BUSINESS Monday 24 September 2018 PAGE | 23 PAGE | 22 Manateq to sponsor ‘Made in Qatar 2018’ Third of EU financial secrecy comes from inside its borders Bangladesh woos Qatar to invest in offshore blocks SATISH KANADY THE PENINSULA DOHA: Bangladesh is looking to the active participation of Qatar in its upcoming offshore blocks bidding. The country’s Minister urged Qatar to explore the investment opportunities in Bangladesh’s huge potential in offshore oil and gas blocks. Bangladesh has 22 oil and gas blocks in the Bay of Bengal. Of these, tenders have been awarded to five and Qatar can play a big role in the explorations in the remaining blocks, Mohammad Shahriar Alam, State Minister, Ministry of Foreign Affairs, Bangladesh, told The Peninsula. Speaking on the sidelines of ‘Foreign Direct Investment in Bangladesh’ seminar here, Shahriar Alam said the country has not been able to award off- shore blocks for exploration for a long time. The settlement of maritime boundary disputes with neighbouring countries has offered Bangladesh a huge area to explore hydrocarbon resources. Offshore blocks could be a driving force for Bangla- desh’s development. It’s a big opportunity for Qatar, which has huge expertise in developing off- shore projects, to become part of Bangladesh’s growth story. Qatar can develop and undertake commercial projects. “The neighbouring Myanmar has already started extracting oil and gas from deep sea and it is the same sea that we are sharing,” he said. Shahriar Alam said Bang- ladesh is looking for $60bn worth of foreign investments by 2041 to develop the country’s energy, power and petroleum products sectors. There is huge potential for collaboration between the two brotherly coun- tries and Bangladesh is keen to partner with Qatar’s sovereign wealth fund Qatar Investment Authority (QIA). The Minister said Bangladesh Investment Development Authority (BIDA), a body under the Prime Minister’s Office, will be extending a formal invitation to QIA to send a delegation to Bangladesh to get direct infor- mation about the huge investment potential in the country. The BIDA will also work on a plan to host a possible Qatar-Bangladesh Investment Forum in Dhaka by early next year, he said. Kazi M Aminul Islam, Exec- utive Chairman, BIDA said with growing markets and innovative entrepreneurship, Bangladesh offers unique business opportu- nities for foreign investors. Huge opportunities are available in the power gener- ation, infrastructure, ICT, agro business and pharma sector. The market can offer enormous opportunities of high return and low risk investments in infra- structures, utilities, manufac- turing and in consumer goods industries. Risk factor of FDI is the minimum in Bangladesh. The country has never defaulted in its debt repayments, nor asked for their rescheduling and the country has never posted neg- ative economic growth during the past 30 years. The country’s power sector is committed to providing 100 percent access to electricity to people by 2021. Bangladesh is a winning combination of privileged market, access business-friendly environment and competitive cost structure that can give investors best returns. Qatar can also tap the huge private sector investment opportunities. For instance, it can invest 100 percent in the Special Eco- nomic Zone (SEZ) or invest as a joint with local/ foreign partners. It can also set up a mega power plants with the support of NEBRAS. → SEE ALSO PAGE 22 Minister of State for Foreign Affairs of Bangladesh, Shahriar Alam (leſt), and Executive Chairman of BIDA, Kazi M Aminul Islam. PIC: ABDUL BASIT/THE PENINSULA Berlin’s property market aracting more Qatari investors MOHAMMAD SHOEB THE PENINSULA DOHA: Berlin’s real estate market is emerging as one of the most favourite destinations for Qatari investors compared to any other big European cities due to several positive and attractive factors the German city ensures to the property owners, said a senior official of a Berlin-based real estate services provider, yesterday. Some of the important incentives the capital city of the Europe’s largest economy offers to real estate investors include sharp rise in capital gains, high rents and occupancy rates of properties, and robust future economic and financial stability of the German economy. “Of late we have witnessed surge in enquiries, and a lot of Qatari investors buying prop- erties in Germany, especially in Berlin because of various reasons, such as transparent legal system, rule of law, fan- tastic capital gain and high return on investment,” Achim Amann, Director of Black Label Properties, told The Peninsula. Amann added: “Over the last two years gains in property have increased by more than 15 percent in the German property market, especially in the city centre of Berlin its much higher.” He said that investors from Qatar and other Middle Eastern countries, such as Oman and Kuwait, are very happy the way the market treat their assets. Asked about the nature of Qatari investors, he said that there are different types of property buyers who are investing in a wide range of asset values varying between €45,000 and €25m. “We have different types of clients who are buying pure res- idential apartments for their children to live and study in Germany as education in many universities is free. And also