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Outgoing US President Joe Biden said on Thursday that he had commuted the sentences of nearly 1,500 people and pardoned 39 others, in what the White House called the largest single-day act of clemency in the nation’s history.“America was built on the promise of possibility and second chances,” he said in a statement announcing the action. “As president, I have the great privilege of extending mercy to people who have demonstrated remorse and rehabilitation.”With their days in power ticking down, lame-duck presidents often issue a flurry of such acts of clemency, which are only applicable to federal crimes.The White House said the nearly 1,500 people granted commuted sentences – “the most ever in a single day” – had been serving them at home for at least one year.“These commutation recipients, who were placed on home confinement during the coronavirus (Covid-19) pandemic, have successfully reintegrated into their families and communities and have shown that they deserve a second chance,” Biden said.The American Civil Liberties Union (ACLU), which had launched a campaign urging Biden to take such action, praised the move in a statement.“We are thrilled that President Biden has allowed people to remain with their families and communities, where they belong,” said Cynthia W Roseberry, director of policy and government affairs at the ACLU’s Justice Division.The mass clemency was announced over a week after the president pardoned his son Hunter, something he had previously promised not to do, prompting outrage from both Republican opponents and many Democratic allies.Hunter Biden pleaded guilty in a tax evasion trial in September and was facing up to 17 years in prison.He had separately been convicted of federal gun charges, for which he was facing 25 years in prison.The president’s controversial pardon of his son followed in the footsteps of his predecessors, who also gave reprieves on their way out the door to family and well-connected allies.Bill Clinton, for example, granted a pardon on his last day in office to his half-brother Roger, who had served time in prison on drug charges, while Donald Trump pardoned his son-in-law’s wealthy father, Charles Kushner.The White House said those getting relief from the president on Thursday included a “a decorated military veteran and pilot who spends much of his time helping his fellow church members”.A nurse “who has led emergency response for several natural disasters” and an addiction counsellor “who volunteers his time” were also singled out for relief.“Together, these actions build on the president’s record of criminal justice reform to help reunite families, strengthen communities, and reintegrate individuals back into society,” the White House said. “The president has issued more sentence commutations at this point in his presidency than any of his recent predecessors at the same point in their first terms.”

As the aviation sector soars towards a historic milestone of $1tn in global revenue by 2025, the industry's top players and stakeholders remain acutely aware of the headwinds they face. Willie Walsh, Director General of the International Air Travel Association (IATA), has forecasted a brighter year ahead but underscores the fragility underpinning this progress. Persistent supply chain bottlenecks, fluctuating fuel costs, and geopolitical uncertainties continue to weigh heavily on an industry striving for both growth and resilience. Despite the headline-grabbing $1tn revenue projection, airlines operate on some of the thinnest profit margins in the commercial world. IATA estimates the global average profit per passenger will hover around $7 — a figure that highlights the precarious balancing act airlines must perform. For comparison, industries like software or pharmaceuticals often enjoy profit margins exceeding 20%, whereas aviation barely scrapes by with single-digit percentages. To put this into perspective, consider the complex and interconnected web of costs involved in running an airline. Fuel, which often accounts for 20-30% of operating expenses, has seen volatility due to geopolitical events such as conflict. Coupled with rising airport fees and the ongoing challenges of modernising air traffic management, these expenses threaten to erode profitability even further. Add to this the looming costs of decarbonization—an existential priority for the industry—and it becomes clear why profit margins remain under such pressure. On a more optimistic note, passenger numbers are expected to reach an all-time high of 5bn by 2025. However, this uptick in demand places immense pressure on infrastructure. Airports, air traffic controllers, and the supply chain must scale up to accommodate this surge, yet many regions face bottlenecks that could slow down any potential progress. Air traffic management systems in particular require urgent investment and reform. Europe’s fragmented system, for instance, costs airlines billions annually in inefficiencies, delays, and excess fuel burn. Modernising these systems would not only save costs but also significantly reduce emissions, aligning with the industry’s broader sustainability goals. Fuel prices have long been a volatile factor in aviation’s financial calculus. Walsh warns that geopolitical risks, particularly the conflict in Ukraine, could continue to exacerbate price instability. The global reliance on jet fuel means even minor disruptions in supply chains can ripple across the industry. Airlines have increasingly turned to hedging strategies to mitigate these risks, but such measures can only do so much in an environment of prolonged instability. Furthermore, geopolitical shifts extend beyond fuel. IATA’s chief also flagged the incoming Trump administration in the United States as a potential wildcard. A reversal or weakening of climate commitments under a new US administration could have implications for the industry’s decarbonisation agenda. As airlines strive to meet ambitious net-zero targets by 2050, consistent global policies and support are critical. The concern, at least from IATA’s side, is a fragmented approach risks undermining progress and creating an uneven playing field. Meeting net-zero targets is arguably the aviation industry’s most significant challenge. Transitioning to sustainable aviation fuels (SAFs), investing in