business - the peninsula...2019/02/11  · to data security and privacy recognised with iso 27001...

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BUSINESS Monday 11 February 2019 PAGE | 04 PAGE | 05 Manateq’s commitment to data security and privacy recognised with ISO 27001 Qatar, know your young designers QNB unveils 2019 action plan at AGM MOHAMMAD SHOEB THE PENINSULA The Chairman of the Board of Directors of QNB Group, H E Ali Shareef Al Emadi said yesterday that QNB will continue to expand its operations in the existing markets, and also invest in new markets to achieve its long term strategy ‘Thinking Beyond’. The banking and financial giant, as part of its action plan for 2019, is also working to enhance its leading position in the banking sector at the local and international levels. Addressing shareholders of the QNB Group AGM, the chairman said that the QNB is diversifying its income sources and expanding the range of activities within the Group and its subsidiaries and associate companies. And these are the key elements towards achieving the Group’s vision to become a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) by 2020. “We see good governance as vital to our prosperity and rep- utation, especially as we con- tinue to expand into new juris- dictions,” said H E Al Emadi, who is also the Minister of Finance. Commenting on QNB’s resil- ience to the difficult global eco- nomic conditions, Al Emadi added: “Globally the macroeco- nomic growth has been broadly supportive for QNB Group. Some of our network countries, however, have been exposed to headwinds, making the envi- ronment challenging for the Group. Despite these headwinds, QNB maintained its strong growth momentum in 2018.” QNB Group delivered record financial results for the last financial year ended December 31, 2018, with net profit reaching QR13.8bn, up by 5 percent compared to same period previous year. Total assets increased by 6 percent to reach QR862bn. Al Emadi presided over the QNB Group’s Ordinary and Extraordinary General Assembly meetings, which approved all the items on the agenda, including the proposal by the Board of Directors to dis- tribute a cash dividend of 60 percent of the nominal share value (representing QR6 per share). The General Assembly also approved the appointment of KPMG as External Auditors for the year 2019. The shareholders also approved the split of the par value of the ordinary share to be QR1 instead of QR10, as per the instructions of the Qatar Financial Markets (QFMA) and approved the amendment of related provisions in the Bank’s Articles of Association. The Chairman noted that QNB Group was able to deliver outstanding financial results during 2018 in all its local and international operations while continuing to pursue a wise policy and effective risk man- agement. He also emphasised the Group’s keenness to put in place a sustainable value for customers and shareholders. The Ordinary General Assembly also elected five new Board Members representing the private sector. The new board members are Bader Abdullah Darwish Fakhroo; Fahad Mohammed Fahad Buzwair; Ali Hussain Ali Al Sada; Broog Trading Company is to be rep- resented by Sheikh Abdulrahman bin Saud bin Fahad Al Thani; Hassan bin Hassan Al Mulla Co & Sons to be represented by Adel Hassan bin Hassan Al Mulla Al Jufairi. H E Ali Shareef Al Emadi, Chairman of the Board of Directors of QNB Group, who is also the Minister of Finance, being led by Abdulla Mubarak Al Khalifa (right), Acting Group CEO of QNB, to preside over the QNB Group’s Ordinary and Extraordinary General Assembly meetings held at Ritz-Carlton, Doha, yesterday. Fiscal management key to Arab World: IMF SATISH KANADY THE PENINSULA Fiscal policy plays a vital role in creating and nurturing the vision of sustainable and inclusive growth of the Arab region. The region needs fiscal space for spending on health, education, social protection, and public investment, which are key priorities in this region. Speaking at the Fourth Arab Fiscal Forum in a neigh- bouring country yesterday, Christine Lagarde (pictured), Managing Director, Interna- tional Monetary Fund (IMF) said that without a stable foun- dation, even the best policies can flounder and fiscal policy will lack credibility. The full text of the speech, posted on IMF website, noted that the region is yet to fully recover from the global financial crisis and other big economic dislocations over the past decade. Among oil importers, growth has picked up, but it is still below pre-crisis levels. Fiscal deficits remain high, and public debt has risen rapidly— from 64 percent of GDP in 2008 to 85 percent of GDP a decade later. Public debt now exceeds 90 percent of GDP in nearly half of these countries. Lagarde said in her speech a weaker global environment has knock-on effects on the region through a variety of channels—trade, remittances, capital flows, commodity prices, and financing conditions. The bottom line is the eco- nomic path ahead for the region is challenging. This makes the task of fiscal policy that much harder, which in turn makes it even more important to build strong foun- dations to anchor fiscal policy. The IMF Chief urged the region to come out with effective set of laws, institu- tional arrangements, and pro- cedures needed to achieve a country’s fiscal policy objec- tives. Such a framework allows governments to map out budgets over the medium term in a way that reflects clear, consistent, and credible goals. There is scope to improve fiscal frameworks in this region. Some of the weak- nesses are short-termism and insufficient credibility. Across the region, she said, it is common for sovereign wealth funds to directly finance projects, bypassing the normal budget process. And state-owned enterprises in some countries have high levels of borrowing—again, outside of the budget. Addressing these fiscal risks would not only enhance budget credibility and trans- parency but would help keep a lid on corruption. Budgetary credibility also calls for better risk management, with a more comprehensive budget based on realistic forecasts. The good news is that numerous countries are already strengthening their fiscal frameworks—many with IMF assistance. On the need for good fiscal management—good gov- ernance and transparency, she said strong institutions are crucial for legitimacy, for fos- tering a clearer understanding of policy objectives among cit- izens, enhancing their voice, and generating buy-in for fiscal policy. Lagarde noted that the IMF has been stepping up its engagement in the area of gov- ernance and corruption. “Last year, we put in place a new framework predicated on a more systematic, evenhanded, effective, and candid engagement on these issues with member countries. We will be reaching out to leaders in this region to discuss how we can work together to implement this framework,”, she said. QEWC reports net profit of QR1.53bn for 2018 THE PENINSULA DOHA Qatar Electricity and Water Company (QEWC) reported a net profit of QR1.53bn for the year 2018 (net of non-controlling interests) against QR1.61bn in 2017, whereas the sales during the year 2018 were QR2.60bn against QR3.07bn for 2017. The Earning per Share (EPS) amounted to QR13.97 in 2018 compared to QR14.69 in 2017, reported QNA. Based on the positive results achieved, the board has decided to offer a recommen- dation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 77.5 percent of the nominal value of the shares, same as last year. This announcement comes after a meeting of the Board of Directors chaired by the Min- ister of State for Energy Affairs and Chairman of the QEWC’s Board of Directors H E Saad bin Sherida Al Kaabi, where they adopted the report of the Board of Directors on the company’s activities and financial results for the year 2018, company’s future planned investments and the financial forecast for 10 years. The board also reviewed the offers of audit firms and adopted a recommendation to appoint auditors in order to present it to the General Assembly, which will be held in March. The board discussed devel- opments in the company’s various local projects such as the Umm Al-Houl Project, which was com- pleted and expressed its satis- faction with the completion of this project before the summer of 2018. Board also reviewed the latest developments on Siraj Energy Company, which is spe- cialized in the construction of solar power plants, with the par- ticipation of Qatar Petroleum. Siraj Energy is planning to com- plete the first phase of the Solar Project in the year 2020.This is in line with the implementation of the company’s policy in exploiting clean and renewable energy such as solar energy, Electricity, and water desalination, and diversify sources of income. The board also briefed on the various projects of Nebras Power, in which QEWC owns 60 percent shares and dis- cussed its foreign investments. The company has achieved objectives in most of the expected investments in several countries such as Indonesia and the Netherlands and is currently negotiating bids for several external projects for electricity production, which is expected to add additional revenue. The Ordinary General Assembly also elected five new Board Members representing the private sector. The good news is that numerous countries are already strengthening their fiscal frameworks— many with IMF assistance. QNB to emerge as leading bank in MEASEA Diversifying income sources. QNB Group’s shareholders gave nod to distribute a cash dividend of 60% of the nominal share value. QNB’s action plan for 2019 aims at enhancing its leading position in the banking sector.

