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The Qatar Stock Exchange Wednesday lost as much as 117 points and its key index retreated below 12,300 levels and capitalisation eroded QR6bn, reflecting the global apprehensions over the escalating Russia-Ukraine crisis.An across the board selling – particularly at the telecom, banking and insurance counters – dragged the 20-stock Qatar Index 0.94% to 12,290.8 points but recovered from an intraday low of 12,219 points.The Gulf institutions were increasingly into net profit booking in the market, whose year-to-date gains further truncated to 5.72%.The foreign funds were also increasingly bearish in the main bourse, whose capitalisation saw QR6.24bn or 0.9% erosion to QR685.08bn, mainly on the back of midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.3mn changed hands across 23 deals.Trade turnover and volumes were on the increase in both the main and venture markets.The Arab individuals were seen bearish in the bourse, which saw no trading of sovereign bonds.However, the local retail investors were seen net buyers in the main market, which saw no trading of treasury bills.The Total Return Index knocked off 0.94%, the All Share Index by 0.91% and the Al Rayan Islamic Index (Price) by 0.78%.The telecom sector index tanked 1.45%, banks and financial services (1.22%), insurance (1.01%), transport (0.81%), consumer goods and services (0.51%), industrials (0.33%) and real estate (0.06%).More than 76% of the traded constituents were in the red in the main market and included Mannai Corporation, Medicare Group, Baladna, Qatari German Medical Devices, Aamal Company, QNB, Qatar Islamic Bank and Commercial Bank. In the venture market, Mekdam Holding saw its shares appreciate in value.Nevertheless, Doha Bank, Zad Holding, Qatar Industrial Manufacturing, United Development Company and Mesaieed Petrochemical Holding saw their shares appreciate in value.The Gulf institutions’ net profit booking increased markedly to QR16.86mn compared to QR7.31mn on November 15.The foreign institutions’ net selling expanded considerably to QR5.18mn against QR0.54mn the previous day.The Arab retail investors turned net sellers to the tune of QR3.63mn compared with net buyers of QR2.34mn on Tuesday.However, the local retail investors’ net buying strengthened noticeably to QR12.9mn against QR7.4mn on November 15.The domestic institutions were net buyers to the extent of QR7.18mn compared with net sellers of QR4.02mn the previous day.The foreign individual investors’ net buying grew significantly to QR4.12mn against QR2.55mn on Tuesday.The Gulf individuals turned net buyers to the tune of QR1.33mn compared with net sellers of QR0.42mn on November 15.The Arab institutions were net buyers to the extent of QR0.15mn against no major net exposure the previous day.Total trade volume in the main market soared 35% to 105.22mn shares, value by 50% to QR440.17mn and deals by 29% to 15,116.The venture market’s trade volumes doubled to 0.16mn equities and value more than doubled to QR1.25mn on 45% jump in transactions to 80.

US Transport Secretary’s tightening of airline passenger rights has seen six airlines forced to pay more than $600mn in refunds to passengers because of major delays or cancelled flights, the Transportation Department confirmed this week following a summer of travel disruption.The department, which said its enforcement actions on refunds led to hundreds of thousands of flyers getting money back, is also issuing more than $7mn in fines because of “extreme delays in providing refunds,” with some more than 100 days. The Office of Aviation Consumer Protection has now assessed the most civil penalties in a year in its history.“This really shouldn’t be happening,” Transportation Secretary Pete Buttigieg told media earlier this week. “It shouldn’t take enforcement action from the US Department of Transportation to get airlines to pay refunds that they’re required to pay, and so I have asked the team to undertake an exercise to make sure that the fines are calibrated to deter this in the future.”US low-cost airline Frontier Airlines has been ordered to pay $222mn in required refunds and has been hit with a $2.2mn fine. Air India has been ordered to pay $121.5mn in required refunds with a $1.4mn penalty. Portugal’s national airline TAP AIr Portugal must pay $126.5mn in required refunds and has been hit with a $1.1mn fine. Aeromexico must pay $13.6mn in required refunds with a fine of $900,000. El Al Israel Airlines has been ordered to pay $61.9mn in required refunds, and hit with a $900,000 penalty, and Colombia’s Avianca Holdings with an obligation to pay $76.8mn in required refunds with a $750,000 penalty. Frontier in a statement said it issued “goodwill refunds” of nearly $100mn to customers, showing the company’s “commitment to treating our customers