Al Emadi meets Jordan’s Minister of State for Investment AffairsMinister of Finance H E Ali Shareef Al Emadi (right), welcomed a Jordanian delegation led by Muhannad Shehadeh, Jordan’s Minister of State for Investment Affairs. Al Emadi discussed bilateral trade relations and the implementation of the directives of Amir H H Sheikh Tamim bin Hamad Al Thani to invest up to $500m across various sectors, including energy, infrastructure and tourism, in an effort to further support the growth of Jordan’s economy.

BUSINESSTuesday 7 August 2018

PAGE | 15PAGE | 14Doha Bank wins

‘Most Outstanding Business Bank’ award

PepsiCo CEO Indra Nooyi to step down; veteran set to take helm

MPHC first half net profit surges by 42% to QR666mTHE PENINSULA

DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates, reported a net profit of QR666m for the half of 2018, a 42 percent jump compared to QR469m during the same period of 2017. MPHC’s earnings per share rose to QR0.53 in the first half from QR0.37 during the corre-sponding period of the previous year.

The increase in profit was driven by improved selling prices by 13 percent and increased sales volumes by 6 percent, as the previous year witnessed planned turnaround in one of the group companies’ plants. The group’s profit for the period was also aided by the recognition of a tax refund of approximately QR64m for the period. The group continued to benefit from the supply of com-petitively priced ethane feed-stock and fuel gas under long-term supply agreements. This contracting arrangement is an

important value driver for the group’s profitability in a chal-lenging market condition.

The closing cash position after the first six months of operations was a robust QR1.2bn as at 30 June 2018.The total assets at 30 June, 2018 was QR14.6bn, compared to QR14.8bn as at 31 December 2017.

As compared to the previous quarter, the net profit was down by QR47m or 13 percent due to the planned annual mainte-nance shutdown in one of the group companies’ plants.

14 TUESDAY 7 AUGUST 2018BUSINESS

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MarketWatchQatar’s new business growth

hits 9-month high: QFC dataTHE PENINSULA

DOHA: Qatar’s non-hydro-carbon private sector started the third quarter on a solid footing, according to the latest QFC Qatar PMI data. A survey-record rate of job creation alongside marked new order growth contributed to July’s findings. Furthermore, business confidence improved to the highest level recorded since the survey’s inception in April 2017.

The survey, compiled for Qatar Financial Centre by IHS Markit, has been conducted since April 2017 and provides an early indication of operating condi-tions in Qatar. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline seasonally adjusted Qatar Financial Centre PMI – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil and gas private sector – rose to 52.0 in July, up from 51.8 in June. The figure was indicative of a moderate improvement in business con-ditions, and one that was above the survey average of 51.5.

Inflows of new business increased at a marked rate during July. Firms linked stronger demand to improving domestic economic conditions

and promotional activity. Reflecting new order growth, output increased in July, albeit at a fractionally slower pace than recorded in June.

Strong business confidence towards future growth prospects in the non-oil and gas private sector stimulated firms to hire additional staff during the latest survey. The level of business optimism and hiring were both at survey-record highs in July.

The reduction in selling prices softened from the survey-record decrease recorded in June. Nonetheless, output charges continued to fall at a marked pace overall, reflecting many firms engaging in promo-tional activities during the latest survey period.

Businesses in the non-hydrocarbon private sector reported the strongest improvement in vendor per-formance since the survey began during July.

Reflecting higher inflows of new business in the latest survey,

backlogs of work built-up at a solid pace. The finding extended the current phase of rising backlogs of work to three months, with the most recent increase being the sharpest since last October.

Stocks of purchases held at Qatari non-oil private sector firms dropped for the first time since April, partly reflecting higher business activity.

Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development, QFC Authority commented: “Business activity growth across the non-hydrocarbon private sector accelerated during July, reflecting stronger domestic eco-nomic conditions. The latest Qatar Financial Centre PMI also suggested the fastest increase in new hires since the survey began in April last year, with many local businesses linking job cre-ation to improved optimism towards future growth prospects and marked inflows of new orders.”

Doha Bank wins ‘Most Outstanding Business Bank’ awardTHE PENINSULA

DOHA: Doha Bank has received the 2018 Corporate Excellent Award from CV Magazine for ‘Most Outstanding Business Bank’ in Qatar.