next-generation aircraft, and exploring emerging technologies like hydrogen propulsion all require substantial capital. For an industry already grappling with tight margins, the financial burden of decarbonisation is daunting. Yet, the stakes are too high to ignore. Public and regulatory pressure is mounting, with consumers increasingly factoring environmental considerations into their travel decisions. Airlines that fail to adapt risk falling behind in a marketplace that increasingly values sustainability. Walsh’s remarks serve as a clarion call for collaboration across governments, manufacturers, and airlines to share the costs and accelerate progress. The global supply chain, still reeling from multiple years’ worth of disruptions of Covid-19, presents another significant challenge. From aircraft production delays to spare parts shortages, these issues ripple across operations, affecting everything from scheduling to fleet expansion plans. Walsh’s comments underscore the need for greater resilience and diversification in supply chains to prevent similar vulnerabilities in the future. The industry has already seen how these disruptions can play out. Boeing and Airbus, the world’s largest aircraft manufacturers, have faced immense delays in delivering new aircraft due to supply chain bottlenecks. These delays hinder airlines’ ability to modernise fleets and capitalize on the latest fuel-efficient technologies, compounding financial and environmental challenges. Despite the challenges, Walsh’s outlook remains cautiously optimistic. The aviation industry has a proven track record of resilience, having weathered global crises from economic recessions to the pandemic. The projected $1tn revenue milestone is a testament to the sector’s enduring relevance and adaptability. However, achieving sustainable growth will require a multi-faceted approach. Stakeholders must prioritize investments in infrastructure and technology while advocating for policy frameworks that support long-term goals. Collaboration—whether in the form of public-private partnerships or alliances across borders—will be key to navigating the complexities of this dynamic industry. Essentially, as airlines prepare to welcome 5bn passengers in 2025, they do so against a backdrop of both opportunity and uncertainty. The path to recovery and growth is laden with challenges, from geopolitical risks and fuel price volatility to the existential imperative of decarbonisation. Yet, as Willie Walsh’s insights suggest, the industry’s resilience and innovations offer hope. The author is an aviation analyst. X handle @AlexInAir.

The fallout from a mix of external shocks and mounting financial troubles are washing over low- and middle-income countries across the world.The world’s developing countries paid a record $1.4tn to service their debts last year, as high lending rates pushed interest costs to a two-decade high, according to the World Bank.The poorest countries paid out more than $96bn to service their debts, the bank announced in its latest report on international debt, noting that interest costs alone amounted to almost $35bn.Before the Covid-19, the world’s poorer countries had a debt problem. The pandemic made it worse.By the end of 2021, more than 70 low-income nations faced a collective debt burden of $326bn. Their debt service burden had more than doubled since 2010 as a percentage of gross national income, according to an earlier World Bank report.In 2022, their annual debt payments totalled about $62bn, about 35% more than the year before. By early 2023, more than half of those were already in or near debt distress.China began large-scale lending to developing and emerging nations after launching its Belt and Road infrastructure construction initiative in 2013. That programme was designed to improve its trading prospects while creating a broad sphere of Chinese influence — as well as contracts for Chinese construction companies.The world’s richer countries, meeting in the Group of 20 forum in 2020, created a coordinated plan for debt relief called the Common Framework.The Common Framework was designed to coordinate debt relief offered by both public and private lenders and to set debt treatment standards across both traditional Western lenders and major new creditors like China.An idea has emerged that the multilaterals need to protect their capital base and credit ratings to fulfil their development roles at the lowest costs. But China initially argued multilateral lenders should share losses like any other creditor.Its position later shifted toward expecting the World Bank to increase lending instead — that is, multilaterals would share the burden by ponying up more money, rather than taking losses.But China still has a limited role in the International Monetary Fund and the World Bank, where Europe and the US have long been dominant.The high cost of servicing foreign debt has pushed many developing countries to borrow more money from multilateral institutions like the World Bank, stretching their finances.“In highly indebted poor countries, multilateral development banks are now acting as a lender of last resort, a role they were not designed to serve,” World Bank chief economist Indermit Gill said in a statement last week.“Except for funds from the World Bank and other multilateral institutions, money is flowing out of poor economies when it should be flowing in,” he added.The latest World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt, with the rate paid on loans from official creditors doubling to more than 4%.Rates charged by private creditors were even worse, rising to a 15-year high of 6%; an increase of more than one percentage point.Although interest rates have started to come down in many advanced economies, including the United States, overall, “they are expected to remain above the average that prevailed in the decade before Covid-19,” the Bank said.Global public debt reached a record high of $97tn in 2023.Although public debt in developing countries reached less than one third of the total – $29tn – since 2010 it has grown twice as fast as in developed economies, according the United Nations Conference on Trade and Development (UNCTAD).Developing countries are now facing a growing and high cost of external debt, squeezing budgets for necessities including healthcare, education and the environment.

