India s GDP growth may fall to 5.5%: Finance minister

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1 FITCH UPGRADES TURKEY TO INVESTMENT GRADE QATAR STEEL ENTERS PALLADIUM S HALL OF FAME WEAK UK SERVICES DATA HINT AT BUMPY ECONOMIC RECOVERY PAGE 34 GLOBAL ECONOMY Bullion Market GOLD PERCENTAGE PERCENTAGE 1, %% % Crude oil USD / BBL Businessline SILVER PERCENTAGE BRENT % WTI % PAGE 34 GLOBAL ECONOMY Tuesday, November 6, 2012 PAGE 34 GLOBAL ECONOMY INDUSTRY Industry is the soul of business and the keystone of prosperity. CHARLES DICKENS Pension Authority gets nod to raise stake in GIS Apple sells 3 million ipads in three days APPLE said it sold a total of three million ipads in the three days since Friday, when it launched the new ipad mini and fourth-generation ipad. This was double the first weekend sales of 1.5 million for Wi-Fi only models for the third generation ipad sold in March, Apple said on Monday. Demand for ipad mini exceeded the initial supply and while many of the pre-orders have been shipped to customers, some are scheduled to be shipped later this month, Apple said. We re working hard to build more quickly to meet the incredible demand, CEO Tim Cook said in a statement. The 7.9-inch ipad mini marks Apple s first foray into the smaller-tablet segment, and is the company s first major new device since the death of co-founder Steve Jobs last year. Apple shares were up nearly 1 percent at $ in trading before the bell. () UAE central bank names Kindi as new chairman KHALIFA Mohammed al Kindi is the new chairman of the United Arab Emirates central bank, according to a statement posted by the bank. Kindi replaces Khalil al Foulathi, whose four-year tenure expired in July. Sultan al Suweidi remains the governor of the UAE central bank. The board of directors of central bank of the UAE held its seventh meeting on Sunday under the chairmanship of Khalifa Mohammed al Kindi, chairman of the board, attended Sultan bin Nasser al Suwaidi, the governor, the statement posted on the central bank s website said. The board of the central bank reiterated that UAE lenders are in a good position and are safe from the negative effects witnessed by the global markets. Kindi is also chairman of Invest AD, an Abu Dhabi-based investment company. (DOW JONES) Gulf markets end mixed Arabian Gulf stock markets closed mixed on Monday; volumes relatively narrowed as investors were seen cautious on global risk events. The US elections are likely to grab the market s exclusive attention this week, noted one analyst at an international bank. Dubai shares finished 0.4 percent lower at points as the real estate sector weighed. Abu Dhabi s market was down 0.3 percent at points. Energy and property stocks were among the top losers. The Qatar Exchange benchmark index closed flat at points. (DOW JONES) Information KIOSK Exchange Rate Currency buy QR sell QR US Euro Pound Sterling Indian Rupee Pakistani Rupee Philippine Peso Sri Lankan Rupee Bangladeshi Taka Nepalese Rupee Japanese Yen Kuwaiti Dinar Saudi Riyal Omani Riyal UAE Dirham Bahraini Dinar Source: ZAWYA DOW JONES BEIRUT THE shareholders of Qatar s Gulf International Services (GIS) have amended the company s statute to allow the country s General Retirement and Pension Authority (GRPA) to increase its stake in GIS to 21.4 percent from 1.4 percent, Dohabased Al Arab daily reported citing Ibrahim al Mannai, GIS general coordinator. Minister of Energy and Industry HE Dr Mohammad bin Saleh al Sada, who is also the chairman of GIS and Qatar Petroleum (QP) told Al Arab that QP has decided to transfer part of its stake in GIS to GRPA. Sada said following the extraordinary general meeting of GIS shareholders that there was a need for such a meeting to approve this decision, the paper reports. Mannai said according to the daily that the shareholders have also amended another article of the statue to prohibit any entity from owning more than 1 percent of GIS besides QP and its units and GRPA. He added that, as an exception, Qatar Education and Health Fund and Qatar Foundation for Education, Science and Community Development will be allowed each to own up to 1.4 percent of GIS. GIS owns companies operating in the sectors of insurance, oil drilling, and helicopter transportation, the newspaper said. GIS was incorporated as a Qatari shareholding company in 2008 by Qatar Petroleum (QP), a wholly-owned Qatari government company. Prior to the IPO, GIS was fully India s GDP growth may fall to 5.5%: Finance minister MEXICO CITY INDIA S economic growth could slow to as little as 5.5 percent this fiscal year, Finance Minister P Chidambaram told Reuters, signalling the possibility that Asia s third largest economy will expand at its slowest pace in a decade. I m looking forward to this year ending with 5.5 to 6 percent growth, barring any unexpected shocks, and next year getting back to 7 percent growth, and in getting back to 8 percent growth, he said in an interview on Sunday at a G20 meeting in Mexico. The last time full-year growth fell below 6 percent was in when the economy expanded 4 percent. A slump in industrial activity because of slow policy-making and the global slowdown, combined with a drought, have dragged on India s performance this fiscal year, which ends in March Until now, the government had estimated growth this year at around 6 percent. The International Monetary Fund last month slashed its 2012 calendar year economic growth forecast for India to 4.9 percent from 6.1 percent. Chidambaram said India had the wherewithal to again reach its economic potential. In we had 9 percent plus growth. It s not as though we have not done it before, he said. We have slowed down thanks to the world and some domestic factors, but we are absolutely confident that we will get back to the higher-growth path. Chidambaram said he was concerned about inflation, which hit a 10-month high of 7.8 owned by QP and in 2008, QP listed 70 percent of the company s issued capital in the Doha Securities Market. GIS has significant