This prominent award is testament to Doha Bank’s solid and successful business strategy and demonstrates its com-mitment to delivering service excellence to its customers and value to its stakeholders.

Commenting on this a c h i e v e m e n t , D r R Seetharaman, Doha Bank CEO said, “We are honoured to be named ‘Most Outstanding Bank’ in Qatar for 2018, by a prom-inent publication such as CV Magazine. Such recognition motivates us to further excel in our offerings and to continue presenting our customers with a differentiated experience, in Qatar and across the region.”

“This year has been rewarding for us, as our efforts continue to be recognized by

top institutions. We strongly believe that our deep under-standing of our customers needs and our ability to cater to them, while continuously presenting new and innovative products and services, has positioned us in the forefront. On behalf of Doha Bank, I would like to thank the CV judging panel for acknowl-edging our efforts and I would also like to thank all Doha Bank people, for their unwavering hard work and diligence” Seetharaman added.

Commercial Bank contactless cards reach ‘100,000 taps’ milestoneTHE PENINSULA

DOHA: Commercial Bank has announced that customers using their newly released contactless Credit and Debit Cards have made 100,000 taps at their favourite local and international outlets to make their day-to-day payments.

Commercial Bank within a short period of six month of launching contactless eco-system of Credit and Debit Cards and POS terminals to the Qatari market, has reached the 100,000 taps milestone, demonstrating this new technology’s rapidly growing uptake. Commercial Bank plans to issue approxi-mately 200,000 contactless cards and increase the number of contactless accepting terminals in its merchant network to over 5,000 by the end of 2018 at leading retailers.

Contactless cards are a fast, easy and secure way to pay for purchases by simply touching your card on a reader, and a PIN is not required if the value of the transaction is below QR100. Transactions are much faster compared to cash, making contactless “Tap N’ Pay” an important feature for super-markets, fast food outlets, mass public transport, tick-eting and sporting events in many parts of the world.

New wave of mega liquefied natural gas projects is approachingREUTERS

LONDON: A new race to build multi-billion dollar liquefied natural gas (LNG) plants is gaining momentum after a long hiatus in investments as energy giants sense a widening supply gap within five years.

Spending on new, complex facilities that super-chill gas into liquid in order to allow its trans-portation dried up following the collapse in energy prices in 2014.

Appetite was further dampened by fears that a plethora of LNG plants built since the late 2000s would lead to a large supply glut until early in the next decade.

But sentiment has radically changed over the past year. Buoyed by rising oil prices and exceptionally strong demand from rapidly growing economies such as China and India, execu-tives are increasingly confident conditions are once again ripe for new projects.

Qatar, the world’s largest LNG producer, is preparing to expand its facilities by around one third to produce 100-108 million tonnes per year (mtpa) by 2023-2024.

“The glut that people see I don’t see... If you just count on

being pessimistic about the market, and don’t build expan-sions, you will never catch that upside when the market is up,” Qatar Petroleum President & CEO Saad Sherida Al Kaabi, told Reuters in May.

The state-owned company expects long-standing partners Exxon Mobil, Royal Dutch Shell, Total and ConocoPhillips to help build and fund the new expansion phases as well as possibly new entrants, he said.

A major change in the outlook happened after China strongly boosted imports of LNG in recent years to reduce coal burn in its fight against pollution.

“The supply-demand balance definitely looks more favorable towards producers these days,” said Philippe Sauquet, the head of gas at France’s Total, the world’s second largest LNG trader after Shell.

“China will continue to make the real difference in demand. I don’t see them slowing down. They are shifting attention to building more and more infrastructure,” Sauquet told Reuters.

The LNG market will require over 200 million tonnes per year of new supply through to 2030, or roughly 25-30 mtpa per year

in new capacity additions to 2025, according to Bernstein. “We believe 60 mtpa needs to be sanctioned by 2020 and a further 100+ mtpa between 2020-2025 to ensure markets are adequately supplied,” Bernstein said.

Liquefaction capacity addi-tions are expected to fall sharply by the end of 2019 as newly com-missioned plants reach their maximum capacity, according to Bernstein.

