Hassad Food buys stake in Indian Basmati rice firm ... - Qatar Tribune

THURSDAY APRIL 4, 2013 

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TODAY’S BUSINESS QUOTE 

“Everybody makes business mistakes. I mean, I take the 

responsibility, and I did. I was the captain of the ship and 

I took that responsibility.” – Alan Bond 

Hassad Food buys stake in Indian 

Basmati rice firm for $100 million 

TRIBUNE NEWS NETWORK/ZDJ 

DOHA 

HASSAD Food, Qatar’s premier 

investor in the agriculture and 

livestock sectors, on Wednesday 

said it has spent over $100 million 

to take the majority stake in the 

Indian Basmati rice seller Bush 

Foods Overseas. 

The transaction, which was 

announced in New Delhi, was concluded 

and signed in Doha by the 

Chairman of Hassad Food Nasser 

al Hajri and Managing Director of 

Bush Foods Overseas Virkran 

Awasty in the presence of Qatari 

Ambassador to India HE Hassan 

Mohammed al Emadi, according 

to a release, in Doha on 

Wednesday. 

“We are happy with the deal. We 

have been investing all over the 

world. For us, this is the first 

investment in India,” said Hajri. 

The acquisition will position 

Hassad Food on the global 

business map as major provider in 

the Basmati rice domain and will 

be considered another achievement 

for the Qatari company since 

its establishment in 2008. 

India is the world’s largest producer 

and seller of premier, aromatic 

Basmati rice. Hassad Food is 

the second overseas company to 

buy a majority stake in an Indian 

Basmati rice seller. 

US spice and seasoning maker 

McCormick & Co Inc (MKC) 

bought 85 percent of Kohinoor 

Foods Ltd in 2011. 

Hassad Food plans to invest up 

SATYENDRA PATHAK 

DOHA 

THE meeting of the general 

assembly of the Qatar 

Chamber, which was scheduled 

for Sunday at its headquarters, 

has been postponed 

to May 1 due to lack of 

quorum. 

Of the 32,831 members only 

214 could attend the meeting 

on Sunday. Qatar Chamber 

Chairman HE Sheikh Khalifa 

bin Jassim bin Mohammed al 

Chairman of Hassad Food Nasser al Hajri (centre) with other dignitaries, in New Delhi, recently. 

to $500 million in the food business 

in India over the next three to 

five years, Hajri said. 

It is discussing spice joint ventures 

with southern Indian companies, 

and will explore joint ventures 

in ready-to-eat processed 

food, fruit and vegetables, Hajri 

said. 

“Bush Foods Overseas has 

Thani postponed the meeting 

for lack of a quorum. The general 

assembly meeting on May 

1 shall be valid irrespective of 

the number of attendees. 

worked hard to be a respected 

name in the Basmati rice domain 

worldwide and now it has become 

the first Indian food companies to 

be acquired by a reputed food 

company from Qatar like Hassad 

Food. I am confident that Hassad 

Food is the ideal long term majority 

partner that can take the company 

to an even higher level,” 

The Qatar Chamber has 

invited all members to attend 

the meeting, which will review 

activities and achievements of 

2012, the annual report, and 

the auditor’s report for final 

accounts and statement of 

income and expenses for fiscal 

year 2012. 

The meeting will also discuss 

the budget for 2013, and 

ratification, and the assignment 

of an auditor for the fiscal 

year 2013, and determine 

fees. 

Awasty said. 

Bush Foods Oversees was founded 

in 1992 and has current 

turnover of $235 millions. The 

company specialises in premium 

basmati rice and has diversified 

into value-added processed foods 

such as ‘ready to eat’, spices and 

other ethnic range of international 

brands which are available in 

around 60 countries. 

Bush Foods’ flagship brands 

Neesa, Himalayan Crown and 

Indian Star are considered among 

the most trusted and reputed 

Basmati rice brands for their consistent 

quality. 

“We are excited about this acquisition 

which is a strong testament 

that Hassad Food is on the right 

track towards achieving its vision 

in becoming a leading global 

provider of high quality food products. 

“Hassad’s mission is to own and 

develop an efficient, profitable, 

growth-oriented global brands, 

contributing to the welfare of Qatar 

and other societies by providing 

high quality products while using 

the latest technology in harmony 

with the environment and adhering 

to the highest standards of corporate 

social responsibility and I am 

confident that the acquisition of 

Bush Food Overseas and its international 

brands is in line with what 

we are trying to achieve and will 

deliver what is expected from it” 

Hajri said. 

Bush Foods Overseas facilities 

are equipped with a brand new, 

$30 million fully automated technology 

rice mill with an annual 

capacity of 180000 metric tonnes 

of premium Basmati. 

Hassad Food, has also invested 

heavily in Pakistan for Basmati 

rice. Last year the company 

launched Pakistan’s Nathry extra 

long Basmati rice in the country , 

which was specially sourced and 

formulated for the Qatari market. 

Qatar Chamber general assembly put off for lack of quorum 

The meeting will 

also discuss the 

budget for 2013, 

and ratification, 

and the assignment 

of an auditor 

for the fiscal 

year 2013. 

QC Vice-Chairman Mohammed bin Towar al Kuwari (centre) at a meeting, in Doha, on Wednesday. 

Qatar, S Korea 

in JV to set up 

$35.7 million 

LED factory 

ASIF IQBAL 

DOHA 

QATAR is likely to set up a 

light-emitting diode (LED) 

lighting systems factory to 

meet the growing demand 

ahead of the 2022 FIFA 

World Cup finals. 

The factory, to be set up 

with an investment of about 

$35.7 million, will be a joint 

venture with a South Korean 

company, according to a 

statement from the South 

Korean Ministry of Trade, 

Industry and Energy on 

Wednesday. 

“The Qatar Korea LED 

Consortium, together with 

Qatar Intermediate 

Industries Holding Company 

Ltd, will invest $35.7 million 

to build a production facility 

that will begin manufacturing 

LED lighting systems 

from 2014,” the statement 

said. A memorandum of 

understanding on the joint 

investment project was 

signed in Seoul on 

Wednesday. 

The demand for LED 

lighting systems in Qatar is 

growing rapidly. It currently 

depends on imports to meet 

the requirement, the ministry 

said. The country 

imported $1.55 million 

worth of LED systems in 

2011 alone. 

The ministry said the 

joint venture will also allow 

the country access to other 

Middle Eastern countries 

as the Qatar-based company 

plans to begin exporting 

LED products to other 

countries in 2015. A lightemitting 

diode (LED) is a 

semiconductor light 

source. 

LEDs are used as indicator 

lamps in many devices 

and are increasingly used 

for other lighting purposes. 

According to the market 

research firm Strategies 

Unlimited, LED is set to 

emerge from its current 

state of low growth and 

LED market in the next 3-5 

years will be driven by lighting, 

display backlighting 

and automotive applications, 

and the overall market 

will reach the $11 billion 

size by 2013. 

QUICK READ 

Egyptian index slumps 

on currency woes 

CAIRO’S bourse fell to a new 2013 low 

on Wednesday as foreign investors sold 

stocks on fears that Egypt’s currency 

would be further devalued. 

The Egyptian pound has fallen sharply 

against the dollar on the black market in 

the last few days, due to dwindling supply 

of the US currency. A further decline 

is expected unless more hard currency 

enters the market. The value of the dollar 

is 17 percent higher on Wednesday 

than the official rate said Mohamed 

Radwan, director of international sales 

at Pharos Securities. “The dollar has 

shot up dramatically on the black market 

- that’s why people are selling on 

devaluation worries - they want to get 

out before FX losses get higher,” said 

Radwan. Cairo’s benchmark dropped 

2.2 percent to 4,926 points, its lowest 

level since December 6. (REUTERS) 

IMF to contribute $1.7bn 

to Cyprus bailout 

THE International Monetary Fund will 

contribute 1 billion euros ($1.29 billion) 

over three years to the 10 billion euro 

bailout for Cyprus, IMF Managing 

Director Christine Lagarde said in a 

statement on Wednesday. 

“A staff team of the International 

Monetary Fund has reached staff level 

agreement with the Cypriot authorities 

on an economic program that will be 

supported by the IMF jointly with the 

European Union and the European 

Central Bank,” Lagarde said. 

“A combined financing package of 10 

billion euros is designed to help Cyprus 

cover its financing needs, including to 

service debt obligations, while it implements 

the policies needed to restore the 

health of the economy and regain 

access to capital market financing,” she 

said. (REUTERS) 

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Source: www.dohabank.com.qa 

Doha gears up for 10th 

edition of Project Qatar 

PROJECT Qatar, a premier international 

and regional construction, building, environmental 

technology, and materials 

exhibition, on Wednesday announced 

milestones from last year’s highly successful 

event. 

Over the course of a decade, Project 

Qatar has grown into a strong partner 

for small and medium-sized enterprises 

in the GCC by empowering them to 

grow their businesses and drive progress 

in the construction market. 

Details for Project Qatar 2013 will be 

officially announced later this month. 

This year’s exhibition will take place 

from May 6 to May 9 at the Doha 

Exhibition centre. 

Project has seen the number of 

exhibitors more than double since 

2010, reaching 2,083 exhibitors from 

48 countries in 2012. (PG 28) 

Batelco buys CWC 

assets for $570mn 

BAHRAIN Telecommunications Co 

(Batelco), on Wednesday said it had 

completed the acquisition of the 

Monaco and Islands business division of 

telco Cable & Wireless Communications 

PLC for a total consideration of $570 

million. 

The deal, which was first announced 

in December, has now satisfied all necessary 

regulatory approvals and ownership 

of the assets has now been transferred 

to Batelco, the company said in 

an emailed statement. 

“Batelco Group is very pleased to formalise 

this transaction which will see 

the group emerge as a communications 

player of global relevance and Bahrain’s 

most diversified international company,” 

Sheikh Hamad bin Abdulla al Khalifa, 

chairman of Batelco Group, said in the 

statement. (ZAWYA DOW JONES)

22 Thursday, April 4, 2013 

In The Pipeline 

AFRICAN ENERGY SECTOR 

Samoan airline 

launches ‘pay 

by weight’ plan 

Employees spray water at a PetroChina oil storage facility, in Suijing, recently. (REUTERS) 

CNPC, Petronas eye stake in 

Marathon’s Angola oilfields 

REUTERS 

HONG KONG/SINGAPORE 

CHINA National Petroleum 

Corp and Malaysia’s Petronas 

are considering bids for 

Marathon Oil Corp’s stakes in 

two Angolan offshore oil and 

gasfields, people familiar with 

the matter said. 

This would be potentially 

the third major energy deal in 

Africa this year, a major new 

front for Asian state energy 

firms looking to fuel fast 

growing economies. 

Reuters estimates that at 

least $6 billion worth of oil 

and gas blocks are being sold 

by US independent companies, 

under pressure from 

shareholders and taking 

advantage of Asian interest to 

sell out of non-core assets. In 

total about $16 billion of oil 

and gas blocks are being sold 

globally, with $11 billion of 

that in Africa. 

It also signals another banner 

year for oil and gas M&A, 

after a record $345.9 billion 

last year. Asian firms’ share 

has more than doubled in a 

decade, according to 

Thomson Reuters data, to 

19.6 percent in 2012 from 7.6 

percent in 2003. 

Sanjeev Gupta, an Ernst & 

Young partner and co-author 

of a report on oil and gas 

M&A, told Reuters affordability 

is not an issue for these 

large state companies 

because they have access to 

cheap government-backed 

funding. 

“The Asian national oil 

companies are expected to 

pursue overseas acquisition 

opportunities despite substantial 

economic worries and 

geopolitical uncertainty,” said 

Gupta. 

CNPC, China’s largest oil 

and gas company by production 

and the parent of listed 

company PetroChina Co Ltd, 

last month agreed to buy a 

$4.2 billion stake in a 

Mozambique offshore natural 

gas field. US oil explorer 

Anadarko has also put up a 

stake in a Mozambique field 

that could fetch $4.5 billion. 

Petroliam Nasional Bhd, 

Malaysia’s state oil company, 

has also been stepping up its 

overseas purchases. Last year, 

it paid C$5.2 billion ($5.1 billion) 

to buy Canada’s 

Progress Energy Resources 

Corp. 

Houston-based Marathon 

first laid out plans in late 2011 

to divest up to $3 billion 

worth of assets to plough 

money back into other operations. 

Marathon has put its 

entire 10 percent stake each 

in Blocks 31 and 32 offshore 

Angola up for sale, the people 

said. The two Asian energy 

companies are working with 

advisors to place bids, though 

no deal was imminent, they 

added. BP, Total SA and 

Angolan state energy company 

Sonangol are among 

Marathon’s partners. 

Marathon, CNPC and 

Petronas declined to comment. 

Sources declined to be 

identified as the sale process 

is confidential. 

Marathon’s sale of Angolan 

blocks is tricky as Sonangol 

has the first right of refusal on 

the blocks. In 2009, Sonangol 

blocked a $1.3 billion deal to 

sell a 20 percent interest in 

the 32 block to China’s Cnooc 

and Sinopec by exercising this 

right. 

Marathon had already sold 

its Alaskan assets last month 

and its production levels in 

Libya remain uncertain following 

the conflict in the 

region. It also has operations 

in Canada, Norway, Poland 

and Indonesia. 

Marathon’s Angolan sale 

comes as other US independent 

oil majors are preparing 

for asset sales. 

REUTERS 

SYDNEY 

A SAMOAN airline that 

says it is the world’s first 

carrier to charge passengers 

by their weight rather 

than per seat defends the 

plan as the fairest way to 

fly, in some cases actually 

ending up cheaper than 

conventional tickets. 

Samoa Air, which 

opened in 2012, asks passengers 

to declare their 

personal weight during 

booking, which is then 

charged per kilogram (2.2 

lb) at a rate dependent on 

flight length. The customers 

will also be 

weighed at the check-in 

counter. 

“The industry has this 

concept that all people 

throughout the world are 

the same size,” Samoa Air 

CEO Chris Langton told 

Reuters. “Aeroplanes 

always run on weight, irrespective 

of seats.” 

“There is no doubt in my 

mind that this is the concept 

of the future. This is 

the fairest way of you travelling 

with your family, or 

yourself.” 

Though the airline instituted 

the plan last 

November, it caught attention 

last week when the 

carrier began international 

flights to neighbouring 

American Samoa and 

coincided with the publication 

of a report by a 

Norwegian economist suggesting 

that airlines 

should charge obese passengers 

more. 

The Pacific Islands contain 

some of the world’s 

most prevalent countries 

for obesity, many ranking 

in the top 10, according to 

the World Health 

Organisation (WHO). 

Samoa is ranked number 

four, with 59.6 percent of 

the population considered 

obese, said the most recent 

2008 WHO report. 

According to Samoa 

Air’s latest schedule, the 

airline charges up to 

WS$1.32 per kg for 

domestic flights and 

WS$2.40 per kg for its 

only international flight to 

American Samoa, around 

250 miles (402 km). A 150 

kg person flying one-way 

internationally would be 

charged $154.50. 

Children under 12 are 

charged 75 percent of the 

adult rate, with fares also 

based on weight. Any overweight 

baggage is calculated 

at the same rate as the 

passenger’s personal 

weight. 

The plan could actually 

prove cheaper in some 

cases, such as for families 

travelling with small children, 

and Langton said customer 

feedback has mainly 

been “amazingly positive”. 

“When the initial shock 

has worn off, there’s been 

nothing but support,” said 

Langton. “People who are 

up around 200 kg recognise...they’re 

paying (for) 

200 kg, so they deserve to 

get 200 kg of comfort,” he 

added. 