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Page 1: BUSINESS - The Peninsula...2019/02/11  · to data security and privacy recognised with ISO 27001 Qatar, know your young designers QNB unveils 2019 action plan at AGM MOHAMMAD SHOEB

BUSINESSMonday 11 February 2019

PAGE | 04 PAGE | 05Manateq’s commitment

to data security and privacy recognised

with ISO 27001

Qatar, know your young designers

QNB unveils 2019 action plan at AGMMOHAMMAD SHOEB THE PENINSULA

The Chairman of the Board of Directors of QNB Group, H E Ali Shareef Al Emadi said yesterday that QNB will continue to expand its operations in the existing markets, and also invest in new markets to achieve its long term strategy ‘Thinking Beyond’.

The banking and financial giant, as part of its action plan for 2019, is also working to enhance its leading position in the banking sector at the local and international levels.

Addressing shareholders of the QNB Group AGM, the chairman said that the QNB is diversifying its income sources and expanding the range of activities within the Group and its subsidiaries and associate companies. And these are the key

elements towards achieving the Group’s vision to become a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) by 2020.

“We see good governance as vital to our prosperity and rep-utation, especially as we con-tinue to expand into new juris-dictions,” said H E Al Emadi, who is also the Minister of Finance.

Commenting on QNB’s resil-ience to the difficult global eco-nomic conditions, Al Emadi added: “Globally the macroeco-nomic growth has been broadly supportive for QNB Group. Some of our network countries, however, have been exposed to headwinds, making the envi-ronment challenging for the Group. Despite these headwinds, QNB maintained its strong growth momentum in 2018.”

QNB Group delivered record financial results for the last financial year ended December 31, 2018, with net profit reaching QR13.8bn, up by 5 percent compared to same period previous year. Total assets increased by 6 percent to reach QR862bn.

Al Emadi presided over the QNB Group’s Ordinary and E x t r a o r d i n a r y G e n e r a l Assembly meetings, which approved all the items on the agenda, including the proposal by the Board of Directors to dis-tribute a cash dividend of 60 percent of the nominal share value (representing QR6 per share).

The General Assembly also approved the appointment of KPMG as External Auditors for the year 2019.

The shareholders also approved the split of the par

value of the ordinary share to be QR1 instead of QR10, as per the instructions of the Qatar Financial Markets (QFMA) and approved the amendment of related provisions in the Bank’s Articles of Association.

The Chairman noted that QNB Group was able to deliver outstanding financial results during 2018 in all its local and

international operations while continuing to pursue a wise policy and effective risk man-agement. He also emphasised the Group’s keenness to put in place a sustainable value for customers and shareholders.

The Ordinary General Assembly also elected five new Board Members representing the private sector. The new board

members are Bader Abdullah Darwish Fakhroo; Fahad Mohammed Fahad Buzwair; Ali Hussain Ali Al Sada; Broog Trading Company is to be rep-resented by Sheikh Abdulrahman bin Saud bin Fahad Al Thani; Hassan bin Hassan Al Mulla Co & Sons to be represented by Adel Hassan bin Hassan Al Mulla Al Jufairi.

