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Doha Bank has reported a 10.9% year-on-year (y-o-y) jump in net profit to QR231mn in the first quarter (Q1) of this year. Total assets were valued at QR102.4bn, expanding 5.9% on an annualised basis with net loans and advances growing by 2.7% to QR58.2bn at the end of March 31, 2024, said Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani. The bank saw a 5.1% annual growth in private sector lending in the review period, he said, adding customer deposits grew by 7.5% to QR52.2bn and investment portfolio by 20.3% to QR30.1bn in January-March this year. Sheikh Abdul Rahman bin Mohamed bin Jabor al-Thani, Doha Bank managing director, said it continues to maintain stable capital and liquidity positions. The common equity Tier I (CET1) ratio remains at 13.34% and the total capital adequacy ratio is strong at 19.74%, he said, adding the loan-to-deposit ratio has greatly improved, reaching 95.4%, which is well within the limits of the regulator. The bank, according to him, has "significantly" improved its funding profile over the last six months and this allows the bank to fund future lending growth, which "we are anticipating for this year." Liquidity coverage ratio continues to be high at 163% up from year-end 142%. The total shareholders' equity reached QR14.5bn, showing an increase of 4.4% against the last year levels. "We are gradually starting to see some results from the transformation that is now well underway. Staying with the momentum from the previous quarter and in alignment with the bank strategy, we continue to place a strong emphasis on the transformation and optimisation of the bank's operations both domestically and abroad," Doha Bank group chief executive officer Sheikh Abdulrahman bin Fahad bin Faisal al-Thani said. During the quarter, the bank reduced the number of retail branches in Qatar to 16 and merged its UAE branches. "Moving forward, the Dubai office will be a key and integral part of the business strategy towards outsourcing deals, both regionally and internationally, and coordinate as a booking centre for the broader overseas work," he said. During the quarter, Doha Bank returned to the international debt capital market for the time in more than two years and its $500mn bond issuance was well received, closing the pricing of the five-year transaction with a coupon rate of 5.25% per annum. It was subsequently listed on the London Stock Exchange in March 2024. The bank’s euro medium term note programme issuance was met with exceptional demand from international and regional investors. The success of this transaction demonstrates the positive investor reception of strategic changes being implemented by the bank. Fitch, an international credit rating agency, upgraded the bank’s long-term issuer default rating (IDR) to 'A' from 'A-' and short-term IDR to 'F1' from 'F2' with a "stable" outlook.

