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Qatar’s Abderrahman Samba qualified 400m hurdles final at the Paris Olympics after a valiant effort on Wednesday. Samba, who finished fifth at the Tokyo Games three years ago, clocked 48.20 secs to finish third in semi-final 2 at Stade de France. With Kyron McMaster (48.15 secs) of the British Virgin Islands and Estonian Rasmus Magi (48.16 secs) advancing with a one-two finish, Samba entered the eight-man final as one of the two fastest athletes failing to secure the direct qualification.Defending champion Karsten Warholm safely progressed to the final after winning his semi-final. Warholm, who set the world record when winning gold at the Covid-delayed Tokyo Games, clocked 47.67 secs in front of a 69,000-capacity crowd.The three-time world champion will be joined by unknown French hurdler Clement Ducos, currently based at the University of Tennessee, Knoxville. Ducos deprived Brazilian Alison Dos Santos of the second automatic qualifying spot in the first of the three semis. “I got the race that I wanted,” said Warholm. “I had control over the race. I saw Dos Santos got third - that is a bit surprising.”American Rai Benjamin, perhaps Warholm’s main rival for the Olympic crown, won the third and final semi easily in 47.85sec ahead of Jamaica’s Roshawn Clarke. Benjamin, who won silver behind Warholm in Tokyo, as well as two silvers and a bronze at the last three world championships, eased up 30 metres from the line. The final is slated for 8:45pm Qatar time on Friday.Meanwhile, Qatar’s middle-distance runner Abubaker Haydar Abdalla will take part in repechage round today, hoping to qualify for the men’s 800m semi-final. During the heats on Wednesday, the two-time Asian champion failed to advance as he clocked 1:48.42 secs to finish seventh in his heat.

Morocco’s steeplechase king Soufiane El Bakkali on Wednesday became just the third Arab to win double Olympic gold while Jamaica’s Roje Stona upset the favourites to claim a memorable men’s discus title.In a thrilling 400m final, American Quincy Hall overtook Britain’s Matthew Hudson-Smith in the final metre to win the 400m and become the fourth-fastest one-lap performer in history.A capacity 69,000 crowd at the Stade de France also saw Nina Kennedy bag a first-ever women’s pole vault gold for Australia.Three-time world champion El Bakkali timed 8min 06.05sec for victory in the 3000m steeplechase ahead of American Kenneth Rooks and Kenya’s Abraham Kibiwot.His second Olympic gold, having first win in the Covid-delayed Tokyo Games, leaves him in a small group of Arab athletes to have doubled up at the Summer Games.Only his Moroccan compatriot Hicham El Guerrouj, who won 1500m and 5,000m gold in Athens 2004, and Tunisian swimmer Oussama Mellouli (1500m freestyle in Beijing 2008 and 10km marathon in London 2012) have achieved the feat.The discus produced a feast of high-level throwing, Stona coming out on top to upset world record holder Mykolas Alekna.Lithuanian Alekna had broken the Olympic record with his best mark of 69.97m on his second effort.But plans to emulate his father Virgilijus, who won two Olympic titles in 2000 and 2004, were scotched by the Jamaican.Stona, coached by American Ryan Crouser who won an unprecedented third consecutive shot put gold on Saturday, stole the show when he threw out to an Olympic record of 70.00m on his fourth attempt.On the track, Hall produced a perfectly-timed finish and savage dip for victory in the 400m in 43.40sec. The 26-year-old pipped a desperately disappointed Hudson-Smith, who improved his own European record to 43.44sec.Zambia’s Muzala Samukonga took bronze in 43.74sec.It was the first time ever five athletes had gone below 44 seconds in the same race. Hall became the first American man to win the one-lap event at the Olympics since LaShawn Merritt in Beijing in 2008.“It means a lot,” said Hall, who was only a bronze medallist at last year’s world championships.“I’ve been putting a lot of work in. This is my second year running the 400. “Last year I told you guys I was going to get a better medal this year. Guess what? I got one gold.”The fourth gold of the night went to Australia as Kennedy cleared a best of 4.90m.American Katie Moon, the defending champion with whom Kennedy had shared world gold in Budapest last year, claimed silver on countback from Canada’s Alysha Newman after they both managed 4.85m.Lyles on track A trio of track stars safely negotiated their way into their respective event finals. Noah Lyles qualified for the 200m final on Wednesday to stay on track for the first Olympic men’s sprint treble since Usain Bolt achieved the feat at the 2016 Rio Games.The American three-time world champion, who won the 100m by five thousandths of a second from Jamaican Kishane Thompson in 9.79sec, finished second in his semi-final behind Botswana’s Letsile Tebogo.Tebogo, also a finalist in the 100m, struck a psychological blow to Lyles, crossing the line in 19.96sec, while Lyles timed 20.08sec.And finally three-time world champion Grant Holloway’s quest for an elusive Olympic 110m hurdles gold remained on track.The 26-year-old American streaked home in an impressive 12.98sec, finishing far ahead of the rest of the field after a dynamite start.

