PAGE | 27PAGE | 26UN General Assembly grants Observer Status to ICC

BUSINESSBUSINESSI was not negligent

in state payout: Lagarde

Wednesday 14 December 2016

Dow & Brent before going to press

The Peninsula

The Minister of Economy and Commerce, H E Sheikh Ahmed bin Jas-sim Al Thani, referring to Qatari Economic

Prospects Report 2016-2018, said Qatar’s economy is expected to continue to grow steadily, sup-ported by growth in non-oil sectors which would be the main contributor to the GDP growth in the coming years. He added growth of this sector in 2015 increased by 7.8 percent.

Speaking at the final awards ceremony of Al Fikra National Business Competition 2016 yes-terday, he said the Ministry is keen to facilitate and provide all support to improve business and investment environment for SMEs and entrepreneurs.

To achieve this goals, the Ministry has launched a number of initiatives including the initi-ative of license for construction of business centre, home based business, initiative of organising vendors activities ,implementa-tion of logistic areas, launch of establishing companies using smartphones and other elec-tronic services, he said.

Qatar Development Bank (QDB) yesterday announced the

list of five successful entrepre-neurial ideas at the fifth edition of Al Fikra National Business Competition held at Marriott Marquis Hotel. The value of the awards amounted to more than QR8m and prizes ranged from access to finance, incubation time and advisory services to help the successful entrepre-neurs translate their business ideas into reality and commence operations on ground.

"We, at QDB, aspire to incul-cate a culture of creativity, entrepreneurial spirit and inno-vativeness across the nation through providing a supportive environment for entrepreneurs. An integral part of our

development strategy for small and medium-sized enterprises (SMEs) has been to provide the requisite impetus for the national economy to achieve diversity and sustainable development, as envisioned in Qatar National Vision 2030, and our national business competition is, as such, a case-in-point,” said Abdulaziz bin Nasser Al Khalifa Chief Exec-utive Officer of QDB.

"Our primary focus during our evaluation phase was the quality and innovativeness of the submissions with respect to the commercial needs of the mar-ket—the finalists were selected by the jury on criteria that includes the quality of the ideas

submitted and the feasibility of their business plans. Through the support of QDB, the finalists are empowered to translate their business models into a reality. I thank all the pioneers of Al Fikra, who participated in the contest in the past editions, and congrat-ulate the winners of the current fifth edition," added Al Khalifa.

Assistant General Manager (AGM), SME Banking, QNB, Kha-led Al-Nuaimi said: “QNB Group is pleased to sponsor this com-petition which witnesses the presentation of many creative ideas from budding entrepre-neurs. QNB Group always aims to be at the forefront of the organi-sations supporting the efforts of this upcoming generation of busi-ness men and women and nurturing their creative energies for the benefit of our national economy and to build a brighter future for our Qatar.”

President of GTL Ventures at Sasol, Phinda Vilakazi, said, “Entrepreneurship is in our DNA. It is for this reason that Sasol continues to support Al Fikra and the talented youth of Qatar to develop their ideas into

successful businesses, so that they may make a difference in people’s lives. I would like to thank Qatar Development Bank for continuing to develop and support entrepreneurship in Qatar. In the Arabic-language, we say ‘one hand cannot clap by itself’. It is through your support and encouragement that these young people will realize their dreams.”

President and General Man-ager for ExxonMobil Qatar, Alistair Routledge, said “Exxon-Mobil Qatar is proud to support the 2017 edition of the Al Fikra National Business Competition, hosted by QDB. It is a tremen-dous platform for future business leaders to build on their ingenu-ity and develop their unique competencies.” In an effort to assist candidates in developing their ideas and transforming them into operational projects, QDB has collaborated with a group of preeminent supporters and strategic partners to organ-ise Al Fikra this year.

The competition is sponsored by Qatar National Bank (QNB), Sasol and ExxonMobil as official

sponsors. Moreover, QDB is col-laborating with its two subsidiaries, Qatar Business Incubation Center and Bedaya Center for Entrepreneurship and Career Development. The fifth edition of Al Fikra was launched in late August 2016 and spread across three phases. The first phase – receipt of team applica-tions and preliminary business plans – began in the period from August 31 to September 17.

It was followed by the second phase – training and planning workshops – that spanned the months of September and Octo-ber. Finally, the last stage saw the presentation of business plans and thorough assessment by the jury on criteria such as creativity, innovation, scalability and feasi-bility. The jury committee comprised eight evaluators from the local business community, QDB and its official competition partners. Al Fikra was first launched in 2013, in cooperation with Enterprise Qatar, Massachu-setts Institute of Technology Enterprise Forum, Silatech, and Carnegie Mellon University in Qatar.

Paris AFP

A pact by leading produc-ers to cut output could quickly begin sopping up

the glut on the oil market that has weighed on prices, the IEA said yesterday as it also hiked its demand forecast.

The agreements, if imple-mented, would “hasten the market’s return to balance by working off the inventory over-hang,” said the International Energy Agency, which analy-ses energy markets for major oil consuming nations.

The recent deals are the first joint cuts by Opec and non-Opec nations since 2001 and

aim to reduce production by just under 1.8 million barrels per day (mb/d). “If Opec and non-Opec were to implement strictly their agreed cuts, glo-bal inventories could start to draw in the first half of next year,” it added.

The IEA said it was not making any forecast, but sug-gested that implementation of the pact could result in a draw of 0.6m b/d into stocks.

Oil stocks in the advanced nations which fund the IEA hit a record of 3,102 mb in July. While they have since declined, “they remain 300 mb above the five-year average, providing a more than ample cushion going into 2017”, said the IEA.

The IEA also said that “an implicit goal” of the pact may be “to keep the price of oil from falling below $50” per barrel. Crude oil prices have risen by around $10 per barrel in recent weeks on the deals by the Opec and non-Opec nations.

The benchmark interna-tional contract, Brent crude, was trading at around $55.99 per barrel in late morning yes-terday, around 50 cents up from its level ahead of the report.

“Clearly, the next few weeks will be crucial in deter-mining if the production cuts are being implemented and whether the recent increase in oil prices will last,” said the IEA.

A price of $50 per barrel is seen as the level at which it becomes profitable for many companies to produce oil.

Oil exporting nations have been suffering with prices under that level, even dropping below $30 per barrel at the beginning of this year, as Saudi Arabia led Opec nations in step-ping up output in order gain market share and push rivals with higher production costs out of business.