Signs of overheating in the US economy indicate that the Federal Reserve has deferred plans for a lower base rate. The phrase ‘higher for longer’ has returned to the economic pages.Economic data have diverged in direction between the US and the 20 nations of the eurozone. In the US, annual inflation rose to 3.5% in March, from 3.2% a month earlier. Unemployment is just 3.8%, retail sales have surged, up 0.9% in February followed by a rise of 0.7% in March. First-quarter estimates for GDP growth have risen from around 2-3%.At the beginning of 2024 many investors and commentators were projecting successive cuts to interest rates during the year. That has changed. Rates will likely stay higher for longer – but there is a disconnect between Europe and the USBy contrast, growth in Europe has been stagnant for six consecutive quarters, and inflation has fallen to 2.4%. High energy prices have negatively affected German mid-sized manufacturers. GDP growth in Germany, which is Europe’s largest economy, is projected to be just 0.1% this year. Christine Lagarde, President of the European Central Bank, gave a clear indication that the ECB will cut its interest rate in June, from the current 4%, and not follow US policy. ‘We are data-dependent, not Fed-dependent,’ she said.US policymakers are also data-dependent – hence they are postponing any cuts. Mary Daly, President of the San Francisco Federal Reserve Bank and one of the 19 central bankers who set US monetary policy, said that cuts were not on the short-term agenda: ‘The worst thing to do is act urgently when urgency is not required,’ she said.At the beginning of 2024 many investors and economists were anticipating four to six interest rate cuts of a quarter-point during the year. The Federal Reserve itself indicated three cuts in its ‘dot plot’ projection in December 2023. By mid-April the expectations were for one or two cuts, possibly none, and possibly even an increase.Inflation is proving to be ‘sticky’. Many of the underlying causes are supply-related, not cyclical. Sanctions on Russia have contributed to rising commodity prices. An index tracking six industrial metals on the London Metal Exchange rose 8% in the first three and a half months of the year. Oil has risen in price, to over $90 per barrel. The US has a tight monetary policy, but a loose fiscal policy. Jamie Dimon, head of JP Morgan, wrote in his annual letter to shareholders in early April that inflation and interest rates were likely to remain high because of government spending.Expectations of interest rate cuts in 2024 had been running ahead of what the data was telling us. Much of the anticipation appears to have been based on a desire to return to the policy known as ZIRP (zero interest rate policy), which prevailed for much of the period 2008-2022.There is a discernible bias towards a perception that a return to low interest rates is ‘good’, and keeping them higher is ‘bad’. In some cases, this bias reflects a vested interest: many in the investment world have a business model that would profit from lower rates, because of their relatively high borrowings. That’s not the same as a lower interest rate being of benefit to the whole economy. If an interest rate cut led to a surge in inflation, this would add to the cost of living for everyone. Also, higher interest rates rewards savers.Cognitive biases may have been a factor. The ‘feedback loop’ is one: the shared belief comes to be seen as reality. ‘Confirmation bias’ means that we have a tendency to filter out data that is unwelcome, and focus on that which supports our beliefs. ‘Optimism bias’ is common in the business world, and refers to the tendency to make projections based on favourable conditions, and downplay risk.While ‘higher for longer’ is a common description of the current interest rate regime, in reality the current levels are in the mid-range, not high. Taking a very long view, an analysis by a group of economists, reported by Gillian Tett in the Financial Times, shows that real interest rates, although fluctuating wildly in short and medium-term horizons, have generally been on a falling trajectory over the centuries, as the sheer amount of finance tends to lead to greater efficiency in its use – at least, in aggregate.So while the phrase ‘higher for longer’ is relevant to the current stance of the Federal Reserve, there are two important qualifications: firstly, ‘higher’ is not very high, by historic standards; and ‘longer’ doesn’t mean forever.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Qatar Central Bank has issued regulations on ‘Cloud Computing’ in line with its Financial Sector Strategy, Fintech Strategy and QCB’s “constant endeavour to regulate and develop the financial sector in the country and stimulate innovation in the field of Fintech.”Qatar Central Bank said it affirms the importance of complying with cloud computing regulations in the financial sector.This is in order to enforce compliance with information security and data protection requirements through a secure and risk-based approach for cloud adoption by defining the requirements that manage risks stemming from the usage of cloud computing.These requirements address the governance of cloud usage, the cloud computing lifecycle and the operational security controls.By issuing these regulations, Qatar Central Bank aims to establish an appropriate regulatory framework for the country's financial institutions and Fintech companies to develop and improve smart solutions in the financial sector.Cloud computing contributes to the development of financial services, using modern technology in accordance with the international standards and best practices.These regulations are also in line with Qatar's Third National Development Strategy, deemed to be the final stage towards achieving Qatar National Vision 2030, which aims to build a digital economy, while stimulating the widespread adoption of technology and accelerating and encouraging technological innovations in various areas, including the financial sector.The regulations can be viewed on Qatar Central Bank’s official website.

The Qatar General Electricity and Water Corporation (Kahramaa), represented by the Creativity, Innovation and Scientific Research Incubator, launched Innovation Week 2024 Sunday. The ceremony was held in the presence of Kaharamaa president engineer Essa bin Hilal al-Kuwari, other dignitaries and representatives from the Qatar Research, Development, and Innovation Council (QRDI) and global companies such as Microsoft and Google.Under the theme of 'Digital Creativity and Its Applications in the Fields of Electricity and Water', Innovation Week 2024 is held until April 24 to coincide with World Creativity and Innovation Day.The objective is to promote a culture of creativity and innovation among Kahramaa’s employees, encouraging them to adopt and develop innovations that enhance work efficiency and performance across all departments.In his opening address, engineer Rashid al-Rahimi, head of the Creativity, Innovation and Scientific Research Incubator, said that over four years, the incubator will explore new opportunities together, learn from past experiences and seek ways to collaborate with partners in the field of digital technologies, Microsoft Qatar and Google Qatar.“We will focus on how to apply these technologies to enhance our electricity and water services, ensuring the highest quality for our subscribers while preserving the environment and achieving sustainability,” he said. “We live in an era full of challenges and opportunities, and innovation is the key to success in facing these challenges, especially concerning business development.”The Creativity, Innovation and Scientific Research Incubator at Kahramaa aspires to play a significant role in supporting the state’s strategy in scientific research.It aims to be a supportive destination for all innovators and researchers within the corporation’s specialised fields.The four-day Innovation Week programme is diverse.Yesterday, employees had the opportunity to hear from speakers including representatives from Kahramaa, other institutions, and key partners such as the QRDI, Microsoft Qatar, and Google Qatar and supporting partners such as Siemens, Schneider, EY, Deloitte, and Elev 8.There was a presentation on Qatar’s Innovation Strategy, as well as discussions on the utilisation of artificial intelligence (AI) in the fields of electricity and water, along with insights into modern technologies.The second and third days of the Innovation Week, dedicated to pre-selected employees, will include workshops conducted by Microsoft and Google focusing on digital innovation, specifically linking it to operational processes in Kahramaa.The fourth day features the Hackathon Competition, aimed at fostering a culture of creativity and innovation among 100 Kahramaa employees representing various departments.The participants will collaborate in teams to propose tangible ideas that can be applied across different operational processes.A panel of expert judges will select the top three ideas, and the winning teams honoured.The Creativity, Innovation, and Scientific Research Incubator, established by Kahramaa in 2017 and restructured in September 2021, now integrates both innovation and scientific research under one umbrella, previously separate entities.The accomplishments include conducting 42 scientific research projects within the corporation and collaborating with universities and various research institutes, adopting seven new creative ideas, which were transformed into impactful and distinguished projects in collaboration with the QRDI and other institutional partners, executing initiatives with different institutions across the country and organising competitions to inspire school and university students, in partnership with active business accelerators.

