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Uncertainty over the US economy’s health is rippling through markets, adding fuel to an already-volatile period that has investors grappling with a shift in Federal Reserve policy, a tight US election and worries over stretched valuations.US stocks tumbled on Friday after closely watched jobs data showed labour market momentum slowing more than expected, suggesting a narrower path for the US to achieve a soft landing, in which the Fed is able to cool inflation without badly damaging economic growth.The Fed is expected to cut interest rates at its September 17-18 meeting, but the data revived fears that months of elevated borrowing costs have already started to pressure the economy. That is a potentially unwelcome development for investors, after prospects for rate cuts against a background of resilient growth helped drive the S&P 500 to record highs this year.“The data shows that we remain on the soft-landing path, but clearly there’s more downside risks to which the markets are going to be sensitive,” said Angelo Kourkafas, senior investment strategist at Edward Jones. “The expectation for elevated volatility is a realistic one.” Evidence of ebbing risk appetite showed up across markets. The S&P 500 dropped 1.7% on Friday and has lost nearly 4.3% in the past week, its worst weekly decline since March 2023. Nvidia, the poster child of this year’s artificial intelligence excitement, was down over 4% and stood near its lowest level in about a month, falling along with other high-flying technology names.Meanwhile, the Cboe Market Volatility index, also called Wall Street’s “fear gauge,” hit its highest level in nearly a month on Friday. “There’s concern that the Fed is not going to be reacting quick enough or more forcefully enough to help prevent something more sinister,” said Keith Lerner, co-chief investment officer, Truist Advisory Services.Several factors threaten to compound the market’s uncertainty. Futures bets on Friday showed investors pricing in a nearly 70% chance of a 25 basis point reduction by the Fed, and 30% chance of a 50 bp cut. For many, however, the issue remains far from settled.“Markets have had to grapple with — just as the Fed is doing — whether the August payroll data reflects a labour market normalising towards pre-Covid levels or whether it’s indicative of an economy losing dangerous momentum,” Quincy Krosby, chief global strategist for LPL Financial, said in written commentary.Others took a dimmer view. Citi analysts said the report warranted a 50 basis point cut later this month.“The takeaway from the range of labour market data is clear — the job market is cooling in a classic pattern that precedes recession,” analysts at Citi wrote.Inflation data next week could shed further light on the strength of the economy and help solidify bets on how much the Fed might cut rates.Valuation concerns are also reemerging. The S&P 500, which is up over 13% this year, is trading at a price-to-earnings ratio of nearly 21 times expected forward 12-month earnings estimates as of Thursday, well above its historical average of 15.7, according to LSEG Datastream.Despite a recent swoon, the S&P 500 technology sector — by far the biggest group in the index — is trading at over 28 times expected earnings, compared to its long-term average of 21.2.“We’ve come a long way in a relatively short period of time and I think you’re starting to see some businesses do the math on AI and ask whether it’s really worth the cost, which will weigh on the big tech stocks,” said Mark Travis, a portfolio manager at Intrepid Capital Management.Investors are also closely watching a tight US presidential election which is starting to head into the home stretch. The race between Democrat Kamala Harris and Republican Donald Trump could draw more investor focus on Tuesday, when the two candidates debate for the first time ahead of the November 5 vote.So far, the market gyrations have bolstered September’s reputation as a tough time for investors. The S&P 500 has fallen an average of nearly 0.8% in September since 1945, making it the worst month for stocks, CFRA data showed.The index is already down 4% since the month began. “Investors are saying let’s hope we can have a soft landing,” said Burns McKinney, senior portfolio manager at NFJ Investment Group.

