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BUSINESS Wednesday 5 December 2018 PAGE | 02 PAGE | 03 Qatar Steel holds 2018 forum of Quality Control Circle Carney defends BoE’s Brexit report H E Sheikh Abdullah bin Saoud Al Thani noted that the methods of the Waqf varied since its inception. They have been developed to include investment in Murabaha financing, founding Waqf companies, investment in trust funds and others. QCB Governor calls for diversifying Waqf investments THE PENINSULA DOHA Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani has stressed the need for conducting proper feasibility studies and research works before launching Waqf invest- ments. Waqf investments should be done in accordance with the real needs of the society, he said. Addressing the opening session of the Global Conference on Awqaf, organised by the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) here yesterday, the QCB Governor noted the need to adopt modern methods to invest in the endowments and apply advanced systems and modern technology. He also called for diversifying Waqf investments to cover different sectors, QNA reported. Ahead of launching the Waqf investments, there is a need to study the economic and social conditions of the designated society and to make sure the projects are free from risks and getting better returns. Trans- parency is key to Awqaf invest- ments, the QCB Governor said. The Waqf, an investment that seeks to benefit those tar- geted by its revenues, does not achieve its full benefit except when its revenues were increased by developing methods of investment in accordance with the provisions of Shariah. He noted that the methods of the Waqf varied since its inception. They have been developed to include investment in Murabaha financing, founding Waqf companies, investment in trust funds and others, he added. Addressing the event, Chief Executive Officer of Qatar Financial Center Authority (QFC) Authority, Yousuf Mohamed Al Jaida, affirmed that QFC recog- nises the importance of endow- ments and Islamic finance in general and is committed to sup- porting the development of these two sectors through the QFC platform. He said Qatar is fast emerging as a leading country in the field of Islamic finance and the management of Waqf insti- tutions, which correspond to the pillars of economic and social development in the Qatar National Vision 2030. He pointed out that the Awqaf institutions have a his- toric part in the ancient Islamic heritage, in addition to the pos- sibilities and capabilities made them envisage a future of greater success and prosperity, indicating that the need now is urgent for the existence of active and effective Waqf institutions. He added that the economic Waqf institutions play two essential roles which are stim- ulating economic activity and promoting social development, they also provide a unique way of both savings and invest- ments, pointing out that Waqf is a tool that can be used to achieve great benefit for society as a whole, based on cutting off part of the consumer resources and turning them into pro- ductive and developing assets that would essentially increase the accumulation of capital in the economy. Al Jaidah praised the role of prominent Waqf institutions in financial inclusion, as well as the promotion of equal income among groups of society, both of which are serious challenges to the contemporary international economic scene. The CIS conference is being held under the key themes of Evolution, Socio-economic Impact, Management Strategies, Legal and Governance Issues, Cash Waqf and Country-wise Case Studies. Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani (third leſt) and other dignitaries at the opening session of the Global Conference on Awqaf, organised by the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) in Doha yesterday. QSE surges on banks, IQ; benchmark index up 24.40% year-to-date SATISH KANADY THE PENINSULA Qatar stocks surged 1.45 percent yesterday lifting the entire sec- toral indexes firmly into green, powered by blue chips. The benchmark index extended Monday’s gain to add 151.51 points before finishing at 10602.84. The index is 24.40 percent up year-to-date, the highest when compared to its regional peers. Market cap rose to QR595bn. Masraf Al Rayan jumped 5.34 percent. Doha Bank, which announced it has been selected in the FTSE4Good Emerging Index on Monday, rose 4.47 percent as QIB gained 3.02 percent. Bellwether Industries Qatar (IQ) extended its rally to add 1.53 percent. An equity research note issued by SICO noted public sector spending related to FIFA 2022 is to support lending growth of QNB in the medium- term. “Since our last report on QNB, the stock has rallied 57 percent”, the SICO analysts said. Qatari banks reported a modest 2.8 percent YTD lending book growth in October 2018, suggesting tepid demand even in the domestic market. “We believe elevated hydro carbon prices until October 2018, led to liquidity influx for public sector entities, leading to early repayment of loans,” SICO’s Chiradeep Ghosh said in a note sent to The Peninsula. QNB, Commercial Bank and Ooredoo, the three stocks which were the primary contributors to the past week’s index gain, ended flat. Ooredoo was the biggest contributor to the index’s weekly gain that added 21.9 points to the index. QNB was the second biggest contributor to the gain, tacking on 12.6 points to the index. Commercial bank contributed 12.0 points to the index. The trend has been up on index and seems to be intact, QNBFS noted in its weekly analysis. “Corrections are possible and can be used to add position. A solid breakout above 10,36000 would take the index to the 10,550-10,600 levels , QNBFS analysts had predicted on Monday. Foreign institutional investors were the net buyers yesterday. In the past week, foreign institutions remained bullish with net buying of QR166.9m against net buying of QR209.7m in the prior week. Qatari institutions remained bearish with net selling of QR49.9m against net selling of QR39.3m in the week before. Foreign retail investors turned slightly bullish with net buying of QR2.4m against net selling of QR16.8m in the prior week. Qatari retail investors remained bearish with net selling of QR119.3m against net selling of QR153.7m the week before. Foreign institutions bought (net basis) $2.3bn worth of Qatari equities YTD, QNBFS noted. Oil prices were also on the move yesterday with the prices rising more than 2 percent, extending gains ahead of expected output cuts by pro- ducer cartel Opec and a reduction in Canadian supply. Qatar-Oman Business Council reviews ways to boost cooperation THE PENINSULA DOHA The Qatari-Omani Business Council held a meeting yes- terday on the sidelines of the ongoing ‘Made in Qatar’ expo 2018 in Muscat and reviewed ways to enhancing cooperation among investors from two brotherly countries. Both sides agreed to focus on developing joint cooperation between Qatari and Omani busi- nessmen as well as eliminating all obstacles faced by investors. In the meeting, the Qatari side was presided over by the First Vice-Chairman of Qatar Chamber (QC), Mohamed bin Towar Al Kuwari, while the Omani side was chaired by Mahmoud bin Mohamed Al Garawani. The meeting of Qatar-Oman Business Council also discussed investment opportunities available in Oman in food and manufacturing sectors. The attendees agreed to activate the role of the council and adopt all means that help in enhancing communication between both sides. They also agreed to regularly hold the council’s meeting and designate a point of contact from each side for the follow-up. Al Kuwari said that Qatar and Oman enjoy deep-rooted and historic bilateral relations, noting that holding the Made in Qatar expo in Oman stems from the joint desire to develop the Qatari-Omani ties and take them to even higher levels. He called on Omani busi- nessmen to take advantage of the attractive investment climate to enter into the Qatari market and increase their investments in Qatar. In turn, Mahmoud bin Mohamed Al Garawani said that the joint business council would strengthen communication between businessmen from both countries, encourage them establish more investments , help increase trade volume as well as remove all obstacles that might hinder establishing joint ventures. He affirmed that Omani and Qatari businessmen have shown strong desire to set up joint projects. Al Garawani called Qatari businessmen to identify the investment opportunities galore in Oman, especially in agriculture sector, affirming that this sector in promising with the abundance of cultivable lands. P02 Members of the Qatar-Oman Business Council reviewing ways to remove obstacles to boost bilateral trade and cooperation on the sidelines of the ongoing Made in Qatar expo being held in Muscat. QCSD announces availability of Qamco subscribers data THE PENINSULA DOHA Qatar Central Securities Depos- itory (QCSD) has announced the availability of subscribers data of the individuals subscribed in the shares of Qatar Aluminum Manufacturing Company (Qamco) at all financial services companies operating in the market (practicing securities buying and selling activities for third parties) in order to facilitate the opening of accounts and transfer of shares. Accordingly, any subscriber may approach the concerned financial services company directly without the need to visit the QCSD for this matter or to obtain any documents thereof for this purpose, Qatar Stock exchange (QSE) said in a statement. The shares of the company will be listed on the Qatar Stock Exchange after completing all necessary procedures in the interest of all subscribers.