Build Your House Exhibition 2024 (BYH 2024) will kick off May 13 at the Qatar National Convention Center, coinciding the Second Gulf Housing Week.The four-day event pledges to present an unmatched display of expertise, innovation, and cutting-edge advancements in homebuilding. It enables companies to enhance their access to Qatari home builders and contribute meaningfully to the urban renaissance in the State of Qatar.NeXTfairs for Exhibitions and Conferences, the organizing company, said that this monumental collaboration endeavors to uplift urban and real estate standards, igniting progress across the construction sector within the GCC, and laying the groundwork for a flourishing urban economy rooted in sustainability.This fifth edition underscores a shared commitment to tackling critical challenges and seizing opportunities in urbanization and housing, pivotal for the sustainable growth of the GCC. It remains steadfast in its commitment to addressing the unique needs of our local populace.Featuring insights from more than 40 seasoned speakers, The Second Gulf Housing Week promises an energetic environment for exchanging knowledge, fostering collaboration, and expanding networks. It will explore various vital themes, delving into the dynamic realm of urban transformation in the GCC. Embracing innovation while safeguarding heritage and fostering inclusive urban growth will remain focal points.Themes to be explored include Urban Transformation which analyzes the evolving urban landscape in the GCC and emphasizes innovation while preserving cultural heritage; Housing Accessibility which addresses the urgent need for affordable, high-quality housing and ensuring equitable access for all segments of society. Among the themes come Sustainable Development, Technology and Innovation and Policy Frameworks.Expanding across three halls, Build Your House 2024 is excited to announce a 50-percent enlargement in exhibition space, along with a broadened international pavilion. This expansion warmly welcomes exhibitors from 10 countries, encompassing Italy, Canada, Algeria, Lebanon, Turkey, Kuwait, Bahrain, UAE, KSA, and Oman.In addition to fostering business growth, Build Your House Exhibition 2024 will have a significant impact on nurturing the next generation of designers in Qatar. Annually, BYH hosts a competition for interior design students from VCUarts University the Competition Educational Partner, providing a platform for young talent to showcase their creativity. Three finalists receive invaluable industry exposure as their designs are showcased at the exhibition, offering them a unique opportunity to connect with professionals and gain recognition. (QNA)

His Highness the Amir Sheikh Tamim bin Hamad Al-Thani sent a written message to President of the Republic of Colombia Gustavo Petro, pertaining to bilateral relations and ways to support and develop them.HE Ambassador of the State of Qatar to the Republic of Colombia Issa bin Jaber Al Kuwari delivered the message during his meeting on Sunday with Colombian Acting Minister of Foreign Affairs Luis Gilberto Murillo. (QNA)

