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The aerial photo shows containers stacked at Lianyungang port, in China's eastern Jiangsu province (file). China has set a target for gross domestic product (GDP) growth this year of around 5%, after severe pandemic controls last year knocked the economy to one of its slowest rates in decades.
Business
China Jan-Feb trade slumps again as global demand falters

China’s exports for the January-February period fell, pointing to continued weakness in foreign demand and backing government concerns that a global slowdown will hamper the country’s recovery from pandemic-era damage.Imports dropped, too, government data showed on Tuesday, also reflecting weak foreign demand, since the country brings in parts and materials from abroad for many of its exports.“Given the high inflation in the US and Europe, demand from there should keep weakening, which also dampens the processing demand in China,” said Iris Pang, chief economist for Greater China at ING.Exports in January and February were 6.8% lower than a year before, after a 9.9% annual fall seen in December.The result was, however, better than the average expectation in a Reuters poll for a fall of 9.4%.Imports were 10.2% weaker, a worse result than in December, when they were 7.5% lower than a year earlier. They greatly missed the poll estimate for a 5.5% drop.“The data came as a result of worsening global demand for goods, given the fact that the export decline happened not only in China, but also among other major Asian exporters, such as South Korea and Vietnam,” said Xu Tianchen, economist and the Economist Intelligence Unit, referring to other recent data.A 26.5% plunge in China’s imports of semiconductors indicated a shrunken market for the consumer electronics exports that such parts are used to make.China has set a target for gross domestic product (GDP)growth this year of around 5%, after severe pandemic controls last year knocked the economy to one of its slowest rates in decades.Last year’s GDP was up only 3% on 2021.Commerce Minister Wang Wentao has cautioned that downward pressure on China’s imports and exports would increase significantly this year, because of the risk of a global recession and weakening external demand.“In dollar terms, imports declined more than exports, suggesting weak demand in both domestic and foreign markets,” said Dan Wang, chief economist at Hang Seng Bank China.China’s imports of coal and soybeans jumped from a year before, the customs bureau data showed, while arrivals of crude oil were down 1.3%. Imports of natural gas fell by 9.4%.Exports to the US decreased by 21.8%, while imports from the US fell by 5%. Exports to the European Union were down 12.2%, with imports dropping 5.5%.The customs agency publishes combined January and February trade data to smooth out distortions caused by the shifting timing of the Lunar New Year, which this year fell in January.Economists expect imports to recover gradually as consumer confidence returns following the removal of Covid-19 restrictions in December, but they say the slowdown abroad could also hold down the volume of goods coming into China.

People queue at an ATM in the Lebanese capital Beirut (file). Lebanon has been in the throes of a financial meltdown that has cost the local currency more than 98% of its value and pushed more than 80% of the population below the poverty line.
Business
Lebanon banks ‘have no liquidity,’ says association secretary-general

Lebanon’s commercial banks do not have enough liquidity to pay back depositors, the secretary-general of the country’s banking association said on Wednesday in a letter that laid out the banks’ positions.The letter was signed by the Association of the Banks of Lebanon (ABL)’s Fadi Khalaf and served as the introduction to the ABL’s monthly report.Khalaf said it represented his “opinion and personal analysis”.The letter said commercial banks had approximately $86.6bn deposited at Lebanon’s central bank as of mid-February, and a net negative position with correspondent banks of $204mn as of January 31, 2023.“These numbers show without a doubt that the banks have no liquidity,” Khalaf wrote.Lebanon has been in the throes of a financial meltdown that has cost the local currency more than 98% of its value and pushed more than 80% of the population below the poverty line.The crisis erupted in 2019, following decades of corrupt government, profligate spending and financial mismanagement, and saw banks impose restrictions on withdrawals and transfers although a capital controls law had not been adopted.That sparked snowballing anger against the financial institutions, but the banks say the policies of the state and the central bank are to blame.Lebanon’s caretaker Deputy Prime Minister Saade Chami, the architect behind the country’s stalled recovery roadmap, told Reuters last year that banks should “go first” in absorbing the losses stemming from the financial sector.Those losses are estimated at around $72bn.Lebanon is working to address the crisis through talks with the International Monetary Fund to gain access to $3bn that could kickstart the economy.But the IMF said last year that Lebanon’s progress in implementing required reforms remained “very slow”, with the bulk yet to be carried out.

Mary Daly, president of the Federal Reserve Bank of San Francisco.
Business
Fed’s Daly says more interest rate hikes likely needed to cool inflation

Federal Reserve Bank of San Francisco President Mary Daly said policymakers will likely need to raise interest rates higher and maintain them at elevated levels for a longer period of time.“It’s clear there is more work to do,” Daly said Saturday in remarks prepared for a speech at Princeton University in New Jersey. “In order to put this episode of high inflation behind us, further policy tightening, maintained for a longer time, will likely be necessary.”Daly said inflation remains high in each sector — goods, housing and other services — and that the bumpy nature of incoming data paints an unclear picture for disinflation momentum. While Daly doesn’t vote on policy this year, she is a participant in Federal Open Market Committee meetings and discussions.The Fed has tightened aggressively in the last 12 months, lifting its benchmark policy rate from nearly zero to a target range of 4.5% to 4.75%, though policymakers have recently slowed the pace of rate increases. They downshifted to a quarter percentage point move on Feb. 1 after hiking by a half point in December, which followed four consecutive 75-basis-point increases. “This tightening, while pronounced, was and remains appropriate given the magnitude and persistence of elevated inflation readings,” Daly said.Daly has said in the past that interest rates will likely need to rise to above 5% to be able to sufficiently cool demand and bring down inflation. She said last month that the FOMC’s December projections — which show rates peaking at 5.1% this year, according to the median forecast — were still a good signal of where policy was likely headed.Inflation, which reached a 40-year high last year, fell in the last three months of 2022, but ticked back up in January. That month’s data also showed strong consumer demand and blockbuster hiring by firms.Several of Daly’s colleagues have since said that interest rates may need to go higher than they previously thought, and investors are now betting on a peak around 5.45%. That level could be achieved by 25-basis-point hikes at each of the three following meetings. Daly did not specify in Saturday’s speech how much more tightening she thinks is appropriate. Policymakers will update their economic projections at their March 21-22 meeting. Daly also spoke about the uncertainty of what will most drive future inflation. Before the pandemic, Fed officials struggled for years to get prices up to the central bank’s 2% target as an ageing workforce and sluggish productivity growth weighed on inflation. Now, new factors including the reshoring of production, a domestic labour shortage, the need for increased investment in technology and infrastructure amid a transition to greener sources of energy, and a potential change to inflation expectations could all pressure inflation upward.How these forces interact with the disinflationary ones of the past remains to be seen, Daly said.“We don’t know what the trend will be,” Daly said. “But we do know that, while we continue to diffuse the ongoing inflation shock, we need to be working to gather data and research that illuminates the likely path forward.”

Mahbouba Seraj is seen reflected in a mirror during her interview with AFP in Kabul.
International
Afghan women’s activist fights Taliban and self-doubt

