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Global trade growth is set for a modest recovery in 2024, QNB said in an economic commentary.International trade is a direct reflection of the state of the global economy. Trade reveals the appetite for final goods by consumers, as well as the need for intermediate and capital goods by firms. “Thus, trade volumes fluctuate in line with the global cycles of economic expansions and contractions, and are highly informative indicators of macroeconomic conditions,” QNB said.During the last five years, trade has shown remarkable volatility. After the sharp collapse in global trade volumes in 2020 generated by the Covid-pandemic shock, a strong rebound in 2021 was a significant contributing factor to the post-pandemic recovery. However, 2022 brought a sharp deceleration in trade activity amid a challenging environment of rising interest rates, high inflation, and increasing protectionism.Trade growth performance in 2023 was even more disappointing, with the latest preliminary estimates suggesting that it contracted by 0.3%.During the last 40 years, a contraction in trade was only observed in 2009 as a result of the Global Financial Crisis (GFC), and in 2020 with the Covid-pandemic.In QNB’s view, although trade growth will recover to around 2.8% this year, this is significantly below the historical long-run average of 4.6% during 2000-2022.In this commentary, QNB discusses the cyclical and structural factors that will restrain the recovery of trade to a pace below the historical average.First, the global manufacturing recession is reaching its end, but the recovery will be restrained. Throughout 2023, manufacturing activity remained subdued.This “manufacturing recession” was a result of a battery of factors: post-pandemic shift in consumption towards services, higher costs of living, tighter financial conditions, and a weaker than expected rebound in Chinese manufacturing.“But these headwinds are now gradually fading, and the manufacturing downturn has reached its trough,” QNB said.QNB expects global industrial activity to recover on the back of easier financial conditions, falling inflation, and a resilient global economy.However, the recovery will be held-back by still-elevated inventories, as the de-stocking will weigh on manufacturing until inventory levels are normalised.Additionally, forward looking indicators are still pointing to below-trend growth. Therefore, the recovery in manufacturing will provide only a modest push to global trade growth this year.Second, protectionist policies and trade barriers continue to build up steadily at the global scale. The number of new trade restrictions around the world has increased from levels below 1,000 per year before 2019, to over 3,000 new restrictions in 2023.But in addition to traditional forms of restrictions, barriers to trade are beginning to take a new form.Climate-change mitigation efforts are leading to an increase in non-tariff measures (NTM) that imply new indirect restrictions for trade. NTM grounded on climate-change may include conditions regarding emission standards for machinery and vehicles, energy efficiency regulations, carbon footprint requisites, etc.The United Nations has identified 2,366 climate-related NTM that regulate $6.5tn worth of trade, or 26.4% of the global total. Each technical measure has an estimated average cost impact of 3.4% in manufacturing.Going forward, QNB noted the accumulation of trade barriers and new climate-change related trade regulation will represent an important obstacle to the expansion of world commerce.Third, the slowdown in investment growth in emerging markets (EM) implies a major headwind to global trade growth. Investment in EM is more import intensive than other components of demand, and in particular with respect to trade in capital goods.In previous years, strong investment growth was supported by robust credit expansion, capital inflows, improvements in terms of trade, and reforms aimed to enhance the investment climate.During 2000-2010, investment growth in EM averaged 9.4%, but then dropped to 4.8% during 2011-2021. This slowdown was extensive across all the EM regions and explained by factors including elevated debt levels, higher economic and geopolitical uncertainty, and China’s rebalancing towards consumption and away from investment and exports.Importantly, QNB expects this negative trend to persist. Given its critical role for global trade flows, the slowdown in EM investment points to a major headwind for global trade this year.“All in all, although we expect a recovery this year, growth in trade will continue to underperform relative to its long-run average, on the back of a modest manufacturing recovery, rising trade distortions, and the deceleration of EM investment,” QNB added.