Bahrain halts telecom spectrum auction 

REUTERS 

DUBAI 

BAHRAIN has halted an auction 

to sell radio spectrum for 

next-generation telecom networks 

after a wireless broadband 

operator appealed 

against its exclusion from the 

sale, delaying improvements in 

the kingdom’s communications 

infrastructure. 

The Telecommunications 

Regulatory Authority (TRA) 

was due to auction 12 lots of 

spectrum primarily for longterm 

evolution (LTE), or 4G, 

networks from March 31 and 

the winners were expected to 

be announced in mid-April. 

But the regulator, which previously 

described the country’s 

communications infrastructure 

as inadequate, has now 

halted the process “pending 

further notice” following an 

appeal by menatelecom, 

according to a statement on its 

website. LTE potentially allows 

data speeds to more than double 

and is likely to be used in 

many markets as an alternative 

to building out expensive fixedline 

fibre-to-the-building networks. 

The spectrum auction 

was originally open to all bidders, 

potentially allowing new 

entrants into an already crowded 

market. 

The three mobile operators - 

Bahrain Telecommunica-tions 

Co (Batelco), Kuwait’s Zain 

and Viva Bahrain, an affiliate of 

Saudi Telecom Co - all opposed 

this and they appeared to get 

their wish when the TRA last 

month issued a notice saying 

the government had decided to 

limit the auction to this trio. 

But menatelecom, which 

uses WiMax technology to provide 

long-distance wireless 

broadband, has filed three 

related cases in Bahraini 

courts, the TRA told Reuters, 

which appeal against this decision 

and also request that the 

auction be delayed. 

Bahrain’s 1.3 million population 

is also served by about 10 

Internet providers in arguably 

the most liberalised telecoms 

market in the Gulf. The next 

court hearing is on Thursday, 

the TRA said. 

The passengers are asked to declare their personal weight 

during booking. 

BP puts US wind farm arm up 

for sale to meet oil spill losses 

REUTERS 

LONDON 

BP HAS put its US wind 

farm operation, one of the 

largest in the country, up for 

sale, marking the continued 

retreat of big oil companies 

from renewable energy 

investments while oil and 

gas projects offer them better 

returns. 

The British oil company 

has already sold or earmarked 

for sale some $38 

billion worth of assets, partly 

to raise funds to pay for 

its 2010 US oil spill liabilities, 

but also to reposition 

itself as a smaller, leaner 

company with an emphasis 

on high-margin oil production 

and exploration. 

Reports said the sale could 

raise a further $1.5 billion. 

BP would not put a value 

on any sale, but said in a 

statement it expected 

“attractive offers” for the 

BP has already sold some $38 billion worth of assets. 

assets. 

They include interests in 

16 operating wind farms in 

nine states with a combined 

generating capacity of 

around 2,600 megawatts of 

renewable power, as well as 

a portfolio of projects in 

various stages of development. 

Over a decade ago, big oil 

companies including BP 

and Shell began to ramp up 

investment in renewable 

energy. 

But the uncertain outlook 

for government subsidies 

and prices in solar, wind 

and other clean energy 

areas, along with the reemergence 

of strong prices 

for oil and opportunities to 

develop large gas fields, 

have since distracted their 

attention. 

BP, which under former 

chief executive John 

Browne once named itself 

“Beyond Petroleum”, still 

has a substantial interest in 

Brazilian biofuels, but has 

invested only about $1 billion 

a year in renewables 

since 2005 from a total capital 

spending budget of well 

over $20 billion annually. It 

has no specific investment 

plans for the sector in the 

years ahead.

Global Economy Thursday, April 4, 2013 23 

Singapore’s 

factory 

output up 

in March 

REUTERS 

SINGAPORE 

Singapore’s industrial 

output fell 8.6 

percent in January 

and February compared 

with the first 

two months of 

2012, hurt by a 

sharp drop in the 

production of electronics 

and pharmaceuticals. 

MANUFACTURING activity 

in Singapore recovered in 

March as orders expanded, 

reversing from a slowdown in 

February, as the city-state’s 

factories continued to post a 

choppy performance. 

The Purchasing Managers’ 

index (PMI) rose to 50.6 

points last month from 49.4 

points in February, rising 

above the key 50-point level 

that separates expansion 

from contraction, the 

Singapore Institute of 

Purchasing & Materials 

Management (SIPMM) said 

on Wednesday. 

“The increase in the overall 

PMI was attributed to further 

expansion in new orders,” the 

institute said in a statement. 

SIPMM said sub-indexes 

for new export orders and 

production output turned 

positive in March after contracting 

in February, while 

the sub-index for employment 

stayed below the 50- 

point level for the second 

straight month. 

A separate PMI for 

Singapore’s electronics sector 

dipped slightly, falling to 51.9 

points from 52.1 points in 

January although remaining 

in positive territory, the institute 

added, affirming the view 

held by many economists that 

the sector has bottomed out 

and will recover later this 

year. 

Singapore’s industrial output 

fell 8.6 percent in January 

and February compared with 

the first two months of 2012, 

hurt by a sharp drop in the 

production of electronics and 

pharmaceuticals. 

But electronic exports rose 

month-on-month in February 

after adjusting for seasonal 

factors such as the Lunar New 

Year holidays falling in 

February this year and 

January last year, trade 

agency International 

Enterprise Singapore said. 

The improvement in 

Singapore’s manufacturing 

PMI for March is consistent 

with the global trend, as seen 

from the rise in the JPMorgan 

Global Manufacturing PMI to 

51.2 in March from 50.9 in 

February. 

Singapore, whose trade is 

around three times GDP, has 

been badly hit by the weakness 

in Western economies 

that has crimped demand for 

many of its exports. 

Its electronics manufacturers 

have also not been as successful 

in tapping surging 

demand for smartphones as 

their rivals in South Korea 

and Taiwan, although investment 

in the sector remained 

healthy. 

Chairman of the Hellenic Federation of Enterprises Dimitris Daskalopoulos (centre) during a news conference on the consequences of the Cypriot crisis for Greece and 

Europe, at the Foreign Press Association, in Athens, on Wednesday. (EPA) 

Cyprus crisis could derail Greek 

recovery, industry lobby warns 

AFP 

ATHENS 

THE economic crisis in 

Cyprus and the “violent” 

solution imposed on banks 

could derail Greece’s fragile 

economic recovery and 

undermine European cohesion, 

the head of the country’s 

industry lobby warned 

on Wednesday. 

“The Cyprus crisis and 

European uncertainty could 

cost Greece dearly,” Dimitris 

Daskalopoulos, head of the 

Hellenic Federation of 

Enterprises (SEV) told a 

news conference. 

“The success of the Greek 

recovery programme was 

already hanging by a 

thread... the recession is getting 

deeper in 2013 and 

recovery will not come in 

2014,” he said. 

Cyprus absorbs some 9.0 

percent of Greek exports and 

there are fears that the 

neighbouring island’s brush 

with bankruptcy last month 

will hamper efforts in Greece 

to pull the economy out of a 

five-year recession. 

“According to certain calculations 

(the Cyprus crisis) 

could remove up to a percentage 

point of (Greek) output,” 

Daskalopoulos said. 

In an interview on 

Monday, Bank of Greece 

Governor George 

Provopoulos had said the 

economy is expected to contract 

by up to 4.5 percent of 

“The success of 

the Greek recovery 

programme 

was already 

hanging by a 

thread... “ 

output this year, with some 

0.35 percent owing to the 

crisis in Cyprus. 

The Greek industry chief 

also warned on Wednesday 

that “ad hoc” reactions to the 

PTI 

NEW DELHI 

IN a significant message to 

the private sector, Prime 

Minister Manmohan Singh 

on Wednesday said government’s 

relevance in growth 

story cannot be discounted as 

was talked about in 2007 and 

asked the industry to have 

faith in the executive. 

Singh conceded that the 

government is not the “prime 

driver” of growth in the private 

sector led economy, but 

the sector needs an environment 

in which enterprise can 

flourish. 

“In 2007, I often heard it 

said that government had 

European economic crisis 

dimmed the bloc’s appeal to 

its own people. 

“Berlin — and by extension 

the EU — appear to be 

reacting on an ad hoc basis 

every time a crisis breaks 

out, mainly persisting on 

austerity policies,” 


“This feeds euro-scepticism... 

and erodes the 

European ideal. Austerity is 

not an alternative vision for 

European people,” he said. 

In Greece, four unbroken 

years of cutbacks have 

increased anti-German sentiment 

but also swelled the 

ranks of a neo-Nazi and antiimmigrant 

group, Golden 

Dawn, that promises to end 

political corruption by mainstream 

parties. 

“From 2009 onwards we 

are supposed to have given 

everything to safeguard our 

European future,” 


“But now, this future is an 

uncharted territory. Neither 

Germany, nor France, nor 

Italy really know what will 

happen from now on.” 

“The north must give and 

the south must change,” 


“Otherwise, Europe’s historic 

demons will find room 

to act again.” 

become irrelevant because 

India will grow at 9 per cent 

whatever the government 

does. “The consensus today is 

that unless the government 

acts swiftly, our growth, 

which has already decelerated, 

will be perennially stuck at 

5 per cent. Naturally, I welcome 

the rediscovery on the 

part of business of the importance 

of government!,” Singh 

said at CII annual general 

meeting. 

Recalling his last address at 

CII’s AGM, which was seven 

years ago, Singh said he had 

chosen to strike a contrarian 

note even as everything 

seemed to be going exceptionally 

well. “I struck a note 

EU, IMF to 

resume 

Greek 

reforms audit 

AFP 

ATHENS 

AUDITORS from the EU and 

IMF will resume an inspection 

of Greek reforms this 

week that was suspended just 

days before the banking crisis 

erupted in Cyprus. 

The mission from the socalled 

troika of creditors — 

the EU, IMF and the 

European Central Bank — 

interrupted their audit in 

March to allow the government 

to work on “a few outstanding 

issues” believed to 

include civil service job cuts 

and a revised property tax. 

Attention then turned to 

the economic meltdown in 

Cyprus, where the government 

on Tuesday concluded 

talks with the troika on a €10 

billion ($12.8-billion) bailout 

after a narrow brush with 

bankruptcy. 

Greece’s own bailout, initiated 

in 2010, is over 20 times 

higher. 

An audit report from the 

troika, which resumes meetings 

with Greek officials on 

Thursday, is required to 

release a €2.8 billion loan 

slice delayed since last 

month. 

Another €6.0 billion euros 

was also originally scheduled 

for the first quarter of this 

year but will now have to wait 

at least until mid-April. 

Greece in April must repay 

€3.6 billion euros in maturing 

treasury bills, followed by 

another €3.2 billion in May. 

But a finance ministry 

source insisted on 

Wednesday: “We do not have 

a problem (with payments).” 

Conservative Prime 

Minister Antonis Samaras is 

under pressure from his 

coalition partners, the socialists 

and moderate leftists, to 

alleviate the tax burden on a 

nation groaning under a 

fourth year of austerity and a 

sixth year of recession. 

Under the bailout conditions 

adopted last year, 

Greece needs to cut public 

sector workers by 25,000 in 

2013 and a total of 150,000 

by the end of 2015. 

Greece must also speed up 

privatisation plans and recapitalise 

its top banks. 

Indian PM exhorts industry to have faith in govt 

of caution. Some of my 

friends later told me that my 

remarks seemed unnecessarily 

downbeat at that time, but 

you will agree that these are 

precisely the issues that 

began to receive global attention 

in the aftermath of the 

global economic crisis. 

“I propose to strike a contrarian 

note once again. If the 

business mood was unduly 

optimistic in 2007, I think it 

is unduly pessimistic today. 

This needs correction”. 

The private sector, he said, 

needs an environment in 

which enterprise can flourish 

and create both jobs and 

stimulate growth to ensure 

that it remains inclusive. 

Iraqi economy booms, capital flight remains substantial 

REUTERS 

BAGHDAD 

WHEN a recent lecture for a 

group of Baghdad university 

students started with the 

question, “What is the Iraq 

Stock Exchange?”, only one 

young participant put up her 

hand to respond, and got the 

answer wrong. 

Last month’s scene at the 

headquarters of the Baghdad 

bourse revealed the struggle 

which Iraq faces to modernise 

its financial system: it 

must overcome primitive, 

ultra-conservative savings 

habits born of decades of war 

and political instability. 

Thanks to a partial 

improvement of security and 

an oil boom, Iraqis’ average 

incomes are rising sharply, 

and they are able to save 

more. But many of these savings 

are not being channelled 

into the stock market, where 

they could earn returns, or 

even into bank deposits, 

where they could be lent on 

to companies for fresh investment. 

Instead, they are going into 

real estate, where a large proportion 

of the money 

becomes tied up unproductively, 

or being hidden in 

people’s homes in the form of 

cash - sometimes hard currencies 

such as US dollars - 

or jewellery. 

“Other countries have 

political and security stability 

but we do not,” said local 

economist Majid al Souri. “So 

people tend to put their 

money under the pillow.” 

Iraqis’ average 

incomes are rising 

sharply, and they 

are able to save 

more. 

Iraq’s economy grew about 

8 percent last year and is projected 

to exceed that performance 

in the next five 

years, the International 

Monetary Fund says. Such 

growth is supporting a big, if 

uneven, rise of incomes. 

Since the US-led invasion 

that ousted Saddam Hussein 

in 2003, Iraqi government 

salaries have jumped from 

the equivalent of a few US 

dollars a month to a minimum 

of around $200 - 

though some of that increase 

is due to appreciation of the 

local currency against the 

dollar. Government figures 

show the per capita annual 

income in Iraq is now about 

$4,000. 

Official, comprehensive 

data are not available, but the 

IMF estimates Iraqis will save 

about a third of their national 

income this year - a rate about 

10 percentage points higher 

than many wealthy countries 

in Europe, and 20 points 

higher than the United States 

and Britain. Iraq’s gross 

domestic product was about 

$130 billion last year. But 

guiding the savings into productive 

investments within 

the country is proving difficult. 

The political and security 

situation is one big obstacle. 

Although Iraq is much safer 

than it was during the sectarian 

bloodletting that killed 

tens of thousands in 2006- 

2007, Sunni insurgents tied 

to Al Qaeda still carry out 

major attacks. Bombs hit 

Shiite Muslim mosques in 

Baghdad and the northern 

Iraqi city of Kirkuk last week, 

killing at least 19 people.