H E Ali Shareef Al Emadi, Chairman of the Board of Directors of QNB Group, who is also the Minister of Finance, being led by Abdulla Mubarak Al Khalifa (right), Acting Group CEO of QNB, to preside over the QNB Group’s Ordinary and Extraordinary General Assembly meetings held at Ritz-Carlton, Doha, yesterday.

Fiscal management key to Arab World: IMFSATISH KANADY THE PENINSULA

Fiscal policy plays a vital role in creating and nurturing the vision of sustainable and inclusive growth of the Arab region. The region needs fiscal space for spending on health, education, social protection, and public investment, which are key priorities in this region.

Speaking at the Fourth Arab Fiscal Forum in a neigh-bouring country yesterday, Christine Lagarde (pictured), Managing Director, Interna-tional Monetary Fund (IMF) said that without a stable foun-dation, even the best policies can flounder and fiscal policy will lack credibility.

The full text of the speech, posted on IMF website, noted that the region is yet to fully recover from the global financial crisis and other big economic dislocations over the past decade.

Among oil importers, growth has picked up, but it is still below pre-crisis levels. Fiscal deficits remain high, and public debt has risen rapidly—from 64 percent of GDP in 2008 to 85 percent of GDP a decade later. Public debt now exceeds 90 percent of GDP in

nearly half of these countries.

Lagarde said in her speech a weaker global environment has knock-on effects on the region through a variety of channels—trade, remittances, capital flows, commodity prices, and financing conditions.

The bottom line is the eco-nomic path ahead for the region is challenging. This makes the task of fiscal policy that much harder, which in turn makes it even more important to build strong foun-dations to anchor fiscal policy.

The IMF Chief urged the region to come out with effective set of laws, institu-tional arrangements, and pro-cedures needed to achieve a

country’s fiscal policy objec-tives. Such a framework allows governments to map out budgets over the medium term in a way that reflects clear, consistent, and credible goals.

There is scope to improve fiscal frameworks in this region. Some of the weak-nesses are short-termism and insufficient credibility.

Across the region, she said, it is common for sovereign wealth funds to directly finance projects, bypassing the normal budget process. And state-owned enterprises in some countries have high levels of borrowing—again, outside of the budget. Addressing these fiscal risks would not only enhance budget credibility and trans-parency but would help keep a lid on corruption. Budgetary credibility also calls for better risk management, with a more comprehensive budget based on realistic forecasts.

The good news is that numerous countries are already strengthening their fiscal frameworks—many with IMF assistance.

On the need for good fiscal management—good gov-ernance and transparency, she said strong institutions are

crucial for legitimacy, for fos-tering a clearer understanding of policy objectives among cit-izens, enhancing their voice, and generating buy-in for fiscal policy.

Lagarde noted that the IMF has been stepping up its engagement in the area of gov-ernance and corruption. “Last year, we put in place a new framework predicated on a more systematic, evenhanded, effective, and candid engagement on these issues with member countries. We will be reaching out to leaders in this region to discuss how we can work together to implement this framework,”, she said.

QEWC reports net profit of QR1.53bn for 2018THE PENINSULA DOHA

Qatar Electricity and Water Company (QEWC) reported a net profit of QR1.53bn for the year 2018 (net of non-controlling interests) against QR1.61bn in 2017, whereas the sales during the year 2018 were QR2.60bn against QR3.07bn for 2017.

The Earning per Share (EPS) amounted to QR13.97 in 2018 compared to QR14.69 in 2017, reported QNA.

Based on the positive results achieved, the board has decided to offer a recommen-dation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 77.5 percent of the nominal value of the shares, same as last year.

This announcement comes after a meeting of the Board of Directors chaired by the Min-ister of State for Energy Affairs and Chairman of the QEWC’s Board of Directors H E Saad bin Sherida Al Kaabi, where they adopted the report of the Board of Directors on the company’s activities and financial results for the year 2018, company’s future planned investments and the financial forecast for 10 years.

The board also reviewed the offers of audit firms and adopted

a recommendation to appoint auditors in order to present it to the General Assembly, which will be held in March.

The board discussed devel-opments in the company’s various local projects such as the Umm Al-Houl Project, which was com-pleted and expressed its satis-faction with the completion of this project before the summer of 2018. Board also reviewed the latest developments on Siraj Energy Company, which is spe-cialized in the construction of solar power plants, with the par-ticipation of Qatar Petroleum. Siraj Energy is planning to com-plete the first phase of the Solar Project in the year 2020.This is in line with the implementation of the company’s policy in exploiting clean and renewable energy such as solar energy, Electricity, and water desalination, and diversify sources of income.

The board also briefed on the various projects of Nebras Power, in which QEWC owns 60 percent shares and dis-cussed its foreign investments. The company has achieved objectives in most of the expected investments in several countries such as Indonesia and the Netherlands and is currently negotiating bids for several external projects for electricity production, which is expected to add additional revenue.

The Ordinary General Assembly also elected five new Board Members representing the private sector.

The good news is that numerous countries are already strengthening their fiscal frameworks—many with IMF assistance.

QNB to emerge as leading bank in MEASEA

Diversifying income sources.

QNB Group’s shareholders gave nod to distribute a cash dividend of 60% of the nominal share value.

QNB’s action plan for 2019 aims at enhancing its leading position in the banking sector.

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02 MONDAY 11 FEBRUARY 2019BUSINESS

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03MONDAY 11 FEBRUARY 2019 BUSINESS

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04 MONDAY 11 FEBRUARY 2019BUSINESS

MOCI representatives, businessmen & CEOs visit Huawei’s headquarters in Beijing

THE PENINSULA DOHA

Representatives of Qatar’s Ministry of Commerce and Industry (MOCI) along with senior officials, businessmen and CEOs of major Qatari companies have visited Huawei’s headquarters in Beijing, China to gain a deeper understanding of how the latest ICT solutions can contribute to the digital transformation era.

