6
BUSINESS Thursday 20 December 2018 PAGE | 02 PAGE | 03 SoftBank telco suffers $9bn slump on debut after record IPO 100 days to Brexit, businesses & EU plan for no-deal Qatar Power extends Ras Laffan maintenance contract QNA DOHA Qatar Power Company announced its extension for a long-term maintenance contract with Siemens, worth QR400m for 15 years, as part of the relations between Qatar and Germany and aims to develop these relations in all economic, political and trade aspects. The contract was signed by Qatar Power Executive Man- aging Director Fawaz Abdulaziz Al Baker and CEO of Siemens Qatar Adrian Wood. The signing ceremony was attended by Managing Director and Member of the Board at Qatar Electricity and Water Company (QEWC) Fahad bin Hamad Al Mohannadi, who is also Chairman of Qatar Power Company, in addition to members of the board and Senior Executive Vice-Pres- ident of Siemens Power Gen- eration Services in the Middle East and North Africa, Gian- luigi Di Giovanni. On the sidelines of the signing ceremony, Fahad bin Hamad Al Mohannadi said Umm Al Houl power station currently operates at its full capacity and will be open in February, 2019. He said QEWC is under- going two activities within the solar energy sector, the first will kick off at the beginning of 2019, and by the end of 2020 the first solar energy station will operate with a capacity of 350 megawatts. The second will include a second station of 250 megawatt capacity, resulting in a total of 700 megawatts by mid 2021. Al Mohannadi added all projects at QEWC are always offered through tenders, and there are about 16 companies that have been qualified to enter projects related to solar energy. The companies will compete for a 25 year elec- tricity purchase contract and long-term contracts will be awarded to companies offering competitive prices. He added that foreign investment opportunities are good and Nebras Power is working well in this regard, and will represent by the end of this year 17 percent of profits of QEWC. Al Mohannadi pointed out that Siemens operates 40 percent of the power plants supervised by QEWC. He added that Siemens has a strong and successful track record and has been in contact with the State of Qatar for more than 35 years. These long-term relationships have contributed to Siemens’ commitment to the State of Qatar and there has been corporate loyalty to its customers. The Gulf region has gone through many crises and Siemens has been working with Qatar throughout this period this confirms the robustness of the Qatari market and the desire of foreign companies to continue operating in it, stressing that the maintenance work in the stations operating in the country is not affected, especially under the current circumstances, Al Mohannadi said. Al Baker (of Qatar Power) said the signing of this agreement with the German company Siemens comes at a time when the State of Qatar is to implement several ambitious projects to strengthen the energy sector in line with Qatar National Vision 2030 to raise the level of services in it. He added that it stems from the company’s firm belief in the role of the private sector in sup- porting the country’s energy projects in all aspects as a partner in the country’s com- prehensive development, adding that Siemens’ advanced technologies will contribute to enhancing station performance and saving future maintenance costs. Al Baker (of Qatar Power) said the signing of this agreement with the German company Siemens comes at a time when the State of Qatar is to implement several ambitious projects to strengthen the energy sector in line with Qatar National Vision 2030. QFCA makes it to ‘2018 the Legal 500 GC Power List Middle East’ THE PENINSULA DOHA The Legal Department of the Qatar Financial Centre Authority (QFCA) was recently named in the Legal 500 ‘GC Powerlist Middle East 2018’. The ‘GC Power List Middle East 2018’ is the latest publication from ‘The Legal 500’, which rec- ognises an array of the most influ- ential in-house counsel who are driving the legal industry in the region forward. The list further certifies the QFC A Legal Depart- ment’s position as a leading, multi- award winning, influential in- house team in the region. The accolade recognises the contributions of the QFC Legal Department in successfully delivering substantial and inno- vative legal mandates of stra- tegic importance to Qatar, including its involvement in national level legislative and strategic initiatives, achieving international recognitions for the QFC such as the International Swaps and Derivatives Associ- ation, adoption of global best- practices in compliance, and delivering innovative technology solutions in contract automation resulting in increased effi- ciencies for the business. The contributions of all the members of the QFC Legal Department received recog- nition, including citations for Nasser Al-Taweel, Ishaq Burney, Roscoe Banks, Lauren Djedid and Moza Al-Naeimi. Nasser Al-Taweel, Chief Legal Officer, QFC Authority, said: “We are very honoured to be nominated as a team in ‘2018 The Legal 500 GC Power List Middle East’. This is further rec- ognition of the innovation and excellence demonstrated by eve- ryone in the QFCA’s Legal Department on a daily basis,” added Al-Taweel. “ We are also incredibly proud of this prestigious accolade as it showcases the technical excellence legal team and Qatar Financial Centre’s ongoing commitment to leading the implementation of global best practices.” Senior officials of Qatar Financial Centre Authority (QFCA) and its Legal Department. QFBA committed to support Qatar’s long term vision THE PENINSULA DOHA The Qatar Finance and Business Academy (QFBA) is committed to develop a self-sufficient, robust economy in line with the Qatar National Vision 2030, noted Dr Khalid Al Horr, CEO, of QFBA. The QFBA participated in the recently concluded 2018 Euromoney Qatar conference. The 7th edition held the leading finance and investment conference in the second week of December. This year’s edition welcomed several government officials, senior economists and bankers from across the region as well as international delega- tions. Keynote speakers included the Minister of Finance H E Ali Shareef Al Emadi; and H E Sheikh Abdullah bin Saoud Al Thani; Governor of Qatar Central Bank. The event focussed on Qatar’s post blockade strategy and its development as a sus- tainable economy. The event also served as a launch pad for QFBA to announce its 2019 portfolio and create an awareness among participants and delegates alike. QFBA has enriched its portfolio by including 14 accredited certifi- cations being offered from nine different international awarding bodies. In addition, QFBA has also introduced Fintech and Blockchain in its customized B2B options based on updated 5 Ds (diagnose, design, deliver, evaluate, debrief) customization approach. Furthermore, QFBA plans to increase overall program portfolio with a sharp focus on Banking, Finance, and Customer Service. Commenting on the partic- ipation, Dr Khalid, said: “Our participation in the 2018 Euromoney Qatar conference demonstrates our commitment to develop a self-sufficient, robust economy, which is aligned with the Qatar National Vision 2030. The Euromoney conference is a well-established platform for experts from the financial landscape to share knowledge and expertise regarding the changing financial sector in Qatar and the world. QFBA will continue to support initiatives which promote the devel- opment of Qatar’s economy.” “Such conferences is pre- cisely what we need here in Qatar to reinforce productive dialogue especially one that focuses on the future and the challenges of the national economy, the future direction of hydrocarbon demand, and the importance of having a strong and innovative financial system. Euromoney also strengthens our position as a key enabler by sharing the stage with the most influential organ- izations and regulators of Qatar’s financial sector such as QNB, QIIB, Commercial Bank, QFMA and CFA society, which, I believe, is the real proud moment for all of us at QFBA,” added Dr Khalid. The Qatar Finance and Business Academy’s (QFBA) pavilion at the recently concluded ‘2018 Euromoney Qatar Conference’. The Officials of Qatar Power company and Siemens during the signing ceremony.

Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

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Page 1: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

BUSINESSThursday 20 December 2018

PAGE | 02 PAGE | 03SoftBank telco

suffers $9bn slump on debut after record IPO

100 days to Brexit, businesses & EU plan for no-deal

Qatar Power extends Ras Laffan maintenance contractQNA DOHA

Qatar Power Company announced its extension for a long-term maintenance contract with Siemens, worth QR400m for 15 years, as part of the relations between Qatar and Germany and aims to develop these relations in all economic, political and trade aspects.

The contract was signed by Qatar Power Executive Man-aging Director Fawaz Abdulaziz Al Baker and CEO of Siemens Qatar Adrian Wood. The signing ceremony was attended by Managing Director and Member of the Board at Qatar Electricity and Water Company (QEWC) Fahad bin Hamad Al Mohannadi, who is also Chairman of Qatar Power Company, in addition to members of the board and Senior Executive Vice-Pres-ident of Siemens Power Gen-eration Services in the Middle East and North Africa, Gian-luigi Di Giovanni.

On the sidelines of the signing ceremony, Fahad bin Hamad Al Mohannadi said Umm Al Houl power station currently operates at its full capacity and will be open in

February, 2019.He said QEWC is under-

going two activities within the solar energy sector, the first will kick off at the beginning of 2019, and by the end of 2020 the first solar energy station will operate with a capacity of 350 megawatts. The second will include a second station of 250 megawatt capacity, resulting in a total of 700 megawatts by mid 2021.

Al Mohannadi added all

projects at QEWC are always offered through tenders, and there are about 16 companies that have been qualified to enter projects related to solar energy. The companies will compete for a 25 year elec-tricity purchase contract and long-term contracts will be awarded to companies offering competitive prices.

He added that foreign investment opportunities are good and Nebras Power is working well in this regard, and will represent by the end of this year 17 percent of profits of QEWC.

Al Mohannadi pointed out that Siemens operates 40 percent of the power plants supervised by QEWC.

He added that Siemens has a strong and successful track record and has been in contact with the State of Qatar for more than 35 years. These long-term relationships have contributed to Siemens’ commitment to the State of Qatar and there has been corporate loyalty to its customers.

The Gulf region has gone through many crises and Siemens has been working with Qatar throughout this period this confirms the robustness of the Qatari market and the

desire of foreign companies to continue operating in it, stressing that the maintenance work in the stations operating in the country is not affected, especially under the current circumstances, Al Mohannadi said.

Al Baker (of Qatar Power) said the signing of this

agreement with the German company Siemens comes at a time when the State of Qatar is to implement several ambitious projects to strengthen the energy sector in line with Qatar National Vision 2030 to raise the level of services in it. He added that it stems from the company’s firm belief in the

role of the private sector in sup-porting the country’s energy projects in all aspects as a partner in the country’s com-prehensive development, adding that Siemens’ advanced technologies will contribute to enhancing station performance and saving future maintenance costs.

Al Baker (of Qatar

Power) said the

signing of this

agreement with the

German company

Siemens comes at

a time when the

State of Qatar is to

implement several

ambitious projects to

strengthen the energy

sector in line with

Qatar National Vision

2030.

QFCA makes it to ‘2018 the Legal 500 GC Power List Middle East’THE PENINSULA DOHA

The Legal Department of the Qatar Financial Centre Authority (QFCA) was recently named in the Legal 500 ‘GC Powerlist Middle East 2018’.

The ‘GC Power List Middle East 2018’ is the latest publication from ‘The Legal 500’, which rec-ognises an array of the most influ-ential in-house counsel who are driving the legal industry in the region forward. The list further certifies the QFC A Legal Depart-ment’s position as a leading, multi-award winning, influential in-house team in the region.

The accolade recognises the contributions of the QFC Legal

Department in successfully delivering substantial and inno-vative legal mandates of stra-tegic importance to Qatar, including its involvement in national level legislative and strategic initiatives, achieving international recognitions for the QFC such as the International Swaps and Derivatives Associ-ation, adoption of global best-practices in compliance, and delivering innovative technology solutions in contract automation resulting in increased effi-ciencies for the business.

The contributions of all the members of the QFC Legal Department received recog-nition, including citations for Nasser Al-Taweel, Ishaq Burney,

Roscoe Banks, Lauren Djedid and Moza Al-Naeimi.

Nasser Al-Taweel, Chief Legal Officer, QFC Authority, said: “We are very honoured to be nominated as a team in ‘2018 The Legal 500 GC Power List Middle East’. This is further rec-ognition of the innovation and excellence demonstrated by eve-ryone in the QFCA’s Legal Department on a daily basis,” added Al-Taweel.

“ We are also incredibly proud of this prestigious accolade as it showcases the technical excellence legal team and Qatar Financial Centre’s ongoing commitment to leading the implementation of global best practices.”

Senior officials of Qatar Financial Centre Authority (QFCA) and its Legal Department.

QFBA committed to support Qatar’s long term visionTHE PENINSULA DOHA

The Qatar Finance and Business Academy (QFBA) is committed to develop a self-sufficient, robust economy in line with the Qatar National Vision 2030, noted Dr Khalid Al Horr, CEO, of QFBA. The QFBA participated in the recently concluded 2018 Euromoney Qatar conference.

The 7th edition held the leading finance and investment conference in the second week of December. This year’s edition welcomed several government officials, senior economists and bankers from across the region as well as international delega-tions. Keynote speakers included the Minister of Finance H E Ali Shareef Al Emadi; and H E Sheikh Abdullah bin Saoud Al Thani; Governor of Qatar Central Bank.

The event focussed on Qatar’s post blockade strategy and its development as a sus-tainable economy. The event also served as a launch pad for QFBA to announce its 2019 portfolio and create an awareness among participants and delegates alike. QFBA has enriched its portfolio by including 14 accredited certifi-cations being offered from nine di f ferent internat ional awarding bodies. In addition, QFBA has also introduced Fintech and Blockchain in its customized B2B options based

on updated 5 Ds (diagnose, design, deliver, evaluate, debrief ) customizat ion approach. Furthermore, QFBA plans to increase overall program portfolio with a sharp focus on Banking, Finance, and Customer Service.

Commenting on the partic-ipation, Dr Khalid, said: “Our participation in the 2018 Euromoney Qatar conference demonstrates our commitment to develop a self-sufficient, robust economy, which is aligned with the Qatar National Vision 2030.