Following weeks of intense negotiations, the European Union has agreed to revise its fiscal rules. The new rulebook will replace the Stability and Growth Pact (SGP) – which has been suspended since the start of the Covid-19 pandemic – and modernise the bloc’s 25-year-old fiscal framework.While the SGP featured a one-size-fits-all model that ultimately undermined its credibility, the updated fiscal rules allow for a differentiated approach. The goal is to maintain the existing deficit and public debt limits while still encouraging member states to invest in green and digital technologies. Member states will be granted extended adjustment periods of up to seven years to reduce their debts to sustainable levels, provided they commit to reforms and investments that support this double (green/digital) transition.But while the EU’s efforts to strike a balance between fiscal discipline and growth incentives are commendable, national budgets alone will not be enough to finance the EU’s ambitious double transition. The European Commission estimates that an annual investment of roughly €650bn ($700bn) is needed to meet the 2030 targets of producing at least 42.5% of the bloc’s energy from renewable sources and reducing greenhouse-gas emissions by 55%.Under the new fiscal rules, funding for digital and green investments can be sourced from the €800 billion NextGenerationEU fund, which was established in 2020 to help European economies recover from the Covid-19 shock. But since the NGEU is scheduled to end in 2026, there is an urgent need for more durable financial mechanisms to support the EU’s long-term objectives.As matters stand, the NGEU’s focus on national investments has left transnational projects such as high-speed railways and hydrogen infrastructure severely underfunded. Moreover, the US Inflation Reduction Act has widened the investment gap between Europe and the United States. To restore its strategic autonomy, European leaders should build on the success of the NGEU.In a forthcoming paper, we propose the establishment of a $750bn EU public-goods fund aimed at bridging funding gaps in crucial areas like renewable energy and digital infrastructure. The primary focus of this fund would be to catalyse cross-border investments and support projects that struggle to secure funding without EU-level financial support. By making access to this fund contingent on compliance with the new fiscal rules, the EU could maintain fiscal discipline among member states.The public-goods fund, which would cover the 2026-30 period, is intended to align seamlessly with the EU’s climate goals. Building on the successful precedents established by previous EU borrowing initiatives, it would be financed by issuing EU bonds, backed by pooled national guarantees, the EU’s budget (bolstered by sufficient revenue streams), or both. Its proposed size represents roughly one-fifth of the bloc’s total investment needs through 2030, and the remaining investments would be financed through contributions from member states and the private sector.By focusing on cross-border investments, the fund would underscore the EU’s unified approach to tackling European challenges. At the same time, the requirement to comply with the new fiscal rules would broaden the conditional framework established by the NGEU programme, which linked fund access to the rule of law in recipient countries.Similarly, the proposed conditionality regime would tie access to the new fund to domestic fiscal discipline, thus aligning with the EU’s revised fiscal guidelines. Rather than facing penalties for non-compliance, as was the case under the previous SGP, countries would be incentivised to demonstrate fiscal responsibility.Thus, the conditionality regime would simultaneously boost the EU’s growth potential, uphold the integrity of the new fiscal rulebook, and encourage fiscal sustainability among member states. Moreover, increased debt issuance at the European level could be offset by reduced debt issuance at the national level.Once the fund is established, countries would be encouraged to submit comprehensive investment proposals for transnational projects. The European Investment Bank would determine whether they are eligible to access the fund’s resources based on their alignment with the EU’s double-transition targets and the potential for positive cross-border spillovers. Meanwhile, the European Commission would ascertain that the countries proposing these projects comply with fiscal rules.The fund’s proposed design aligns with the trend of using EU funds to achieve broader policy objectives. By relying on the successful model of the pandemic recovery fund and the bloc’s current conditionality regime, it would empower the EU to meet crucial climate targets while upholding its shared values.

Friday’s Champions League quarter-final draw is set to throw up a series of heavyweight ties after a midweek in which penalty shoot-out drama really brought Europe’s elite club competition to life.Goalkeeper Jan Oblak’s heroics in Atletico Madrid’s shoot-out win over last season’s runners-up Inter Milan on Wednesday – after the Spanish club came from behind in their last-16 tie – followed Arsenal’s triumph on penalties against Porto a day earlier. Tuesday also saw Barcelona deliver a rousing performance to see off Napoli and make it through to the quarter-finals for the first time since their 8-2 annihilation at the hands of Bayern Munich in 2020 in Lisbon, at the height of the Covid crisis.With record 14-time champions Real Madrid already having secured their last-eight berth, it means three Spanish clubs will be represented in the draw. They are joined by two English sides in Arsenal and holders Manchester City, as well as the German duo of Bayern and Borussia Dortmund, and French giants Paris Saint-Germain.The surprise is that none of Italy’s representatives reached the next stage, a year after Inter pushed City close in the final having eliminated neighbours AC Milan in the last four. Only three of last season’s quarter-finalists – City, Real and Bayern – have made it back to the last eight this time, suggesting there is still a real degree of variety and unpredictability to the competition.Yet the recent last-16 ties also more than hinted at the ever-growing polarisation at the very top