we have big number of people who buy properties for investment purposes, and there are others who are buying for self-accom- modation who frequently travel to Germany for tourism and medical treatment,” said Amann. He also added that another reason is that Berlin enjoys a competitive advantage in terms of property prices compared to other big cities such as London, Paris and Frankfurt. “Since the UK has been facing a lot of uncertainties at the moment due to the Brexit and other factors such as decline in the value of assets, Berlin is looking very stable and safe for the future.” He also noted that the asking prices for rents last year increased by 30 percent and this year by 15 percent, and the occupancy rates for residential properties in Berlin is as high as 99 percent due to the effective regulatory system which keeps tight control in protecting the interests of property owners and the tenants. In addition, Berlin also has lower cost of living compared to other big cities (average €1500/month) attracting a lot of tourists and foreign workers. “Berlin is not only a highly multicultural city with unique history, but also a dynamic eco- nomic region offering one of the most attractive real estate markets in the region. It is the largest city in Germany with over 3.4 million people. It’s a melting pot of Europe with nearly 50,000 people coming to work and live here each year. The city also is home to some of the best education, healthcare and welfare centres in Europe, ensuring a high standard of living, said Amann. Achim Amann, Director, Black Label Properties, during a presentation at ‘Be Berlin,’ a property seminar at the Movenpick Hotel, West Bay, in Doha, yesterday. PIC: SALIM MATRAMKOT/THE PENINSULA Opec, Russia rebuff Trump’s call for immediate increase in crude oil output REUTERS ALGIERS: Opec and, Russia, ruled out yesterday any imme- diate, additional increase in crude output, effectively rebuffing US President Donald Trump’s calls for action to cool the market. Opec and non-Opec energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost. Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices. The price rally mainly stemmed from a decline in oil exports from Opec member Iran due to fresh US sanctions. “The markets are ade- quately supplied. I don’t know of any refiner in the world who is looking for oil and is not able to get it,” Saudi Energy Minister Khalid Al Falih said Iran, Opec’s third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to US pressure. Yesterday, Iranian Oil Min- ister Bijan Zanganeh said Trump’s tweet “was the biggest insult to Washington’s allies in the Middle East”. Russian Energy Minister Alexander Novak said no imme- diate output increase was nec- essary, although he believed a trade war between China and the United States as well as US sanctions on Iran were creating new challenges for oil markets. “Oil demand will be declining in the fourth quarter of this year and the first quarter of next year. So far, we have decided to stick to our June agreements,” Novak said. Opec put Iran’s current pro- duction at 3.58 million bpd, down some 300,000 bpd from the start of the year, according to Opec’s secondary sources. Iran’s Opec governor Hossein Kazempour Ardebili insisted yesterday that Iranian production was steady at 3.8 million bpd but appeared to soften his stance on potential increases in Opec output. “If there is a fall not only from Iran, but anybody else, it is the responsibility of Opec and non-Opec to balance the market,” Kazempour told reporters. → SEE ALSO PAGE 23 Bangladesh is looking for $60bn worth of foreign investments by 2041 to develop the country’s energy, power and petroleum products sectors. There are different types of property buyers who are investing in a wide range of asset values varying between €45,000 and €25m.
Transcript
BUSINESSMonday 24 September 2018
PAGE | 23PAGE | 22Manateq to
sponsor ‘Made in Qatar 2018’
Third of EU financial secrecy comes from inside its borders
Bangladesh woos Qatar to invest in offshore blocks
SATISH KANADY THE PENINSULA
DOHA: Bangladesh is looking to the active participation of Qatar in its upcoming offshore blocks bidding. The country’s Minister urged Qatar to explore the investment opportunities in Bangladesh’s huge potential in offshore oil and gas blocks.
Bangladesh has 22 oil and gas blocks in the Bay of Bengal. Of these, tenders have been awarded to five and Qatar can play a big role in the explorations in the remaining blocks, Mohammad Shahriar Alam, State Minister, Ministry of Foreign Affairs, Bangladesh, told The Peninsula.
Speaking on the sidelines of
‘Foreign Direct Investment in Bangladesh’ seminar here, Shahriar Alam said the country has not been able to award off-shore blocks for exploration for a long time. The settlement of maritime boundary disputes with neighbouring countries has offered Bangladesh a huge area to explore hydrocarbon
resources. Offshore blocks could be a driving force for Bangla-desh’s development. It’s a big opportunity for Qatar, which has huge expertise in developing off-shore projects, to become part of Bangladesh’s growth story. Qatar can develop and undertake commercial projects.
“The neighbouring Myanmar
has already started extracting oil and gas from deep sea and it is the same sea that we are sharing,” he said.