The IEA found that produc-tion increases by Opec nations continued into November, ris-ing by 300,000 b/d to 34.2m b/d. November output by Opec nations was 1.4m b/d above that one year ago.

Shanghai Bloomberg

China Petroleum & Chem-ical Corp is selling a 50 percent stake in a pipe-

line unit to investors including China Life Insurance for 22.8 bn yuan ($3.3bn) as it seeks funds to expand its natural gas business.

China Life will pay 20bn yuan for a 43.86 percent stake in the pipeline, while a division of State Development & Invest-ment Corp will get the remaining 6.14 percent for 2.8bn yuan, the state energy giant, known as Sinopec, said in a statement to the Hong Kong

stock exchange on Monday.Sinopec, the world’s biggest refiner and one of China’s big three energy companies, will use the funds to expand the capacity of the unit, Sinopec Sichuan-to-East China Gas Pipeline, build gas-storage facilities and push forward its natural gas business, it said in the statement.

“There is a shortage of pipeline capacity and gas stor-age facilities in China, so the government is encouraging more investment in those sec-tors ,” Tian Miao, a Beijing-based analyst at North Square Blue Oak Ltd, said by phone.

Qatar's non-oil sector grew by 7.8% in 2015

Oil pact could quickly sop up market glut: IEA

Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani speaking at the fifth edition of Al Fikra National Business Competition.

Abdulaziz bin Nasser Al Khalifa (third left), Chief Executive Officer of QDB with winners of the fifth edition of Al Fikra National Business Competition. Pic: Salim Matramkot/ The Peninsula

Sinopec sells $3.3bn stake in natural gas pipelines

Al Fikra AwardsQatar Development Bank announced the list of five successful entrepreneurial ideas at the fifth edition of Al Fikra National Business Competition.

$53.12 $53.12 +0.29+0.29

BRENT

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26 WEDNESDAY 14 DECEMBER 2016BUSINESS

UN General Assembly grants Observer Status to ICC

The Peninsula

In an unprecedented move, the United Nations (UN) General Assembly yester-day granted Observer Status to the International

Chamber of Commerce (ICC)—the world’s largest business organisation representing more than six million members in over 100 countries.

The decision, taken by 193 members of the UN General

Assembly, during its on-going 71st session in New York—is the first time that a business organ-isation has been admitted as an Observer at the UN General Assembly. The list of UN observ-ers is highly restricted and features principally intergovern-mental organisations.

Chairman of ICC Qatar, Sheikh Khalifa bin Jassim Al Thani, underscored the impor-tance of the UN decision, and said: “ICCs historic and contin-uing role as the global voice of business will become ever more critical as we work collabora-tively to achieve the sustainable development goals by 2030.”

“As the 29th session of UN Economic and Social Council for Western Asia meets here today (yesterday) in Doha on imple-menting the 2030 Agenda in the Arab States, ICC Qatar is actively engaged in demonstrating the positive role the private sector can play in addressing the financing gap to achieve the SDGs. As latest estimates show

that $3.7 to $4.3 trillion in addi-tional funding is needed for the Arab region, ICC Qatar is strengthening business relations among its members and business abroad through its global net-work to reach the 2030 goal.”

The new role for ICC means that business will for the first time have direct voice in the UN system. The decision paves the way for ICC to contribute directly

to the work of the General Assembly and reflects the vital role the private sector will play in implementing the UN’s 2030 Agenda for Sustainable Development.

ICC Chairman, Sunil Bharti Mittal, said: “This is huge recog-nition of the role that business can play in contributing to a bet-ter and peaceful world. There is only one route to meeting the

many challenges that face our society—from climate change to mass migration—and that is for governments and civil society to work hand-in-hand with the pri-vate sector.”

“Granting Observer Status to ICC sends a powerful signal that the UN recognises business as a vital partner. We stand ready to ensure that the private sector plays a full role in meeting the

ambition of the 2030 agenda,” Mittal added. The resolution to grant observer status to ICC was submitted by France, ICC’s host country. ICC Secretary General, John Danilovich , said: “It's a great honour for ICC to be granted Observer Status at the UN General Assembly. ICC has a long tradition of close coopera-tion with the United Nations and today’s decision reflects our sus-tained efforts to strengthen the relationship between the UN and the private sector.”

“Given the complexity of today’s global challenges, it’s vital that business has a clear voice in UN decision making. We look forward to using this unique platform to deploy fully the resources, expertise and knowl-edge of world business in the work of the General Assembly,” Danilovich added.

Following yesterday's UN General Assembly resolution, ICC will take up its position as observer to the General Assem-bly on January 1, 2017.

Vodafone Qatar adds new features to its enterprise servicesThe Peninsula

Vodafone Qatar has added extension billing for Vodafone Corporate

Voice (SIP Trunking) and Per-formance Reporting to its enterprise fixed services portfolio.

Extension billing details in the customer’s bill the calls made from each specific fixed phone in the office. This helps businesses allocate the costs to specific business departments and individuals within the company.

Performance Reporting gives customers subscribed to enterprise products like Cor-porate internet, IP-VPN and Ethernet VPN products, insight into how well their fixed net-work is performing with instant real-time access to their net-work performance data via an easy-to-use web-based portal. Data given on the network includes the utilisation, throughput, data coming in and out plus any drops.

The tool also enables cus-tomers to extract past reports from specific periods. This all helps businesses to optimize

their user experience and in planning and forecasting the network required for the future.

Mahmud Awad (pictured), Chief Business Officer, Voda-fone Qatar, said: “Extension billing and Performance Reporting are functionalities that put enterprise customers firmly in control of their oper-ations honoring our brand promise 'Power To You'. At Vodafone we are committed to giving enterprise customers the best fixed and mobility prod-ucts and services to help run their businesses efficiently and cost effectively."

Consumer Price Index inches up 0.1% in November

The Peninsula

The Consumer Price Index (CPI) of November reached to 108.6 showing an

increase of 0.1 percent compared to the CPI of October 2016.

However, when compared to CPI of November 2015, the index has risen 2 percent in November this year, according to the Ministry of Development Planning & Statistics data released yesterday.

A month-on-month analy-sis of CPI showed that there were

four main groups, where respec-tive indices in this month have increased, namely: “Transport” by 0.8 percent, “Recreation and Culture” by 0.7 percent, “Cloth-ing and Footwear” by 0.3 percent, “Restaurants and Hotels” by 0.1 percent.