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Page 1: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

BUSINESSWednesday 5 December 2018

PAGE | 02 PAGE | 03Qatar Steel holds

2018 forum of Quality Control

Circle

Carney defends BoE’s Brexit report

H E Sheikh Abdullah

bin Saoud Al Thani

noted that the

methods of the

Waqf varied since its

inception. They have

been developed to

include investment in

Murabaha financing,

founding Waqf

companies, investment

in trust funds and

others.

QCB Governor calls for diversifying Waqf investmentsTHE PENINSULA DOHA

Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani has stressed the need for conducting proper feasibility studies and research works before launching Waqf invest-ments. Waqf investments should be done in accordance with the real needs of the society, he said.

Addressing the opening session of the Global Conference on Awqaf, organised by the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) here yesterday, the QCB Governor noted the need to adopt modern methods to invest in the endowments and apply advanced systems and modern technology. He also called for diversifying Waqf investments to cover different sectors, QNA reported.

Ahead of launching the Waqf investments, there is a need to study the economic and social conditions of the designated society and to make sure the projects are free from risks and getting better returns. Trans-parency is key to Awqaf invest-

ments, the QCB Governor said.The Waqf, an investment

that seeks to benefit those tar-geted by its revenues, does not achieve its full benefit except when its revenues were increased by developing methods of investment in accordance with the provisions of Shariah.

He noted that the methods of the Waqf varied since its inception. They have been developed to include investment in Murabaha financing, founding Waqf companies, investment in trust funds and others, he added.

Addressing the event, Chief Executive Officer of Qatar Financial Center Authority (QFC) Authority, Yousuf Mohamed Al Jaida, affirmed that QFC recog-nises the importance of endow-ments and Islamic finance in general and is committed to sup-porting the development of these

two sectors through the QFC platform. He said Qatar is fast emerging as a leading country in the field of Islamic finance and the management of Waqf insti-tutions, which correspond to the pillars of economic and social development in the Qatar National Vision 2030.

He pointed out that the Awqaf institutions have a his-toric part in the ancient Islamic heritage, in addition to the pos-sibilities and capabilities made them envisage a future of greater success and prosperity, indicating that the need now is urgent for the existence of

active and effective Waqf institutions.

He added that the economic Waqf institutions play two essential roles which are stim-ulating economic activity and promoting social development, they also provide a unique way of both savings and invest-ments, pointing out that Waqf is a tool that can be used to achieve great benefit for society as a whole, based on cutting off part of the consumer resources and turning them into pro-ductive and developing assets that would essentially increase the accumulation of capital in the economy.

Al Jaidah praised the role of prominent Waqf institutions in financial inclusion, as well as the promotion of equal income among groups of society, both of which are serious challenges to the contemporary international economic scene.

The CIS conference is being held under the key themes of Evolution, Socio-economic Impact, Management Strategies, Legal and Governance Issues, Cash Waqf and Country-wise Case Studies.

Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani (third left) and other dignitaries at the opening session of the Global Conference on Awqaf, organised by the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) in Doha yesterday.

QSE surges on banks, IQ; benchmarkindex up 24.40% year-to-dateSATISH KANADY THE PENINSULA

Qatar stocks surged 1.45 percent yesterday lifting the entire sec-toral indexes firmly into green, powered by blue chips. The benchmark index extended Monday’s gain to add 151.51 points before finishing at 10602.84. The index is 24.40 percent up year-to-date, the highest when compared to its regional peers. Market cap rose to QR595bn.

Masraf Al Rayan jumped 5.34 percent. Doha Bank, which announced it has been selected in the FTSE4Good Emerging Index on Monday, rose 4.47 percent as QIB gained 3.02 percent. Bellwether Industries Qatar (IQ) extended its rally to add 1.53 percent.

An equity research note issued by SICO noted public sector spending related to FIFA 2022 is to support lending growth of QNB in the medium-term. “Since our last report on QNB, the stock has rallied 57 percent”, the SICO analysts said.

Qatari banks reported a modest 2.8 percent YTD lending book growth in October 2018, suggesting tepid demand even in the domestic market. “We believe elevated hydro carbon prices until October 2018, led to liquidity influx for public sector entities, leading to early repayment of loans,” SICO’s Chiradeep Ghosh said in a note sent to The Peninsula.

QNB, Commercial Bank and Ooredoo, the three stocks which were the primary contributors to the past week’s index gain, ended flat. Ooredoo was the biggest contributor to the index’s weekly gain that added 21.9 points to the index.

QNB was the second biggest contributor to the gain, tacking on 12.6 points to the index. Commercial bank contributed 12.0 points to the index. The trend has been up on index and seems to be intact, QNBFS noted in its weekly analysis.

“Corrections are possible and can be used to add position. A solid breakout above 10,36000 would take the index

to the 10,550-10,600 levels , QNBFS analysts had predicted on Monday.

Foreign institutional investors were the net buyers yesterday. In the past week, foreign institutions remained bullish with net buying of QR166.9m against net buying of QR209.7m in the prior week.

Qatari institutions remained bearish with net selling of QR49.9m against net selling of QR39.3m in the week before. Foreign retail investors turned slightly bullish with net buying of QR2.4m against net selling of QR16.8m in the prior week.

Qatari retail investors remained bearish with net selling of QR119.3m against net selling of QR153.7m the week before. Foreign institutions bought (net basis) $2.3bn worth of Qatari equities YTD, QNBFS noted.

Oil prices were also on the move yesterday with the prices rising more than 2 percent, extending gains ahead of expected output cuts by pro-ducer cartel Opec and a reduction in Canadian supply.

Qatar-Oman Business Council reviews ways to boost cooperationTHE PENINSULA DOHA

The Qatari-Omani Business Council held a meeting yes-terday on the sidelines of the ongoing ‘Made in Qatar’ expo 2018 in Muscat and reviewed ways to enhancing cooperation among investors from two brotherly countries.

Both sides agreed to focus on developing joint cooperation between Qatari and Omani busi-nessmen as well as eliminating all obstacles faced by investors.