Africa is on the cusp of a profound economic transformation. The population boom in Sub-Saharan countries, which is expected to increase the number of Africans from 1.4bn today to 3.3bn in 2075, holds the potential to trigger rapid GDP growth and raise living standards across the continent.Ghana aims to be at the forefront of these developments. But its ability to capitalise on the demographic dividend hinges on one critical factor: the health of its citizens. For this reason, it is seeking to form strategic international partnerships that help us improve health outcomes, stimulate economic growth, and deliver broadly shared prosperity.This raises a fundamental question: What does an equitable strategic partnership between African countries and the Global North look like? Historically, development aid for vital health projects in the developing world, though well-intentioned, has often been uncoordinated and unsustainable, focusing on short-term crises rather than addressing the systemic problems that cause them.Over the past two decades, African countries have been laying the groundwork to sustain their health systems entirely through domestic resources. Recent trends suggest that partnerships between the public and private sectors are key to expanding access and achieving true health self-sufficiency.Gavi, the Vaccine Alliance is a case in point. Since its founding in 2000, this international partnership has helped African countries immunise nearly a half-billion children, halve mortality rates among children under five, and generate tens of billions of dollars in economic benefits by improving educational outcomes, boosting productivity, and dramatically reducing healthcare costs.These positive effects on African countries’ health and economic performance are just the starting point. Sustainable, inclusive income growth could enable countries like Ghana to diversify their economies and foster more stable societies. It could also help us retain talent, as more people choose to build their futures here instead of searching for economic opportunities abroad. Moreover, a thriving Africa would benefit our trading partners, thereby contributing to a stronger, more resilient global economy.The immediate benefits of strategic health partnerships are obvious. The rapid purchase and deployment of mpox vaccines over the past two months show that key lessons of the Covid-19 pandemic have been learned, as new emergency financing mechanisms – established through continent-wide efforts and supported by international partners – have boosted vaccine equity and bolstered health security.Looking ahead, new initiatives to expand domestic vaccine manufacturing create an invaluable opportunity to meet Africa’s growing demand and achieve vaccine sovereignty. While international partnerships are essential for fostering long-term growth, our ultimate objective remains self-reliance. In 2023, African governments contributed more than $200mn to Gavi’s immunisation programmes – a historic milestone. With the Global South now providing 40% of the funding for Gavi’s routine activities, many countries, including Ghana, are on track to fund their immunisation efforts independently by the end of this decade.But if Africa is to achieve full vaccine sovereignty, Gavi must secure at least $9bn for the next five years. The importance of this support is evident in Ghana, where our partnership with Gavi has reinvigorated the fight against malaria – a longstanding scourge – and will soon help protect young women from cervical cancer for the first time by expanding access to the HPV vaccine.One of the strengths of Gavi’s model is its capacity to harness and scale private-sector innovations, enabling governments in the Global South to vaccinate more children, provide quality health care, and cut costs. In Ghana, Gavi’s financial and logistical support has helped us integrate technological advances such as digital record-keeping, solar power, drone delivery, and infant biometric identification into our health system.The message to Gavi’s donors is simple: as partners, achieved remarkable progress together has. Stepping back now would jeopardise our hard-won gains. A healthier, safer, more prosperous, and more equitable future for all is within reach. By deepening our collaboration, we can achieve it. — Project Syndicate

Gulf Warehousing Company (GWC) has announced its participation as a platinum sponsor at the 3rd Qatar Supply Chain Management Conference (SCMC).Under the patronage of HE the Minister of Transport Sheikh Mohammed bin Abdullah bin Mohammed al-Thani, the event took place on Monday.It highlighted best practices for enhancing supply chain sustainability, the role of digital transformation in facilitating supply chains and ensuring the flow of goods amid global challenges as well as strategies to enhance recovery and sustain supply chains.GWC Group Managing Director Sheikh Abdullah bin Fahad bin Jassim bin Jaber al-Thani said: “Our sponsorship of this conference aligns with the company’s strategic objectives to support initiatives that drive supply chain development, especially amid the challenges facing the logistics sector.“The need to effectively manage and optimise the flow of goods and services from suppliers to consumers has never been more critical.”He noted: "In Qatar, logistics services play a vital role, extending beyond the transportation of goods from one point to another to include bolstering trade flows, supporting sustainable development goals, and driving economic diversification. This highlights the key role our work in the logistics sector plays in building a competitive, resilient, and diversified economy in line with Qatar National Vision 2030.“This vision serves as a guiding compass, steering us toward sustainable development that balances economic growth with environmental and social responsibility. Today, our sector is at a crucial crossroads, amidst rapid transformations driven by digitalisation, the growing demand for sustainability, and the urgent need to minimise environmental impact. These evolving trends present both challenges and opportunities, and how we navigate them will ultimately define the future of logistics in Qatar.”Shaikh Abdullah emphasised the importance of focusing on sustainability and reducing carbon emissions, saying: "In line with our national objectives and the global agenda, we must diligently work towards achieving sustainability across all aspects of operations. As Qatar continues its drive for a sustainable and diversified economy, the logistics and transportation sector must actively contribute to this transformation.“This entails prioritising green technology, renewable energy solutions, and carbon emission reduction strategies. The accelerating pace of digitalisation in this sector has already led to a substantial shift in business practices, enhancing operational efficiency, service quality, and overall performance. By leveraging advanced technologies like artificial intelligence, big data, and IoT solutions, we can achieve greater efficiency and respond to challenges with agility and flexibility."Sheikh Abdullah highlighted: “Collaboration among stakeholders, knowledge sharing, and continuous improvement are pivotal to driving transformative change in Qatar's logistics sector and beyond. Moreover, agility is becoming increasingly critical, with the key lesson from recent years being the importance of resilience in the face of both positive and negative challenges.“For instance, the global Covid-19 pandemic triggered sudden disruptions in supply chains, severely impacting the logistics sector. Conversely, hosting the FIFA World Cup Qatar 2022 catalysed a significant positive transformation in Qatar's logistics landscape through innovative solutions.”He added: "The logistics sector requires strong and agile supply chains capable of withstanding future disruptions. This ability to adapt is particularly vital for Qatar as we expand our partnerships and explore new markets.“GWC's role goes far beyond just transporting goods; we are dedicated to fostering an ecosystem that drives economic growth, pioneering sustainable practices, and making significant contributions to achieving Qatar National Vision 2030. This is not only a great honour but also a profound responsibility. It is up to all of us in this sector to embrace emerging trends, innovate, and act with purpose."