investments in national and international oil and gas industry, including well support services, offshore and onshore drilling services, helicopter maintenance and transportation services, insurance and reinsurance services. Goldman Sachs trims partner list to cut expenses NEW YORK GOLDMAN Sachs Group has cut the number of employees it lists as partners to help streamline expenses. Goldman has reduced the number of partners to 407, down 31 from February, the bank said in a filing with the US Securities and Exchange Commission, without identifying the partners that had been dropped. Becoming a Goldman partner is a coveted title on Wall Street because of its prestige and lucrative compensation. Fewer partners were named this year because of a broad decline in Goldman s staff levels. Since the end of 2010, the investment bank has cut 3,100 employees from its payroll, shrinking its workforce by 9 percent. From 2011, dozens of partners have left the investment bank, including some high-profile executives such as David Heller and Ed Eisler, two co-heads of Goldman s securities business. In April, Chief Financial Officer David Viniar said 15 to 20 percent of Goldman partners typically leave the firm every two years. Last month, Viniar said the bank has already finished most of a cost-saving program that aims to reduce annual expenses by $1.9 billion, by cutting staff and other non-compensation expenses. Goldman has set aside $10.97 billion for compensation so far this year, a 10 percent increase from a year ago. That equates to $336,442 per employee, up 15 percent from $292,836 per worker during the first nine months of Harvey Schwartz will take over from Viniar, the longest-serving CFO on Wall Street, at the end of January. Indian rupee falls 80 paise against dollar MUMBAI THE Indian rupee dropped on Monday to its weakest level against the dollar in more than a month and half, tracking a bout of global risk aversion ahead of US elections and a key Greek parliamentary vote on austerity. The 1.47 percent fall in the rupee almost matched the 1.5 percent fall on October 8, as the local currency tracked the drop in the euro to a near two month India s Finance Minister P Chidambaram during an interview, in Mexico City, on Monday. () percent in September. We must learn to live with some inflation, but inflation cannot be at an unacceptable level. Today it is at an unacceptable level, he said. India s central bank left interest rates unchanged at 8 percent last week, defying government pressure to lower rates for the first time since April. Rate cut expectations had grown after Chidambaram outlined a recent plan to cut the country s hefty fiscal deficit and boost growth. The bank s announcement failed to calm markets, pushing bond yields and swap rates higher. Chidambaram said that with a combination of monetary policy, spending cuts, and a tightening of tax collection, India could lower the deficit and foster growth. I m confident that with determination, hard work, and some pain, we will be able to contain the fiscal deficit at 5.3 percent, Chidambaram said. The revision in the fiscal deficit target will result in additional market borrowing up to the new level, he added. The government borrows via rupeedenominated bonds that foreign investors are allowed to trade. I don t expect any additional borrowing over 5.3 percent, he said. That level of borrowing will amount to at least 200 billion rupees, a senior finance ministry official told Reuters in New Delhi. Previously, the government had pegged gross market borrowing for the current fiscal year at 5.7 trillion rupees to finance the original deficit target of 5.1 percent. The finance minister also rejected the possibility that India might suffer a ratings downgrade, after Standard & Poor s recently said the country faces a one-in-three chance of a credit rating downgrade to junk status over the next two years. India certainly does not deserve a downgrade and we are taking steps that will contain the fiscal situation, he said. The Reserve Bank of India cut its GDP growth forecast for Asia s third-largest economy this fiscal year to 5.8 percent from 6.5 percent previously. It raised its inflation projection in March to 7.5 percent from a previous 7 percent. low on the renewed uncertainty about the eurozone s debt crisis as Greek lawmakers are due to vote on reforms on Wednesday. Choppy domestic shares also added to the downward pressure on the rupee. The Sensex ended up 0.04 percent, with defensive stocks gaining on caution ahead of the US election on Tuesday. Euro s losses and some corporate dollar demand hurt the rupee today with some stops also getting triggered, said Hari Chandramgathan, a senior foreign exchange dealer with Federal Bank. The outlook for dollar still bullish ahead of US elections and we could see dollar touching levels of or in the medium term, he added. The partially convertible rupee closed at 54.60/61 per dollar after falling to during the session, its weakest since September 14. The rupee closed at /8150 on Friday. In the offshore non-deliverable forwards market, the one-month contract was at while the three-month was at Corporate dollar purchases also hit the local unit: a large iron ore refiner had bought around $200 million from the market in the first half of the session, traders said. In the currency futures market, the most-traded near-term dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed at around wi t h a total traded volume of around $6.6 bi l lion.