The visit took place on the sidelines of the recently- con-cluded Qatar-China Business Forum, which was organised by the Ministry of Commerce and Industry in Beijing. The forum brought together government offi-cials and representatives of the Qatari and Chinese private sectors, including Sheikh Nawaf Nasser bin Khaled Al–Thani, Chairman at Nasser Bin Khaled, Ashraf Abu Issa, Chairman & CEO at Abu Issa Holding and Mazen Alsbeti, Group Marketing & Communications

Director at Baladna Food Indus-tries, among others.

On the sidelines of the forum, Qatari and Chinese participants signed a number of memoranda of understanding in a bid to enhance cooperation in the fields of technology and information technology, promote the exchange of expertise and technical knowledge and bolster investment partnerships. These efforts will assist the Qatari government in its efforts to build a diversified, knowledge-based economy.

This visit to Huawei’s head-quarters is intended to strengthen cooperation between Qatar and China within the framework of the Qatari govern-ment’s efforts to attract foreign direct investments into non-oil sectors. By channeling invest-ments into its non-hydrocarbon sector, particularly its industrial, trade, and information tech-nology sectors among others, Qatar seeks to achieve economic

diversification in line with its National Vision 2030.

To demonstrate the power of ICT to accelerate the growth of all industries, Huawei gave the Qatari officials and businessmen insider access to their state-of-the-art

laboratories and research centers as well as the opportunity to meet with top executives to discuss ICT’s role in driving the devel-opment of key vertical sectors. This visit and discussions will help Huawei to better serve Qatar’s national ICT and telecommuni-cation needs in the long-term.

Frank Fan, CEO Huawei Technologies Qatar said, “Huawei is proud to be a key contributor to the State of Qatar’s ICT industry since opening our first office in Doha in 2005, during which time we have consistently brought the latest in technological advancement and innovation to the country. We admire Qatar for its ambitious and progressive spirit in embracing and imple-menting state-of-the-art technol-ogies and infrastructure nationwide. We look forward to our continued collaboration with MOCI and working together to make a deep contribution towards the success of Qatar

National Vision 2030.”Huawei is one of several

fully-owned Chinese companies with a license to operate in Qatar. Chinese companies that choose to establish a presence in Qatar can tap into a multitude of investment opportunities through development projects being undertaken within the framework of the Qatar National Vision 2030 and ahead of prep-arations to host the 2022 FIFA World Cup. In addition to being offered up to 100 percent own-ership across various industries, Chinese companies may benefit from Qatar’s strategic locale between East and West to expand their businesses to regional markets while enjoying the freedom of transferring capital to and from the country among other incentives. These include an advanced network of free zones and logistics and industrial areas in line with the highest international standards.

The Representatives of Qatar’s Ministry of Commerce and Industry (MOCI) , businessmen and CEOs of major Qatari companies at Huawei’s headquarters in Beijing, China.

On the sidelines of the forum, Qatari and Chinese participants signed a number of memoranda of understanding in a bid to enhance cooperation in the fields of technology and information technology.

Masraf Al Rayan Ordinary General Assembly Meeting on February 25The Board of Directors of Masraf Al Rayan has invited all shareholders to the annual Ordinary General Assembly Meeting that will be held at 6pm on Monday, February 25, 2019 in Al Majlis Ballroom, Doha Sheraton Hotel. In case the required quorum is not reached in the first meeting, a second meeting will be held on Tuesday, March 5, 2019 at same time and venue. The Peninsula

Venezuela moves to replace US executives on Citgo board

Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its US refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to its finances and management after the US government last week imposed tough sanctions on Petroleos de Venezuela designed to prevent oil revenue from going to lresident Nicolas Maduro. Reuters

Goldman Sachs still faces questions on 1MDBGoldman Sachs’s decision to potentially cut bonuses for top executives over the 1MDB scandal reflects an acknowledgement at shareholder and public outrage over the debacle.

The prestigious investment bank announced last week that it could withhold millions of dollars in bonuses to former Chief Executive Lloyd Blankfein and two other retired executives depending on the outcome of ongoing probes into the Malaysian fund. Beyond the bonuses, Goldman also said it could claw back compensation from current chief executive David Solomon and two other current senior executives, president John Waldron and chief financial officer Stephen Scherr. AFP

Manateq’s commitment to data security and privacy recognised with ISO 27001 CertificationTHE PENINSULA DOHA

Manateq’s endeavor to provide world-class Industrial Zones, Warehousing and Logistics Parks that are safe and secure, has yet again received an inter-national stamp of approval by obtaining ISO 27001 certifi-cation for its information security management system. The certification was performed by Intertek, a leading Total Quality Assurance provider to industries worldwide.

Intertek certified Manateq as compliant with all of the ISO/IEC 27001:2013 certification requirements - the international standard from the International Organization for Standardi-zation (ISO) and the Interna-tional Electrotechnical Com-mission. Established by the International Organization for Standardization (ISO), the standard requires the certifi-cation of an organization’s infor-mation security management controls for areas such as data security and business continuity. The certification extends to every level of an organization’s IT infrastructure stack, including asset management, access control, human resource security, and application security.

Achieving the ISO 27001 standard certifies that Manateq has the requisite information security controls in place to protect client data. The certifi-cation is awarded only to those companies that can meet the standard as judged by an

independent, qualified team of auditors.

“Manteq’s obtaining ISO 27001 certification reflects our commitment at all levels to provide services at par with highest international standards and practices and in line with the requirements of our valued customers as well as that of regulatory and supervisory entities and stakeholders, in addition to the company’s com-mitment to continue developing its services and operations,” said Fahad Rashid Al Kaabi, Chief Executive Officer of Manateq.