of European football. FC Copenhagen could never really compete with Pep Guardiola’s City, while getting the better of PSG proved a step too far for Real Sociedad and Bayern ultimately brushed aside Lazio despite losing the first leg away.Only the mega-rich can now aspire to winning the Champions League, with four of the quarter-finalists posting revenue last season of over 800mn euros ($874mn) according to this year’s Deloitte Football Money League. Going by Deloitte’s ranking, all eight quarter-finalists were in the top 15 clubs in the world last season in terms of income – Atletico had the lowest at just over 364 million euros.Diego Simeone’s side were the only team to win against a richer club in the last 16, and even then Inter generated only marginally more money last season.The current format of the Champions League has been in place for two decades and will be changed for next season, when UEFA will revolutionise its flagship tournament by replacing the group stage with a league phase featuring 36 clubs, up from 32 now. Clubs will play eight games in the league phase, instead of six in the old group stage, all against different opponents in what is known as the “Swiss system”.It remains to be seen if that will somehow improve the Champions League, when the major issue appears to be that the number of candidates to win the trophy is getting narrower. Competing with City is not just an issue for Copenhagen, but for all clubs.Having won the trophy for the first time last season, they are into the quarter-finals for the seventh year running. “It’s quite impressive,” admitted Guardiola last week. “We are well-respected from our opponents. The numbers are there – our consistency.”Whether anyone can prevent them retaining the title may in large part come down to the draw, with the path to the final being determined on Friday when the semi-final match-ups will also be decided. Winners in 2022, Madrid may be the best equipped to beat City among all the sides left in the quarter-finals, but they were blown away by them in last season’s semi-finals.Bayern are into the quarter-finals for the 12th time in 13 years. They may be trailing behind Bayer Leverkusen in the Bundesliga, but they remain a formidable prospect in Europe. Three of the remaining contenders have never won the trophy, in Arsenal, Atletico and PSG, the French side reaching the final in 2020, when they lost to Bayern.They are far from a complete team now, but will be eager to seize their last chance to win the Champions League before Kylian Mbappe departs. “I am not going to choose one team or give my preferences. What I am sure of though is that nobody will want to play PSG,” said their coach Luis Enrique.

US Treasury Secretary Janet Yellen explained that its "unlikely" that market interest rates will return to levels that prevailed before the COVID-19 pandemic caused a wave of inflation and higher yields.On why White House projections released Monday showed markedly higher expectations for interest rates in coming years compared with projections a year ago, Yellen said the new numbers were in line with private sector forecasts."I think it reflects current market realities and the forecasts that were seeing in the private sector- that it seems unlikely that yields are going to go back to being as low as they were before the pandemic," Yellen told reporters.Bloomberg News said that "the yield on 10-year US Treasury notes averaged 2.39% in the decade through 2019- low by historical standards. It spiked above 5% last October after the Federal Reserve raised rates aggressively to combat inflation, and now sits just below 4.2%."Treasury Secretary stressed that "its important that the assumptions that we built into the budget are reasonable and consistent with thinking of the broad range of forecasters."In Jan 2023, Yellen noted that it was likely that low rates would return, but last January she said "the jurys still out" on the question.The new White House projections were part of US President Joe Bidens $7.3 trillion fiscal 2025 budget proposal. The administration assume now that the average rates on three-month and 10-year US Treasury bills and notes will be markedly higher over the next three years than anticipated a year ago.

A polio survivor known as the “man in the iron lung” has died aged 78, according to his family and a fundraising website.Paul Alexander of Dallas, Texas contracted polio at the age of six, leaving him paralysed from the neck down and reliant on a mechanical respirator to breathe for much of the time.Though often confined to his submarine-like cylinder, he excelled in his studies, earned a law degree, worked in the legal field and wrote a book.“With a heavy heart I need to say my brother passed last night,” Philip Alexander posted on Facebook early yesterday. “It was an honour to be part of someone’s life who was as admired as he was.”Christopher Ulmer, a disability advocate running a fundraiser for Alexander, also confirmed his death in a GoFundMe update posted on Tuesday.“His story travelled wide and far, positively influencing people around the world. Paul was an incredible role model that will continue to be remembered,” said Ulmer.A prior update on Alexander’s official TikTok account said he had been rushed to the emergency room after contracting Covid-19.Iron lungs are sealed chambers fitted with pumps. Raising and lowering the pressure inside the chamber expands and contracts the patient’s lungs.Invented in the 1920s, their use fell away after the invention of the polio vaccine by Jonas Salk, which became widely available in 1955 and helped consign the devastating paralytic illness to history.Alexander held the official Guinness World Record for time spent in a lung.According to his Guinness page, he was able to leave the device for periods of time after he learned to “frog breathe” with the help of a physical therapist.This involved “using his throat muscles to force air into his lungs, gulping down air one mouthful at a time.” Eventually, he only returned to his iron lung at night to sleep.As a practicing lawyer, he was able to represent clients in court in a special wheelchair that held his paralysed body upright.Seventy-five-year-old Martha Lillard of Shawnee, Oklahoma is reportedly the last surviving person in an iron lung.