In the meeting, the Qatari side was presided over by the First Vice-Chairman of Qatar Chamber (QC), Mohamed bin Towar Al Kuwari, while the Omani side was chaired by Mahmoud bin Mohamed Al Garawani. The meeting of Qatar-Oman

Business Council also discussed investment opportunities available in Oman in food and manufacturing sectors.

The attendees agreed to activate the role of the council and adopt all means that help in enhancing communication between both sides. They also agreed to regularly hold the council’s meeting and designate a point of contact from each side for the follow-up.

Al Kuwari said that Qatar and Oman enjoy deep-rooted and historic bilateral relations, noting that holding the Made in Qatar expo in Oman stems from the joint desire to develop the Qatari-Omani ties and take them to even higher levels.

He called on Omani busi-nessmen to take advantage of the attractive investment

climate to enter into the Qatari market and increase their investments in Qatar.

In turn, Mahmoud bin Mohamed Al Garawani said that the joint business council would strengthen communication between businessmen from both countries, encourage them establish more investments , help increase trade volume as well as remove all obstacles that might hinder establishing joint ventures. He affirmed that Omani and Qatari businessmen have shown strong desire to set up joint projects.

Al Garawani called Qatari businessmen to identify the investment opportunities galore in Oman, especially in agriculture sector, affirming that this sector in promising with the abundance of cultivable lands. �P02

Members of the Qatar-Oman Business Council reviewing ways to remove obstacles to boost bilateral trade and cooperation on the sidelines of the ongoing Made in Qatar expo being held in Muscat.

QCSD announces availability of Qamco subscribers dataTHE PENINSULA DOHA

Qatar Central Securities Depos-itory (QCSD) has announced the availability of subscribers data of the individuals subscribed in the shares of Qatar Aluminum Manufacturing Company (Qamco) at all financial services

companies operating in the market (practicing securities buying and selling activities for third parties) in order to facilitate the opening of accounts and transfer of shares.

Accordingly, any subscriber may approach the concerned financial services company directly without the need to visit

the QCSD for this matter or to obtain any documents thereof for this purpose, Qatar Stock exchange (QSE) said in a statement.

The shares of the company will be listed on the Qatar Stock Exchange after completing all necessary procedures in the interest of all subscribers.

Page 2: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

02 WEDNESDAY 5 DECEMBER 2018BUSINESS

Qatar Steel holds 2018 forum of Quality Control CircleTHE PENINSULA DOHA

Qatar Steel Company, the first integrated steel plant in Middle East, held its 34th forum of Quality Control Circle in Al Reem Club in Mesaieed. This is an important event on the com-pany’s calendar, and was attended by MD & GM, Division Managers and Department Man-agers, other than the employees of the company.

Commenting on the

importance of the event, Mohammed bin Nasser Al Hajri, Managing Director and General Manager of Qatar Steel, said: “This forum aims to encourage employees to innovate and con-tribute towards improving the working conditions, maintaining safety standards and attaining quality, while working to increase production He con-tinued saying that, ‘Qatar Steel has been conducting the forum of Quality Control Circles for many years now and is aimed at

excelling in operations and man-ufacturing techniques used.

“This activity was originally associated with the Japanese Kaizen management and tech-niques, which has been accepted all over the world as a very effective tool to improve the quality of work environment. It facilitates total involvement of employees aspiring them to evolve solution of the problems.”

Through the implementation of sustainable development, Al Hajri said: “We intend to

continue to take advantage of the best outputs from this forum by applying best practices and innovations that help us improve products and services that enhance customer satisfaction and reduce waste time.

At the end, Al Hajri, con-gratulated all participants for their active participation in the 34th forum, praised them for their better exchange of knowledge and committed continuously to the enhance performance of Qatar.

Mohammed bin Nasser Al Hajri, Managing Director and General Manager of Qatar Steel, and other officials at the forum.

Ministry concludes workshop on Madrid ProtocolTHE PENINSULA DOHA

The Ministry of Commerce and Industry concluded yesterday a workshop on the international registration of trademarks in accordance with the Madrid Protocol. The workshop was organized in coop-eration with the World Intellectual Property Organization (WIPO), within the framework of a national plan to modernize local laws to accede to inter-national conventions and treaties on intellectual property rights.

The two-day workshop was aimed at supporting and empowering inventors, innovators and trademark owners in trade activities in a bid to promote local trade, industries and investment, as well as to bolster foreign trade and protect national investments abroad.

Experts from the Ministry, the WIPO Organization and the Moroccan Indus-trial and Commercial Property Office tackled a number of important topics, focusing on the mechanisms of the inter-national registration of trademarks in accordance with the Madrid Protocol, its characteristics and its benefits to right owners, national offices and the State.

The workshop also shed light on the steps of registering a mark interna-tionally starting with the submission of

the international application, its trans-mission to the international office in Geneva and its publication by WIPO. The international application is then examined by the designated national offices to decide whether to register the mark or submit the reasons the appli-cation was rejected to the organization to initiate appeal procedures.

The workshop also touched on the process of registering and renewing pro-tection for a mark and assessing the current status of the registration of national trademarks and on the prac-tical expertise of Morocco’s accession to the Madrid Protocol and the mechanisms of implementing its provisions in addition to reviewing the procedural steps of acceding to the Madrid Protocol.

The Ministry seeks to provide further support for inventors, intellectuals, cre-ators, trademark owners and other rights holders, including both individuals and institutions, by encouraging the inter-national registration of trademarks in accordance with the Madrid Protocol, in order to promote trade and industrial activities, promote national investments and support local micro, small and medium-sized enterprise to cope with global developments and competition within the framework of the Qatar National Vision 2030.

QFBA Northumbria takes part in University Expo QatarTHE PENINSULA DOHA

Qatar Finance and Business Academy (QFBA) Northumbria University, par-ticipated in the University Expo, which was held under the patronage of H E Dr. Mohammed Abdul Wahed Ali Al Hammadi, Minister of Education and Higher Education, on November 28 – 29, 2018 at Qatar National Convention Centre, Doha. This Expo offered a poised platform for QFBA Northumbria to create an awareness about its bachelor degrees to a wider audience.

University Expo Qatar was a com-prehensive two-day exhibition attended by students aged 16+ who were considering their higher edu-cation options, as well as their parents and teachers.

Hosting 50+ regional and inter-national universities, colleges and vocational training centers, two live seminar rooms and a lively social area, institutes, participating at the fair, had a greater access to meet and engage with their prospective intake of students from Qatar and the wider Middle East.

On their participation, Dr. Khalid Al Horr, CEO, QFBA, said: “We are elated to have participated in Uni-versity Expo Qatar as it offered a greater avenue to reach out to our

prospective students across the Middle East and Qatar. Basis our discussion with these young minds, we got an understanding about their require-ments, which help us in further tar-geting our business degrees portfolio as per their needs and buoyant market conditions. We would like to thank the organizers for taking this incredible initiative of connecting high school students with leading education pro-viders from around the world and this platform has served us in creating an awareness about our latest offerings and our future plans in place.”