with fairness and flexibility.” It added it would pay an additional $1mn after getting a “goodwill refund credit.”The delayed refunds for Air India mostly occurred during the pandemic when it was still publicly owned, the company said in a statement. Air India, which was privatised in January, said it implemented new systems to expedite refunds and has worked to clear its refund backlog with more than 250,000 cases processed. “We very much regret that customers were inconvenienced and accept the fine,” the company said.This year airlines around the world have struggled with the increased demand, and officials hope the threat of fines can keep them on schedule. Almost 3% of flights were cancelled and about 21% delayed so far this year, and air travel complaints increased more than 320% from pre-pandemic levels in the most recent data, from August.“We’re expecting this coming holiday season to be one of the busiest,” Buttigieg said. He said the revived demand for air travel led to operational issues this summer with “unacceptable levels of delays and cancellations.” The department will continue increasing penalties until there is “less of this kind of behaviour to begin with,” he said.Last year, Air Canada agreed to pay $4.5mn to settle charges that it didn’t properly give refunds to travellers when it cancelled or altered flights during the pandemic. The department has escalated its work on airline disruption as US lawmakers and passengers have stepped up pressure.Last month, the Department of Transportation said of the 7,243 consumer complaints received about the airlines in August, almost one in every five concerned refunds.The process of getting airlines to issue refunds varied by airline, according to Blane Workie, DOT assistant general counsel for the Office of Aviation Consumer Protection, who spoke on the call with Buttigieg.International traffic climbed 122.2% versus September 2021. September 2022 international (measured in revenue passenger kilometres or RPKs) reached 69.9% of September 2019 levels. All markets reported strong growth, led by Asia-Pacific.North American carriers had a 128.9% traffic rise in September versus the 2021 period. Capacity increased 63.0%, and load factor climbed 24.6 percentage points to 85.4%, which was the highest among the regions for a fourth consecutive month.“Even with economic and geopolitical uncertainties, the demand for air transport continues to recover ground. The outlier is still China with its pursuit of a zero-Covid strategy keeping borders largely closed and creating a demand roller coaster ride for its domestic market, with September being down 46.4% on the previous year. That is in sharp contrast to the rest of Asia-Pacific, which, despite China’s dismal performance, posted a 464.8% increase for international traffic compared to the year-ago period,” said Willie Walsh, IATA’s Director General.“Strong demand is helping the industry cope with sky high fuel prices. To support that demand in the long-term, we need to pay attention to what travellers are telling us. After nearly three years of pandemic travel complexity, IATA’s 2022 Global Passenger Survey (GPS) shows that travellers want simplification and convenience. That’s an important message for airlines but also for airports and governments.They own many of the facilitation processes that let passengers down at some key airports over this year’s northern summer travel season. According to the GPS, a majority of passengers want to use biometric data rather than passports for border processes. And 93% of passengers are interested in trusted traveller programmes to expedite security screening. Modernising the facilitation experience will not only help alleviate the choke points, it will create a better experience for all,” said Walsh.The author is an aviation analyst. Twitter handle: @AlexInAir

The Digital Incubation Center (DIC) affiliated to the Ministry of Communications and Information Technology (MCIT) announced its new partnership with Huawei, through its Huawei Cloud Startup Program, with the aim of accelerating the digital transformation process of tech startups in the MENA region.The partnership comes in line with the strategic objectives of TASMU Smart Qatar Program to support the digital economy in the State of Qatar and Huawei's vision, empower emerging digital companies in the Middle East, and contribute to their expansion abroad.Through this partnership, incubated startups at DIC will benefit from Huawei Cloud Startup Program services, including technical and operational support from Huawei experts and the funding support that can be used to purchase cloud resources from Huawei, such as cloud storage, cloud network, and cloud database, in addition to mentoring sessions provided by digital industry experts at Huawei and the global expansion program that will connect