Fiscal conditions are set to deteriorate in G-7 countries on the back of a high demand for more government spending, high nominal policy rates and the deployment of fiscal-monetary coordination, according to QNB.However, QNB noted there are no major crises in sight to require a step change in indebtedness levels across the G-7.“We are all Keynesians now.” That was notoriously stressed by US president Richard Nixon in 1971, months before engineering the end of the USD convertibility into gold and launching fresh new measures to accommodate large government spending.The famous quote, referring to John Maynard Keynes’ prescriptions of government spending to stimulate demand during cyclical downturns, is a testament to the central role of macroeconomics in determining the perceived performance of elected officials. Whenever an economic crisis threatens to disturb private demand, creating unemployment, even fiscal conservatives such as Nixon turn to “big government.”Importantly, however, over time, there is a strong tendency for government debt to accumulate, QNB said in an economic commentary. In fact, G-7 countries’ (Canada, France, Germany, Italy, Japan, the UK, and the US) government debt as a percentage of GDP has expanded from 75% to 126% in less than a generation from the beginning of the new millennium.Debt accumulation tended to accelerate following periods of crisis, such as the Global Financial Crisis (GFC) of 2008-09, the Euro area debt crisis of 2010-11 and the Covid-19 pandemic in 2020.While the level of indebtedness has contracted a touch since the peak of the pandemic, this is more a function of a strong economic recovery and abnormally high inflation rates than any significant effort of fiscal consolidation.In QNB’s view, fiscal conditions are likely to deteriorate further across most of the G-7 countries. Three main factors support its position.First, all G-7 countries have widened their deficits since the pandemic, irrespective of the post-pandemic recovery. Even Germany, which pre-pandemic was the only country with structural surpluses within the G-7, became a deficit country in recent years. This comes as a plethora of new bottom up demands increases pressure for further government spending.Such demands include social entitlements, geopolitical pressures and the needs for a new Capex cycle to upgrade infrastructure as well as to promote strategic industrial sectors. The result is a more constant requirement for further government spending that cannot be easily funded by new taxes, given the overall high level of taxation across most of the G-7 and the impact of higher taxes on competitiveness.Second, after a period of aggressive monetary tightening following the post-pandemic surge in inflation, policy rates are significantly higher than long-term nominal GDP growth in all G-7 countries except for Japan.This suggest a significant potential for fiscal de-anchoring due to unsustainable debt dynamics, with a further increase in debt-to-GDP ratios. Hence, in the absence of a significant cycle of policy rate cuts by the US Federal Reserve, the European Central Bank, the Bank of England and the Bank of Canada, the fiscal position can worsen rapidly.Third, the Covid-19 pandemic “legitimised” the use of an unconventional policy mix often referred to as fiscal-monetary coordination or indirect debt monetisation, which raises the ceiling for government indebtedness.In normal circumstances, the combination of elevated indebtedness with wider fiscal deficits would produce large spikes in long-term bond yields, tightening financial conditions and placing disciplinary pressure on governments.However, QNB said that in order to prevent and supress financial distress, central banks are now expected to intervene and support the government bond market should yields go up too much or too fast. On the other hand, this allows government to enact more excessive fiscal policies.“As a result, fiscal authorities have less market constraints on them, which enables wider fiscal deficits for longer across most of the G-7 countries,” QNB noted.

The US presidential election in November is critical for many reasons. At stake is not just the survival of American democracy, but also sound stewardship of the economy, with far-reaching implications for the rest of the world.American voters face a choice not only between different policies, but between different policy objectives. While Vice-President Kamala Harris, the Democratic nominee, has yet to detail her economic agenda fully, she likely would preserve the central tenets of President Joe Biden’s programme, which include strong policies to maintain competition, preserve the environment (including reducing greenhouse-gas emissions), reduce the cost of living, maintain growth, enhance national economic sovereignty and resilience, and mitigate inequality.By contrast, her opponent, former president Donald Trump, has no interest in creating a more just, robust, and sustainable economy. Instead, the Republican ticket is offering a blank check to coal and oil companies and cozying up to billionaires like Elon Musk and Peter Thiel. It is a recipe for making the US economy weaker, less competitive, and less equal.Moreover, while sound economic stewardship requires setting goals and designing policies to achieve them, the ability to respond to shocks and seize new opportunities is no less important. We already have a sense of how each candidate would perform in this regard. Trump failed miserably in responding to the Covid-19 pandemic during his previous administration, resulting in more than a million deaths. At a time when the United States was desperately in need of leadership, he suggested that people should inject bleach.Responding to unprecedented events requires difficult judgment calls based on the best science. In Harris, the US has someone who would be thoughtful and pragmatic in weighing the trade-offs and devising balanced solutions. In Trump, we have an impulsive narcissist who thrives on chaos and rejects scientific expertise.Consider his response to the challenge posed by China: a proposal to introduce blanket tariffs of 60% or more. As any serious economist could have told him, this would increase prices – not just for the goods imported directly from China, but also for the innumerable other goods containing Chinese inputs. Thus, lower- and middle-income Americans would bear the brunt of the cost. As inflation rises and the US Federal Reserve is forced to raise interest rates, the economy would be hit by the triple whammy of slowing growth, rising inflation, and