Max Verstappen rounded off a dominant weekend with victory in the first Chinese Grand Prix for five years on Sunday to extend his world championship lead, a day after romping to sprint victory.The three-time world champion was again in a league of his own as Formula One returned to the Shanghai International Circuit for the first time since 2019.He finished 13.7 seconds ahead of Lando Norris with Red Bull teammate Sergio Perez third, a further six seconds back.It looked odds-on that Red Bull would repeat their one-two in Japan a fortnight ago until two safety cars in quick succession mid-race.After multiple pit stops Perez emerged behind behind McLaren's Norris and Ferrari's Charles Leclerc.Verstappen was only denied a maximum 34 points for the weekend when Fernando Alonso pipped him to the fastest lap after a late tyre change.It was another masterful display from Verstappen, who was winning his fourth grand prix out of five in 2024 and the 58th of his career as he marches towards a fourth consecutive world title.- 'It felt amazing' -"It felt amazing. The whole weekend we were incredibly quick," said Verstappen."We survived the restarts well and the car was basically on rails and I could do whatever I wanted with it."He increased his lead over Perez at the top of the world championship to 25 points, with Red Bull now 44 points clear of Ferrari in the constructors' fight."Those kind of weekends are amazing to feel and to achieve what we did this weekend is fantastic," added Verstappen, who won for the first time in China.Norris was delighted to finish second, his best result in 2024, having started from fourth on the grid."Things came alive today. I don't know why, it was not the race I was expecting, but just got comfortable," said the Englishman.The consistent Perez finished on the podium for the fourth time in five rounds this season but said the safety car denied him a place."It really cost us quite a bit. Fighting like that, the life of the tyre goes off dramatically," said Perez."But at least we got onto the podium. But it would have been good to be one and two. We were definitely lacking some pace."The Ferrari pair of Leclerc and Carlos Sainz were only fourth and fifth after a disappointing weekend where they had hoped to be closer to Red Bull."I think it was the best we could have done," said Leclerc, who started from sixth on the grid.Sainz, the only driver other than Verstappen to win a race this season, said: "It was a tough race, we had an issue at the start going wide. Then we had to stop very early and I had to nurse the tyres home."George Russell came sixth for Mercedes with Alonso finishing seventh after a spectacular late charge through the field from 12th after a final tyre stop 13 laps form the end.- 'I drove my heart out' -"It was important to score some points and a bonus to get the fastest lap too," said Alonso. "We didn't have any more hard tyres available, so that's why we made a switch to the soft."McLaren's Oscar Piastri was eighth, chased home by Lewis Hamilton who clawed his way up to ninth from 18th on the grid and Nico Hulkenberg in 10th for Haas.China's first Formula One driver Zhou Guanyu was an enormous draw over the weekend as he made his home grand prix debut.He was allowed to park his car on the grid in front the grandstands after finishing 14th in the race and exited the cockpit in floods of tears to an ovation from the capacity crowd."I drove my heart out today, unfortunately not enough for the points but we go again next time," said an emotional Zhou."I am just so happy to see the whole crowd. No words. A mixture of emotions and a day to remember. Hopefully in the future more drivers from my country will be stepping in here."Seven-time world champion Hamilton won the last time a race was staged in Shanghai in 2019, one of a record six wins at the circuit, but was just "grateful to get into the points" on Sunday after starting from 18th."It was a tough race. Ultimately, I made a bad set-up change to the car yesterday and I paid the price for it," said Hamilton.

His Highness the Amir Sheikh Tamim bin Hamad al-Thani arrived Sunday in Manila, on a state visit to the Philippines.His Highness the Amir was welcomed upon arrival at the Maharlika Presidential Airport (Villamor Airbase) by the Secretary of Energy Raphael Perpetuo Lotilla, Qatar’s ambassador to the Philippines Ahmed bin Saad al- Hamidi, and Philippines’ ambassador to Qatar Lillibeth Velasco Pono, along with senior Philippine officials and the staff of the Qatari embassy in Manila.His Highness the Amir is accompanied by an official delegation. His visit to the Philippines coincides with the 43rd anniversary of the establishment of diplomatic relations between the two countries in 1981. The embassy of Philippines was opened in Doha in 1992, while Qatar’s embassy was opened in Manila in 1994.The relations between Qatar and the Philippines are based on principles of partnership and mutual co-operation in many vital fields, including labour, trade, investment, tourism, and others. The two friendly countries share convergent views on many international issues, and many bilateral agreements in various fields, such as economy, trade, labour, culture, media, health, education, technical and vocational training, investment protection, avoidance of double taxation and others.These relations have seen remarkable growth and expansion at all levels over the past four decades, and have been strengthened through mutual visits at various levels.The visit of His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani to the Philippines on April 10, 2012 served as a cornerstone for consolidating the relations and promoting them to the highest levels. This visit marked the beginning of a new era for strengthening the Qatari-Philippine ties in various fields, and was the first visit of its kind by an Arab leader to the Philippines in more than three decades, which gave it a great significance in opening new horizons.In December 2008, former president Gloria Macapagal Arroyo paid an official visit to Qatar followed by another former president Rodrigo Roa Duterte’s visit in April 2017.The high-level mutual visits include the visit of HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani to the Philippines in August 2018.In the context of continuous communication and consultation between the two countries, Undersecretary of the Philippine Department of Foreign Affairs for Bilateral Relations and ASEAN Affairs, Maria Theresa Lazaro, visited Doha in August 2022. In statements to Qatar News Agency (QNA), she stressed the importance of the visit in strengthening and developing the bilateral relations between Doha and Manila.She described the Qatar-Philippine Joint Committee meeting as a "milestone event", being the first political consultation between the two countries to discuss a wide range of topics of common interest, especially political and economic co-operation, immigration issues, climate change, and various regional and international issues.