The main source of growth is expected to come from the United States, where supplies rose sharply and prices plummeted

with the expansion of shale drilling. Investors were highly critical of oil and gas companies earlier this decade as costs bal-looned for many LNG projects under development such as Chevron’s $54bn Gorgon project in western Australia, the most expensive in history, or Shell’s $14bn Prelude LNG, the world’s largest floating structure.

But with services costs still languishing in the wake of the 2014 slump and new technologies helping to simplify and improve designs, new projects are able to compete for capital.

Executives also say they have learnt from past mistakes.

The renewed confidence in the outlook for LNG and the recovery in oil prices that has led to a surge in revenue for energy companies, boards are getting ready to invest.

Exxon last year bought for $2.8bn a 25 percent stake in Eni’s Rovuma development in Mozam-bique, which holds a massive estimated resource of 85 trillion cubic feet.

Speaking to Reuters, Eni CEO Claudio Descalzi said partners in the project, Exxon, Korea Gas Corp and China National Petroleum Corporation [CNPET.UL], will take a final investment decision next year so it could be operational by 2023-2024. The project will produce 15 million tonnes of LNG per year, or 5 percent of global output.

Shell, which acquired BG Group in 2016 for $54bn to boost its gas output, is nearing a decision on the development of LNG Canada. It would be its first new LNG project since 2011.

“We expect a supply gap in the gas market in the early 2020s... LNG Canada looks very promising,” Shell Chief Financial Officer Jessica Uhl said last month.

Shell Chief Executive Officer Ben van Beurden said the Anglo-Dutch company expects the partners in the Nigeria LNG processing plant, Nigerian National Petroleum Corporation, Shell, Total and Eni, to consider its expansion by the end of the year to increase its capacity to 30 mtpa.

Shell’s British rival BP and its partner Kosmos Energy will decide on the development of the Tortue field off the coast of Senegal and Mauritania by next year.

Global demand for LNG surged by 12 percent in 2017, far exceeding forecasts, and is expected to grow by up to 10 percent in 2018, according to analysts at Bernstein.

Oil and gas companies have heralded LNG as the fossil fuel of the future thanks to its relatively low carbon emissions.

Natural gas, the least pol-luting fossil fuel, is a key growth area for energy companies which see it playing a pivotal role in the world’s efforts to reduce green-house gas emissions to fight global warming.

For companies like Shell and BP, the share of gas production has surpassed that of oil in recent years.

A vessel carrying LNG cargo approaches the new LNG terminal of China National Offshore Oil Corp in Shenzhen, China.

US seeks $350m annual sanctions in Indonesia trade disputeREUTERS

GENEVA: The United States has asked the World Trade Organ-ization to let it impose sanctions on Indonesia after winning a trade dispute that it said cost US business up to $350m in 2017, a US filing published by the WTO showed yesterday.

The United States and New Zealand both won WTO rulings last year against Indonesian import restrictions on food, plants and animal products,

including apples, grapes, potatoes, onions, flowers, juice, dried fruit, cattle, chicken and beef. The latest US filing said Indonesia had not complied with the ruling, so Washington was seeking annual sanctions to compensate for the damage done to US interests.

“Based on a preliminary analysis of available data for certain products, this level is provisionally estimated at up to approximately $350m for 2017,” it said.

German industrial orders plunge in JuneAFP

FRANKFURT AM MAIN: Indus-trial orders in Germany fell more than expected in June, official data showed, as global trade tensions weighed on Europe’s top economy.

New contracts at industrial firms plunged four percent month-on-month, federal sta-tistics authority Destatis said in figures adjusted for seasonal swings, following a 2.6 percent increase in May.

Analysts surveyed by Factset had predicted a far smaller drop of 0.25 percent in June. Analyst Carsten Brzeski from ING Diba

bank described the June reading as a “cold summer shower”.

“Disappointing new orders data show tentative signs of trade tensions hitting the German economy, which doesn’t bode well for the industrial outlook in the second half of the year,” he said. The June slump was led by orders from outside the eurozone, which were down nearly six percent. Orders within Germany and the euro area fell nearly three percent. The economy ministry in Berlin said that with the exception of the May rebound, order intakes had been “weak” so far this year. “Uncertainty caused by trade policies may have

played a role,” it said in a statement.