higher unemployment.Making matters worse, Trump has adopted the extreme position of threatening the Fed’s independence (which is not surprising, considering his committed efforts to undermine the independence of the judiciary and the civil service). Another Trump presidency thus would introduce a persistent source of economic uncertainty, depressing investment and growth, and almost certainly increasing inflation expectations.Trump’s proposed tax policies are equally fraught. Recall the 2017 tax cut for corporations and billionaires, which failed to stimulate additional investment and merely encouraged share buybacks. Although Republicans have never seen a tax cut for the rich that they didn’t love, a few at least recognized that the policy would increase budget deficits, and therefore added a sunset clause, which begins to take effect in 2025. But Trump, ignoring the evidence that “trickle-down” tax cuts don’t work and don’t pay for themselves, wants to renew and then deepen the 2017 cut in ways that would add trillions of dollars to the national debt.While populist demagogues like Trump do not care about deficits, investors in the US and abroad should be worried. Ballooning deficits from non-productivity-enhancing spending would further add to inflation expectations, undercut economic performance, and exacerbate inequality.Equally, repealing the Biden administration’s signature Inflation Reduction Act would not only be bad for the environment and US competitiveness in critical sectors vital for the country’s future; it also would eliminate provisions that have lowered the cost of pharmaceuticals, thus increasing the cost of living.Trump (and the business-oriented judges he appointed) also wants to roll back the Biden-Harris administration’s strong competition policies, which – again – would increase inequality and weaken economic performance by enshrining market power and stifling innovation. And he would scrap initiatives to increase access to higher education through better designed income-contingent student loans, ultimately diminishing investment in the sector that the US most needs to meet the challenges of a twenty-first-century innovative economy.This brings us to the features of Trump’s agenda that are most troubling for America’s long-term economic success. First, another Trump administration would slash funding for basic science and technology, the source of America’s competitive advantage and rising living standards over the past 200 years. (It should go without saying that the country’s economic strength does not lie in casinos, golf courses, or gaudy hotels.)During his previous term, Trump proposed major cuts to science and technology almost every year, but non-extremist congressional Republicans blocked these budget reductions. This time, however, would be different, because the Republican Party has become Trump’s personal cult. Worse, the party has declared a jihad against US universities, including leading institutions that advance the frontiers of knowledge, attract the best talent from around the world, and sustain the country’s competitive advantage.Even worse, Trump is committed to undermining the rule of law, both domestically and internationally. Trump’s long track record of refusing to pay vendors and contractors speaks to his character: he is a bully who will use whatever power he has to rob whoever he can. But it becomes an even bigger problem when he openly supports violent insurrectionists. The rule of law is not just something which we should treasure for itself: it is critical for a well-functioning economy and democracy.Heading into the fall of 2024, it is impossible to know what shocks the economy will face in the next four years. But this much is clear: the economy of 2028 will be much stronger, more equal, and more resilient if Harris gets elected. — Project SyndicateJoseph E Stiglitz, a former chief economist of the World Bank and former chair of the US President’s Council of Economic Advisers, is University Professor at Columbia University, a Nobel laureate in economics, and the author, most recently, of The Road to Freedom: Economics and the Good Society.

The US presidential election in November is critical for many reasons. At stake is not just the survival of American democracy, but also sound stewardship of the economy, with far-reaching implications for the rest of the world.American voters face a choice not only between different policies, but between different policy objectives. While Vice-President Kamala Harris, the Democratic nominee, has yet to detail her economic agenda fully, she likely would preserve the central tenets of President Joe Biden’s programme, which include strong policies to maintain competition, preserve the environment (including reducing greenhouse-gas emissions), reduce the cost of living, maintain growth, enhance national economic sovereignty and resilience, and mitigate inequality.By contrast, her opponent, former president Donald Trump, has no interest in creating a more just, robust, and sustainable economy. Instead, the Republican ticket is offering a blank check to coal and oil companies and cozying up to billionaires like Elon Musk and Peter Thiel. It is a recipe for making the US economy weaker, less competitive, and less equal.Moreover, while sound economic stewardship requires setting goals and designing policies to achieve them, the ability to respond to shocks and seize new opportunities is no less important. We already have a sense of how each candidate would perform in this regard. Trump failed miserably in responding to the Covid-19 pandemic during his previous administration, resulting in more than a million deaths. At a time when the United States was desperately in need of leadership, he suggested that people should inject bleach.Responding to unprecedented events requires difficult judgment calls based on the best science. In Harris, the US has someone who would be thoughtful and pragmatic in weighing the trade-offs and devising balanced solutions. In Trump, we have an impulsive narcissist who thrives on chaos and rejects scientific expertise.Consider his response to the challenge posed by China: a proposal to introduce blanket tariffs of 60% or more. As any serious economist could have told him, this would increase prices – not just for the goods imported directly from China, but also for the innumerable other goods containing Chinese inputs. Thus, lower- and middle-income Americans would bear the brunt of the cost. As inflation rises and the US Federal Reserve is forced to raise interest rates, the economy would be hit by