The Euromoney conference is a well-established platform for experts from the financial landscape to share knowledge and expertise regarding the changing financial sector in Qatar and the world. QFBA will

continue to support initiatives which promote the devel-opment of Qatar’s economy.”

“Such conferences is pre-cisely what we need here in Qatar to reinforce productive dialogue especially one that focuses on the future and the challenges of the national economy, the future direction of hydrocarbon demand, and the importance of having a strong and innovative financial system. Euromoney also strengthens our position as a key enabler by sharing the stage with the most influential organ-izations and regulators of Qatar’s financial sector such as QNB, QIIB, Commercial Bank, QFMA and CFA society, which, I believe, is the real proud moment for all of us at QFBA,” added Dr Khalid.

The Qatar Finance and Business Academy’s (QFBA) pavilion at the recently concluded ‘2018 Euromoney Qatar Conference’.

The Officials of Qatar Power company and Siemens during the signing ceremony.

Page 2: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

02 THURSDAY 20 DECEMBER 2018BUSINESS

10,496.40

+7.36 PTS

0.07%

QSE FTSE100 DOW BRENT6,765.94

+64.35 PTS

0.96%

23,381.40

−294.24 PTS

1.24% Dow & Brent before going to press

$47.96

+1.72

MarketWatchSoftBank telco suffers $9bn

slump on debut after record IPO

REUTERS TOKYO

SoftBank Corp shares sank 15 percent on debut, wiping $9bn off their value, as investors sold off the telecoms operator after its record IPO on worries about a recent service outage and its exposure to Chinese telecoms gear maker Huawei.

The poor start for the unit of tech investment giant SoftBank Group Corp meant that for Japan’s mom-and-pop investors concerns about the company and the nation’s telecoms market trumped the appeal of the group’s charis-matic founder Masayoshi Son.

Such a debut is uncommon in the Japanese IPO market. Of 82 IPOs so far this year, SoftBank Corp’s $23.5bn float was only the seventh to open below the offering price. Among recent major IPOs, Japan Display was the only one to flop, suffering a fall in its 2014 debut.

“There was a disruption in its network early this month as well as Huawei’s issues. There hasn’t been good news involving SoftBank recently,” said Tetsuro Ii, chief executive officer at Commons Asset Management.

Shares of SoftBank Corp closed at 1,282 yen, 14.5 percent lower than its IPO price of 1,500 yen and giving the telco a market cap of about 6.1 trillion yen - about 1.1 trillion yen below its value at the time of the IPO. Shares opened trading at 1,463 yen.

“It was beyond our expecta-tions that the shares would fall that much,” said a senior

executive at one of SoftBank Corp’s domestic lead under-writers, declining to be named since he was not authorised to discuss the matter with the media.

SoftBank Corp shares were the most heavily traded on the Tokyo Stock Exchange’s first section, as amid heightened risk aversion the benchmark Nikkei 225 index fell to a nine-month low, closing down 0.6 percent. SoftBank Group lost 0.9 percent.

The IPO was Japan’s biggest ever and just shy of the world record $25bn 2014 listing of Chinese e-commerce giant Alibaba Group Holding, a SoftBank Group portfolio company.

SoftBank Group raised 2.65 trillion yen in the IPO. It will retain about 63 percent of the newly listed unit should a greenshoe option be exercised in full.

The IPO is a milestone in the

conglomerate’s transformation into primarily a global tech investor.

During the IPO period, Japan’s third-largest mobile phone network provider by subscriber numbers suffered a rare nationwide service outage, which it said would not affect earnings or dividends.

Adding to investor worries, SoftBank Corp’s relationship with Huawei Technologies Co Ltd came under scrutiny as govern-ments around the world moved to shut out the Chinese firm amid worries its equipment could facil-itate Chinese spying. Huawei has repeatedly insisted Beijing has no influence over it.

The Japanese company on Thursday downplayed the impact a shut-out of Huawei equipment would have, with SoftBank Corp CTO Junichi Miyakawa saying the gap between the Chinese maker’s 5G gear and its competitors’ has closed and that the potential cost of replacing existing Huawei hardware would only be hun-dreds of millions of yen.

SoftBank wants further clarity on the Japanese government’s stance before making a decision on Huawei gear, the company said. It plans to replace the network equipment, two sources said last week.

Even before SoftBank kicked off the IPO process in November, there had been uncertainty over the growth prospects of the Jap-anese wireless industry after the government said there was scope for the carriers to cut fees by as much as 40 percent.

Oil steadies after sell-off but still drags on inventeries REUTERS LONDON

Oil stabilised yesterday after one of its biggest falls in years, but remained under pressure from oversupply and concern that a slowing global economy would depress demand.

Benchmark Brent crude oil was up 45 cents at $56.71 a barrel by 1215 GMT, after dropping 5.6 percent on Tuesday and at one point hitting a 14-month low.

US light crude was 35 cents higher at $46.59, after plunging 7.3 percent in the previous session when it touched its lowest since August 2017.

Both benchmarks have fallen more than 30 percent since the beginning of October as crude supply from the Middle East, Russia and the United States has outstripped demand.

“Despite this morning’s cooling off, the price risks remain firmly skewed to the downside,” Stephen Brennock, analyst at London brokerage PVM Oil, said.

Tuesday’s sell-off was encouraged by a sharp fall in world stock markets after signs that economic growth, and hence demand for energy, was slowing. There were also worries that higher US interest

rates could slow US growth.The US Federal Reserve is

expected to raise interest rates on Wednesday. The central bank is due to announce its decision at 2 p.m. EST (1900 GMT).

Adding to worries about oversupply, the American Petroleum Institute said on Tuesday that US crude stocks rose unexpectedly last week, while gasoline inventories increased.

If the build in US crude stockpiles is confirmed by US government data on Wednesday, it will be the first increase in three weeks.

The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million bpd, equivalent to more than 1 percent of global demand, in an attempt to drain tanks and boost prices.

But the cuts will not happen until next month and production has been at or near record highs in the United States, Russia and Saudi Arabia. Russian oil output is at a record 11.42 million bpd so far this month, an industry source told Reuters.

The US government has said shale production should climb to over 8 million bpd for the first time by the end of December.

Shares of SoftBank

Corp closed at 1,282

yen, 14.5 percent

lower than its IPO

price of 1,500 yen

and giving the telco a

market cap of about

6.1 trillion yen - about

1.1 trillion yen below

its value at the time

of the IPO.

Iraq in deal with Schlumberger to drill 40 wells in Majnoon oilfieldREUTERS BAGHDAD

Iraq has agreed a deal with US company Schlumberger Ltd to drill 40 wells in the giant Majnoon oilfield, the Oil Ministry said yesterday.

Iraqi Oil Minister Thamir Ghadhban said in a statement that the agreement with the oil services firm was aimed at boosting production from Majnoon.