Shahriar Alam said Bang-ladesh is looking for $60bn worth of foreign investments by 2041 to develop the country’s energy, power and petroleum products sectors. There is huge
potential for collaboration between the two brotherly coun-tries and Bangladesh is keen to partner with Qatar’s sovereign wealth fund Qatar Investment Authority (QIA).
The Minister said Bangladesh Investment Development Authority (BIDA), a body under the Prime Minister’s Office, will be extending a formal invitation to QIA to send a delegation to Bangladesh to get direct infor-mation about the huge investment potential in the country. The BIDA will also work on a plan to host a possible Qatar-Bangladesh Investment Forum in Dhaka by early next year, he said.
Kazi M Aminul Islam, Exec-utive Chairman, BIDA said with growing markets and innovative entrepreneurship, Bangladesh offers unique business opportu-nities for foreign investors.
Huge opportunities are available in the power gener-ation, infrastructure, ICT, agro business and pharma sector. The market can offer enormous opportunities of high return and
low risk investments in infra-structures, utilities, manufac-turing and in consumer goods industries.
Risk factor of FDI is the minimum in Bangladesh. The country has never defaulted in its debt repayments, nor asked for their rescheduling and the country has never posted neg-ative economic growth during the past 30 years. The country’s power sector is committed to providing 100 percent access to electricity to people by 2021.
Bangladesh is a winning combination of privileged market, access business-friendly environment and competitive cost structure that can give investors best returns.
Qatar can also tap the huge private sector investment opportunities.
For instance, it can invest 100 percent in the Special Eco-nomic Zone (SEZ) or invest as a joint with local/ foreign partners. It can also set up a mega power plants with the support of NEBRAS.
→ SEE ALSO PAGE 22
Minister of State for Foreign Affairs of Bangladesh, Shahriar Alam (left), and Executive Chairman of BIDA, Kazi M Aminul Islam. PIC: ABDUL BASIT/THE PENINSULA
Berlin’s property market attracting more Qatari investorsMOHAMMAD SHOEB THE PENINSULA
DOHA: Berlin’s real estate market is emerging as one of the most favourite destinations for Qatari investors compared to any other big European cities due to several positive and attractive factors the German city ensures to the property owners, said a senior official of a Berlin-based real estate services provider, yesterday.
Some of the important incentives the capital city of the Europe’s largest economy offers to real estate investors include sharp rise in capital gains, high rents and occupancy rates of properties, and robust future economic and financial stability of the German economy.
“Of late we have witnessed surge in enquiries, and a lot of Qatari investors buying prop-erties in Germany, especially in Berlin because of various reasons, such as transparent legal system, rule of law, fan-tastic capital gain and high return on investment,” Achim Amann, Director of Black Label Properties, told The Peninsula.
Amann added: “Over the last two years gains in property have increased by more than 15 percent in the German property market, especially in the city centre of Berlin its much higher.”
He said that investors from Qatar and other Middle Eastern
countries, such as Oman and Kuwait, are very happy the way the market treat their assets.
Asked about the nature of Qatari investors, he said that there are different types of property buyers who are investing in a wide range of asset values varying between €45,000 and €25m.
“We have different types of clients who are buying pure res-idential apartments for their children to live and study in Germany as education in many universities is free. And also we have big number of people who buy properties for investment purposes, and there are others who are buying for self-accom-modation who frequently travel to Germany for tourism and medical treatment,” said Amann.
He also added that another reason is that Berlin enjoys a competitive advantage in terms of property prices compared to other big cities such as London, Paris and Frankfurt.
“Since the UK has been facing a lot of uncertainties at the moment due to the Brexit
and other factors such as decline in the value of assets, Berlin is looking very stable and safe for the future.”
He also noted that the asking prices for rents last year increased by 30 percent and this year by 15 percent, and the occupancy rates for residential properties in Berlin is as high as 99 percent due to the effective regulatory system which keeps tight control in protecting the interests of property owners and the tenants.
In addition, Berlin also has lower cost of living compared to other big cities (average
€1500/month) attracting a lot of tourists and foreign workers.
“Berlin is not only a highly multicultural city with unique history, but also a dynamic eco-nomic region offering one of the most attractive real estate markets in the region. It is the largest city in Germany with over 3.4 million people. It’s a melting pot of Europe with nearly 50,000 people coming to work and live here each year. The city also is home to some of the best education, healthcare and welfare centres in Europe, ensuring a high standard of living, said Amann.