Companies around the world are nervously eyeing a deepening trade war between the United States and China, spurred by President Donald Trump’s “America First” agenda.

Trade relations between the US and the European Union are also tense after Trump imposed tariffs on metals imports, prompting retaliatory EU duties.

Trump has also threatened to slap hefty tariffs on foreign cars, which would badly hurt German auto makers.

Looking ahead, the German economy ministry was

nevertheless optimistic about the second half of the year. “The order backlog remains high and despite the cloudy spell, the business climate is clearly still positive.”

Meanwhile, the International Monetary Fund (IMF) repeated on Monday that Germany’s reluc-tance to reduce its trade surplus was contributing to trade ten-sions and adding to risks that could undermine global financial stability. “In (current account) surplus countries such as Germany we see hesitant measures, at best, to counteract the surplus,” IMF chief economist Maury Obstfeld wrote in a German daily.

15TUESDAY 7 AUGUST 2018 BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

The Spy Who Dumped Me (2D/Action) 10:00, 11:00am, 12:00noon, 12:30, 1:30, 3:00, 4:00, 5:30, 5:45, 6:30, 8:00, 9:00, 10:30, 11:45pm & 12:00midnight Mission Impossible 6 (2D/Action) 11:30am, 12:30, 2:45, 5:30, 8:30 & 11:30pm Hotel Transylvania 3 (2D/Animation) 10:00am, 12:00noon, 2:00 & 4:00pm Shock & Awe (2D) 10:00am, 2:00, 6:00 & 10:00pm Our House (2D) 12:00noon, 4:00, 8:00pm & 12:00midnightThe First Purge (2D/Horror) 6:00, 8:00, 10:00pm & 12:00midnight Leo Da Vinci (2D) 10:am, 12:00noon, 2:00 & 4:00pmMamma Mia (2D) 6:00, 8:30 & 11:00pm Harb Karmoz (Arabic) 10:30am, 3:30, 8:30 & 11:00pm Ocean’s Eight (2D/Action) 1:00 & 6:00pm Skyscrapper (2D/Action) 10:00am, 12:15, 2:30, 7:00, 9:15 & 11:30pm Qalb Omnah (Arabic) 4:45pm Mission Impossible - Fallout (2D/IMAX/Action) 11:00am, 2:00, 5:00, 8:00 & 11:00pm

Koode (Malayalam) 2:00pm Chi La Sow (Telugu) 2:15pm Karwaan (Hindi) 4:00 & 6:30pm Fanney Khan (Hindi) 4:45 & 11:15pm The Spy Who Dumped Me (2D/Comedy) 11:30pm Patrick (2D/Comedy) 2:00pm Buy Bust (Tagalog) 7:00pm Leo Da Vinci (2D/Animation) 4:45 & 6:15pmHarb Karmoz (2D/Arabic) 7:45 & 9:15pm Mission Impossible 6: Fall Out 8:45 & 11:30pm Koode (Malayalam) 2:00pm Shock And Awe (2D/Drama) 9:45pm

Karwaan (Hindi) 2:15, 7:15 & 11:00pmLeo Da Vinci (2D/Animation) 2:30 & 4:15pmKoode (Malayalam) 2:15, 4:30 & 11:30pm Buy Bust (Tagalog) 5:00pm Patrick (2D/Comedy) 6:00pmHarb Karmoz (2D/Arabic) 7:15, 9:30 & 11:30pm Mission Impossible 6: Fall Out (Action) 8:00pm The Spy Who Dumped Me (2D/Comedy) 9:30pm

Leo Da Vinci (2D/Animation) 2:00 & 5:00pmKoode (Malayalam) 2:15pm Fanney Khan (Hindi) 5:00 & 7:15pmHotel Transylvania 3 (2D/Animation) 3:00pm Patrick (2D/Comedy) 3:30 & 6:30pm Harb Karmoz (2D/Arabic) 5:15 & 7:30pm Mission Impossible 6: Fall Out 8:30pm Our House ( 2D/Horror) 11:30pmShock And Awe (2D/Drama) 9:30pm The Ashram (2D/Thriller) 9:45pmThe Spy Who Dumped Me (2D/Comedy) 11:15pm

