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Thursday, March 28, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

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Brine pools at Albemarle lithium mine are pictured at the Atacama salt flat, in Antofagasta region, Chile. (Reuters)
Opinion

America’s lithium laws fail to keep up with growth

Washington’s drive to make the United States a major global lithium producer is being held back by a confusing mix of state regulations that are deterring developers and hampering efforts to break China’s control of the critical minerals sector.Across Texas, Louisiana and other mineral-rich states, it’s unclear who owns the millions of metric tonnes of lithium locked in salty brines underneath US soils, how the battery metal should be valued by regulators and who ultimately should pay to process it into a form usable by manufacturers.These legal ambiguities are the latest impediment — alongside technical challenges and sagging commodity prices — to America’s plans to produce more of its own lithium and wean the country off foreign supplies, according to interviews with regulators from seven US states, legal experts, politicians, landowners, investors, royalty firms, industry executives and consultants.US federal officials in Washington are largely powerless to force states to change regulations, leaving the Biden administration’s aggressive electrification targets beholden to the pace at which local officials update outdated statutes.Global lithium demand is expected to outpace supply by 500,000 metric tonnes annually by 2030. Unless the United States boosts its own production, the country’s manufacturers will find themselves reliant on China and others for supply as the end of the decade approaches, analysts warn.The Texas legislature, for example, last year approved a law — supported by Standard Lithium and Chevron — that instructed the state’s oilfield regulator to craft regulations for lithium extraction from brines. But the regulator, known as the Railroad Commission of Texas, told Reuters is has no timeline for when it will finish that task.“I don’t even know where to start in terms of working with the local authorities to get brine mineral rights in Texas. It’s confusing,” said Brady Murphy, CEO of Tetra Technologies, which aims to produce lithium with partner Exxon Mobil.The Railroad Commission of Texas told Reuters it plans to release its rules for public comment once they are formulated, and then the three commissioners will vote on them.While the 1972 US Clean Water Act gives Washington regulatory power over water extraction and reinjection across the country, state officials have autonomy to govern other parts of the process.Tetra, which also produces chemicals for water treatment and recycling, has tested more than 200 brine samples from Texas, but so far has opted not to do business in the Lone Star State due to legal uncertainty, Murphy said.Koch Industries-backed Standard Lithium said last October it had drilled a Texas brine well with lithium concentrations nearly as high as those found in parts of Chile, which has the world’s largest lithium reserves. But Standard can’t touch that lithium until regulations are set.“We’re taking a measured approach to Texas,” said Robert Mintak, Standard’s CEO.In Oklahoma, which has several brine deposits, the Oklahoma Corporation Commission — which oversees oil and gas development — said it has no jurisdiction over lithium production and royalties, and referred comment to the state’s Department of Mines, which said it also does not oversee lithium.In Utah, the state legislature and governor approved a bill last year aimed at preventing water levels from dropping in the lithium-rich Great Salt Lake. That led Compass Minerals to abandon plans last month to produce lithium for Ford in the imperilled lake and disband its entire lithium team, saying “regulatory risks have increased significantly around this project.”And in Louisiana, the lack of state guidelines is fuelling concerns from legal experts that producers could trespass on neighbouring land when they reinject brine after filtering out lithium. Reinjection is a key step to preserve underground water table levels.“There’ll likely need to be a court fight about whether they have the right to do that,” said Keith Hall, director of the Louisiana State University’s Mineral Law Institute.The Louisiana Department of Energy and Natural Resources told Reuters it does not have existing statutes related to lithium.The path is even murkier for water that is extracted alongside crude oil. Oil companies for decades have paid to dispose of that produced water, which contains lithium that could be sold for a profit.With lithium demand now on the rise, landowners, oil producers, and companies that oversee water disposal are tussling over ownership.A Texas state appeals court last year ruled that COG Operating controls such water that it extracts alongside crude oil, but the ruling only applied to that specific case. And not all oilfield leases include clauses for who owns other minerals extracted alongside oil, sparking questions as to whether lithium is covered by existing leases or if companies need to negotiate new contracts with landowners.“That is going to have a chilling effect on capital investments until it’s resolved,” said Jamie Rhymes, an attorney specialising in minerals contracts at the Liskow & Lewis law firm.Legal experts told Reuters that it’s unclear how lithium will be valued for royalty payouts given the cost for equipment to filter the battery metal from brine, which unlike oil typically has no market value itself.In Arkansas, where Tetra, Exxon, Albemarle and Standard Lithium hope to produce the battery metal within a few years, state officials have been debating a royalty structure to compensate landowners since 2018.Shane Khoury, who oversees the body that will set the royalty rate in his role as secretary of the Arkansas Department of Energy and Environment, said the state may charge different rates depending how much lithium is in a brine deposit.Albemarle, the world’s largest lithium producer with operations in the United States, Chile, Australia, China and elsewhere, plans to open a pilot facility in Arkansas by the end of the year and said it has chosen not to — for now — submit a royalty proposal while it watches Standard’s royalty review process.“We’re waiting to see how (the Arkansas royalty situation) evolves,” said Netha Johnson, the Albemarle executive overseeing the company’s Arkansas lithium project. “There’s a couple of fundamental differences between the way that brine royalties could be calculated.”Exxon also has not submitted a royalty proposal despite spending more than $100mn in Arkansas and on a Houston test facility as part of an aggressive move into lithium, but said it hopes the state’s royalty will be uniform across the state.California, which has giant lithium reserves in its Salton Sea region east of Los Angeles, last year imposed a flat-rate tax for each metric tonne of lithium. The move has pushed back development of projects slated to supply General Motors and Stellantis. California’s governor and legislators have defended the tax as a necessary way to ensure all residents benefit from the energy transition.Nevada, which has the only commercial US lithium operation — a small mine operated by Albemarle — has taxed minerals for more than 100 years, but at a rate based on each facility’s revenue.Industry analysts expect regulations to be eventually set in various states, but predicting when is anyone’s guess.“The uncertainty is the scariest part,” said the owner of lithium-rich acreage across several states who declined to be named so as not to offend regulators. “How do you develop these projects and muster financial support without a regulatory structure in place?” — Reuters