Achim Amann, Director, Black Label Properties, during a presentation at ‘Be Berlin,’ a property seminar at the Movenpick Hotel, West Bay, in Doha, yesterday. PIC: SALIM MATRAMKOT/THE PENINSULA
Opec, Russia rebuff Trump’s call for immediate increase in crude oil outputREUTERS
ALGIERS: Opec and, Russia, ruled out yesterday any imme-diate, additional increase in crude output, effectively rebuffing US President Donald Trump’s calls for action to cool the market.
Opec and non-Opec energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.
The price rally mainly stemmed from a decline in oil exports from Opec member Iran due to fresh US sanctions.
“The markets are ade-quately supplied. I don’t know of any refiner in the world who is looking for oil and is not able to get it,” Saudi Energy Minister Khalid Al Falih said
Iran, Opec’s third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to US pressure.
Yesterday, Iranian Oil Min-ister Bijan Zanganeh said Trump’s tweet “was the biggest insult to Washington’s allies in the Middle East”.
Russian Energy Minister Alexander Novak said no imme-diate output increase was nec-essary, although he believed a trade war between China and the United States as well as US sanctions on Iran were creating new challenges for oil markets.
“Oil demand will be declining in the fourth quarter of this year and the first quarter of next year. So far, we have decided to stick to our June agreements,” Novak said.
Opec put Iran’s current pro-duction at 3.58 million bpd, down some 300,000 bpd from the start of the year, according to Opec’s secondary sources.
Iran’s Opec governor Hossein Kazempour Ardebili insisted yesterday that Iranian production was steady at 3.8 million bpd but appeared to soften his stance on potential increases in Opec output.
“If there is a fall not only from Iran, but anybody else, it is the responsibility of Opec and non-Opec to balance the market,” Kazempour told reporters.
→ SEE ALSO PAGE 23
Bangladesh is looking
for $60bn worth of
foreign investments
by 2041 to develop
the country’s energy,
power and petroleum
products sectors.
There are different
types of property
buyers who are
investing in a wide
range of asset values
varying between
€45,000 and €25m.
22 MONDAY 24 SEPTEMBER 2018BUSINESS
9,768.91
+2.58 PTS
0.03%
QSE FTSE100 DOW BRENT7,490.23
+122.91 PTS
1.67%
26,743.50
+86.52 PTS
0.32% Dow & Brent before going to press
$70.71
+0.39
MarketWatchQFC welcomes Bangladesh Forum Qatar to its platformTHE PENINSULA
DOHA: The Qatar Financial Centre (QFC) Authority, one of the world’s leading and fastest growing onshore business and financial centres, officially welcomed the Bangladesh Forum Qatar (BFQ) as a regis-tered business council on the QFC platform.
Yousuf Mohamed Al Jaida, Chief Executive Officer of the QFC Authority shared the official QFC licence of the business council to Iftekhar Ahmad, Pres-ident of the BFQ during the opening ceremony of the Seminar on Foreign Direct Investment in Bangladesh, held in the Ritz-Carlton Hotel, Doha. Other notable attendees included Minister of State for Foreign Affairs of the People’s Republic of Bangladesh, Md. Shariar Alam, as well as Ambas-sador for Bangladesh to Qatar Ashud Ahmed.
The BFQ is a non-profit business council founded by Bangladeshi professionals in Doha aimed at promoting the continued growth and devel-opment of trade and investment between Qatar and Bangladesh. The Bangladesh Forum Qatar joins other business councils from around the world already
registered and licensed by the QFC including the Canadian, Singaporean, Portuguese, and Spanish business councils, as well as many others.
Al Jaida said: “The Qatar Financial Centre welcomes the Bangladesh Forum Qatar to our platform. We are confident that this is a great step that will help the continued development of long and fruitful relations between Bangladesh and Qatar.”
“The QFC is looking towards developing existing partnerships in important markets such as Bangladesh and today marks a significant stride taken towards the growth of this important partnership. As a business council, the Bangladesh Forum Qatar will surely play a key role in facilitating bilateral investment between Qatar and Bangladesh,” he added.
Iftekhar Ahmad, President of the Bangladesh Forum Qatar, said: “This is an initiative of Bangladesh Forum Qatar, a pro-fessional think tank consisting of Bangladeshi expats working and doing business in Qatar with a view to promote trade and investment between both the countries and help integrate Bangladeshis into Qatari society.”
Shariar Alam said:
“Bangladesh is a country of huge potential. With a population of 165 million and a mobile pene-tration of 85 percent, Bang-ladesh has many things to offer to a country such as Qatar, which has one of largest sov-ereign funds in the world, as well as many other private funds.”
The QFC is an onshore juris-diction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business desti-nation. Companies that wish to establish a business in the QFC are guided throughout by a ded-icated QFC relationship manager who assists in the process of obtaining a license and offers support in matters related to operating a business in Qatar.
QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.
FROM LEFT: Ashud Ahmed, Ambassador of Bangladesh to Qatar; Kazi M Aminul Islam, Executive Chairman, BIDA; Shariar Alam, Minister of State for Foreign Affairs of the People’s Republic of Bangladesh; Yousuf Mohamed Al Jaida, Chief Executive Officer of QFC Authority; and Iftekhar Ahmad, President of the Bangladesh Forum Qatar during a Seminar on Foreign Direct Investment in Bangladesh at Ritz-Carlton Doha. PIC: ABDUL BASIT/THE PENINSULA
Manateq to sponsor ‘Made in Qatar 2018’THE PENINSULA
DOHA: Qatar Chamber has announced that the Economic Zones Company (Manateq) is supporting the ‘Made in Qatar 2018’ exhibition in Oman as Official Sponsor.
The expo, which will be organised by Qatar Chamber for the second time overseas, in co-operation with the Min-istry of Energy and Industry and Qatar Development Bank (QDB) as strategic partner, is scheduled to be held from November 5 to 9 on a 10,000sq m area inside the Oman Con-vention and Exhibition Centre in Muscat.
The expo aims to exchange experiences with Omani com-panies in the industrial sectors, as well as to introduce Omani to Qatari products and opening up new foreign markets to small and large Qatari companies.
Qatar Chamber Director-General Saleh bin Hamad Al Sharqi and Manateq’s CEO, Fahad Rashid Al Kaabi signed the sponsorship agreement at the Chamber’s headquarters.
Saleh Al Sharqi expressed his thanks to the company for sponsoring the exhibition, stressing its keenness to boost
the national industry. He praised the key role played by the company to motivate busi-nessmen and investors to invest in industry sector, noting that the company provides host of distinct services including an integrated, developed infra-structure and investment incentives which thereby attract businessmen and enhance the development of industry sector in the State of Qatar.
On his part, Al Kaabi said that Manateq’s support to ‘Made in Qatar’ exhibition would further strengthen the com-pany’s vision and exhibit its achievements and investment opportunities, noting that this year edition of the event would be held in Oman.
He noted that the expo pro-vides a brilliant opportunity for the company to promote the investment advantages in Qatar’s economic zones among Q a t a r i a n d O m a n i businessmen.
He said Manateq is working towards achieving Qatar National Vision 2030 by diver-sifying industries in the country. “This is how Manateq fits well to complement the objectives of Made in Qatar exhibition,” he added.
Qatar Chamber Director-General Saleh bin Hamad Al Sharqi (right) and Manateq’s CEO Fahad Rashid Al Kaabi shake hands after signing the sponsorship agreement at Qatar Chamber headquarters.
Siemens pushes plans to boost Iraqi power infrastructureREUTERS
FRANKFURT: Siemens said its boss Joe Kaeser (pictured) met Iraq’s prime minister yesterday to discuss a proposal by the German company to expand the Middle East nation’s power production.
The German engineering group said it was proposing a deal to add 11 gigawatt (GW) of capacity over four years, saying
this would boost the country’s capacity by nearly 50 percent.
It did not give a value, but such a contract would be worth several billion euros based on previous comparable deals.
Kaeser said in a statement after meeting Prime Minister Al Abadi that they had “discussed the comprehensive Siemens roadmap to build a better future for the Iraqi people”.
The proposal for Iraq, first
pitched in February, would include cutting Iraq’s energy losses, introducing smart grids, expanding transmission grids, upgrading existing plants and adding new capacity.
The group would also help the government secure funding from international commercial banks and export credit agencies with German government support, creating thousands of jobs in Iraq.
Siemens would donate a $60m grant for software for Iraqi universities, it said.
The Big 5 Qatar opens todayTHE PENINSULA
DOHA: The Big 5 Qatar, an event dedicated to show-casing the latest construction solutions, will officially open its doors at Doha Exhibition & Convention Center today at 11am, with support from Ministers, high-level VIPs and Ambassadors. The three-day event will host more than 240 exhibitors from 21 countries, live product demonstrations, and 40 free-to-attend education workshops.
Rawad Sleem, Country Manager for organisers dmg events Doha said: “We look forward to welcoming the professionals behind Qatar’s booming construction sector. With seven dedicated product areas, The Big 5 Qatar is the perfect place for them to network, conduct business, find new products and enhance their professional skills.”
Visitors will benefit from a pool of over 240 exhibitors from 21 countries, repre-senting the entire building process across product sectors: MEP Services; Building Interiors & Finishes; Building Envelope & Special Construction; Construction Tools & Building Materials; Construction Technologies & Innovations; Concrete; and Plant Machinery and Vehicles.