Four-time major champion Rory McIlroy wants talks on a PGA Tour merger deal with Saudi Arabia’s Public Investment Fund (PIF) to conclude quickly, saying fans want star golfers reunited.Saudi-backed LIV Golf League, in its third campaign, has many star names who defected from the PGA Tour, including reigning Masters champion Jon Rahm and 2023 PGA Championship winner Brooks Koepka.Talks to finalise a controversial framework agreement from last June to unify the PGA and PIF have dragged beyond a December deadline, something McIlroy sees as a factor in television rating declines for PGA signature tournaments, down 30 percent for last week’s event at Bay Hill.“I want the train to speed up so we can get this thing over and done with,” McIlroy said on the eve of The Players Championship at TPC Sawgrass in Florida.McIlroy said the PGA’s signature events, with limited fields in big-money showdowns, “are not quite capturing the imagination this year compared to last year”.“I think it’s because fans are fatigued of what’s going on in the game and I think we need to try to reengage them in a way that the focus is on the play and not on talking about equity and all the rest of it,” he said.“The sooner that this is resolved, I think it’s going to be better for the game and better for everyone, the fans and the players.”McIlroy said a major factor is that LIV and PGA players compete against each another only at major tournaments.“If I were a fan, I would want to watch the best players compete against each other week in, week out,” McIlroy said.“If you just unified the game and brought us all back together in some way, that would be great for the fans, I would imagine.“I think that would then put a positive spin on everything that has happened here, and OK, get together, we all move forward, and I think people could get excited about that.”PGA Tour commissioner Jay Monahan has been criticised since revealing the shock PGA-PIF deal and reigning Olympic champion Xander Schauffele said Monahan “has a long way to go to regain the trust of the membership”.Monahan has McIlroy’s support as he continues what he calls “accelerating” talks with PIF.“I think some of the reaction to June 6 was warranted, but at this point it’s eight months ago and we all need to move on,” McIlroy said. “We all need to sort of move forward and try to bring the game back together.”McIlroy cited Monahan’s work during the Covid pandemic, on media rights deals and aligning with the DP World Tour.“People can nit-pick and say he didn’t do this right or didn’t do that right, but if you actually step back and look at the bigger picture, I think the PGA Tour is in a far stronger position than when Jay took over,” McIlroy said.McIlroy, the 2019 Players champion, is hoping to rediscover his best form this week after failing to post a top-20 finish in his four PGA Tour appearances so far this year.

Hong Kong’s Cathay Pacific reported its highest annual profit in more than a decade as strong travel demand buoyed the Hong Kong flag carrier’s earnings, with its chair declaring: “In 2023, we finally left the Covid-19 pandemic behind us.”The airline posted net profit of HK$9.8bn ($1.3bn) for the year on Wednesday, breaking a three-year streak of losses including a HK$6.6bn loss in 2022. Cathay shares rose nearly 4% after the earnings were released.The profit is the highest since 2010, when it recorded HK$14bn. Global airline groups, including British Airways owner IAG, have also reported strong profits in the past few weeks, as airfares remain higher than pre-pandemic levels.Cathay CEO Ronald Lam said the global supply-demand imbalance that had driven up yields, or passenger revenue per mile, would diminish and “normalise” this year, while headwinds from inflationary pressures and persistent supply chain issues in the aviation industry, in terms of delivery delays and parts shortages, could affect its outlook negatively.But Cathay’s results were “characterised by a notable surge in travel demand”, said chair Patrick Healy, in comments reflecting on the end of the pandemic’s influence on consumers’ ability and willingness to fly.The recovery of Hong Kong as an aviation hub would be “heavily dependent” on a Cathay comeback, said Willie Walsh, head of the International Air Transport Association, at an event in Hong Kong this month, although he said the carrier had been recovering “faster than expected”.The airline said it would hold global roadshows over the next few months, including potentially in Europe and the Middle East, to attract new pilots. Its pilot workforce is still around 35% lower than 2019 levels as of last month, according to its union, the Hong Kong Aircrew Officers Association.Singapore Airlines, which released its third-quarter results last month, warned that higher fuel prices and rising operating costs could weigh on its outlook.Net