The world is losing a winnable battle. UN Secretary-General António Guterres warns that the 2030 Sustainable Development Goals (SDGs) are on the verge of becoming “the epitaph for a world that might have been.” Can the patient be resuscitated?Decisions made in the coming days will have a significant bearing on the answer. On December 7, governments will announce their funding pledges for the International Development Association, the branch of the World Bank Group that delivers finance to the world’s poorest countries (with annual per capita incomes below $1,315). IDA replenishment happens every three years, which means that commitments made today span the critical investment period for salvaging the SDGs. Unfortunately, it isn’t looking good, with several key donors failing to pull their weight.The 78 countries covered by the IDA are where the battle for the SDGs will be won or lost. Home to 500mn people surviving on less than $2.15 per day, they account around for 70% of extreme poverty and over 90% of world hunger. Worse, it is children who are on the front lines. In a recent ODI report, my co-authors and I estimate that some 257mn children in IDA-eligible countries are growing up hungry, with devastating consequences for their health and educational prospects.Recent setbacks have compounded already severe challenges, triggering major reversals. After being hit hard by the Covid-19 pandemic, IDA countries have been buffeted by post-pandemic economic slowdowns, rising food prices, and surging public debt. Over half are falling further behind rich countries as global inequalities widen. Poverty reduction has slowed from an already inadequate pace, and progress against hunger has stalled. Debt service is crowding out vital investment, with repayments now outweighing spending on health and basic education.Against this bleak backdrop, access to affordable development finance has been shrinking. Real (inflation-adjusted) financial transfers to Africa from donors have fallen, and rising real interest rates have priced most IDA countries out of sovereign bond markets (or otherwise subjected them to punitively high borrowing costs).The IDA is the single most powerful multilateral financial weapon in the anti-poverty arsenal. In the last fiscal year, it provided $31bn in support for member countries and was by far the largest source of development finance for Africa, which benefits from zero-interest grants, concessional loans repayable over 30-40 years, or both.Such finance is an SDG lifeline, because it is overwhelmingly directed to areas with demonstrated benefits for the poor, such as social protection, investments in child and maternal health, and education. With a generous replenishment, the IDA could help lift millions out of extreme poverty, extend opportunities for improved health and learning, and support adaptation to climate change.Moreover, for donors seeking value for money, the IDA has a unique advantage: every $1 received can deliver $3.50. The IDA can leverage the World Bank’s AAA credit rating to secure low-interest financing by issuing bonds and lending the proceeds to developing countries. When donors deliver funds through bilateral aid programmes or global health funds, the money that comes out mirrors the money that goes in. But the IDA offers a much bigger bang for the buck.The IDA also mitigates damaging international-aid practices. Currently, only around 8% of poverty-related development assistance is delivered through government budgets. The rest arrives through project funds controlled by donors, leading to fragmentation, weak co-ordination, and high transaction costs for governments. Hence, Ethiopia had to manage 454 aid transactions for agriculture alone in 2021. By contrast, the IDA delivers support through national budgets for nationally owned programmes, which is why governments across Africa strongly support it.The World Bank has rightly made the case for a major IDA increase. Last year, the bank’s president, Ajay Banga, called on donors to provide more than $120 billion, which would make this replenishment “the biggest of all time.” Sadly, that ambition has faded, with current pledges implying a replenishment of less than $105bn – smaller than the previous one, in real terms.While US President Joe Biden’s administration has announced an increased IDA commitment, and several smaller countries and new donors have also stepped up, some major G7 economies have stepped back. Last year, French President Emmanuel Macron hosted a summit aimed at creating a new global financial pact to tackle poverty and the climate crisis; but this year, he is set to cut France’s contribution to the IDA.Equally disappointing is the United Kingdom, which was among the largest contributors to the IDA in the decade ending in 2022 – a legacy of former prime minister Gordon Brown’s leadership. The picture changed dramatically in the last IDA replenishment, when the UK contribution was halved as Conservative governments took a wrecking ball to the aid budget.This year’s replenishment gives the new Labour government an opportunity to start rebuilding Britain’s reputation as a “development superpower.” Foreign Secretary David Lammy has promised a new era in which the UK will “use realist means to pursue progressive ends.” Reversing the Conservatives’ cuts with a 54% increase to the UK contribution (representing a commitment of $2.2bn) would certainly meet those criteria. And yet, the Treasury wants to cap any additional contribution at 20-40%.That would be a