the triple whammy of slowing growth, rising inflation, and higher unemployment.Making matters worse, Trump has adopted the extreme position of threatening the Fed’s independence (which is not surprising, considering his committed efforts to undermine the independence of the judiciary and the civil service). Another Trump presidency thus would introduce a persistent source of economic uncertainty, depressing investment and growth, and almost certainly increasing inflation expectations.Trump’s proposed tax policies are equally fraught. Recall the 2017 tax cut for corporations and billionaires, which failed to stimulate additional investment and merely encouraged share buybacks. Although Republicans have never seen a tax cut for the rich that they didn’t love, a few at least recognized that the policy would increase budget deficits, and therefore added a sunset clause, which begins to take effect in 2025. But Trump, ignoring the evidence that “trickle-down” tax cuts don’t work and don’t pay for themselves, wants to renew and then deepen the 2017 cut in ways that would add trillions of dollars to the national debt.While populist demagogues like Trump do not care about deficits, investors in the US and abroad should be worried. Ballooning deficits from non-productivity-enhancing spending would further add to inflation expectations, undercut economic performance, and exacerbate inequality.Equally, repealing the Biden administration’s signature Inflation Reduction Act would not only be bad for the environment and US competitiveness in critical sectors vital for the country’s future; it also would eliminate provisions that have lowered the cost of pharmaceuticals, thus increasing the cost of living.Trump (and the business-oriented judges he appointed) also wants to roll back the Biden-Harris administration’s strong competition policies, which – again – would increase inequality and weaken economic performance by enshrining market power and stifling innovation. And he would scrap initiatives to increase access to higher education through better designed income-contingent student loans, ultimately diminishing investment in the sector that the US most needs to meet the challenges of a twenty-first-century innovative economy.This brings us to the features of Trump’s agenda that are most troubling for America’s long-term economic success. First, another Trump administration would slash funding for basic science and technology, the source of America’s competitive advantage and rising living standards over the past 200 years. (It should go without saying that the country’s economic strength does not lie in casinos, golf courses, or gaudy hotels.)During his previous term, Trump proposed major cuts to science and technology almost every year, but non-extremist congressional Republicans blocked these budget reductions. This time, however, would be different, because the Republican Party has become Trump’s personal cult. Worse, the party has declared a jihad against US universities, including leading institutions that advance the frontiers of knowledge, attract the best talent from around the world, and sustain the country’s competitive advantage.Even worse, Trump is committed to undermining the rule of law, both domestically and internationally. Trump’s long track record of refusing to pay vendors and contractors speaks to his character: he is a bully who will use whatever power he has to rob whoever he can. But it becomes an even bigger problem when he openly supports violent insurrectionists. The rule of law is not just something which we should treasure for itself: it is critical for a well-functioning economy and democracy.Heading into the fall of 2024, it is impossible to know what shocks the economy will face in the next four years. But this much is clear: the economy of 2028 will be much stronger, more equal, and more resilient if Harris gets elected. — Project Syndicate• Joseph E Stiglitz, a former chief economist of the World Bank and former chair of the US President’s Council of Economic Advisers, is University Professor at Columbia University, a Nobel laureate in economics, and the author, most recently, of The Road to Freedom: Economics and the Good Society.

Hunger reached its highest point in the United States in nearly a decade last year, with 18 million households, or 13.5%, struggling at some point to secure enough food, US Department of Agriculture report released on Wednesday said. Hunger has been on the rise in the country since 2021, after years of decline. US Census Bureau data last year showed a rise in food insecurity after the end of programs that expanded food aid during the Covid-19 pandemic. Anti-hunger group Feeding America found in May that hungry people in the United States were facing a $33.1 billion shortfall in money to meet their food needs, in part due to higher food prices. Expanding federal food aid and the child tax credit would help address the problem, anti-hunger groups have said.

Air passenger demand hit an all-time high for the industry, and in all regions except Africa in July, with clear signs that many markets are returning to long-term growth trends after the post-pandemic bounce back. Total demand, measured in revenue passenger kilometres (RPK), was up 8.0% compared to July 2023, data provided by the International Air Transport Association (IATA) reveal.Total capacity, measured in available seat kilometres (ASK), was up 7.4% year-on-year. The July load factor was 86.0% (+0.5ppt compared to July 2023). There was no significant negative demand impact from the CrowdStrike IT outage in the third week of July.International demand rose 10.1% compared to July 2023. Capacity was up 10.5% year-on-year and the load factor fell to 85.9% (-0.3ppt compared to July 2023).Domestic demand rose 4.8% compared to July 2023. Capacity was up 2.8% year-on-year and the load factor was 86.1% (+1.7ppt compared to July 2023).