Mahbouba Seraj is a rare dissenting voice in Afghanistan, but the veteran activist has begun to doubt whether the world is listening when she speaks out against the Taliban government’s abuses.Risking retribution from her country’s rulers, Seraj has argued tirelessly against the dramatic spike in restrictions on women’s freedoms.However, facing an international community which she said seems too apathetic to respond, she wonders whether there is any point to her struggle.“I’m still trying to fight and I still want to find an answer for all of this,” the 74-year-old told AFP, her gaze drifting to the window as she looked out at the mountains cradling her Kabul hometown.“It’s not that it’s becoming more difficult – it’s becoming worthless. That’s the little fight that I have with (myself),” she said, nervously pulling a lapis lazuli ring off and on her finger over and over.Seraj has a role both rarefied and agonising in Afghanistan, where she returned in 2003 after around a quarter century of self-imposed exile during the Soviet occupation, civil war, and first Taliban regime.As the niece of former king Amanullah Khan and a high-profile elder stateswoman, she has skirted the Taliban government’s clampdown on women activists since the group returned to power in August 2021.Many have been detained for days or gone into hiding, following a crackdown on protests prompted by the shutdown of girls’ education.Seraj flies in and out of the country to meet with diplomats, gives impassioned speeches at the UN, and conducts press interviews without hiding her identity – and is so far untroubled.It is a high-wire balancing act always threatening to crash down.“Every single day that possibility hangs there,” she said. “I don’t have any trust in anything, that anything will be absolutely 100% safe.”“It depends on whoever does not like me. And one day, the one that does not like me will kill me, most probably.”Under the ousted US-backed government, Seraj advocated for women’s participation in the Peace Jirga and the High Peace Council, both efforts to end the conflict with the Taliban through dialogue.Now she focuses her work on supporting women with projects in five provinces, including a shelter for dozens of abused women and children and providing cash to female-headed households that have lost their male breadwinner.However, Seraj never joined sporadic protests that erupted after Taliban supreme leader Hibatullah Akhundzada shut down girls’ secondary schools and banned women from universities.For her, engagement with the new administration is necessary – though she acknowledged that other Afghan women may not agree.“Standing in front of the Taliban and telling them that this is what I’m doing ... that’s how I’m going to do it,” as she put it.Each government edict that curtails women’s freedoms is a “taxing moment”, Seraj said, but condemnation from other Afghan women for talking to Taliban authorities also takes its toll.“It’s like something that’s eating inside of me,” she said.Seraj may fiercely defend women’s rights, but she has lost faith in the international community, even as it professes to do the same.In a defeatist speech at the UN Human Rights Council in September last year, the activist raised her hands in frustration.“This is the last time I’m going to come somewhere and talk about this to the world, because I’m sick and tired of doing it,” she said. “How many times am I supposed to yell and scream and say: ‘World pay attention to us, we are dying’?” Back in her Kabul office, she told AFP: “I realised that there are really no gains, so I’m not going to even bother anymore.” However, in the same breath she added: “The one thing that I do have, and that’s the one that I’ve been using all this time, is the power of my language.”It is all a part of the war she is waging with herself.“There’s got to be a – how shall I say? – a glimpse,” she said, her eyes drifting to the mountains again.“A little light flickering somewhere, something, something,” her fingers rubbing together. “Something for all of us to hold on to.”

Veronica Makonese, a cook at Bottom Drawer, an upscale tearoom in Harare, uses a scone cutter to shape scone dough made from simple ingredients of flour, salt, yeast, sugar and milk, in Harare. Right: Makonese displays freshly baked scones.
International
Across Zimbabwe, British scones are the taste of home

A sweet doughy treat from Britain has become a beloved part of Zimbabwe’s national cuisine, where despite the country’s colonial past, mothers and chefs alike now claim the pastry as their own.The scone, which Brits normally enjoy with afternoon tea, is ubiquitous in Harare, the southern African country’s capital.A breakfast favourite in these parts, it can be found everywhere from high-end eateries to the market stalls of impoverished townships.“We love scones. They are not British, they are ours, our local scones,” Nyari Mashayamombe, a rights activist, says as she leaves an upmarket restaurant in Harare’s Belgravia district, its garden dotted with open umbrellas. Dense yet airy, Zimbabwean scones are the result of the intercultural mix that came with colonisation, says Mashayamombe, a red-haired 42-year-old who is also a singer and media personality.In “fancy places like here...a beautiful scone goes as high as six bucks,” she said, referring to the American dollars that have become Zimbabwe’s parallel and preferred currency. “It’s worth it.” A few kilometres away at a market in Harare’s oldest township of Mbare, scones are impossible to find after midday. “We sold them all this morning. They move quickly,” one vendor says.The main communal bakery in Mbare, a bustling working-class district, opens at dawn.Tawanda Mutyakureva, 26, arrives at around five in the morning to his work station, measuring two square metres, where he has to bend over to spread the dough on a knee-height countertop.Every day he cranks out around 200 scones in an overheated room with cinder-block walls, lit by two bulbs hanging from a wire.Brandishing a cookie cutter, he works quickly to whip out one batch after another, with each scone selling for 25 American cents.In the hot, humid atmosphere redolent of yeast, his wife — with their baby strapped to her back — helps him with buttering the pastries and clearing plates.Resellers come in to buy 10 or 20 pieces that will be sold at small grocery stores.Memory Mutero, 46, was at the bakery to buy bread, since she makes her own scones at home. “I make scones for my three kids. It takes about 45 minutes,” she tells AFP.Her ingredients are simple: flour, salt, yeast, sugar, butter and milk.But at the Bottom Drawer, an upscale tearoom in Harare, cook Veronica Makonese is unimpressed after tasting a scone brought back from the township.“There is no milk in those, they used water!” the 46-year-old claims.A white kerchief on her head, Makonese says she makes her own buttermilk for her scones, to control temperature and acidity levels, and uses only real butter to ensure the proper taste and softness.Her boss, Sarah Macmillan, a 53-year-old Zimbabwean, says she longs for the scones she would eat as a child.Back then, two shops in the centre of Harare, now closed, competed for the crown of best scone in the country, and Macmillan wanted her tearoom to make some that are “just as good”. Macmillan says the secret of the little cake’s enduring success, in a country struggling with endemic poverty, is simple: “It’s very filling and affordable.”

Sven Kuhn von Burgsdorff, the representative ambassador of the European Union in Palestine, attends a meeting as EU representatives and human rights organisations visit Palestinian families after an Israeli settlers' rampage in Huwara, in the occupied West Bank, yesterday.
International
EU diplomat seeks accountability after settler rampage in West Bank

The European Union’s envoy to the Palestinians called yesterday for accountability and for perpetrators to be brought to justice after a rampage by Israeli settlers this week in the occupied West Bank in which one Palestinian was killed and dozens of houses, shops and cars were torched.Ambassador Sven Kuhn von Burgsdorff, heading one of the biggest EU delegations to visit the West Bank, said officials wanted to see with their own eyes the damage left by Sunday’s violence in and around the Palestinian village of Huwara.The rampage followed a Palestinian gun attack that killed two Israeli brothers.“It is absolutely necessary for us that accountability is fully ensured, that the perpetrators be brought to justice, that those who lost property be compensated,” Kuhn von Burgsdorff said.Local media reported that, in a rare move, Israel’s Defence Minister Yoav Gallant on Thursday signed administrative detention orders for two suspects, after a Jerusalem court ordered police to release all seven people detained in connection with the rampage.Amnesty International condemned the release of the suspects in a statement and condemned use of administrative detention, saying it violated international law.Israeli rights group Yesh Din found that 93% of investigations into settler attacks in the West Bank between 2005 and 2022 were closed without indictment.On Tuesday, Israeli Major General Yehuda Fuchs, who commands the Israeli military in the area, said his forces had prepared for attempted settler retribution over the gun attack but had been surprised by the intensity of the violence by dozens of people.Violence in the West Bank has surged over the past year with stepped-up Israeli military raids.The United States, Jordan and Egypt have appealed for calm ahead of the holy month of Ramadan and the Jewish Passover festival in late March and early April.The United States has demanded that Israeli Prime Minister Benjamin Netanyahu disavow a call on Wednesday by far-right Finance Minister Bezalel Smotrich for the village of Huwara to be erased.The UN Human Rights chief Volker Turk also criticised Smotrich’s remarks as “an unfathomable statement of incitement to violence and hostility”.On the night of the rampage, Netanyahu urged people not to take the law into their own hands, but he has not publicly addressed Smotrich’s statement or responded to the unusual criticism by Washington, a close ally.At least 62 Palestinians, including gunmen and civilians, have been killed since the start of 2023, the Palestinian health ministry said.Thirteen Israelis and a Ukrainian tourist died in Palestinian attacks in the same period, according to official Israeli figures.Palestinians seek to establish a state in the West Bank, East Jerusalem and Gaza, areas Israel captured in a 1967 war. “We Palestinians will remain steadfast and we will defend our existence in the face of this occupation,” said Assaf.