travesty. While the Treasury is correct to note that it inherited a poisoned chalice of unsustainable public finance from its Conservative predecessors, it is wrong to suggest that the UK cannot afford to send a positive signal in the interest of international co-operation and its own soft power.Making matters worse, the government has effectively shelved long-standing aid commitments by maintaining previous governments’ policy of subjecting them to impractical and implausible fiscal tests, one of which is to achieve a budget surplus (something that has happened only four times since 1971). There is nothing realist or progressive about using implausible goals as a pretext to turn one’s back on the world’s poor. The UK should fully restore the IDA cuts made by the Conservative government.The IDA may not be perfect, but it’s the best tool that we have for restoring the hope that the SDGs once instilled. Governments should use it. — Project Syndicate• Kevin Watkins, a former CEO of Save the Children UK, is a visiting professor at the Firoz Lalji Institute for Africa at the London School of Economics.

The archbishop of Paris reopened Notre-Dame cathedral yesterday by symbolically knocking on the doors and entering the 12th-century landmark which has been restored after a devastating fire in 2019.Wearing new designer vestments and carrying a staff cut from one of the roof beams that survived the inferno, Laurent Ulrich joined hundreds of VIPs inside the Gothic masterpiece for a two-hour ceremony.Ulrich commanded the cathedral to “open your doors” and he entered the magnificently-restored edifice.US President-elect Donald Trump sat on the front row as guest of honour next to French President Emmanuel Macron, with invitees marvelling at the freshly cleaned walls, new furniture and state-of-the-art lightening installed as part of the cathedral’s overhaul. Outside, small crowds of Parisians and tourists braved wet weather and high winds to witness the renaissance of a beloved monument which came close to being totally destroyed by the inferno that toppled its roof and spire.“I find it really beautiful, even more so now that the spire has been restored,” Marie Jean, a 27-year-old dentist from southwest France, told AFP outside.The reconstruction effort has cost around €700mn ($750mn), financed from donations, with the reopening achieved within a five-year deadline set by Macron despite predictions it could take decades.Workers had to overcome problems with lead pollution, the Covid-19 epidemic, and the army general overseeing the project falling to his death while hiking in the Pyrenees last year.It is “a cathedral like we have never seen before,” Philippe Jost, who took over as project manager last year, told Franceinfo radio, adding that he was proud to “show the whole world” a “great collective success and a source of pride for all of France”.Yesterday’s service was to feature prayer, organ music and hymns from the cathedral’s choir.A public concert planned in front of the cathedral featuring Chinese piano virtuoso Lang Lang and possibly US singer and fashion designer Pharrell Williams had to be pre-recorded on Friday night because of the stormy weather.Held up as an example of French creativity and resilience by Macron, Notre-Dame’s renaissance so soon after the fire comes at a difficult time for the country.The sense of national accomplishment in restoring a symbol of Paris has been undercut by political turmoil that has left France without a proper government since last week when prime minister Michel Barnier lost a confidence vote.Macron is hoping the reopening might provide a fleeting sense of national pride and unity — as the Paris Olympics did in July and August.The scale of the immense security operation also recalls the Olympics — with some 6,000 police officers and gendarmes mobilised.The reopening “is the proof that we know how to do grand things, we know how to do the impossible” Macron said Thursday in a televised address to the country.He addressed the congregation during yesterday’s ceremony.Macron has scored a major coup by attracting incoming US president Donald Trump for his first foreign trip since his re-election.Another 40 heads of state and government were also present, including Ukrainian leader Volodymyr Zelensky, who was given a round of applause as he entered Notre-Dame, as well as British heir to the throne, Prince William.Macron hosted three-way talks with Zelensky and Trump at the presidential palace shortly before the ceremony, with future US military support for Ukraine’s war effort against Russia’s invasion expected to have been discussed.Trump has vowed to force an end to the nearly three-year Ukraine war when he takes office, sparking fears in Kyiv that he will force Ukraine to make territorial concessions to Russia which Zelensky is resisting.“It seems like the world is going a little crazy right now and we will be talking about that,” Trump told reporters as he prepared to sit down for talks with Macron.One surprising absentee yesterday was Pope Francis, the head of the Catholic Church.He sent a message addressed to the French people which was read out.The exact cause of the 2019 blaze has never been identified despite a forensic investigation by prosecutors, who believe an accident such as an electrical fault was the most likely reason.Today, the first mass with 170 bishops and more than 100 Paris priests will take place at 10:30am (0930 GMT), followed by a second service in the evening at 6:30pm which will be open to the public.