A deal was also signed on Wednesday between Basra Oil Co, which manages Majnoon, and Oil Exploration Co, two state-run Iraqi firms, to conduct a seismic survey in Majnoon.

“Carrying out a three-dimensional seismic survey by the Oil Exploration Company in Majnoon will help to obtain accurate data and boost production at the field,” Ghadhban said.

In June, Royal Dutch Shell exited Majnoon in southern Iraq and handed the field’s operations to Basra Oil.

Crude oil output from Majnoon is more than 240,000 barrels per day (bpd), the statement said.

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Coun-tries after Saudi Arabia and pumps around 4.6 million bpd, below its capacity, in line with global, OPEC-led supply cuts aimed at sup-porting prices.

The bulk of Iraq’s oil is exported via southern ter-minals, which account for more than 95 percent of the country’s state revenue.

SoftBank Corp President and CEO Ken Miyauchi (front row centre) and company executives pose during a ceremony for the company’s listing at the Tokyo Stock Exchange yesterday. Shares in Japanese telecoms giant SoftBank’s mobile unit traded well below its IPO price yesterday in a disappointing debut on the Tokyo stock market despite raising a record amount.

Lockheed’s $31bn King Stallion copter delayed by new flawsBLOOMBERG WASHINGTON

Lockheed Martin Corp’s $31bn King Stallion helicopter program for the US Marine Corps is likely to miss its key milestone -- initial combat capability a year from now -- because of technical flaws found in development testing.

Resolving the problems is forcing a major restructuring of the program that’s “taking longer than planned” as “addi-tional test failure s or issues” are discovered during flight tests, the Defense Contract Management Agency said in a statement.

The King Stallion, desig-nated CH-53K, will be the same size as its predecessor, the Super Stallion, but will be able to haul almost triple the cargo, lifting 27,000 pounds (12,200 kilograms), according to Lockheed. The Navy’s plans to buy 200 of the copters for the Marines was a prime moti-vation for the contractor’s $9bn acquisition of Sikorsky Aircraft from United Technologies Corp. in 2015.

Among the flaws discovered so far: exhaust gas sucked back into the engine, limited service life for parts for the main rotor gearbox, deficiencies with the tail rotor and driveshaft and late deliveries of redesigned parts.

The Defense Contract Man-agement Agency estimates flight testing won’t be complete until May 2020, or five months after the scheduled time to declare the helicopter has an initial combat capability.

The Navy’s current budget plan calls for buying 61 of the helicopters through 2023, with

annual procurement spending rising to $2.3bn from $1.3bn this year. In the next five-year plan for fiscal 2020 through fiscal 2024, the service is tentatively proposing to buy 10 fewer of the copters than planned and to reduce procurement funding over that period by as much as $1.2 billion. The figures could change before the president’s budget is presented in February.

‘Lots of Work’ James Geurts, the Navy’s top weapons buyer, “remains concerned and is closely monitoring cost, schedule and performance as lots of work remains,” his spokesman, Captain Danny Hernandez, said in a statement.

Bill Falk, Sikorsky’s program director for the CH-53K, said in an email that the company has fully staffed the flight test team “with our most experienced and seasoned engineers, pilots, maintainers and support staff.” The Navy and Sikorsky are “laser-focused on successfully executing and completing the test program in

a safe and efficient manner to deliver the King Stallion” and “ s u p p o r t o p e r a t i o n a l deployment in 2023-2024,” he said.

Delays for the King Stallion, the first major acquisition program given a go-ahead by Defense Secretary Jim Mattis, may make it a prime candidate for congressional scrutiny as Democrats take control of the House in the new year.

The current projected unit acquisition cost, including development, is $139.5 million per aircraft, according to the latest Navy acquisition report. That’s 20 percent more than the baseline set in 2005. A 1982 law would require notifying Con-gress if the overrun reaches or exceeds 30 percent of the baseline.

The Navy and Bethesda, Maryland-based Lockheed have placed a hold on negoti-ations for a second batch of six helicopters to better balance the risks of building aircraft as they’re still being developed, Hernandez said.

A file photo of a King Stallion helicopter, which is the future of Marine Corps rotor wing heavy lift.

Qatar Chamber holds first meeting of ‘Banking and Investment Committee’QNA DOHA

Qatar Chamber (QC) hosted yesterday the first meeting of the banking and investment committee that aimed at identifying obstacles and challenges facing the investment sector as well as mechanisms to enhance the contribution of banks to finance commercial projects on industrial lands, in addition to the role of banks in financing small, medium and emerging enterprises.

Nasser Sulaiman Haider Al Haidar, QC board member and chairman of the com-mittee, praised the role of national banks in the development process in the State of Qatar, explaining that the newly formed committee will link the private sector and the concerned government bodies in order to promote the growth of the sector to match the status of Qatar regionally and globally.

He added that the committee will work to overcome obstacles facing the

implementation of the policies and strategic plans set by the government, in a balanced manner that takes into account the interests of all parties.

The meeting reviewed the committee’s form and terms of reference. The commit-tee’s members also agreed to prepare tech-nical notes to be submitted to the relevant authorities and invite the representatives of the concerned parties to attend its meetings.

The meeting reviewed

the committee’s form and

terms of reference. The

committee’s members also

agreed to prepare technical

notes to be submitted to

the relevant authorities and

invite the representatives

of the concerned parties to

attend its meetings.

Page 3: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

03THURSDAY 20 DECEMBER 2018 BUSINESS

100 days to Brexit, businesses & EU plan for no-dealREUTERS LONDON/BRUSSELS

With just 100 days until Brexit, businesses and the European Union ramped up planning for the risk that the United Kingdom will leave without a divorce deal, the nightmare scenario for many companies which are now planning for an economic shock.

Prime Minister Theresa May’s (pictured) failure to find a deal the British parliament will approve means the world’s fifth largest economy now faces three main choices: agreeing a last-minute deal, halting Brexit or leaving the EU without a deal.

No deal means there would be no transition so the exit, set in law as 2300 GMT on March 29, would be abrupt. Bank of England Governor Mark Carney said leaving the EU with no tran-sition could be akin to the 1970s oil shock.

May is yet to win the support

of a deeply divided parliament for the deal she struck last month with EU leaders to maintain close ties with the bloc.

But British politicians have been unable to agree any alter-native Brexit course, deepening concerns that the United

Kingdom will, as May has warned, drop out of the world’s biggest trading bloc without a deal.

“Businesses of all sizes are reaching the point of no return, with many now putting in place contingency plans that are a sig-nificant drain of time and money,” the heads of Britain’s five biggest business lobby groups said.

“The risk of a ‘no-deal’ Brexit is rising,” said the bosses of the British Chambers of Commerce,

the Confederation of British Industry, the Federation of Small Businesses, the Institute of Directors and the main manufac-turers’ organisation EEF.