Bulls & Bears 

QATAR EXCHANGE 

ADJ.CLOSE CHANGE CHANGE % BID SIZE BID ASK ASK SIZE OPEN PRICE HIGH LOW LAST PREVIUOS CLOSE NUMBER TRADES VOLUME TRADED VALUE (000) YEAR HIGH YEAR LOW 

Aamal Holding 15.10 0.04 0.27 1,267 15.10 15.15 7,364 15.15 15.20 15.10 15.10 15.06 20 8,894 134.48 15.69 14.66 

Al-Ahli Bank of Qatar 56.00 0.00 0.00 1,867 52.80 53.90 1,000 56.00 56.00 56.00 56.00 56.00 2 94 5.26 59.90 50.00 

Al Khaleeji Bank 16.42 (0.03) (0.18) 5,000 16.34 16.42 195 16.41 16.45 15.70 16.42 16.45 48 183,555 2,971.53 17.69 15.86 

Al Meera Consumer 125.60 (2.40) (1.88) 276 125.60 126.20 1,377 128.50 128.50 124.50 125.60 128.00 130 102,529 12,933.20 172.20 121.50 

Al Khaleej Group 37.40 0.35 0.94 7,200 37.40 37.70 978 37.30 37.70 37.30 37.40 37.05 16 12,131 453.57 51.00 36.60 

Barwa Real Estate QSC 23.89 (0.97) (3.90) 8,388 23.89 23.90 6,300 24.39 24.40 23.80 23.89 24.86 735 1,560,988 37,656.02 28.30 24.00 

Dlala Brokerage and Investment Holding Co 25.90 0.00 0.00 5,000 24.60 28.40 500 0.00 0.00 0.00 0.00 25.90 0 0 0.00 35.20 25.70 

Doha Bank Ltd 47.35 0.05 0.11 500 47.25 47.35 167 47.25 47.35 47.00 47.35 47.30 70 42,378 1,999.46 57.60 42.00 

Doha Insurance Co 25.50 0.30 1.19 670 25.30 25.45 438 25.40 25.50 25.40 25.50 25.20 2 44,020 1,118.11 29.80 24.80 

Ezdan Real Estate 15.70 (0.05) (0.32) 1,420 15.62 15.73 625 15.75 16.00 15.70 15.70 15.75 31 38,037 602.81 18.28 15.03 

Gulf Intr Serv 37.45 (0.45) (1.19) 36,089 37.45 37.50 450 37.80 38.80 37.25 37.45 37.90 349 474,121 17,983.08 37.90 29.70 

Gulf Warehousing 37.00 (0.55) (1.46) 2,000 37.05 37.55 176 37.55 37.55 37.00 37.00 37.55 9 5,258 195.97 45.10 36.00 

Industries Qatar QSC 160.50 1.50 0.94 3,229 160.00 160.50 6,455 160.30 160.50 159.00 160.50 159.00 171 160,834 25,736.02 176.00 153.30 

Islamic Holding 31.50 0.00 0.00 270 31.30 31.50 2,021 31.30 31.85 31.20 31.50 31.50 14 6,780 213.89 39.30 30.10 

Mannai Corp. 86.00 0.00 0.00 250 85.10 87.90 2,000 0.00 0.00 0.00 0.00 86.00 0 0 0.00 91.00 77.00 

Masraf Al Rayyan 24.90 0.25 1.01 627 24.75 24.90 19,309 24.51 24.90 24.51 24.90 24.65 117 102,368 2,528.07 26.50 24.00 

Mazaya Qatar 11.10 0.28 2.59 16,495 11.10 11.14 8,000 10.86 11.31 10.78 11.10 10.82 205 953,233 10,541.30 12.64 10.52 

Medicare Group 36.00 (0.40) (1.10) 1,173 36.00 36.30 1,000 36.20 36.50 36.00 36.00 36.40 44 56,931 2,058.45 37.90 34.10 

National Leasing Company 33.90 (1.05) (3.00) 2,689 33.90 34.00 14,860 35.00 35.00 33.60 33.90 34.95 214 392,307 13,402.18 47.10 34.80 

Qatar Cinema and Film 59.10 0.00 0.00 500 59.50 62.80 1,000 0.00 0.00 0.00 0.00 59.10 0 0 0.00 66.70 51.10 

Commercial Bank of Qatar 65.00 (0.50) (0.76) 5,000 64.80 65.00 9,439 65.50 65.90 64.60 65.00 65.50 194 338,092 22,034.70 78.50 65.20 

Qatar Electricity & Water 139.90 0.00 0.00 323 139.50 139.90 500 140.00 140.00 139.00 139.90 139.90 64 51,449 7,200.61 147.50 130.00 

Qatar Gas Transport Company 16.30 0.02 0.12 7,000 16.28 16.30 1,000 16.28 16.40 16.20 16.30 16.28 293 820,226 13,401.27 17.60 15.26 

Qatar General Insurance & Reinsurance 42.00 0.00 0.00 1,000 41.10 45.50 911 0.00 0.00 0.00 0.00 42.00 0 0 0.00 49.50 38.20 

Qatar Industrial Manufacturing 50.00 0.35 0.70 508 50.00 50.90 506 50.00 50.00 50.00 50.00 49.65 4 3,127 156.35 54.90 49.00 

Qatar International Islamic Bank QSC 51.80 0.50 0.97 3,918 51.80 52.00 4,049 51.50 51.80 51.50 51.80 51.30 9 18,410 952.62 57.50 51.00 

Qatar Islamic Bank 70.90 (0.10) (0.14) 244 70.90 71.00 32,259 71.10 71.10 70.70 70.90 71.00 15 18,568 1,315.38 77.50 70.00 

Qatar Islamic Insurance 52.50 (0.20) (0.38) 700 51.40 52.30 20 51.00 52.50 51.00 52.50 52.70 2 280 14.30 60.40 51.50 

Qatar Meat & Livestock Company 65.00 (0.30) (0.46) 108 64.90 65.00 10,129 65.10 65.50 64.70 65.00 65.30 73 76,996 5,007.38 67.80 56.00 

Qatar National Cement 99.50 0.50 0.51 401 99.50 99.60 125 99.50 99.80 99.50 99.50 99.00 19 11,876 1,181.94 106.00 97.00 

Qatar Telecom 110.40 0.50 0.45 232 109.80 110.40 1,096 109.50 110.40 109.50 110.40 109.90 50 36,967 4,067.43 119.60 103.50 

Qatari German Company for Medical Devices 11.85 0.15 1.28 950 11.80 11.85 1,489 11.70 11.93 11.70 11.85 11.70 39 72,442 857.42 15.69 11.40 

Qatar Fuel Company 241.60 3.60 1.51 428 241.60 241.70 898 239.00 241.70 238.80 241.60 238.00 98 49,534 11,902.75 303.90 220.00 

Qatar Insurance Company 55.00 0.60 1.10 102 55.00 55.50 21 55.80 55.80 54.20 55.00 54.40 33 36,154 1,984.15 72.80 50.70 

Qatar Navigation Q.S.C. 61.50 (0.30) (0.49) 1,000 61.10 61.50 2,000 61.60 61.60 61.30 61.50 61.80 18 20,976 1,288.96 67.10 61.00 

Qatar Oman Inves 12.60 0.45 3.70 862 12.55 12.60 13,786 12.20 12.85 12.20 12.60 12.15 127 712,673 9,036.26 13.74 11.71 

Qatari Investment Group 21.69 0.04 0.18 505 21.69 21.70 1,000 21.55 21.70 21.50 21.69 21.65 36 28,612 616.99 23.40 19.80 

Qatar National Bank 136.30 1.60 1.19 197 136.00 136.30 1,172 134.80 136.30 134.70 136.30 134.70 189 133,741 18,124.59 141.70 128.20 

Salam International Investment Co 13.00 0.00 0.00 0 0.00 13.30 2,000 0.00 0.00 0.00 0.00 13.00 0 0 0.00 13.68 12.65 

United Development Company 17.34 0.24 1.40 1,500 17.22 17.34 385 17.15 17.47 17.03 17.34 17.10 137 506,172 8,786.66 18.68 16.61 

Vodafone Qatar 8.67 0.05 0.58 1,820 8.62 8.67 42,444 8.61 8.67 8.60 8.67 8.62 77 190,798 1,645.43 9.00 8.30 

ZAD Holding 63.90 0.00 0.00 3 63.90 64.00 3,130 64.00 64.00 63.90 63.90 63.90 20 14,228 910.54 66.00 57.50 