“Furthermore, we plan to undergo several road shows in high schools of the country starting January next year to showcase the bachelor degrees being offered by QFBA Northumbria University,” he added.

QFBA’s partnership with North-umbria University opens a new gateway to a career in Accounting, Finance, and International Banking for the people in Qatar. In September, QFBA Northumbria University commenced its first academic year 2018-19. Around 53 students from 12 different countries have been enrolled for the first academic year.

Officials on the sidelines of the event.

Qatar-Oman Business Council reviews ways to boost cooperation

FROM BUSINESS PAGE 1

He reviewed means of achieving integration between both parties in industry sector and the reliance on modern technology in manufacturing of food.

QC’s board member and member of the Qatar-Oman Business Council, Abdulrahman Al Ansari, said that Qatari busi-nessmen are looking forward towards increasing their invest-ments in Oman in all sectors, noting that there are successful Qatari-Omani partnerships.

QC’s board member and member of the Qatar-Oman Business Council, Nasser Al Haider, said that the busi-nessmen from both side are having a major role to play in enhancing trade exchange between both countries.

Meanwhile, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), Qais Al Yousuf, hosted a dinner in honour of the Qatari delegation

participating in the expo and the business forum which will conclude tomorrow in the Omani capital.

The ceremony was attended by Al Kuwari; Rashed-Hamad Hzaa Al Azba Second Vice-Chairman of Qatar Chamber, and other members of the Board of Directors of QC including Ali bin Abdullatif Al Misnad; Mohammed bin Ahmed Al Obaidli, Abdul Rahman Al Ansari, and other prominent Qatari businessmen.

During the dinner, they exchanged views on the bilateral relations between the business communities in Qatar and Oman and the importance of holding an exhibition in Qatar in highlight the investment opportunities in the Sultanate of Oman.

The businessmen also stressed on the importance of taking advantage of such events in enhancing relations and boosting trade and investment cooperation between the two brotherly countries.

QCSD registers T-bills worth QR2.65bn with three-year maturityTHE PENINSULA DOHA

Qatar Central Securities Depos-itory (QCSD) has registered several treasury bills (T-bills), issued by Qatar Central Bank (QCB), for the fourth quarter of 2018. These T-bills are of dif-ferent values with varying maturity periods, which include a T-bill with a nominal value of QR2.65bn with a three-year maturity period.

The QR2.65bn T-bill registered on November 11, 2018 by QCSD will have a number of 265,000 issues which will mature on 11/11/2021, reports QNA.

In addition, the T-Bills included three-month treasury bills with nominal value of

QR400m. The total number of T-Bills issued was 40,000 and a maturity date of 05/02/2019. It also included six-month treasury bills issued with nominal value of QR200m. The total number of T-Bills issued was 20,000 and a maturity date of 01/05/2019. QCSD also registered the nine-month Treasury Bills issued by QCB with nominal value QR 200 million. The total number of T-Bills issued was 20,000 and maturity date of 06/08/2019.

The QCSD also reduced the capital of Vodafone Qatar by reducing it’s paid up share capital from QR8.45bn to QR4.22bn (to be exact QR8,454,000,000 to QR4,227,000,000) by reducing nominal value per share from QR10 to QR5 at the request of the

company. This process does not affect the market value of the share or the number of shares held by the shareholders.

In addition, QCSD has announced the electronic services that will be provided by the company as part of the ongoing preparations to include QAMCO (Qatar Aluminum Man-ufacturing Company) in order to facilitate the shareholders and save time and effort.

The company in its monthly report said that shareholders should update their data and add their IBAN account to receive the cash profits directly.

QCSD issued its report for November, featuring its main procedures during the month, which included custody,

recording, management, acqui-sition, clearing and settlement of securities and derivatives and other financial instru-ments; the provision of related financial services; the transfer of ownership of executed con-tracts through trading and remittances; in addition to the implementation of all bookings and decommissioning and fore-closure operations at the request of the relevant parties. QCSD has also updated a number of shareholders’ state-ments and added new shareholders.

In its monthly report for August 2017, the QCSD provided figures that illustrate the main activities undertaken during the month. In ownership transfer of

the third market, the QCSD con-ducted 226 family transfers in November compared to 88 in October, registering a sharp jump of 156.82 percent. The company also conducted 453 inheritance transfers in November compared to 773 in October, a decrease of 41.40 percent. In addition, 13 exception transfers were made in November, compared to 0 in the previous month, with a change of 100 percent.

The number of shareholders recognised in the company’s system during November reached 956,682 contributors, compared to 956,135 contrib-utors in October, witnessing a marginal change of 0.06 percent, while the number of share-holders with a bank account was

50,722 contributors in November against 49,940 contributors in October, which has increased by 1.57 percent.

Also in November, 53 mortgage transactions were recorded, compared to 73 in October, down 27.40 percent. QCSD also registered 283 mortgage decomposition trans-actions in November, against 141 in October, showing a 100.71 percent growth.

The company also regis-tered 731 account opening operations for new shareholders, compared to 319 registrations in October with a change of 129.15 percent, and issued 18,253 account statements, compared to 8,717 in October, a change of 109.40 percent.

10,602.84

+151.51 PTS

1.45%

QSE FTSE100 DOW BRENT7,022.76

−39.65 PTS

0.56%

25,113.85

−712.58 PTS

2.76% Dow & Brent before going to press

$52.90

-0.22

MarketWatch

Page 3: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

03WEDNESDAY 5 DECEMBER 2018 BUSINESS

KPMG’s Head of Tax and Corporate Services,

Barbara Henzen, said: “Businesses need

to ensure that they are fully aware of, and

prepared for, new and evolving taxes to avoid

penalties for non-compliance and ensure that

they are managing their tax obligations in the

most efficient way possible.”

KPMG sheds light on tax landscape in QatarTHE PENINSULA DOHA

Qatar-based professional services firm KPMG held a seminar yesterday to shed light on the ever-evolving tax and reg-ulatory framework in the country and beyond.

At the event, titled ‘Navi-gating the future’, KPMG’s Head of Tax and Corporate Services Barbara Henzen explained to over 150 tax and finance leaders that the most important part about changes to tax regimes is to be prepared, stating: “Taxation is an important part of sustaining a country’s economy and an inevitable part of running a business. Whilst in Qatar, we are lucky to have low taxes; it is likely that this will change grad-ually in coming years as the country continues to establish itself as a global power.

“Businesses need to ensure that they are fully aware of, and prepared for, new and evolving taxes to avoid penalties for non-compliance and ensure that they are managing their tax obliga-tions in the most efficient way possible.”

Salah Gueydi, Director of Tax at Qatar Financial Centre, briefed guests on the developments and key changes that are occurring to Qatar’s tax landscape. Gueydi

discussed domestic and interna-tional factors that have shaped Qatar’s tax policy so far.

He also discussed the ways in which Qatar is trying to mod-ernize its tax system and meet international standards.