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4 Tuesday, November 6, BULLS & BEARS Dubai Financial Market 1, Arabian Scandinavian Insurance Co Agility Public Warehousing Air Arabia Ajman Bank Al Firdous Holdings Al Mazaya Holding Co KSC Al Sagr National Insurance Co Al Salam Bank Bahrain BSC Alliance Insurance Al Madina for Finance and Investment Co Al Salam Bank Sudan Amlak Finance Arab Heavy Industries Arab Insurance Group BSC Arab Orient Insurance Co Arabtec Holding Aramex Dubai Investment Dubai Islamic Insurance and Reinsurance Co Abu Dhabi Securities Exchange 2, Al Ain Ahlia Insurance Co PSC Al Buhaira National Insurance Co Abu Dhabi Aviation Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank Abu Dhabi National Hotels Co Abu Dhabi National Insurance Co Abu Dhabi Ship Building Al Fujairah National Insurance Co Agthia Group Al Khazna Insurance Co Aldar Properties Arkan Building Materials Co International Fish Farming Holding Co Al Wathba National Insurance Co Abu Dhabi National for Building Materials Bank of Sharjah Commercial Bank International Dana Gas Co PJS Al Dhafra Insurance Co Emirates Driving Co Emirates Insurance Co Eshraq properties Company Emirates Telecommunication Corp Ltd Fujairah Building Industries Co Fujairah Cement Industries Co First Gulf Bank Finance House Foodco Holding Bahrain Stock Exchange 1, Al Baraka Banking Group Ahli United Bank Alahlia Insurance Co Al Salam Bank Bahrain Aluminum Bahrain Arab Banking Corporation Arab Insurance Group Ahli United Bank Bahrain Kuwait Insurance Co Bahrain Car Parks Co Bahrain Cinema Co Bahrain Commercial Facilities Co Bahrain Duty Free Shop Complex Bahrain Family Leisure Co Bahrain Flour Mills Co Bahrain Islamic Bank Bahrain National Holding Co Bahrain Ship Repairing and Engineering Co Bahrain Telecommunications Co Bahrain Tourism Co Banader Hotels Co BBK DUBAI ABU DHABI BAHRAIN Dubai Islamic Bank Dubai Refreshments Deyaar Development Dubai Financial Market Dubai National Insurance and Reinsurance Co Drake and Scull International Emirates Integrated Telecommunications Co Dubai Development Co Dubai Insurance Co Commercial Bank of Dubai Ekttitab Holding Co KSCC Emirates Islamic Bank Emaar Properties Emirates Investment Bank Emirates NBD Bank Emirates Refreshments Global Investment House KSCC Gulf Finance House BSC Gulf General Investment Co Gulf Navigation Holding Gulf Cement Co Green Crescent Insurance Co Gulf Livestock Co Gulf Medical Projects Co Gulf Pharmaceutical Industries Insurance House Invest Bank Methaq Takaful Insurance Co National Bank of Abu Dhabi National Bank of Fujairah National Bank of Umm Al Qaiwain National Corp for Tourism and Hotels National Marine Dredging Oman and Emirates Investment Holding Co Umm Al Qaiwain Cement Industries Co Qatar Telecom QSC National Bank of Ras Al Khaimah Ras Al Khaimah for White Cement Ras Al Khaimah National Insurance Co Ras Al Khaimah Poultry and Feeding Co Ras Al Khaimah Cement Co Ras Al Khaimah Ceramics RAK Properties Sharjah Cement and Industrial Development Co Sudatel Telecom Group Ltd Sharjah Islamic Bank Sharjah Insurance Co Sorouh Real Estate Co Abu Dhabi National Energy Co Abu Dhabi National Takaful Co Bank Muscat SAOG Bahrain Middle East Bank BMMI Delmon Poultry Co Esterad Investment Co Global Investment House KSCC Gulf Finance House Gulf Hotel Group Gulf Monetary Group EC Inovest International Investment Group Co KSCC Investcorp Bank Ithmaar Bank Khaleeji Commercial Bank Nass Corporation National Bank of Bahrain National Hotels Co Securities and Investment Co C Seef Properties Taib Bank C Takaful International Co Trafco Group United Finance Co SAOG QATAR EXCHANGE ADJ.CLOSE CHANGE CHANGE % BID SIZE BID ASK ASK SIZE OPEN HIGH LOW LAST PREVIUOS CLOSE NUMBER TRADES VOLUME TRADED VALUE (000) YEAR HIGH YEAR LOW Aamal Holding , , Al-Ahli Bank of Qatar (5.20) (8.97) , Al Khaleeji Bank (0.09) (0.52) 2, , Al Meera Consumer , Qatari Investment Group (0.20) (0.82) 3, , ,146 1, Al Khaleej Group , Barwa Real Estate QSC , , ,195 3, Dlala Brokerage and Investment Holding Co (0.65) (1.91) , Doha Bank Ltd , ,355 1, Doha Insurance Co (1.40) (4.53) , Ezdan Real Estate (0.35) (1.88) , , Gulf Intr Serv , ,203 2, Gulf Warehousing , , ,593 1, Industries Qatar QSC (0.40) (0.27) 3, ,586 12, Islamic Holding (0.20) (0.53) 1, , Mannai Corp ,372 4, Masraf Al Rayyan , , ,111 8, Mazaya Qatar , , ,821 1, Medicare Group (0.10) (0.25) , , National Leasing Company , , ,717 3, Qatar Cinema and Film Commercial Bank of Qatar , , ,720 4, Qatar Electricity & Water (0.60) (0.45) , ,579 1, Qatar Gas Transport Company (0.03) (0.19) , ,340 1, Qatar General Insurance & Reinsurance Qatar Industrial Manufacturing , ,522 1, Qatar International Islamic Bank QSC , , ,486 2, Qatar Islamic Bank (0.10) (0.13) 2, , ,917 4, Qatar Islamic Insurance (2.60) (4.40) , Qatar Meat & Livestock Company (4.70) (6.56) 1, , ,867 47, Qatar National Cement , , Qatar Telecom , ,233 2, Qatari German Company for Medical Devices (0.33) (2.21) 1, , , Qatar Fuel Company (1.50) (0.53) , Qatar Insurance Company , , Qatar Navigation Q.S.C ,193 7, Qatar Oman Inves , ,623 3, Qatar National Bank , , ,648 30, Salam International Investment Co (0.08) (0.60) 3, , , United Development Company , , ,489 6, Vodafone Qatar 9.00 (0.01) (0.11) 128, , , ZAD Holding (0.10) (0.17) , Kuwait Stock Exchange 5, Aayan Real Estate Co Abyaar Real Estate Development Co Acico Industries Co Advanced Technology Co Al Ahleia Insurance Co SAK Ahli United Bank Ahli United Bank BSC Ajial Real Estate Entertainment Co Al Ahli Bank of Kuwait Al Argan International Real Estate Co Al Deera Holding Co Al Enmaa Real Estate Co Al Madar Finance and Investment Co Al Masar Leasing and Investment Co Al Mazaya Holding Co Al Mowasat Healthcare Co Al Mudon International Real Estate Co Al Nawadi Holding Co Al Qurain Holding Co Al-Safat Energy Holding Al Safat Investment Co Al Safat Tec Holding Co Al Safwa Group Holding Co Al-Salam Group Holding Co Tamdeen Investment Co Al Aman Investment Co Al Mal Investment Co Al Massaleh Real Estate Co Al Ahlia Holding Co Al Dar National Real Estate Co Alimtiaz Investment Group Al Kout Industrial Projects Co Al Madina for Finance and Investment Co Alrai Media Group Co Amwal International Investment Co Aqar Real Estate Investments Co Arab Insurance Group BSC Al Arabiya Real Estate Co Arabi Holding Group Co Aref Energy Holding Co Aref Investment Group Arkan Al Kuwait Real Estate Co Automated Systems Co ALAFCO Aviation Lease and Finance Co Bahrain Kuwait Insurance Co BSC Bayan Investment Co Boubyan Bank