Koode (Malayalam) 7:00, 8:00 & 9:45pm Fanney Khan (2D/Hindi) 5:30pm Karwaan (Hindi) 6:30 & 9:00pm

The Spy Who Dumped Me (Comedy) 12:45, 6:15 & 11:45pmLeo Da Vinci (2D/Animation) 11:30am, 1:30 & 3:30pm Our House (2D/Drama) 10:30am, 2:45 & 11:45pm Koode (Malayalam) 3:15 & 8:45pm Mission Impossible (Action) 5:30, 8:30 & 11:30pm Patrick 12:30, 4:45 & 9:30pm Karwaan (Hindi) 7:00pm

Harb Karmoz (Arabic) 10:30am, 1:10, 6:40, 11:00 & 11:50pmHotel Transylvania 3 10:30am, 12:40, 3:00 & 5:10pm Karwaan (Hindi) 10:30am, 1:40, 4:00, 7:50 & 9:20pm Mission Impossible (Action) 10:30am, 1:30, 4:30, 7:30 & 10:30pm Saakshyam (Telugu) 1:30, 4:50 & 10:50pm The Spy Who Dumped Me (Comedy) 7:30 & 10:00pm

Audrey and Morgan are best friends who unwittingly become entangled in an international conspiracy when one of the women discovers the boyfriend who dumped her was actually a spy.

SPY WHO DUMPED ME

Ant-Man & The Wasp 10:20 & 11:55am Teen Titan Go 2:30 & 3:40pmBuy Bust 4:30 & 9:15pm Fanney Khan 11:55am, 5:50 & 11:45pm Hotel Transylvania 3 12:25, 1:10, 7:10pm Incredibles 2 11:00am Koode 2:40, 8:35pm & 12:00midnight Leo Da Vinci 10:35am, 5:15

& 6:00pm Teen Titan Go 2:25, 4:00, 6:20 & 8:15pm Mission Impossible 12:25, 2:20, 3:25, 5:20, 6:30, 8:00, 10:35 & 11:00 3D 10:35am, 1:30, 4:25, 7:35, 9:25pm & 12:20am Skyscraper 7:20, 9:40 & 11:50pm & 12:40am Spy Who Dumped Me 11:25am, 12:45, 1:50, 4:15, 6:40, 8:15, 9:05, 10:40 & 11:30pm

ROYAL PLAZANOVO Pearl Qatar

MALL

CROSSWORD

LANDMARK

FLIK Mirqab

AL KHOR

ROXY

ASIAN TOWN

Cryptocurrencies set to emerge as new asset classMOHAMMAD SHOEB THE PENINSULA

DOHA: With the introduction of some financial derivative and legal tools in the US and other markets with regard to Crypto-currencies trading, Bitcoin and some other Cryptocurrencies (which are based on block-chain technology), are emerging as new asset class, noted a senior official of Bloomberg LP at an event held here yesterday.

However, in terms of the volume of Bitcoin and other assets, it is still in infancy. Bit-coin’s asset value stands just a fraction of other assets in the mainstream. There is a huge dif-ference in the volume.

For instance, the combined

value of Bitcoin assets today stands between $350bn and $400bn, way far low compared to gold, which has a total asset value to the tune of $7 trillion.

Last year Bitcoin suddenly drew everybody’s attention when the prices touched up to $20,000 levels. This happened because people rushed to get access to an exchange and new money came to the market. But

it was still a retail based-cur-rency. However, some policy

decisions on the part of exchanges in the US provided

greater legitimacy to the cur-rency and gradually changing the dynamics.

“Since May exchanges opened in the US and helped it to bring Bitcoin to the main stream somewhat, but it was still been a retail-based cur-rency. But when we had the introduction of Futures (a financial tool for hedging risks involved with the high price volatility of Bitcoin) we saw a few days of enthusiasm fol-lowed by a huge sell-off, which cut a lot of the buy-and-hold players off side. This led to a change in the whole dynamics,” noted Eoghan Leahy, Technical Analysis, Alternative Invest-ments and Quant Trading Spe-cialist at Bloomberg, during

“The Bloomberg Cryptocurrency Seminar,” held here yesterday.