Minutes after South Korean President Yoon Suk-yeol declared martial law on Tuesday night, plunging the country into its worst crisis in decades, his stunned finance minister knew his priorities: throw everything at defending the currency. By around 11pm, Choi Sang-mok, who was among the majority of cabinet members who opposed martial law, had set up an emergency meeting at the Seoul Bankers Club, an unofficial meeting place for top policymakers from the central bank, finance ministry and banking and markets regulators.As soldiers stormed the nation’s parliament, Korea’s top four financial authorities, known as F4, activated an emergency playbook that had been used during past crises, scrambling to head off a crippling selloff in the won before Asian markets awoke.Choi led discussions between the authorities, three people familiar with the meeting told Reuters, with the Bank of Korea (BoK) responsible for efforts to stabilise the currency.The first announcement came swiftly. South Korea would inject unlimited cash into markets as needed, the finance ministry said, which pulled the won back from lows last seen in 2009 during the global financial crisis.“It was BoK Governor Rhee Chang-yong’s idea to put this message out quickly,” one government official said. “Rhee said it was really important to pre-emptively act, as the news should be a bigger shock to foreign investors than for local people.” In the four decades since South Korea was last under martial law, the nation has weathered several crises and significantly evolved its systems to eschew the strongman politics of the past and focus instead on ensuring economic stability.Lessons from the 1998 Asian financial crisis formed the basis for the playbook. That episode ran deepest for South Korea, a country hugely exposed then to short-term debt and a playground for foreign speculators, forcing it into what many Koreans saw as a humiliating rescue package from the International Monetary Fund. Citizens donated their gold to a depleted national coffer.“We have had many crises. We experienced ups and downs through those crises, including the pandemic, and have a set of tools ready,” said one Bank of Korea official, speaking on condition of anonymity.The last time Korea’s four big agencies intervened this heavily in markets was in 2020 as the Covid-19 pandemic toppled its export-driven markets.Korea’s current struggles with anaemic growth, labour strikes, a budget impasse and the troubles of trade partner China meant authorities were already on heightened alert for sharp currency swings.The won is down 9% this year against the dollar, while the KOSPI index has shed 8%, both lagging their emerging market peers. Foreign money has been leaving Korea’s stock market since August, with outflows in four months topping $14bn.“They were obviously aware of the fact that there would be a little bit of panic, particularly from foreigners, and so they did the right thing,” said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management.“This is now really what governments and central banks do now, when they see these types of events, they just offer unlimited liquidity. That was the playbook in Covid.”Until this week, Choi was one of Yoon’s conservative loyalists in the cabinet who served multiple government positions since the president was elected in March 2022, starting as a secretary of the economy division.He advanced to chief economic secretary, a position that allowed him to travel with Yoon around the world, before taking his current job in December 2023.During this week’s chaos, Choi was the “control tower”, sources said, directing the messaging and responses through the next day and even as subsequent developments led to the entire cabinet offering to resign.

The eighth edition of Katara European Jazz Festival kicked off today, organized by Katara Cultural Village Foundation in partnership with the embassies of 11 European countries: Armenia, Austria, Belgium, the United Kingdom, France, Germany, Italy, Malta, the Netherlands, Spain, and Switzerland.On the festivals opening day, the audience enjoyed performances from jazz bands representing Spain, Germany, and Austria, offering a mix of traditional melodies and a blend of classical and contemporary jazz.HE Ambassador of Spain to Qatar Javier Carbajosa Sanchez expressed his delight at the festival's return after a hiatus due to COVID-19 and the 2022 World Cup, praising Katara for its role in offering events that foster cultural and artistic exchanges.The festival runs through to Sunday. Tomorrow, Friday, there will be performances from Swiss bands, British Council, and Italy. On Saturday, Qatar Music Academy will present a concert alongside bands from the Netherlands and France. The festival will close on Sunday with performances from bands from Malta, Belgium, and Armenia.The concerts are being held at Katara Corniche, Gates 20 and 21, from 6:30 PM to 10:00 PM.