Peng Song, president of Huawei's ICT Strategy and Marketing, outlines the fast achievements of 5G.
Business
5G achieves as much in first three years as 4G did in first five years

The achievements made by 5G in its first three years are equivalent to that 4G made in its first five years, according to Peng Song, president of Huawei’s ICT Strategy and Marketing.Leading operators are already celebrating the success of the first round of 5G development, which has instilled a sense of certainty and confidence in the industry, he said, adding 5G will thus sustain this success if its value can be further unleashed in ToC, ToH, and ToB sectors.In his keynote address at the Mobile World Congress at Barcelona; he said operators reporting over 20% 5G user penetration during the first round of deployment have seen significant growth in mobile revenue.In the meantime, devices, content, experience, and business models are diversifying as more operators and partners embrace 5G.“This is evidence of a market shift from risk-based to revenue-based decision-making for even more assurance of business success. Huawei’s MI team found that fast migration of 5G users and traffic is the key: if an operator migrated 30% of traffic to 5G eMBB in three years, it would take less than four years to see ROI. This duration would be even shorter if the operator also deployed FWA and ToB services,” he said.By the end of 2022, 95 operators had commercially launched 5G FWA services for more than 10mn home users. With its fast deployment, good experience, low cost, and high energy efficiency, 5G FWA sunsets old copper lines in developed markets and enables home broadband access in emerging markets.According to him, operators in Europe, the Middle East, and Africa have reported “outstanding” results. Song believes that operators can set up extensive service connections with enterprises through 5G private networks, creating a market space for enterprise digital transformation that is three to ten times larger than the market for private networks themselves.“This will also drive the sales of cloud, data centre, F5G, and other value-added services. The current 5G ToB private network market outside China is developing rapidly. In 2022 alone, the total number of networks built doubled. This future potential is even bigger,” he added.According to the latest GSMA and GSA statistics, by December 2022, more than 240 5G networks had been put into commercial use worldwide, over 1,700 different types of 5G terminals had been released, and the number of 5G users had exceeded 1bn. In addition, the ARPU of the world’s top 20 operators had increased by 10%, which is 1% higher than the global baseline.5G is not just about economic value to operators, but also huge social value. Huawei calls on global operators and industry partners to join its GUIDE business blueprint and further unleash the potential of 5G networks from “5Good to 5Great”.

A 5G sign at the Huawei Technologies Co stand at the Mobile World Congress in Barcelona. With 6G still in early stages of research, Huawei has said 5.5G has become an industry consensus and clear trend.
Business
5.5G becomes industry consensus and clear trend, says Huawei

With 6G still in early stages of research, Huawei, a Chinese multinational technology corporation, has said 5.5G has become an industry consensus and clear trend.In his key note address at the recently held Mobile World Congress at Barcelona, Spain; Yang Chaobin, Huawei’s Senior Vice-President and President of ICT Products & Solutions, said that the industry must jointly promote 5.5G development in four areas.Suggesting clear roadmaps for industry standardisation, he said 5.5G standardization has kicked off, with its technical specifications to be defined in 3GPP Releases 18, 19, and 20.3GPP Release 18 will be frozen in the first half of 2024. F5.5G has progressed from proposals to specification design. Last September, ETSI released its F5G Advanced White Paper, and it has been leading the formulation of F5.5G’s first release, Release 3, which will be frozen in H1 of 2024. IETF and the IEEE have begun working on the first phase of Net5.5G standardisation mainly in Segment Routing over IPv6 (SRv6), Wi-Fi 7, 800GE, and other subjects, with an aim to release the standard in 2024.Spectrum is fundamental to wireless networks. The 5.5G industry is now promoting sub-100GHz to support NR via a twofold strategy. First, legacy spectrum will be refarmed to ensure smooth evolution to 5.5G. Second, joint efforts will be made to ensure that large-bandwidth spectrum mmWave and the upper part of 6GHz (U6GHz) will be allocated to 5.5G.Highlighting that 5.5G has become a common goal in the industry; he said leading operators are promoting its standardisation and technological verification.Led by the GSMA, industry partners established a 5.5G community at the MWC Barcelona 2023. The World Broadband Association (WBBA), founded in 2022, released its “Next Generation Broadband Roadmap” white paper for F5.5G.The leading analyst and consultancy firm Omdia released its Net5.5G white paper last September to align industry roadmaps for faster commercial progress in technical evolution, application scenarios, and industry ecosystem. On smooth evolution for maximised return on investment or ROI; he said 5.5G will support key technologies such as spectrum reframing and equipment multimode multiplexing, enabling existing 5G network resources to be integrated on demand for smooth evolution to 5.5G. “This will help protect operator investment,” he added. Stressing that with key technologies maturing and applications successfully verified, the 5.5G era is within reach; Chaobin said multiple operators around the world have successfully verified innovative technologies such as extremely large antenna array (ELAA) and Multi-band Serving Cell (MBSC), making 10Gbps a reality for 5.5G.

The Apple AirPods Pro 2nd generation (left) during an event at Apple Park campus in Cupertino, California. Apple's Chinese suppliers are likely to move capacity out of the country far faster than many observers anticipate to pre-empt fallout from escalating Beijing-Washington tensions, according to one of the US company’s most important partners.
Business
Apple suppliers are racing to exit China, says AirPods maker

Apple Inc’s Chinese suppliers are likely to move capacity out of the country far faster than many observers anticipate to pre-empt fallout from escalating Beijing-Washington tensions, according to one of the US company’s most important partners.AirPods maker GoerTek Inc is one of the many manufacturers exploring locations beyond its native China, which today cranks out the bulk of the world’s gadgets from iPhones to PlayStations. It’s investing an initial $280mn in a new Vietnam plant while considering an India expansion, deputy chairman Kazuyoshi Yoshinaga said in an interview. US tech companies in particular have been pushing hard for manufacturers like GoerTek to explore alternative locations, said the executive, who oversees GoerTek’s Vietnamese operations from northern Bac Ninh province.“Starting from last month, so many people from the client side are visiting us almost every day,” Yoshinaga said from his offices at GoerTek’s sprawling industrial complex north of Hanoi. The topic that dominates discussions: “When can you move out?”The expanding conflict between the US and China, which began with a trade war but has since expanded to encompass sweeping bans on the exchange of chips and capital, is spurring a rethink of the electronics industry’s decades-old supply chain. The world’s reliance on the Asian nation became starkly clear during the Covid Zero years, when Beijing’s restrictions choked off the supply of everything from phones to cars.Apple’s suppliers rarely comment on its thinking, in part because of the US company’s famous insistence on secrecy across its global supply chain.The iPhone maker has kept mum on whether it plans to diversify out of China, which would entail revamping a model chief executive officer Tim Cook pioneered under Steve Jobs. The US giant has been careful to avoid suggestions it might reduce its investment in China, where it’s built an ecosystem centred on companies such as GoerTek and Foxconn Technology Group, which collectively employ millions.Behind the scenes, 9 out of 10 of Apple’s most important suppliers may be preparing large-scale moves to countries like India, which is dangling incentives to drive Narendra Modi’s Make in India initiative. Bloomberg Intelligence estimates it could take eight years to move just 10% of Apple’s capacity outside of China.The GoerTek executive argues it’ll be far quicker.Most Chinese tech manufacturers are experiencing the same pressure. “I would say currently 90% of them, they’re looking at that,” he added. “It’s the brand companies’ decisions.”India is high on clients’ wish-lists — a reflection of its potential both as a market and a manufacturing base.“We get requests from our clients almost every month. ‘Do you have any plans to expand to India?’” Yoshinaga said. “If they decide to build up the production lines in India, we may have to think about it seriously. Currently we are focusing on developing our Vietnam production facilities.”Vietnam for now is the company’s sole manufacturing site outside of China. The envisioned new 62-hectare complex in Bac Ninh will make products for major US brands and is expected to be operational within a year, Yoshinaga told Bloomberg News. That investment will add to the $1.06bn of commitments that GoerTek’s made in Bac Ninh and the north-central province of Nghe An, he added.GoerTek, which also plans to manufacture virtual reality headsets in Vietnam from 2024, expects the Southeast Asian country to produce more than half of its global revenues in three years, up from one-third now, Yoshinaga said. The company is also asking its own suppliers to scout northern Vietnam for new factories, he said. It makes Quest virtual reality headsets for Meta Platforms Inc and Sony Group Corp.’s PSVR devices.GoerTek set up operations in Vietnam a decade ago to make acoustic products at the request of Samsung Electronics Co, he said. The supplier now operates eight plants in the country, and expects to double its local workforce to 40,000 as soon as May to ramp up for Christmas, Yoshinaga said.Vietnam’s proximity to China, a coastal network of ports, young educated workforce and relative political stability make the Southeast Asian country an ideal hub, he said. But an anti-corruption campaign, which led to the recent dismissal of the president and two deputy prime ministers, is unsettling, said Yoshinaga, who said he’s expressed that concern to officials.Led by Communist party chief Nguyen Phu Trong, the effort has rattled markets and investors. In 2021, Chinese President Xi Jinping launched an anti-corruption probe aimed at the nation’s $60tn financial sector.“They learn too much from China,” Yoshinaga said of Vietnam’s leadership. “Doing something about corruption is good. But don’t go too far and create an unstable political environment.”For now, Vietnam remains an attractive location. Apple may be looking to make the country a manufacturing hub for AirPods, iPads and MacBooks. AirPods orders are dominated by GoerTek and fellow Chinese firm Luxshare Precision Industry Co, which too has a complex in north Vietnam.

