in its World Energy Outlook 2016.

Some 90 percent of

electricity production would need to come from nuclear power plants or renewables such as wind and solar, while fossil fuel generation such as gas would need technology to cap-ture and store emissions, the report said.

Under the IEA's new policies scenario, which factors in adopted measures as well as declared policy intentions, renewable electricity generation is expected to make up 37 per-cent of the total by 2040.

In addition, all passenger and light-commercial vehicles would need to be electric, while trucks and buses also need to be increasingly electrified for the 1.5 degree goal to be met, the report said.

Just 1.3 million out of a glo-bal stock of nearly 1 billion cars would be powered by electric-ity by the end of 2016, the IEA said. Around 100 nations have ratified the Paris agreement,

which came into force on November 4, and seeks to limit temperatures rises to well below 2 degrees Celsius above pre-industrial levels and "pursue efforts" to limit the rise in tem-peratures to 1.5 degrees.

Scientists say warming must be kept below 2 degrees by the end of the century to stave off the worst effects of climate change such as floods, droughts and rising sea levels. Low-lying nations such as the Marshall Islands and the Maldives cam-paigned for the 1.5 degree goal, fearing melting ice that will raise sea levels and swamp their coasts. The recent US election victory of climate change scep-tic Donald Trump as has cast a shadow of the future of the international climate pact. Trump has called climate change a hoax and a source in his transition team says he is seeking ways to pull the US out of the 2015 Paris Agreement.

Global businesses urge Trump to back Paris dealMarrakesh, MoroccoReuters

More than 360 businesses and investors called on US Presi-d e n t - e l e c t

Donald Trump and world lead-ers yesterday to continue to support agreed curbs on glo-bal warming and to speed up efforts to move to a low-car-bon economy.

In a statement addressed to Trump, US President Barack Obama, members of the US Congress and global leaders, the group, called 360+, reaf-firmed its commitment to the Paris Agreement on climate

change.The 360+ group includes

companies such as DuPont, Gap, General Mills, Hewlett Packard, Hilton, Kellogg, Levi Strauss & Co., L'Oreal USA, Nike,

Mars Incorporated, Schnei-der Electric, Starbucks and Unilever.

The Paris Agreement, aim-ing to phase out net greenhouse gas emissions this century, came into force on November 4 and now has backing from 110 nations including the United States.

The November 7-18 meet-ing in Marrakesh is where UN officials and government rep-resentatives are trying to work out the details of the pact.

However, Trump's victory in the US election last week has overshadowed the event.

Trump has threatened to tear up the US commitment to the accord.The 360+ group called on US leaders to con-tinue to participate in the Paris Agreement, support the con-tinuation of US commitments on climate change and con-tinue to invest in low-carbon solutions at home and abroad.

"Failure to build a low-car-bon economy puts American prosperity at risk. But the right action now will create jobs and boost U.S. competitiveness," the group said, in the statement presented at UN climate talks being held this week in Marra-kesh, Morocco.

US Secretary of State John Kerry (right) talks with former Moroccan ambassador to the US, Aziz Mekouar, during a Major Economies Forum meeting at the COP22 climate change conference in Marrakech, Morocco, yesterday.

Tax obligationThe penalty is almost six times Chad's GDP. Chad says that the consortium should pay 2% in royalties on crude exports.

The Chadian court imposed the fine after Exxon allegedly failed to meet tax obligation.

InflationAn inflation gauge monitored by the Fed rose to an annual rate of 1.2 percent in September.

The outlook for US growth is probably a bit firmer for both 2017 and beyond.