Dubai Financial Market 1,854.01 0.57 

Arabian Scandinavian Insurance Co 2.09 0.00 

Agility Public Warehousing 17.60 0.00 

Air Arabia 0.80 3.65 

Ajman Bank 1.50 0.00 

Al Firdous Holdings 0.70 0.00 

Al Mazaya Holding Co 1.17 0.00 

Al Sagr National Insurance Co 4.55 0.00 

Al Salam Bank Bahrain 0.74 5.57 

Alliance Insurance 383.50 0.00 

Al Madina for Finance and Investment Co 0.74 0.00 

Al Salam Bank Sudan 1.65 0.00 

Amlak Finance 1.02 0.00 

Arab Heavy Industries 193.35 0.00 

Arab Insurance Group 1.45 0.00 

Arabtec Holding 2.08 0.48 

Aramex 2.22 0.00 

Dubai Investment 0.94 1.18 

Dubai Islamic Insurance and Reinsurance Co 1.00 0.00 

Dubai Islamic Bank 2.08 1.46 

Abu Dhabi Securities Exchange 3,022.23 0.51 

Al Ain Ahlia Insurance Co 35.00 0.00 

Al Buhaira National Insurance Co 3.43 0.00 

Abu Dhabi Aviation 3.03 1.34 

Abu Dhabi Commercial Bank 4.19 0.00 

Abu Dhabi Islamic Bank 3.66 0.00 

Abu Dhabi National Hotels Co 1.95 8.33 

Abu Dhabi National Insurance Co 5.50 0.00 

Abu Dhabi Ship Building 1.03 0.00 

Al Fujairah National Insurance Co 300.00 0.00 

Agthia Group 2.53 0.00 

Al Khazna Insurance Co 0.73 0.00 

Aldar Properties 1.41 2.17 

Arkan Building Materials Co 0.62 -1.59 

International Fish Farming Holding Co 14.85 0.00 

Al Wathba National Insurance Co 2.25 0.00 

Abu Dhabi National for Building Materials Co 0.47 0.00 

Bank of Sharjah 1.38 0.00 

Commercial Bank International 1.33 0.00 

Dana Gas Co PJS 0.46 2.22 

Al Dhafra Insurance Co 6.20 0.00 

Emirates Driving Co 3.00 0.00 

Emirates Insurance Co 6.55 0.00 

Eshraq Properties Co 0.58 5.45 

Emirates Telecommunication Corp Ltd 9.68 -0.21 

Fujairah Building Industries Co 1.63 0.00 

Fujairah Cement Industries Co 1.05 0.00 

First Gulf Bank 13.85 0.73 

Finance House 3.00 0.00 

Foodco Holding 1.30 0.00 

Bahrain Stock Exchange Co 1,090.17 -0.15 

Al Baraka Banking Group 0.70 -4.76 

Ahli United Bank 0.58 0.00 

Alahlia Insurance Co 0.30 0.00 

Al Salam Bank Bahrain 0.08 4.17 

Aluminum Bahrain (duplicate) 0.44 1.40 

Arab Banking Corporation 0.35 0.00 

Arab Insurance Group 0.34 0.00 

Bahrain Kuwait Insurance Co 0.59 0.00 

Bahrain Car Parks Co 0.15 0.00 

Bahrain Cinema Co 1.15 0.00 

Bahrain Commercial Facilities Co 0.61 0.00 

Bahrain Duty Free Shop Complex 0.74 0.00 

Bahrain Family Leisure Co 0.11 0.00 

Bahrain Flour Mills Co 0.34 0.00 

Bahrain Islamic Bank 0.10 2.04 

Bahrain National Holding Co 0.35 0.00 

Bahrain Ship Repairing and Engineering Co 2.00 0.00 

Bahrain Telecommunications Co 0.38 0.53 

Bahrain Tourism Co 0.32 0.00 

Banader Hotels Co 0.06 0.00 

BBK 0.38 0.00 

Bank Muscat 0.62 0.00 

DUBAI 

PRICE % CHANGE PRICE % CHANGE 

ABU DHABI 

BAHRAIN 

Dubai Refreshments 14.00 0.00 

Deyaar Development 0.32 2.26 

Dubai Financial Market 1.08 0.93 

Dubai National Insurance & Reinsurance Co 2.42 0.00 

Drake and Scull International 0.73 1.24 

Emirates Integrated Telecommunications Co 4.33 -6.48 

Dubai Development Co 2.24 0.00 

Dubai Insurance Co 3.10 0.00 

Commercial Bank of Dubai 3.47 0.00 

Ekttitab Holding Co 1.25 1.63 

Emirates Islamic Bank 0.00 0.00 

Emaar Properties 5.34 1.91 

Emirates Investment Bank 711.48 0.00 

Emirates NBD Bank 4.05 0.25 

Emirates Refreshments 6.05 0.00 

Global Investment House 0.62 0.00 

Gulf Finance House 0.50 -0.20 

Gulf General Investment Co 0.31 0.00 

Gulf Navigation Holding 0.23 1.33 

Gulfa Mineral Water & Processing Industries Co 2.87 0.00 


Gulf Cement Co 1.14 0.00 

Green Crescent Insurance Co 0.40 0.00 

Gulf Livestock Co 6.98 0.00 

Gulf Medical Projects Co 1.62 0.00 

Gulf Pharmaceutical Industries 2.73 0.00 

Insurance House 1.65 0.00 

Invest Bank 1.70 0.00 

Methaq Takaful Insurance Co 0.99 0.00 

National Bank of Abu Dhabi 10.95 0.00 

National Bank of Fujairah 2.89 0.00 

National Bank of Umm Al Qaiwain 2.00 0.00 

National Corp for Tourism and Hotels 6.73 0.00 

National Marine Dredging 9.25 0.00 

Oman and Emirates Investment Holding Co 0.90 0.00 

Umm Al Qaiwain Cement Industries Co 0.80 0.00 

Qatar Telecom QSC 114.00 0.00 

National Bank of Ras Al Khaimah 5.00 0.60 

Ras Al Khaimah for White Cement & Construction... 1.33 1.53 

Ras Al Khaimah National Insurance Co 3.75 0.00 

Ras Al Khaimah Poultry and Feeding Co 1.25 0.00 

Ras Al Khaimah Cement Co 0.65 0.00 

Ras Al Khaimah Ceramics 1.90 4.40 

RAK Properties 0.45 2.27 

Sharjah Cement & Industrial Development Co 0.81 0.00 

Sudatel Telecom Group Ltd 1.04 0.00 

Sharjah Islamic Bank 0.95 3.26 

Sharjah Insurance Co 5.00 0.00 

Sorouh Real Estate Co 1.72 2.38 

Abu Dhabi National Energy Co 1.40 0.72 

Abu Dhabi National Takaful Co 5.06 0.00 


Bahrain Middle East Bank 0.06 0.00 

BMMI 0.65 0.00 

Delmon Poultry Co 0.26 0.00 

Esterad Investment Co 0.19 0.00 


Gulf Finance House 0.14 0.00 

Gulf Hotel Group 0.66 0.00 

Gulf Monetary Group 0.04 0.00 

Inovest 0.28 0.00 

International Investment Group Co 0.68 0.00 

Investcorp Bank 669.00 0.00 

Ithmaar Bank 0.22 -4.44 

Khaleeji Commercial Bank 0.04 -2.56 

Nass Corporation 0.15 0.00 

National Bank of Bahrain 0.51 0.00 

National Hotels Co 0.41 0.00 

Securities and Investment Co 0.31 0.00 

Seef Properties 0.14 -1.46 

Taib Bank 2.73 0.00 

Takaful International Co 0.29 0.00 

Trafco Group 0.23 0.00 

United Finance Co 0.37 0.00 

United Gulf Bank 0.21 0.00 

Kuwait Stock Exchange 6,814.36 0.81 

Aayan Leasing and Investment Co 78.00 0.00 

Aayan Real Estate Co 104.00 0.00 

Abyaar Real Estate Development Co 46.50 -1.06 

Acico Industries Co 220.00 0.00 

Advanced Technology Co 660.00 0.00 

Al Ahleia Insurance Co SAK 500.00 0.00 



Ajial Real Estate Entertainment Co 144.00 -2.70 

Al Ahli Bank of Kuwait 560.00 0.00 

Al Argan International Real Estate Co 154.00 0.00 

Al Deera Holding Co 37.50 2.74 

Al Enmaa Real Estate Co 88.00 -1.12 

Al Madar Finance and Investment Co 41.00 3.80 

Al Mazaya Holding Co 94.00 -1.05 

Al Mowasat Healthcare Co 186.00 0.00 

Al Mudon International Real Estate Co 168.00 0.00 

Al Nawadi Holding Co 120.00 0.00 

Al Qurain Holding Co 24.00 0.00 

Al-Safat Energy Holding 58.00 0.00 

Al Safat Investment Co 100.00 0.00 

Al Safat Tec Holding Co 87.00 -3.33 

Al Safwa Group Holding Co 13.00 0.00 

Al-Salam Group Holding Co 248.00 2.48 

Tamdeen Investment Co 182.00 1.11 

Al Aman Investment Co 72.00 0.00 

Al Mal Investment Co 53.00 1.92 

Al Massaleh Real Estate Co 85.00 4.94 

Al Ahlia Holding Co 13.00 0.00 

Al Dar National Real Estate Co 27.50 10.00 

Alimtiaz Investment Group 73.00 0.00 

Al Kout Industrial Projects Co 630.00 0.00 

Al Madina for Finance and Investment Co 53.00 0.00 

Alrai Media Group Co 106.00 -1.85 

Amwal International Investment Co 70.00 0.00 

Aqar Real Estate Investments Co 90.00 0.00 

Al Arabiya Real Estate Co 50.00 5.26 

Arabi Holding Group Co 130.00 0.00 

Aref Energy Holding Co 108.00 0.00 

Arkan Al Kuwait Real Estate Co 86.00 0.00 

Automated Systems Co 470.00 1.08 

ALAFCO Aviation Lease and Finance Co 335.00 0.00 

Bahrain Kuwait Insurance Co 355.00 0.00 

Bayan Investment Co 76.00 7.04 

Boubyan Bank 640.00 -1.54 

Boubyan International Industries Holding Co 89.00 5.95 

Boubyan Petrochemical Co 620.00 0.00 

Burgan Bank SAK 530.00 1.92 

Burgan for Well Drilling Trading & Maintenance Co 182.00 0.00 

City Group Co 430.00 0.00 

Coast Investment and Development Co 49.50 0.00 

Commercial Facilities Co 330.00 0.00 

Combined Group Contracting Co 1,380.00 0.00 

Muscat Securities Market 6,057.17 0.79 

Al Anwar Ceramic Tiles Co 0.39 1.03 

Ahli Bank 0.17 0.58 

ACWA Power Barka 0.53 -2.41 

Al Anwar Holdings 0.21 -0.48 

Al Jazeira Services Co 0.44 1.40 

Al Jazeera Steel Products Co 0.31 4.39 

Al Batinah Development & Investment Holding Co 0.08 2.50 

Al Omaniya Financial Services 0.36 0.00 

Majan College University College 0.35 0.00 

Bank Dhofar 0.39 1.57 

Bank Muscat 0.62 0.33 

Oman Oil Marketing Co 2.10 -1.37 

Oman Oil Marketing Co 0.25 0.00 

Construction Materials Industries & Contracting Co 0.07 4.48 

Dhofar Cattle Feed Co 0.30 -1.36 

Dhofar International Development & Investment... 0.48 3.74 

Dhofar Insurance Co 0.23 0.00 

Financial Corporation Co 0.10 0.00 

Financial Services Co 0.09 5.68 

Global Financial Investments Holding 0.11 2.68 

Gulf International Chemicals 0.17 3.61 

Gulf Investment Services Holding Co 0.14 -0.70 

KUWAIT 


MUSCAT 

Commercial Bank of Kuwait 730.00 7.35 

Commercial Real Estate Co 91.00 0.00 

National Consumer Holding Co 102.00 0.00 

Credit Rating and Collection 57.00 -5.00 

Danah Al Safat Foodstuff 70.00 0.00 

Egypt Kuwait Holding Co SAE 315.00 0.00 

Educational Holding Group 96.00 -2.04 

Ekttitab Holding Co 94.00 0.00 

Equipment Holding Co 420.00 3.70 

Eyas for Higher and Technical Education Co 216.00 0.00 

First Dubai for Real Estate Development Co 48.00 2.13 

First Investment Co 116.00 1.75 

First Takaful Insurance Co 65.00 0.00 

Fujairah Cement Industries Co 98.00 0.00 

Future Communications Co Global 154.00 2.67 

Future Kid Entertainment & Real Estate Co 144.00 0.00 

Gulf Franchising Holding Co 90.00 0.00 


Gulf Bank 415.00 1.22 

Gulf Cable and Electrical Industries Co 1,000.00 2.04 

Gulf Cement Co 84.00 1.20 

Gulf Finance House 39.00 -3.70 

Gulf Glass Manufacturing Co 610.00 0.00 

Gulf Insurance 530.00 0.00 

Gulf Investment House 57.00 0.00 

Gulf North Africa Holding Co 53.00 0.00 

Gulf Petroleum Investment Co 154.00 6.94 

Hayat Communications Co 82.00 2.50 

Heavy Engineering Industries & Shipbuilding Co 146.00 -2.67 

Hilal Cement Co 240.00 0.00 

Hits Telecom Holding Co 61.00 1.67 

Housing Finance Co 33.50 0.00 

Human Soft Holding Co 248.00 0.00 

IFA Hotels and Resorts Co 360.00 0.00 

Ikarus Petroleum Industries Co 162.00 -1.22 

Independent Petroleum Group 360.00 -1.37 

Industrial and Financial Investments Co 22.00 0.00 

Injazzat Real Estate Development Co 102.00 2.00 

Inovest 76.00 0.00 

International Financial Advisors 56.00 5.66 

International Finance Co 70.00 2.94 

International Resorts Co 45.00 5.88 

Investors Holding Group Co 23.00 -2.13 

Ithmaar Bank 62.00 -1.59 

Jazeera Airways 490.00 2.08 

Jeeran Holding Co 82.00 -1.20 

KGL Logistics Co 340.00 0.00 

KIPCO Asset Management Co 104.00 0.00 

Kuwait & Middle East Financial Investment Co 51.00 -1.92 

Kout Food Group 620.00 0.00 

Kuwait and Gulf Link Transport Co 126.00 3.28 

Kuwait China Investment Co 74.00 1.37 

Kuwait Foundry Co SAK Closed 285.00 -3.39 

Kuwait Insurance Co SAK 280.00 0.00 


HSBC Bank Oman 0.18 1.12 

Al Hassan Engineering Co 0.21 7.94 

Al Jazeira Services Co 0.55 0.00 

Al Kamil Power Co 2.25 0.00 

Al Maha Petroleum Products Marketing Co 20.00 0.05 

Muscat Finance 0.16 0.00 

Majan Glass Co 0.34 0.00 

Muscat National Holding Co 1.73 0.00 

Muscat Gases Co 0.85 0.00 

National Aluminium Products Co 0.31 3.73 

National Bank of Oman 0.28 0.71 

National Finance Co 0.15 0.00 

Omani Qatari Telecommunications Co 0.55 1.50 

Oman Cables Industry 1.42 0.00 

Oman Cement Co 0.64 0.16 

Oman Chlorine 0.65 0.00 

Oman and Emirates Investment Holding Co 0.13 3.97 

Oman Fisheries Co 0.12 1.69 

Oman Flour Mills Co 0.55 0.00 

Oman Holdings International Co 0.31 0.00 

Oman Investment and Finance Co 0.27 -0.37 

Oman International Development & Investment Co 0.39 2.34 

Oman National Investment Corporation Holding 0.35 4.80 

RIYADH 

PRICE 

% CHANGE 

Saudi Stock Exchange Tadawul 7,178.10 0.08 

Riyad Bank 23.05 0.22 

Bank Aljazira 26.40 -0.38 

Saudi Investment Bank 17.90 0.00 

Saudi Hollandi Bank 27.80 0.36 

Banque Saudi Fransi 30.90 0.00 

Saudi British Bank 33.50 0.30 

Arab National Bank 27.20 -0.37 

Samba Financial Group 44.40 0.00 

Al Rajhi Banking and Investment Corp 65.75 -0.38 

Bank Albilad 33.10 -0.30 

Alinma Bank 13.25 -0.38 

Takween Advanced Industries 45.10 0.89 

Basic Chemical Industries Ltd 33.40 -0.60 

Saudi Arabian Mining Co 34.20 0.88 

Astra Industrial Group 41.70 0.24 

Al Sorayai Trading & Industrial Group Co Ltd 20.10 -0.50 

Al Hassan Ghazi Ibrahim Shaker Co 73.00 1.03 

United Wire Factories Co 38.60 0.78 

Mohammad Al Mojil Group Co 12.55 0.00 

Saudi Steel Pipes Co 26.20 0.00 

Abdullah Abdul Mohsin AlKhodari Sons Co 27.40 -1.08 

Al Tayyar Travel Group 62.50 0.00 

Methanol Chemicals Co 13.95 1.09 

National Petrochemical Co 20.45 0.00 

Saudi Basic Industries Corporation 97.50 0.78 

Saudi Arabian Fertilizers Co 153.00 0.00 

Saudi Arabia Refineries Co 60.00 -0.41 

Saudi Ceramic Co 84.00 2.13 

Savola Group 42.20 0.00 

National Industrialization Co 30.70 0.00 

Saudi Pharmaceutical Industries & Medical... 41.80 0.24 

National Gas and Industrialization Co 20.00 0.00 

National Gypsum Co 28.60 3.25 

Food Products Co 35.40 -1.67 

Saudi Cable Co 13.40 -0.74 

Saudi Advanced Industries Co 15.75 -0.32 

Saudi Industrial Development Co 17.90 -1.65 

Al Ahsa Development Co 14.90 -1.33 

National Co for Glass Industries 25.90 -0.77 

Saudi Arabian Amiantit Co 14.05 -0.35 

Alujain Corp 14.45 -0.69 

Filling and Packing Materials Manufacturing Co 48.30 -1.03 

Saudi Industrial Services Co 14.60 -0.68 

Arabian Pipes Co 26.20 1.16 

Nama Chemicals Co 13.10 -0.38 

National Metal Manufacturing and Casting Co 34.30 0.00 

Saudi Chemical Company 42.50 0.47 

Zamil Industrial Investment Co 33.60 -0.30 

Saudi Industrial Investment Group 22.90 0.00 

Sahara Petrochemical Co 14.10 0.71 

Saudia Dairy and Foodstuff Co 66.00 0.38 

Almarai Co 66.50 -1.48 

Yanbu National Petrochemical Co 53.50 1.42 

Saudi Paper Manufacturing Co 28.00 0.00 

Saudi International Petrochemical Co 19.05 -0.26 

Al Babtain Power and Telecommunication Co 24.00 0.84 

Advanced Petrochemical Co 29.30 0.34 

Al Abdullatif Industrial Investment Co 33.10 0.91 

Saudi Kayan Petrochemical Co 12.00 0.00 

Saudi Vitrified Clay Pipe Co 70.25 0.36 

Middle East Specialized Cables Co 18.05 -2.43 

Rabigh Refining and Petrochemical Co 18.00 0.56 

Hail Cement Co 19.15 -0.52 

Najran Cement Co 23.95 0.42 

City Cement Co 17.75 0.00 

Arabian Cement Co 56.00 2.28 

Yamamah Saudi Cement Co 46.50 0.43 

Saudi Cement Co 92.75 0.54 

Qassim Cement Co 79.00 0.64 

Southern Province Cement Co 99.50 -1.00 

Yanbu Cement Co 60.75 0.83 

Eastern Province Cement Co 57.00 0.88 

Tabuk Cement Co 25.20 0.80 

Al Jouf Cement Co 16.40 -0.30 

Abdullah Al Othaim Markets Co 84.50 1.80 

Mouwasat Medical Services Co 63.50 -0.39 

Information contained herein is believed to be reliable & has been obtained from sources believed to be reliable, but its accuracy & completeness cannot be guaranteed. This publication is provided for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Prior to entering into any transaction, investors are advised to obtain independent advice 

regarding the suitability of particular financial instruments/strategies based on their investment objectives.