The EU said it would avoid interruption of air traffic, keep financial and other trade open and respect British citizens’ res-idency rights in the bloc if Britain left without a deal in March.

But it said British trucks would lose rights to carry goods into the EU, live animals would face border checks and Britons travelling with pets would find their EU passes were no longer valid.

Pro-Europeans fear Britain’s exit will weaken the West as it grapples with Donald Trump’s unpredictable US presidency and growing assertiveness from Russia and China. It weakens Europe’s economy and removes one of its only two nuclear powers.

No deal for real? Brexit

supporters say while there may be some short-term disruption, in the long-term the UK will thrive outside what they cast as a doomed experiment in German-dominated unity and excessive debt-funded welfare spending.

The world’s biggest corpo-rates, ranging from Apple and Toyota to J.P. Morgan and Goldman Sachs, have cautioned that Brexit could complicate their businesses.

Business leaders fear addi-tional checks on the post-Brexit UK-EU border will clog ports, silt up the arteries of trade and dis-locate supply chains across Europe and beyond.

“Firms are pausing or diverting investment that should be boosting productivity, inno-vation, jobs and pay, into stock-piling goods or materials, diverting cross border trade and moving offices, factories and therefore jobs and tax revenues out of the UK” the business

groups said. The British gov-ernment said on Tuesday it would implement plans for a no-deal Brexit in full and begin telling businesses and citizens to prepare. May has delayed a vote on her deal until mid-January, prompting some lawmakers to accuse her of trying to force par-liament into backing her by running down the clock as the March 29 exit day approaches.

May was slated to urge the leaders of Scotland, Wales and Northern Ireland to “listen to business” and back her deal.

Without a deal, the United Kingdom would trade with the European Union under World Trade Organisation terms.

The British government’s post-Brexit plans will not include a specific target to reduce annual net migration, the interior min-ister said yesterday, appearing to abandon one of the Conserv-ative Party’s main election promises.

Prime Minister

Theresa May’s failure

to find a deal the

British parliament will

approve means the

world’s fifth largest

economy now faces

three main choices:

agreeing a last-

minute deal, halting

Brexit or leaving the

EU without a deal.

Nissan boss Saikawa fails to meet Renault’s Deputy CEO BolloreREUTERS YOKOHAMA

Nissan Motor Co CEO Hiroto Saikawa failed to secure a hoped-for meeting this week with the acting boss of partner automaker Renault to discuss the arrest of top executive Carlos Ghosn, a source told Reuters yesterday.

Tensions have risen between Nissan and Renault since Ghosn’s arrest in Japan over allegations that he understated his salary at Nissan where he was promptly sacked as chairman while Renault has kept him on as chairman and CEO.

A source told Reuters Saikawa, Renault Deputy CEO Thierry Bollore and Osamu Masuko, CEO of partner auto-maker Mitsubishi Motors Corp, did attend a regular operational meeting in Amsterdam on Tuesday, but Saikawa and Bollore did not meet privately.

A Nissan spokesman declined to comment.

Earlier this week, Nissan shunned demands from Renault to hold a shareholder meeting which would enable the French automaker to weigh in on Nis-san’s selection of Ghosn’s replacement and other exec-utive positions.

Renault owns 43.4 percent of Nissan, which holds a 15 percent stake in its French parent but no voting rights. Nissan owns 34 percent of Mitsubishi.

Ghosn was charged in Japan last week alongside Nissan board member Greg Kelly and Nissan itself over their failure to declare $43 million in deferred income.

Ghosn and Kelly remain in custody and have had limited opportunity to respond to the allegations or defend them-selves publicly.

The scandal has shaken the Renault-Nissan-Mitsubishi alliance, with Saikawa calling for changes to weaken Renault’s control over Nissan.

EU states agree stronger monitoring of banks on money laundering

REUTERS BRUSSELS

European Union governments have reached a preliminary deal to clamp down on money laundering by strengthening bank supervision through the European Banking Authority (EBA), an EU statement said yesterday.

Under the agreed text, as a last resort if national authorities do not act, the EBA would be able to directly force individual banks to take measures against money laundering.

The move followed recent cases of alleged money laun-dering in some EU banks that “have raised concerns that anti-money laundering rules are not always supervised and enforced effectively across the EU,” the statement said.

The text needs approval of the EU parliament before becoming law.

Musk unveils first boring tunnel that cost him $40mBLOOMBERG SAN FRANCISCO

Elon Musk took the wraps off Boring Co.’s first completed test tunnel with a lot of razzle-dazzle, the admission he had spent $40m of his own money on the project and a surprise twist in the underlying tech-nology.

At an event on the fringes of Space Exploration Technologies Corp headquarters in Haw-thorne, California, Musk stood in front of a large hole in the ground that led to a mile-long tunnel and pronounced it offi-cially open.

“This is incredibly pro-found,” he told reporters Tuesday, calling his first ride in the tunnel “epic.”

Guests-including officials from other cities that might one day hire Boring Co to build longer versions of the tunnel, plus Tesla owners and various other party-goers-quaffed cock-tails named after tunnel-boring machines, noshed on hot dogs and stood in line to take rides.

The actual means of transit in the tunnel, once envisioned as tube-encased skates that indi-vidual vehicles would drive off and on, was simpler at the launch than it was at conception. The skates are gone, and instead, individual Teslas were driving along fixed guideways. That change will allow more electric cars, not just

Teslas, to travel through the tunnel, with the addition of spe-cialized wheels-a modifi-cation which Musk said might cost from $200 to $300 per vehicle.

“This is not some walled garden,” Musk said, adding that the vehicles needed to be electric to avoid noxious gases filling the tunnels, and autonomous so braking systems could kick in quickly if needed. The modified wheels keep the cars on track

even if the driver loses control, stopping them from hitting the sides.

Throughout the night, people hopped into the modified Tesla vehicles, which ferried them back and forth from the entrance to the tunnel’s terminus about a mile away.

Some said the bumpy ride made them feel sick, but most pronounced the journey exciting. At the event, the cars traveled at speeds of about 35

miles per hour. In a completed system, Boring Co envisions them running at about 150 miles per hour, officials said.

Musk said he’s spent around $40m of his own funds on Boring Co, but said that he expected the venture to eventually pay off. Each week, up to 20 municipal-ities request information about the company’s technology, which could be used not just for transportation but for water and utility pipes, Musk said.

A modified Tesla Model X drives into the tunnel entrance before an unveiling event for the Boring Company Hawthorne test tunnel in Hawthorne, south of Los Angeles, California yesterday.

EU court’s advocate sides with ECB in Latvian caseREUTERS FRANKFURT

Latvia violated European Union law by barring from office its central bank governor, who is also a European Central Bank poli-cymaker, the advocate general of the European Court of Justice argued yesterday.

Ilmars Rimsevics was suspended earlier this year on charges of corruption, leaving Latvia without a vote at ECB policy meetings and chal-lenging a key plank of central bank independence.