“But persistent supply chain bottlenecks have made deploying the capacity to meet the need to travel more challenging,” noted IATA Director General Willie Walsh.Industry analysts say the global airline industry has faced several challenges in deploying adequate capacity due to supply chain bottlenecks.Aircraft manufacturers including heavyweights Boeing and Airbus have experienced significant delays in production due to shortages of key components, such as engines and avionics. These delays mean that their customers (airlines) cannot receive new aircraft on schedule, limiting their ability to expand or update their fleets.Supply chain disruptions have also affected the availability of spare parts, leading to delays in aircraft maintenance and repairs. This results in longer ground times for aircraft, reducing the number of operational planes and the overall capacity airlines can offer.The aviation industry has also been hit by labour shortages, particularly in skilled positions such as pilots, mechanics, and ground staff. These shortages, compounded by supply chain issues, further strain the industry’s ability to deploy adequate capacity.Airports and other critical infrastructure projects have also been hit due to shortages of materials and equipment. This has prevented many airlines from expanding their operations or adding new routes, limiting capacity.Supply chain disruptions have also driven up the costs of aircraft parts, fuel, and other operational necessities. Higher costs make it difficult for airlines to afford expanding their capacity, particularly as they recover from the financial impact of the Covid-19 pandemic.In some cases, supply chain issues have led to delays in regulatory approvals for new aircraft or modifications to existing ones.This, market analysts say, prevent airlines from deploying new planes or configurations that would help increase capacity.“The winding down of the peak northern summer season is a reminder of how much people depend on flying. As the mix of travellers shift from leisure to business, aviation’s many roles are evident—reuniting families, enabling exploration, and powering commerce. People need and want to fly. And they are doing that in great numbers. “Load factors are at the practicable maximum. But persistent supply chain bottlenecks have made deploying the capacity to meet the need to travel more challenging. As much of the world returns from vacation, there is an urgent call for manufacturers and suppliers to resolve their supply chain issues so that air travel remains accessible and affordable to all those who rely on it,” Walsh remarked. The global nature of the aviation industry means that even small disruptions in the supply chain will have a ripple effect, causing delays in aircraft deliveries, maintenance, and other critical operations. This interconnectedness, obviously, exacerbate capacity challenges.These challenges create a complex environment, where airlines must navigate not only their own operational limitations but also external factors beyond their control.n Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Abdelmadjid Tebboune, who assumed Algeria’s presidency during mass pro-democracy protests, is touting his achievements as he seeks another term.Yet, five years after the movement faded, some say real change remains elusive.The Hirak protests, which led to the ousting of longtime president Abdelaziz Bouteflika in 2019, aimed for a comprehensive political overhaul.Tebboune, a minister under Bouteflika, took over as president in December that year after widely boycotted elections, as the movement was stifled and its leaders were imprisoned.Now, as he campaigns for the September 7 election, Tebboune says he has succeeded in rectifying the country’s past wrongs with broad achievements and is promising more if re-elected.Despite more than 100 weeks of demonstrations, Tebboune “dismissed the democratic transition demanded by millions of citizens”, said Hasni Abidi, an Algeria analyst at the Geneva-based CERMAM Study Center.Abidi said a change in leadership alone was insufficient to bring about a “new era”, despite Tebboune’s frequent references to a “new Algeria”.Even as his first term nears its end, Tebboune still faced the “difficulty of bringing about profound change”, he said.Algeria-based political commentator Mohamed Hennad said this change should primarily be political.“As long as political questions are not legitimately resolved, any economic, cultural, or diplomatic discourse is pure diversion,” he said. The Hirak movement withered away with the onset of the Covid-19 pandemic, coupled with a sweeping crackdown on protesters. Hundreds were arrested, and dozens remain behind bars or are still being prosecuted, according to prisoners’ rights group CNLD.Since taking office, Tebboune has claimed to have put Algeria back on track, frequently referring to Bouteflika’s last years in power as the “mafia decade” where control of the oil-rich country was concentrated in the hands of a “gang”.During his tenure, several businessmen, ministers and political figures from that era, including Bouteflika’s brother Said, were convicted on corruption charges and imprisoned.Tebboune also says he has successfully transformed Algeria into an emerging economy, now Africa’s third-largest.Abidi, however, points out that Tebboune’s success has been aided by a “favourable international setting”, with the Ukraine-Russia war driving up natural gas prices to the benefit of Algeria, the continent’s top exporter.This economic windfall has allowed Tebboune to deliver “local-interest speeches steeped in populism”, said Abidi, with promises of free housing, raising the minimum wage and higher social pensions.At a recent rally in Oran, Tebboune pledged to create 450,000 jobs and increase monthly unemployment benefits if re-elected. Launched in 2022, unemployment benefits now provide 13,000 dinars ($97) to people aged 19 to 40, and Tebboune has promised to raise this to 20,000 dinars – currently the minimum wage.Despite these pledges, critics have said social and economic progress under Tebboune has been slow.But the president often defends his record by saying his achievements have come despite “a war against Covid-19 and corruption” following the Hirak movement.Abdelhamid Megunine, a 20-year-old student in Algiers, recalls that period with bitterness.“We suffered a lot,” he told AFP. “Prices and the cost of living have since increased.”Although Algeria’s economy has grown at a rate of about four percent over the past two years, with foreign exchange reserves reaching $70bn, it remains heavily dependent on oil and gas.Hydrocarbon exports account for about 95 percent of the North African country’s hard currency revenues, which are crucial for sustaining social assistance programmes.On foreign policy, Tebboune’s tenure has seen a mix of successes and challenges.Algeria gained international attention in January when it became a non-permanent member of the UN Security Council, where it has been a strong advocate for Palestinian rights.However, relations with neighbouring countries, have worsened, largely due to the ongoing dispute over Western Sahara.Similarly, relations with France, already strained due to a history of colonialism, recently suffered a blow.