25THURSDAY 17 NOVEMBER 2016 BUSINESS

QATAR STOCK EXCHANGE


INTERNATIONAL MARKETS - A LIST OF SHARES FROM THE WORLD

A C C-A/D 1322.3 -24.25 39719

Aarti Drugs-B/D 603.1 11 2138

Aban Offs-A/D 212.2 2.8 344404

Aegis Logis-B/D 145 -2.75 28861

Alembic-B/D 34.85 -0.4 59264

Alkyl Amines-B/D 305.2 -3.85 1391

Alok Indus-A/D 2.79 -0.11 2022131

Apollo Tyre-A/D 184.25 -2.1 302535

Asahi I Glass-/D 178 11.75 38354

Ashok Leyland-/D 79.2 -3.45 2848508

Bajaj Hold-A/D 1964.65 -36.95 2433

Ballarpur In-B/D 14.83 0.06 240815

Bata India-A/D 429.3 3.65 26630

Bayer Crop-A/D 3993.45 -16.4 7125

Beml Ltd-A/D 861.05 -2.25 22692

Bh Electronic-/D 1307.4 18.7 18944

Bhansali Eng-T/D 23.5 1.55 1031488

Bharat Bijle-B/D 772.35 2.3 2752

Bharatgears-B/D 95.6 -7.4 24326

Bhartiya Int-B/D 475.05 3.4 59780

Bhel-A/D 131.7 -2.15 581607

Bom.Burmah-B/D 483.1 -11.65 14878

Bombay Dyeing-/D 43.05 -0.2 294579

Camph.& All-B/D 700.7 25.7 4109

Canfin Homes-B/D 1375 122.95 80960

Caprihans-Xc/D 103.05 2.8 3721

Castrol India-/D 398 -5.5 91429

Century Enka-B/D 278.1 -0.6 24171

Century Text-A/D 771.15 6.8 357466

Chambal Fert-B/D 57.9 -0.4 61373

Chola Invest-A/D 977.2 77.3 74180

Chowgule St-T/D 12.95 0.42 2337

Cimmco-B/D 63.7 0.5 1385

Cipla-A/D 538.65 -14.1 129385

City Union Bk-/D 135 -4.85 110919

Colgate-A/D 926.45 12.55 16051

Container Cor-/D 1281.35 -23.75 95721

Dai-Tichi Kar-/D 493.9 8.5 2277

Dcm Financia-T/D 3.65 0.17 25733

Dcm Shram Ind-/D 230 -0.75 16027

Dhampur Sugar-/D 103.4 -2.55 57729

Dr. Reddy-A/D 3212.95 -95.75 23018

E I H-B/D 104.05 -1.05 15376

E.I.D Parry-A/D 250.3 2.5 79336

Eicher Motor-A/D 21093.65 809.3 9807

Eimco Elecon-T/D 342 -1.35 8281

Electrosteel-B/D 22 -0.45 98968

Emco-B/D 26.2 -0.25 55922

Escorts Fin-B/D 10.93 -0.88 141544

Escorts-A/D 301.5 3.3 244192

Eveready Indu-/D 225.55 -9.35 5214

F D C-B/D 216.35 1.15 10323

Federal Bank-A/D 72.35 -1.5 1500396

Ferro Alloys-B/D 6.8 -0.35 4926

Finolex-A/D 416 0.5 2376

Gail-A/D 428.5 -7.45 114543

Galada Power-B/D 10.8 -0.13 1154

Gammon India-T/D 12.6 -0.2 62100

Gangotri Tex-B/D 0.92 0.04 7650

Garden P -B/D 27.15 -0.25 8647

Godfrey Phil-B/D 945.45 -203 87694

Goodricke-B/D 187.95 -0.05 13442

Goodyear I -B/D 719.3 -22.7 25345

Hcl Infosys-B/D 41.55 -0.05 366392

Him.Fut.Comm-T/D 12.22 -0.41 583227

Himat Seide-B/D 266.45 -2.55 17923

Hind Unilever-/D 806.55 1.35 335612

Hind Motors-T/D 6.92 -0.12 295533

Hind Org Chem-/D 17.4 -0.1 35974

Hind.Petrol-A/D 444.25 0.1 258884

Hindalco-A/D 161.7 -6.55 1380749

Hous Dev Fin-A/D 1257 30.8 185068

I F C I-A/D 22.3 -0.35 1039666

Idbi-A/D 70.85 0.3 508781

Ifb Agro-B/D 380 2.95 4898

Ifb Ind.Ltd.-B/D 374.5 -6.9 5476

India Cement-A/D 115.8 -2.9 491165