The Huawei Watch GT 3 Pro and Watch D were shortlisted for the 'Best Connected Consumer Device' award and 'Best Mobile Innovation for the Connected Health and Wellbeing' award, respectively
Business
Huawei Watch GT 3 Pro and Watch D compete for awards at MWC

The Huawei Watch GT 3 Pro and Huawei Watch D are competing for the Global Mobile Awards (GLOMO Awards) at the Mobile World Congress 2023 (MWC 2023), which is being held in Barcelona, Spain, until March 2.The GLOMO Awards, considered the most prestigious accolade in the mobile industry, will be presented during the event.In recent weeks, the Global System for Mobile Communications Association (GSMA) released the shortlists for the MWC 2023 GLOMO Awards. The Huawei Watch GT 3 Pro and Watch D were shortlisted for the ‘Best Connected Consumer Device’ award and ‘Best Mobile Innovation for the Connected Health and Wellbeing’ award, respectively.The ‘Device’ category is one of the highest accolades within the GLOMO Awards, celebrating the achievements of hardware development. It represents the pinnacle of consumer-centric technological innovation, superior design and excellent performance. Among the awards, the ‘Best Connected Consumer Device’ award aims to recognise everyday consumer electronics that bring new smart applications, efficiency and functions to home and mobile users. The Huawei Watch GT 3 Pro has been shortlisted due to its impact on users through the affirmation of features and convenient experiences.As Huawei’s flagship smart watch, the Watch GT 3 Pro uses cutting-edge materials such as sapphire glass, titanium alloy, nano-crystalline ceramics and ingenious craftsmanship to create two unique styles: Titanium and Ceramic. These two editions bring innovative and cutting-edge technology together. On top of its stunning and premium design the smartwatch boasts a moon phase display, up to 14 days of battery life, professional health management, and all-new workout modes, in addition to convenient life assistant features.The watch provides users with comprehensive health management data that includes heart rate, blood oxygen levels, sleep quality, stress levels and more. Furthermore, with over 100 professional workout modes, ranging from climbing to skiing, it pushes users to lead a healthy lifestyle. In any situation, users can answer calls, get access to vital information, and even monitor their health directly from their wrist.With the evolution of technology, the boundaries between the physical and digital aspects of a product are blurred. GLOMO’s Connected Everything category recognises brands at the forefront of digital transformations in creating services. Among that category, the award highlights how mobile technology can help users access affordable and high-quality healthcare through broad-based innovation and advancements in the growth of mobile connectivity. By being shortlisted for the ‘Best Mobile Innovation for the Connected Health and Wellbeing’ award, it proves the affirmation of the Huawei Watch D by the GLOMO Organising Committee for its chronic disease management services, solutions and applications.The Watch D is the first CE-certified blood pressure monitoring watch launched by Huawei. It brings the convenience of health monitoring to consumers’ wrists and blood pressure monitoring anywhere. The watch body weighs only 40.9gm, and is only 1/25 the size of a traditional blood pressure monitor, which outrivals the single usage scenario of the traditional blood pressure monitor. Through the innovative micro-pump and Huawei blood pressure algorithm technology, the blood pressure measurement function is miniaturised into the smartwatch, making it possible to measure blood pressure anywhere, and continuously monitor blood pressure trends. This is not only valuable for those with blood pressure monitoring needs or habits, but also signals a milestone in the exploration of smart wearable devices in healthcare. Additionally, the Huawei Watch D supports functions such as daily health check-in, long battery life, water resistance, and convenient life assistant features, in addition to 70+ workout modes – making it a veritable professional health assistant.

Independent National Electoral Commission (INEC) officials collate electoral results before returning the electoral materials to the INEC offices in Abuja, yesterday, the day after Nigeria's presidential and general election.
International
Nigeria awaits results after tight election

Nigeria began to announce early results yesterday after a tight election for the presidency of Africa’s most populous nation, as concerns grew over long delays in voting and accusations of attempts to manipulate tallies.The election went ahead mostly peacefully, despite some ransacked polling stations and late starts at many others.Voters stayed up late at night in many locations to observe the count and “protect” the ballots.Nearly 90mn were eligible to vote on Saturday for a successor to President Muhamadu Buhari, with many Nigerians hoping a new leader will do a better job tackling insecurity, economic malaise and growing poverty.Independent National Electoral Commission (INEC) Chairman Mahmood Yakubu told reporters results would be officially announced state by state when tallies are collated.But slow uploading of results to INEC’s online website provoked worries of electoral malpractice in a country with a history of ballot rigging and vote buying.“Let Nigeria decide O! @inecigeria,” Nigerian Afrobeats star and Grammy Awards winner Burna Boy wrote on Twitter.”No try any result magic.”The election pits former Lagos governor Bola Tinubu, 70, of the ruling All Progressives Congress (APC) against former vice president Atiku Abubakar, of the Peoples Democratic Party (PDP), 76.But for the first time since the end of military rule in 1999, a surprise third-party candidate, Labour Party’s Peter Obi, has challenged the APC and PDP dominance with a message of change.PDP’s candidate Abubakar urged INEC to upload the results immediately after accusing some state governors of trying to compromise the results.“It will be a disservice to Nigerians and a negation to democracy for anyone to subvert the will of the people as freely expressed in their votes of yesterday,” he said in a statement.When he was defeated by Buhari in the 2019 election, Abubakar claimed massive fraud. The Supreme Court eventually tossed out his challenge. Labour Party chairman Julius Abure also accused election officials of failing to upload results from parts of Lagos and southern Delta State to help ruling APC’s candidate.Observers group Yiaga Africa said it was “deeply concerned with the delay” in results. But INEC said problems with uploading results on its IReV data page were due “technical hitches” and there was no risk of tampering.“The commission wishes to assure Nigerians that the challenges are not due to any intrusion or sabotage of our systems,” it said in a statement.“It is important to avoid statements and actions that can heat up the polity at this time.” In Lagos and other cities, crowds stormed polling stations late on Saturday as electoral officials tallied the first results by hand and read out the counts before transmitting them to the central database.Yesterday morning, people gathered at a newspaper stand in the Falomo area of Lagos, eager for results to come in and expressing hope this election would bring change.“Last time, we knew Buhari was going to be re-elected, there was no excitement, but this time is so different, the race is open and there is hope,” said mechanic Orubibi Dighobo.Some polling stations were still voting early yesterday after long delays getting started.The commission has 14 days to officially announce results, but the online tally should be made available over the next few days. To win the presidency, a candidate must get the most votes but also win at least 25% of votes cast in two-thirds of Nigeria’s 36 states.Some states are must wins.Lagos has the most registered voters at more than 7mn, followed by two states in the country’s mostly Muslim north, Kano and Kaduna states.The competitive race has some analysts forecasting an unprecedented runoff between the two frontrunners if no candidate meets election requirements. It would have to be organised within 21 days. The success of Nigeria’s vote will be closely watched in West Africa, where coups in Mali and Burkina Faso and growing militancy have taken democracy in the region back a step.Buhari, a former army general, will step down after two terms in office.His critics say he failed in his key promises to make Nigeria safer.Fuel and cash shortages at banks caused by a naira currency bill exchange programme in the run-up to the election also left many Nigerians struggling more than usual.Whoever wins the election must quickly get to grips with Africa’s largest economy and top oil producer, beset by problems from a grinding jihadist war in the northeast to double digit inflation.APC’s candidate Tinubu, a long-time political kingmaker, says “It’s my turn” for the presidency. He says his experience as Lagos governor will count.