startups with accelerators and VCs in China and the rest of the world.On this occasion, DIC’s Manager Duha Albuhendi said: "This partnership falls within MCIT’s and DIC’s strategic objectives to support Qatar's digital economy, which are also in line with Huawei's vision to help emerging digital startups in the Middle East region to expand and grow." Liam Zhao, Huawei's Gulf North CEO, said: "As Qatar's digital economy is rapidly evolving, cloud computing is now more important than ever, especially to enhance productivity and service quality. With the increasing dependency on cloud computing, emerging companies and SME owners will now be able to better understand and meet the demands of their clients, therefore grow their businesses and further contribute to the national economy. As Huawei Cloud is currently the fastest growing business around the world, we are proud to provide our global expertise in this field and support local startups within the Program, empowering them to meet the requirements of the digitally connected world." Huawei Cloud has emerged as an essential platform for internet companies and organisations to go digital. Now as the fastest-growing cloud services provider in the world, Huawei Cloud has attracted more than 2.6 million developers, 28,000 consulting partners, 9,000 technical partners, and has released 6,100 Marketplace products during five years since its launch. In the Middle East, Huawei Cloud offers more than 220 cloud services, 210 solutions, 19 data centres, over 200 local partners, and a growing list of more than 80 marketplace offerings.The Digital Incubation Center (DIC) was created to boost ICT innovation in the State of Qatar.

Reflecting the global concerns on weak oil prices and the US’ stand on inflation, the Qatar Stock Exchange saw its key index plummet 178 points and capitalisation erode QR10bn.An across the board selling, especially in the telecom and industrials counters, led the 20-stock Qatar Index tank 1.42% to 12,407.79 points, although it touched an intraday high of 12,569 points.The Gulf institutions were seen increasingly into net profit booking in the market, whose year-to-date gains further truncated to 6.73%.The domestic funds’ increased net selling pressure had its influence in the main bourse, whose capitalisation saw QR9.72bn or 1.39% decrease to QR691.32bn, mainly on the back of large and midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.29mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.04mn changed hands across 27 deals.Trade turnover volumes were on the decline in the main market; while the venture market saw increased turnover and volumes.The foreign institutions were seen bearish in the bourse, which saw no trading of sovereign bonds.The Gulf retail investors were seen net sellers in the main market, which saw no trading of treasury bills.The Total Return Index knocked off 1.42%, the All Share Index by 1.32% and the Al Rayan Islamic Index (Price) by 1.18%.The telecom sector index tanked 1.87%, industrials (1.85%), banks and financial services (1.3%), consumer goods and services (1.09%), insurance (0.73%), real estate (0.7%) and transport (0.43%).About 76% of the traded constituents were in the red in the main market and included Al Khaleej Takaful, Qatar Electricity and Water, Ooredoo, Qatari Investors Group, Mesaieed Petrochemical Holding, QNB, Commercial Bank, QIIB, Woqod, Industries Qatar, Ezdan, Mazaya Qatar, Salam International Investment, Mazaya Qatar, Barwa and Nakilat.Nevertheless, Qatar General Insurance and Reinsurance, Mannai Corporation, Al Meera, Inma Holding and Aamal Company were among the gainers in the main market.In the venture market, Mekdam Holding saw its shares appreciate in value.The Gulf institutions’ net profit booking increased markedly to QR7.31mn compared to QR3.67mn on November 14.The domestic institutions’ net selling grew noticeably to QR4.02mn against QR0.26mn the previous day.The foreign funds turned net sellers to the tune of QR0.54mn compared with net buyers of QR12.49mn on Monday.The Gulf individuals were net sellers to the extent of QR0.42mn against net buyers of QR0.65mn on November 14.However, the local retail investors’ net buying strengthened markedly to QR7.4mn compared to QR1.9mn the previous day.The foreign individuals turned net buyers to the tune of QR2.55mn against net sellers of QR12.21mn on Monday.The Arab retail investors’ net buying expanded perceptibly to QR2.34mn compared to QR0.95mn on November 14.The Arab institutions had no major net exposure against net buyers to the extent of QR0.15mn the previous day.Total trade volume in the main market plunged 27% to 77.79mn shares, value by 30% to QR293.62mn and deals by 27% to 11,677.The venture market saw a 14% jump in trade volumes to 0.08mn equities, 9% in value to QR0.61mn and 27% in transactions to 55.