A decrease in prices is also noticed in “Food and Beverages” by 1.1 percent, and “Miscellane-ous Goods and Services” by 0.4 percent. The other groups: “Tobacco”, “Housing, Water, Electricity and other Fuel”, “Fur-niture and Household

Equipment”, “Health”, “Commu-nication”, and “Education” have remained flat at the last month’s price level.

Year-on-Year rise in the prices was primarily due to the increasing prices seen in the eight groups, namely: “Transport” by 5.8 percent”, “Recreation and Culture” by 5.7 percent, “Miscel-laneous Goods and Services” by 3.7 percent, “Education” by 3 per-cent “Housing, Water, Electricity and other Fuel”, and “Furniture and Household Equipment” by 1.8 percent each, “Clothing and

Footwear” by 0.6, and “Commu-nication” by 0.1 percent.

Also, there has been a decrease in price levels in three groups, namely: “Food and Bev-erages” by 3.4 percent, “Restaurants and Hotels” by 1.7 percent, and “Health” by 0.8 per-cent, and For “Tobacco” group, there is no changes recorded. The CPI of November, 2016 excluding “Housing, Water, Elec-tricity and other Fuel” group stands at 106.6, showing the same changes in monthly and annual rate as in CPI.

The Peninsula

Skyline Automotive, newly appointed official distribu-tion partner for Qatar by

Hyundai Motor Company, has embarked on an ambitious plan for growing the global automo-tive brand in the country by setting new standards for dealers.

“Skyline Automotive is mak-ing rapid progress in delivering strong and exciting plans to build the profile and market share of the Hyundai and the luxury Gen-esis brands from our showroom on B-Ring Road. Our vision for Skyline Automotive is to estab-lish a new benchmark operating model for quality in Qatar by investing in our business, mar-ket and people,” said General Manager Paiman El Malla.

El Malla, partnering with the Hyundai Motor Company was a strategic decision reflecting the manufacturer’s success in deliv-ering value and quality in the auto industry in recent years.

“Hyundai has invested sig-nificant resources in building up high-tech research and devel-opment divisions and utilising high-grade materials that offer quality on a par with luxury brands but at more competitive prices” added El Malla.

To achieve the ambitious goals Skyline Automotive has set for success in Qatar, the com-pany is investing heavily in its operations, its people and in building both automotive brands.

Skyline Automotive carefully chose the product range it offers Qatar’s motorists to meet a range of needs and expectations. Sky-line Automotive will stock 15 different 2017 models across city cars, coupes, sedans, SUVs and luxury sedans.

Skyline Automotive is mak-ing considerable investments in its people to ensure staff work-ing with customers across the entire operation have all the tools and training required to offer a truly personalized experience.

The Skyline Automotive cus-tomer-centric focus runs from the top of the organisation, developed by years of experience in the industry by its top man-agement team.

The business is also imple-menting a sophisticated Customer Relationship Management (CRM) system to enable the dealership to track and manage all touch points with customers and con-tinually identify opportunities to improve by evaluating Customer Satisfaction Index scores. Skyline Automotive is committed to deliv-ering first-class aftersales service at maximum convenience to cus-tomers. To that end, Skyline Automotive customers will be able to access the Skyline Auto-motive Service Centre at Gate 41, Street Number 26 in the Indus-trial area.

“As we look ahead to next year, we see real opportunity to make a positive impact on the market here. We have great products, people and plans for building the Hyundai and

Genesis brands in the country,” said El Malla. “We have all the ingredients for success and every confidence in the strength of our

partnership with Hyundai Motor Company. Our team is fully com-mitted to supporting our customers every step of the way,

and we look forward to creating a new benchmark for customer service and satisfaction,” added El Malla.

Skyline Automotive charts ambitious plans of Hyundai & Genesis

Asian stocks poised to drop after Chinese slumpWellington Bloomberg

Oil has quickly lost its sway over mar-kets, with futures tipping losses in Asian stocks as the focus switches to

this week’s anticipated interest-rate hike in the US.

Energy shares led a retreat in Australia as futures on indexes from Japan to South Korea signaled declines, with the worst day for mainland Chinese stocks since June dis-tracting from Monday’s global rally. Government debt in Australia and New Zea-land rose for the first time in three sessions after US Treasuries pared declines and oil dialed back its initial surge on news Opec had forged a deal with major rivals to curb

production. US crude fell to $52.59 a barrel early yesterday. The yen maintained its advance with gold. While oil’s gains initially spurred a rally in Asian stocks and weighed on sovereign debt, prices pulled back late Monday amid concern over whether the Opec -led agreement will be fulfilled. Banks drove the S&P 500 Index from a record high as attention switched to the Federal Reserve’s review this Wednesday.

The prospect of increased price pressures is coloring the outlook for central-bank pol-icy, with traders seeing 100 percent odds of a rate hike in the US this week, and a two-in-three chance of additional tightening by June, according to Bloomberg calculations based on Fed fund futures.

“The moves today suggest traders don’t see a more hawkish stance materializing and

that the Fed is likely to maintain a slow and steady course on tightening policy,” said Chris Weston, Chief Market Strategist in Mel-bourne at IG Ltd. “The event risk increases somewhat in Asia today” with China report-ing on industrial output, retail sales and updating on fixed assets”, he said.

Australia also reports on business con-ditions and house prices Tuesday, India updates on consumer prices and jobs data is due in the Philippines. Australia’s S&P/ASX 200 Index fell 0.1 percent as of 8:55am. Tokyo time, led lower by a pullback in energy stocks and financial companies. New Zea-land’s S&P/NZX 50 Index slipped 0.2 percent.In Japan, Nikkei 225 Stock Average futures were bid down 0.7 percent in the Osaka pre-market, to 19,060 after the index rose to its highest point this year on Monday.

Historic move

First time businesses have been given official role in General Assembly in the 71-year history of the UN.

The move will enhance business engagement on global governance issues.

ICC Qatar Chairman Sheikh Khalifa bin Jassim Al Thani

ICC Chairman Sunil Bharti Mittal

ICC Secretary-General John Danilovich

Cars of Hyundai and its luxury brand Genesis displayed at Skyline Automotive's showroom located along the B-Ring Road.