Supporters of the Democratic Front for the Liberation of Palestine (DFLP) group take part in a rally in Rafah town in the Southern Gaza Strip, on February 26, 2023, in support of the West Bank and Palestinians in Israeli jails, and against the Palestinian-Israeli Aqaba summit. (Photo by SAID KHATIB / AFP)
International
Jordan talks see pledge to curb violence

Israel committed to stop authorisation of any settler outposts in the occupied West Bank for six months during a meeting yesterday with Palestinian officials in Jordan when the sides pledged to de-escalate surging violence.In a joint statement at the end of a meeting in the city Aqaba, Israel and Palestinian officials said they would work closely to prevent “further violence” and “reaffirmed the necessity of committing to de-escalation on the ground”.Host nation Jordan, along with Egypt and the United States, considered “these understandings as major progress towards re-establishing and deepening relations between the two sides,” the statement said. The meeting was held as anxiety mounts of escalation in the run-up to the holy month of Ramadan that begins in late March.The meeting brought together top Israeli and Palestinian security chiefs for the first time in many years, officials said, and aimed to restore calm in Israel, the Israeli-occupied West Bank and the Gaza Strip.Israel and the Palestinian Authority “confirmed their joint readiness and commitment to immediately work to end unilateral measures for a period of 3-6 months,” the statement said.“This includes an Israeli commitment to stop discussion of any new settlement units for four months and to stop authorisation of any outposts for six months,” the statement said. The participants also agreed to meet again in Sharm el-Sheikh in Egypt in March. “The participants stressed the importance of the Aqaba meeting, the first of its kind in years,” the statement said.“They agreed to continue meeting under this formula, maintain positive momentum and expand this agreement towards wider political process leading to a just and lasting peace.” US President Joe Biden’s Middle East adviser Brett McGurk is attending, along with Jordanian and Egyptian officials.Prime Minister Benjamin Netanyahu’s return to power at the head of one of the most right-wing coalitions in Israeli history has added to Arab concerns about escalation.Israel on Feb 12 granted retroactive authorisation to nine Jewish settler outposts in the occupied West Bank and announced mass-construction of new homes within established settlements. The UN Security Council issued a formal statement denouncing Israel’s plan to expand settlements on occupied Palestinian territory, the first action the United States has allowed the body to take against its ally Israel in six years.

German Chancellor Olaf Scholz (left) walks with India’s Prime Minister Narendra Modi before their meeting at the Hyderabad House in New Delhi on Saturday. Scholz's visit along with a large business delegation highlighted Delhi's growing importance to Western powers seeking backing for their opposition to Moscow's war.
Business
Germany’s Scholz says committed to free trade deal between India, EU

German Chancellor Olaf Scholz said on Saturday that he and India’s Prime Minister Narendra Modi were committed to sealing a free trade deal between India and the European Union (EU).“It’s an important topic and I’ll get personally involved,” Scholz said after his meeting with Modi in New Delhi.The EU and India revived negotiations to forge a free trade agreement last year with the aim of completing talks by the end of 2023.For the EU, a free trade agreement with India would fit its strategy of increasing engagement with the Indo-Pacific region, where the bloc is targeting bilateral deals to take advantage of expected higher economic growth.The deal could also act as a counterbalance to China’s growing influence in the region.Scholz met Modi a day after the first anniversary of Russia’s invasion of Ukraine.His visit along with a large business delegation highlighted Delhi’s growing importance to Western powers seeking backing for their opposition to Moscow’s war.“The war has been going on a full year now. It’s a horrible war with much destruction...It is a big catastrophe,” he said. “The world is suffering from this aggression...but we will do everything we can so that the world remains a good place,” he said adding that co-operation between India and Germany was “very, very important”.Modi has been seeking to steer an ongoing Group of 20 meeting away from discussion of the war in Ukraine.His government has not openly criticised Moscow for the invasion and instead called for dialogue and diplomacy to end the war.India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen.Modi said India and Germany were committed to realising their untapped potential in sectors such as security and defence co-operation.Scholz is also set to push hard for a $5.2bn deal to sell India six conventional submarines, though this latest attempt by a Western military manufacturing power to wean New Delhi away from its dependence on Russia for military hardware is not expected to yield an immediate result.Germany’s pivot to India is particularly stark, given that close economic ties to China, the main buyer of German machine tools, and Russia, its key energy supplier, have played in German prosperity over the past 15 years.While one of the stated goals of the lightning trip is to improve economic ties, officials are mindful of the need to press what will soon be the world’s most populous country into opposing Russia’s invasion, even if a severing of India’s economic ties with Moscow is not on the table. “I’m convinced that our countries are closely linked, that we have common views, especially when it has to do with democracy,” said Scholz.Many in the Global South see Western complaints about the invasion as hypocrisy, given their long history of military interventions around the world, and fear disrupted supply chains and inflation will cause hunger and famine.Scholz last met Modi at a June summit of the Group of Seven industrial powers, to which he invited the Indian leader as part of outreach efforts that have become more urgent as concerns grow that China may step up its political support for Russia.While China is one of Germany’s most important trading partners, the invasion brought home to many in Germany’s business community the lack of diversification in the supply chains on which they rely, lending new urgency to efforts to boost exposure to a huge potential market. Scholz said the investments of the 1,800 German companies already in India should be increased.Despite the interest, regulation and trade barriers make India a tough market for German companies to crack.The two leaders also discussed climate change and members of the business delegation signed agreements in wind, solar energy and green hydrogen sector.

An employee counts Egyptian pounds at a foreign exchange office in central Cairo. The 00bn economy — one of the world’s top wheat importers — is under increasing pressure from the shockwaves of Russia’s invasion of Ukraine, which sent food and fuel prices soaring.
Business
Gulf states playing hardball over sending billions to support Egypt

Gulf countries are waiting for more certainty on Egypt’s currency and proof it’s making deep economic reforms before unleashing billions of dollars of crucial investment.Energy-rich allies have earmarked more than $10bn for the North African country, which is in need of foreign exchange and has put stakes in a string of state-owned companies up for sale. Yet only a fraction of the funding has so far materialised, as Gulf officials keep a close eye on the pound in the wake of three devaluations in the past year, people familiar with the matter said.The Gulf countries also want to see that the North African nation is serious about reforms it promised the International Monetary Fund to secure a $3bn rescue package, said the people, who asked not to be identified as the matter is confidential. Key changes involve reducing the involvement of the state and the military in the economy and ensuring more transparency about the finances of state-owned enterprises and unlisted companies.Securing Gulf funding is seen as “critical” for Egypt to bridge a funding gap of some $17bn in the next few years, the IMF said last month. The $400bn economy — one of the world’s top wheat importers — is under increasing pressure from the shockwaves of Russia’s invasion of Ukraine, which sent food and fuel prices soaring. Any significant delay to funding is likely to deepen the economic crisis and pile more pressure on the pound.Gulf countries aren’t making pledges purely as charity. They have historically seen Egypt — the Middle East’s most populous nation — as a key player for upholding the regional order and vital for energy and trade routes.Talks between Saudi Arabia and Egypt over the purchase of Cairo-based United Bank have already stalled over a disagreement about how to value the transaction, Bloomberg reported Wednesday. Wild fluctuations in the exchange rate make it harder to evaluate assets, which means some deals could take longer than initially expected, the people said. Authorities have pledged to enact a flexible rate, while steep plunges for the pound have been followed by long stretches of stability.“The ‘wait-and-see’ mode from international investors could put additional pressure on the Egyptian pound. The situation could spill over to Egypt’s debt, as a shortage of funds and a weaker currency increase the burden of servicing external borrowings” says — Ziad Daoud, chief emerging-markets economist at Bloomberg Economics. When Egypt sought urgent help last year, Qatar, Saudi Arabia and the United Arab Emirates deposited $13bn in Egypt’s central bank. But the country needs foreign direct investment rather than aid, said the people. Hence the pro-posed sale of shares in 32 state entities, including three lenders, within the next year.Saudi Finance Minister Mohamed al-Jadaan said recently his country will continue to look at investment opportunities in Egypt, though signalled a shift in how Saudi Arabia offers financial help to countries, with aid conditional on promises to revamp their economies. It’s a shift that could also have implications for regional countries from Lebanon to Turkey.Last year, Saudi Arabia’s sovereign wealth fund bought state-owned stakes in four Egyptian publicly listed companies for $1.3bn, while Abu Dhabi’s wealth fund ADQ agreed to a $2bn deal that included buying about 18% of Egypt’s largest listed lender, Commercial International Bank. Gulf powers, who provided cash deposits and oil during previous crises, now seem determined to see tangible returns on investment.That could deepen their involvement in Egypt’s private sector, which has long complained it faces unfair competition from state enterprises, particularly those belonging to the military, deterring large-scale foreign investment. Signs of a shift began in late 2019, when President Abdel-Fattah El-Sisi proposed the landmark sale of some firms held by the army, whose commercial interests range from building materials to food, mining and petrochemicals.The IMF indicated it supports the initiative, setting guidelines such as the submission of financial accounts for state-owned entities to the finance ministry. The institution, however, has warned the changes “may face resistance from vested interests.”Officials at Egypt’s sovereign wealth fund did a roadshow in the Gulf this month and discussed potential investment opportunities with some countries including Kuwait and Oman. But Egypt also needs to explain to its population the benefits of foreign investment in improving profitability and opening new export markets, according to two of the people. That would help allay any local concern over the sale of state assets.