Protesters carry national flags of Germany and the ultra far-right party Freie Sachsen (Free Saxony) during a demonstration in Chemnitz.  (Reuters)
Opinion

Racial tensions costing Germany Inc. skilled foreign labour

Manager Joerg Engelmann says he has pulled out all the stops to attract skilled foreign workers to his chemical engineering company in Chemnitz, east Germany. But once they arrived, the racial slurs and exclusion they experienced in the town have driven some of them away.His firm is one of five German medium-sized companies that told Reuters their foreign staff recently moved on or switched locations due to xenophobia, even as Europe’s biggest economy suffers a shortage of skilled labour.Many large companies in Germany and The Netherlands have expressed concern about the difficulty of hiring due to anti-immigrant sentiment. Some employers go a step further, saying they are actually losing staff because of it.CAC Engineering GmbH, the family-owned company Engelmann runs, has lost around five of its 40 foreign employees over the past 12 months because of discrimination, he told Reuters. The company declined to make its former staff available to Reuters.“We do what we can. But we can’t become bodyguards,” said Engelmann, 57. “There are parts of the population who don’t realise that these are foreign skilled workers who want to make a real contribution in Germany.”CAC did not give details, but xenophobic hate crime cases recorded across Germany by the interior ministry more than tripled between 2013 and 2022 to more than 10,000. Overall, Engelmann said, high energy costs pose a bigger challenge.Official German estimates suggest the country as a whole will be short of seven million skilled workers by 2035, compared with a labour force of around 46 million.The climate is more hostile in eastern Germany, where after the fall of communism plant closures and layoffs saw an exodus of young people and a lower birth rate.Chemnitz, in the state of Saxony near the Czech border, is trying to attract skilled workers — Engelmann’s firm says it helps arrange temporary housing, language and even driving lessons to encourage foreign employees to settle.But Chemnitz has become a focus of anti-immigrant feelings since 2018 when anti-migrant protests in the city turned to riots.Largely destroyed during World War Two and rebuilt under Communism as Karl-Marx-Stadt, it was one of Germany’s richest cities at the turn of the 20th century.Since reunification in 1990, its population has shrunk by around 20% to just over 250,000. Foreigners have jumped to nearly 14% of inhabitants from just over 2% in 2000, according to data from Chemnitz-based FOG Institute for Market and Social Research.On Monday evenings at around 6pm, around 250 people march through the town in a regular “Monday demonstration” promoted by one of the far-right parties that make up a quarter of the city council’s members. Marchers at a recent event sang nationalist songs, beat drums and waved the flags of Saxony, Germany and Russia.Resident Farid Mokbil, 31, an Egyptian who came to Germany to teach German to foreigners, said he is happy in the town overall: He experiences racism often but doesn’t take it personally.“In the first week here I went shopping at the supermarket and an elderly woman just looked at me — I’m not sure if it was my appearance — but she just started shouting,” he said. “Such weird situations happen ... A few days ago in the tram, a boy said loudly, ‘here there are only Afghans who want to steal.’”Christine Willauer, 84, a lifelong Chemnitz resident, said she felt asylum-seekers in Germany got financial benefits that the elderly did not.“When I am in the city, some days I feel there are not many people speaking my own mother tongue anymore,” she said. “I also miss the old manners.”City spokesman Matthias Nowak said the majority of people in Chemnitz are against extremism, adding that Chemnitz would “fall apart” without immigrants — for instance, 40% of staff at the hospital are foreigners.Channelling the anti-immigrant mood are political parties including Alternative fuer Deutschland (AfD), which is on track to win three regional state elections in September this year including in Saxony.The AfD has said it wants to reverse mass migration that occurred in 2015, create asylum centres outside the European Union, introduce strict controls on German borders, sanction migrants who do not integrate fully and create incentives for economic migrants to return home.Germany’s domestic intelligence agency, which has said it is monitoring the AfD on suspicion of extremism, says AfD party officials propagate racist theories such as the “Great Replacement,” which holds that political elites are deliberately engineering the replacement of Europe’s white population with non-white immigrants.The party’s Chemnitz chapter this month shared an article on its Facebook page about an alleged rape by migrants entitled “population replacement makes girls and women fair game.”In one post, Ulrich Oehme, deputy leader of AfD Chemnitz, comments that “life for our women and girls has become much harder in public spaces and worries about group rape and knife attacks are on the rise.”Oehme told Reuters his post was not xenophobic, but was addressing “issues felt massively by the local population.” The AfD said it agreed with his observations, adding: “Immigration-related crime is very difficult to combat because it is often embedded in family or clan structures and because of cultural and language barriers.”Facebook owner Meta did not respond to a request for comment.The AfD says its policies would not damage the economy.“Here the government and state-owned companies are clearly and obviously distracting from the home-made problems and using the AfD as a scapegoat,” it said in a statement to Reuters, citing the high energy prices worsened by Germany’s nuclear exit and renewables drive.But Germany’s corporate executives took to the media to warn about the risks of anti-immigrant sentiment, following a January report by investigative portal Correctiv of a fundraising meeting in Potsdam where a “masterplan” for deportations of people of foreign origin — dubbed “remigration” — was discussed.Attended by four senior AfD officials, the meeting was organised by a group called the Duesseldorfer Forum, which said on the invitation it is an “exclusive network of ... personalities who are ready to make significant contributions to ... stop the destruction of our country.”On a microsite created after the event, organiser Gernot Moerig said remigration was only one topic discussed. He could not be reached for comment.Martin Sellner, an Austrian leader of the Identitarian Movement, which says it wants to preserve European identity and opposes immigration from outside the continent, told Reuters he had spoken at the meeting.“Unassimilated citizens like Islamists, gangsters and welfare cheats should be pushed to adapt through a policy of standards and assimilation,” he said, saying that could include incentives for voluntary return.“In the long-term, a German remigration policy sets the course for ... Germany to become more German every day and not the opposite.”The hardening climate extends beyond Chemnitz, and does not only target people from outside Europe.“Two of our foreign employees have left Germany because they said that they no longer feel comfortable and safe here,” said Detlef Neuhaus, CEO of solar firm SolarWatt, based in the east German city of Dresden. He said one had moved back to England.“These are direct consequences of the changing mood in the country.”The company declined to make its former staff available to Reuters.Chemnitz-based Community4you, which supplies fleet and leasing software to corporate heavyweights such as Lufthansa, BMW and Commerzbank, said it has had employees move away because they no longer feel welcome.Its Chief Operating Officer Lavinio Cerquetti, an Italian, moved northwest to Leipzig in 2021, saying the atmosphere was more cosmopolitan there.“In Chemnitz, I sometimes had the feeling that the fact that I had to be careful was also related to the fact that I was a foreigner,” he said.Autonomous driving software maker FDTech, also based in Chemnitz, has also lost workers over xenophobia, its managing director Karsten Schulze said.“Yes, we do have a problem with xenophobia here. But it’s not limited to Saxony, to Chemnitz, we have it all across Germany. And by the way, all across Europe, too,” he said.Germany’s economy shrank by 0.3% in 2023, the weakest performance globally among large countries.A survey carried out over 2022 and 2023 by the Organisation for Economic Co-operation and Development (OECD) has highlighted that while Germany remains very attractive to foreign workers, discrimination is a problem.Tracking the careers of 30,000 highly qualified people who wanted to come to Germany as migrant workers since August 2022, the survey found that people who had already moved to Germany experienced more discrimination compared to the expectations of those still abroad.Essen-based Deniz Ates, 30, who runs recruitment agency Who Moves that focuses on foreign IT workers, said he first noticed at an event in India late last year that people were worried about the political mood in Germany, with some saying the country was no longer an option for them.“The most important factor in deciding where to apply for a job is: Do I feel safe? Do I feel welcome?” Ates said.New Delhi-based lawyer Romy Kumar said he has put on hold efforts to relocate to Europe, where he spends several months a year, citing a rise in xenophobia.“This limits your risk-taking abilities to jump on the next plane and go there and set up something,” he said. “So that is why I’m taking it slow and trying to assess where is it going.”Chemnitz city spokesman Nowak said it had increased funds for anti-racism and pro-democracy projects since 2018 and wants to use plans for its coming role as a European Capital of Culture in 2025 to activate the “silent middle,” addressing the issue of racism head-on.Far-right parties have said they will protest this. One, Pro Chemnitz, has suggested the city should instead be the “capital of remigration.”“We have had enough of the kind of culture that has flooded Germany since 2015 — all you need to do is check the city centre,” the party said in post on Telegram. The party did not respond to a request for comment from Reuters.