Advocate General Juliane Kokott said Latvia had failed to provide evidence of cor-ruption -- which Rimsevics denies -- and urged the court to find Latvia in violation of EU statutes.

“Although the documents contain a description of the acts allegedly committed by Mr Rimsevics, they do not

contain any factual evidence capable of establishing that those acts did in fact take place,” the court said in a statement.

“There is therefore no evidence before the Court that would allow it to ascertain whether the allega-tions made against Mr Rim-sevics are well founded,” it added.

However, the advocate made no mention of rein-stating Rimsevics, possibly

leaving the issue to the court, which is expected to deliver a verdict in the coming months.

Although the advocate’s opinions are not binding, the court generally follows them and it also has a track record of siding with the ECB, which brought the case along with Rimsevics.

In a case without prec-edent for the ECB, Rimsevics was detained in February on accusations of soliciting a bribe and was barred by Latvian authorities from working as governor.

Latvia argued that Rim-sevics was not formally removed from office, and thus there was no violation, but even that was rejected by the advocate, who said that the Latvian measures consti-tuted being relieved from office. The ECB declined to comment. Latvian officials could not immediately be reached for comment.

Ilmars Rimsevics

was suspended

earlier this year

on charges of

corruption, leaving

Latvia without a

vote at ECB policy

meetings and

challenging a key

plank of central

bank independence.

Tensions have risen

between Nissan and

Renault since Ghosn’s

arrest in Japan over

allegations that he

understated his salary

at Nissan where he

was promptly sacked

as chairman while

Renault has kept him

on as chairman and

CEO.

Page 4: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

04 THURSDAY 20 DECEMBER 2018BUSINESS

Dollar falls as investors brace for expected Fed cautionREUTERS LONDON

The dollar weakened yesterday as investors bet that the Federal Reserve would signal plans to slow its pace of interest rate rises at a keenly-watched meeting later in the day.

Fed policy makers are widely tipped to raise rates for a fourth time this year and to express caution about future monetary tightening due to concern about slowing global growth.

Expectations of a pause from the Fed amid a US-China trade conflict and global financial market volatility has led some investors to question if the dol-lar’s stellar run will continue into 2019.

US President Donald Trump has berated the Fed repeatedly and on Tuesday said in a Tweet it was “incredible” for the central bank to even consider tightening given global eco-nomic uncertainties.

“A hike is still likely, regardless of Trump’s dis-pleasure, but there’s a very good chance that they will reduce the number of hikes in 2019 to two (from three),” said Kit Juckes, global head of FX strategy at

Societe Generale.The safe-haven yen and the

Swiss franc both strengthened as an overnight plunge in oil prices provided a stark reminder of dimming prospects for the global economy.

Risk sentiment has been soured by weaker-than-expected economic data out of China and the eurozone.

The yen and the Swiss franc each added a little more than 0.1 percent on the dollar, changing hands at 112.33 and 0.9916 respectively, building on three consecutive days of gains.

The dollar index was down 0.3 percent at 96.75, hovering near a one-week low as it extended losses into the second day.

Elsewhere, the euro hit a one-week high of $1.1414, gaining 0.3 percent. The single currency has enjoyed a rare uptick in the past three sessions as the dollar grappled with lower yields and monetary policy risks.

The same reasons gave the Australian and New Zealand dollars a lift, with both of them gaining 0.2 percent to $0.7195 and $0.6864 respectively.

The euro was also supported by news that Italy had struck a

deal with the European Com-mission over its contested 2019 budget, signalling an end to weeks of wrangling that had shaken financial markets.

Comments by Fed Chairman Jerome Powell in late November that the key interest rate was “just below” neutral, a level that neither brakes nor boosts the economy, have bol-stered investor expectations the US central bank is nearing a pause on its monetary tightening.

However, some analysts still see the Fed raising rates two to three times in 2019.

“Personally, I think the Fed will continue to normalize policy next year and I don’t think it will send the US economy into recession,” said ACLS analyst Marshall Gittler.

“An economy where there are more job offers than unem-ployed persons doesn’t need such super-stimulus. That’s why I remain bullish on the dollar,” he added.

According to the CME Group’s FedWatch tool, the probability of a December rate hike is 69 percent, down from around 75 percent last week, a significant move in such a short period.

Uber & other taxi firms to pay London congestion feeREUTERS LONDON

Uber, Addison Lee and other private hire taxi operators in London will no longer be exempt from paying a weekday charge for entering the city centre, as Mayor Sadiq Khan (pictured) continues his bid to improve air quality.

Most drivers entering Lon-don’s central zone, spanning King’s Cross in the north, the City in the east, the Imperial War Museum in the south and Buckingham Palace in the west, pay 11.50 pounds ($14.55) Monday to Friday during the day.

Private hire firms had been exempt from the Congestion Charge but regulator Transport for London (TfL) is seeking to cut down the number of vehicles on the British capital city’s roads, which has surged partly due to burgeoning taxi apps.

TfL’s revenues have also been hit in recent years by cuts to central government funding, the extra expenditure required by the delayed Crossrail train link and a freeze in fares.

Khan said he was making difficult choices to cut

pollution.“We have to make tough

decisions to protect the health and wellbeing of Londoners and tackle harmful emissions from the most polluting vehicles,” he said.

“We need private hire vehicles and taxis to play their part and help us clean up our filthy air.” They will have to pay the levy from Apr. 8 unless driving a zero emission-capable or wheelchair-accessible vehicle.

Uber and Addison Lee, the city’s biggest private hire oper-ators, did not immediately respond to a request for comment from Reuters.

London’s famous black cabs will retain their exemption.

Lebanon finance minister set to retain postBEIRUT REUTERS

Lebanon’s Finance Minister Ali Hassan Khalil is due to retain his position in the new national unity government, a senior Lebanese official told Reuters yesterday.

Lebanon is on track to form a new cabinet in the next few days, raising hopes after months of wrangling that has hurt the outlook for its struggling economy.

More than seven months since a parliamentary election, Lebanon’s politi-cians have yet to agree a deal on the government as officials warn of economic crisis.

Prime Minister-designate Saad al-Hariri’s efforts have faced conflicting demands for cabinet seats which must be parcelled out based on a del-icate sectarian system.

Khalil, a top aide to Par-liament Speaker Nabih Berri, told Reuters on Tuesday the process was “in the last phase”. Berri’s Amal party is allied to the Iran-backed Hez-bollah movement.

The stagnant economy will be a top priority for the next government.