He added, “By securing ISO 27001 certification for our infor-mation security management system, we are able to provide our clients with a higher degree of confidence in the stability of security around their data. We

are trusted by our clients and with this certification, Manateq has shown its commitment to the highest levels of security, and demonstrated that is has all the necessary controls in place to ensure that this strict standard is met by its technology, people and processes.”

“I feel extremely proud of Manateq on this unique and remarkable achievement. I would like to thank Intertek for its professionalism and support throughout the process. Intertek is an exceptional and strategic partner that helped us obtain this important ISO 27001 certi-fication,” added Fahad Rashid Al Kaabi.

Achieving the ISO/IEC 27001 standard involves a two-stage security audit; including an initial review of the company’s ISMS documentation.

Fahad Rashid Al Kaabi, Chief Executive Officer of Manateq, receiving the award.

Dell EMC appoints Havier Haddad as General Manager for Gulf regionTHE PENINSULA DOHA

Dell EMC yesterday announced that Havier Haddad (pictured) has been appointed as the General Manager for the Gulf region which includes Qatar, Kuwait, Oman and Bahrain.

The challenges that the Gulf represents and the diversity of customer, coupled with the regional complexities, requires maturity, experience and strong leadership. In his new role, Havier’s focus will be further strengthening Dell EMC’s com-mitment to help customers and partners in these countries to unlock new enterprise value, develop national capabil-ities, pursue innovation and continue building the momentum in these markets.

As a veteran with 20 years of experience in the IT industry, and 11 years of tenure at Dell EMC, Havier has successfully led and driven the Channel and Distribution organizations across Middle East, Turkey, Africa, and Eastern Europe. Havier transitions in his new role from being a Senior Channel Director, a position he has held since January 2015. He had joined EMC in 2008 as Channel Sales Manager for the Gulf and Levant region, followed by a position as Channel Manager from 2010 to 2012.

This announcement comes as the region continues to report heavy investments and roadmaps to power human progress driven by human-machine collaborations. Dell EMC’s strong leadership and expertise in fastest-growing areas of technology can enable customers and partners to meet the changing business and technology needs.

BIZ-BRIEFING

Ponzi scheme firm bosses in Benin jailed for 10 years

Two senior directors of an investment firm in Porto-Novo, Benin were jailed for 10 years each on Thursday following their conviction for defrauding more than 150,000 people in a Ponzi scheme. AFP

10,441.21 -63.98PTS0.61%

QSE FTSE100 DOW BRENT7,071.18 −22.40 PTS0.32%

25,106.33 −63.20 PTS0.25% Dow & Brent before going to press

$52.72 +0.00

MarketWatch

Page 5: BUSINESS - The Peninsula...2019/02/11  · to data security and privacy recognised with ISO 27001 Qatar, know your young designers QNB unveils 2019 action plan at AGM MOHAMMAD SHOEB

05MONDAY 11 FEBRUARY 2019 BUSINESS

Commodity markets roll over as macroeconomic concerns weigh The US dollar, which has been strengthening every day since the dovish shift by the Federal Open Market Committee on January 30, only added to the market’s unease.

The index, which tracks a basket of 22 major com-modities, was being dragged lower by continued losses in natural gas and renewed weakness in crude oil. Despite the deteriorating growth outlook, industrial metals managed to stay in the black with support being pro-vided by the metals with a tight supply outlook, such as copper and nickel.

Palladium, another metal with tight supply, maintained support despite some profit taking in gold, and not least, platinum. Following the post-FOMC rally to $1,326/oz gold traded lower in response to the stronger dollar before once again finding support amid lower stocks on con-cerns that the US and China will fail to reach a trade deal before March 1 when further tariff hikes kick in.

The grain market was mixed ahead of the release on Friday February 2 of several key agriculture reports, including world supply and demand (WASDE), quarterly US stocks and 2019 winter wheat acreage. The 35-day government shutdown left farmers, hedgers and specu-lators without important information to support their activity in key crops from soy-beans, corn and wheat. Today’s reports should provide the market some fresh ideas about the direction into spring.

While long-term weather developments’ impact on commodities are sometimes difficult to spot the global natural gas market has nev-ertheless been witnessing some very volatile price swings during the Northern

Hemisphere winter. Increased global availa-

bility of seaborne LNG from the US, Australia and Qatar is likely to continue to reduce the major price discrepancies between the US, Europe and Asia.

The fallout from the dis-astrous dam burst in Brazil and subsequent crisis at Vale SA, its owner and global top producer of iron ore continues to be felt. Iron ore futures traded in Singapore jumped to $91/tons this week as the supply outlook worsened further after Vale was forced to invoke force majeure on another 30 million tons of annual production on top of the 40 million following the dam burst.

The Opec+ group of nations’ efforts to cut pro-duction and support the price has so far been quite suc-cessful. While some uncer-tainty with regards to Russian efforts has been raised, Opec, led by Saudi Arabia, has led from the front with data from Bloomberg showing a 2.1 million b/d drop in production during the past two months.

Adding to the support is the political crisis in Vene-zuela where President Nicolas Maduro’s future remains the

focus. Even the Russians have indicated that Maduro’s popular support is draining away following years of eco-nomic mismanagement. Libya’s biggest oilfield, mean-while, has been closed since December due to ongoing hostilities between eastern military commander Haftar and the UN backed authorities in Tripoli.

Despite these supportive price developments crude oil traded lower with disap-pointed longs bailing out fol-lowing the failure to break higher. Based on current fun-damentals the upside potential looks the greatest but the market is clearly still worried about the potential negative impact on demand should global growth continue to deteriorate. The key level of support to look out for remains $50/b in WTI.