Gulf Times
Opinion

What can stop the shortening of American lives?

Even as Covid-19 recedes into the background of everyday life, the broader decline in US life expectancy is still with us, because too many elected officials refuse to take its causes seriously.Covid-19 has killed nearly 1.2mn Americans, making it the main reason that US life expectancy fell by 2.4 years between 2019 and 2021. But while life expectancy has started to tick back up, it is still 1.3 years lower than it was in 2019, according to the latest data from the US Centers for Disease Control and Prevention. Every racial and ethnic group now has a lower life expectancy than before the pandemic, with American Indian and Alaska Native, Black, and Hispanic people suffering the largest setbacks. Meanwhile, other countries – including Sweden, Belgium, and Denmark – have returned or nearly returned to pre-pandemic life expectancy.The main reasons that the United States lags many other rich countries can be summed up in three words: guns and drugs. The US far outpaces other high-income countries in overdose and gun deaths, and both problems have worsened since 2019. In fact, they have reached record levels. At the same time, chronic illnesses such as heart disease, stroke, and diabetes are among the leading causes of death in the US. Obesity is a major risk factor for all these conditions, and America’s obesity rate is the highest among large, developed countries.Despite having the world’s largest economy and the world’s most advanced health-care facilities, the US ranked 40th in global life expectancy, according to the most recent available data. And that data was released in 2019, before Covid pushed the US even further behind. Given the cascading challenges of the past five years, it probably still ranks at the bottom of the Western world.This is a national disgrace, but it isn’t inevitable. Americans don’t have to live and die like this. We can use public health – the science of protecting as many people as possible from diseases and injuries – to preempt threats every day. Change starts with listening to public-health experts and developing practical, data-driven responses.Unfortunately, the pandemic’s path of destruction did not spare the field of public health. Scientists and doctors were subjected to relentless attacks from partisans trying to score political points, and public trust in their views declined as a result. Of course, scientists and doctors are fallible like the rest of us. But ignoring their warnings and guidance is deadly. We saw that during the pandemic and during the vaccine rollout, and we are still seeing it today.Even before the pandemic, public health was undervalued, because its power is so often hidden. Patients leaving a hospital after receiving emergency surgery are almost always grateful, and they know exactly whom to thank for saving their lives. By contrast, public-health interventions save lives every day, but those who are saved rarely even know it. Such interventions – whether it’s a seatbelt or an airbag, a smoke-free workplace or a trigger lock – do not produce grateful patients (or grateful policymakers, who could better fund them), because they keep people out of hospitals (and the morgue).Strengthening trust in those who work in public health begins with raising awareness of what they do and how they do it. That is why the new four-part documentary series The Invisible Shield (produced by RadicalMedia, supported by Bloomberg Philanthropies, and airing in the US on PBS) aims to shine a spotlight on public health and the historic gains it has made possible.From 1900 to 2000, US life expectancy increased by more than 30 years, and child mortality plummeted as measles and diphtheria were nearly eliminated. By 1980, the world had eradicated smallpox. Polio could be next. These extraordinary successes, once unimaginable, show what is possible when societies commit to keeping children safe and extending all our lives. But the political courage to take the steps necessary to save and extend lives – from enacting stronger gun laws to taxing tobacco – seems to be in shorter supply than ever before.To push life expectancy back to its pre-pandemic highs – and then higher – the elected officials need to be braver and bolder in deploying the “invisible shield.” And for that, there is a need for voters who recognise the stakes and hold their representatives’ feet to the fire.


Sunao Takao (centre) helps with translation as Japan’s then-prime minister Shinzo Abe and US president Donald Trump talk prior to a working lunch at the Group of 20 summit in Osaka, Japan, on June 28, 2019. (Reuters)
Opinion

Japan tees up Abe’s ex-interpreter to help chart course with Trump