India Glycol-B/D 112.75 -2.35 29865

Indian Card-B/D 206 -12.5 2741

Indian Hotel-A/D 94.8 2.2 51111

Indo-Tcount-T/D 140 -4.35 45593

Indusind-A/D 1095.35 1.5 85857

J.B.Chemical-B/D 349 8.25 11123

Jagson Phar-B/D 34.1 -0.4 1140

Jamnaauto-B/D 183.85 2.1 139186

Jbf Indu-B/D 204 -5.35 10607

Jct Ltd-B/D 5.2 -0.04 754351

Jenson&Nich.-B/D 7.95 -0.01 5129

Jindal Drill-B/D 156.2 -6.15 5941

Jktyre&Ind-A/D 121.5 -2.1 250120

Jmc Projects-T/D 210.65 -0.35 2600

Kabra Extr-B/D 108.05 -10.3 6549

Kajaria Cer-A/D 474.25 -3.5 23585

Kakatiya Cem-B/D 232.9 -8.85 18504

Kalpat Power-B/D 219.1 -3.75 10456

Kalyani Stel-T/D 274.45 -2.25 50272

Kanoria Chem-B/D 73 0.9 22717

Kg Denim-B/D 83.2 0.6 17995

Kilburnengg-Xd/D 48.9 -0.35 7016

Kinetic Eng-Xc/D 80.3 0.45 4132

Kopran-B/D 48.6 -0.15 60578

Lakshmi Elec-B/D 473 -7.15 2564

Lakshmi Mach-A/D 3755.5 -117.25 2964

Lgb Broth-B/D 581.05 9.05 7191

Lloyd Metal-Xc/D 15.2 -1.67 208395

Lumax Ind-B/D 761.4 6.95 2575

Lupin-A/D 1407.55 -32.65 118180

Lyka Labs-T/D 55.3 1.5 13576

Mafatlal Ind-B/D 283 -3.05 5687

Mah.Seamless-B/D 224 0.75 2634

Maha Scooter-B/D 1483.1 -25 5850

Mangalam Cem-B/D 261.6 2.8 13135

Maral Overs-B/D 27 0.25 5407

Mastek-B/D 124.7 -0.05 14925

Max Financial-/D 532.95 38.75 58404

Mrpl-A/D 86.45 0.9 55702

Nagreeka Ex-B/D 33 1.3 1051

Nahar Spg.-B/D 116.35 1.35 11649

Nation Alum -A/D 48.3 -0.75 101771

Navneet Edu-B/D 107.45 1.7 43685

Neuland Lab-B/D 990.5 -8.55 1998

Nrb Bearings-B/D 111.9 1.05 2130

O N G C-A/D 272.35 -3.45 410492

Ocl India-B/D 789.9 13.35 2106

Oil Country-B/D 28.4 0.15 13245

Onward Tech-B/D 62.55 1.15 6227

Orchid Pharm-B/D 26.9 -0.25 387592

Orient Hotel-T/D 24.6 0.3 700

Orient.Carb.-T/D 759.2 40.8 3363

Oudh Sugar-B/D 82.95 -2.65 9741

Patspin India-/D 9.65 -0.35 6359

Punjab Chem.-B/D 171.65 6.25 19355

Radico Khait-B/D 118.4 -2.6 53003

Rallis India-A/D 189.3 -1.6 34306

Reliance Indus/D 359.75 -0.8 37765

Ruchi Soya-B/D 20.35 -0.05 28461

S Bk Bikaner-B/D 752.95 3.6 5091

Saur.Cem-B/D 62 1.2 71905

Sterling Tool-/D 885 -16.05 1052

Tanfac Indust-/D 61 0.85 13107

Thirumalai-B/D 644.15 -33.9 40097

Til Ltd.-T/D 252.5 -1.8 2080

Timexgroup-T/D 52.75 2.55 138727

Tinplate-B/D 71 0.6 30185

Ucal Fuel-B/D 177 8.25 87319

Ultramarine-B/D 153.55 -1.2 27768

Unitech P -A/D 4.74 -0.14 2603177

Univcable-B/D 71.5 0.45 1866

Uppergsugar-T/D 237.1 -21.25 70545

3i Group/D 626.5 5 882684

Assoc.Br.Foods/D 2502 -43 232155

Barclays/D 210.15 -1.75 18083759

Bp/D 441.3 -3.5 7779118

Brit Am Tobacc/D 4252.5 -48 1164574

Bt Group/D 363.15 -0.55 6758433

Centrica/D 199.7 -4.3 6640039

Gkn/D 304.2 -2.9 1603378

Hsbc Holdings/D 629.3 -9 15409034

Kingfisher/D 363.5 0.2 2291662

Land Secs Grou/D 983 -19 893218