The Doha Forum is a leading global platform for addressing contemporary international issues, and one of the largest international platforms for diplomacy, dialogue and diversity. The Doha Forum was established in 2000, when it was launched by His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani. It is held annually in Doha with significant local and international participation.The Forum's organizing committee determines an annual slogan for each of its sessions, under which fall many dialogue and discussion tables and sessions that serve its objectives, which focus on launching a dialogue on the critical challenges facing the world, enhancing the exchange of ideas and policy-making, and presenting applicable recommendations.Over the years, the Forum held 21 editions, the first of which occurred in 2001. It was organized by the Gulf Studies Center at Qatar University in co-operation with the Qatar Chamber of Commerce and Industry under the name of the 'Democracy and Free Trade'. It was attended by 500 participants representing many official, academic, research, media and cultural circles from 30 countries, in addition to international and regional bodies and organizations.The previous editions of the Forum discussed many issues and topics such as geopolitical alliances, international relations, the financial system and economic development, defence, cybersecurity, food security, sustainability and climate change, global transformations, technology, trade and investment, human capital, inequality, security, cyberspace governance, defense issues, international organizations, civil society and NGOs, and issues of culture and identity.Given the great success achieved by the Doha Forum during its rich history, including the Enriching the Economic Future of the Middle East Conference, and continued in this manner for several sessions, becoming once again an independent event in itself, discussing urgent economic issues, and exchanging ideas and visions regarding the future prospects of the Middle East and Mediterranean region in the economic field.In the seventh edition of the Doha Forum, its name was changed to the Doha Forum on Democracy, Development and Free Trade, and a large group of issues related to the Arab world took centre stage in the seventh and eighth editions, including politics, development, security, free trade, information, culture, education, modern technology and globalization. Issues on the roles in economic growth and democratic change in the region were also discussed, in addition to visions about the present and future, global stability and security, development projects, modern trends and future transformations, common markets and others.During the ninth edition, the features of the separation of economic and political issues began to appear clearly in the discussions and sessions of the Forum, as the Doha Forum on Democracy, Development and Free Trade and the Enriching the Economic Future of the Middle East Conference were held in parallel to one another.The Arab Spring revolutions topped the discussions of the 11th and 12th editions of the Forum and conference. The 16th edition saw the Doha Forum separate from the Enriching the Economic Future of the Middle East Conference once again, and discussed ways to achieve regional and global stability and prosperity in light of the major challenges facing the world in the fields of defense, security, economy, energy, and civil society issues.The 17th edition was held in May 2017 under the theme 'Development, Stability and Refugee Crisis', and the 18th edition was held in December 2018 under the theme 'Shaping Policy in an Interconnected World'. During the event, the Doha Forum launched a new visual identity under the slogan 'Diplomacy, Dialogue, Diversity'. The slogan was designed to enhance and unify the Forum's identity and strengthen its global presence and reputation in policy formulation. The Forum's organizers said the new slogan reflected Doha Forum's efforts to establish itself at the forefront of global policy making, foster vital dialogue, and benefit from the diverse backgrounds and expertise of its participants and speakers.In December 2019, the Doha Forum held its 19th edition under the slogan 'Reimagining. Governance in a Multipolar World'. During the event, the Doha Forum launched the youth edition, established in co-operation with the QatarDebate Center, to involve young age groups in decision-making, discuss the Forum's themes, and submit their recommendations to it. The number of participants in its activities at that time exceeded 3,000 people from various countries around the world.The "Doha Forum: Youth Edition" held its third edition in November 2023 and launched its fourth edition on December 5 in co-operation with the QatarDebate Center. This edition is in line with the main theme of the Doha Forum by focusing on five key areas, including geopolitics, emerging technologies, security, and cultural diplomacy. The new edition seeks to provide a space for young people to present new visions and drive positive change.Due to the restrictions imposed by the Covid-19 pandemic in 2020 and 2021, the Doha Forum held its two editions for these years in virtual sessions that included a group of senior policymakers, experts, and researchers to discuss a number of pressing global issues.Following the pandemic that struck the world, the Doha Forum held its 20th edition in March 2022 under the title 'Transforming for a New Era' and discussed the various geopolitical changes that occurred in the world that year.In December 2023, His Highness the Amir Sheikh Tamim bin Hamad al-Thani inaugurated the 21st Doha Forum under the theme 'Building Shared Futures', with the attendance of more than 4,000 participants, including more than 270 speakers from 120 countries, who contributed to more than 80 sessions over the course of the two-day event.His Highness the Amir also presented the Doha Forum Award to Under-Secretary-General of the United Nations and Commissioner-General of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) Philippe Lazzarini. The 21st Doha Forum highlighted four main themes: international relations and security, cybersecurity and artificial intelligence, economic development, and sustainability, through 18 main sessions and 35 side sessions.The Doha Forum is considered one of the most prominent major events in the field of contemporary international affairs, and since its launch about a quarter of a century ago, it has cooperated with many local, regional, and international bodies in organizing discussion sessions, workshops, meetings, round tables and lectures throughout the year to discuss pressing issues and urgent challenges in the region and the world, as it hosts officials and experts in various fields from all over the world, and the forums organizers are keen to discuss pressing issues in the world and enhance dialogue by selecting figures who express all the ideas presented, which facilitates reaching results that help decision-makers deal with solutions to these problems.Over the past two decades, the Doha Forum has established its position as an interactive global dialogue platform for the localization of development, security and stability in the world, as Qatar has gathered through previous editions the experiences of many opinion and policy leaders, global experts and activists, and came up with perceptions and visions that draw a road map to solve global crises and challenges.Qatar's hosting and sponsorship of the forum's activities and editions also affirms the wise leadership's keenness to engage the world in raising its crucial issues, strengthening regional and international co-operation, diagnosing the current situation, and proposing solutions to address them, especially with regard to issues related to combating extremism, role of women, fair distribution of wealth, protection of human rights, elimination of violence, containment of terrorism, and examining the best means to confront the growing threats and challenges facing human societies, which cannot be confronted by individual methods or policies.The Doha Forum is in harmony with the foreign policy of the State of Qatar, which adopts the principle of dialogue in resolving issues, conflicts and crises, and embodies the distinguished international position occupied by Qatar in the network of international relations, and its superior ability to provide open and appropriate arenas for dialogue and exchange of ideas in search of solutions to various global challenges.The outcomes of the Doha Forum have contributed to drawing lines and indicators and preparing work programs for diplomatic moves capable of addressing contemporary problems and challenges, and paving the way and the ground for finding the best solutions to the issues and crises that trouble the world and threaten the lives of millions to cross humanity to safety based on the belief that the common future of humanity depends on stability, security, and the right of all to exist.