As the world grapples with the aftermath of the Covid-19 pandemic, accelerating climate change, wars, and genocide, many emerging economies find themselves left behind in their pursuit of equitable access to affordable, high-quality healthcare.Indeed, nearly half of the world’s population lacks timely access to accurate and affordable medical diagnostics. In my home region of Southeast Asia, which has a population of nearly 700mn, out-of-pocket health-care expenditures are among the highest in the world. In eight of the 10 Asean countries – Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Vietnam – these expenses accounted for more than 30% of all healthcare spending in 2022, compared to the average OECD rate of 20%.The Covid-19 pandemic has underscored the urgent need to improve pandemic preparedness and invest in the domestic production of diagnostics, therapeutics, and vaccines across Southeast Asia. When the pandemic erupted in 2020, Malaysia and other Asean countries faced a severe shortage of diagnostic reagents, most of which are imported. This, in turn, impeded the local development of rapid diagnostic test kits.Similarly, most Covid-19 vaccines deployed by Asean countries had to be imported. But less than 10% of low- and middle-income countries were given access to these life-saving vaccines even after they became widely available in high-income countries. This is nothing short of a global scandal. Even before the pandemic, Asean countries were grappling with the spread of infectious and non-communicable diseases, particularly cancer. While accurate diagnostics for infectious diseases are often expensive and depend heavily on imported inputs and equipment, advanced cancer therapeutics – such as monoclonal antibodies and other immunotherapies – remain out of reach for most cancer patients in the region.Two years after the pandemic effectively ended, most emerging Asean economies still struggle to expand access to quality healthcare. This can be partly attributed to global monopolies and predatory pricing strategies driving up the cost of vital diagnostics and therapeutics.To counter these strategies and ensure that communities across Southeast Asia and the entire Global South have access to life-saving diagnostics and treatments, Asean countries must harness their collective power. This requires a concerted effort by governments, academics, physicians, businesses, and civil-society organisations, as well as a clear roadmap for implementation.One promising solution, proposed by South Korean economist Keun Lee, is technological leapfrogging. By developing and implementing strategic innovation policies, Asean economies could bypass older technologies and adopt the latest advances, especially in pharmaceuticals and medical devices, thereby improving access to critical treatments.To be sure, this will require technology transfers. But these efforts must extend beyond “fill and finish” facilities and end-stage assembly. New projects must contribute intellectual capital to local scientists, engineers, clinicians, and researchers, stimulate collaborative design, and foster equitable partnerships. Malaysia provides a promising model for other Asean countries seeking diagnostic and therapeutic innovations to combat diseases like cervical cancer and hepatitis C. Since 2018, Malaysia has made significant strides in combating the human papillomavirus (HPV) by providing women with simple do-it-yourself test kits. This innovative program, led by the country’s ministries of health and women, family, and community development, along with local foundations such as ROSE, has increased cervical screening rates, particularly among under-tested women in rural areas. In 2021, the health ministries of Malaysia and Thailand, in collaboration with the Drugs for Neglected Diseases initiative and industry partners from Malaysia and Egypt, developed ravidasvir, a groundbreaking hepatitis C drug that reduced the cost of a 12-week course of treatment from $80,000 to less than $500.Malaysia is also spearheading efforts to develop point-of-care diagnostics and treatments for severe dengue fever, reflecting the country’s robust innovation ecosystem. Several organisations, led by Clinical Research Malaysia, the Institute for Medical Research, and the Institute for Clinical Research, have also established a platform for conducting clinical trials and applied research. As part of Malaysia’s New Industrial Master Plan 2030, which designates pharmaceuticals and medical devices as two of the economy’s five “industrial pillars”, the Ministry of Science, Technology, and Innovation has partnered with tech incubators like the Malaysian Research Accelerator for Technology & Innovation to advance applied research.Meanwhile, Malaysia’s newly formed International Affordable Diagnostics and Therapeutics Alliance (IA-DATA) aims to bring together stakeholders across Asean countries to address the healthcare needs of low- and middle-income countries. By focusing on point-of-care diagnostics, drug repurposing, and innovative platform technologies, such as plant molecular farming, this initiative has the potential to reduce the costs of monoclonal antibodies and cancer immunotherapies. — Project Syndicate