27WEDNESDAY 14 DECEMBER 2016 BUSINESS

A man walking past banners showing Venezuela's currency, the bolivar, at the Central Bank of Venezuela (BCV) in Caracas, yesterday. President Nicolas Maduro on Sunday signed an emergency decree ordering the country's largest banknote, the 100 bolivar bill, taken out of circulation to thwart "mafias" he accused of hoarding cash in Colombia.

Currency affairs

AfDB approves $500m loan to EgyptTHE AFRICAN Devel-opment Bank’s (AfDB) board approved yester-day a payment of $500m loan to Egypt, the sec-ond of three expected disbursals, Minister of International Coopera-tion Sahar Nasr said.

Egypt has been nego-tiating billions of dollars in aid from various lend-ers to help revive its economy, battered by political and economic upheaval since a 2011 uprising.

AfDB approved the loan in light of reforms announced over the past year.

They included a plan to move 20 percent of the country’s energy mix to renewable sources by 2025 and industrial zones established by the minis-try of trade and industry, Nasr said.

Iran signs two major oil deals with GazpromIRAN SIGNED prelim-inary agreements with Russia's Gazprom yes-terday to develop two major oil fields in the latest of a flurry of deals with foreign firms, local media reported. The deals open the way for Gazprom to carry out studies at the Chesh-mekosh and Changouleh fields near the border with Iraq, according to the Shana news agency, which is linked to the oil ministry. That adds to five other oil fields that have already been earmarked for Russian firms Lukoil, Tatneft and Zarubezhneft. The latest deal was signed by Russian Energy Minis-ter Alexander Novak, who is visiting Tehran with a 500-strong business del-egation.

Oman to tell customers of oil supply cutsGULF OIL producer Oman will inform its cus-tomers of a cut in their crude oil supplies for Jan-uary, in line with a deal with Opec to reduce pro-duction, a source familiar with the matter said. The-non-Opec producer will tell its customers of a total reduction of 45,000 bar-rels per day under the global agreement, while the scale of the cut for each customer will be communicated later, the source said.

NEWS BYTES

Dubai Reuters

Dubai is working with HSBC on the financing of Expo 2020 Dubai, a $7bn exhibition

centre project expected to attract 25 million visitors, sources familiar with the mat-ter said.

The site will host Expo Dubai which will run from October 2020 to April 2021 and will be the first World Expo hosted in the Middle East, according to the Expo 2020 website.

The project provides more evidence that Dubai is back in expansion mode after running into trouble during the 2009 global financial crisis. The expo is a major part of Dubai’s plans to expand its infrastructure and boost its credentials as a tour-ist destination.

The financing will come from bank loans and from var-ious export credit agencies, the sources said. HSBC has been appointed to coordinate the export credit agencies and financing supported by them, the sources said, adding that the split between the commer-cial loans and the export credit financing was yet to be defined.

Export credit-backed financing provides guarantees that support the export and supply of domestic goods or contractors or in some cases direct lending.

Expo 2020 Dubai was not immediately available to com-ment. HSBC declined to comment. The exhibition

centre project, in the Dubai South district, situated midway between Abu Dhabi and Dubai, will be 4km long and 1.8km wide, according to its website. The development will include a number of infrastructure projects, an exhibition centre, academic and research insti-tutions and a technology cluster, the website said.

It will possibly also need additional funding on top of the $7bn for projects linked to the event and led by government entities such as Dubai Munic-ipality, the Dubai Electricity and Water Authority, and Dubai’s Roads and Transport Authority, two of the sources said. The expo site is located near Dubai’s new airport, Al Maktoum International Air-port. There are proposals for a $3bn expansion of the airport and HSBC is also advising the government on the financing for this project.

Dubai & HSBC in talks for financing expo

Expo 2020

The exhibition centre will host Expo Dubai which will run from October 2020 to April 2021 and will be the first World Expo hosted in the Middle East.

The project provides more evidence that Dubai is back in expansion mode after running into trouble during the 2009 global financial crisis.

Dubai Reuters

Bank of Tokyo-Mitsubishi UFJ has received a licence to open a branch in Saudi

Arabia, becoming the first Jap-anese bank to establish a presence in the kingdom.

The bank, part of Mitsubishi UFJ Financial Group, has played a central role in the Saudi gov-ernment’s recent financing activity, in April helping to arrange a $10bn loan, while Mit-subishi UFJ in October helped with its $17.5bn international bond sale.

The bank also signed an agreement in September with

Saudi Aramco to assist and col-laborate in the company’s future development. The oil giant is targeting 2018 for what is expected to be the world’s big-gest initial public offering.

Saudi state news agency SPA said the cabinet licenced the bank to open a branch in the kingdom and authorised the Minister of Finance to decide on any subsequent request to open other branches.

Saudi Arabia and Japan have strong trading ties, with Japan’s oil and gas procurement from Saudi Aramco accounting for more than 30 percent of Japan’s total imports for the sector, according to a release from the

bank in September. Banking licences in the kingdom are granted relatively infrequently. Qatar National Bank was the last foreign bank to be permitted to open a branch in September 2015. Out of the 13 foreign banks listed on the central bank’s web-site as being licenced to operate, five are Gulf lenders - two from Bahrain and one each from Kuwait, the UAE and Oman.

Other international lenders include JP Morgan, Deutsche Bank and BNP Paribas. Other Asian banks with licences include Industrial and Commer-cial Bank of China, State Bank of India and National Bank of Pakistan.

Paris Reuters

International Monetary Fund chief Christine Lagarde (pic-tured) sought yesterday to

convince judges she was not negligent in signing off on a ¤400m ($425m) French state payout to a business tycoon in 2008. Lagarde, 60, is fighting charges of negligence leading to the misuse of public funds when she approved, while finance minister, a rare out-of-court settlement with magnate Bernard Tapie in a long-run-ning dispute.

Lagarde insisted she had been “shocked, surprised, stunned” by the arbitration rul-ing, but also said the case was far from the only pressing mat-ter to deal with as the global financial crisis erupted.

“My obsession at the time

was to get through the finan-cial crisis that was threatening us,” she told the court, adding that she decided not to contest the ruling to stop legal fees from soaring further, and to draw a line under the 15-year dispute.

The case is being heard before a special court for try-ing cabinet ministers. The court comprises a panel of 15 judges, including 12 lawmakers from both the lower and upper houses of parliament.

Washington AFP

Greece does not need more austerity at this time, and in fact spending cuts have

gone too far already, two senior International Monetary Fund officials said.