Boubyan International Industries Holding Co Boubyan Petrochemical Co Burgan Bank SAK Burgan for Well Drilling Trading and Maintenance Co City Group Co Muscat Securities Market 5, Al Anwar Ceramic Tiles Co Ahli Bank ACWA Power Barka Al Anwar Holdings Al Jazeira Services Co Al Jazeera Steel Products Co Al Batinah Development Al Omaniya Financial Services Majan College University College Bank Dhofar Bank Muscat Oman Oil Marketing Co Oman Oil Marketing Co Construction Materials Industries Dhofar Cattle Feed Co Dhofar Power Co Dhofar Power Co Dhofar International Development Dhofar Insurance Co Financial Corporation Co Financial Services Co Global Financial Investments Holding KUWAIT MUSCAT Coast Investment and Development Co Commercial Facilities Co SAKC Combined Group Contracting Co SAKC 1, Commercial Bank of Kuwait SAK Commercial Real Estate Co National Consumer Holding Co Credit Rating and Collection Danah Al Safat Foodstuff Egypt Kuwait Holding Company SAE Educational Holding Group Ekttitab Holding Co Equipment Holding Co Eyas for Higher and Technical Education First Dubai for Real Estate Development Co First Investment Co First Takaful Insurance Co Fujairah Cement Industries Co PSC Future Communications Co Global Future Kid Entertainment and Real Estate Co Gulf Franchising Holding Co Global Investment House Grand Real Estate Projects Gulf Bank Gulf Cable and Electrical Industries Co 1, Gulf Cement Co PSC Gulf Finance House BSC Gulf Glass Manufacturing Co Gulf Insurance Gulf Investment House Gulf North Africa Holding Co Gulf Petroleum Investment Co Hayat Communications Co Heavy Engineering Industries and Shipbuilding Hilal Cement Co Hits Telecom Holding Co Housing Finance Co Human Soft Holding Co IFA Hotels and Resorts Co Ikarus Petroleum Industries Co Independent Petroleum Group SAKC Industrial and Financial Investments Co Injazzat Real Estate Development Co Inovest BSC International Financial Advisors International Finance Co International Resorts Co Investors Holding Group Co Ithmaar Bank BSC Jazeera Airways Jeeran Holding Co KGL Logistics Co KIPCO Asset Management Co Kuwait and Middle East Financial Investment Kout Food Group Gulf International Chemicals Gulf Investment Services Holding Co HSBC Bank Oman Al Hassan Engineering Co Al Jazeira Services Co Al Kamil Power Co Al Maha Petroleum Products Marketing Co Muscat Finance Majan Glass Co Muscat National Holding Co Muscat Gases Co National Aluminium Products Co National Bank of Oman National Finance Co Omani Qatari Telecommunications Co Oman Cables Industry Oman Cement Co Oman Chlorine Oman and Emirates Investment Holding Co Oman Fisheries Co Oman Flour Mills Co Oman Holdings International Co Oman Investment and Finance Co RIYADH Saudi Stock Exchange Tadawul 6, Riyad Bank Bank Aljazira Saudi Investment Bank Saudi Hollandi Bank Banque Saudi Fransi Saudi British Bank Arab National Bank Samba Financial Group Al Rajhi Banking and Investment Corp Bank Albilad Alinma Bank Basic Chemical Industries Ltd Saudi Arabian Mining Co Astra Industrial Group Al Sorayai Trading and Industrial Group Co Ltd Al Hassan Ghazi Ibrahim Shaker Co United Wire Factories Co Mohammad Al Mojil Group Co Saudi Steel Pipes Co Abdullah Abdul Mohsin AlKhodari Sons Co KSC Methanol Chemicals Co National Petrochemical Co Saudi Basic Industries Corp Saudi Arabian Fertilizers Co Saudi Arabia Refineries Co Saudi Ceramic Co Savola Group National Industrialization Co Saudi Pharmaceutical Industries National Gas and Industrialization Co National Gypsum Co Food Products Co Saudi Cable Co Saudi Advanced Industries Co Saudi Industrial Development Co Al Ahsa Development Co National Co for Glass Industries Saudi Arabian Amiantit Co Alujain Corp Filling and Packing Materials Manufacturing Co Saudi Industrial Services Co Arabian Pipes Co Nama Chemicals Co National Metal Manufacturing and Casting Co Saudi Chemical Company Zamil Industrial Investment Co Saudi Industrial Investment Group Sahara Petrochemical Co Saudia Dairy and Foodstuff Co Almarai Co Yanbu National Petrochemical Co Saudi Paper Manufacturing Co Saudi International Petrochemical Co Al Babtain Power and Telecommunication Co Advanced Petrochemical Co Al Abdullatif Industrial Investment Co Saudi Kayan Petrochemical Co Saudi Vitrified Clay Pipe Co Middle East Specialized Cables Co Rabigh Refining and Petrochemical Co Arabian Cement Co Yamamah Saudi Cement Co Saudi Cement Co Qassim Cement Co Southern Province Cement Co Yanbu Cement Co Eastern Province Cement Co Tabuk Cement Co Al Jouf Cement Co Abdullah Al Othaim Markets Co Mouwasat Medical Services Co Saudi Hotels and Resorts Co Saudi Real Estate Co National Shipping Co of Saudi Arabia Saudi Public Transport Co Saudi Automotive Services Co 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.

5 BULLS & BEARS Tuesday, November 6, FTSE NASDAQ TOP GAINERS NASDAQ TOP LOSERS STANDARD & POOR S FTSE100 International 5, Anglo American PLC 1, Associated British Foods PLC 1, Admiral Group PLC 1, Aberdeen Asset Management PLC Aggreko PLC 2, Amec PLC 1, Antofagasta PLC 1, ARM Holdings PLC Aviva PLC AstraZeneca PLC 2, Babcock International Group PLC BAE Systems PLC Barclays PLC British American Tobacco PLC 3, BG Group PLC 1, British Land Company PLC Bhp Billiton PLC 1, Bunzl PLC 1, BP PLC Burberry Group PLC 1, British Sky Broadcasting Group PLC BT Group PLC Carnival PLC 2, Centrica PLC Compass Group PLC Capita PLC Croda International PLC 2, CRH PLC 1, Capital Shopping Centres Group PLC Diageo PLC 1, Eurasian Natural Resources Corporation PLC EVRAZ plc Experian PLC 1, Fresnillo PLC 1, G4S PLC GKN PLC Glencore International PLC GlaxoSmithKline PLC 1, Hammerson PLC Hargreaves Lansdown PLC HSBC Holdings PLC International Consolidated Airlines Group SA InterContinental Hotels Group PLC 1, IMI PLC Imperial Tobacco Group PLC 2, Intertek Group PLC 2, Itv PLC Johnson Matthey PLC 2, Kazakhmys PLC Kingfisher PLC BSE Ltd 18, India Index Services and Products Ltd [ NIFTY ]5, ABB Ltd ACC Ltd 1, Adani Enterprises Ltd Adani Ports and Special Economic