Bulls & Bears Thursday, April 4, 2013 25 

FTSE NASDAQ TOP GAINERS NASDAQ TOP LOSERS STANDARD & POOR’S 


PRICE 

% CHANGE 

PRICE 

% CHANGE 

PRICE 

% CHANGE 

FTSE100 International 6,420.28 -1.08 

Anglo American 1,648.23 -1.43 

Associated British Foods 1,921.00 -0.52 

Admiral Group 1,355.00 -1.38 

Aberdeen Asset Management 432.76 -1.43 

Aggreko 1,788.00 0.45 

Amec 1,080.87 -0.28 

Antofagasta 951.54 -1.45 

ARM Holdings 920.45 0.00 

Aviva 298.40 -0.86 

AstraZeneca 3,322.50 -1.14 

Babcock International Group 1,093.00 -0.91 

BAE Systems 392.48 -1.52 

Barclays 289.30 -2.76 

British American Tobacco 3,581.42 -0.78 

BG Group 1,146.15 -0.61 

British Land Company 548.00 -0.36 

Bhp Billiton 1,902.65 -2.04 

Bunzl 1,308.08 -0.38 

BP 462.31 -0.13 

Burberry Group 1,282.00 -3.25 

British Sky Broadcasting Group 890.08 -0.17 

BT Group 278.50 -1.14 

Carnival 2,297.00 -1.43 

Centrica 374.79 0.48 

Compass Group 856.53 -0.29 

Capita 908.51 -0.82 

Croda International 2,830.96 -1.55 

CRH 1,468.60 -1.83 

Diageo 2,092.32 0.02 

Eurasian Natural Resources Corporation 217.46 -4.55 

EVRAZ 205.35 -6.01 

Experian 1,165.00 -0.77 

easyJet 1,130.07 -0.09 

Fresnillo 1,305.49 -4.39 

G4S 294.24 -0.95 

GKN 264.20 1.01 

Glencore International 356.36 -3.56 

GlaxoSmithKline 1,553.49 -0.06 

Hammerson 486.80 -2.23 

Hargreaves Lansdown 865.30 -0.63 

HSBC Holdings 710.74 -1.36 

International Consolidated Airlines Group 257.12 -2.46 

InterContinental Hotels Group 2,038.02 -1.28 

IMI 1,301.00 1.48 

Imperial Tobacco Group 2,270.00 -1.90 

Intertek Group 3,450.80 0.79 

ITV 129.62 -0.15 

Johnson Matthey 2,286.32 -0.31 

Kingfisher 289.88 -0.58 

Land Securities Group 836.67 -0.78 

BSE Ltd 18,801.64 -1.26 

India Index Services & Products Ltd [NIFTY] 5,672.90 -1.31 

ABB Ltd 503.15 -0.99 

ACC Ltd 1,159.50 -1.46 

Adani Enterprises Ltd 219.00 2.89 

Adani Ports and Special Economic Zone Ltd 145.70 -0.72 

Adani Power Ltd 47.65 8.79 

Aditya Birla Nuvo Ltd 987.70 -0.83 

Allahabad Bank 131.50 -1.83 

Ambuja Cements Ltd 171.25 -3.25 

Andhra Bank 96.80 -2.17 

Apollo Hospitals Enterprise Ltd 834.30 -0.01 

Apollo Tyres Ltd 83.85 -2.33 

Ashok Leyland Ltd 22.30 -0.67 

Asian Paints Ltd 4,878.65 -0.27 

Astrazeneca Pharma India Ltd 694.10 -4.94 

Aurobindo Pharma Ltd 160.15 1.71 

Axis Bank Ltd 1,278.05 -2.08 

Bajaj Auto Ltd 1,691.85 -3.68 

Bajaj Finserv Ltd 758.95 -2.34 

Bajaj Holdings And Investment Ltd 901.75 -0.53 

Bank of India Ltd 306.60 -3.84 

Bata India Ltd 724.50 -2.44 

Bayer CropScience Ltd 1,162.45 -0.18 

Berger Paints India Ltd 201.10 0.60 

Bharat Electronics Ltd 1,206.25 4.11 

Bharat Forge Ltd 214.95 1.20 

Bharat Petroleum Corp Ltd 373.70 -1.11 

Bharti Airtel Ltd 280.65 -3.95 

Bharat Heavy Electricals Ltd 182.85 -1.16 

Bhushan Steel Ltd 459.10 -0.30 

Biocon Ltd 281.40 -2.75 

Bank of Baroda 670.30 -3.73 

Bosch Ltd 8,712.45 -0.12 

Bosch Ltd 0.00 0.00 

Britannia Industries Ltd 519.50 -1.18 

Cadila Healthcare Ltd 756.35 1.46 

Cairn India Ltd 291.05 -1.07 

Canara Bank Ltd 389.05 -4.07 

Castrol India Ltd 315.80 -1.51 

Central Bank of India Ltd 69.30 -2.12 

Century Textile and Industries Ltd 292.90 -3.13 

CESC Ltd 274.75 -1.77 

Cipla Ltd 389.25 -0.68 

TCS e-Serve Ltd 959.30 0.00 

Coal India Ltd 302.45 -2.04 

Colgate Palmolive India Ltd 1,312.00 0.88 

Container Corp of India Ltd 1,102.25 1.72 

Core Education & Technologies Ltd 63.85 -1.84 

Corporation Bank 392.60 -0.43 

Karachi Stock Exchange Ltd 18,575.88 1.25 

Abbott Laboratories Pakistan Ltd 221.00 1.84 

Adamjee Insurance Co Ltd 75.19 5.00 

Agriauto Industries Ltd 75.00 0.00 

Allied Bank Ltd 58.75 -1.09 

Allied Rental Modaraba 39.35 0.90 

Arif Habib Corp Ltd 24.20 -0.58 

Askari Bank Ltd 19.05 0.00 

Attock Cement Pakistan Ltd 120.20 4.32 

Attock Petroleum Ltd 496.00 0.20 

Attock Refinery Ltd 199.50 0.96 

Azgard Nine Ltd 6.74 0.00 

Bank Alfalah Ltd 14.97 -0.33 

Bank Al-Habib Ltd 26.23 0.54 

BankIslami Pakistan Ltd 6.30 -0.16 

Bank of Khyber 5.81 -1.53 

Bank Of Punjab 8.75 -4.16 

Bata Pakistan Ltd 1,409.62 5.00 

Cherat Cement Company Ltd 59.09 4.99 

Clariant Pakistan Ltd 250.45 5.00 

Colgate-Palmolive Pakistan Ltd 1,962.45 5.00 

D G Khan Cement Company Ltd 73.65 2.06 

Dawood Hercules Corporation Ltd 53.75 -0.43 

EFU General Insurance Ltd 85.51 0.60 

EFU Life Assurance Ltd 78.00 1.17 

Legal & General Group 174.56 -1.59 

Lloyds Banking Group 49.04 -0.59 

London Stock Exchange Group 1,308.40 -1.96 

Meggitt 492.47 -0.65 

Marks and Spencer Group 393.47 -0.38 

Melrose Ltd 266.31 -0.75 

WM Morrison Supermarkets P L C 279.20 -1.41 

National Grid 783.00 0.64 

Next 4,407.60 -0.25 

Old Mutual 200.30 -2.81 

Petrofac Ltd 1,421.02 -1.05 

Polymetal International 857.50 -2.17 

Prudential 1,077.00 -0.55 

Pearson 1,141.06 -3.22 

Reckitt Benckiser Group 4,805.18 0.59 

Royal Bank of Scotland Group 280.29 -4.44 

Royal Dutch Shell 2,143.86 -0.65 

Royal Dutch Shell 2,204.32 -0.75 

Reed Elsevier 794.72 -0.75 

Rexam 540.34 -1.55 

Rio Tinto 3,041.98 -1.96 

Rolls-Royce Holdings 1,123.00 -1.06 

Randgold Resources Ltd 5,397.73 -3.85 

RSA Insurance Group 112.00 -5.43 

Resolution Ltd 274.55 -1.62 

SABMiller 3,525.45 -1.08 

J Sainsbury 384.73 -0.62 

Schroders 2,165.00 1.41 

The Sage Group 338.90 -0.99 

Shire 1,990.00 -1.26 

Standard Life 346.40 -6.45 

Smiths Group 1,259.00 -0.55 

Smith & Nephew 760.00 -1.11 

Serco Group 635.50 0.55 

SSE 1,508.04 0.27 

Standard Chartered 1,727.69 -1.41 

Severn Trent 1,687.82 -0.18 

Tate & Lyle 865.43 -1.03 

Tullow Oil 1,222.38 -2.72 

Tesco 381.59 -2.02 

TUI Travel 323.54 -0.83 

Unilever 2,833.70 -0.42 

United Utilities Group 709.68 0.21 

Vedanta Resources 1,019.95 1.71 

Vodafone Group 188.65 -3.05 

Weir Group 2,257.00 0.22 

John Wood Group 876.69 1.74 

Wolseley 3,284.94 -0.64 

WPP 2012 Ltd 1,071.82 0.28 

Whitbread 2,554.18 -1.40 

Xstrata 1,074.00 -3.51 

PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE 

Coromandel International Ltd 191.10 -0.98 

CRISIL Ltd 944.90 1.81 

CRISIL Ltd 0.00 0.00 

Crompton Greaves Ltd 92.50 -4.29 

Cummins India Ltd 499.55 0.54 

Dabur India Ltd 143.75 1.73 

Dena Bank 92.75 -1.70 

Dish TV India Ltd 69.15 -1.07 

Divi’s Laboratories Ltd 1,027.25 -1.18 

DLF Ltd 245.40 -4.10 

Dr.Reddy’s Laboratories Ltd 1,834.85 -0.22 

Eicher Motors Ltd 2,696.75 -0.72 

Emami Ltd 603.90 1.00 

Engineers India Ltd 157.10 2.08 

Essar Oil Ltd 80.30 -2.31 

Exide Industries Ltd 127.50 -2.49 

Federal Bank Ltd 481.50 -1.32 

Financial Technologies (India) Ltd 750.50 -1.78 

GAIL (India) Ltd 314.35 -2.25 

Gitanjali Gems Ltd 607.25 -2.92 

GlaxoSmithKline Consumer Healthcare Ltd 4,200.35 0.18 

GlaxoSmithKline Pharmaceuticals Ltd 2,252.20 1.32 

Glenmark Pharmaceuticals Ltd 475.20 -2.42 

GMR Infrastructure Ltd 22.00 -2.65 

Godrej Consumer Products Ltd 787.45 1.97 

Godrej Industries Ltd 299.10 -2.22 

Grasim Industries Ltd 2,767.55 -1.11 

Gujarat Mineral Development Corp Ltd 170.10 -1.79 

Gujarat Fluorochemicals Ltd 298.05 0.15 

Gujarat State Petronet Ltd 70.05 -2.64 

Havells India Ltd 616.55 -1.80 

HCL Technologies Ltd 780.35 -1.98 

HDFC Bank Ltd 625.85 -0.67 

Hero MotoCorp Ltd 1,498.85 -2.23 

Hexaware Technologies Ltd 89.85 0.45 

Hindustan Copper Ltd 102.85 -2.51 

Hindustan Unilever Ltd 462.15 -1.74 

Hindustan Unilever Ltd 0.00 0.00 

Hindustan Zinc Ltd 119.25 -0.91 

Hindustan Petroleum Corp Ltd 282.80 -1.10 

Hindalco Industries Ltd 90.70 -2.58 

Housing Development Finance Corpn. Ltd 810.45 -0.80 

Housing Development & Infrastructure Ltd 51.05 0.20 

IFCI Ltd 27.70 -1.77 

ING Vysya Bank Ltd 545.20 -0.33 

Indian Oil Corporation Ltd 290.20 2.06 

ICICI Bank Ltd 1,030.50 -1.62 

IDBI Bank Ltd 82.35 -2.14 

Idea Cellular Ltd 110.55 -1.60 

IDFC Ltd 143.80 -2.14 

Engro Corporation Ltd 136.98 1.25 

Engro Foods Ltd 137.39 5.00 

Fatima Fertilizer Co Ltd 22.30 -1.85 

Fauji Fertilizer Bin Qasim Ltd 38.70 -0.21 

Fauji Cement Company Ltd 8.78 0.11 

Fauji Fertilizer Company Ltd 110.40 -1.58 

Faysal Bank Ltd 8.70 -1.92 

Feroze1888 Mills Ltd 33.00 0.00 

Ghani Glass Ltd 68.05 -2.51 

Glaxo Smithkline Pakistan Ltd 81.00 3.07 

Grays of Cambridge Pakistan Ltd 38.50 1.91 

Habib Bank Ltd 97.50 0.59 

Habib Metropolitan Bank Ltd 15.31 -0.33 

Hub Power Co Ltd 52.99 1.24 

Hum Network Ltd 27.55 -4.97 

ICI Pakistan Ltd 140.00 -0.49 

Indus Motor Company Ltd 315.00 0.00 

International Industries Ltd 31.30 -0.63 

IGI Insurance Ltd 104.47 4.99 

International Steels Ltd 13.85 6.46 

JDW Sugar Mills Ltd 88.99 0.00 

Jahangir Siddiqui & Company Ltd 12.60 -3.74 

Javedan Corporation Ltd 98.00 0.00 

JS Bank Ltd 4.49 -1.97 

JS Growth Fund 8.60 3.49 

MUMBAI 

KARACHI 

Novogen Ltd 6.16 44.26 

Microvision Inc 2.05 28.13 

China Housing & Land Development Inc 2.09 25.90 

NII Holdings Inc 4.97 19.47 

UniPixel Inc 27.04 18.34 

Synergy Pharmaceuticals Inc 3.25 16.07 

Zynga Inc 3.54 15.31 

First Clover Leaf Financial Corp 8.98 12.25 

Astex Pharmaceuticals Inc 5.66 12.08 

Dataram Corp 2.30 11.65 

Obagi Medical Products Inc 25.06 9.53 

Accelerate Diagnostics Inc 7.08 9.26 

Conn’s Inc 39.00 8.09 

Sucampo Pharmaceuticals Inc 6.80 7.43 

Good Times Restaurants Inc 3.20 7.38 

Alvarion Ltd 4.01 6.93 

magicJack Vocaltec Ltd 15.97 6.82 

Chuy’s Holdings Inc 33.71 6.17 

Material Sciences Corp 10.81 5.67 

Magnetek Inc 14.68 5.54 

Hudson Global Inc 3.72 5.38 

Salem Communications Corp 8.77 5.16 

Internet Gold Golden Lines Ltd 3.35 5.02 

Acacia Research Corp 30.52 4.99 

Clearsign Combustion Corp 8.10 4.52 

Dow Jones & Company Index 30 14,604.32 -0.39 

Dj Comp Average 4,989.76 -0.43 

Alcoa Inc 8.21 -1.08 

American Electric Power Company Inc 48.15 -0.39 

AES Corp 12.53 0.16 

Alaska Air Group Inc 58.77 -0.83 

American Express Co 66.88 -0.83 

Boeing Co 85.17 1.28 

Bank of America Corp 11.81 -2.80 

Caterpillar Inc 84.16 -0.85 

C.H. Robinson Worldwide Inc 58.65 0.02 

CenterPoint Energy Inc 23.72 -1.00 

Con-way Inc 33.68 -1.72 

Cisco Systems Inc 21.33 0.49 

CSX Corp 23.96 -0.95 

Chevron Corp 118.22 -0.66 

Dominion Resources Inc 58.67 0.09 

Delta Air Lines Inc 14.43 -3.41 

E. I. du Pont de Nemours and Co 48.68 -0.71 

Walt Disney Co 57.52 0.10 

Duke Energy Corp 72.01 -0.84 

Consolidated Edison Inc 60.61 0.17 

Edison International 50.72 -0.16 

Exelon Corp 34.66 -0.09 

India Infoline Ltd 0.00 0.00 

Indiabulls Real Estate Ltd 57.00 0.00 

Indiabulls Financial Services Ltd 272.30 0.00 

Indian Bank 174.95 -1.38 

Indian Hotels Company Ltd 55.70 -0.89 

Indian Overseas Bank 66.90 -2.69 

Indraprastha Gas Ltd 277.90 -4.16 

Indusind Bank Ltd 421.45 -0.55 

Infosys Ltd 2,964.00 -0.21 

IPCA Laboratories Ltd 527.75 -0.09 

Irb Infrastructure Developers Ltd 115.85 -2.97 

ITC Ltd 307.85 0.24 

JSW Steel Ltd 685.50 -1.71 

Jain Irrigation Systems Ltd 60.55 -4.42 

Jaiprakash Associates Ltd 68.25 -1.52 

Jaiprakash Power Ventures Ltd 26.45 1.34 

Jammu And Kashmir Bank Ltd 1,194.00 -0.90 

Jaypee Infratech Ltd 40.25 -2.31 

Jet Airways India Ltd 531.55 -1.32 

Jindal Steel And Power Ltd 344.05 -1.99 

JSW Energy Ltd 57.70 0.44 

Jubilant Foodworks Ltd 1,225.25 -1.55 

Kotak Mahindra Bank Ltd 648.85 -0.89 

Lanco Infratech Ltd 10.85 -1.99 

Larsen & Toubro Ltd 1,379.55 -3.01 

LIC Housing Finance Ltd 225.70 -2.88 

Lupin Ltd 634.10 -0.40 

MMTC Ltd 230.60 4.99 

Mahindra & Mahindra Financial Services Ltd 207.75 2.69 

Madras Cements Ltd 243.10 -1.08 

Mahindra and Mahindra Ltd 844.55 -1.96 

Marico Ltd 218.10 -1.18 

Maruti Suzuki India Ltd 1,305.60 -0.24 

Max India Ltd 226.45 -0.68 

McLeod Russel India Ltd 340.30 -2.60 

Motherson Sumi Systems Ltd 182.55 -1.06 

MphasiS Ltd 391.75 -2.10 

MRF Ltd 11,979.40 -1.71 

Mangalore Refinery & Petrochemicals Ltd 50.45 -2.70 