income for the group, which includes budget arm Scoot, totalled S$2.16bn ($1.62bn) as people embraced flying again after Covid. It posted a loss of S$962mn the previous year. Revenue was S$17.78bn, up from S$7.6bn.The airline said it could ramp up operations at short notice when demand for air travel surged after Singapore fully reopened its borders in April 2022 and restrictions eased globally. “Demand for air travel remains robust in the first quarter,” it said in a statement to the stock exchange on Tuesday.Singapore Airlines and Scoot carried 26.5mn passengers in the year, six times higher than the 12 months through March 2022, with passenger capacity rising to 79% of pre-Covid levels in March. The airline said it flew 1.75mn passengers in April, up 53% from the same month last year.Citigroup Inc last month upgraded Singapore Airlines to “buy” from “sell” and raised its price target to S$6.41 from S$5.16. The shares climbed 3.6% in the quarter through March for a gain of 4.2% in the 12-month period.“Geopolitical and macroeconomic uncertainties, as well as high cost inflation, could pose challenges for the airline industry in the months ahead. Even though fuel prices have moderated in recent months, they remain at elevated levels,” it said.It also expects competition to increase , while cargo demand is likely to remain soft in the near term, with inflation and weak economic conditions impacting consumer demand and trade.Singapore Airlines’ shares edged 0.3% higher before the results on Tuesday to S$5.92. The company proposed a final dividend of S$0.28 per share.International Airlines Group; the parent company of British Airways, Iberia, and other airlines, reported a robust financial performance for the full year of 2023. CEO Luis Gallego announced a full year operating profit of €3.5bn, a significant increase from €1.2bn in 2022 and surpassing the €3.3bn mark from 2019. The operating margin reached 11.9%, nearly at pre-pandemic levels. IAG's strategic initiatives, including capacity growth and transformation efforts, have contributed to this success.The Spanish brands, particularly Iberia and Vueling, along with the IAG Loyalty programme, have shown strong results.The company also made notable strides in sustainability, reducing carbon intensity, and securing a sustainable aviation fuel contract. Looking ahead to 2024, IAG is confident in generating substantial free cash flow and maintaining a fortified balance sheet, supported by a comprehensive transformation programme and customer-centric investments.In Germany, the Lufthansa Group generated the third-best financial result in its history due to the continued high demand for air travel and another record result at Lufthansa Technik. Revenue increased to €35.4bn (previous year: €30.9bn). In the financial year 2023, operating profit, measured as Adjusted EBIT, rose to €2.7bn (previous year: €1.5bn). The Adjusted EBIT margin improved accordingly to 7.6% (previous year: 4.9%). The company more than doubled its net profit to €1.7bn (previous year: €790mn).Lufthansa said the desire to travel remained high last year. Demand for tickets rose once again. In 2023, a total of 123mn passengers travelled with the airlines of the Lufthansa Group, an increase of 20 percent compared to the previous year (2022: 102mn).The Lufthansa Group airlines increased the number of flights offered by 14% to 946,000. The number of seats on offer was gradually expanded over the course of the year. On average, the airlines offered 84% of 2019 capacity last year. The seat load factor improved by 3.1 percentage points to around 83%, returning to pre-crisis levels. "The strong result for the financial year 2023 is another important step in positioning the Lufthansa Group for the future” Remco Steenbergen, Chief Financial Officer of Deutsche Lufthansa said. “Our solid balance sheet and strong free cash flow enable us to make the necessary investments in our fleet and our product. I am convinced that these investments will pay off - for our customers, but also for our shareholders.Over the past three years, I have had the privilege of supporting the company in overcoming the crisis and putting the Group back on a solid financial footing. The Lufthansa Group has set itself the goal of continuing to pursue the path of profitable growth in order to increase the operating margin in the long term and continue to create value in the future. I am particularly pleased that we can once again allow our shareholders to participate in our success by resuming dividend payments."The author is an aviation analyst. Twitter handle: @AlexInAir