If the eurozone country sticks to its agreement with the European Union to increase its budget surplus to 3.5 percent, contrary to the IMF's recommen-dation, then it cannot blame the

fund if it must impose more aus-terity to do so, the officials said in a blog post.

IMF Chief Economist Mau-rice Obstfeld, and European Department Director Poul Thomsen, who has been heavily involved with the negotiations with Greece, used the blog to defend the IMF against misinfor-mation they say "turns the truth upside down."

After days of demonstrations in Greece over new budget cuts, the officials said, "The IMF is

being criticised for demanding more fiscal austerity, in partic-ular for making this a condition for urgently needed debt relief."

But in fact, "The IMF is not demanding more austerity," they said. "We have not changed our view that Greece does not need more austerity at this time. Claiming that it is the IMF who is calling for this turns the truth upside down."

On the contrary, the fund warned Greek officials against trying to push for a larger

primary surplus -- the surplus on the public finances before debt repayments -- than the 1.5 percent the IMF said was achievable.

"But contrary to our advice, the Greek government agreed with the European institutions to temporarily compress spend-ing further if needed to ensure that the surplus would reach 3.5 percent of GDP" as part of the loan agreement with the Euro-pean Stability Mechanism, the eurozone's bailout fund.

"We think that these cuts have already gone too far, but the ESM program assumes even more of them," Obstfeld and Thomsen wrote.

Eurozone finance ministers a week ago approved new debt relief measures to alleviate Greece's colossal debt in the wake of its huge ¤86bn ($91.5bn) bailout, but the short-term meas-ures, while welcome, fall short of what the IMF has said is needed. The fund has remained adamant it will not participate

in another loan programme unless the elements, including debt sustainability and the fiscal reforms needed to achieve the surplus target, are credible.

In their blog the officials repeated that "Greece's debt is highly unsustainable and no amount of structural reforms will make it sustainable again with-out significant debt relief."

The IMF played a major part in two earlier rescues for Greece, but balked at the third one for ¤86bn in 2015.

Greece does not need more austerity at this time: IMF officials

I was not negligent in state payout: Lagarde

Bank of Tokyo-Mitsubishi to open branch in Saudi Arabia

A compartment bearing the logo of German open-access railway operator, Locomore, on display at Innotrans, the railway industry's largest trade fair, in Berlin. Locomore will offer a daily connection from today onwards linking Berlin to Stuttgart via Hannover and Frankfurt.

Berlin-Stuttgart Locomore service from today

28 WEDNESDAY 14 DECEMBER 2016BUSINESS

British annualinflation jumps to 1.2% in NovBRITISH annual infla-tion jumped in November to the highest level in more than two years as a slide in sterling since the Brexit vote lifted fuel costs, data showed yesterday. The 12-month inflation rate hit 1.2 per-cent compared with 0.9 percent in October, the Office for National Sta-tistics (ONS) said.

Analysts' consensus forecast had been for a gain to 1.1 percent. "The Consumer Prices Index (CPI) rose by 1.2 percent in the year to November 2016, compared with a 0.9 percent rise in the year to October.

The rate in Novem-ber was the highest since October 2014, when it was 1.3 percent," the ONS said in a statement issued.

Apple mulls $1bn investment in SoftBank fund APPLE Inc. and Japan's SoftBank Group have held talks about Apple investing up to $1bn in a $100bn fund being raised by SoftBank, US media reported Monday. By investing in poten-tially the world's largest technology fund, Apple hopes to gain insight into emerging technologies like artificial intelligence, The Wall Street Journal reported, citing sources familiar with the matter.

HK stocks regain balance ahead of Fed meetingHONG KONG stocks steadied after a tumble the previous day, though some investors stayed on the sidelines ahead of a US Federal Reserve pol-icy meeting starting later yesterday.

In the afternoon, stocks clawed back yes-terday morning losses and eked out a marginal gain for the day.

The benchmark Hang Seng index added 0.1 percent, to 22,446.70 points, while the Hong Kong China Enterprises Index inched up 0.2 per-cent, to 9,719.94 points, as per the reports.

NEWS BYTES

29WEDNESDAY 14 DECEMBER 2016 BUSINESS

Milan AFP

Italy's biggest bank, UniCredit, announced plans yesterday to slash 14,000 jobs and raise billions of euros in fresh capital as the

country gets to grips with polit-ical instability and a banking crisis.

The bank, one of the worst performers in European bank stress tests, confirmed it would need to seek ¤13bn ($13.8bn) in fresh capital from investors despite political complications in Italy and the nation's third-largest bank scrambling to avoid a government-led rescue.

UniCredit also said it would shed around 14,000 jobs by the end of 2019 as part of

a cost-saving drive. The bank estimated this would save it ¤1.1bn in staff costs. It said it planned to slash other costs by ¤600m, resulting in an annual

saving of ¤1.7bn. UniCredit's announcements came at a time when investor confidence in Italy could be on the mend after the formation of a new cabinet under Paolo Gentiloni, having been shaken by the collapse of former prime minister Matteo Renzi's government.

Analysts welcomed the pack-age of measures, with Paola Sabbione at Deutsche Bank call-ing it "a good trade-off between profitability and capital strengthening".

Analysts at Jefferies said the upfront bill of ¤13bn "is clearly large", but that the "aggressive balance sheet clean-up paves the way for a more substantial re-rating". ING analysts warned that the clean-up will result in a write-down which would push results for the year's final three

months deeply into the red. "Having said that, the improve-ment of the bank's risk profile and capital position would be credit-positive."

In response, UniCredit's shares surged by more than seven percent in early Milan trading, helping lift other Italian banking stocks.

Michael Hewson, Chief Mar-ket Analyst at CMC Markets, meanwhile reminded investors that UniCredit shares are down 96 percent from their 2007 peaks and 55 percent down over the last 12 months despite three major capital increases since 2008. "Having been bitten three times previously, and given that there still remains a great deal of uncertainty about how the wider problems in the banking sector in Italy will be dealt with,

taking part in yet another one of these deals is not without risk," he said.

UniCredit's announcement was part of a major strategic

review launched under new Chairman Jean-Pierre Mustier that has so far involved selling off assets to strengthen the bank's capital base.

UniCredit to shed 14,000 jobs by end of 2019

Bengaluru Reuters

Event organiser UBM Plc said it would buy Asian exhibi-tions company Allworld for

$485m in cash, strengthening its position in Asia and providing an entry into the Middle East.