In addition, free edu-cation at the event will offer insight to visitors on the latest industry trends, tools and techniques. The agenda is comprised of 40 CPD (con-tinuing professional devel-opment) certified workshops covering the latest industry topics such as business best practices, sustainability and smart cities, and the all new Women in Construction Series.
In collaboration with Qatar Tourism Authority, The Big 5 Qatar will also feature the Hosted Buyers Program and Media Familiarization Trip.
Porsche first German carmaker to abandon diesel enginesAFP
BERLIN: Sports carmaker Porsche said yesterday it would become the first German auto giant to abandon the diesel engine, reacting to urban driving bans.
“There won’t be any Porsche diesels in the future,” CEO Oliver Blume (pictured) told the news-paper Bild am Sonntag.
Instead, the luxury sports car brand would concentrate on what he called its core strength, “powerful petrol, hybrid and, from 2019, purely electric vehicles”.
The Porsche chief conceded the step was a result of the three-year-old “dieselgate” scandal at auto giant Volkswagen. Diesel car sales have dropped sharply as several German cities have banned them to bring down air pollution.
“The diesel crisis has caused us a lot of trouble,” Blume said, months after Germany’s Federal Transport Authority ordered the
recall of nearly 60,000 Porsche SUVs in Europe.
Stuttgart-based Porsche in February stopped taking orders for diesel models, which it had sold for nearly a decade.
Blume said Porsche had “never developed and produced diesel engines”, having used Audi motors, yet the image of the brand had suffered.
He promised that the company would keep servicing diesel models on the road now.
Blume also defended diesel as a viable technology, which the broader VW group plans to keep using. “I think modern diesel engines are highly attractive and environmentally friendly,” he said. “They will continue to be of great importance to the auto industry in the future.”
However, he added, “for us as a sports car manufacturer, where the diesel has tradi-tionally played a subordinate role, we believe that we can do without diesel in the future.”
According to the paper, Porsche also faces new claims of having manipulated engines to produce a more powerful sound with a technique that was deactivated during testing.
Blume acknowledged that German regulators had pointed to irregularities in the 8-cylinder Cayenne EU5, affecting some 13,500 units. Courts are increas-ingly pressuring German cities to clean up their air, with a diesel ban on two major roads in Hamburg and city-wide exclusion zones for older vehicles coming into Stuttgart
and Frankfurt to reduce harmful nitrogen oxides (NOx) emissions. Consumers have reacted to the prospect of more bans by shunning diesel vehicles, sending its share of the new car market plunging from 46.5 percent in August 2015 to 32.6 percent last month.
The EU has meanwhile toughened emissions testing and car companies hope a flood of new battery-powered vehicles will help meet tighter fleet-wide CO2 targets that bite from 2021.
The German government hopes to see one million fully electric and hybrid vehicles on the road by 2022, up from fewer than 100,000 at the start of this year.
Blume said that the matching infrastructure was emerging, telling Bild that by late 2019, some 400 electric charging stations along European highways would allow drivers of battery-powered cars to “get across all of Europe”.
China’s Li says to reduce import-export costsREUTERS
SHANGHAI: China will cut import and export costs for foreign firms, Premier Li Keqiang said in comments posted by the central government yesterday, as the world’s second largest economy looks to promote an image of being open for business.
The move comes as China is embroiled in a trade standoff with the United States, its largest trading partner. Beijing has made various pledges to open up sectors from autos to finance to more overseas investment.
China will this year look to cut the amount of documen-tation needed for imports and exports by a third, lower customs fees and reduce the time needed to get customs clearance, the government said
in the statement. “We must strive to improve the business environment and reduce costs for foreign enterprises, and so push forward the opening up process and maintain stable growth of imports and exports,” Li said.
Li, speaking at the World Economic Forum in the Chinese port city of Tianjin earlier this week, said that China will con-tinue to cut import tariffs on some goods and resolutely protect intellectual property, moves aimed at placating con-cerns from overseas trade partners.
The statement said China would add fast-track channels for clearing certain imports including some agricultural products, and by the end of the year publish a list of products that would need to pay official port fees.
23MONDAY 24 SEPTEMBER 2018 BUSINESS
BREAK TIMEVILLAGGIO & CITY CENTER
Note: Programme is subject to change without prior notice.