Zone Ltd Adani Power Ltd Aditya Birla Nuvo Ltd Allahabad Bank Ambuja Cements Ltd Andhra Bank Apollo Hospitals Enterprise Ltd Apollo Tyres Ltd Ashok Leyland Ltd Asian Paints Ltd 3, Astrazeneca Pharma India Ltd 1, Aurobindo Pharma Ltd Axis Bank Ltd 1, Bajaj Auto Ltd 1, Bajaj Finserv Ltd Bajaj Holdings And Investment Ltd Bank of India Ltd Bata India Ltd Bayer CropScience Ltd 1, Berger Paints India Ltd Bharat Electronics Ltd 1, Bharat Forge Ltd Bharat Petroleum Corp Ltd Bharti Airtel Ltd Bharat Heavy Electricals Ltd Bhushan Steel Ltd Biocon Ltd Bank of Baroda Bosch Ltd Bosch Ltd 8, Britannia Industries Ltd Cadila Healthcare Ltd Cairn India Ltd Canara Bank Ltd Castrol India Ltd Central Bank of India Ltd Century Textile and Industries Ltd CESC Ltd Cipla Ltd TCS e-serve Ltd Coal India Ltd Colgate Palmolive India Ltd 1, Container Corp of India Ltd 1, Core Education & Technologies Ltd Corporation Bank Coromandel International Ltd Karachi Stock Exchange 16, Abbott Laboratories Pakistan Ltd Adamjee Insurance Co Ltd Agriauto Industries Ltd Allied Bank Ltd Allied Rental Modaraba Arif Habib Corp Ltd Askari Bank Ltd Attock Cement Pakistan Ltd Attock Petroleum Ltd Attock Refinery Ltd Azgard Nine Ltd Bank Alfalah Ltd Bank Al-Habib Ltd BankIslami Pakistan Ltd Bank of Khyber Bank Of Punjab Bata Pakistan Ltd 1, Cherat Cement Company Ltd Clariant Pakistan Ltd Colgate-Palmolive Pakistan Ltd 1, D G Khan Cement Company Ltd Dawood Hercules Corporation Ltd EFU General Insurance Ltd EFU Life Assurance Ltd Land Securities Group PLC Legal & General Group PLC Lloyds Banking Group PLC Meggitt PLC Marks and Spencer Group PLC WM Morrison Supermarkets P L C National Grid PLC Next PLC 3, Melrose PLC Old Mutual PLC Petrofac Ltd 1, Pennon Group PLC Polymetal International PLC 1, Prudential PLC Pearson PLC 1, Reckitt Benckiser Group PLC 3, Royal Bank of Scotland Group PLC Royal Dutch Shell PLC 2, Royal Dutch Shell PLC 2, Reed Elsevier PLC Rexam PLC Rio Tinto PLC 3, Rolls-Royce Holdings PLC Randgold Resources Ltd 7, RSA Insurance Group PLC Resolution Ltd SABMiller PLC 2, J Sainsbury PLC Schroders PLC 1, The Sage Group PLC Shire PLC 1, Standard Life PLC Smiths Group PLC 1, Smith & Nephew PLC Serco Group PLC SSE PLC 1, Standard Chartered PLC 1, Severn Trent PLC 1, Tate & Lyle PLC Tullow Oil PLC 1, Tesco PLC Unilever PLC 2, United Utilities Group PLC Vedanta Resources PLC 1, Vodafone Group PLC Weir Group PLC 1, John Wood Group PLC Wolseley PLC 2, WPP PLC Whitbread PLC 2, Xstrata PLC CRISIL Ltd Crompton Greaves Ltd Cummins India Ltd Dabur India Ltd Dena Bank Dish TV India Ltd Divi s Laboratories Ltd 1, DLF Ltd Dr.Reddy s Laboratories Ltd 1, Eicher Motors Ltd 2, Emami Ltd Engineers India Ltd Essar Oil Ltd Exide Industries Ltd Federal Bank Ltd Financial Technologies (India) Ltd 1, GAIL (India) Ltd Gitanjali Gems Ltd GlaxoSmithKline Consumer Healthcare Ltd 3, GlaxoSmithKline Pharmaceuticals Ltd 1, Glenmark Pharmaceuticals Ltd GMR Infrastructure Ltd Godrej Consumer Products Ltd Godrej Industries Ltd Grasim Industries Ltd 3, Gujarat Mineral Development Corp Ltd Gujarat Fluorochemicals Ltd Gujarat State Petronet Ltd Havells India Ltd HCL Technologies Ltd HDFC Bank Ltd Hero MotoCorp Ltd 1, Hexaware Technologies Ltd Hindustan Copper Ltd Hindustan Unilever Ltd Hindustan Unilever Ltd Hindustan Zinc Ltd Hindustan Petroleum Corp Ltd Hindalco Industries Ltd Housing Development Finance Corporation Ltd Housing Development & Infrastructure Ltd IFCI Ltd ING Vysya Bank Ltd Indian Oil Corporation Ltd ICICI Bank Ltd 1, IDBI Bank Ltd Idea Cellular Ltd IDFC Ltd Indiabulls Financial Services Ltd Indian Bank Indian Hotels Company Ltd Engro Corporation Ltd Engro Foods Ltd Fatima Fertilizer Co Ltd Fauji Fertilizer Bin Qasim Ltd Fauji Cement Company Ltd Fauji Fertilizer Company Ltd Faysal Bank Ltd Feroze1888 Mills Ltd Ghani Glass Ltd Glaxo Smithkline Pakistan Ltd Grays of Cambridge Pakistan Ltd Habib Bank Ltd Habib Metropolitan Bank Ltd Hub Power Co Ltd Hum Network Ltd ICI Pakistan Ltd Indus Motor Company Ltd International Industries Ltd IGI Insurance Ltd International Steels Ltd JDW Sugar Mills Ltd Jahangir Siddiqui & Company Ltd Javedan Corporation Ltd JS Bank Ltd JS Growth Fund MUMBAI KARACHI icad Inc Novogen Ltd BioMarin Pharmaceutical Inc Bruker Corp K Swiss Inc Charm Communications Inc Reed s Inc Mission West Properties Inc Internet Gold Golden Lines Ltd Ligand Pharmaceuticals Inc Intercept Pharmaceuticals Inc Tri-Tech Holding Inc HopFed Bancorp Inc Keating Capital Inc Ocean Power Technologies Inc Meru Networks Inc InterMune Inc Amicus Therapeutics Inc Synutra International Inc Audiocodes Ltd Sina Corp Sunshine Heart Inc x8 Inc Infinera Corp Exact Sciences Corp Dow Jones & Company Index 30 13, Dj Comp Average 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I. du Pont de Nemours and Co Walt Disney Co Duke Energy Corp Consolidated Edison Inc Edison International Exelon Corp Indian Overseas Bank Indraprastha Gas Ltd Indusind Bank Ltd Infosys Ltd 2, IPCA Laboratories Ltd Irb Infrastructure Developers Ltd ITC Ltd JSW Steel Ltd Jain Irrigation Systems Ltd Jaiprakash Associates Ltd Jaiprakash Hydro Power Ltd Jammu And Kashmir Bank Ltd 1, Jaypee Infratech Ltd Jet Airways India Ltd Jindal Steel And Power Ltd JSW Energy Ltd JSW Ispat Steel Ltd Jubilant Foodworks Ltd 1, Kotak Mahindra Bank Ltd L&T Finance Holdings Ltd Lanco Infratech Ltd Larsen & Toubro Ltd 1, LIC Housing Finance Ltd Lupin Ltd MMTC Ltd Mahindra and Mahindra Financial Services Ltd Madras Cements Ltd Mahindra and Mahindra Ltd Marico Ltd Maruti Suzuki India Ltd 1, Max India Ltd McLeod Russel India Ltd Motherson Sumi Systems Ltd MphasiS Ltd MRF Ltd 10, Mangalore Refinery and Petrochemicals Ltd Multi Commodity Exchange of India Ltd 1, Muthoot Finance Ltd NTPC Ltd National Aluminium Co Ltd Nestle India Ltd 4, Neyveli Lignite Corporation Ltd NHPC Ltd NMDC Ltd Oil and Natural Gas Corporation Ltd Oberoi Realty Ltd Oil India Ltd Opto Circuits (India) Ltd Oracle Financial Services Software Ltd 2, Oriental Bank Of Commerce Ltd Pantaloon Retail India