QATAR STOCK EXCHANGE

QE Index 10,489.04 0.07 %

QE Total Return Index 18,480.52 0.07 %

QE Al Rayan Islamic Index - Price 2,428.46 0.29 %

QE Al Rayan Islamic Index 3,940.23 0.29 %

QE All Share Index 3,112.99 0.04 %

QE All Share Banks &

Financial Services 3,879.90 0.58 %

QE All Share Industrials 3,301.49 0.44 %

QE All Share Transportation 2,110.05 0.23 %

QE All Share Real Estate 2,118.00 0.41 %

QE All Share Insurance 3,114.45 0.11 %

QE All Share Telecoms 1,028.82 0.52 %

QE All Share Consumer

Goods & Services 6,738.25 2.09 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

17-12-2018Index 10,489.04 Change 7.46 % 0.07 YTD% 23.06 Volume 18,817,753 Value (QAR) 364,768,124.34 Trades 15,270 Up 15 | Down 25 | Unchanged 0616-12-2018Index 10,496.50Change 40.36% 0.39YTD% 23.15Volume 29,758,732Value (QAR) 486,462,944.17Trades 24,558

EXCHANGE RATE

GOLD QR145.5810 grammeSILVER QR1.7149 per gramme

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

All Ordinaries 5732.9 54.1 0.95 6481.3 5624.8

Cac 40 Index/D 4823.9 -29.8 -0.61 5657.44 4732.02

Dj Indu Average 24100.51 -496.87 -2.02 26951.81 23344.52

Hang Seng Inde/D 26087.98 -6.81 -0.03 33484.08 24540.63

Iseq Overall/D 5502.9 -16.36 -0.3 7257.41 5403.23

Kse 100 Inx/D 38309.17 -276.49 -0.72 47144.12 36274.25

S&P 500 Index/D 2599.95 -50.59 -1.908668 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.5768 QR 4.6411

Euro QR 4.1091 QR 4.1673

CA$ QR 2.6985 QR 2.7518

Swiss Fr QR 3.6433 QR 3.6944

Yen QR 0.03187 QR 0.03249

Aus$ QR 2.5920 QR 2.6426

Ind Re QR 0.0504 QR 0.0514

Pak Re QR 0.0256 QR 0.0266

Peso QR 0.0681 QR 0.0695

SL Re QR 0.0200 QR 0.0205

Taka QR 0.0430 QR 0.0439

Nep Re QR 0.0315 QR 0.0321

SA Rand QR 0.2516 QR 0.2566

Page 5: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

05THURSDAY 20 DECEMBER 2018 BUSINESS

J&J says Indian drug regulators visited facilities, collected samplesREUTERS NEW DELHI

Indian drug authorities visited some of Johnson & Johnson’s facilities yesterday and took “tests and samples” of its talcum powder, the company said in a statement.

The visits came as regulators in India launched an investi-gation into J&J’s Baby Powder fol-lowing a Reuters report last Friday that the firm knew for decades that cancer-causing asbestos could be found in the product.

The company told Reuters in a statement that the facilities were visited by the Central Drugs Standard Control Organization (CDSCO) and some state-based food and drug administrations (FDAs).

“Today, a few of our facilities

were visited by the CDSCO and local FDA authorities and we are fully co-operating with them by providing tests and samples,” the J&J statement said.

“The characterization of these visits as ‘raids’ or ‘seizures’ is incorrect as has been reported in some instances,” it said. “The tests have been conducted in the regular way that the FDA collects samples.” J&J added that the safety of its cosmetic talc was based on a long history of safe use and decades of research and clinical evidence by independent researchers and scientific review boards across the world.

It also said Indian FDAs and the CDSCO have in the past con-firmed that its products “comply with Indian standards and are free of asbestos”.

Quoting an industry source with knowledge of the matter,

Reuters reported earlier in the day that drug inspectors had taken samples of Baby Powder from its Baddi factory in the

northern Indian state of Himachal Pradesh.

A source at the CDSCO said its officials lifted samples for testing from nine Indian cities - Mumbai, Chennai, Kolkata, Ahmedabad, Hyderabad, Ben-galuru, Indore, Chandigarh and Ghaziabad.

J&J did not immediately specify how many manufacturing plants the company has in India.

A CDSCO spokeswoman did not respond to a request for comment.

Surendranath Sai, a regional drug officer in the southern state of Telangana, on Wednesday said he would instruct inspectors to collect samples there.

“On the basis of the news report, we are alerting staff to pick up samples. We will test them in a drug control lab here,” said Sai. “We will take action

accordingly. Certainly we are worried because millions of babies may be affected.” Earlier, the Times of India quoted an official source as saying 100 drug inspectors had been assigned to examine different manufacturing facilities, wholesalers and distrib-utors linked to J&J India, starting early on Wednesday.

A health ministry spokes-woman declined to comment when contacted by Reuters. However, a senior official at the ministry said the report was worrying.

“We are concerned about it and will take action,” the official told Reuters, declining to be iden-tified due to the matter’s sensi-tivity. The official did not elab-orate on what kind of action the ministry could take.

A Reuters examination of company memos, internal

reports and other confidential documents, as well as deposition and trial testimony, showed that from at least 1971 to the early 2000s, J&J’s raw talc and finished powders sometimes tested pos-itive for small amounts of asbestos.

It also showed that company executives, mine managers, sci-entists, doctors and lawyers fretted over how to address the problem while failing to disclose it to regulators or the public.

The documents also depicted successful efforts to influence US regulators’ plans regarding lim-iting asbestos in cosmetic talc products and scientific research on talc’s health effects.

J&J said on Monday it planned to buy back up to $5bn of its stock, after $40bn was wiped from its market value following the Reuters report.

The visits came

as regulators in

India launched an

investigation into

J&J’s Baby Powder

following a Reuters

report last Friday that

the firm knew for

decades that cancer-

causing asbestos

could be found in the

product.

After plunge, world stocks try to claw their way out of doldrumsREUTERS LONDON

Global equity and crude oil markets attempted a tentative recovery on Wednesday after three days of sharp losses that saw investors seek out the safety of bonds amid mounting pessimism over world growth.

Oil’s spectacular fall - down almost 10 percent since last Thursday - and world stocks’ plunge to 19-month lows have spurred speculation the US\ Federal Reserve might be done with tightening after its policy meeting later in the day.

While Brent crude inched up

0.7 percent to $56.6 a barrel after plunging 6 percent overnight, its 35 percent fall since October is sending a disinflationary pulse through the world just as trade and economic activity are cooling.

The latest jolt on the growth front came from Japan which said its export growth slowed to a crawl in November, an ominous signal for the trade-focused economy.

And on Tuesday, logistics and delivery firm FedEx, considered a bellwether for the world economy, slashed its 2019 forecast, noting “ongoing deceleration” in global growth”.

European shares opened a touch firmer and MSCI’s global

equity index firmed a touch, though it remains near 19-month lows, and has fallen 6 percent since the start of this month, given the fragile nature of the Sino-US tariff truce and signs that company earnings worldwide are slowing.