FILE PHOTO: Mastercard President and CEO Ajay Banga speaks to attendees during the Department of Homeland Security's Cybersecurity Summit in Manhattan, New York, US, yesterday.
International
Modi calls for World Bank reform at G20 finance meet

Indian Prime Minister Narendra Modi yesterday added his voice to calls for reform of global lenders such as the World Bank, as G20 finance ministers and central bank heads met.The talks in Bengaluru focused on the continuing damaging effects of the Covid pandemic and the Ukraine war, as well as debt relief for poorer nations reeling from high food and fuel prices.“Trust in international financial institutions has eroded. This is partly because they have been slow to reform themselves,” Modi said by video link as the two-day gathering began.“We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels.”The remarks echoed calls by others for the World Bank to boost lending and widen its remit beyond tackling poverty, although this has raised concerns that it could lose its top-notch credit rating.US Treasury Secretary Janet Yellen said on Thursday in Bengaluru it was “critical that they integrate work on global challenges into their core mission to sustain progress on these priorities”.It was unclear if delegates in Bengaluru would manage to agree on a joint statement, in particular because of differences over the Ukraine war, as has happened at similar gatherings in the past.Lindner and Le Maire said Germany and France wanted no weakening of the language used in a leaders’ declaration in Indonesia in November that said “most members strongly condemned the war”.“For a year we have been witnesses of this awful war in Ukraine started by Russia. And especially on a day like this, and at an occasion such as a G20 event, we need absolute clarity,” Lindner said.Hosting a raft of Group of 20 meetings during its presidency this year puts India in an awkward position, as it has refused to condemn the invasion of Ukraine by its biggest arms supplier Russia.The International Monetary Fund said ahead of the meeting that around 15% of low-income countries were in debt distress and an additional 45% were at high risk.US nominee for top World Bank job gets positive reviewsThe US nominee to lead the World Bank, ex-Mastercard CEO Ajay Banga, gained traction with leading members yesterday, a sign that he will likely have a smooth ride to confirmation by the global lender’s executive board. The finance ministers of France and Germany gave positive reviews to Banga, nominated on Thursday by US President Joe Biden as a surprise choice to lead the World Bank’s transformation to fight climate change and other global challenges. “I think that we have a very good candidate for the World Bank,” French Finance Minister Bruno Le Maire said of Banga during a news conference at the G20 finance leaders meeting in India. German Finance Minister Christian Lindner said that Banga’s nomination was a “very remarkable” proposal. India’s finance ministry has not made an official comment on the nomination of Banga, an Indian-born US citizen, which played prominently in Indian media yesterday.

A customer shops for groceries at a store in San Francisco. The Federal Reserve’s preferred inflation gauges unexpectedly accelerated in January and consumer spending surged after a year-end slump, adding pressure on policymakers to keep ratcheting up interest rates.
Business
Fed’s preferred inflation gauges unexpectedly accelerate in January

The Federal Reserve’s preferred inflation gauges unexpectedly accelerated in January and consumer spending surged after a year-end slump, adding pressure on policymakers to keep ratcheting up interest rates.The personal consumption expenditures price index rose 5.4% from a year earlier and the core metric was up 4.7%, both marking pickups after several months of declines. Consumer spending, adjusted for prices, jumped 1.1% from the prior month, the most in nearly two years, after consecutive declines.US stock futures fell and Treasury yields rose as traders firmed up bets that the Fed will raise interest rates by a quarter-point at each of the next three meetings. Investors also expect a higher terminal fed funds rate. The resilient spending and stubborn inflation suggest that the Fed’s path to taming prices and demand will be bumpier and longer than data for late 2022 had previously indicated. While that could bolster policymakers’ resolve to raise borrowing costs higher than anticipated and keep them there for longer, it may increase risks of a recession.The PCE price index increased 0.6% from a month earlier, the most since June, Commerce Department data showed Friday. Excluding food and energy, the core PCE price index also climbed 0.6%. Both advances exceeded projections.The latest figures underscore the risks of persistently high inflation. Much of the easing that was celebrated at the end of last year has largely been erased after revisions and the acceleration in January.Furthermore, resilient consumer spending paired with the exceptional strength of the labour market will make it more difficult for the Fed to get inflation to its 2% goal. The January increase in personal spending reflected a pickup in outlays for goods and services, including motor vehicles as well as food services and accommodation.“Brisk spending growth and faster price increases for both core goods and supercore services spell bad news for inflation. With supply-chain bottlenecks largely eased, demand has been driving inflation lately. If that trend is sustained, the Fed may have to hike rates beyond the 5.25% implied by December’s”, say Anna Wong, Stuart Paul and Eliza Winger, economists at Bloomberg.With the unemployment rate at its lowest level in more than 53 years, intense competition for a limited supply of workers has kept upward pressure on pay growth. Higher wages paired with excess savings have underpinned consumers and allowed them to keep spending for a variety of goods and services despite those rapid price increases. Fed officials, particularly Chair Jerome Powell, have emphasised the importance of price growth in so-called core services ex-housing for the inflation outlook. This category, which is thought to be largely wage dependent, includes everything from health care to haircuts.Services inflation excluding housing and energy services increased 0.6% in January, according to Bloomberg calculations. The gain marked the second month of acceleration.Incomes rose 0.6% at the start of the year, bolstered by an acceleration in wage growth. The annual cost-of-living adjustment for Social Security and Supplemental Security Income, which was the biggest increase in decades, offset the expiration of the extended child tax credit as well as a decline in one-time payments made by states.Inflation-adjusted disposable income surged 1.4% in January, the biggest advance since March 2021 when the government distributed another round of stimulus payments. Wages and salaries, unadjusted for prices, increased 0.9%, more than double the prior’s month gain and the most since July.The saving rate increased to 4.7%, the highest in a year, from 4.5%.Inflation-adjusted outlays for merchandise surged 2.2% after sharp declines in the prior two months. Spending on services climbed 0.6%, the most since August.

Gina Raimondo, US Commerce Secretary.
Business
US takes security first focus in doling out $39bn chip funding