Given the focus on macr-oeconomic developments an important week lies ahead. Monthly oil market reports from EIA and Opec on February 12 and the IEA on February 13 will be watched closely for any signs of downgrades to future demand growth.

Gold traded lower against the dollar while reaching a new cycle high against the euro. With the yellow metal being down by less than what the dollar is up we conclude that underlying demand remains strong but also that the market was struggling to move higher as global stocks recovered. With stocks now showing signs of rolling over in response to trade talks con-cerns and a weaker growth forecast, gold should find enough support once again to prevent a serious challenge at support, currently at $1,300/oz followed by $1,275/oz.

(The views expressed in the column are of the writer, not of the newspaper.)

Ole Hansen, Head of Commodity Strategy at Saxo Bank

in-depth

SATISH KANADY THE PENINSULA

Homegrown talents are increasingly, though slowly, emerging in Qatar as best jewelry designers in the Middle East. From the intricate and ultra complex designs to the minimalist excellence, Qatari design heroines are expanding their clientele by their fresh, edgy and new pieces.

The minimalist Sara Al Hammadi, complex and simplest Gadha Al Buainan and the “detail freak” Reem Al Shamari recently spoke to The Peninsula and shared their thoughts on ‘why do they think their pieces are unique?’’

Ghadha , who started designing jewelry when she turned twenty years old, is a young designer who always tries to look into her old work and get inspi-ration from it keeping enough room for new ideas and influences from her sur-roundings. Her debut product was the

pipe in gold collection which was inspired by petrol pipes. “Those designs were direct and literal”, she recalls. With each new collection, designs change and get more complex, but simplest, Gadha says.

On the shapes and modern element that infuse in her gorgeous pieces, Gadha repeats she was inspired by petrol pipes for our first collection, circles and wires for other initial collections. “My thoughts are inspired from the environment around me, I love transferring the feelings that I get when I see the beauty of the everyday objects to tangible pieces”.

Sara’s jewelry is forthright, modern, stylish and diverse. Each piece is created keeping in mind the niche clientele, from five-carat cushion diamond rings to the classic heart shape solitaire necklaces and extravagant bridal jewelry. Sarah’s & Co, established in Qatar in 2015, has a collection of exclusive diamond jewelry designed by Sara.

On the importance of stones in her works, Sara says each gemstone is important because of its individual identity and value factor it provides to the design. The distinction of designs made by Sara can be seen in the various collections which have been designed over the last three years. “There are hints and motifs which are underlying keys to understanding these collections, which are essentially unifying factors for each collection. For instance, the ‘premier’ jewelry collection is designs with a classic and simplistic theme of a solitaire, mod-ified cushion cut diamond, mounted in a four prong setting and surrounded by a halo of round diamonds. The theme of this design is simplicity and elegance.”

“Each of my jewelry pieces are divers and have an expression of thought based on the collection and specific design. Overall the jewelry I design is made to provide a blend of classic pieces

with hints of contemporary elements. There is also a flair of exotic colours in my jewelry pieces along with bold and simpler pieces.

On the importance of colour in her works, Sara says the colour is important while conceptualizing a design of jewelry, as it will determine the temperament of the design, along with materials which are eventually used for making it.

On her design philosophy, Reem Al Shamari of WITR claims WITR has ini-tiated a new concept in the region’s design world in 2015, which never existed before, and it is the eye print jewelry. WITR did not stop there, but also created ancient design jewelry that goes back to the perished times using gold with care-fully selected stones. On the importance of stone in WITR’s works Reem says: “Precious stones and semi-precious stones might be known as comple-mentary to jewelry sometimes, but to WITR those colourful stones add the spirit to those beautifully sculpted designs.’

“To WITR, colour is the elements that work as a beacon in jewelry. Therefore, we select our colours care-fully to voice our emotions and feelings through them-happiness, serenity, joy and pride.”

WITR’s target customers are the high-end that appreciate the concept of per-sonal value, and fine jewelry that is limited to one piece as well as imperial designs.

Ask a believer in minimalist designs? Reem replies : “ WITR’s designs tend to be art deco, ancient concepts and com-plicated to actual eye prints of cus-tomers. There are definitely simpler lines, but even those care about the finest of fine details to them. We have once been called “detail freaks”, which we, as a matter of fact, quite proud of.”

Sara Al Hammadi

Qatar, know your young designers

Sara’s jewelry is forthright, modern, stylish and diverse. Each piece is created keeping in mind the niche clientele, from five-carat cushion diamond rings to the classic heart shape solitaire necklaces and extravagant bridal jewelry.

Ooredoo wins five awardsSara Ibrahim Al Sayed and Andreas Goldau, Investor Relations Officer, Ooredoo, during the Qatar Stock Exchange’s Annual IR Excellence Awards event.

QIMC achieves net profit of QR200m in 2018THE PENINSULA DOHA

Qatar Industrial Manufac-turing Company (QIMC), one of the leading diversified industrial groups in Qatar, reported a net profit of QR200m for the financial year 2018 against QR206.1m posted for the same period in 2017.

The Board of QIMC held its first meeting of 2019 yes-terday which was presided over by Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani, Chairman of the Board, and adopted the final consolidated financial statements for the last financial year ended December 31, 2018.

The total equity of the company’s shareholders is QR1.62bn (QR1,628,702,721) compared to QR1.57bn (QR1,575,130,548) for 2017. The EPS has reached QR4.21 compared with QR4.34 for the same period of 2017.