As head-to-head exhibition 100 metres races go, it is certainly one that catches the eye: pole vault king Armand Duplantis up against 400m hurdles master Karsten Warholm in Zurich today.The two track stars will clash at the Letzigrund Stadium ahead of tomorrow’s Diamond League meet proper to make good on some training ground banter that has escalated all the way to a sprint-off. Norway’s Warholm is the reigning 400m hurdles world record holder, an Olympic gold and silver medallist and three-time world champion.US-born Swede Duplantis is the newly-crowned double Olympic champion and has broken the pole vault world record an incredible 10 times, the last time coming at the Silesia Diamond League meet last week. Duplantis has long insisted that one of his principal strengths in vaulting was his speed on the runway, albeit it is just 40 metres long.He has a best of 10.57 seconds over 100m, wind-aided and set back in 2018. Warholm, known for his aggressive starts in the hurdles, has a best of 10.49sec set in 2017. The rivalry commenced after a joint training session between Warholm and Duplantis in the run-up to last year’s Monaco Diamond League meet.“He was saying that I looked fast, and I was like, ‘Let’s race’,” Duplantis said.Warholm accepted the challenge after Duplantis claimed he could win. “With my ego and how highly I think of myself, I needed to accept,” the Norwegian explained. “My expectations are to win,” Duplantis said of the showdown. “I am just trying to get to that line before he does, that’s the only thing that matters. I think he’s probably just underestimating my speed in general.”Duplantis added: “I did win the Olympics this year and he got second!”Warholm, who set the world record of 45.94 second when winning gold at the Covid-delayed Tokyo Olympics, had to settle for silver behind American Rai Benjamin in Paris last month. And he has already admitted that “it would be more embarrassing for me if you beat me than it would be for you if I beat you”.Olympic 200m champion Letsile Tebogo, who will be racing in Zurich up against a strong American quintet including Fred Kerley, said he was “definitely going to watch that race, it seems interesting to watch”.But Tebogo said he was yet to determine which athlete to back. “The 100m runners, we told them we wanted to be side by side (cheering) - Team Mondo on (one) side and the other team on the other side so we can cheer for our people,” he said. “I’m Team Mondo, obviously! But also Warholm is going to be a tough one, I’ll decide when I land in Zurich.”Warholm admitted that track racing had its advantages. “I think both the block starts and my top speed is going to be my biggest strengths when I meet up with Mondo,” he said.Duplantis added: “Karsten is a killer. He’s a mad competitor and he shows up when he needs to show up. I think that there is definitely a possibility that I can get Warholm in the first 50 metres,” he said in a nod to his runway speed. I definitely do more sprint training than I think people know and I think that I’m going to surprise a lot of people. I’m capable of running a very competitive race. I would never have challenged Warholm to a race if I didn’t think I could win.”Duplantis added: “A lot of people are definitely going to think that I’m not going to be as comfortable in the blocks as Warholm is, which I guess is a fair point, but I do a little bit of block training every once in a while.”Warholm, however, was not writing his adversary off. “Mondo’s strengths are going to be his acceleration, especially in the first 40-50 metres,” he said.

Norwegian Princess Martha Louise married American self-proclaimed shaman Durek Verrett yesterday, a union of two alternative therapy devotees that has raised eyebrows in Norway.Martha Louise, a 52-year-old divorcee, claims to be a clairvoyant, a gift she has shared — and profited from — in books and courses.Verrett, 49 and from California, calls himself a “sixth-generation shaman” and sells pricey gold medallions that he says save lives.“I’m very spiritual, it’s just so nice to be with a person who embraces it,” Martha Louise said on Instagram after the couple announced their engagement in June 2022.The pair tied the knot yesterday afternoon at a hotel in the hills of Geiranger, a picturesque village on the shores of a fjord on Norway’s west coast.The ceremony took place under a white tent, concealing the party, with the couple having sold exclusive photo and video rights to the ceremony.Martha Louise wore a traditional white wedding dress and a tiara given to her by her grandfather, King Olav, on her 18th birthday, according to photos taken by Norwegian press.Durek wore a black suit with a gold cummerbund.Aside from 87-year-old King Harald and Crown Prince Haakon who wore dark suits, the royal family was dressed in traditional Norwegian dress, called bunad, made of embroidery and wool fabrics.Festivities kicked off Thursday with a meet-and-greet party for the more than 350 guests.According to Verrett, the nuptials are actually a renewal of the couple’s vows.The spiritual guide, counts Hollywood celebrities Gwyneth Paltrow and Antonio Banderas among his followers.The couple’s eccentricity has ruffled feathers in no-nonsense Norway, as has their disregard for science and their use of their royal ties for commercial gain.To avoid confusion over her role, Martha Louise relinquished her royal duties in November 2022. She kept her title but agreed not to use it in her commercial endeavours.She has however violated the agreement several times since then, most recently when she and Verrett released a “wedding gin” for sale in Norway that bore her princess title on the label.