All of a sudden, Egypt has gone from the brink of an economic collapse to unlocking more than $40bn of investments.On March 6, as part of that, the country delivered its biggest-ever interest rate hike and allowed its currency to weaken more than 38% in a long-awaited flotation.Egypt agreed an expanded $8bn support programme with the International Monetary Fund last Wednesday.Ahead of the move, the country secured a $35bn investment deal with UAE sovereign fund ADQ for the development of a peninsula on its Mediterranean coast and other projects, easing a long-running foreign currency crunch.The next step for the country, home to 105mn people, may be a multi-billion dollar land investment from Saudi Arabia.The moves are the culmination of global efforts — led by Gulf states and the IMF, and backed by the US — to support a country whose stability is seen as crucial for the Middle East and which has been hammered by soaring inflation and a war on its border.Foreign investors are already hailing the turnaround and saying they expect Egypt to attract billions of dollars from bond traders in the coming months.Egypt’s credit outlook has been raised to positive by Moody’s Ratings as the nation unlocked fresh funding from the IMF and bilateral lenders.Causes for Egypt’s economic woes date back decades, such as subpar industrial development due to poor planning and heavy bureaucracy, and export policies that created a persistent trade deficit.An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition, according to economic experts.Remittances in 2022-23 fell 30% to $22bn as workers abroad backed away from transfers at the overvalued official exchange rate.The conflict in the Gaza Strip, on Egypt’s northeastern border, has brought risks to tourism and to Suez Canal revenues; receipts from the waterway dropped by about 50% earlier this year.Authorities have also pointed to external shocks, including the Covid-19 pandemic and war in Ukraine.The pound has fallen by more than two-thirds against the dollar since March 2022 in a series of devaluations.Official data classified about 30% of the population as poor before Covid-19 struck, and analysts say numbers have risen since then. As many as 60% of Egypt’s 106mn citizens are estimated to be below or close to the poverty line.Egypt’s latest bout of economic tumult began in 2022, when Russia’s invasion of Ukraine sent commodity prices surging and pushed up the cost of imported wheat and fuel. Bond investors fled en masse, pulling about $20bn from the country, according to a Bloomberg report.Under the latest IMF agreement, authorities are committing to exchange rate flexibility, as well as fiscal discipline in order to bring down inflation and the trade deficit.The policy plan that led to the deal also includes structural reforms to encourage private-sector growth, partly by removing exemptions and privileges for the country’s powerful state-owned enterprises.Egypt’s hardships are likely to worsen in the near term. Consumers are likely to feel the sting of the latest devaluation in higher consumer prices, with inflation already running near 30%.But authorities are banking on the reforms attracting foreign investors back to the country and ending its worst economic crisis in decades.The World Bank will provide Egypt with $3bn in support, Finance Minister Mohamed Maait said on Sunday. Egypt also expects the European Union to announce its support package soon.Longer term for Egypt, the Arab world’s most populous nation, the priority now should be to build on the momentum with meaningful structural reforms that will help attract direct investment, create jobs and improve living standards.

The General Administration of Endowments at the Ministry of Endowments and Islamic Affairs (Awqaf) will distribute food kits to more than 4,000 families during Ramadan.The initiative is implemented in co-operation with Hifz Alnaema Centre. This was announced during a press conference that was attended by the director general of the General Administration of Endowments Dr Sheikh Khalid bin Mohamed bin Ghanem al-Thani, Hifz Alnaema Centre executive director Ali Ayed al-Qahtani and several directors and section heads in the department.Al-Thani said the initiative is one of the pioneering schemes by the department and it has been functional since the beginning of Covid-19 to distribute food kits to needy families. “We announce the continuation of the initiatives that will benefit a large group of needy families."Al-Qahtani expressed his thanks to the General Administration of Endowments for implementing the project and co-operating with the centre. He urged the benefactors to take part in the initiative and contribute to this charity through various endowment methods.The initiative has had a good impact on the beneficiaries, in addition to many praises from those interested and following community affairs. The initiative is aimed at promoting the culture of giving and spreading the spirit of compassion among the different segments of society, and sharing giving with needy families during Ramadan, which is the month of giving.