He said: “While the ever changing international tax land-scape poses a challenge to tax policy makers and tax adminis-trations, it also offers an oppor-tunity to reassess the policies and adapt the tax regime to be fair, efficient and transparent in light of international standards.

“Qatar has committed to all relevant international initiatives and has implemented, or is in the process of implementing, them. We, at the QFC, are very proud to work closely with Qatar’s Com-petent Authority in this respect”.

Henzen and KPMG in Qatar’s Tax Director David Snowden, talked on a number of subjects including the upcoming imple-mentation of value-added tax (VAT) and lessons learned from

other countries. Henzen explained that many

countries showed a lack of VAT awareness prior to implemen-tation, resulting in many com-mercial disputes leading to cash flow issues due to delays or non-payment of invoices.

She also noted that some businesses experienced signif-icant challenges with offsetting the VAT they pay against the VAT they charge. Storing and sub-mitting incorrect documentation and record keeping were also highlighted as causing issues for businesses who had not prepared effectively.

The seminar also covered Common Reporting Standards (CRS), a global anti-tax avoidance and evasion scheme issued by the Organisation for Economic Co-operation and Development (OECD), which has recently been implemented in Qatar.

On this Snowden noted: “With over 100 countries signing up to CRS, by implementing the

FROM LEFT: Ahmed Abu-Sharkh, Country Senior Partner, KPMG in Qatar; Barbara Henzen, Head of Tax and Corporate Services, KPMG in Qatar; Salah Gueydi, Tax Director, QFC; and David Snowden, Tax Director, KPMG in Qatar.

principles locally, Qatar has demonstrated its commitment to ethical and transparent eco-nomic activity. There are a number of important steps that business should make to ensure that the information that they hold about their transactions and activity is accurate, safe and eth-

ically used”.The experts also elaborated

on a number of international tax developments, which could impact businesses with overseas operations including the OECD’s Action Plan to address base erosion and profit shifting (BEPS) and combat aggressive tax

planning, and country-by-country reporting and transfer pricing, which help to identify tax evaders and assets unethically held off-shore.

For Qatari parented groups these are very important as they have the potential to impact after-tax cash flow.

EU finance ministers clinch eurozone reform dealAFP BRUSSELS

EU finance ministers agreed reforms to better fight against a financial crisis yesterday that fell short of the original ambitions to relaunch Europe by French President Emmanuel Macron.

The agreement between the EU’s 27 finance ministers, without Britain, is intended to hand authorities a more pow-erful tool box in the event of a major shock to the European economy.

The proposals strengthen the financial plumbing of the European economy, but do not include far grander visions such as designating a eurozone finance minister or setting up

a European-style International Monetary Fund.

Even so, the ministers nego-tiated for more than 18 hours with discussions especially tense over the French backed idea of setting up a budget for the 19-nation eurozone single currency bloc.

“We have a good result. The reform of the euro area is pro-gressing at a decisive pace. Thanks to all those who helped,” said German Finance Minister Olaf Scholz (pictured).

The reforms now need the greenlight by EU leaders at a summit next week in Brussels.

National governments have for months been mulling a French proposal to create some sort of budget capacity for the single currency bloc which could

be used in case of crises or eco-nomic shocks.

Macron has made the idea of such a crisis-fighting budget a signature part of his vision to jump-start the EU after the debt crisis, the shock of Brexit and the

rise of populists.The ministers agreed a much

more scaled back version of the idea, linking it strictly to enhancing EU-backed reforms and not as aid to survive an unexpected economic downturn, as the French had intended.

French Finance Minister Bruno Le Maire defended the outcome saying that “we finally have a real prospect, for the first time, of a eurozone budget”.

Completing the banking union has been another difficult chal-lenge, with powerful Germany still firmly opposed to launching a European scheme, wanted by the European Central Bank, to guar-antee bank deposits.

Berlin hates this proposal that is widely depicted in German

media as an effort by over-spending eurozone members from the south to benefit from the risk-averse and sensible savers to the north. The ministers agreed only to discuss the matter again in June 2019.

Agreement was more easily found on expanding the respon-sibilities of the European Sta-bility Mechanism (ESM) — the firefighter for eurozone coun-tries with serious debt problems.

Ministers also agreed that the ESM would serve as a final backstop in case a major crisis hit Europe’s biggest banks.

Most of the reforms were agreed beforehand by France and Germany, Europe’s twin engines of EU unity that make up nearly half of the eurozone economy.

New emissions tests put brakes on German car sales againAFP BERLIN

New car sales in Germany dipped again in November, official data showed yes-terday, as automakers con-tinued to feel the sting from tough new EU emissions tests that have led to production slowdowns.

A total of 272,674 new cars hit the road last month, down 9.9 percent year-on-year, the KBA transport authority said. The figure is an improvement however on the 30-percent plunge seen in September when the so-called WLTP emissions tests took effect.

A scramble to adapt cars to the new regulations has caused bottlenecks at auto plants, resulting in fewer models hitting the market in recent months although carmakers are gradually catching up.

The introduction of the WLTP procedure was spurred by the “dieselgate” scandal that started with Volkswa-gen’s admission in 2015 that it had installed cheating software in millions of diesels to dupe pollution tests.

Once popular diesel cars have fallen out of favour since then, losing significant market share to petrol motors. Diesels accounted for just 34 percent of the market in November, but analysts pointed out that that figure now stood at the same level as a year earlier, suggesting that the diesel plunge could be stabilising.

Electric vehicles mean-while are gaining ground but remain a niche market with sales up 40 percent year-on-year. But that still amounted to just 4,300 units sold.

Despite the damage to its reputation over “dieselgate”, the 12-brand Volkswagen group continues to claim the largest share of the German car market at just over 18 percent. But it too suffered from WLTP aftershocks in November, with sales down 15.4 percent compared with a year earlier.

Its subsidiary Audi struggled the most, with sales plunging more than 42 percent. There was better news for rivals BMW and Mercedes, whose sales jumped by 11.5 and 6 percent respectively.

Thomas Cook debt-holders scramble for protection against defaultREUTERS LONDON

The cost of insuring debt issued by Thomas Cook against default hit a record high and its bonds tumbled yesterday, as worries about the travel company’s bor-rowings deepened following its second profit warning in as many months last week.

The world’s oldest tour operator said last week it was not in breach of its banking agree-ments, its lenders remained sup-portive and it had enough breathing space to handle the debt. The British company, which employs more than 21,000 people, declined to comment.

Last week, Thomas Cook cut its profit guidance and sus-pended its dividend, blaming a summer heatwave that swept northern Europe for deterring people from going on holiday.

The company’s five-year credit default swap, reflecting the cost of protecting against a default on its debt, jumped 73 basis points from Monday’s close to 1,071 basis points, IHS Markit data showed. The price equates to a 60 percent implied probability of default, one trader said.

The price of the company’s 2022 euro-denominated bonds tumbled more than 13.5 cents to a record low of 69.51 cents, according to Refinitiv Eikon data. Its shares, which have

plunged more than 60 percent in the past week, were down 14 percent at 1300 GMT, giving the firm an equity market value of about £363m ($465m).