Sunao Takao was the loyal interpreter at Shinzo Abe’s side, helping Japan’s then-leader to understand Donald Trump as they navigated contentious issues while riding around in golf carts. Now, as a second Trump presidency becomes a real prospect, Japanese officials are preparing to deploy the Harvard-educated Takao to bolster engagement with the Republican candidate’s campaign ahead of the November 5 US election, hoping to forestall any policy shocks for Tokyo.Six people with knowledge of the matter said Takao, who is nearing the end of a posting to Japan’s embassy in Beijing, is likely to move to a US-focused role, enabling Tokyo to leverage his knowledge of and familiarity with Trump. They spoke on the condition of anonymity because they were not authorised to discuss the matter publicly.Four of the sources said some officials want Takao sent to Japan’s embassy in Washington, though two said he might do the job from Tokyo. Talks are ongoing and decisions on location and timing have not been finalised, four of the people said.Takao did not address questions from Reuters about potential roles. Japan’s foreign ministry said it was watching the US election “with great interest” but would not comment on specific personnel.The high-level discussions about the future of a mid-ranking bureaucrat underscore what analysts say are feverish attempts by Japanese officials to prepare for a US election outcome that they worry could stoke trade and geopolitical tensions. America’s closest ally in Asia is concerned Trump may seek a deal with China, revive protectionist trade measures and demand more money for the upkeep of US forces in Japan, Reuters reported last month.A new phrase, “hobotora”, meaning “likely Trump”, has gained popularity in Japanese political and media speak in recent weeks, supplanting “moshitora”, or “possibly Trump”.Joshua Walker, president of Japan Society, a New York-based non-profit that promotes US-Japan relations, said efforts by Japanese officials to connect with people they consider close to Trump had reached a “fever pitch”.“They know the Biden people: it’s a pretty easy and small group of people they need to stay in touch with. So they basically have focused all their effort on the Trump side,” he said. “This is a full court press.”The Trump campaign did not respond to a request for comment.Takao has worked previously with Japan’s ambassador to the US, Shigeo Yamada, who took up the post late last year with instructions to connect with the Trump campaign, Reuters reported in February.In addition to talks about Takao, officials in Japan’s US embassy in recent months have met with Trump’s former chief of staff Mark Meadows and ex-national security adviser Robert O’Brien, according to one of the sources and an additional person familiar with the matter.Those talks were aimed at trying to understand Trump’s foreign policy plans and the make-up of a future administration.Meadows and O’Brien did not respond to requests for comment. A spokesperson for Japan’s embassy in Washington said he could not comment on specific personnel.Meanwhile, Taro Aso, a senior member of Japan’s ruling party who was deputy prime minister during Trump’s presidency, is weighing another visit to the US in coming months to meet Republican lawmakers close to Trump and prepare for a possible Trump administration, two of the six people said. Japan has made such a pre-emptive push before. Abe was the first foreign leader to meet then president-elect Trump in 2016, and the pair went on to form close ties. Abe was assassinated in 2022. The current outreach is occurring at a sensitive time for Prime Minister Fumio Kishida, who is scheduled to visit the US next month at the invitation of Trump’s Democratic rival, President Joe Biden. The US and Japanese leaders are expected to agree to strengthen bilateral military co-operation, Reuters reported this week.Takao interpreted for Abe in dozens of meetings with Trump between 2016 and 2020, including at Trump Tower, in the presidential car nicknamed “The Beast”, at a sumo match in Japan, and during the pair’s golf outings. The civil servant, who was raised in the US and returned to Japan as a teenager, spent hours studying footage of Trump — and the rules of golf — ahead of those meetings, according to one of the six sources and another person with knowledge of the matter.That research smoothed the leaders’ exchanges in a way that caught the attention of Trump and his aides.Takao “rendered the Japanese leader’s upbeat staccato into resonant English, even while clinging to the back of a racing golf cart”, Matt Pottinger, Trump’s former deputy national security adviser, wrote in a Wall Street Journal op-ed in July 2022.Pottinger told Reuters that Takao “is a superb diplomat and was very effective as the English-language ‘voice’ of Prime Minister Abe”.“He will be an asset to Japan in whatever role he is assigned,” he added.After one of his golf outings with Abe in 2019, Trump jokingly referred to Takao as junior prime minister, according to a person familiar with the matter.Despite lacking fluency in Mandarin, Takao in 2021 was appointed political counsellor in Japan’s embassy in Beijing, where he became well-known among Western diplomats.Takao, who also served previously as second secretary in Japan’s US embassy early in his career, is a workaholic regarded by some as a superstar in Japan’s foreign service, according to two people who know him.His credentials aside, however, other officials voiced reservations about what Takao could achieve given the rigid hierarchy in Japan’s bureaucracy and Trump’s predilection for dealing directly with foreign leaders.“Donald J Trump is well acquainted with Takao-san, who may remind him of the joyful times spent with his late friend, Prime Minister Abe,” said Tomohiko Taniguchi, a former special adviser to Abe.“Yet, Trump’s preference for direct dealings with a country’s leader means that Mr Kishida will need to put in significant effort to garner friendship and trust from Mr Trump.” — Reuters