The Chairman also explained that the Board of Directors has agreed to convene the Ordinary and Extraordinary General Assemblies to be held on March 10, 2019 at 4pm in Radisson Blu Hotel, to submit recommendations for the dis-tribution of (25 percent) cash dividend and the adoption of the following agenda. In the absence of quorum, the meeting will be conducted on March 17, 2019 at 4pm at the same venue.

Renault denounces Nissan over Ghosn investigation: ReportAFP PARIS

Lawyers for French carmaker Renault have criticised their Japanese alliance partner Nissan for its handling of an internal probe into the Carlos Ghosn scandal, a Sunday newspaper has reported.

In a letter to Nissan dated January 19, the lawyers said they had “serious concerns about the methods used” by the company and its legal team, including the way they treated some Renault employees, according to France’s Le Journal du Dimanche.

Former head of the alliance Ghosn is being held in Japan on charges he under-reported mil-lions of dollars in pay as head of Nissan.

“Renault has gathered suf-ficient evidence to understand and regret the methods used by Nissan and its lawyers to seek

interviews with Renault employees through the Japanese public prosecutor’s office,” they said.

Nissan was seeking “evi-dence to support allegations against Carlos Ghosn after his arrest” and failed to consult its French partner, according to the newspaper.

The firm also tried to search Ghosn’s apartments in Brazil, Lebanon and the Netherlands without informing Renault, the letter added.

A Nissan spokesman told AFP on Sunday that the letter which they received weeks ago has “already been reviewed and fully addressed in a series of verbal and written responses from Nissan’s external attorneys.”

“The communications in question do not reflect the current state of discussions with Renault and its lawyers,” said Nissan spokesman Nicholas Maxfield.

“Nissan... has always wel-comed an open and direct dia-logue with its partners to help uncover relevant facts”, he added.

The executive’s arrest in November has exposed rifts between Renault and Nissan, which some analysts say was bristling at Ghosn’s efforts to bring the two automakers’ operations even closer together.

Ghosn was the linchpin of the three-way alliance, which also included Mitsubishi Motors, earning industry plaudits for driving together a sometimes fractious threesome with head-quarters 10,000 kilometres apart.

Much of the tension between the partners stems from a complex ownership structure that gives Renault 43 percent of Nissan, whereas Nissan owns just 15 percent stake in the French company - and no voting rights.

Reem Al Shamari

Page 6: BUSINESS - The Peninsula...2019/02/11  · to data security and privacy recognised with ISO 27001 Qatar, know your young designers QNB unveils 2019 action plan at AGM MOHAMMAD SHOEB

AFP WASHINGTON

With a March 1 deadline fast approaching, US and Chinese officials resume negotiations next week to prevent esca-lation of a trade dispute that has major implications for the global economy.

China’s economy already has shown signs of slowing, while the trade war has shaken the confidence of US busi-nesses, as retaliatory tariffs have raised prices and helped choke off a key export market.

And President Donald Trump’s aggressive strategy has failed to produce a reduction in the US trade deficit with China, which he set as a primary goal.

Under the looming threat of a surge in tariffs once the 90-day truce expires, financial markets worldwide have lost ground in recent days as com-ments about the status of the talks turned more cautious.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin (pictrued) will lead the US del-egation for the third round of talks on Thursday and Friday in Beijing.

While officials seemed optimistic after talks last week in Wash-ington, more recent comments have jarred financial markets, ampli-fying concerns about how the dispute will affect global growth.

US President Donald Trump said Thursday he did not expect to meet his Chinese coun-

terpart Xi Jinping before a March 1 deadline for the two economic superpowers to reach a deal.

Trump had said final res-olution of the trade dispute would depend on the meeting with Xi “in the near future” but told reporters it had not yet been arranged.

And top White House economist Larry Kudlow said Thursday that while Trump was “optimistic” about pros-

pects for a deal, there r e m a i n e d a

“sizable dis-tance” sepa-rating the two sides.

Whi le China has offered to buy more

US soybeans a n d

beef, officials have yet even to agree on a draft of a deal that would address key US concerns, according to media reports.

Washington is demanding far-reaching changes from China to address unfair prac-tices it says are deeply unfair, including theft of American intellectual property and the massive Chinese trade surplus.

The dispute has escalated to encompass $360bn in trade between the two economic superpowers, and without an agreement by the start of March, the Trump adminis-tration is poised to more than double the punitive duties on $200bn in Chinese goods.

However, amid pressure from the business community for the two sides to resolve the dispute, CNBC cited a senior administration official saying the March 1 deadline could be pushed back.

“Right now it is in place but that is right now,” the official told CNBC. “It could change via telephone.” The White House said there would be a prepar-atory meeting of senior offi-cials beginning February 11 and the talks would include offi-cials from the Agriculture, Energy and Commerce Departments.

The main delegation also includes David Malpass, whom President Donald Trump has nominated to be president of the World Bank and who has worked to limit the bank’s assistance to Beijing.

However, strident White House China critic Peter

Navarro was not listed as part of the US team.

China’s economy already has shown signs of slowing, while the trade war has shaken the confidence of US businesses, as retaliatory tariffs have raised prices and helped choke off a key export market.

06 MONDAY 11 FEBRUARY 2019BUSINESS

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Venezuela shifts oil ventures’ accounts to Russian bank REUTERS CARACAS

Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document seen by Reuters on Saturday. PDVSA’s move comes after the United States imposed tough, new financial sanc-tions on Jan. 28 aimed at blocking Venezuela’s President Nicolas Maduro’s access to the country’s oil revenue.

Supporters of Venezuelan opposition leader and self-proclaimed interim pres-ident Juan Guaido said recently that a fund would be established to accept pro-ceeds from sales of Venezuelan oil. The United States and dozens of other coun-tries have recognized Guaido as the nation’s legitimate head of state. Maduro has denounced Guaido as a US puppet seeking to foment a coup.