The deal, which will be funded with a new $365m bridge facility and by part of the pro-ceeds from UBM’s sale of PR Newswire, is expected to add to

2017 earnings. The cash consid-eration, which values Allworld on a debt and cash free basis, looked like a “very high price,” Investec analysts wrote in a cli-ent note. Allworld, which operates tradeshows in 11 coun-tries, posted revenue of $97.2m in the 12 months ended June 30.

The company complements UBM’s existing portfolio in food and hospitality, and packaging and manufacturing, while allow-ing UBM to enter the oil and gas

market. “Oil and gas is probably nearer the bottom of the cycle than the top, so it’s a good time to be entering oil and gas,” UBM Chief Executive Tim Cobbold said.

N+1 Singer analyst Johnathan Barrett said major exhibition operators had switched their acquisition focus from emerg-ing markets to the United States.

“UBM is doing the opposite and lifting its exposure to Asia and gaining a Middle East

presence as well. Near term this looks likely to be questioned but may well pay off in the long term if the Middle East and Asia regain confidence,” Barrett added.

US-based information serv-ices company Penton for ¤1.18bn ($1.50bn). UBM spent $972m to buy US trade show organiser Advanstar in 2014, which ana-lysts said was dilutive to the company’s Asia exposure.

“I don’t think we’re moving in the polar opposite direction

at all,” Cobbold said, adding that post the deal emerging markets including China would account for about 40 percent of group sales, up from 36 percent.

UBM unveiled its “events first” strategy in November 2014, with a focus on spending resources on its largest and most profitable shows and acquisi-tions. UBM would continue to make bolt-on acquisitions and keep looking at “bigger” ones, Cobbold added.

Beijing Reuters

China’s factory output and retail sales grew faster than expected in Novem-

ber, while fixed-asset investment was in-line with forecasts, adding to growing signs of stabilisation in the world’s second-biggest econ-omy. Factory output grew 6.2 percent from a year earlier, slightly better than analysts’ forecasts and October’s reading.

Retail sales climbed 10.8 percent, the fastest pace since December 2015 and beating expectations for a 10.1 percent rise. After a rocky start to the year, China’s economy has per-formed better than expected and looks set to hit Beijing’s 6.5 to 7 percent growth target as increased government spend-ing and a sizzling housing market spur a construction boom.

Private investment remains weak, however, leaving eco-nomic growth more reliant on a steady stream of government spending, while the property

market is showing signs of fatigue, raising fears that this year’s momentum will not be sustainable. Growth of fixed asset investment was unchanged at 8.3 percent in January-November from the same period a year earlier, the National Bureau of Statistics said yesterday.

That was in-line with ana-lysts’ estimates and the same pace as in the first 10 months of the year. Fixed-asset invest-ment by state firms rose 20.2 percent in January-November, easing from 20.5 percent in the first 10 months.

Growth of private invest-ment picked up to 3.1 percent from 2.9 percent in January-October, suggesting an improved appetite from private firms to invest though still at low levels compared with pre-vious years. Private investment accounted for 61.5 percent of fixed asset investment in the Jan-Nov period, the stats bureau said. Chinese policy-makers have been trying to lure private investors into big infra-structure projects through public-private partnerships.

New York AFP

President-elect Donald Trump's threat to slap punitive tariffs on Chinese

goods is a worry for firms that trade with the country in the US Midwest, a decisive region in the Republican's election triumph.

Strong support across Amer-ica's "Rust Belt," and frustration at lost industrial jobs blamed on globalisation, carried Trump to victory last month in key battle-ground states, including Michigan and Ohio.

But some companies in the region that benefit from global trade are worried about early

signs the president-elect plans to take a hardline stance with China. "We export a lot of prod-ucts to China," said David Shogren, President of US Inter-national Foods. "My fear is whatever changes Trump makes ... that China will retaliate in some ways."

The St. Louis company depends on China as a key export market for peanut butter, mus-tard, nuts, cereals and other items. About 50 percent of its revenues are tied to China, com-pared with just five percent to its home market.

"Our customers may switch from US products to other coun-tries: Europe, Australia, New

Zealand or Japan, or other exporting countries," Shogren said. Shogren said his company is trying to build markets in Southeast Asia, including Viet-nam, Malaysia and Singapore.

Trump during the campaign threatened to impose 45 percent tariffs on China, saying the world's second biggest economy has stiffed the US with currency manipulation and illegal subsidies.

"China will take a tit-for-tat approach," said an editorial in Global Times, a Chinese news-paper that is close to the government. "A batch of Boeing orders will be replaced by Air-bus. US auto and iPhone sales in

China will suffer a setback, and US soybean and maize imports will be halted," it warned. "China can also limit the number of Chi-nese students studying in the US." China also responded sharply to Trump's decision to accept a phone call from Taiwan President Tsai Ing-wen and to suggestions he is rethinking the decades-old US "One China policy."

The One China policy is the "political bedrock" of relations with the US, Chinese foreign ministry spokesman Geng Shuang said. If it is "compro-mised or disrupted" cooperation in major fields would be "out of the question," Geng added.

Ohio-based Progressive Molding Technologies imports tooling from China that enables it to compete with Chinese rivals.

"My fear is we will lose access to China's cheap tools," said president Laird Daub-enspeck. "At that point, I will anticipate the our customers will start to slow down new product launches and we will see less growth." Daubenspeck has writ-ten twice to Trump, once after he was elected and a second time after the Taiwan phone call.

Among big manufacturers, Boeing is especially vulnerable. About one out of three Boeing 737 planes delivered in 2015 was destined for China.

Cost-saving drive

The bank, one of the worst performers in European bank stress tests, confirmed it would need to seek $13.8bn in fresh capital from investors.

UniCredit also said it would shed around 14,000 jobs by the end of 2019 as part of a cost-saving drive. The logo of Unicredit on Unicredit Tower in Milan.

UBM to buy Allworld for $485m in Asia push

China factory output and retail sales grow

Washington AFP

Aviation giant Boeing said it was cutting production of its 777 aircraft to five a

month from seven due to slack-ening demand, in a move that will impact jobs.

The announcement followed the manufacturer's clinching of a $17bn dollar deal on Sunday to sell 80 jetliners, including the 777, to Iran, the first such

agreement between a major US company and the Islamic Republic.

In a message sent Monday to all employees working on the 777, Vice President and General Manager Elizabeth Lund said orders for the aircraft had slowed in some regions.