The rating actions follow the upgrade of Qatar's sovereign rating to 'AA' (with stable outlook) and they reflect the agency's view of the increased ability of the Qatari authorities to support the banks.
Business

Fitch upgrades seven Qatar banks with 'stable' outlook

International credit rating agency, Fitch Ratings has upgraded seven Qatari banks on the country's upgrade.The rating agency has upgraded QNB's long-term (LT) issuer default ratings (IDRs) to 'A+' from 'A' and affirmed the short-term (ST) IDR at 'F1'.Fitch has also upgraded the LT IDRs of Qatar Islamic Bank (QIB), Commercial Bank, Doha Bank, Dukhan Bank, QIIB and Ahlibank Qatar to 'A' from 'A-' and their short-term IDRs to 'F1' from 'F2'.The outlooks on all LT IDRs are "stable".The banks' viability ratings (VRs) and ‘xgs’ (ex-government support) ratings are unaffected. ‘xgs’ communicates Fitch’s view of the creditworthiness of an entity or financial obligation excluding assumptions of extraordinary government support.The rating actions follow the upgrade of Qatar's sovereign rating to 'AA' (with stable outlook) and they reflect the agency's view of the increased ability of the Qatari authorities to support the banks.Qatar's sovereign rating upgrade reflects Fitch's greater confidence that debt-to-GDP (gross domestic product) will remain in line with or below the 'AA' peer median after falling sharply in recent years, while Doha's external balance sheet will strengthen from an already strong level. Qatar is likely to retain budget surpluses until the 2030s a result of the North Field expansion.Qatar's 'AA' ratings are supported by large sovereign net foreign assets (SNFA), one of the world's highest ratios of GDP per capita and a flexible public finance structure.The seven banks' IDRs are driven by sovereign support, as reflected in their government support ratings (GSRs). The "stable" outlooks reflect that on the Qatari sovereign rating.The banks' GSRs of 'a’ are in line with Fitch's D-SIB GSR of 'a'; reflecting Fitch's view that the Qatari authorities have a strong propensity to support domestic banks, irrespective of their size or ownership.They also have a strong ability to do so, as indicated by the sovereign rating and substantial net foreign assets and revenue, albeit weakened by the Qatari banking sector's high reliance on external funding and rapid asset growth in recent years. The 'a' GSR for Qatari D-SIBs is three notches below the sovereign 'AA' IDR.The seven banks' short-term IDRs of 'F1' are the lower of two options mapping to 'A+' and 'A' long-term IDRs because a significant proportion of the banking sector's funding is government-related, and financial stress at these banks likely to come at a time when the sovereign itself is experiencing some form of stress.