PDVSA also has begun pressing its foreign partners holding stakes in joint ventures in its key Orinoco Belt pro-ducing area to formally decide whether they will continue with the projects, according to two sources with knowledge of the talks. The joint venture partners include Norway’s Equinor ASA, US-based Chevron Corp and France’s Total SA.

“We would like to make formal your knowledge of new banking instructions to make payments in US dollars or euros,” wrote PDVSA’s finance vice president, Fernando De Quintal, in a letter dated Feb. 8 to the PDVSA unit that supervises its joint ventures. Even after a first round of financial sanctions in 2017, PDVSA’s joint ventures managed to maintain bank accounts in the United States and Europe to receive proceeds from oil sales.

Note: Programme is subject to change without prior notice.

CROSSWORD

A look at the life of painter Vincent van Gogh during the time he lived in Arles and Auvers-sur-Oise, France.

AT ETERNITY’S GATE

The Lego Movie 2 (2D/Action) 2:00, 4:00 & 6:00pm; Yatra (2D/Telugu) 2:00pm; Njan Prakashan (2D/Malayalam) 4:15pm; Kumbalangi Night (2D/Malayalam) 2:00, 9:15 & 11:30pm; 9 (2D/Malayalam) 4:30 & 9:00pm; Yatra (2D/Malayalam) 7:00 & 11:30pmThe Prodigy (2D/Horror) 7:45pm; Cold Pursuit (2D/Action) 9:30pm;Amavas (Hindi) 11:30pm;Dhilukku Dhuddu (2D/Tamil) 11:30pm

The Lego Movie 2 (2D/Action) 2:15, 5:00&7:00pm; Dhilukku Dhuddu (2D/Tamil) 2:15 & 11:30pm; Yatra (2D/Telugu) 2:15 & 11:30pm; Kumbalangi Night (2D/Malayalam) 4:30, 9:00 & 11:30pm; 9 (2D/Malayalam) 4:15 & 7:00pm;Cold Pursuit (2D/Action) 9:30pm; The Prodigy (2D/Horror) 9:45pm;

Cold Pursuit (2D/Action) 10, 6:00, 7:50pm & 0:30am; Dhilukku Dhuddu (2D/Tamil) 21:50pm & 0:20am; Kumbalangi Night (2D/Malayalam) 12:30, 3:15, 9:00 & 11:30pm; The Lego Movie 2 (2D/Action) 12:30, 2:50, 5:10 & 7:30pmNadi Alregal Alserri (Arabic) 5:30 & 10:20pm9 (2D/Malayalam) 3:00, 6:00, 8:30 & 11:450mReplicas 12:30 & 1:00pm; Yatra (2D/Telugu) 3:10 & 11:10pm;

The Lego Movie 2 (2D/Action) 10:30am, 11:45am, 2:00pm & 4:15pm; Yatra (2D/Telugu) 10:30am & 6:15pm; Yatra (2D/Malayalam) 3:45 & 8:45pm; Cold Pursuit (2D/Action) 12:45, 6:15 & 11:45pm; 9 (2D/Malayalam) 6:30 & 11:30pm; Amavas (2D/Hindi) 1:00 & 11:15pm; Kumbalangi Night (2D/Malayalam) 3:15 & 8:45pm; The Prodigy (2D/Horror) 9:30pm

MALL

LANDMARK

ROXY

AL KHOR

9 (2D/Malayalam) 2:15 & 11:00pm; The Lego Movie 2 (2D/Action) 2:15 & 5:00pm; Dhilukku Dhuddu (2D/Tamil) 2:15 & 11:15pm; Yatra (2D/Telugu) 2:30 & 11:30pm; Kumbalangi Night (2D/Malayalam) 4:30, 7:00 & 11:30pm; A Dog’s Way Home 5:15pm; Destroyer (2D/Action) 9:15pm; Cold Pursuit (2D/Action) 7:00 & 9:30pmAt Eternity’s Gate (2D/Drama) 7:15pm; The Prodigy (2D/Horror) 9:15pm;

Kumbalangi Night (2D/Malayalam) 5:30, 8:15, 11:00pm; 9 (2D/Malayalam) 5:45, 7:30, 8:30, 11:15pm; Njan Prakashan (2D/Malayalam) 1:00 & 8;45pm; Dhilukku Dhuddu (2D/Tamil) 6:15pm; Yatra (2D/Malayalam) 10;15pm.

ROYAL PLAZA

FLIK Mirqab Mall

ASIAN TOWN

Cold Pursuit (2D/Action) 10:20, 11:40am,12:40, 1:15, 2:00, 3:00, 4:20, 6:50, 8:20, 9:10, 10;40 & 11:30pm, 0:25am.Destroyer 10:45am, 11:50, 4:35, 9:40 & 10:20pmDhilukku Dhuddu (2D/Tamil) 3:40, 5:20, 6:35,, 7:30 & 10;50pmGlass , 12:00, 1:00; 3:35, 7:05 & 10:25pmKumbalangi Night (2D/Malayalam) 8:00, 9:30pm & 0:10amThe Lego Movie 2 (2D/Action) 10;30, 11:20, 1:40, 12:50, 3:10, 4:00, 5:30, 6:20, 7:50, 8:40, 10:10, 11:00pm & 0:30amNadi Alregal Alserri (Arabic) 6:10pm

Page 7: BUSINESS - The Peninsula...2019/02/11  · to data security and privacy recognised with ISO 27001 Qatar, know your young designers QNB unveils 2019 action plan at AGM MOHAMMAD SHOEB

07 MONDAY 11 FEBRUARY 2019CLASSIFIEDS

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