Dukhan Bank has announced winners of the fourth and final draw of its special campaign in partnership with Visa that gives its credit cardholders an “exceptional chance” to win prizes for FIFA World Cup Qatar 2022, courtesy of Visa.The lucky winners were announced at the bank’s headquarters under the supervision of a representative of the qualitative licence and market control department at the Ministry of Commerce and Industry.The winning Dukhan Bank customers are Abdulaziz Mohamed al-Rabban (won opening match ticket); Azlan bin Morshidi, Ameen Alkhateeb, Aquiles Jorge Neto, Sheikh Abdulla al-Thani, and Talal al-Burshaid (received group stage tickets); Abdulhadi Fahad al-Dosari (won ticket for the round of 16); Latifa al-Mana (received tickets for quarter final); while Saeed al-Rashdi and Belal Sakini (tickets for semi-final and the final matches, respectively).The winners walked away with two tickets each, thanks to Visa.During the campaign period, Dukhan Bank customers, who spend monthly QR10,000 or more using their Dukhan Bank Visa credit card, stand a chance to win tickets two for the opening match, group stages, round of 16 games, quarter-finals, semi-finals or the final matches of the much-anticipated tournament, thanks to Visa.To find out more about Dukhan Bank Visa credit cards, customers can visit Dukhan Bank’s website on dukhanbank.com or call the Contact Centre on 800 8555.Alternatively, they can ask the bank’s virtual assistant ‘Rashid’ on the website, mobile app or via WhatsApp on 44100888.

The Ministry of Commerce and Industry (MoCI) has launched the Industrial Services Platform in its website, an electronic interface that provide sector investors with e-services throughout the various stages of the industrial project as part of efforts to save time and effort, and dispense the need to visit the ministry's headquarters.This initiative stems from the ministry's keenness to improve the business services system in Qatar, as well as to facilitate and speed up the delivery of services for factory owners. Moreover, the initiative contributes to encouraging the investment and industrial climate in Qatar and also instils a culture of innovation in the institutional work environment.Initially, the platform offers 15 main services such as the establishment stage: issuing, renewing, and writing off an industrial project initial approval; the construction stage: issuing, renewing, and writing off licensing to establish an industrial project; and the operation phase: issuing, renewing, and writing off licensing to operate an industrial project (certificate of registration in the industrial registry).Additionally, it offers customs exemption service for an industrial facility; request for subsidised power supply; request for increasing the industrial project production capacity; changing the location of the industrial project; stopping the industrial project; and factory data extractor.The initial approval for an industrial project will take one day (if all documents are submitted via the platform) and the validity is for one year. The applicant should fill out the relevant application form through the platform and have an active commercial register.As for the renewal of the industrial project, applicants obtain the initial approval upon applying and it is valid for one year. With regard to writing off the initial approval, the ministry said it is obtained immediately upon applying, and requires filling out the relevant application form via the platform.Concerning the industrial project establishment licence, the ministry said it requires three days, and the extract validity period is one year. The applicants need to submit the project data (raw materials, machines, and products), and attach the environmental permit issued by the Ministry of Environment, and the notice of the initial plot allocation for the project, or a lease contract/certificate of ownership of the construction site of the factory.For renewing the licence, the ministry said it can be obtained immediately upon applying, and the renewal validity is for one year.The MoCI said obtaining licensing to operate an industrial project (certificate of registration in the industrial registry) takes five days, and the validity period of the obtained licence is two years.The required attachments are an environmental operating permit, a building completion certificate, and a copy of the certificate of conformity to Qatari standards issued by the Qatar General Organisation for Standards and Metrology, in the case of industrial facilities that produce concrete, bricks, asphalt, and insulating materials (to be provided upon request).With regard to the service of renewing a licence to operate an industrial project (registration certificate), the ministry said it is obtained immediately upon applying for the service and the renewed licence is valid for two years.This process requires applying for the service via the platform, and attaching the operating permit, and the project budget. Writing off licensing to operate an industrial project (registration certificate) is obtained immediately upon applying for the relevant service via the platform, having a valid or expired industrial project operating licence.According to the details provided by the ministry, the processing time of increasing the production capacity of the industrial project takes three days, and requires filling out the relevant application form via the platform.