Ltd Jubilee General Insurance Co Ltd Karachi Electric Supply Company Ltd Kohinoor Energy Ltd KOT Addu Power Company Ltd Lafarge Pakistan Cement Ltd Lotte Pakistan Pta Ltd Lucky Cement Ltd Mari Gas Company Ltd MCB Bank Ltd Meezan Bank Ltd Millat Tractors Ltd Murree Brewery Company Ltd National Bank of Pakistan National Foods Ltd National Refinery Ltd Nestle Pakistan Ltd 4, NetSol Technologies Ltd NIB Bank Ltd Nishat Chunian Power Ltd Nishat Chunian Ltd Nishat Mills Ltd Nishat Power Ltd Oil and Gas Development Co Ltd Pakistan Telecommunication Co Ltd Pace Pakistan Ltd DOW JONES Pharmacyclics Inc Leading Brands Inc Corinthian Colleges Inc ALCO Stores Inc Velti PLC Orchard Supply Hardware Stores Corp Altisource Portfolio Solutions SA CSP Inc Art s Way Manufacturing Co Inc Severn Bancorp Inc CardioNet Inc Endo Health Solutions Inc Consumer Portfolio Services Inc Kayak Software Corp EnteroMedics Inc Chinacache International Holdings Ltd Globus Maritime Ltd Star Scientific Inc Liberty Global Inc Cempra Inc YOU On Demand Holdings Inc intest Corp Seneca Foods Corp Threshold Pharmaceuticals Inc BioDelivery Sciences International Inc Expeditors International of Washington Inc FedEx Corp Firstenergy Corp General Electric Co GATX Corp Home Depot Inc Hewlett-Packard Co International Business Machines Corp Intel Corp J.B. Hunt Transport Services Inc JetBlue Airways Corp Johnson & Johnson JPMorgan Chase & Co UnitedHealth Group Inc The Coca-Cola Co Kansas City Southern Landstar System Inc Southwest Airlines Co Matson Inc McDonald s Corp M Co Merck & Co Inc Microsoft Corp NextEra Energy Inc Petronet LNG Ltd Pidilite Industries Ltd Pipavav Defence and Offshore Engineering Co Ltd Piramal Enterprises Ltd Power Finance Corporation Ltd Power Grid Corporation of India Ltd Punjab National Bank Ranbaxy Laboratories Ltd Reliance Capital Ltd Reliance Communications Ltd Reliance Infrastructure Ltd Reliance Natural Resources Ltd Reliance Power Ltd Reliance Industries Ltd Rural Electrification Corp Ltd SJVN Ltd Satyam Computer Services Ltd State Bank of India 2, Sesa Goa Ltd Shree Cement Ltd 4, Shriram Transport Finance Company Ltd Siemens Ltd Steel Authority of India Ltd Sterlite Industries (India) Ltd Strides Arcolab Ltd Sun Pharmaceutical Industries Ltd Sun TV Network Ltd Suzlon Energy Ltd Syndicate Bank Ltd Tata Chemicals Ltd Tata Communications Ltd Tata Consultancy Services Ltd 1, Tata Global Beverages Ltd Tata Motors Ltd Tata Power Company Ltd Tata Steel Ltd Tech Mahindra Ltd Thermax Ltd Titan Industries Ltd Torrent Pharmaceuticals Ltd Torrent Power Ltd TTK Prestige Ltd 3, UCO Bank UltraTech Cement Ltd 2, Union Bank Of India Unitech Ltd United Breweries Ltd United Phosphorus Ltd Packages Ltd Pakistan International Container Terminal Ltd Pakistan Oilfields Ltd Pakistan Petroleum Ltd Pakistan Reinsurance Company Ltd Pakistan Services Ltd Pakistan State Oil Company Ltd Pak Suzuki Motor Co Ltd Pakistan Cables Ltd Pakistan Tobacco Company Ltd PICIC Growth Fund Rafhan Maize Products Co Ltd 3, Security Papers Ltd Shell Pakistan Ltd Shifa International Hospitals Ltd Siemens Pakistan Engineering Co Ltd Soneri Bank Ltd Standard Chartered Bank (Pakistan) Ltd Sui Northern Gas Pipelines Ltd Sui Southern Gas Co Ltd Thal Ltd TPL Trakker Ltd TRG Pakistan Ltd Tri-Pack Films Ltd Unilever Pakistan Ltd 9, Standard & Poor s 500 1, Standard & Poor s Apple Inc Abbott Laboratories Accenture PLC American Electric Power Company Inc Allstate Corp Amgen Inc Amazon.Com Inc Apache Corp Anadarko Petroleum Corp American Express Co Boeing Co Bank of America Corp Baxter International Inc Baker Hughes Inc Bank of New York Mellon Corp Bristol-Myers Squibb Co Berkshire Hathaway Inc Citigroup Inc Caterpillar Inc Colgate-Palmolive Co Comcast Corp Capital One Financial Corp ConocoPhillips Costco Wholesale Corp Cisco Systems Inc CVS Caremark Corp Chevron Corp E. I. du Pont de Nemours and Co Dell Inc Walt Disney Co Dow Chemical Co Devon Energy Corp ebay Inc EMC Corp Emerson Electric Co Exelon Corp Ford Motor Co Freeport-McMoRan Copper & Gold Inc FedEx Corp General Dynamics Corp General Electric Co Gilead Sciences Inc Google Inc Goldman Sachs Group Inc Halliburton Co Home Depot Inc H.J. Heinz Co Honeywell International Inc Hewlett-Packard Co International Business Machines Corp Intel Corp Johnson & Johnson JPMorgan Chase & Co The Coca-Cola Co Eli Lilly and Co Lockheed Martin Corp Lowe s Companies Inc MasterCard Inc McDonald s Corp Mondelez International Inc Medtronic Inc Metlife Inc M Co Altria Group Inc Monsanto Co Merck & Co Inc Morgan Stanley Microsoft Corp Nike Inc National Oilwell Varco Inc Norfolk Southern Corp News Corp Oracle Corp Occidental Petroleum Corp PepsiCo Inc TOKYO Nikkei 225 9, Tokyo Stock Exchange [ TOPX100] Inpex Corp 434, Oriental Land Co Ltd 10, Sony Corp Marubeni Corp T&D Holdings Inc Daito Trust Construction Co Ltd 8, Fujifilm Holdings Corp 1, Keyence Corp 21, Mitsui & Co Ltd 1, Mitsui Fudosan Co Ltd 1, Daiwa House Industry Co Ltd 1, Shiseido Co Ltd 1, Denso Corp 2, Tokyo Electron Ltd 3, Mitsubishi Estate Co Ltd 1, Sekisui House Ltd JX Holdings Inc Fanuc Corp 13, Sumitomo Corp 1, Sumitomo Realty & Development Co Ltd 2, JGC Corp 2, Bridgestone Corp 1, Kyocera Corp 7, Mitsubishi Corp 1, East Japan Railway Co 5, Asahi Group Holdings Ltd 1, Asahi Glass Co Ltd Murata Manufacturing Co Ltd 4, Unicharm Corp 4, West Japan Railway Co 3, Kirin Holdings Co Ltd 1, Nippon Steel & Sumitomo Metal Corp Nitto Denko Corp 3, Aeon Co Ltd Central Japan Railway Co 6, Ajinomoto Co Inc 1, JFE Holdings Inc 1, Mitsubishi Heavy Industries Ltd Mitsubishi UFJ Financial Group Inc Yamato Holdings Co Ltd 1, Japan Tobacco Inc 2, Sumitomo Metal Mining Co Ltd 1, Nissan Motor Co Ltd Resona Holdings Inc All Nippon Airways Co Ltd Seven & i Holdings Co Ltd 2, Sumitomo Electric Industries Ltd Isuzu Motors Ltd Sumitomo Mitsui Trust Holdings Inc Nippon Telegraph and Telephone Corp 3, Toray Industries Inc 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.