As President Joe Biden’s administration prepares to accept requests for $39bn in funding to jumpstart US production of microchips, his commerce chief emphasised the programme’s focus is strengthening national security rather than boosting struggling chipmakers.The US next Tuesday will unveil applications for the manufacturing part of the funding under the Chips and Science Act passed last year and will be “crystal clear” in its selection criteria, Commerce Secretary Gina Raimondo said.“I expect there will be many disappointed companies who feel that they should have a certain amount of money. The reality is the return on our investment here is the achievement of our national-security goal,” Raimondo told reporters.She spoke ahead of a speech in Washington on Thursday where she laid out the broad vision for the programme through 2030. The plan is to try to return manufacturing to the US by building at least two new clusters of leading-edge logic-chip manufacturing, with a supplier ecosystem and research and development facilities, employing thousands of workers.US defence capabilities — from hypersonic weapons, drones and satellites — depend on the supply of chips that currently aren’t produced in the US, she said in the speech. The US share of global chip manufacturing is down to 12% from 37% in 1990, Raimondo said.“America needs to design and produce the world’s most advanced chips right here in America,” she said.Congress passed the law last year after pandemic lockdowns and supply-chain disruption laid bare US reliance on chips from Asia and particularly Taiwan, the target of frequent threats from China. The shift arose over decades of companies focusing on peak efficiency, making the US reliant on other countries for chips used in everything from cars to military equipment.Many chipmakers are suffering steep drops in revenue and profit as computer and phone producers in particular cut orders to work through large stockpiles of unused parts. Most aren’t forecasting a rebound until the second half of the year, at the earliest. Many have already mapped out for investors the improvements to their balance sheet they expect from public money grants and tax relief.“The purpose of this legislation isn’t to subsidise companies because they’re struggling in a cyclical downturn,” said Raimondo. “It isn’t to help companies necessarily become more profitable in America.”Raimondo’s assertion may also heighten the competition among chipmakers as they try to persuade the government that they’re the most worthy recipients of grants that will help them build and equip new factories, facilities that can come with a bill of more than $20bn each. New facilities: Right now, the industry in the US is fragmented among a number of geographic areas, mostly around facilities operated by Intel Corp, formerly the world’s largest chipmaker. Intel is building new plants in Arizona, where rival Taiwan Semiconductor Manufacturing Co is opening a new facility north of Phoenix. Intel’s largest current cluster is near Portland, Oregon and it’s planning a new site in Ohio.Samsung Electronics Co, the world’s largest chipmaker by revenue, is investing in its existing site in Austin, Texas. Companies such as Texas Instruments Inc and GlobalFoundries Inc are also expanding in locations ranging from the Dallas suburbs to Lehi, Utah and upstate New York. Those two companies and others such as memory maker Micron Technology Inc don’t specialise in what’s normally classified as “leading-edge logic.”The $39bn of funding over five years is small compared with the investment needs for the industry overall and the goal of returning production from overseas. It’s also a rare foray into industrial policy by the US, which doesn’t have a history of recent success compared with rival economies in Asia. Raimondo said in her speech on Thursday that the US government needs the private sector to invest along with it, bringing in at least $500bn in additional funding for manufacturing and research and development.Historic investment: The act will be judged based on whether it enables the US to build a reliable and resilient semiconductor industry, and whether those implementing it are good stewards of taxpayer money, Raimondo said on Thursday. The US isn’t aiming for self-sufficiency in chips or make all the semiconductors it uses, but rather to win the innovation race and protect its national security and economic future.The US also needs to reduce prohibitive barriers to entry for startups in the chip industry, Raimondo said, lamenting that funding for technology hardware makes up only 3% of US venture capital, down from 20% in 2005. Raimondo also highlighted the importance of export controls, warning that “very bad things can happen” if technologies reach malign actors.The commerce chief places the new Chips and Science Act in the arc of historical investments made by the US government, including the nuclear programme of the 1940s and President John F. Kennedy’s promise in the early 1960s to put a man on the moon.Just as the moon mission spurred a doubling in the number of American doctoral scientists and engineers, the US needs colleges and universities to triple the number of graduates in semiconductor-related fields over the next decade. The law includes $11bn for research and development, beyond the $39bn in financial assistance to manufacturers.At the same time, semiconductor-manufacturing plants, called fabs, provide opportunities for high-paid jobs that don’t require a college degree, Raimondo said.The chips programme presents “a once-in-a-generation chance for the United States to marshal all of our resources and mobilise around a common goal,” she told reporters.“My job here isn’t to displace the private sector; it’s to lay the foundation to allow American businesses to do what they do best; innovate, scale and compete,” Raimondo said.

Gulf Times
Community
Nine great benefits of reading and reflecting over the Qur’an