The FIFA World Cup Qatar 2022 constitutes a great opportunity for promoting further the digital transformation of the state's banking system, and building on the achievements made during the Covid-19 pandemic period, which marked a major shift in the field of digital banking services, benefiting from the adequate infrastructure available for the banks amid rapid digitalisation of services.In this context, the Qatar Central Bank (QCB) unveiled in the past few months a range of initiatives to enable secure, fast and affordable digital payments lined up for the World Cup.Among the most prominent initiatives was the QCB issuing the first licence in the country to provide digital payment services via "Google Play", along with many guidelines that regulate and license various payment activities in the country.According to the QCB, the new services include the issuance of e-wallets through Qatar Mobile Payment system and its uses (merchants services and local money transfer), in addition to offering international money transfers through the e-wallet, via a bank or an exchange shop licensed in Qatar.In late August, the QCB issued the first licence in the country for digital payment services to Ooredoo Money and iPay by Vodafone Qatar.QNB Group CEO Abdullah al-Khalifa said: "The Group has laid out and dedicated a full plan over the years aimed to develop its technological services to better serve the mass of visitors in a distinctive and seamless way during this tournament.We strive to achieve a successful edition of the FIFA World Cup, which is why we have dedicated all our services, digital products and our workforce to ensure that we mark our presence with excellence throughout the tournament.This includes dedicating our ATMs as the sole provider of ATM machines in and around all eight stadiums along many other key locations that is expected to host a large number of fans and spectators."Al-Khalifa also highlighted the launch of the special FIFA-designed credit cards for all of its customer segments, where it was the first bank to launch special FIFA-branded cards aiming at sharing the fun of the most-prestigious football event with its customers.QNB was also the first to launch a special prepaid card design that included Laeeb, the official mascot for the FIFA World Cup Qatar 2022, where all digital prepaid cards were updated on the iPhone Wallet application, which saves all customer cards on the iPhone.This provides customers with a sense of exclusivity and uniqueness while sharing the football thrill.For his part, QIIB CEO Dr Abdulbasit al-Shaibi noted in previous statements to Qatar News Agency (QNA) that the QIIB has carried out a number of events and contributions in conjunction with the tournament, including special issue of credit and debit cards, and a number of promotional offers; noting that QIIB is training its staff to deal with visitors during the tournament in a way that reflects the true image of Doha as a forum of civilized interaction between peoples and nations in one of the prominent capitals of global sports.He added that QIIB has also trained a team to provide internal support during the World Cup and beyond, in case of any emergency.Al-Shaibi underlined that QIIB has been investing intensively in banking technology for a long time as digital transformation is an urgent necessity to improve the operational environment.He reiterated that QIIB worked to enhance the digital transformation process, confirming that the bank is opening a completely unique digital branch with a modern design in Msheireb Downtown Doha.The QIIB CEO added that the bank enhanced the role of technology and relied on digital services as part of a comprehensive transformation, in accordance with the best international standards adopted in the banking sector, expressing his confidence that the bank will continue its upward march in relation to various indicators, taking advantage of all the positive market factors, following strict criteria in the field of risk assessment, and encouraging leading initiatives in the field of innovation.Commercial Bank has also launched a premium range of special-issue credit cards for the World Cup with discounts and special promotions at various participating hotels, restaurants, shopping centres, cafes and sports equipment stores.In a related context, Qatar Islamic Bank (QIB) launched a special edition of the "Visa Signature" credit card, Visa debit card, and Visa prepaid card, in celebration of the historic event.