Peppermint (2D/Action) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & 11:30pm The Nun (2D/Horror) 10:00am 12:00noon, 12:30, 2:00, 2:45, 4:00, 5:00, 6:00, 7:15, 8:00, 9:30, 10:00, 11:45pm & 12:00midnight Alpha (2D/Drama) 10:00am, 12:00noon, 2:00, 4:00, 6:00, 8:00, 10:00pm & 12:00midnight MEG (2D/Action) 11:00am, 3:30 & 8:30pm Luis And The Aliens (2D) 10:00am 1:30 & 5:00pmEnchanted Princess (2D/Animation) 11:45am, 3:15 & 6:45pm Al Khourouj An Al Nas (2D/Arabic) 8:30, 10:30pm & 12:00midnightThe Equalizer 2 (2D/Action) 1:00, 6:00 & 11:00pm Christopher Robin (2D/Animation) 10:15am, 2:30, 6:45 & 11:00pmMile 22 (2D/Action) 12:30, 4:45 & 9:00pm Reprisal 10:00am, 2:00, 6:00 & 10:00pm Slender Man 12:00noon, 4:00, 8:00pm & 12:00midnight Al Badlah (2D/Arabic) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & 11:30pmThe Nun(2D/Horror/IMAX)11:00am, 1:00, 3:00, 500, 7:00, 9:00&11:00pm
Saamy 2 (2D/Tamil) 2:00, 4:45 & 8:45pmThe Hows of Us (2D/Tagalog) 4:00 & 9:15pm Peter Pan: The Quest of the Never Book (Animation) 2:00pm Padayottam (Malayalam) 2:15pm Monster Busters 2:15pm Johnny English (2D/Action) 4:45, 7:30, 9:15 & 11:30pm Battigul Meter Chalu (Hindi) 6:15 & 11:00pm The Predator (2D/Action) 6:30 & 11:30pm Animal World (Adventure) 6:30pm Wildling (Drama) 11:30pm
Saamy 2 (2D/Tamil) 2:30, 8:15 & 11:00pm Kinavally (2D/Malayalam) 2:30pmLuis And The Aliens 4:45pm Kinavally (2D/Malayalam) 2:30pm Padayottam (Malayalam) 5:30 & 11:00pmJohnny English (2D/Action) 3:00, 6:30, 9:30 & 11:15pm The Hows of Us (2D/Tagalog) 5:00 & 7:15pm Batti Gul Meter Chalu (Hindi) 8:00pm
Luis And The Aliens 2:45 & 4:30pm Monster Busters (2D/Adventure) 3:00pmThe Hows of Us (2D/Tagalog) 5:00 & 7:15pmSaamy 2 (2D/Tamil) 8:00 & 10:45pmPadayottam (Malayalam) 2:30pmBattigul Meter Chalu (Hindi) 8:15pm Yellow Birds (Drama) 6:30 & 11:15pm Johnny English (2D/Action) 4:45, 6:15, 9:30 & 11:30pm
Batti Gul Meter Chalu 4:00, 7:15 & 10:30pm Johnny English (2D/Action) 10:30am, 12:50, 2:30, 5:00, 8:30 & 10:30pm Monsters Busters 12:30, 4:30 & 6:30pm The Nun 2:50, 9:20 & 11:30pmPadayottam 10:30am & 1:15pm Peter Pan: The Quest of the Never Book
Two young soldiers, Bartle (21) and Murph (18) navigate the terrors of the Iraq war under the command of the older, troubled Sergeant Sterling. All the while, Bartle is tortured by a promise he made to Murph’s mother before their deployment.
YELLOW BIRDS
ROYAL PLAZANOVO Pearl Qatar
MALL
CROSSWORD
LANDMARK
FLIK Mirqab
AL KHOR
ROXY
ASIAN TOWN
Alpha 2:00 & 8:05pm Animal World 8:45, 9:20pm & 12:05am Johnny English Strikes Again 1:30, 2:30, 3:30, 5:30, 6:30, 7:35, 8:30, 9:35, 10:30, 11:35pm & 12:35am Luis & The Aliens 4:05 & 6:00pm Monsters Busters 1:20 & 5:15pm Saamy 2 3:40, 6:55 & 10:10pm Peter Pan: The Quest for the Never Book 2:10 & 3:20pm The How of Us 7:30, 10:00pm & 12:30am The Nun 1:50, 3:55, 7:15, 7:50, 9:55pm & 12:00midnight The Predator 3:15, 4:10, 5:25, 10:05pm & 12:15am
Opec projects $11trn of investments in oil industrySATISH KANADY THE PENINSULA
DOHA: Global oil industry is required to invest an estimated $11 trillion over the period to 2040. The upstream investments alone need almost $8.3 trillion during 2018-2040. In the Middle East, petrochemical sector investment is expected to be in the range of $60 to $80bn in the next few years, Opec revealed in its World Oil Outlook (WOO) released yesterday.