That puts it on course to be demoted from Britain’s FTSE 250 mid-cap share index, and is below the company’s last pub-lished net debt figure of 389 million pounds. S&P cut its outlook on the company’s credit rating to “negative” from “stable” on Thursday, saying its leverage - debt-to-core earnings - was too high at 5.9 times.

Bernstein analyst Richard Clarke said there was specu-lation Thomas Cook might need to raise more equity, and that its shares could also be suffering from uncertainty over Britain’s departure from the European Union. On Tuesday, the Tele-graph newspaper reported that Chief Executive Peter Fankhauser was in private talks with institutions to calm nerves

after the company’s shock profit warning and share price plunge. Thomas Cook spokesman con-firmed the CEO was meeting investors, which he said was normal after results.

Thomas Cook’s bigger rival TUI Group has better coped with the summer heatwave, helped by its greater ownership of hotels and a large cruise ship business, which boost margins and mean its profits are less exposed to unpredictable trading.

The current share price pressure on Thomas Cook, which also owns an airline business, is being exacerbated by market negativity towards airline stocks. They have been hit this year by oil price rises, and worries over further possible airline collapses after those of Air Berlin and Monarch in 2017. There was media speculation in July Thomas Cook could sell its airline, but Fankhauser ruled that out at the time.

A file picture of a Thomas Cook Airbus A330 aircraft preparing to take off from Manchester Airport in Manchester, Britain.

Carney defends BoE’s Brexit reportREUTERS LONDON

Bank of England Governor Mark Carney (pictured) hit back at critics of the central bank’s warnings of a potentially big Brexit hit to the economy, denying allegations of scare-mongering made by some law-makers who oppose Prime Min-ister Theresa May’s plans.

The BoE said last week that Britain could suffer greater damage to its economy than during the global financial crisis under a worst-case exit from the European Union.

Carney, speaking to law-makers yesterday, denied a suggestion that the BoE’s sce-narios were rushed out to help May get support for her Brexit plan and stressed that the central bank had been asked to provide them by lawmakers.

“There’s no exam crisis. We didn’t just stay up all night and write a letter to the Treasury Committee,” Carney said. “You asked for something that we had, and we brought it, and we gave it to you.”

Less than four months before Britain is due to exit the EU, it remains unclear whether it will leave with a transition deal in place to smooth the shock for the economy. Pro-Brexit critics of Carney dis-missed last week’s BoE report

as part of a “Project Hysteria.” Former BoE Governor Mervyn King lamented the central bank’s involvement in what he said was an attempt to frighten the country about Brexit. “It saddens me to see the Bank of England unnecessarily drawn into this project,” he said in an article published by Bloomberg.

Asked by lawmakers about the BoE’s worst-case scenarios, he said they were “low-proba-bility events” but ones the central bank needed to consider to make sure Britain’s banking system could withstand any Brexit shocks.

“We’re already sleeping soundly at night, because we have the financial sector, the core of the financial sector, in a position that it needs to be for a tough scenario,” he said. Carney also said Britain’s ports were not ready for even a managed shift to World Trade Organization rules for the country’s exports and imports with the EU.

Page 4: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

04 WEDNESDAY 5 DECEMBER 2018BUSINESS

Goldman strategists see another weak year in ’19BLOOMBERG NEW YORK

Slowing economic growth, shrinking central bank balance sheets and continued bouts of vol-atility will help make 2019 another poor year for risk-adjusted investment returns, with few obvious havens, according to Goldman Sachs Group Inc.

“Expect better but still low returns in 2019” for multi-asset global allocation portfolios, Goldman strategists including Christian Mueller-Glissmann wrote in a note. While the decline in valuations across asset classes has improved the medium-term outlook, “we see a weaker expected macro backdrop in 2019 as likely to limit return potential,” they wrote.

The gloomy outlook matches the experience of what’s been a rough year for financial markets. Investors have been rattled by eve-rything from monetary policy nor-malization to tariff threats to global trade, a slowdown in China and the prospect that corporate-earnings growth has peaked. In what some have called a regime change, bonds have also been poor hedges for equities, upending the classic 60-40 portfolio strategy.

For their part, the Goldman strat-egists still advise an overweight

allocation to stocks with the S&P 500 posting positive returns this year, but recommend a bigger holding of cash than benchmarks suggest and have an underweight call on bonds. The team downgraded credit to under-weight last week.

“We still see poor risk-adjusted returns in fixed income: we forecast negative total returns for bonds with more upward pressure on yields and credit spreads” in the first half of next year, they wrote.

“There may be less reason to be bearish” on bonds by the latter part of 2019, as 10-year Treasuries “could reprice in the event of a more severe growth slowdown or deeper equity drawdown,” they said.

While far from catastrophic, this year is set to go down as one of the worst years for risk-adjusted cross-asset returns outside of crisis periods over the past quarter century, Goldman analysis indicates.

Though questions are emerging about the “strategic case” for com-modities, Goldman has an over-weight call on the asset class, with “significant near-term upside to oil” after the big tumble in crude the past two months. The team favors gold, with the dollar expected to weaken next year. With the traditional bond hedge to equities unattractive, Goldman has also recommended that investors consider derivatives.

Global markets retreat as trade truce doubts returnREUTERS LONDON

Deflating hopes of a swift res-olution to the Sino-US trade war knocked world stocks off a three-week high yesterday, while recession warning lights in US bond markets weighed on the dollar.

Optimism over a rap-prochement between US Pres-ident Donald Trump and China’s Xi Jinping at the weekend G20 meeting was replaced by scep-ticism and left Wall Street braced for another day in the red. Adding to market jitters was an inversion of the short end of the US yield curve in bond markets, which historically has signalled a US recession.

Asian markets had seen Japan’s Nikkei close 2.4 percent lower after a jump in yen. Europe fared a little better, but London Frankfurt DAX and Paris were all 0.4 to 0.6 percent lower.

“The initial relief rally was never going to last. Investors need more detail now in order for that risk-on sentiment to survive,” said Jasper Lawler (pictured), head of research at

London Capital Group. “So far that detail has not been coming through, and investors have more questions than answers.” There was added confusion over when the 90-day period, during which the US and China would hold off on imposing more tariffs, would start.

A White House official had said it started on December 1, while earlier, White House eco-nomic adviser Larry Kudlow told reporters it would start on January 1. Moreover, none of the commitments that US officials said had been given by China — including reducing its 40 percent tariffs on autos — were agreed to in writing and specifics had yet to be hammered out.

Meanwhile, the US yield curve focussed investors’ minds. The curve between US three-year and five-year and between two-year and five-year debt inverted on Monday — the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt. Analysts expect the two-year, 10-year yield curve — seen as a predictor of a US recession — to follow suit.

Yesterday, the yield on benchmark 10-year Treasury notes was at 2.95 percent com-pared with its US Monday close of 2.99 percent. And the spread between 10-year and two-year Treasury yields tightened to around 13 basis points — hitting its narrowest level since July 2007. “The focus is now shifting to the inverted US bond yield curve, which has negative connotations, while implying the US economy is heading towards what was only a few weeks ago an improbable economic slowdown,” said Stephen Innes, head of trading for APAC at Oanda.