Multi Commodity Exchange of India Ltd 912.50 3.90 

Muthoot Finance Ltd 178.55 -0.61 

NTPC Ltd 145.25 0.94 

National Aluminium Co Ltd 34.60 -0.14 

Nestle India Ltd 4,635.05 0.39 

Neyveli Lignite Corporation Ltd 68.90 0.51 

NHPC Ltd 21.50 4.12 

NMDC Ltd 130.50 -4.15 

Oil and Natural Gas Corporation Ltd 310.30 -2.02 

Oberoi Realty Ltd 256.70 -1.08 

Oil India Ltd 513.60 0.99 

Jubilee General Insurance Co Ltd 59.00 3.49 

Karachi Electric Supply Company Ltd 5.75 2.31 

Kohinoor Energy Ltd 24.60 0.16 

KOT Addu Power Company Ltd 54.00 0.07 

Lafarge Pakistan Cement Ltd 7.06 0.86 

Lotte Pakistan Pta Ltd 7.33 0.14 

Lucky Cement Ltd 170.00 -0.42 

Mari Petroleum Company Ltd 96.65 -0.25 

MCB Bank Ltd 190.00 -0.03 

Meezan Bank Ltd 26.50 1.88 

Millat Tractors Ltd 520.05 0.95 

Murree Brewery Company Ltd 171.66 5.00 

National Bank of Pakistan 38.66 -0.13 

National Foods Ltd 353.64 5.00 

National Refinery Ltd 227.50 1.11 

Nestle Pakistan Ltd 6,062.64 5.00 

NetSol Technologies Ltd 21.10 -0.75 

NIB Bank Ltd 2.24 0.00 

Nishat Chunian Power Ltd 29.40 -0.51 

Nishat Chunian Ltd 50.66 2.24 

Nishat Mills Ltd 85.30 0.27 

Nishat Power Ltd 26.76 0.90 

Oil and Gas Development Co Ltd 205.00 1.01 

Pakistan Telecommunication Co Ltd 20.06 -0.40 

Pace Pakistan Ltd 3.60 -2.70 

DOW JONES 

Mindspeed Technologies Inc 2.56 -14.95 

Consumer Portfolio Services Inc 10.85 -12.50 

Sorl Auto Parts Inc 3.22 -11.54 

Professional Diversity Network 6.26 -10.57 

China Auto Logistics Inc 3.57 -10.53 

BOS Better Online Solutions Ltd 4.28 -9.51 

Prudential Bancorp of Pennsylvania Inc 8.26 -9.43 

Charm Communications Inc 4.80 -8.22 

Independent Bank Corp 7.68 -8.13 

Caesarstone Sdot-Yam Ltd 23.36 -8.07 

Manitex International Inc 10.82 -7.76 

Multiband Corp 2.16 -7.69 

Audiocodes Ltd 3.38 -7.65 

Diamondback Energy Inc 25.00 -7.54 

Republic Airways Holdings Inc 9.72 -7.52 

American Railcar Industries Inc 40.78 -7.44 

Gulf Island Fabrication Inc 19.90 -7.40 

Tesla Motors Inc 41.08 -7.35 

H&E Equipment Services Inc 17.42 -6.99 

Ambarella Inc 13.90 -6.96 

Avid Technology Inc 6.37 -6.87 

CombiMatrix Corp 3.53 -6.86 

Elbit Imaging Ltd 2.05 -6.82 

Comstock Holding Companies Inc 2.21 -6.75 

SciQuest Inc 23.18 -6.72 

Expeditors International of Washington Inc 35.75 1.27 

FedEx Corp 97.24 0.12 

Firstenergy Corp 41.87 -0.43 

General Electric Co 23.13 -0.90 

GATX Corp 50.42 -1.64 

Home Depot Inc 70.47 -0.77 

Hewlett-Packard Co 22.03 -0.32 

International Business Machines Corp 213.63 -0.34 

Intel Corp 21.31 -0.70 

J B Hunt Transport Services Inc 73.33 - 

JetBlue Airways Corp 6.38 0.63 

Johnson & Johnson 81.67 -1.23 

JPMorgan Chase & Co 47.08 -1.88 

UnitedHealth Group Inc 61.86 0.19 

The Coca-Cola Co 40.52 -0.49 

Kansas City Southern 104.74 -1.03 

Landstar System Inc 54.54 -0.93 

Southwest Airlines Co 12.74 0.47 

Matson Inc 23.41 -1.06 

McDonald’s Corp 99.46 -0.80 

3M Co 106.01 -0.48 

Merck & Co Inc 45.91 2.23 

Microsoft Corp 28.90 0.35 

NextEra Energy Inc 78.48 0.41 

Opto Circuits (India) Ltd 62.25 -1.27 

Oracle Financial Services Software Ltd 2,694.10 0.20 

Oriental Bank Of Commerce Ltd 253.60 -3.43 

Future Retail Ltd 158.65 1.08 

Petronet LNG Ltd 141.05 -1.67 

Pidilite Industries Ltd 269.65 -0.39 

Pipavav Defence & Offshore Engg. Co Ltd 74.85 -0.53 

Piramal Enterprises Ltd 597.90 -0.11 

Power Finance Corporation Ltd 182.75 -2.61 

Power Grid Corporation of India Ltd 106.20 -0.42 

Punjab National Bank 726.95 -2.26 

Ranbaxy Laboratories Ltd 451.90 0.59 

Reliance Capital Ltd 329.15 -2.04 

Reliance Communications Ltd 64.50 1.90 

Reliance Infrastructure Ltd 343.40 -2.33 

Reliance Infrastructure Ltd 0.00 0.00 

Reliance Natural Resources Ltd 42.15 0.00 

Reliance Power Ltd 66.10 0.69 

Reliance Industries Ltd 860.00 0.00 

Reliance Industries Ltd 776.80 -2.16 

Rural Electrification Corp Ltd 206.30 -3.44 

SJVN Ltd 19.55 0.26 

Satyam Computer Services Ltd 115.80 -3.22 

State Bank of India 2,107.30 -1.53 

Sesa Goa Ltd 152.65 -2.52 

Shree Cement Ltd 4,158.30 -0.85 

Shriram Transport Finance Company Ltd 706.50 -0.95 

Siemens Ltd 524.90 -3.02 

Steel Authority of India Ltd 61.60 -2.69 

Sterlite Industries (India) Ltd 90.50 -2.79 

Strides Arcolab Ltd 892.70 1.51 

Sun Pharmaceutical Industries Ltd 864.60 1.54 

Sun TV Network Ltd 381.05 -3.19 

Suzlon Energy Ltd 13.97 -0.07 

Syndicate Bank Ltd 115.55 -1.83 

Tata Chemicals Ltd 320.65 -1.51 

Tata Communications Ltd 229.35 -0.07 

Tata Consultancy Services Ltd 1,543.30 -1.49 

Tata Global Beverages Ltd 130.65 -2.65 

Tata Motors Ltd 257.60 -3.45 

Tata Power Company Ltd 96.05 0.73 

Tata Steel Ltd 317.00 -0.89 

Tech Mahindra Ltd 977.90 -4.64 

Thermax Ltd 579.80 1.94 

Titan Industries Ltd 253.50 -2.50 

Torrent Pharmaceuticals Ltd 695.00 -0.27 

Torrent Power Ltd 145.40 -1.52 

TTK Prestige Ltd 3,316.65 -0.72 

UCO Bank 58.50 -2.50 

UltraTech Cement Ltd 1,848.00 0.24 

PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE PRICE % CHANGE 

Packages Ltd 200.15 0.98 

Pakistan International Container Terminal Ltd 191.90 1.87 

Pakistan Oilfields Ltd 470.00 1.74 

Pakistan Petroleum Ltd 181.70 1.10 

Pakistan Reinsurance Company Ltd 24.32 -5.00 

Pakistan Services Ltd 200.00 -2.84 

Pakistan State Oil Company Ltd 203.99 0.08 

Pak Suzuki Motor Co Ltd 103.00 -0.05 

Pakistan Cables Ltd 44.00 -2.22 

Pakistan Tobacco Company Ltd 84.00 1.82 

PICIC Growth Fund 16.81 1.82 

Rafhan Maize Products Co Ltd 3,790.00 4.99 

Security Papers Ltd 53.49 -0.94 

Shell Pakistan Ltd 141.50 3.10 

Shifa International Hospitals Ltd 43.99 0.00 

Siemens Pakistan Engineering Co Ltd 605.00 -0.49 

Soneri Bank Ltd 6.15 -0.49 

Standard Chartered Bank (Pakistan) Ltd 13.40 0.30 

Sui Northern Gas Pipelines Ltd 16.95 -1.05 

Sui Southern Gas Co Ltd 15.91 -0.19 

Thal Ltd 103.21 4.99 

TPL Trakker Ltd 5.96 -11.83 

TRG Pakistan Ltd 7.86 1.03 

Tri-Pack Films Ltd 191.50 2.41 

Unilever Pakistan Ltd 15,000.00 12.58 

Standard & Poor’s 500 1,560.52 -0.62 

Standard & Poor’s 100 703.54 -0.50 

Apple Inc 433.60 0.86 

AbbVie Inc 40.57 -0.34 

Abbott Laboratories 35.99 -0.36 

Accenture 76.49 -0.23 

American Electric Power Company Inc 48.15 -0.39 

Allstate Corp 49.54 -0.54 

Amgen Inc 104.85 -1.46 

Amazon.com Inc 260.03 -1.29 

Apache Corp 74.95 -1.59 

Anadarko Petroleum Corp 84.02 -1.89 

American Express Co 66.88 -0.83 

Boeing Co 85.17 1.28 

Bank of America Corp 11.81 -2.80 

Baxter International Inc 71.66 -0.76 

Baker Hughes Inc 44.90 -0.93 

Bank of New York Mellon Corp 27.64 -1.71 

Bristol-Myers Squibb Co 41.20 -0.31 

Berkshire Hathaway Inc 104.66 -0.46 

Citigroup Inc 43.22 -2.02 

Caterpillar Inc 84.16 -0.85 

Colgate-Palmolive Co 117.61 -1.08 

Comcast Corp 42.11 -0.50 

Capital One Financial Corp 54.16 -0.86 

ConocoPhillips 59.64 -0.67 

Costco Wholesale Corp 106.67 -0.95 

Cisco Systems Inc 21.33 0.49 

CVS Caremark Corp 54.32 -1.67 

Chevron Corp 118.22 -0.66 

E. I. du Pont de Nemours and Co 48.68 -0.71 

Walt Disney Co 57.52 0.10 

Dow Chemical Co 31.00 0.16 

Devon Energy Corp 54.37 -1.06 

eBay Inc 55.76 -0.71 

EMC Corp 23.79 -0.21 

Emerson Electric Co 55.26 0.67 

Exelon Corp 34.66 -0.09 

Ford Motor Co 12.79 -1.69 

Freeport-McMoRan Copper & Gold Inc 31.45 -1.47 

FedEx Corp 97.24 0.12 

General Dynamics Corp 68.40 2.09 

General Electric Co 23.13 -0.90 

Gilead Sciences Inc 47.67 -1.10 

Google Inc 808.02 -0.62 

Goldman Sachs Group Inc 143.47 -2.19 

Halliburton Co 39.26 -1.58 

Home Depot Inc 70.47 -0.77 

H.J. Heinz Co 72.19 -0.14 

Honeywell International Inc 73.89 -0.43 

Hewlett-Packard Co 22.03 -0.32 

International Business Machines Corp 213.63 -0.34 

Intel Corp 21.31 -0.72 

Johnson & Johnson 81.67 -1.23 

JPMorgan Chase & Co 47.08 -1.88 

The Coca-Cola Co 40.52 -0.49 

Eli Lilly and Co 57.02 0.92 

Lockheed Martin Corp 95.59 0.61 

Lowe’s Companies Inc 37.68 -0.89 

MasterCard Inc 536.22 -0.81 

McDonald’s Corp 99.46 -0.80 

Mondelez International Inc 30.40 -1.30 

Medtronic Inc 47.01 -0.13 

Metlife Inc 37.84 -0.84 

3M Co 106.01 -0.48 

Altria Group Inc 35.02 -0.51 

Monsanto Co 104.95 1.28 

Merck & Co Inc 45.91 2.23 

Morgan Stanley 21.15 -2.53 

Microsoft Corp 28.90 0.35 

Nike Inc 58.95 0.08 

National Oilwell Varco Inc 68.64 -1.31 

Norfolk Southern Corp 75.41 -1.10 

News Corp 30.87 -0.55 

Oracle Corp 32.51 -0.67 

Occidental Petroleum Corp 81.43 0.93 

PepsiCo Inc 79.18 -0.70 

TOKYO 

PRICE 

% CHANGE 

Nikkei 225 12,362.20 2.99 

Tokyo Stock Exchange [TOPX100] 673.62 1.81 

Inpex Corp 485,000 1.46 

Oriental Land Co Ltd 15,060 2.24 

Sony Corp 1,570 0.71 

Marubeni Corp 654 -1.21 

T&D Holdings Inc 1,055 -3.21 

Daito Trust Construction Co Ltd 7,530 -2.08 

Fujifilm Holdings Corp 1,778 3.01 

Keyence Corp 27,760 4.17 

Mitsui & Co Ltd 1,241 -1.35 

Mitsui Fudosan Co Ltd 2,718 1.19 

Daiwa House Industry Co Ltd 1,788 3.05 

Shiseido Co Ltd 1,322 2.32 

Denso Corp 3,895 5.56 

Tokyo Electron Ltd 4,140 0.12 

Mitsubishi Estate Co Ltd 2,655 0.26 

Sekisui House Ltd 1,287 3.87 

JX Holdings Inc 493 1.44 

Fanuc Corp 14,280 1.06 

Sumitomo Corp 1,139 0.71 

Sumitomo Realty & Development Co Ltd 3,775 1.48 

JGC Corp 2,642 4.72 

Bridgestone Corp 3,175 3.93 

Kyocera Corp 8,590 -0.69 

Mitsubishi Corp 1,667 -0.18 

East Japan Railway Co 7,730 5.60 

Asahi Group Holdings Ltd 2,211 2.60 

Asahi Glass Co Ltd 616 -0.32 

Murata Manufacturing Co Ltd 6,680 1.98 

Unicharm Corp 5,460 2.25 

West Japan Railway Co 4,350 3.45 

Kirin Holdings Co Ltd 1,512 4.85 

Nippon Steel & Sumitomo Metal Corp 216 -2.70 

Nitto Denko Corp 5,650 0.71 

Aeon Co Ltd 1,152 1.32 

Central Japan Railway Co 9,940 6.88 

Ajinomoto Co Inc 1,352 2.19 

JFE Holdings Inc 1,646 -2.83 

Mitsubishi Heavy Industries Ltd 521 2.56 

Mitsubishi UFJ Financial Group Inc 548 0.74 

Yamato Holdings Co Ltd 1,730 3.65 

Japan Tobacco Inc 3,015 2.83 

Sumitomo Metal Mining Co Ltd 1,269 0.63 

Nissan Motor Co Ltd 889 3.86 

Resona Holdings Inc 488 0.62 

ANA Holdings Inc 187 1.08 

Seven & i Holdings Co Ltd 2,990 -0.10 

Sumitomo Electric Industries Ltd 1,148 5.51 

Isuzu Motors Ltd 562 5.44 

Sumitomo Mitsui Trust Holdings Inc 439 -1.13 

Nippon Telegraph and Telephone Corp 4,035 0.62 

Toray Industries Inc 602 -0.66 

Information contained herein is believed to be reliable & has been obtained from sources believed to be reliable, but its accuracy & completeness cannot be guaranteed. This publication is provided for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Prior to entering into any transaction, investors are advised to obtain independent advice 

regarding the suitability of particular financial instruments/strategies based on their investment objectives.


Ministry probes 

into 62 cases of 

commercial fraud 

SATYENDRA PATHAK 

DOHA 

THE consumer protection 

department of the Ministry of 

Business and Trade has initiated 

action in 62 cases of 

commercial frauds committed 

in March. 

The maximum number of 

frauds was committed by giving 

false descriptions and 

information of goods. Action 

in 21 such cases has been initiated 

by the ministry. 

The maximum number 

of frauds was 

committed by giving 

false descriptions 

and information 

of goods. 

Eighteen cases of unrevealed 

prices of goods and services 

were found. While six cases of 

selling products that do not 

comply with the standards 

were registered, five cases of 

selling used and expired tires 

were found. 

The ministry also took 

notice of three cases where 

REUTERS 

DUBLIN 

prices were not stated in 

Arabic. Two cases of unauthorised 

sales and promotions 

were also registered. 

The ministry also registered 

two cases where wholesales 

firms were not selling fruits 

and vegetables to retailers 

through auctions in the 

announced place and time. 