The OECD warned yesterday that protectionist trade measures pose a major risk to disrupting the world economy, just weeks before Donald Trump is set to return to the White House.The Organisation for Economic Co-operation and Development(OECD), a Paris-based body that advises industrialised nations on policy matters, never named Trump in its updated analysis of the world economy.But with the president-elect vowing to slap tariffs on US trading partners after his return to power next month, it was abundantly clear that the OECD was warning about Trump’s possible measures.While the organisation raised its 2025 global growth forecast to 3.3%, it cautioned that “greater trade protectionism, particularly from the largest economies” poses a “downside risk” along with geopolitical tensions and high public debts.On the campaign trail, Trump threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, top US trade partners.“Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth,” the OECD warned in its economic outlook.“Further increases in global trade restrictions would add to import prices, raise production costs for businesses and reduce living standards for consumers,” it added.During his first term in office from 2017-2021, Trump slapped tariffs on certain products from China and other trading partners, including the European Union, but on a smaller scale than the measures he has pledged to take upon his return to the White House.A recent study by the Roland Berger consultancy calculated the cost of the US measures and likely countermeasures by China and the EU at more than $2.1tn through 2029.Trump is far from the only risk in terms of protectionist measures. The Covid-19 pandemic and the war in Ukraine showed the dependency of many countries upon global trade, but instead of facilitating the exchange of goods and service many countries have sought to shorten certain supply chains and protect markets.A spat has also broken out between Brussels and Beijing after the EU imposed import tariffs on Chinese electric vehicles. China has retaliated with tariffs on EU brandy, including cognac.

The OECD warned Wednesday that protectionist trade measures pose a major risk to disrupting the world economy, just weeks before Donald Trump is set to return to the White House.The Organisation for Economic Co-operation and Development(OECD), a Paris-based body that advises industrialised nations on policy matters, never named Trump in its updated analysis of the world economy.But with the president-elect vowing to slap tariffs on US trading partners after his return to power next month, it was abundantly clear that the OECD was warning about Trump's possible measures.While the organisation raised its 2025 global growth forecast to 3.3%, it cautioned that "greater trade protectionism, particularly from the largest economies" poses a "downside risk" along with geopolitical tensions and high public debts.On the campaign trail, Trump threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, top US trade partners."Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth," the OECD warned in its economic outlook."Further increases in global trade restrictions would add to import prices, raise production costs for businesses and reduce living standards for consumers," it added.During his first term in office from 2017-2021, Trump slapped tariffs on certain products from China and other trading partners, including the European Union, but on a smaller scale than the measures he has pledged to take upon his return to the White House.A recent study by the Roland Berger consultancy calculated the cost of the US measures and likely countermeasures by China and the EU at more than $2.1tn through 2029.Trump is far from the only risk in terms of protectionist measures.The Covid-19 pandemic and the war in Ukraine showed the dependency of many countries upon global trade, but instead of facilitating the exchange of goods and service many countries have sought to shorten certain supply chains and protect markets.A spat has also broken out between Brussels and Beijing after the EU imposed import tariffs on Chinese electric vehicles. China has retaliated with tariffs on EU brandy, including cognac.The OECD noted "the global economy has demonstrated remarkable resilience despite being subject to major shocks such as the pandemic and an energy crisis." It even raised its global growth forecast for next year to 3.3%, an increase of 0.1 percentage points from its previous outlook in September, due in large part to the strong performance of the US economy.The OECD now sees the US economy expanding by 2.4% next year, up from its September forecast of 1.6% growth.It also raised its forecast of British growth next year by 0.5 percentage points, to 1.7%, due to higher public spending planned by the new Labour government.China's economy is now expected to expand by 4.7% next year, an increase of 0.2 percentage points, while India's growth forecast was raised 0.1 percentage points to 6.9%.But both France and Germany saw to 0.3 percentage point cuts to their 2025 growth forecasts, to 0.9% and 0.7%, as both countries face political crises amid mounting fiscal pressure.The downgraded forecast comes as France's new minority government faces being brought down Wednesday by lawmakers after it forced through the adoption of the social welfare budget.