Another major shift was the dollar weakening against

the other major world cur-rencies again. The dollar index, which tracks the greenback against a basket of peers, sof-tened 0.5 percent to 96.53, while the euro added 0.6 percent to $1.1416.

Sterling climbed as well after the European Court of Justice’s advocate general said Britain had the right to unilat-erally withdraw its notice that it is leaving the European Union. The advocate general’s advice is non-binding, but the prospect of a route out of the Brexit process cheered the market. It saw the pound rise as high of $1.28 versus the broadly weaker dollar. Against the euro, it rose 0.4 percent to a day’s high of 88.9 pence.

The dollar also weakened 0.8 percent against the Jap-anese yen and fell more than 0.5 percent against the off-shore Chinese yuan to 6.83 yuan, its weakest level since September.

Among the precious metals, spot gold rose as dollar weakened, trading up 0.5 percent at $1,237.24 per ounce. Palladium gained 2 percent to notch its latest all-time high.

QATAR STOCK EXCHANGE

QE Index 10,451.33 1.30 %

QE Total Return Index 18,414.08 1.30 %

QE Al Rayan Islamic Index - Price 2,408.35 0.72 %

QE Al Rayan Islamic Index 3,907.60 0.72 %

QE All Share Index 3,110.27 1.15 %

QE All Share Banks &

Financial Services 3,876.34 1.55 %

QE All Share Industrials 3,300.39 1.20 %

QE All Share Transportation 2,126.28 0.99 %

QE All Share Real Estate 2,083.16 0.20 %

QE All Share Insurance 3,045.82 1.59 %

QE All Share Telecoms 1,061.69 1.38 %

QE All Share Consumer

Goods & Services 6,848.38 0.72 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

04-12-2018Index 10,602.84 Change 151.51 % 1.45 YTD% 24.40Volume 11,431,493 Value (QAR) 373,904,998.93 Trades 6,460 Up 26 | Down 12 | Unchanged 0403-12-2018Index 10,451.33Change 134.37% 1.30YTD% 22.62Volume 7,750,164Value (QAR) 301,269,135.04Trades 5,109

EXCHANGE RATE

GOLD QR145.4637 grammeSILVER QR1.7147 per gramme

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

All Ordinaries 5797.5 -58.8 -1 6481.3 5675.9

Cac 40 Index/D 5021.72 -32.26 -0.64 5657.44 4894.3

Dj Indu Average 25826.43 287.97 1.13 26951.81 23344.52

Hang Seng Inde/D 27260.44 78.4 0.29 33484.08 24540.63

Iseq Overall/D 5754.82 -92.8 -1.59 7257.41 5772.58

Kse 100 Inx/D 39602.87 442.27 1.13 47144.12 36274.25

S&P 500 Index/D 2790.37 30.2 1.094136 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6376 QR 4.7031

Euro QR 4.1250 QR 4.1834

CA$ QR 2.7357 QR 2.7889

Swiss Fr QR 3.6375 QR 3.6892

Yen QR 0.0320 QR 0.0324

Aus$ QR 2.6613 QR 2.7133

Ind Re QR 0.0512 QR 0.0522

Pak Re QR 0.0256 QR 0.0269

Peso QR 0.0689 QR 0.0702

SL Re QR 0.0202 QR 0.0206

Taka QR 0.0430 QR 0.0439

Nep Re QR 0.0320 QR 0.0326

SA Rand QR 0.2655 QR 0.2708

Page 5: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

05WEDNESDAY 5 DECEMBER 2018 BUSINESS

Global trade and

welfare cannot

continue when

large countries take

unilateral action which

deviates from common

rules and principles,

Brauner warned.

WTO warns of trade crisis as German car bosses face US tariff talksREUTERS WOLFSBURG, GERMANY

The global system of interna-tional trade is in crisis, the World Trade Organization (WTO) warned yesterday, as German car bosses gathered in Wash-ington hoping to stave off potential tariffs on US imports of luxury cars.

Top officials from Daimler, BMW and Volkswagen have been summoned to the United States to meet White House economic adviser Larry Kudlow to discuss US efforts to rebalance global trade. The meeting comes after months of warnings from US President Donald Trump that he might impose big tariffs on

imported cars, and days after he agreed a truce in a broader trade war with China.

“The system is in crisis mode and how this plays out remains to be seen,” WTO Deputy Director General Karl Brauner (pictured) told the Handelsblatt automotive summit in Wolfsburg, Germany.

Global trade and welfare cannot continue when large countries take unilateral action which deviates from common rules and principles, Brauner warned.

“You need legal certainty and predictability, and if everybody just does whatever they want, it’s over,” Brauner said, adding the visit by German car bosses may help Trump’s administration understand the impact of tariffs on global trade.

Trump warned German car-makers in 2017 he could impose a 35 percent tax on vehicles imported to the United States unless there was some “rebal-ancing” of trade. There were too many Mercedes-Benz cars

rolling down New York’s Fifth Avenue, Trump said, lamenting that Europeans were not buying enough Chevrolets.

The White House’s demand to meet German car bosses comes despite the fact it is the European Commission that for-mally handles trade negotiations on behalf of the European Union.

To try to assuage Trump offi-cials, German car bosses will outline plans for increasing the proportion of components pro-duced in the United States.

Volkswagen (VW) will reit-erate it is looking to expand its US manufacturing capacity to include electric cars.

German carmakers are among the largest net exporters of vehicles to and from the United States. BMW and Mercedes, for example, build most of their sport utility vehicles in US plants and

import luxury limousines built in Germany to America.

BMW has its largest global car factory in Spartanburg, South Carolina, while VW has a plant in Chattanooga, Tennessee, and Mercedes builds cars in Tusca-loosa, Alabama.

“The German car bosses will not try to negotiate international trade policy, but they will ensure that the people in Washington have the same understanding about the impact of their policies as the mayor of Chattanooga,” Brauner said. Around 10,000 local jobs depend on each model built in Chattanooga, the city’s mayor Andy Berke told the Wolfsburg conference in a Webcast interview.

Nissan delays decision on Ghosn’s successorREUTERS TOKYO

Nissan Motor Co failed yesterday to nominate a successor to Carlos Ghosn (pictured) as chairman in the wake of his arrest and dismissal for alleged financial misconduct last month, a source familiar with the situ-ation said.

Ghosn could remain in detention until the end of the year because Tokyo prosecutors plan to rearrest him on a fresh claim of understating his income, the Sankei newspaper reported earlier on Tuesday.

A three-member panel of external Nissan directors put off a decision on recommending a replacement for the jailed Ghosn. The carmaker declined to comment. Ghosn’s arrest to face accusations including the under-reporting of income has

triggered new attempts by Nissan to weaken Renault’s control of their Franco-Japanese alliance.