UDC, master developer of The Pearl and Gewan Islands, participated in the International Immigration & Property Expo 2024 in Hong Kong recently
Business

UDC showcases premium real estate projects at Hong Kong expo

*UDC's participation in expo was in collaboration with its financing partner, Commercial Bank*Commercial Bank is offering mortgage loan packages to foreign investors looking to invest in Qatar propertyUnited Development Company (UDC), master developer of The Pearl and Gewan Islands, participated in the International Immigration & Property Expo 2024 in Hong Kong recently.This event marked a significant opportunity for UDC to showcase its premium real estate investment products in Qatar, particularly at The Pearl and Gewan Islands.UDC's participation in the expo was in collaboration with its financing partner, Commercial Bank, a leader in innovative digital banking in Qatar, to promote attractive financing schemes tailored for international non-resident investors. These schemes aim to provide seamless access to investment opportunities in UDC’s thriving property portfolio.UDC said its presence at the International Immigration & Property Expo underscores its commitment to offering exceptional real estate investment opportunities in Qatar.“Through strategic partnerships like the one with Commercial Bank, UDC aims to provide accessible and attractive financing options for global investors interested in Qatar's dynamic property sector.“Investors can leverage Qatar's residency benefits and capitalise on the booming business climate, coupled with high returns on property investments with UDC, making it an ideal destination for international investors seeking lucrative opportunities.”For its part, Commercial Bank is offering mortgage loan packages to foreign investors looking to invest in Qatar property. Loan products come with flexible tenures of up to 20 years, designed to meet the diverse financial needs of investors looking to invest in and acquire permanent residency in Qatar through the approved real estate investment channels.During the expo, UDC showcased its flagship projects, including developments at The Pearl Island and Crystal Residence at Gewan Island, representing some of the most sought-after apartment buildings in Qatar's newest mixed-use development.UDC's strategic engagement in global events like the International Immigration & Property Expo reflects its ongoing efforts to attract foreign investments into Qatar's vibrant real estate sector.This participation aligns with UDC's mission to deliver premium real estate developments that cater to the needs and expectations of both local and international investors.

Gulf Times
Sports

Al Shamal, Al Ahli coaches eye regaining victories tomorrow

Al Shamal coach Poya Asbhagi stressed the importance of his side match against Al Ahli on Friday in Week 19 of the Expo Stars League.Speaking to the media ahead of their 2023-2024 season Expo Stars League Week 19 match against Al Ahli, Asbhagi, said, "A strong match awaits us against a good team that includes players with good potential, but that does not prevent us from looking forward to winning and getting three points in order to advance another step away from the danger zone in the league table."We will play to win and get three points from the first minute of the match."We worked to correct the mistakes during the last training sessions to avoid them in the upcoming matches. I see that the Al Shamal players are ready to play the match and I have great confidence in the extent of their responsibility and their eagerness to be back on the path of victories," said Asbhagi.From his side, Al Ahli coach Pedro Miguel said: "We will play all the remaining matches of the league as final matches that we must win in order to advance in the standings."Although a large number of players were suffering from injuries and are not that ready, we will have the spirit of one team and play with a high spirit in order to score points. The next stage requires victories to make our fans happy."The last break was an opportunity to continue physical training and help recover the players with the aim of entering the next matches with full ranks without absences. I am counting a lot on the good level that the team has been showing recently despite the absence of influential players due to injuries."I am stressing the importance of the match against Al Shamal and the necessity of winning it, given the closeness of both teams in terms of points. Therefore we will enter the match in order to achieve that goal," said Pedro Miguel. (QNA)