While the agreement with Iran was "good news," with deliveries to Iran Air expected to start in 2018, the decision to slow production had already

factored in the deal, she said."The 777 programme does

expect some impact on employ-ment next year," Lund said in the message. "While the exact number of affected positions has not been determined, we will do our best to lessen the impact."

Boeing in October reported that commercial deliveries had slowed in the third quarter, with 188 planes delivered, down 5.5 percent from the same period of last year.

Boeing slows 777 productionVisitors take pictures of a model of Boeing's 787 Dreamliner during Japan Aerospace 2016 air show in Tokyo.

Trump's tough talk on China worries US exporters

QATAR STOCK EXCHANGE

30 WEDNESDAY 14 DECEMBER 2016BUSINESS

INTERNATIONAL MARKETS - A LIST OF SHARES FROM THE WORLD

A C C-A/D 1336.75 -9.4 12676

Aarti Drugs-B/D 657 2 1616

Aban Offs-A/D 254.65 -7.2 393907

Ador Welding-B/D 305 1.45 2580

Aegis Logis-B/D 141.5 -4.5 33606

Alembic-B/D 36.4 0.1 20488

Alok Indus-A/D 2.7 -0.01 732504

Apollo Tyre-A/D 196.9 3 90853

Asahi I Glass-/D 178 -1.7 6133

Ashok Leyland-/D 77.95 -1.25 515792

Ballarpur In-B/D 14.85 -0.1 221649

Banaras Bead-B/D 44.4 -0.55 5485

Bata India-A/D 419.05 3.65 39986

Beml Ltd-A/D 912.2 6.2 10097

Bh Electronic-/D 1475 -30.9 18260

Bhansali Eng-T/D 22.95 -0.25 188836

Bharatgears-B/D 107.4 -1 1109

Bhel-A/D 125.75 -1.75 404281

Bom.Burmah-B/D 504.75 -3.25 7135

Bombay Dyeing-/D 46.9 -0.3 204235

Camph.& All-B/D 690 -4.8 2613

Canfin Homes-B/D 1611.65 -29.6 2516

Caprihans-Xc/D 102.75 2.45 3075

Castrol India-/D 390.05 -3.35 32732

Century Enka-B/D 275.55 -4.2 12305

Century Text-A/D 779.6 -12.8 128459

Chambal Fert-B/D 71.1 -0.15 229169

Chola Invest-A/D 834.9 -32.4 15707

Chowgule St-T/D 14.42 -0.08 11544

Cimmco-B/D 68.5 0.45 2299

Cipla-A/D 578.2 3.85 38066

City Union Bk-/D 134.35 1 9855

Colgate-A/D 912.9 4.85 8025

Container Cor-/D 1119 -12.2 2879

Dcm Financia-T/D 7.48 -0.39 7470

Dcm Shram Ind-/D 233.25 -3.65 6407

Dhampur Sugar-/D 115.25 0.95 45185

Dr. Reddy-A/D 3161 12.85 5679

E I H-B/D 99.95 0.2 2518

E.I.D Parry-A/D 260.75 2.5 49617

Eicher Motor-A/D 22286.7 71.55 2844

Electrosteel-B/D 23.05 -0.25 76395

Emco-B/D 27.95 1.1 162519

Escorts Fin-B/D 11.11 -0.43 18416

Escorts-A/D 319.1 -0.95 119415

Eveready Indu-/D 218.85 0.5 1703

F D C-B/D 217.5 -3 4110

Federal Bank-A/D 71.1 0.75 353575

Ferro Alloys-B/D 6.6 -0.06 12367

Finolex-A/D 423.05 1.2 3363

Forbes-B/D 2145 10.7 1174

Gail-A/D 423 -5.75 66552

Galada Power-B/D 10.82 0.59 5537

Gammon India-T/D 12.31 -0.13 82879

Gangotri Tex-T/D 1.1 -0.05 1370

Garden P -B/D 30.75 -0.1 11660

Godfrey Phil-B/D 911 -2.4 2418

Goodricke-B/D 202.35 4.2 22407

Goodyear I -B/D 720 -4.75 5917

Hcl Infosys-B/D 61.6 -1.15 1716319

Him.Fut.Comm-T/D 12.35 -0.05 570909

Himat Seide-B/D 300 -4.4 19996

Hind Unilever-/D 829.75 -3.4 29974

Hind Motors-T/D 7.18 0.01 87371

Hind Org Chem-/D 20 0 26093

Hind.Petrol-A/D 439.55 5.95 102488

Hindalco-A/D 176.65 -5.3 769299

Hous Dev Fin-A/D 1271.1 8.7 29207

I F C I-A/D 26.25 -0.15 980834

Idbi-A/D 70.75 0.25 223995

Ifb Ind.Ltd.-B/D 438.6 5.3 1220

India Cement-A/D 116.4 2 198007

India Glycol-B/D 133.05 1.65 92023

Indian Hotel-A/D 101.8 -0.25 71263

Indo-Tcount-T/D 160.1 0.85 25895

Indusind-A/D 1090.05 4.95 35213

J.B.Chemical-B/D 346.4 0.4 2858

Jagson Phar-B/D 35.45 -0.05 2855

Jamnaauto-B/D 169.6 -2.25 39128

Jbf Indu-B/D 204 0.1 1948

Jct Ltd-B/D 5.39 -0.07 314656

Jenson&Nich.-B/D 7.99 0.06 4960

Jindal Drill-B/D 184.4 -5.9 25187

Jktyre&Ind-A/D 119.1 -0.1 148123

Kajaria Cer-A/D 481.85 -19.5 25252

Kakatiya Cem-B/D 247.4 10.1 26027

Kalpat Power-B/D 241.7 0.4 3124

Kalyani Stel-T/D 310.1 16.3 179038

Kanoria Chem-B/D 71.75 -2.95 20469

Kg Denim-B/D 83.95 1.4 13173

Kilburnengg-Xd/D 55 1.4 7764

Kinetic Eng-Xc/D 83.9 2.05 4736

Kopran-B/D 52.7 -0.35 64294

Lgb Broth-B/D 597.2 12.25 1988

Lloyd Metal-Xc/D 12.35 -0.28 194048

Lupin-A/D 1492.1 -10.7 93856

Lyka Labs-T/D 58.15 -0.1 12072

Mah.Seamless-B/D 248.35 2.55 55310

Maha Scooter-B/D 1585.05 -4.8 2323