Renault’s board is due to meet today to discuss the crisis, two sources with knowledge of the matter told Reuters. Ghosn, 64, was the architect of the alliance and one of the best known figures in the car industry.

Nissan has tasked former trade and industry official Masakazu Toyoda, retired Renault

SA executive Jean-Baptiste Duzan and race car driver Keiko Ihara with the selection of a new chairman, which is to be sub-mitted to the rest of the board at their next meeting on December 17. Changes to the board must be approved by shareholders.

Ghosn has been detained in Tokyo since his November 19 arrest on suspicion of conspiring with former Nissan Repesentative Director Greg Kelly to understate his compensation by about half of the actual 10bn yen ($88m), over five years from 2010. Tokyo authorities on Friday extended their detention until the maximum Dec. 10 for the alleged crime.

Citing unnamed sources, the Sankei daily said prosecutors plan to arrest Ghosn and Kelly on December 10 for the same crime covering the period from 2015 to 2017, during which the suspects allegedly understated Ghosn’s

income by about 4bn yen.If authorities approve the

maximum detention for that case, Ghosn and Kelly would remain in custody until December 30, the paper said. Ghosn has been unable to respond to the allegations, which public broadcaster NHK has said he has denied.

In Japan, crime suspects can be kept in custody for 10 days and that can be extended for another 10 days if a judge grants prose-cutors’ request for extension.

At the end of that period, prosecutors must file a formal charge or let the suspect go. However, they can also arrest suspects for a separate crime, in which case the process starts over again. This process can be repeated, sometimes keeping suspects detained for months without formal charges and without bail.

Australia’s central bank holds rates as home prices fallAFP SYDNEY

Australia’s central bank kept interest rates at a record-low yesterday as a drop in house prices accelerated.

Borrowing costs have stayed at 1.50 percent since they were last cut in August 2016, when the economy was transitioning away from an unprecedented mining investment boom.

“The low level of interest rates is continuing to support the Australian economy,” RBA Governor Philip Lowe said.

“Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual.” The RBA has remained positive about the Australian economy and the

strengthening labour market, but appears to be keeping a closer watch on several risks, including low inflation, weak wages growth and uncertainty over consumer spending.

The housing market is experiencing a downturn after several boom years, with prices in November falling at their fastest pace since the global financial crisis, according to leading property data provider CoreLogic. Market analysts expect the bank to hold rates for some time to come.

“There’s nothing on the agenda which is going to force the RBA’s hand at this stage, so I think the upside that we’re seeing in the labour numbers is probably being offset to a large extent in housing and (tighter) credit,” JP Morgan economist Tom Kennedy said.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

2.0 (2D/Hindi) 11:15pm; 2.0 (2D/Tamil) 5:30 & 8:30pm; 2.0

(2D/Telugu) 2:15pm; Thugs Of Hindostan (2D/Hindi) 2:30pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

3:00 & 5:00pm; Guardians (2D/Action) 4:00pmCreed II (2D/Drama) 5:00 & 11:30pmThe Girl In The Spider’s Web (2D/Crime) 7:30pmInstant Family (2D/Comedy) 10:30pm; Tourab El Mass (2D/

Arabic) 7:30pm; Robin Hood: Origins (2D/Action) 9:30pm

2.0 (2D/Telugu) 2:30pm2.0 (2D/Hindi) 5:15 & 10:15pm2.0 (2D/Tamil) 7:45 & 10:30pmCreed II (2D/Drama) 5:15 & 7:45pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

3:30 & 5:30pmDetective Conan: Zero The Enforcer (2D/Action) 3:00pmInstant Family (2D/Comedy) 8:15pmTourab El Mass (2D/Arabic) 10:30pmGhostland (2D/Horror) 11:30pm

Creed II (2D/Drama) 6:45 & 11:30pm2.0 (2D/Tamil) 3:00 & 8:30pm; 2.0 (2D/Hindi) 5:45 & 11:15pmInstant Family (2D/Comedy) 9:15pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

2:30 & 4:30pm

2.0 (2D/Hindi) 4:45 & 11;30pm; 2.0 (2D/Tamil) 11:15pm 2:00pm 4:45pm 7:30pm 10:30pm 1:30am 12:30pm 3:15pm 6:00pm 8:45pm 2:15am 12:30pm 3:15pm 6:00pm 8:45pm 11:30pm 2:15am 1:00pm 3:45pm 6:30pm 9:15pm 12:00am 2:45am

Fantastic Beasts: The Crimes Of Grindelwald (2D/

Fantasy) 12:00, 5:45 & 11:30pmRobin Hood: Origins (2D/Action) 2:15, 7:00 & 11:45pmTaxiwala (2D/Telugu) 3:15 & 9:00pmSarkar (2D/Tamil) 2:45 & 8:30pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

12:00, 4:45 & 9:30pm

Creed II (2D/Drama) 1:10, 4:00, 5:00, 6:50, 9:30, 10;30, & 11:00pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

10:30am, 12:50, 3:20 & 5:40pm2.0 (2D/Hindi) 1:30, 2:00, 7:30 7:50, & 10:30pm2.0 (2D/Tamil) 10:30am, 11:00am, 1:30, 4:30, 7:30, 10:30, 8:00 & 11:00pm & 0:15am2.0 (2D/Telugu) 10:30am, 4:30pm

The Girl in the Spider’s Web is a 2018 crime thriller film directed by Fede Álvarez and written by Álvarez, Steven Knight, and Jay Basu.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

2.0 (2D) 3:15, 4:00, 5:00, 6:20, 7:10, 8:10, 9:25, 10:20 11:20pm & 0:30amCreed II (2D/Drama) 11:30am, 12:35, 1:40, 4:10, 4:20, 5:30, 7:00, 9;40, 8;10 & 10:50, 14:15, 11:35 & 0:20amDetective Conan: Zero The Enforcer (2D/Action) 2:00, 4:20pmInstant Family (2D/Comedy) 1:20, 3:45, 8:50 & 11:15pmThe Girl In The Spider’s Web (2D/Crime) 3:00, 6:40, 9:05pm & 0:20amRalph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 1:35, 3:10, 5:20pmRobin Hood: Origins (2D/Action) 5:20, 7:40 & 10:00pm

THE GIRL IN THE SPIDER’S WEB

Page 6: QCB Governor calls for diversifying Waqf investments€¦ · methods of the Waqf varied since its inception. ... in Murabaha financing, founding Waqf companies, investment in

06 WEDNESDAY 5 DECEMBER 2018CLASSIFIEDS

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REGENCY RESIDENCE ALSADD 3 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ��������������������������������������������� ��������������������� �������� � � ������������ ��� ��!�"�#$�("�/'�"()� 02�E������������+��������������������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� ??;;�0>:?� �:::0�?=2;� �::<7�:7:?� �??;;2?>?����"%�'4)������������@������������������

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J-COMPLEX: Brand New Commercial Building (Umm Salal Mohammed). ��!�"�#$� M"#�'4()� "������*���� ���������*���+��� 3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� :::=08>2� � :::0?=2;� ��� "%�'4)� ���������@������������������

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