He added: “The meteoric rise of Bitcoin has opened the door for a new asset class of Cryptocurrencies. The sharp selloff since the introduction of the Bitcoin Futures suggests that simple buy and hold strategies may no longer prosper.”

He also said that the Crypto-currencies market is getting more sophisticated in different ways.

The main agenda of the seminar included discussion on the methods of accessing Cryptocurrency data, data vis-ualization to compare Crypto-currencies; correlation analysis; strategy backtesting and optimisation.

Eoghan Leahy, Technical Analysis, Alternative Investments and Quant Trading Specialist at Bloomberg, doing a presentation at a Cryptocurrency seminar at the W Hotel in Doha yesterday. PIC: SALIM MATRAMKOT / THE PENINSULA.

PepsiCo CEO Indra Nooyi to step down; veteran set to take helmAFP

NEW YORK: Indra Nooyi (pictured), one of the most prominent female CEOs, will step down as head of PepsiCo following 12 years navigating the soft drinks and snacks company through a tricky climate of often unpredictable consumer preferences on health and sustainability.

Nooyi who was born in India, will be replaced as chief executive by President Ramon Laguarta on October 3, but will remain as chair of the board until early 2019 to oversee the transition.

Among the 500 companies in the S&P 500, only 25 -- or five percent -- are led by women, including Nooyi.

Her tenure included sparring with activist investor

Nelson Peltz and fighting against a spate of municipal soda taxes.

In October 2016, PepsiCo unveiled 2025 sustainability targets that included vows to reduce waste and to ensure at least two-thirds of its global beverage portfolio contain less than 100 calories per serving.

Even as Nooyi has stressed these long-term targets, she has been unapologetic in touting the company’s products, which include snacks under the Frito-Lay banner such as Dorito chips, in addition to sugary car-bonated drinks such as Pepsi cola and Mountain Dew.

Analyst Neil Saunders praised Nooyi for leading during an “extremely chal-lenging” period in consumer products, praising in particular the decision to stick with

snacks. “With demand for soda under pressure, PepsiCo can now take comfort in the fact that it has a balanced portfolio of products -- including in emerging areas like plant-based snacks from its recent acquisition of Bare Foods,” said Saunders, managing director of GlobalData Retail.

PepsiCo presiding director Ian Cook hailed Nooyi as a “pioneer” among major chief executives in introducing sus-tainability targets into business performance and for upping its portfolio of healthier foods.

“She has delivered strong and consistent financial per-formance, managing with an eye toward not only the short-run, but the long-run as well,” Cook said of Nooyi.

“And shareholders have benefited: $1,000 invested in

PepsiCo in 2006 is worth more than two-and-a-half times that amount today.”

Nooyi came to the United States in 1978 to attend the Yale School of Management on a scholarship and worked at PepsiCo for 12 years prior to being tapped to lead the company. Under her leadership, PepsiCo net revenues rose from $35bn in 2006 to $63.5bn in 2017, with much of the growth coming from international markets.

PepsiCo’s moves included buying a 50 percent stake in US hummus maker Sabra in 2008 and acquisition of Brazilian snack company Mabel in 2011, a year that also saw the company unveil an alliance with Tingyi Holding in China.

Nooyi came under pressure from Peltz, who called for the

company to be broken up in 2014. But Nooyi successfully beat back the challenge with a series of cost-cutting measures. Peltz exited the stake in 2016.

Nooyi has described con-sumer tastes as often unpre-dictable, veering from a desire for artificial sweeteners to sus-picion at unnatural ingredients. She discussed “tapering the consumer” to accept less sweet drinks over time during a November 2016 interview.

“Overnight you can’t take away the sugar because the consumer says ‘I like that, why did you take that away?’” she said. “So the consumer is schizophrenic.”

During the same interview, Nooyi dismissed soda taxes as panacea and said the surge in obesity needed to be countered in a “holistic” way to address

huge portion sizes and other factors.

During the interview, which was held just days after the 2016 presidential election, Nooyi expressed concern that Donald Trump’s actions on trade could harm US multina-tionals in foreign markets and decried his rhetoric against immigrants and women.

The sharp selloff since

the introduction of

the Bitcoin Futures

suggests that

simple buy and hold

strategies may no

longer prosper.