Mangalam Cem-B/D 255 3.85 1240

Mastek-B/D 150.85 4.8 199695

Max Financial-/D 556.5 11.2 18848

Mrpl-A/D 95.1 0.65 173691

Nagreeka Ex-B/D 34.8 0.55 1250

Nahar Spg.-B/D 123.25 5.9 37425

Nation Alum -A/D 65.2 -2.35 437695

Navneet Edu-B/D 109.5 0.8 11618

Nepc India-T/D 1.65 0.07 6200

Neuland Lab-B/D 1039.95 17.6 2244

Nrb Bearings-B/D 108.85 -4.15 11981

O N G C-A/D 311.85 0.55 676464

Oil Country-B/D 42.95 5.7 423514

Onward Tech-B/D 64.45 2.65 37872

Orchid Pharm-B/D 28.6 -0.2 36172

Orient Hotel-T/D 23.65 -0.1 6606

Orient.Carb.-T/D 816 14.75 4659

Oudh Sugar-B/D 101.7 0 22295

Punjab Chem.-B/D 236.9 7.85 12998

Radico Khait-B/D 119.85 0.75 45653

Rallis India-A/D 203.25 3.8 217192

Rallis India-A/D 203.25 3.8 217192

Reliance Indus/D 389.5 -1.55 27938

Ruchi Soya-B/D 20 0.25 86863

S Bk Bikaner-B/D 727.75 7.65 1744

Salora Inter-B/D 62.4 -2.65 1742

Saur.Cem-B/D 61.25 -0.2 12842

Tanfac Indust-/D 78.15 3.6 61164

Thirumalai-B/D 783.15 -13.45 22476

Til Ltd.-T/D 261.85 -1.75 1867

Timexgroup-T/D 55 -1.1 21670

Tinplate-B/D 81.5 1.5 98309

Ucal Fuel-B/D 170.1 -2.05 23348

Ultramarine-B/D 170.7 -1.25 1336

Unitech P -A/D 4.74 0.01 1994559

Univcable-B/D 73.7 0.6 3449

Uppergsugar-T/D 287.5 3 108503

3i Group/D 689.5 14 626081

Assoc.Br.Foods/D 2666 20 189300

Barclays/D 228.55 1 15225192

Bp/D 483.15 -0.25 9965710

Brit Am Tobacc/D 4368.5 2.5 1226529

Bt Group/D 356 9.3 5891831

Centrica/D 219.1 1.8 4334573

Gkn/D 315.9 3.8 1133235

Hsbc Holdings/D 659.1 7.3 10443604

Kingfisher/D 342.6 0.4 2407200

Land Secs Grou/D 1012 14 771599

Legal & Genera/D 239.8 0.4 5607725

Lloyds Bnk Grp/D 62.16 0.78 67235515

Marks & Sp./D 346.4 3.1 2440808

Next/D 4858 63 124855

Pearson/D 797 6.5 522445

Prudential/D 1571.6623 7 1424864

Rank Group/D 198.6 0.9 19876

Rentokil Initi/D 207.6 0.6 881181

Rolls Royce Pl/D 668.1168 17.5 7378461

Rsa Insrance G/D 556.675 0.5 592759

Sainsbury(J)/D 242.1 0.1 3217948

Schroders/D 2918 28 107291

Severn Trent/D 2171 6 208526

Smith&Nephew/D 1166 9 621911

Smiths Group/D 1415 -9 255961

Standrd Chart /D 661 8 2151695

Tate & Lyle/D 682.5 5.5 712356

Tesco/D 206.75 -6.1 12072655

Unilever/D 3155.5 43.5 1404949

United Util Gr/D 891.5 -1.5 393566

Vodafone Group/D 198.8 0.8 20115734

Whitbread/D 3450 34 185839

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

COMPANY CLOSE NET VOLUME NAME CHG TRADED

LONDON

QE Index 10,397.58 0.67 %

QE Total Return Index 16,822.6 0.67 %

QE Al Rayan Islamic Index 3,824.64 0.18 %

QE All Share Index 2,854.5 0.61 %

QE All Share Banks & 2,859.93 0.91 %

Financial Services

QE All Share Industrials 3,278.7 0.33 %

QE All Share Transportation 2,497.01 0.38 %

QE All Share Real Estate 2,318.03 0.34 %

QE All Share Insurance 4,548.03 0.83 %

QE All Share Telecoms 1,183.79 1.53 %

QE All Share Consumer 5,794.48 0.36 %

Goods & Services

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

13-12-2016 Index 10,397.58

Change 68.82

% 0.67

YTD% 0.3

Volume 11,090,330

Value (QAR) 338,538,994.73

Trades 4,507

Up 20 | Down 16 | Unchanged 0212-12-2016 Index 10,328.76

Change 140.86

% 1.38

YTD% 0.96

Volume 14,952,706

Value (QAR) 449,796,057.70

Trades 5,916

GOLD QR136.1509 per grammeSILVER QR2.0050 per gramme

Index Day’s Close Pt Chg % Chg Year High Year LowAll Ordinaries 5600.713 -18.408 -0.33 5691.8 4762.1

Cac 40 Index/D 4790.58 29.81 0.63 4780.95 3892.46

Dj Indu Average 19796.43 39.58 0.2 19824.6 15450.6

Hang Seng Inde/D 22446.7 13.68 0.06 24364 18278.8

Iseq Overall/D 6413.65 18.63 0.29 6791.68 5286.65

Karachi 100 In/D 45857.89 470.66 1.04 45489.59 29785

Nikkei 225 Ind/D 19250.52 95.49 0.5 19280.93 14864.01

S&P 500 Index/D 0 0 0 2264.03 1810.1

EXCHANGE RATECurrency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6043 QR 4.6682

Euro QR 3.8419 QR 3.8961

CA$ QR 2.7519 QR 2.8057

Swiss Fr QR 3.5774 QR 3.6272

Yen QR 0.0313 QR 0.0319

Aus$ QR 2.7050 QR 2.7582

Ind Re QR 0.0534 QR 0.0545

Pak Re QR 0.0344 QR 0.0351

Peso QR 0.0725 QR 0.0739

SL Re QR 0.0242 QR 0.0248

Taka QR 0.0454 QR 0.0464

Nep Re QR 0.0333 QR 0.0339

SA Rand QR 0.2640 QR 0.2695