“Seeing as the agreement has not been respected, it’s time to take away Martha Louise’s princess title before King Harald sees his life’s work destroyed even further,” historian and royal expert Trond Noren Isaksen wrote in an op-ed in July.The couple has also angered Norwegian media by signing deals with Hello! magazine and Netflix for exclusive coverage of the wedding.Martha Louise has three daughters from her first marriage to Norwegian author Ari Behn, who killed himself three years after their 2016 divorce.She is fourth in line to the Norwegian throne; her younger brother Crown Prince Haakon is due one day to succeed King Harald.Norway’s royal family has been largely spared from scandal — until recently.Martha Louise and Verrett have contributed to an erosion of public support for the monarchy, from 81% in 2017 to 68%, a poll by public broadcaster NRK showed this week.A recent scandal involving the 27-year-old son of Crown Princess Mette-Marit — from a relationship prior to her marriage to Crown Prince Haakon — has also contributed.Earlier this month, Marius Borg Hoiby admitted to a cocaine- and alcohol-fuelled assault on his girlfriend, and two ex-girlfriends have since come forward with similar claims.Four in 10 Norwegians said their view of the royal family had grown more negative in the past year, with many citing Martha Louise, Verrett or Hoiby as the reason, the poll showed.Martha Louise has accused the media of pursuing a witch hunt against her.But it is Verrett who has received the most criticism, labelled a “charlatan and a quack” in the press.In one of his books, he suggested that cancer was a choice.On his website, he sells a $222 “Spirit Optimiser” medallion which he says helped him overcome Covid.While Verrett has acknowledged his beliefs may be unsettling for some, he claims he is a victim of racism.“White people write all this hate and death threats to us... because... they don’t want to see a black man in the royal family,” he said on Instagram in June 2022.Meanwhile, King Harald — who fought for years to be allowed to marry Queen Sonja, a commoner — has said little about his future son-in-law, referring only to a “culture clash”.He has described him as “a great guy and very funny”.“We’ve agreed to disagree” on some things, the king said in November 2022.

The Ministry of Public Health (MoPH) said that the 2nd National Health Strategy 2018-2022 has successfully accomplished over 90% of its outcomes and played a crucial role in the ongoing sustainable development and improvement of healthcare in Qatar, aiming to enhance the health of the Qatari community.The announcement comes as the MoPH is gearing up to launch the 3rd National Health Strategy 2024-2030. Director of the Strategic Planning, Performance and Innovation Department at the Ministry of Public Health, Huda al-Khtheeri said: "The strategy has successfully accomplished over 90% of its outcomes across 54 projects, focusing on prevention, wellness, improving access to care, and delivering services in a more integrated manner.""These accomplishments were achieved despite the strategy's implementation period coinciding with the global health challenge of the Covid-19 pandemic, during which Qatar successfully managed the crisis and maintained one of the lowest mortality rates globally. Furthermore, throughout the strategy's implementation, significant attention was given to ensuring the successful hosting of the FIFA World Cup Qatar 2022, which was recognised as the healthiest tournament ever, thanks to the tremendous efforts of all partners involved," she added.Through the National Health Strategy 2018-2022, the Ministry of Public Health prioritised the improvement and development of services for seven population groups most in need of care, achieving significant milestones in this area, including a 5% reduction in the prevalence of dental caries among children and a 10% increase in the rate of exclusive breastfeeding for infants during the first six months of life.Additionally, the percentage of patients receiving mental health services in primary and community care settings increased by about 17%, and the incidence of emergency department visits due to falls among individuals aged 60 years and older decreased from 2.4% in 2018 to 1.9% in 2021.The strategy also led to a 25% increase in the number of organisations with access to occupational health and wellness programmes in the workplace. Furthermore, improvements were made in midwifery services for women, as well as services aimed at empowering patients with multiple chronic conditions.In the field of health system priorities, as a result of joint efforts across all sectors, Qatar became the first country in the world to have all its municipalities awarded the title of "Healthy City" by the World Health Organisation. Additionally, Qatar University received the title of "Healthy University," and Qatar Foundation's Education City achieved the title of "Healthy Education City" from the World Health Organisation.The Ministry of Public Health has also achieved an increase in its International Health Regulations (IHR) indicators score, rising from 35% in 2018 to 97% in 2022. The goal of the IHR is to prevent disease outbreaks. Qatar has made significant progress in the Universal Health Coverage index, increasing its score from 72 in 2017 to 76 in 2021.Additionally, the National Framework for Health Education was developed and launched to ensure consistent messaging across all programmes and campaigns in the coming years.Through the vision of the Second National Health Strategy 2018-2022, "Our Health, Our Future," the strategy focused on providing timely care, delivered by the right person, in the most appropriate setting. This approach has laid the strong foundations for the next phase of development and improvement through the forthcoming Third National Health Strategy 2024-2030, which is set to be launched soon as part of Qatar's Third National Development Strategy 2024-2030 and Qatar National Vision 2030.