Indeed to reflect about Allah’s verses is a form of worship that will draw one close to Allah Most High. This reflection is not a reckless and wandering one, rather it includes a study of the classical tafseer of the verses being pondered over, as this would fulfil Ibnul-Qayyim’s great advice, “Such as reflecting over a book which a person has memorised and he expounds it so that he may understand what its author intends by it.” Indeed the Book of Allah is not a book like any other, it is the timeless Speech of Allah, not a created thing, the study guide for life and death and what comes after. Therefore it deserves a more careful study than anyone else’s speech. It necessitates that its reader return to the early narrations of those who witnessed its revelation and heard its explanation by the one deputed by Allah to rehearse and explain His Words to humanity (sallallaahu ‘alaihi wa sallam). For if one would try to ponder over the meanings of the verses without having done this study, then surely the filth of the time that he lives in and his ignorance of the correct application and understanding that the early Muslims had would cause him to understand some things not intended by Allah Most High, and therefore he would go astray, thinking to be worshipping Allah. So every sincere Muslim who hopes to earn Allah’s Love by reciting and reflecting over Allah’s Book, then let him hold tight to the meanings explained by the Prophet (sallallaahu ‘alaihi wa sallam), and those taught by the companions and their immediate followers, and the early scholars of Islam. So dear brother and sister Muslim! Know that reciting and pondering over the Book of Allah, devoting your time regularly to its study and implementation has tremendous benefits in this life and the Next, so let us now look to just a few of them to attach ourselves more firmly to Allah’s Majestic Words. Each benefit stands as enough of an encouragement to shun any laziness we have and dedicate ourselves to the Qur’an. 1 - Reading and reflecting over the Qur’an fulfills an Islaamic duty. Indeed the Prophet (sallallaahu ‘alaihi wa sallam) summarised this Religion with his statement: “The Religion is naseehah (sincerity)!” So then Tameem ibn Aws, may Allah be pleased with him, then said, “We asked, ‘To whom?’” He said: “To Allah, HIS BOOK, His Messenger, the leaders of the people, and their common folk.” [Muslim] The sincerity that is due to the Book of Allah includes its regular recitation, learning the rules of tajweed and reciting it beautifully, learning about its tafseer and the reasons for its revelation, affirming that it is the Truth, the perfect Speech of Allah and not part of the creation, honoring it and defending it, abiding by the orders and prohibitions found in it, teaching it and calling to it. [See Jaami’ul-’Uloom wal-Hikam of Ibn Rajab Al-Hambalee] So by reading and reflecting over the Qur’an, one fulfils an obligation and is rewarded for that. Upon fulfilling this obligation, the Qur’an then becomes a proof for him on the Day of Judgment! And that is our second benefit we will take by embracing this Noble Book... 2 - The Qur’an will be a proof for us on the Day of Judgment. This is due to the statement of the Messenger: “And the Qur’an is a proof for you or against you.” [Muslim] So one of two things will occur with this proof, the Book of Allah. It will either be in your favor, a proof for you on the Day when you will need every single good deed, or it will be something standing against you, the very Speech of your Creator, a proof against you! Who could be saved from the terrors of that Day if Allah’s own Speech is against him?! Think carefully, dear Muslim brother or sister, about your position with the Qur’an! Are you neglecting it, contradicting it, being heedless of its orders and prohibitions, are you thinking deeply over it?! Will it be on your side on the Day of Judgment.?! O Allah! We ask you, by Your Glorious Speech and the rest of your beautiful Names and Attributes, to make the Qur’an a proof for us! O Allah! Don’t make the Qur’an a proof against us on that Day, and save us from the hellfire! For if Allah makes the Qur’an a proof in our favor on that Day, then it would also be an intercessor for us, when NO intercession will take place except by His Permission. 3 - The Qur’an will intercede for us on the Day of Judgment. The proof: Aboo Umaamah relates that the Prophet (sallallaahu ‘alaihi wa sallam) said: “Read the Qur’an, for verily it will come on the Day of Standing as an intercessor for its companions.” [Muslim] 4 - Your status in this life will be raised. In Saheeh Muslim, we find a lovely story, about how a man from the people of Jannah, ‘Umar ibn Al-Khattaab, understood this principle. Some men came to question him during his khilaafah about the leadership of Makkah, they asked, “Who do you use to govern Makkah?” He said, “Ibn Abzaa.” They asked, “And who is Ibn Abzaa?” Umar replied, “A freed slave from those we freed.” They remarked, “You left a freed slave in charge of the people of the Valley (the noble tribes of the Quraysh)!?” So he answered them, “Verily he is a reader of the Book of Allah and is knowledgeable about the obligations of the Muslims. Haven’t you heard the statement of your Messenger: “Verily Allah raises some people by this Book and lowers others by it.”5 - You will be from the best of the people. ‘Uthmaan, may Allah be pleased with him, said that the Prophet (sallallaahu ‘alaihi wa sallam) said: “The best of you are the ones who learn the Qur’an and teach it to others” [Al-Bukhari] 6 - There are ten rewards for each letter you recite from the Qur’an. As an authentic hadeeth in At-Tirmithee proves: “Whoever reads a letter from the Book of Allah, he will have a reward. And that reward will be multiplied by ten. I am not saying that “Alif, Laam, Meem” is a letter, rather I am saying that “Alif” is a letter, “laam” is a letter and “meem” is a letter.” So increase your recitation of the Qur’an to gain these merits, and to gain the following merit as well.7 - The reciters of the Qur’an will be in the company of the noble and obedient angels. ‘Aa’ishah, may Allah be pleased with her, relates that the Prophet (sallallaahu ‘alaihi wa sallam) said: “Verily the one who recites the Qur’an beautifully, smoothly, and precisely, he will be in the company of the noble and obedient angels. And as for the one who recites with difficulty, stammering or stumbling through its verses, then he will have TWICE that reward.” [Al-Bukhari and Muslim] So dear brother or sister Muslim, do not let the Shaytaan give you false excuses, such as “I am not an ‘Arab,” or “Its not my language.” This hadith is a firm proof against these whisperings. Dedicate yourself to the Book of Allah, whether you are an ‘Arab or not! The excuses have been eliminated and the pathway has been cleared for you to embrace the Book of Allah without holding back or offering excuses! And surely you will not hesitate to seek a teacher or a study circle for the Qur’an once you hear the last and perhaps greatest benefits of reading and contemplating over the Qur’an...8 - Your position in Paradise is determined by the amount of Qur’an you memorise in this life! ‘Abdullaah ibn ‘Amr ibn Al-’Aas heard the Prophet (sallallaahu ‘alaihi wa sallam) saying: “It will be said to the companion of the Qur’an: Read and elevate (through the levels of the Paradise) and beautify your voice as you used to do when you were in the dunyaa! For verily, your position in the Paradise will be at the last verse you recite!” [Aboo Daawood and At-Tirmithee, saheeh] 9 - The Qur’an will lead you to Paradise! The Prophet (sallallaahu ‘alaihi wa sallam) said: “The Qur’an is an intercessor, something given permission to intercede, and it is rightfully believed in. Whoever puts it in front of him, it will lead him to Paradise; whoever puts it behind him, it will steer him to the Hellfire.” [An authentic hadith found in At-Tabaraanee, on the authority of ‘Abdullaah ibn Mas’ood] Know, dear brother or sister, that these nine benefits from the many benefits available can only be attained by a sincere commitment to the Book of Allah, not by a person’s mere statement, “I love the Qur’an, it’s beautiful.” Rather the heart must be sincerely attached to Allah’s Book and the limbs and tongue will follow in this attachment. You must know that we only mentioned a few of the numerous benefits of reading and reflecting over the Qur’an. There are many benefits that await your reading in the Qur’an and books of hadith, like the chapter of the Qur’an that will argue on your behalf in the grave, and that it is a physical healing, a source of rest and relaxation for your heart, among many other things. And Allah knows best.The ideal personality of the MuslimThe ideal Muslim character is distinct and balanced. The Muslim is the embodiment of the teachings of the Qur’an and the Sunnah (sayings, actions and the approvals of the Prophet Muhammad, sallallaahu ‘alaihi wa sallam). He follows the teachings of the Book of Allah (i.e. Qur’an) and the example of the Prophet Muhammad in all affairs, relations, and situations – starting with his relationship with his Lord, his own self, his family and the people around him. Following is a brief overview of some qualities of the ideal Muslim personality.His attitude towards Allah One of the most distinguishing features of the (ideal) Muslim is his deep faith in Allah, The Exalted, and his conviction that whatever happens in the universe and whatever befalls him, only happens through the will and the decree of Allah. The Muslim is closely connected to Allah, constantly remembers Him, puts his trust in Him and is obedient towards Him.His faith is pure and clear, uncontaminated by any strain of ignorance, superstition or illusion. His belief and worship are based on the Qur’an and the authentic Sunnah. The Muslim is alert and open-minded to the magnificence of Allah. He knows that it is Allah who is in control of the affairs of the universe and of mankind, and He (Allah) Knows all and Witnesses every secret.A Muslim feels in the depths of his soul that he is in constant need of the help and support of Allah, no matter how much he may think he can do for himself. He has no choice in his life but to submit to the will of Allah, worship Him, strive towards the Right Path and do good deeds. This will guide him to be righteous and upright in all his deeds, both in public and in private. A Muslim recognises the signs of the unlimited power of Allah in the universe, and so his faith in Allah increases: Allah, The Exalted, Says (what means): “Verily! In the creation of the heavens and the earth and (in) the difference of night and day are tokens (of His sovereignty) for men of understanding. Such as remember Allah, standing, sitting, and reclining, and consider the creation of the heavens and the earth, (and say): Our Lord! You created not this in vain. Glory be to You! Preserve us from the doom of Fire.” [Qur’an 3: 190-191]His attitude towards his body, mind and soul The Muslim pays due attention to his body’s physical, intellectual and spiritual needs. He takes good care of his body, promoting its good health and strength. He is active, doesn’t eat in excess; but he eats enough to maintain his health and energy. He understands that a strong believer is more loved by Allah than a weak believer. Allah, The Exalted, Says (what means): “...Eat and drink; but waste not by excess, for Allah loves not the wasters.” [Qur’an 7: 31]The Muslim keeps away from drugs and stimulants. He also does not forget to exercise regularly to maintain his physical fitness. The Muslim also keeps his body and clothes very clean. He bathes frequently. The Prophet sallallaahu ‘alaihi wa sallam placed a great emphasis on cleanliness and bathing. Cleanliness makes the Muslim more likeable to people. He also takes care of his mouth and teeth. It is no surprise that the Muslim is concerned with his clothing and appearance. The Muslim does all of this in accordance with the Islamic ideal of moderation, avoiding the extremes of exaggeration and negligence. Allah Says (what means): “Say: Who has forbidden the adornment of Allah which He has brought forth for His bondmen, and the good things of His providing? Say: Such, on the Day of Resurrection, will be only for those who believed during the life of the world. Thus do We detail Our revelations for people who have knowledge.” [Qur’an 7: 32] As for his intellectual care, the Muslim takes care of his mind by perusing beneficial knowledge. He is responsible to seek knowledge whether it is religious or secular, so he may understand the nature and the essence of things. Allah Says (what means): “...and say: My Lord! Increase me in knowledge.” [Qur’an 20: 114]The Muslim does not forget that man is not only composed of a body and a mind, but that he also possesses a soul and a spirit, and feels a longing for higher things that make him rise above this materialistic life and scale the heights of goodness, virtue and light. Therefore, the Muslim pays as much attention to his spiritual development as to his physical and intellectual development, in a precisely balanced fashion which does not concentrate on one aspect to the detriment of others.His attitude towards peopleWith his parents, the Muslim is an example of sincere filial piety. He treats them with kindness and respect, infinite compassion, utter politeness and deep gratitude. He recognises their status and knows his duties towards them. Allah Says (what means): “And serve Allah. Ascribe nothing as partner unto Him. (Show) kindness unto parents...” [Qur’an 4: 36]With his wife, the Muslim exemplifies good and kind treatment, intelligent handling, deep understanding of the nature and psychology of women, and proper fulfilment of his responsibilities and duties. With his children, the Muslim is a parent who understands his great responsibility towards them which is, as well as flooding them with love and compassion, to pay attention to anything that may influence their Islamic development and give them proper education, so that they become active and constructive elements in society, and a source of goodness for their parents, community, and society as a whole. With his relatives, the Muslim maintains the ties of kinship and knows his duties towards them. He understands the high status given to relatives in Islam, which makes him keep in touch with them, no matter what the circumstances.With his neighbours, the Muslim illustrates good treatment and consideration of others’ feelings and sensitivities. He puts up with mistreatment and turns a blind eye to his neighbor’s faults while taking care not to commit any such errors himself. The Muslim relationship with his brothers and friends is the best and purest of relationships, for it is based on love for the sake of Allah. He is loving, not cold towards them; he is loyal and does not betray them; he is sincere and does not cheat them; he is gentle and never harsh; he is tolerant and forgiving; he is generous and he supplicates for them (his brothers and friends).In his social relationships with all people, the Muslim is well-mannered, civil and noble, characterised by the attitudes which Islam encourages. The Muslim does not envy others. He fulfils his promises. He has the attitude of shyness. He is cheerful. He is not pushy. He is patient. He avoids slandering or uttering obscenities. He does not unjustly accuse others. He is shy and modest. He does not interfere in that which does not concern him. He refrains from gossiping, spreading slander and stirring up trouble. He avoids false speech and suspicion. When he is entrusted with a secret, he keeps it. He is modest and never arrogant. He does not make fun of anyone. He respects his elders. He mixes with the best of people. He strives to reconcile between the Muslims. He calls others to Islam with wisdom and beautiful preaching. He visits the sick and attends funerals. He returns favours and is grateful for them. He guides people to do good. He always likes to make things easy and not difficult. The Muslim is fair in his judgments. He is not a hypocrite, a sycophant or a show-off. He does not boast about his deeds and achievements. He is straightforward and is never devious or twisted, no matter what the circumstances. He loves noble things and hates foolishness. He is generous and does not remind others of his gifts or favours. He is hospitable and does not complain when a guest comes to him. He prefers others to himself as much as possible. He relieves the burden of the debtor. He is proud and does not think of begging.Article source: http://www.islamweb.net/emainpage/