Gulf Times
Sports

Expo Stars League: Al Arabi take on Al Gharafa in strong week 19 contest

Al Arabi will face Al Gharafa in a strong Week 19 match of the 2023-2024 season Expo Stars League at the Al Thumama Stadium on Saturday.The clash is expected to be intense and produce a lot of excitement, with both teams gunning for a win to gain the three valuable points.Al Arabi are currently in fifth place in the standings with 23 points - from five wins and eight draws besides four losses. The team has scored 32 goals and conceded 28 goals so far.On the other hand, Al Gharafa are occupying the second place with 37 points - from 11 wins, four draws and two losses. So far, they have scored 45 goals and conceded 29 goals.The result of the first leg match between these two teams had ended with Al Gharafa beating Al Arabi 5-4.The match represents a big chance for both teams, with Al Gharafa looking to continue their good run to remain in contention for the title and Al Arabi aiming to provide their best against the currently-motivated Cheetahs to gain the much-needed match points and to get into the top four.The matches between Al Gharafa and Al Arabi have always witnessed strong competition and excitement. Given their excellence in all departments of the game and the great desire of both sides to push for a win, picking a winner is difficult.Al Arabi rely on a number of distinguished stars led by Syrian striker Omar Al Somah, Tunisian playmaker Yousef Msakni, goalkeeper Jassim Al Hail, Helal Mohammed, Brazilian Rafinha, Italian star Marco Verratti and other players.On the other hand, Al Gharafa also rely on a number of their stars, most notably Yacine Brahimi, Ferjani Sassi, Ahmed Alaaeldin, Farid Boulaya, Homam Al Ameen, goalkeeper Khalifa Abubakr and others.Moreover, Al Rayyan will take on Al Duhail in Week 19 of the 2023-2024 season Expo Stars League at the Ahmad Bin Ali Stadium on Sunday.Each team is looking forward to achieving the three points in this match, which is expected to be very strong and exciting, given the quality of players in each team in all positions, as well as the desire for both teams to obtain the maximum points at this crucial stage of the league.Al Duhail had achieved victory in the last round by defeating Al Shamal 3-1 after a series of point losses in the previous rounds, which led to a recent state of loss of confidence for some players.On the other hand, Al Rayyan did not achieve victory in their last two matches as they drew 2-2 with Umm Salal. They also suffered a 0-3 loss to Al-Gharafa in Week 18 after having achieved some positive results.Al Rayyan occupy fourth place in the standings with 32 points from 10 wins, five losses, and two draws, scoring 36 goals and conceding 25 times. They will strive to work hard to restore the winning momentum in this round.On the other hand, Al Duhail are in sixth place with 22 points from six wins, seven losses and four draws. They scored 32 goals and conceded 34 times.The team will seek to strengthen their position with the recent victory against Al Shamal by working to continue the journey and regain full confidence.Al Duhail defeated Al Rayyan 3-2 in the match between the two teams in the first leg, which was held in Week 8 at the Abdullah Bin Khalifa Stadium of Al Duhail club.Al Markhiya will face Al Sadd in Week 19 of the 2023-2024 season Expo Stars League at the Al Arabi club's Grand Hamad Stadium on Sunday.Despite the contrast of their placings in the standings Al Sadd being the leaders and Al Markhiya at the bottom the contest is expected to be intense given the desire of both teams to score a win.Al Sadd are seeking to continue their victories in order to compete strongly for the championship, while Al Markhiya are looking to make their presence felt and improve their position in rankings.Al Markhiya are 12th and in last place with eight points after suffering 13 losses and achieving two victories and as many draws, while Al Sadd are in the top spot in the standings with 40 points, three points ahead of Al Gharafa. So far, Al Sadd have achieved 12 victories in addition to four draws and suffered only one reversal.On the sidelines, the confrontation will be special between the coaches Wesam Rizik of Al Sadd, who seeks to confirm the teams superiority and increase their lead to ensure winning the league championship title, and Algerian Madjid Bougherra of Al Markhiya, who hopes to change the teams situation, especially since in the upcoming matches they cannot afford to lose any point given their situation.Both sides have attacking players in their ranks capable of presenting a competitive and enjoyable match for the fans. Al Markhiya would be mainly counting on their Moroccan player Driss Fettouhi, top scorer Yusupha Nije and others.On the other hand, Al Sadd have many stars led by Akram Afif, Baghdad Bounedjah, Guillerme Torres, Boualem Khoukhi and others. Al Sadd may, however, miss their goalkeeper Saad Al Dossari who suffered a muscle injury.Al Sadd had beaten Al Markhiya 5-0 in the first leg.Furthermore, Qatar SC and Al Wakrah will face off in Week 19 of the 2023-2024 season Expo Stars League at the Suhaim Bin Hamad Stadium of Qatar Sports Club on Saturday.The match is expected to be strong and difficult and each team will look to continue the journey after winning the last round, as Al Wakrah achieved a 2-0 victory over Umm Salal and Qatar SC won 2-1 against Al Markhiya.The two teams enter the match with a common desire to obtain the three points in order to improve their standings, especially for Qatar SC, who are in 10th place with 16 points and coming from a victory over Al Markhiya, a victory that brought the team back to winning ways after stumbling in a number of previous rounds.As for Al Wakrah, they are in third place with 34 points and they would want to advance further in the ranking table as they continue their chase for the top spot.Both teams rely on a number of distinguished players in all positions, such as Sebastian Soria, Javi Martinez, Ben Malango, Yohan Boli, Abdullah Al Ahraq, Ibrahim Majed, Khaled Al Mahmoudi and others in the ranks of Qatar SC.Al Wakrah rely mainly on Lucas Mendes, Rabah Yahya, Ayoub Assal, Jacinto Dala, Mohamed Benyettou, Omar Salah, Mahdi Ali and Hamdi Fathi.Meanwhile, Al Shamal will face Al Ahli in Week 19 of the 2023-2024 season Expo Stars League at the Al Bayt Stadium on Friday.Both teams are seeking to achieve victory and obtain the three valuable points. Al Ahli are currently in seventh place in the standings with 20 points, gained from six wins, two draws and nine losses, while Al Shamal are two places behind in the ninth place with 18 points with four wins, six draws and seven defeats.The match is of great importance in view of the rankings of the two teams, as Al Shamal aim to steer clear of the danger zone and to advance in the rankings table, as only three points separate them from the fifth-placed Al Arabi.At Thani Bin Jassim Stadium of Al Gharafa club, Umm Salal will play with Muaither in Week 19 of the 2023-2024 season Expo Stars League on Friday.Each team will look to compensate for the losses they both suffered in the previous rounds and hope to return to winning ways.Umm Salal occupy the eighth place with 20 points, while Muaither are 11th with 11 points. (QNA)

Gulf Times
Region

Jordanian Foreign Minister, British Counterpart discuss efforts to reach ceasefire in Gaza

Minister of Foreign Affairs of Jordan Ayman Safadi discussed via a phone call with his British counterpart David Cameron efforts to reach an immediate ceasefire and end the humanitarian catastrophe in the Gaza Strip.The two ministers stressed the importance of the United Nations Security Council (UNSC) adopting resolution No. 2728 demanding an immediate ceasefire for the month of Ramadan.They also agreed to continue cooperation and coordination to bring sufficient, sustainable and immediate humanitarian aid to all parts of the Gaza Strip.The Jordanian and British Foreign Ministers also discussed ways to develop and strengthen bilateral relations between their two countries. (QNA)