Legal & Genera/D 232.1 -3.1 5701360

Lloyds Bnk Grp/D 60.65 -0.75 75089000

Marks & Sp./D 335.4 -4.8 2296133

Next/D 5050 -70 226192

Pearson/D 752.5 -8.5 497513

Prudential/D 1532 9 3247599

Rank Group/D 194.5 -1.1 25319

Rentokil Initi/D 209.5 1.6 1649685

Rolls Royce Pl/D 731 -23.5 5739223

Rsa Insrance G/D 527.5 -0.5 379141

Sainsbury(J)/D 241.9 0.2 4549681

Schroders/D 2899 -7 57883

Severn Trent/D 2164.5 26 462710

Smith&Nephew/D 1078 1 1000208

Smiths Group/D 1383 -27 542065

Standrd Chart /D 624 -12.5 2326896

Tate & Lyle/D 678 7.5 826534

Tesco/D 215.5098 -1.45 8162693

Unilever/D 3134 -40.5 1204490

United Util Gr/D 875.5 0 902688

Vodafone Group/D 202.45 -0.05 23865651

Whitbread/D 3465 -81 248766

COMPANY CLOSE NET VOLUME NAME CHG TRADED





LONDON

QE Index 9,741.71 0.64 %

QE Total Return Index 15,761.44 0.64 %

QE Al Rayan Islamic Index 3,590.2 0.15 %

QE All Share Index 2,692.59 0.64 %

QE All Share Banks & 2,735.29 0.52 %

Financial Services

QE All Share Industrials 3,002.54 0.71 %

QE All Share Transportation 2,403.59 1.40 %

QE All Share Real Estate 2,152.03 1.14 %

QE All Share Insurance 4,347.52 1.75 %

QE All Share Telecoms 1,105.23 2.29 %

QE All Share Consumer 5,611.44 0.12

Goods & Services

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

16-11-2016 Index 9,741.71

Change 61.79

% 0.64

YTD% 6.59

Volume 10,499,844

Value (QAR) 258,196,908.70

Trades 4,453

Up 24 | Down 12 | Unchanged 415-11-2016 Index 9,679.92

Change 65.05

% 0.67

YTD% 7.19

Volume 11,109,961

Value (QAR) 244,956,720.50

Trades 4,276

GOLD QR143.9004 per grammeSILVER QR1.9975 per gramme

Index Day’s Close Pt Chg % Chg Year High Year LowAll Ordinaries 5399.598 -0.171 0 5691.8 4762.1

Cac 40 Index/D 4494.92 -41.61 -0.92 4607.69 3892.46

Dj Indu Average 18923.06 54.37 0.29 18934.1 15450.6

Hang Seng Inde/D 22280.53 -43.38 -0.19 24364 18278.8

Iseq Overall/D 6176.26 -82.93 -1.32 6791.68 5286.65

Karachi 100 In/D 42404.47 111.8 0.26 43084.67 29785

Nikkei 225 Ind/D 17862.21 194.06 1.1 18951.12 14864.01

S&P 500 Index/D 0 0 0 2193.81 1810.1

EXCHANGE RATECurrency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.5007 QR 4.5633

Euro QR 3.8752 QR 3.9295

CA$ QR 2.6778 QR 2.7302

Swiss Fr QR 3.6067 QR 3.6576

Yen QR 0.0329 QR 0.0336

Aus$ QR 2.6945 QR 2.7486

Ind Re QR 0.0531 QR 0.0541

Pak Re QR 0.0345 QR 0.0351

Peso QR 0.0730 QR 0.0745

SL Re QR 0.0243 QR 0.0249

Taka QR 0.0458 QR 0.0469

Nep Re QR 0.0335 QR 0.0341

SA Rand QR 0.2521 QR 0.2570

Page 01 Nov 17 - The Peninsula...2016/11/16 · Director (fourth right) with other Board members of Commercial Bank at the Extraordinary General meeting 2016 at Commercial Plaza yesterday.

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