James Anderson may be 41 but the England veteran shows no signs of stopping after becoming the first pace bowler to take 700 Test wickets. Only two spinners, Sri Lanka’s Muttiah Muralitharan (800 Test wickets) and the late Australia great Shane Warne (708), are ahead of Anderson on the all-time list of the five-day game’s most successful bowlers.Anderson joined the exclusive ‘700 club’ when he dismissed India’s Kuldeep Yadav, who edged a length delivery outside off in the fifth and final Test in Dharamsala on Saturday.Anderson is renowned as both a conventional swing bowler and for generating reverse-swing later in an innings, while maintaining tight control.Those qualities have helped him to the landmark of 700 wickets, including 32 five-wicket hauls, with his scalps coming at an average of 26.52. He has played an England-record 187 Tests so far. What is more, he is still putting his body through the gruelling demands of pace bowling at an age when many of his international contemporaries have long since retired.The dynamic leadership of England captain Ben Stokes and coach Brendon McCullum has provided Anderson with fresh inspiration.“I am loving playing in this dressing room at the moment. That keeps me going a little bit more,” Anderson, who made his Test debut back in 2003, told TNT Sports during the second match of the current series against India. “I love this group of blokes, the captain and coach have got a great thing going at the moment, and it’s fun to be a part of. For me, it is just something I want to try and do for as long as possible.”Anderson’s long-time bowling partner Stuart Broad retired after last year’s Ashes series in England at the age of 37 with 604 Test wickets. But Anderson has kept going and has proved his worth on the current tour, with two key wickets in the second Test, including bowling India captain Rohit Sharma for 13 with a delivery that nipped away. Stokes lauded his old warhorse before that match in Visakhapatnam by saying: “It’s great that Jimmy is doing good things for the old boys out there. Lots of people should look up to Jimmy.”India’s Sachin Tendulkar, an all-time batting great, lauded Anderson’s ability to challenge even cricket’s greatest run-scorers. “He would hold the ball as if he is bowling an outswinger,” said Tendulkar. “But the release point, he would try and bring the ball back in.”And what is more, in defiance of conventional wisdom about the physical toll of pace bowling, there are signs that late-career Anderson could be the most effective version of them all. Statistics compiled by ESPNCricinfo showed that in the years he was aged 25 to 29, Anderson averaged 28.47 runs per Test wicket. Between 30 and 34, that figure improved to 25.45, and since turning 35, Anderson’s average is just under 23.Anderson’s five great Test hauls on road to 700Five-star debut: Anderson, having already made a name for himself at the 2003 World Cup, marked his Test debut against Zimbabwe at Lord’s in May 2003 by taking 5-73, with four of his victims bowled. It was the first of his 32 five-wicket hauls in Test cricket.Trent Bridge triumph: Nottingham’s venue has a reputation for helping swing bowlers, so it was no surprise that Anderson enjoyed one of his best returns at Trent Bridge in June 2008, when he took 7-43 against New Zealand. He accounted for the first six wickets to fall as England won by an innings and nine runs.Success Down Under: A longstanding criticism of Anderson has been that he is far more effective in home conditions, where he has a bowling average of 24.50, than abroad (30.22). But Anderson did take 24 wickets in the 2010/11 Ashes series in Australia as England triumphed 3-1, and was the leading bowler on either side. England have not won a series in Australia since.Kolkata odds defied: Indian pitches have long had a reputation as a graveyard for seam bowlers, yet by taking six wickets in the third Test in Kolkata in December 2012, Anderson played a key role in a seven-wicket win that contributed to a 2-1 series success – England’s first in India for 28 years.Historical 600: Anderson made history by becoming the first seamer to take 600 Test wickets when he had Pakistan captain Azhar Ali caught in the slips by Joe Root at Southampton in August 2020. The match was played during the Covid-19 pandemic and there were no spectators to acknowledge his feat, with Anderson having to make do with the applause of his teammates.