The WOO 2018-2040 analyses the industry’s various
linkages, its shifting dynamics and considers developments in areas such as the global economy, energy demand, oil supply and demand, both in the upstream and downstream, policy and technology develop-ments, and environment and sustainable development concerns.
Most of the projected invest-ments are in non-Opec countries, and over the medium-term they are estimated to invest on average around $350bn per annum. The medium-term number for Opec Member
Countries is an estimated average of more than $40bn per annum, and then over $60bn annually in the long-term. Average annual long-term upstream investment require-ments for non-Opec are forecast to decline to around $280bn on the back of declining crude supply. The OECD’s share in global investment is anticipated to be more than 60 percent of the global total given the high costs – for both conventional and unconventional crudes – and decline rates.
The total investment volume of the three downstream cate-gories – known projects, required additions and mainte-nance/capacity replacement – is estimated at just under $1.5trillion in the period 2018–2040. Of this, $283bn is expected to be invested in known medium-term projects, while $306bn is anticipated to be invested into additions beyond known projects in the long-term. The investment requirement for maintenance and replacement
is estimated at around $895bn for the whole period 2018–2040.
Overall, including midstream investments of around $1trillion, in the period up to 2040 the required global oil sector investment is estimated at almost $11trillion.
According to Opec’s World Oil Outlook, long-term oil demand is expected to increase by 14.5 mb/d to reach 111.7 mb/d by 2040. This is slightly higher
than last year’s number, in spite of overall demand growth gen-erally slowing over the pro-jection period.
For supply, total non-Opec liquid supply is projected to expand significantly, with the majority of the growth over the next decade coming from US tight oil. Global tight oil supply is projected to expand to 16 mb/d by the late 2020s, making up almost 25 percent of non-Opec supply by then.
The upshot is that the long-term focus for additional liquids remains on Opec. In terms of crude, it is estimated that demand for Opec crude rises by 7.3 mb/d over the forecast period, and for all liquids the figure is 10.5 mb/d. The share of Opec crude in the global oil supply is expected to increase from 34 percent in 2017 to 36 percent by 2040.
Oil is presumed to remain the fuel with the largest share in the energy mix over the forecast period, led by demand from transportation and petrochem-icals. Combined, oil and gas are still expected to make up more than 50 percent of the global energy mix by 2040.
The fuel with the largest esti-mated demand growth is natural gas, increasing by almost 32 mboe/d between 2015 and 2040, an annual average growth rate of 1.7 percent. Consequently, the share of natural gas in the global energy mix accounts for 25 percent in 2040, up 3.3 per-centage points from 2015.
The fuel with the
largest estimated
demand growth is
natural gas, increasing
by almost 32mboe/d
between 2015 and
2040, an annual
average growth rate of
1.7%.
Opec released its
World Oil Outlook
2018-2040
yesterday
Third of EU financial secrecy comes from inside its borders: ReportREUTERS
LONDON: People or firms in the European Union that wish to keep their financial affairs secret more often find the services they require inside the EU than in one of the tax havens blacklisted by the bloc, the Tax Justice Network (TJN) said yesterday.
Such services include shell companies and banking secrecy and a third used by individuals or entities inside the EU are sourced from within it, the report said,
while just 1 percent stem from places the EU has blacklisted as tax havens.
“It is hard to call the EU’s tax haven blacklist an effective firewall against economic threats when it fails to detect 99 percent of the financial secrecy threat-ening member states,” said Markus Meinzer (pictured), a director at TJN, which uses its research to advocate for changes to the tax system.
A European Commission spokesman said all EU member
states comply with the criteria laid out for the blacklist, and are bound by EU legislation that requires them to go further than international standards.
“That is not to say that we claim everything is perfect in the EU,” he continued.
Europe is wrestling with the case of Danske Bank which is engulfed in a money laundering scandal over ¤200bn in pay-ments, many of which the Danish bank says were suspicious, chan-nelled through its Estonian
branch. Danish, Estonian and British authorities are investi-gating the Danske Bank case, with Britain’s National Crime Agency examining the role played by UK-registered companies.
The TJN said the single largest source of financial secrecy to the EU was the United States, which supplied 4.7 percent of such services - five times more than all seven countries on the EU’s blacklist combined.
Four of the top ten suppliers of financial secrecy to the EU are
members of the bloc themselves, with The Netherlands the second largest supplier ahead of Luxem-bourg, the TJN said.
Germany was sixth on the list, supplying twice as much as Panama, while France was eighth, the research, which is based on the TJN’s own financial secrecy rankings and International Mon-etary Fund data, said.
Rather than a having a blacklist, the TJN said the EU and its member states should work to secure agreements enabling
automatic information sharing with financial secrecy jurisdic-tions, and impose a tax on those that refuse.