Gulf Times
Qatar

Expo 2023 Doha honors winners of outstanding pavilion awards

The International Horticultural Expo 2023 Doha honored the winning pavilions in recognition of their outstanding contributions and efforts throughout the months of the Expo. The winning pavilions were selected by a jury of ten specialized experts from Qatar, the Bureau International des Expositions (BIE), and the International Association of Horticultural Producers (AIPH).The event was attended by HE Minister of Municipality and Chairman of Expo 2023 Doha Organizing Committee Abdullah bin Hamad bin Abdullah Al Attiyah; HE President of BIE Alain Berger; HE President of AIPH Leonardo Capitano; and a number of Their Excellencies officials, heads of diplomatic missions accredited to the State of Qatar, and pavilion commissioners.Commenting on the award ceremony, HE Expo 2023 Doha Commissioner General Ambassador Bader bin Omar Al Dafa indicated that the event celebrates 6 consecutive months of concerted efforts by all participating countries, adding: "We were pleased to meet the representatives of all countries that have graced Expo 2023 Doha with their effective and positive participation. We offer sincere congratulations to the winners for the well-deserved awards, and express our sincere gratitude and appreciation to all participating countries, institutions, organizations, and entities whose combined efforts helped us attract millions of visitors and added a unique touch to this world-class event which brings us closer than ever to delivering the objectives stated in the Qatar National Vision 2030, which we have made sure to include in the Expo's mission statement and main themes given their importance to our wise leadership and future generations in Qatar and the world."Secretary-General of Expo 2023 Doha Organizing Committee, Dr. Faiqa Ashkanani, affirmed that the success achieved by this edition in terms of participation, visitor numbers, workshops, entertainment programs, innovative initiatives, and Guinness World Records achievements was not coincidental but rather the result of years of work, efforts, and preparations that continued during the exhibition. She pointed out that behind these efforts was a harmonious team keen on delivering this major event in a manner befitting Qatar and astounding all who participated in it.She added that after six months of continuous successes, Thursday marks the conclusion of Expo 2023 Doha, which has surpassed expectations by achieving all its objectives. She noted that this success prompted some countries to participate in the exhibition's final weeks and contributed to forging partnerships with various countries, enabling the exploration of their cultures, tourism potentials, and investment and commercial opportunities. She emphasized that these relationships will continue beyond the exhibition.Dr. Ashkanani further stated that a committee will be formed to evaluate the exhibition and build on it in the future, developing a plan to utilize some of the existing structures in organizing events and enhancing environmental awareness across different segments of society as a sustainable legacy of the exhibition. She expressed her appreciation for the Expo team and the organizing committee for their valued efforts, which have led to this great success.The ceremony highlighted the Expo 2023 Doha Organizing Committee's appreciation of all participating countries that spared no effort to take part in the event and introduce visitors to their initiatives and innovations in sustainability, environmental conservation, traditional and modern agriculture, and environmental stewardship. The event presented an optimal opportunity to celebrate participants from all over the world, and praise the effort they dedicated to make their countries proud and leave a permanent mark on our collective journey of sustainability and concerted environmental efforts.HE Minister of Municipality and Chairman of Expo 2023 Doha Organizing Committee Abdullah bin Hamad bin Abdullah Al Attiyah handed over the awards, which covered various categories and segments, including the award for self-constructed pavilions, which went to the UAE, as well as the large pavilion award which was swept up by the Republic of Korea and the midsized pavilion award that was garnered by Senegal. The gold medal for interior design went to the Japan pavilion, while the programming award went to Italy, Angola, and Mexico for self-constructed, large, and midsized pavilions respectively.The Organizing Committee also celebrated the most educational exhibitions, with a special nod to Kuwait, the Arab League, and Cuba, as well as hospitality, where the medals were swept up by the GCC, Yemen, and Algeria.Additionally, Turkiye was the recipient of the AIPH award, while Japan was chosen for the best product category. An award was also dedicated to pavilions that highlighted the main theme of Expo 2023 Doha, and Cabo Verde, Sudan, and Oman shared the spoils. (QNA)

Gulf Times
Sports

Three players from Qatar to participate in IHF Beach Handball Showcase in Paris

The International Handball Federation (IHF) has selected three players from Qatar to participate in the "IHF Beach Handball Showcase" in Paris ahead of the Paris 2024 Olympics.The three players are Mohsen Mohamed Al Yafai, Mohammed Zaky Hassan and Hani Marwan Kakhi.The IHF will hold competitions from July 27 to 29 in cooperation with the Paris 2024 Organizing Committee for the Olympic and Paralympic Games (COJOP2024), the French Handball Federation (FFHB) and the International Olympic Committee (IOC).The competitions feature eight teams: three men's and three women's All-Star Teams, plus the French men's and women's national teams.The event will bring 64 of the world's best beach handball players from 18 countries, including players from Qatar, Argentina, Brazil, Croatia, Denmark, France, Germany, Greece, Hungary, Iran, the Netherlands, Norway, China, Poland, Portugal, Spain, the United States of America, and Uruguay.Guiding the All-Star Teams will be six coaches: Khaled Hassan (Qatar), Leticia Brunati (Argentina), Mladen Paradzik (Croatia), Maria Karantoni (Greece), Tamas Neukum (Hungary) and Alexander Novakovic (Germany). (QNA)

Gulf Times
Region

Israeli occupation forces arrest 17 Palestinians in West Bank

Israeli forces arrested 17 Palestinians on Thursday from several areas in the West Bank.According to Palestinian news agency (WAFA), the occupation forces arrested four Palestinians from Ramallah, one from Nablus, and two from Tulkarm after raiding and searching their homes.Additionally, ten Palestinians, including a young boy, from several towns in Hebron were also arrested after their homes were raided, searched, and their contents were tampered with.In recent weeks, the Israeli occupation forces have escalated their raids and incursions into Palestinian villages and towns in the occupied West Bank and Occupied Jerusalem. They have also increased the pace of their arrests of Palestinian activists and youth. (QNA)