As John Kerry prepared to depart as President Joe Biden’s special envoy on climate change, he leaves the United States in a stronger position in global climate diplomacy despite lingering mistrust on the world stage over American policy intentions.The 80-year-old Kerry, capping off over six decades in public service, is credited with restoring US climate ties with China and courting private capital for climate action. But these accomplishments were made even as the United States has become the world’s biggest producer of climate-polluting oil and gas.In an interview ahead of his departure, Kerry said he plans to continue climate advocacy outside of government, though he did not specify whether he will join any boards or organisations.“I will be in a better position to be able to try to leverage, push, cajole, work at the effort” after leaving his envoy post, Kerry said.John Podesta, named by Biden to succeed Kerry, faces a challenging year on climate policy in the run-up to the November 5 US election in which Biden, a Democrat, is seeking re-election, with former president Donald Trump the runaway frontrunner for the Republican nomination to challenge him. According to news reports, Biden’s administration may weaken proposed climate regulations for power plants, automobiles and climate financial disclosures amid resistance from industry and other groups.Kerry assumed the envoy post in 2021 after Trump, during his four years as president, reversed American leadership on climate issues. Trump withdrew the United States from the 2015 Paris agreement that commits most of the world’s nations to combating climate change — and has threatened to do it again if he wins the election.Kerry’s efforts have been hamstrung by a politically divided Congress constraining what the United States could offer in climate finance, with Republicans resisting Democratic efforts.“This is a glaring challenge for US climate policy, and the whole world knows that both political parties are not on board with the agenda,” Samantha Power, administrator of the US Agency for International Development, said in an interview.Kerry turned to building public-private sector coalitions to create momentum, Power added.Under the 2021 Global Methane Pledge, almost 150 countries pledged to slash methane emissions and raised more than $1bn in grant-funding. The First Movers Coalition involved nearly 100 companies including automaker Ford and cement-maker Holcim pledging to buy new climate-friendlier technologies.Through Kerry, the United States also joined other Western governments and banks in launching “just transition” partnerships with South Africa, Indonesia and Vietnam aimed at shuttering coal plants.Kerry has had “one hand tied behind his back,” said Oxford University professor Rachel Kyte, a former World Bank and UN climate official.“He’s tried to find numerous creative ways to keep the conversation moving forward. Time will tell whether these initiatives get off the ground,” Kyte added. Kerry acknowledged a “dangerous trend” in recent weeks, with investment firms including Blackrock and JPMorgan rolling back climate commitments.“I’m concerned about anything that pushes back against common sense, good policy, without presenting an alternative,” Kerry said. “We have to push back against it.”Kerry came up with the idea to forge the US-China relationship on climate 10 years ago as secretary of state under President Barack Obama, then kept it alive amid bilateral tensions and Covid-19 pandemic-related disruptions. Showing unity and progress on climate change between the world’s two biggest economies — and two biggest polluters — helped lay the foundation for the 2015 Paris Agreement, the 2021 Glasgow Pact and other accords, according to experts.“Personal relationships still matter in politics,” said Børge Brende, president of the Swiss-based World Economic Forum.Gina McCarthy, Biden’s White House climate adviser from 2021-2022, said Kerry’s continued engagement with his Chinese counterpart Xie Zhenhua during Trump’s 2017-2021 presidency meant that the United States “was able to restart the relationship at full speed” despite “Trump’s attempt to weaken it.”The United States has failed to fully deliver on climate finance pledges, transferring only $2bn of the $3bn it promised 10 years ago. It has since pledged another $11.4bn, but payments require congressional approval. With private capital shying away from the poorest countries, Kerry’s private sector focus has yet to serve the world’s most climate-vulnerable, according to adviser to the Alliance of Small Island States Michai Robertson of the London-based global affairs think tank ODI.Some critics faulted Kerry’s approach toward corporate leaders and high-polluting countries. — Reuters

Donald Trump has challenged Joe Biden to an election debate after the two men emerged from primary voting as the all-but-certain Republican and Democratic candidates in November’s US presidential vote.“It is important, for the Good of our Country, that Joe Biden and I Debate Issues that are so vital to America, and the American People,” said Trump, who ducked out of every debate in the race for the Republican nomination.“I am calling for Debates, ANYTIME, ANYWHERE, ANYPLACE!” he wrote on his Truth Social platform.Trump, 77, sewed up the Republican nomination during the 15-state Super Tuesday voting bonanza as he saw off sole remaining challenger Nikki Haley in every state except Vermont.Biden will almost certainly be his opponent.Trump was repeatedly challenged by Haley and his other primary rivals to show up for the Republicans’ televised debates, but he refused, reckoning that he had nothing to gain from sharing a spotlight with lower-polling rivals.However, he is polling within the margin of error against 81-year-old Biden and has reversed his position, saying he would even agree to debates hosted by the Democrats.Biden – who, along with Trump, has faced questions over his age and mental acuity – has not revealed whether he is open to debating Trump.The pair faced off twice in 2020, but the first match-up descended into chaos as Trump spent much of the time shouting Biden down, and a third debate was cancelled following Trump’s refusal to conduct it virtually due to the coronavirus (Covid-19) pandemic.While Biden has been occasionally criticised for distortions of the truth, the former president makes false statements almost every time he speaks in public.His persistent false claim that fraud was to blame for his 2020 election defeat to Biden features in the criminal indictments he faces and was encapsulated by a phrase that has become part of the political lexicon – “The Big Lie”.The Washington Post catalogued over 30,000 false or misleading public claims by Trump during his first term – around 21 a day.