6 Tuesday, November 6, Qatar Steel enters Palladium s Hall of Fame TRIBUNE NEWS NETWORK DOHA PALLADIUM Group announced Qatar Steel as one of the winners of the 2012 Balanced Scorecard Hall of Fame during their Annual Global Summit, in Boston, recently. The induction ceremony recognising leading organisations from North America, the Middle East, and Asia featured twelve organisations including Qatar Steel that have achieved dramatic performance outcomes through their strategy execution expertise. Palladium Group is the global leader in strategy execution consulting and serves a broad range of private & public sector clients in North America, Europe, the Middle East, Africa, Asia and Australia. Qatar Steel is one of the leading industrial companies in manufacturing and supplying steel predominantly in the Arabian Gulf, and it is wholly owned by Industries Qatar (IQ). The Hall of Fame award honours organisations that have achieved excellence in execution through the use of the Balanced Scorecard (BSC), the world s preeminent strategy execution management system. The BSC framework was first publicised 20 years ago by co-creators Dr Robert Kaplan and Dr David Norton, also the cofounders of Palladium Group. This management framework is as effective for government and nonprofit organisations as it is for corporations. Past honorees constitute a roster of 167 organisations from over 20 countries around the world. The winners are selected from an applicant pool based on the quality of their BSC implementation and the results they achieve over a period of at least two years. Each year the inductees are profiled in a report published by Harvard Business Publishing. Ali bin Hassan al Muraikhi, Director and General Manager of Qatar Steel stated: It is a long journey since we first introduced Balanced Scorecard in 2003; hard work and commitment of all our employees have culminated in receiving this prestigious award as strategy execution is everybody s job. We are happy to be the first company in Qatar and also to be the first company in the Steel Industry in the region to be inducted into Palladium HoF. Our sound management practices stand testimony to our ability to adapt to dynamic market conditions and in running the business efficiently; BSC methodology is one such powerful management tool that is working well for us in Qatar Steel. Qatar Steel Company, the first integrated Steel Manufacturer in the Gulf region, was established in 1974 and started its commercial production in In the last decade, Qatar started to witness fast pace growth and Qatar Steel played a vital role in realising this growth. Ali bin Hassan al Muraikhi, Director and General Manager of Qatar Steel. ISTANBUL FITCH Ratings upgraded Turkey to investment grade on Monday, a move long coveted by Ankara, citing underlying strengths and an easing in near-term risks for the economy. The credit ratings agency highlighted a moderate and declining government debt burden, a sound banking system, favourable medium-term growth prospects and a relatively wealthy and diverse economy. The upgrade, Turkey s first investment grade rating since 1994, triggered a rally in financial markets. Shares jumped 2 percent to a record high, the benchmark bond yield fell to a near record low and the lira strengthened. There had been growing anticipation of a move by Fitch in recent weeks but analysts had only been expecting an upgrade in the outlook rather than the rating itself. Fitch s decision was likely to boost the Turkish economy, GLOBAL ECONOMY TURKEY S ECONOMY EASES Turkish Prime Minister Recep Tayyip Erdogan, in Ankara, recently. (AFP) Fitch upgrades Turkey to investment grade Europe s fastest growing last year but slowing sharply this year, making the country more attractive to foreign investors. It s important to know that credit markets have been trading Turkey like an investment grade credit for some time, said Manik Narain, emerging Turkey s external finances remain a key rating weakness, said Fitch, pointing to a current account deficit seen at 7.3 percent of GDP in 2012, down from 10 percent last year. markets strategist at UBS. But at the end of the day this will create actual investment inflows and lower borrowing costs even though it was partially priced in. Deputy Prime Minister Ali Babacan welcomed the move, saying the decision was appropriate and overdue, expressing hope that other ratings agencies would follow its lead. Turkey s achievement of this credit rating is expected to mark the start of a new era in the access of our public and private sector institutions to international capital markets, Babacan said in a statement. Fitch upgraded Turkey s long-term foreign currency Issuer Default Rating (IDR) to BBB- from BB+ and the Long-term local currency IDR to BBB from BB+. The outlooks on the long-term ratings are stable. Turkey will not automatically be included in benchmark investment grade bond indexes because other agencies would have to follow suit. Moody s rates Turkey one notch below investment grade, while S&P puts it a rung lower still. Prime Minister Tayyip Erdogan, who has presided over the transformation of Turkey s economy in the last decade, has long argued that the ratings agencies have underestimated Turkey. The upgrade to investment grade reflects a combination of an easing in near-term macro-financial risks as the economy heads for a soft landing, Fitch said. Fitch believes that the Turkish economy is on track to return to a sustainable growth rate, having narrowed the current account deficit and lowered inflation after overheating in Turkey s external finances remain a key rating weakness, said Fitch, pointing to a current account deficit seen at 7.3 percent of GDP in 2012, down from 10 percent last year. The economy was expected to remain more volatile than investment grade peers and an external financing shock and recession were likely at some point but its creditworthiness has become more resilient to shocks, Fitch added. Finance Minister Mehmet Simsek said the upgrade would have a positive impact on risk perception and boost