In one case, the ministry 

found out that product specifications 

and details were not 

completely announced. In 

another case the goods were 

not refunded or changed. 

In another case the product 

specifications and details were 

not shown or displayed clearly. 

One case of non-commitment 

to show clearly used or 

updated goods and one case of 

selling product at higher price 

than announced were also 

registered by the ministry. In 

all, the consumer protection 

department received 389 

complaints in March. 

The ministry has dealt with 

all the cases and transferred 

them to the responsible competent 

departments for further 

action. 

Royalty asked to make 

Elan bid by May 10 

US INVESTMENT firm 

Royalty Pharma, which is 

considering a $6.6-billion 

bid for Irish drugmaker 

Elan, must make a firm 

offer by May 10 or walk 

away, Ireland’s Takeover 

Panel said on 

Wednesday. 

Royalty made its 

indicative approach, 

worth $11 per Elan share, 

in February, hoping to 

add hundreds of millions 

of dollars of royalty rights 

for multiple sclerosis 

(MS) drug Tysabri to its 

stable of royalty streams. 

Elan has rejected the proposal 

and welcomed the 

takeover panel’s deadline, 

reiterating the 

“highly conditional indication 

of interest” from 

Royalty was opportunistic 

in its timing. 

The takeover panel said 

it had set the deadline 

following representations 

made by Elan and correspondence 

with the 

advisers to both Royalty 

and Elan. 

The approach by New 

York-based Royalty put 

into question Elan’s plans 

to return cash to 

investors and spend on 

acquisitions following the 

$3.25 billion sale of its 50 

percent stake in Tysabri 

to partner Biogen Idec. 

Elan, left with only 

experimental drugs following 

the deal, will 

retain royalties of up to 

25 percent on future sales 

of the MS treatment and 

announced last month it 

would give shareholders 

one-fifth of that royalty 

share. 

The Tysabri deal closed 

on Tuesday. The Dublinbased 

company, in which 

U.S. group Johnson & 

Johnson is an 18 percent 

shareholder, will next 

seek approval from 

shareholders to start a 

share buyback and hand 

back $1 billion to 

investors. 

Corporate Dossier 

Participants at the ‘Peak Oil’ conference, in Doha, on Wednesday. 

‘Peak Oil’ meet begins 

TRIBUNE NEWS NETWORK 

DOHA, 

THE ‘Peak Oil’ conference 

began on Wednesday in the 

cultural village, Katara. The 

conference has been organised 

by Forum of Arab and 

International Relations in 

cooperation with Qatar 

Environment and Energy 

Research Institute. The event 

was attended by a number of 

prominent personalities from 

the field of oil, economy, politics 

and sociology. 

During the opening session 

of the conference, Director- 

General of Katara Dr Khalid 

Ibrahim al Sulaiti said in his 

A study will be 

held to discuss the 

nature of social 

and economic difficulties 

associated 

with “Oil Peak” 

phenomenon. 

welcome speech that the conference 

will discuss key issues 

related with oil in the region. 

The conference is trying to 

find solutions, suggestions 

and answers to some of the 

problems faced related to 

future of the oil and energy 

sector in the region. 

In addition, a study will be 

held to discuss the nature of 

social and economic difficulties 

associated with “Oil Peak” 

phenomenon. 

The second session discussed 

the scarcity of 

resources highlighting the 

“Properties of conventional 

and non-conventional oil 

reserves and their future production 

as well as Oil Peak 

approaches”. 

The session also discussed 

the issues related to production 

of oil by the US as well as 

its impact on the global oil 

market, oil prices and its 

peak. 

In addition, another discussion 

was held about techniques 

to convert coal and gas 

into liquid fuel as alternative 

energy sources to minimise 

the effects of oil supply shortage. 

The third session of the 

conference “Economic security: 

the challenges of conflict 

and peace” will discuss the 

economic instability in the 

Arab world. 

AstraZeneca buys US biotech firm 

REUTERS 

LONDON 

ASTRAZENECA boosted its 

early-stage pipeline of experimental 

heart drugs on 

Wednesday by buying privately 

held US biotechnology company 

AlphaCore Pharma, 

which is developing a new 

type of cholesterol medicine. 

The deal shows 

AstraZeneca’s new Chief 

Executive Pascal Soriot taking 

on more scientific risks by betting 

on a new and still 

unproven approach to cardiovascular 

medicine. 

Financial details of the 

acquisition by the British 

drugmaker’s MedImmune 

unit were not disclosed but 

the amount paid will have 

been modest since 

AstraZeneca was not obliged 

to disclose it as a material 

investment. 

Last month it revealed it 

paid $240 million upfront to 

Moderna Therapeutics to 

access its know-how in 

manipulating RNA, or ribonucleic 

acid, which helps create 

proteins inside cells - another 

example of Soriot placing a 

bet on new science. 

Soriot has stated that he 

plans to build up the company’s 

sparse drug pipeline by 

striking more deals with outside 

partners as he tries to 

restock its product portfolio 

following a wave of patent 

expiries. Cardiovascular and 

metabolic disease - one of 

three core therapy areas for 

AstraZeneca, along with 

oncology 

and 

respiratory/inflammation - is 

a particular priority since the 

company has few experimental 

compounds for such conditions. 

AlphaCore will help plug the 

gap, although it will not deliver 

any marketable products 

for many years. Its leading 

drug candidate ACP-501, a 

genetically engineered liverderived 

enzyme called LCAT, 

only completed Phase I clinical 

tests last year. 

Drugs need to go through 

three phases of lengthy tests 

before being approved for 

sale. The hope is that ACP-501 

will help in the management 

of cholesterol to reduce the 

risk of heart attacks and 

strokes. It could also play a 

role in a rare, hereditary disorder 

called familial LCAT deficiency 

in which the LCAT 

enzyme is absent. 

MedImmune head Bahija 

Jallal said the end result could 

be new combination or standalone 

therapies for patients 

living with chronic and acute 

cardiovascular diseases. 

Top private 

equity firms 

likely to bid 

for Ista 

REUTERS 

LONDON/FRANKFURT 

THE sale of German energy 

metering firm Ista is heating 

up as a number of buyout 

houses including Axa Private 

Equity and BC Partners prepare 

to submit second round 

bids, banking sources said on 

Wednesday. 

Private equity groups 

Charterhouse and CVC 

Capital Partners kicked off 

the sale of Ista last year, hiring 

Deutsche Bank and 

Goldman Sachs to run the 

process. 

The sellers are hoping to 

tap into a growing appetite 

for deals among private equity 

groups sitting on large cash 

piles after a dearth of M&A 

activity last year, with Ista 

seen as a solid earner with 

growth potential. 

First round bids were submitted 

last month for Ista 

which has a price tag of 

around 3 billion euros ($3.85 

billion), making this one of 

the biggest private equity 

transactions in Germany this 

year. 

Charterhouse bought Ista 

at the height of the buyout 

boom in 2007 for 2.4 billion 

euros from CVC, backed with 

2.1 billion debt, according to 

Thomson Reuters LPC data. 

CVC later bought back 24 percent. 

Axa and BC are due to submit 

second round bids later 

this month as are Ontario 

Teachers’ Pension Plan and 

Wendel, bankers said. 

Bain Capital, Blackstone, 

Canada Pension Plan and 

Cinven are not going through 

to the second round. Apax 

expressed initial interest but 

did not submit a first round 

bid, bankers said. 

All potential bidders and 

sellers declined to comment 

or were not immediately 

available to do so. 

The successful buyer will 

need to write an equity 

cheque of around 1.1-1.2 billion 

euros and the rest will be 

financed with debt. 

Bankers are working on 

debt packages of around 2 billion 

euros or seven times 

Ista’s approximate 290 million 

euros of earnings before 

interest, taxes, depreciation 

and amortisation, bankers 

said. 

There is enough liquidity in 

the debt markets to raise 

around 2 billion euros to back 

the buyout but senior leveraged 

loans, mezzanine loans 

and the high-yield bond . 

Barclays told to rein in pay of top staff, tighten controls 

REUTERS 

LONDON 

Customers use ATM machines outside a Barclays bank branch, in London, on Wednesday. (EPA) 

BARCLAYS needs to rein in 

pay for top staff and tighten 

control of its operations to 

repair its reputation after a 

string of scandals, a report 

commissioned by the lender 

said on Wednesday. 

In what Britain’s second 

largest bank described as 

“uncomfortable reading”, the 

review said the group’s rapid 

transformation from domestic 

retail lender to global universal 

bank created a sprawling 

set of businesses with 

their own culture and an 

emphasis on profit, sometimes 

at all costs. 

Investment banking leaders 

were ambiguous about right 

and wrong, the report said. 

“There was a very shortterm 

focus on profit which 

led to a problem with culture 

and values,” Anthony Salz, a 

veteran lawyer who wrote 

the 236-page report at 

Barclays’s invitation, told 

Reuters. 

“It appeared to emphasize 

financial performance rather 

than looking after customers. 

That was reinforced 

by the pay structures.” 

“If Barclays is to achieve a 

material improvement in its 

reputation, it will need to 

continue to make changes to 

its top levels of pay so as to 

reflect talent and contribution 

more realistically, and in 

ways that mean something to 

the general public.” 

Barclays, which is 

reviewing the 

plans, said it would 

report back on how 

it intends to implement 

the recommendations. 

The rock ‘n’ roll style 

rewards earned by top 

investment bankers at 

Barclays prompted an outcry 

among austerity-weary 

Britons last year after the 

bank was fined $450 million 

for its role in manipulating 

global benchmark interest 

rates. 

Barclays hired Salz, who is 

vice-chairman of investment 

bank Rothschild, to review 

its culture and business practices 

after the rate rigging 

scandal. 

His report, which cost the 

bank nearly 15 million 

pounds, made 34 recommendations 

with improvements 

in pay looming large, 

including a greater link to 

long-term performance. 

While Barclays has cut 

overall remuneration levels, 

compensation for the top 70 

executives was consistently 

above the average at other 

banks, the report said. 

Barclays paid some 428 

employees one million 

pounds or more last year. 

Since the report was commissioned, 

Barclays has 

appointed former retail 

banker Antony Jenkins as 

chief executive to overhaul 

its culture and focus. 

Salz said the bank’s long 

term incentive programmes, 

which have resulted in maximum 

payouts of on average 

eight times salary for senior 

investment bankers, 

remained overly complex. 

Barclays, which is reviewing 

the plans, said it would 

report back on how it intends 

to implement the recommendations.

Market Matrix Thursday, April 4, 2013 27 

US recovery, 

Cyprus events hit 

gold; silver flat 

Traders on the floor at the New York Stock Exchange, on Wednesday. (REUTERS) 

Global shares, dollar fall 

on weaker US jobs data 

REUTERS 

NEW YORK 

MAJOR stock markets and 

the US dollar fell on 

Wednesday after weakerthan-expected 

growth in U.S. 

private-sector jobs and services 

dented some optimism 

about the world’s largest 

economy, while investors 

awaited policy meetings by 

central banks in the euru zone 

and Japan. 

Brent crude slipped below 

$110 a barrel as oil stockpiles 

swelled in the United States, 

the top oil consumer, where a 

struggling economy is limiting 

demand for fuel. 

US private employers 

added 158,000 jobs in March, 

the smallest gain in five 

months and falling short of 

economists’ expectations. The 

report by ADP injected caution 

among investors about 

Friday’s all-important government 

jobs data. 

“The disappointing headline 

did dent some of the 

recent optimism surrounding 

the U.S. recovery and the 

overall improvement in 

labour markets,” said Omer 

Esiner, chief market analyst 

at Commonwealth Foreign 

Exchange in Washington. 

“While the ADP and broader 

non-farm payroll numbers 

have not had the closest correlation 

over recent months, 

investors are likely to go into 

Friday’s jobs report a bit more 

cautious.” 

Analysts forecast U.S. nonfarm 

payrolls hit 200,000 in 

March, with the unemployment 

rate seen holding steady 

at 7.7 percent. 

A separate release showed 

the pace of growth in the vast 

US services sector slowed in 

March to the lowest level in 

seven months as new orders 

and employment measures 

pulled back. 

The MSCI world index 

slipped 0.2 percent to 359.42 

points. 

The Dow Jones industrial 

average dropped 26.45 

points, or 0.18 percent, to 

14,635.56. The Standard & 

Poor’s 500 Index fell 6.01 


1,564.24. The Nasdaq 

Composite Index shed 8.72 


3,246.15. 

European shares lost 0.5 

percent after surging 1.3 percent 

the previous day, with 

heavy falls in the telecoms 

and mining sectors. 

The dollar index, which 

measures the greenback versus 

a basket of currencies, 

dropped 0.3 percent to 

82.697. 

The euro rose 0.3 percent 

to $1.2856, while the dollar 

fell 0.5 percent to 92.92 yen. 

The European Central 

Bank and the Bank of Japan 

are both expected to make 

monetary policy announcements 

on Thursday. 

Analysts said a recent run 

of weak eurozone data, political 

turmoil in Italy, and concerns 

over Cyprus could lead 

ECB President Mario Draghi 

to strike a dovish tone in his 

comments after the meeting. 

REUTERS 

LONDON 

GOLD prices fell on 

Wednesday, extending the 

previous day’s sharp slide, as 

the metal’s appeal as a haven 

from risk was hurt by speculation 

the US economic 

recovery is gaining traction 

and a retreat in concerns 

over Cyprus. 

Gold slid 1.4 percent on 

Tuesday, its biggest one-day 

drop since February 20, as 

stocks markets rallied in 

Europe and the United 

States. Firmer appetite for 

assets seen as higher risk, 

like equities, dented interest 

in safe-haven bullion. 

The metal hit its lowest 

since March 8 in early trade 

at $1,563.06, but clawed 

back some losses as the rally 

in European stock markets 

stalled. 

Spot gold was down 0.2 

percent at $1,571.80 an 

ounce at 1203 GMT, while 

US gold futures for April 

delivery were down 0.3 percent 

at $1,571.70 an ounce. 

“Ascribing gold weakness 

to equity strength is shorthand 

for talking about risk 

appetite, and there’s no 

doubt that the ostensible 

solution to what’s been happening 

in Cyprus took away 

some of the short-term reason 

to hold gold,” Mitsui 

Precious Metals analyst 

David Jollie said. 

“There is certainly a degree 

of optimism about the U.S. 

economy, and that should 

lead to some reductions in 

gold long positions,” he 

added. “There is scope for 

gold to strengthen if economic 

data isn’t as strong as 

people are hoping, but at the 

moment, there’s a lack of justification 

to buy in the short 

term.” 

European shares steadied 

on Tuesday as speculation of 

takeover activity among telecom 

stocks dissipated, capping 

its previous gains, while 

the euro edged up a touch 

versus the dollar. 

Financial market participants 

largely stuck to the 

sidelines ahead of policy 

announcements from the 

Bank of Japan and the 

European Central Bank later 

this week, and Friday’s key 

US non-farm payrolls data. 

“With NFP figures due out 

on Friday, the (gold) market 

may not get itself too short in 

case of a bad figure,” Marex 

Spectron said in a note. “But 

overall, the trend is lower 

and the sentiment is negative.” 

From a technical perspective, 

Tuesday’s sell-off has 

left gold trading just above 

support at $1,561.55 and 

$1,555.55, the March and 

February lows, UBS said in a 

note. 

Gold slid 1.4 percent 

on Tuesday, its 

biggest one-day drop 

since February 20, 

as stocks markets 

rallied in Europe and 

the US. Firmer 

appetite for assets 

seen as higher risk, 

like equities, dented 

interest in safehaven 

bullion. 