China is considering allowing homeowners to refinance as much as $5.4tn of mortgages to lower borrowing costs for millions of families and boost consumption.Under the plan, homeowners would be able to renegotiate terms with their current lenders before January, when banks typically reprice mortgages, people familiar with the matter said, asking not to be identified discussing private information.They would also be allowed to refinance with a different bank for the first time since the global financial crisis, the people said.Authorities are ramping up a push to reduce mortgage costs after the central bank encouraged such support last year and banks responded with a rare rate cut on outstanding mortgages of first homes. It wasn’t immediately clear if the latest considerations apply to all homes.While lower mortgage rates would hurt profitability at state-run Chinese banks, authorities are facing renewed pressure to stem a housing-led slowdown in Asia’s largest economy.“If implemented, the move would send a signal that the central government is intensifying measures to support overall economy, protect household wealth and spur consumption,” said Raymond Cheng, head of China property research at CGS International Securities Hong Kong. “It would also indirectly help the real estate sector.” A Bloomberg index of Chinese developers jumped more than 8% yesterday, with Shimao Group Holdings Ltd surging as much as 28% and China Vanke Co jumping up to 17% in Hong Kong. China’s offshore yuan currency also hit the strongest in over a year, amid optimism that further property stimulus would ease market concerns about the housing downturn and China’s growth prospects.Concerns about a deteriorating outlook intensified this week after a string of disappointing earnings reports from consumer companies and a cut to China’s growth forecast by economists at UBS Group AG. The downgrade reflects an emerging consensus among global banks that the country might miss its growth target of around 5% in 2024. The nation last fell short in 2022, amid Covid lockdowns and abrupt policy changes.The People’s Bank of China and the National Financial Regulatory Administration didn’t respond to requests for comment.The new plan targets existing homeowners, who have been left out as new homebuyers have enjoyed sizeable cuts to key interest rates this year.If approved, it may serve to ease mortgage burdens faster than expected. While China has pushed average mortgage costs to a record low this year, most households haven’t benefited since banks won’t reprice existing loans until next year.Shujin Chen, China economist at Jefferies Financial Group, estimated the refinancing move could cut rates on existing mortgages by maximum 1 percentage point, saving homeowners about 300bn yuan ($42bn).“The move is going in the right direction if homeowners are allowed to switch banks for lower rates in the long run, it’s more market oriented and better than a one-off reduction,” said Chen.

Inflation in the eurozone fell to its lowest level in three years in August, setting the stage for a further cut in the European Central Bank (ECB)’s interest rates next month despite an Olympics-driven surge in the price of services.The ECB has started winding down a two-year campaign against high inflation that followed the brisk reopening of the economy after the Covid-19 pandemic and Russia’s invasion of Ukraine.Inflation in the 20 countries sharing the euro currency fell to 2.2% this month, the slowest pace since July 2021 and closing in on the ECB’s 2% target, according to a flash reading by the European Union statistics office, Eurostat.While the fall was mostly driven by lower energy prices and may even reverse later this year, it was still likely to seal the deal on a second ECB rate cut on Sept 12 after a first move in June.“The significant drop in headline inflation in August makes the September cut a foregone conclusion,” said Tomas Dvorak, a senior economist at Oxford Economics.Even ECB board member and prominent policy ‘hawk’ Isabel Schnabel appeared to open the door to more easing on Friday, saying further gradual rate cuts might not derail the disinflation process as some policymakers had feared.Still, the report showed price growth in the services sector — which is closely watched by policymakers because it better reflects domestic demand rather than external conditions — accelerated to 4.2% from an already high 4.0%.This was the probable result of a boost from the Olympic Games in Paris, but also greater spending power by workers after some recent pay increases.“This likely reflects a relatively tight job market, as the decrease in the unemployment rate in July shows,” said Gian Luigi Mandruzzato, senior economist at EFG Asset Management.For now, markets see about six rate cuts before the end of next year, roughly one more cut than is baked into the ECB’s own economic projections, indicating that markets are more optimistic about the price outlook than the ECB. This is partly because market economists see a bigger dip than the ECB’s own staff in inflation this autumn. Policymakers say they will not be confident in the inflation outlook until wage growth slows, with Germany’s central bank especially vocal about this risk.Still, with inflation now within a whisker of the ECB’s target, the eurozone’s central bankers were likely to broaden their debate from the single-minded focus on inflation to take into account signs of economic weakness.Wage growth has slowed sharply and unemployment is already rising in around a quarter of the eurozone’s 20 countries. Survey data among firms and households suggest there is further labour market deterioration in store. Lending has dwindled to a trickle since the ECB jacked up rates last year, causing investment to dry up and hampering sectors that rely on it, such as construction and manufacturing.This has left eurozone economic growth barely humming along for over a year, with weakness in industrial powerhouse Germany only partly offset by strength in services-oriented countries such as Spain.“We think the ECB is already behind the curve, fixated too much on current and narrow measures of inflation while not paying enough attention to weak growth, with potential long-term damaging impacts,” Oxford Economics’ Dvorak said.