“It’s a confluence of several important factors: the market is adjusting its outlook on growth and there is a consensus we will see a slowdown. More impor-tantly, the market is adjusting to the idea this will translate into lower earnings growth,” said Norman Villamin, chief investment officer for private banking at Union Bancaire Privee in Zurich.

JPMorgan Chase gets downgrade as more analysts pile on to bank gloom

BLOOMBERG NEW YORK

Bank stocks may be set to keep underperforming the broader market as a fresh crop of analysts are adding to questions about whether shares have fallen far enough.

Atlantic Equities’ John Heagerty cut his recommendation on JPMorgan Chase & Co to neutral, saying the bank now “offers the least upside” to price targets among the majors, pre-ferring Bank of America Corp “from a defensive perspective.”

He also lowered his price targets and earnings-per-share forecasts for Bank of America,

Citigroup Inc. and Wells Fargo & Co, as he expects less loan growth and net interest margin expansion, along with higher net charge-offs. And Heagerty sees lower equities and capital markets results and weaker fixed-income, currencies and commod-ities revenues, too -- which may be “slightly” offset by higher equities trading.

The broad KBW Bank Index and the narrower KBW Regional Bank index have both declined about 19 percent so far this year versus a 5 percent drop for the S&P 500 Index. Bellwether Bank of America has dropped 17 percent year-to-date, investor favorite JPMorgan is down 7.9

percent and penalty-box bank Wells Fargo has tumbled 23 percent.

At Nomura, Bill Carcache wrote that he’s “bracing for neg-ative revisions in 2019,” adding that while regional bank stocks are cheap, it’s “too early to get bullish” as there’s no clarity about slowing earnings per share. Stock buyers are likely to “remain scarce,” he said, as long as there’s a risk of lower estimates. Such headwinds include stale con-sensus outlooks that are assuming too many rate hikes; a flatter yield curve; slower mortgage lending; faster-than-expected C&I credit normalization and slower auto loan originations.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Padi Padi Leche Manasu (2D/Telugu) 2:15pmAquaman (2D/Action) 2:15, 8:30 & 11:30pmAutorsha (2D/Malayalam) 2:30pmAnchor’s Up (2D/Animation) 5:00pmThe Christmas Elf (2D/Drama) 5:30pmVox Lux (2D/Drama) 7:30pm; Spider-Man: Into The Spider-Verse (2D/Action) 5:00pm; Remi, Nobody’s Boy (2D/Comedy) 6:30pmBumblebee (2D/Animation) 7:00 & 9:15pm; Asher (2D/Drama) 9:30pmSilukkuvaarpatti Singam (2D/Tamil) 11:15pmJohny Johny Yes Appa (2D/Malayalam) 11:30pm

Johny Johny Yes Appa (2D/Malayalam) 2:15 & 8:15pmSpider-Man: Into The Spider-Verse (2D/Action) 2:15pm; Seethakaathi (2D/Tamil) 2:30pm; Bumblebee (2D/Animation) 4:15, 9:00 & 11:30pm; Aquaman (2D/Action) 6:30pmKanaa (2D/ Tamil) 11:15pm Asher (2D/Drama) 7:00pmSilukkuvaarpatti Singam (2D/Tamil) 9:00pmAutorsha (2D/Malayalam) 5:30pmAntariksham 9000 KMPH (2D/ Telugu) 11:00pm

Johny Johny Yes Appa (2D/Malayalam) 2:30pmSeethakaathi (2D/Tamil) 2:30pm; Aquaman (2D/Action) 5:00 & 8:00pmBumblebee (2D/Animation) 7:15 & 11:00pmKanaa (2D/ Tamil) 11:15pm Little Miss Dolittle (2D/ Comedy) 5:30pmAnna And The Apocalypse (2D/ Comedy) 9:30pm

Padi Padi Leche Manasu (2D/Telugu) 12:00pm; Johny Johny

Yes Appa (2D/Malayalam) 5:45pm; Autorsha (2D/Malayalam)

2:00 & 8:30pm; Joseph (2D/Malayalam) 11:15pm; Kanaa (2D/

Tamil) 9:15am & 2:30, 8:15pm; Silukkuvaarpatti Singam (2D/

Tamil) 11:00pm; Antariksham 9000 KMPH (2D/ Telugu) 1:00pmZero (2D/Hindi) 9:00am, 12:00, 3;00, 6:00, 9:00pm, 12:00am, 1:30am & 3:00amMaari 2 (2D/Tamil) 3:45, 6:30, 9:15, 12:00am & 2:45am

Aquaman (2D/Action) 10:30am, 1:30, 4:30, 7:30, 10;30,8, 10 & 11;00pm; Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 1:30, 4:30 & 6:30pm; Maari 2 (2D/Tamil) 3:45, 6:30, 9:15, 12:00am & 2:45am; Seethakaathi (2D/Tamil) 8:30, 4:45pmSpider-Man: Into The Spider-Verse (2D/Action) 10:30am & 3:30pm; Zero (2D/Hindi) 9:00am, 12:00, 3;00, 6:00, 9:00pm, 12:00am, 1:30am & 3:00am

Zero (2D/Hindi) 10:30am, 1:30, 4:45, 8:00 & 11:15pmSeethakaathi (2D/Tamil) 11:30am, 5:30 & 11:30pmBumblebee (2D/Animation) 10:30am, 1:00, 6:30 & 12:00 mid-night; Aquaman (2D/Action) 3:00 & 9:00pmMaari 2 (2D/Tamil) 2:30 & 8:30pm

Kanaa is an upcoming Tamil language sports film starring Sathyaraj, Aishwarya Rajesh and Darshan in lead roles, where actor Sivakarthikeyan did an extended cameo role.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

AL KHOR

ASIAN TOWN

Anna and the Apocalypse 12:00, 12:50, 9:40pm & 0:30amAquaman (2D/Action) 4:15, 1:25, 7:00 & 9:30pmAsher (2D/Drama) 2:30, 7:05, 4:40 & 9:50pmBumblebee (2D/Animation) 11:30am, 2:10, 4:50, 7:30, 10:10, 2:00, 0:05am, 6:55, 9:25, 11:40, 12:05 & 2:50pmMaari 2

Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 11:00am, 11:55am & 5:15pmSecond Act 0;20am, 11:30am & 7:50pm Spider-Man: Into The Spider-Verse (2D/Arabic) 10;25, 4:35, 2:15, 7:15, 10:05pm & 12:00 midnight;Widows 4:40pmZero (Hindi)

KANAA

Page 6: Qatar Power extends Ras Laffan maintenance contract · 2018-12-20 · 02 BUSINESS THURSDAY 20 DECEMBER 2018 10,496.40 +7.36 PTS 0.07% QSE FTSE100 DOW BRENT 6,765.94 +64.35 PTS 0.96%

06 THURSDAY 20 DECEMBER 2018CLASSIFIEDS

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

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