capital inflows and the country s growth performance. Indonesia s Q3 growth slows as commodity exports wane JAKARTA INDONESIA S economy grew 6.2 percent in the third quarter from a year earlier, in line with forecasts, as the global downturn finally began to drag on a country whose resilience has attracted a flood of foreign investment this year. A slide in exports saw the annual rate of gross domestic product growth in the G20 economy ease from 6.4 percent in the second quarter, remaining strong by global standards but at the slackest pace nonetheless since the third quarter of Q3 GDP matched the consensus, signaling some moderation in the momentum, though nothing to be alarmed about as Indonesia is still amongst the fastest growing economies in the region, said Radhika Rao, an economist at Forecast in Singapore. The subdued exports performance could emerge as the main soft spot, with the slowdown in imports in recent months to stoke concerns over the sustainability of a strong investments cycle. Statistics bureau official Suhariyanto said the trade situation meant it would be difficult to reach a government forecast for steady full year growth of 6.5 percent, and saw percent as likely - in line with economists views. Southeast Asian stock markets are among the world s best performers in 2012 and the region s biggest economy is seeing record foreign direct investment after being upgraded by rating agencies for its newfound political and economic stability. But the allure has been fading a little in recent months, as weak global demand for Indonesia s commodities drags down its exports, leading to trade and current account deficits that have hurt the rupiah, down nearly 6 percent this year making the currency Asia s worst performer. Imports also started falling in the third quarter, the first sign of weakness in the buoyant domestic demand that has been protecting the world s fourth most populous nation from a harder downturn. Over two-thirds of Indonesia s exports are commodities such as palm oil and coal, which have been hurt by weaker Chinese demand. Weak UK services data hint at bumpy economic recovery LONDON BUSINESS in Britain s dominant service sector grew at the slowest pace in almost two years in October and optimism about the outlook waned, raising the risk that fragile recovery will falter. Combined with a deeper contraction in manufacturing, Monday s data raises the chances that the economy could shrink again between October and December after surprisingly strong expansion in the third quarter. In turn, this may prompt the Bank of England to announce more stimulus, although probably not on Thursday. The main Markit/CIPS Purchasing Managers Index (PMI) for the service sector, measuring the change in business activity including income and chargeable hours worked, eased to 50.6 last month from 52.2 in September, holding just above the 50 line that separates growth from contraction. It was the lowest reading since December 2010 and fell short of analysts forecasts for a smaller dip to A return to contraction for the UK is on the cards in Q4, said Rob Wood, economist at Berenberg Bank who worked at the central bank until recently. He said the BoE was still unlikely to launch a new round of quantitative easing asset purchases this week, as its Monetary Policy Committee had expected a weak fourth quarter anyway. I think they will either do more asset purchases or an alternative stimulus, along the lines of the Funding for Lending Scheme, sometime next year, he added, referring to the scheme that provides cheap funding to banks if they keep up lending to households and businesses. Workers walk across London Bridge, in the City of London, recently. (AP) British government bonds gradually extended gains in the wake of the data, showing that investors were pricing in a higher chance of more BoE gilt purchases again. Several central bankers have indicated their reluctance to extend the bond purchases beyond the currently approved 375 billion pounds because the worry about the inflation outlook, while others said the policy had become less effective. A PMI survey last week showed that the construction sector, which has been the main drag on the economy this year, eked out growth in October, but new work and employment shrank and builders remained cautious about future business. Markit s composite index, which brings together all three business sectors, fell to the weakest level since July - when Britain had just exited recession - suggesting that the economy was broadly flat at the start of the fourth quarter. The expectation among (service) firms is for activity to improve over the coming year, but the road to full economic recovery still looks to be a long one, said Andrew Harker, economist at Markit, which compiles the surveys. Business sentiment remained solid, albeit at its weakest since June, with 42 percent of respondents forecasting a rise in activity compared to the 11 percent that predicted a decline. Similarly, a poll from business lobby CBI released on Monday showed that Britain s small and medium-sized manufacturers expected their output to rise slightly in the coming three months after a modest fall in the three months to October. After news last month that the economy grew by 1 percent from July to September, many economists revised their forecasts for the central bank s announcement on Thursday, expecting no extension of its government bond purchases for now. Much of that growth was based on the Olympics. According to Markit, many service providers in the latest survey said improvements in demand and their clients confidence were only tentative, and growth in new business slowed slightly. There was also evidence of pressure on firms profit margins as their costs rose more than the prices they charged, with increases in energy, food and fuel costs as well as wages. Firms reduced their headcount for the second month running in October, although less than in September.

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