Severe floods "seen around once a century" are expected to hit parts of southern China, state media said Sunday, as heavy rains prompted authorities to step up disaster precautions.Torrential downpours have struck swathes of Guangdong province since Thursday, swelling waterways in the Pearl River Delta, China's manufacturing heartland.Weather alerts are in place across large parts of central Guangdong, with the national weather office warning of major storms in coastal areas through Sunday evening and into Monday.Aerial footage by state broadcaster CCTV on Sunday showed murky flood waters lapping close to street level in some towns, leaving low-lying buildings inundated and a towering pagoda protruding from the deluge.Citing the provincial hydrology bureau, CCTV said three locations in the Bei River basin would "experience flooding seen around once a century... due to the impact of heavy precipitation".Floods of up to 5.8 metres (19 feet) above the warning limit would strike the areas starting early Monday morning, according to CCTV.Several other places would endure the kind of floods seen once every 50 years, it said.The Pearl River Delta is one of the most densely populated parts of China, with Guangdong alone home to around 127 million people.There were no immediate reports of casualties or mass evacuations.Authorities have launched a level-three emergency response in Guangdong, the second lowest in a four-tier system, according to CCTV.Parts of the adjacent provinces of Jiangxi and Fujian were also forecast to see severe rainstorms on Sunday evening.China is no stranger to extreme weather but recent years have seen the country whiplashed by severe floods, grinding droughts and record heat.Climate change driven by human-emitted greenhouse gases makes extreme weather events more frequent and intense and China is the world's biggest emitter.

The United Nations Office for the Coordination of Humanitarian Affairs in (OCHA) reported Sunday that humanitarian convoys have been unable to deliver fuel to hospitals in the Gaza Strip due to Israeli obstacles.In a tweet on its X account, the UN office announced that two-thirds of the coordinated humanitarian missions in Gaza are facing obstacles or delays by the Israeli occupation authorities.On average, each mission encountered delays of at least five hours before being allowed to proceed, it said.As a result, vital supplies, equipment, and fuel for backup generators in hospitals have not been delivered.The Israeli entity continues its unprecedented aggression on the Gaza Strip for the 198th consecutive day with intense bombardment targeting homes, displaced civilian gatherings and streets.

The Israeli occupation forces detained 11 Palestinians in the West Bank on Sunday.According to Palestinian news agency (WAFA), the occupation forces detained three Palestinians in Bethlehem and Nablus, and four others in Hebron, after raiding and searching their houses.Four more Palestinians were detained in Ramallah after raiding and searching their houses, WAFA added.The Israeli occupation forces escalated their military operations in various cities and towns across the occupied West Bank and Jerusalem, and stepped up arrests against the Palestinians.

A high-level forum on regional security and cooperation between the European Union (EU) and the Gulf Cooperation Council (GCC) will be held Monday in the Grand Duchy of Luxembourg, in the presence of Their Highnesses and Excellencies foreign ministers of the GCC countries and the EU.Secretary-General of the GCC Jasem Mohamed Abudaiwi said the EU-GCC High Level Forum on Regional Security and Cooperation will offer an opportunity to enhance the political dialogue between the EU and the GCC countries, and strengthen further the coordination on issues related to regional and global stability and security.Working together to strengthen bilateral relations and develop new cooperation mechanisms will contribute to unifying viewpoints between the GCC countries and the EU on many issues and files, he stressed. (QNA)