“With the trending and 

momentum indicators pointing 

lower, a break below 

these would extend weakness 

to test strong support at 

1,526.97, the May 2012 low,” 

the Swiss bank said. 

“Silver... is currently testing 

critical support at 27.01, 

the August 2012 low,” it 

added. 

“With the moving average 

convergence divergence 

(MACD) below its zero line, 

reflecting a bearish trend, a 

break below this would trigger 

a deeper sell-off to test 

next significant support at 

26.50 and 26.16.” 

Spot silver was flat at 

$27.20 an ounce, off an 

eight-month low of $26.88 

hit in earlier trade. Silver was 

at its cheapest compared to 

gold since August, with an 

ounce of gold now buying 

nearly 58 ounces of silver, up 

from around 50 ounces in 

late November. 

Mubadala inks 

$2bn loan 

refinancing deal 

REUTERS 

DUBAI 

ABU DHABI state investment 

fund Mubadala has 

signed a $2 billion loan refinancing, 

two banking 

sources said on Wednesday. 

The three-year revolving 

credit facility attracted a 

total of 19 international 

lenders, one of the sources 

said, and replaces a $2.5 billion 

loan agreed in 2010. 

Banks taking part in the 

transaction would be 

regarded by Mubadala as 

key relationship lenders, 

meaning they would be chosen 

for future fee-paying 

work, Kelly Thomson, 

Mubadala’s head of structured 

finance, told a conference 

in Dubai in January. 

Prospects for longer-term 

business for banks would 

mean the loan’s pricing 

would favour Mubadala, 

Thomson said at the time. 

The loan is expected to be 

undrawn by the company 

and the banks will be paid 45 

basis points over the relevant 

benchmark, with the 

interest rate increased if 

Mubadala uses some of the 

cash, the second banking 

source said. 

Mubadala, which owns 

stakes in global companies 

such as General Electric and 

private equity firm Carlyle, 

didn’t immediately respond 

to a request for comment. 

Indian shares fall 240 pts 

REUTERS 

MUMBAI 

INDIAN shares snapped a 

four-day winning streak on 

Wednesday to post their 

biggest falls in two weeks as 

auto shares such as Tata 

Motors were hit by weak 

March sales, while recent 

outperformers such as 

Larsen & Toubro retreated. 

Prime Minister Manmohan 

Singh’s speech earlier in the 

day urging business leaders 

to keep faith in his government’s 

efforts towards 

improving a dire investment 

climate failed to bolster market 

sentiment as he did not 

give concrete measures 

towards recovery. 

Singh’s comments also 

failed to resonate given continued 

political uncertainty 

and worries about early elections 

after the withdrawal of 

a key regional ally from the 

ruling coalition last month, 

dealers said. 

A redeeming factor has 

been foreign institutional 

inflows of over $10 billion so 

far this year. 

“The sentiment is cautious 

at this point. Given the political 

situation, some more 

downside is possible,” said G. 

Chokkalingam, Executive 

Director & Chief Investment 

Officer, Centrum Wealth 

Management. 

“It seems like even the FII 

investments this year also 

look at risk of being pulled 

out,” he said. 

The BSE index fell 1.26 

percent, or 239.31 points to 

18,801.64 points, posting its 

biggest daily percentage fall 

since March 19 and erasing a 

good chunk of its 1.9 percent 

gain over the past four previous 

trading sessions. 

The broader NSE index 

ended down 1.31 percent, or 

75.20 points to 5,672.90.


Bottom Line 

Over 100 trillion cubic feet new gasfields found in 2012 


DOHA 

THE world’s energy demand 

is growing with increasing 

population and rapid development 

in emerging markets. 

Today, about 1.1 billion people 

in the ‘developed’ world, 

consume 110 million barrels 

of oil equivalent per day 

(boe/d) in primary energy. 

The developing world’s 5.8 

billion people consume 140 

million boe/d. What this 

means is that if the developing 

world were to consume 

primary energy even at the 

level of the EU (the most efficient 

energy users in the 

developed world), the planet 

would need a further 270 million 

boe/d to meet demand. 

This is more than double the 

current primary energy consumption. 

What’s more, with the 

global population expected to 

increase from its current 7.1 

billion to peak at 9-10 billion 

mid-century, growth in energy 

demand may even be 

underestimated in various 

agencies’ forecasts. Whatever 

the demand decades from 

now, oil, gas and coal will 

continue to be the main 

sources of energy, still supplying 

80 percent of primary 

energy. Given its environmental, 

availability and cost 

advantages, gas should be the 

fuel for 21st century. 

Majid Jafar, CEO of 

Crescent Petroleum and vicechairman 

of the Crescent 

Group, in remarks made at 

the Doha Energy Forum, says 

that there are more than 250 

years of gas reserves at current 

consumption levels and 

levels of reserves increase 

every year. 

“In 2012 the world oil and 

gas industry added approximately 

100 trillion cubic feet 

of new gas resources through 

exploration discoveries,” he 

said. 

Gas differs from oil in several 

ways. Gas resources are 

well distributed globally and 

the creation of a Gas ‘OPEC’ 

is almost impossible, so as a 

result the gas industry better 

obeys the rules of Supply & 

Demand, which ensures gas 

prices remain more competitive 

compared to oil prices. 

Jafar believes these trends 

will have “huge implications 

for the global energy industry 

as well as for the Middle 

East region in particular”. 

“There are various examples 

of observable trends that 

will affect the global energy 

industry. Only a few years 

ago, major investment decisions 

were made in the 

Middle East to supply LNG to 

the USA - the world’s largest 

gas consumer and expected 

at the time to become the 

largest LNG importer,” Jafar 

said. 

However, “technological 

progress led by the US independent 

sector has delivered 

massive quantities of shale 

gas, filling the supplydemand 

gap that was emerging. 

The drivers of the shale 

gas revolution included the 

sustained high US gas price, 

creating the environment for 

entrepreneurialism to 

flourish”. 

Yet Jafar believes it is 

unlikely that the US shale gas 

revolution is a local phenomenon. 

“Today, from 

Argentina to China, each 

country is trying to explore 

for shale gas and this includes 

MENA region countries such 

as Algeria and Saudi Arabia. 

For example, China is estimated 

to hold, at 1200 trillion 

cubit feet, even more shale 

gas resources than the US, 

according to an EIA study. In 

this context, matching 

resource to markets in the 

most cost effective way is a 

critical question facing the 

industry,” he said. 

For its part, the Middle 

East region both exports and 

imports gas. In 2011, the 

region excluding Turkey, produced 

roughly 51 billion cubit 

feet per day (bcf/d) of gas, of 

which 13 bcf/d was exported 

and 39 bcf/d. consumed 

within the region. 

MEGA EVENT 

Doha gears up for 10th 

edition of Project Qatar 

Fifty One East 

launches cordless 

touch phone 


DOHA 


DOHA 

PROJECT Qatar, a premier 

international and regional 

construction, building, environmental 

technology, and 

materials exhibition, on 

Wednesday announced milestones 

from last year’s highly 

successful event. 

Over the course of a 

decade, Project Qatar has 

grown into a strong partner 

for small and medium-sized 

enterprises in the GCC by 

empowering them to grow 

their businesses and drive 

progress in the construction 

market. 

Details for Project Qatar 

2013 will be officially 

announced later this month. 

This year’s exhibition will 

take place from May 6 to 

May 9 at the Doha 

Exhibition centre. 

During Project has seen the 

number of exhibitors more 

than double since 2010, 

reaching 2,083 exhibitors 

from 48 countries in 2012. In 

2012, the number of international 

exhibitors was 550 

more than it was in 2011. 

Project Qatar added 10,000 

square meters of exhibition 

space in 2012 from the previous 

year. Project Qatar 2012 

had 22 national pavilions. 

Project Qatar 2012 hosted a 

total of 45,995 visitors. 

George Ayache, general 

manager of IFP Qatar, organiser 

of Project Qatar, said, 

“Project Qatar has become an 

institution in Qatar’s and the 

GCC’s construction, building 

materials, equipment, and 

environmental technology 

sectors. For 10 years, now, 

buyers, suppliers and decision 

makers have met at 

Project Qatar to network, 

share knowledge, negotiate, 

and forge deals. We have 

Project Qatar 2012 was hailed by organisers, exhibitors and decision-makers as a major success. 

seen Project Qatar evolve 

from trade show to strategic 

access point for reaching key 

decision makers in a country 

with a promising pipeline of 

projects and one of the fastest 

growing economies in the 

world. 

Each day, Qatar takes 

another step toward its 

vision of a knowledge-based, 

innovative, and diversified 

economy. By empowering 

SMEs to grow their business 

and share knowledge, 

Project Qatar is proud to be a 

partner in that effort.” 

Project Qatar 2012 was 

hailed by its organisers, 

exhibitors, and decision makers 

as a major success. Dubai 

Exports, the export promotion 

agency of the UAE’s 

Department of Economic 

Development and host of the 

largest pavilion at Project 

Qatar, struck 17 deals with 

Qatari and International 

companies worth over USD 

60 million. Visitors, international 

exhibitors, and exhibition 

space are all expect to 

grow in 2013. 

Project Qatar 2013 will 

again be held under the auspices 

of Prime Minister and 

Minister of Foreign Affairs 

His Excellency Sheikh 

Hamad bin Jassim bin Jabor 

al Thani. The exhibition will 

host thousands of businesspeople 

and project managers 

from local and regional companies. 

Additionally, the opening 

ceremony for Project Qatar 

2013 will gather trade ministers, 

ambassadors, trade delegations, 

foreign chambers 

of commerce, and government 

officials. Project Qatar 

is a complete marketplace 

for products and services 

and an essential access point 

for reaching key decision 

makers in Qatar, whose construction 

market is pegged to 

grow annually by 12.5 percent 

over the next decade. 

Details for Project Qatar 

2013, including sponsors, 

will be officially announced 

at a special event later this 

month. This year, Project 

Qatar 2013 will unveil an 

advanced matchmaking platform 

for businesses and will 

launch FMQ Facility 

Management Qatar – the 

country’s first facilities management 

conference for a 

sector valued at $892 billion 

in the GCC alone. 

Additionally, the Man and 

Architecture conference, a 

prestigious knowledge-sharing 

platform for the architectural 

and engineering industry, 

will take place during 

Project Qatar 2013. 

FIFTY One East, the premium 

luxury retail chain in 

Qatar, and Gigaset, the leader 

in communications technology 

have introduced the first 

cordless telephone with touch 

and keypad function, the 

S820A. 

The durable 2.4” full-touch 

display enables the users of 

the Gigaset S820A to directly 

access the phone’s most 

important functions, e.g. call 

lists or address book. The 

touch function makes navigation 

through the telephone’s 

menu much easier and users 

can also customise the phone 

for their personal needs and 

preferences. The S820A also 

has a hard keypad to dial 

numbers quickly or for tone 

dialling. 

The S820A will be available 

at all Fifty One East outlets 

located in Al Maha Centre, 

City Centre Doha and 

Lagoona Mall in addition to 

all Virgin Megastores at 

Villaggio and Landmark 

malls. 

The Gigaset S820A also 

offers a new Call 

Management feature that lets 

users modify their reachability 

by phone during specific 

timeframes and for selected 

contacts in the address book. 

This function prevents 

anonymous or undesired calls 

at user-defined times of the 

day or night. The spectrum of 

call functions also includes 

time-controlled call silencing, 

automatic forwarding of 

incoming or missed calls, and 

SMS notification of missed 

calls. 

Gigaset Quick Sync lets 

users synchronise picture and 

music files, as well as Outlook 

contacts, between the Gigaset 

S820A and a computer. The 

internal address book has 

space for 500 entries, each 

with up to four different 

phone numbers, stored in 

The S820A. 

vCard format. Individualised 

ringer tones and pictures can 

be assigned to all entries. 

The S820A version of this 

touch and type cordless telephone 

includes a built-in 

answering machine with up 

to 55 minutes of recording 

time. It offers up to 20 hours 

of talking time and as much 

as 250 hours of standby time. 

“The new call management 

function offers consumers an 

innovative and flexible way to 

be reachable at home. The 

S820A demonstrates 

Gigaset’s innovative power 

and offers our customer’s 

noticeable added value 

through greater convenience 

and customizability,” says 

Shahzad Ahmed, CEO of 

Gigaset Communications for 

(MEA, SEA, ANZ & India) 

region. 

“We see a keen interest in 

the segment for high-class 

phones for the home, top technology, 

precision touch operation 

and special style. Both 

variants of the new model 

have been designed keeping in 

mind the needs of the evolved 

and technologically driven 

customer, and we are hopeful 

it receives an exceptional 

response,” added Ahmed. 

QIB launches debit card 

for Tamayuz members 


DOHA 

QATAR Islamic Bank (QIB), 

the leading Islamic Bank in 

Qatar, has announced the 

launch of a special 

MasterCard Platinum debit 

card for its Tamayuz 

members. 

The card brings exclusive 

privileges and preferential 

treatment, allowing Platinum 

cardholders to move across 

the world seamlessly to experience 

the very best it has to 

offer. 

Platinum Debit MasterCard 

is designed to let Tamayuz 

member experience a higher 

level of convenience, security, 

and control with a suite of 

premier benefits. 

QIB’s platinum debit card 

offers a wide range of privileges 

to complement the 

lifestyle of Tamayuz members, 

including travel and personal 

accident insurance, 

purchase protection that 

automatically insures against 

loss, theft or damage of any 

item purchased with the 

Platinum card, an extension 

of the manufacturer or retailer’s 

warranty, fraud protection 

insurance and global 

acceptance at over tens of 

millions of merchant outlets 

and 1.8 million ATMs in more 

than 200 countries and territories 

worldwide. 

NBK auto extends service centres’ hours 


DOHA 

NBK AUTOMOBILES, the 

exclusive dealers of Mercedes- 

Benz in Qatar, has extended 

working hours of its aftersales 

service centres in line with its 

continued strategy to upgrade 

its portfolio of services and 

cater to clients’ needs with 

utmost convenience and ease. 

The initiative follows NBK 

Auto’s key executive appointment 

of Can Karauc to lead its 

after-sales operations. 

Passenger car service centres 

located in Industrial area, 

Al Mana Petrol Station and 

Gharrafah are now open from 

7 am till 12 midnight everyday 

between Saturday to 

NBK Automobiles aftersales service centres, in Doha. 

Wednesday and from 7 am till 

5.30 pm on Thursdays. 

NBK Auto’s Bodyshop 

Centre is open from 7 am till 8 

pm from Saturday to 

Wednesday and from 7 am till 

5.30 pm on Thursdays. The 

commercial vehicles centre 

are operational from 8 am till 

5 seven days a week; however 

there is now seven days 24 

hours call centre for emergency 

and it is on 5584 0930. 

The company’s parts sales 

counter is open between 7 am 

and 6 pm from Saturday to 

Thursday. 

Can Karauc, manager of 

NBK Auto’s after-sales said: 

“We’ve had a considerable 

increase in Mercedes-Benz 

car-park in Qatar owing to the 

impressively high volume of 

new vehicle sales in recent 

years and therefore we have a 

growing demand for the aftersales 

services. 

“Thus, it is only natural to 

see ourselves geared towards 

enhancing our capacities to 

respond to their requests and 

be there for them whenever 

they expect us to. We listen to 

our customers and we understand 

their daily busy schedules 

and therefore we made 

sure to increase our working 

hours and appointed new 

skilled personnel for the additional 

shifts.”

Hassad Food buys stake in Indian Basmati rice firm ... - Qatar Tribune

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