Olympic 100m champion Marcell Jacobs said on Wednesday he is a “changed, but better” athlete and is confident of defending his title at the Paris Games.The Italian stunned the field to snatch gold in the Covid-delayed Tokyo Olympics, in a European record of 9.80sec. He made it double gold just days later by helping Italy to victory in the 4x100m relay.The 29-year-old told reporters he was back at the Summer Games for one reason only: to defend his title in one of its standout events.“I’m the Olympic champion. I want to win again,” Jacobs told reporters.“I know what I can do. I know I am the Olympic champion. I won the 100m at the Olympic Games. I worked really hard to get here to win again... so I can do the double.”After his stunning success in Tokyo, Jacobs went off the radar, citing fatigue and a knee problem. His conspicuous absence raised eyebrows and brought criticism that still stings.“What hurt me was that people didn’t understand that we are not robots, we are not machines. We are human,” he said. “We work every day at 100% with our body, so it’s normal to have some difficulties, some injury.“The problem with doping (accusations) after the Olympics didn’t touch me because I know what I have to do to get a win, so I know what is not true.“It’s hard to survive at the Olympics and win, but it’s harder to continue to win. So for that, you have a lot of injury and people didn’t understand that. In Italy, we never had an Italian guy make the Olympic final, but I won and they continued to criticise me. So it hurt me.” Jacobs showed his determination to bag back-to-back golds by upending his life, both professionally and personally, changing coach in Olympic year and moving, with his family, to the US to work under Rana Reider. It seems to have paid off as Jacobs claimed a second European title in Rome in June.“Of course I’ve changed since Tokyo,” he said. “It was three years ago.”Since then, Jacobs added, “I win, I lose, I have a lot of injury. I change everything. I change country and change coach, so I’m different, but I’m better”.Jacobs maintained that reaching Sunday’s 100m final was the hardest part of the jigsaw.“The most difficult thing is the semi-final because we are this year 15 or 16 guys who can go to the final. The semi-final will be hard,” he said. “Every year is a different. This year we have the Jamaicans, the Americans, but every year is like that.”

The global average jet fuel price fell to $98.68/barrel as of July 26, down 2.1% compared to the week before.Jet fuel price, industry analysts say marked a significant 40% plus decrease from their peak in 2022.This reduction is generally seen as a welcome shift for the aviation industry, which faced severe financial strains due to soaring fuel costs in the wake of the Covid-19 pandemic.According to Statista, the current price of $2.39 per gallon represents a substantial decrease from the 2022 highs, reflecting a more stable period for fuel costs.However, the US Energy Information Administration (EIA) notes that current prices remain elevated compared to pre-pandemic levels, where prices were consistently between $1.80 and $1.90 per gallon in 2019.Despite the recent decline, high fuel costs continue to pose a challenge for airlines, impacting their operational expenses and profitability, financial analyst Noris Soto wrote in Invezz, which is an online investor platform.The recent drop in jet fuel prices provides some financial relief, but airlines are still grappling with the long-term impact of fuel costs.“The complex interplay between fuel prices, consumer demand, and industry regulations influences airline ticket prices,” Soto noted.Elevated fuel costs, combined with significant taxes and airport fees, often get passed on to consumers, affecting ticket affordability.Projections suggest that while jet fuel prices may remain stable, they will continue to impact the cost structure of airlines.This ongoing economic uncertainty requires the industry to navigate challenges with resilience and adaptability.According to Soto, airlines employ various strategies to manage the financial impact of fluctuating fuel prices.Fuel hedging is a key tactic, allowing airlines to lock in fuel prices at favourable rates and shield themselves from sudden price spikes.Additionally, airlines focus on operational efficiency improvements and fleet modernisation to reduce fuel consumption and lower costs.Other strategies include adjusting ticket prices, flexible scheduling, and capacity management.By implementing these measures, airlines aim to maintain operational stability and financial health despite volatile fuel markets.Global body of airlines - IATA forecasts that the average cost of jet fuel in 2024 will be roughly $2.7095/gallon, up from the $2.6643/gallon average forecasted for 20232.The jet fuel price is expected to average $113.8/barrel in 2024, translating into a total fuel bill of $281bn, accounting for 31% of all operating costs, IATA noted recently.Fuel is a major cost component of operating an airline, often accounting for 20-30% of operating costs, according to OAG, a UK-based global travel data provider.Fuel is such a large cost for airlines that it is the focus of intense efforts across the industry to find efficiency improvements.Such gains can take a variety of forms including replacing fleet with new aircraft, more efficient operations and efforts to persuade governments to remove the airspace and airport inefficiencies that waste around 5% of fuel burned each year.Industry experts say fuel costs constitute roughly one-third of an airline’s operating costs. Hence, a marginal change in crude oil prices can significantly impact its profitability.Jet fuel prices have long driven airline profitability and the aviation industry as a whole, representing between 14% and as much as 31% of airline operating costs in the past decade, an estimate shows.Consequently, airlines hedge a large portion of their annual fuel consumption at lower oil prices in order to protect themselves from the volatility in oil prices.Many experts have called for increased use of sustainable aviation fuel (SAF) to tide over the crisis.But according to IATA, the global production of sustainable aviation fuel (SAF) is only about 100mn litres a year, or 0.1% of all aviation fuel used.Various airlines have, however, committed to bringing this figure to 10% by 2030, a truly ambitious goal.Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn

The world is heading towards an unprecedented food crisis.About 733mn people — or 9.1% of the global population — were undernourished in 2023, little changed for a third straight year, UN agencies said in the latest report.That’s still 152mn more than in 2019, putting the world off track to reach key goals, including zero hunger, by the end of this decade.The world has made little progress in combating global hunger as conflict, extreme weather and economic challenges restrict people’s access to food.“While we have made some progress, improvements have been uneven and insufficient,” the UN said in the annual flagship study. “Vulnerable populations, particularly women, youth and indigenous peoples, are disproportionately affected.”Moderate or severe food insecurity, which forces people to occasionally skip meals, hit 2.33bn people last year – almost 29% of the global population.The report by the Food and Agriculture Organisation, the International Fund for Agricultural Development, Unicef, the World Food Programme and the World Health Organisation suggests the UN goal of a world without hunger by 2030 is fading further.Conflicts, climate chaos and economic downturns are already known as major drivers of food insecurity and malnutrition that combine with underlying factors including persistent inequality, the unaffordability of healthy diets and unhealthy food environments.But these major drivers are becoming more frequent and intense — and occurring concurrently more often — meaning more people are exposed to hunger and food insecurity.A healthy diet was unaffordable for more than one third of the world’s population in 2022.Regional inequalities are stark: More than 71% of people in low-income countries could not afford healthy diets, compared with just over 6% in high-income nations.Hunger continues to rise in Africa, affecting 20.4% of the population, while remaining stable in Asia at 8.1%. Latin America has shown some progress with 6.2% of its population facing hunger. However, from 2022 to 2023, hunger increased in Western Asia, the Caribbean, and most African subregions.According to David Laborde, an economist at the FAO and one of the report’s authors, the post-Covid economic rebound was unequal within and between countries.Wars and extreme weather events also raged unabated in 2023, but the world has failed to put in place a “Marshall Plan” to bolster funds earmarked for fighting hunger, he said.The UN agencies’ report, which was presented for a G20 summit in Brazil, suggested a major reform of financing food security and nutrition to alleviate the scourge.This would start with adopting common definitions putting all actors on the same page. According to current estimates, between $176bn and $3,975bn are needed to eradicate hunger by 2030.Yet the “highly fragmented” financial architecture “makes the scale-up and effective implementation of financing for food security and nutrition unfeasible.Donors, international agencies, NGOs and foundations are required to coordinate better as the current set-up lacks shared priorities and is characterised by “an over-proliferation of actors delivering mostly small, short-term projects.”Another weakness of the current system is that donor intentions do not always meet the needs of populations.The global food problem is worsening and some nations in Africa and the Middle East could soon slip into famine with conflicts, economic hardships and weather extremes limiting access to food.The UN report also recommended developing financial instruments combining private and public funds so that private actors invest in food security, a source of productivity and political stability.“There is no time to lose, as the cost of inaction greatly exceeds the cost of action this (UN) report calls for.”

Britain’s Tom Pidcock roared back after suffering a puncture to retain his Olympic men’s mountain bike title following a thrilling battle with France’s Victor Koretzky on Monday.The 24-year-old world champion needed all his renowned bike handling skills to first claw back a 40-second deficit and then hold off Koretzky in a barnstorming last-lap battle through the trees and rocks of the 4.4km Elancourt Hill circuit.As they went wheel-to-wheel down a narrow descent, Pidcock chose a more aggressive line through the trees and the two riders almost came together with Koretzky losing momentum.That proved pivotal as Pidcock powered to victory in an epic race by nine seconds, although boos rang out from the partisan French crowd as he crossed the line ahead of the Frenchman.Alan Hatherly took the bronze in what was South Africa’s first Olympic cycling medal since the country’s re-admission.“It’s a shame (about the boos) because that’s not really the spirit of the Olympics, but I do also understand, they’re a passionate French crowd,” an exhausted Pidcock said after a race run in sweltering heat.“But you know, they didn’t boo the rock that gave me a puncture did they,” he said, referring to the misfortune he suffered on lap four. Asked about the last-lap manoeuvre that almost certainly won him the race, Pidcock said. “I did nothing wrong. He could have also gone left (around the tree) and I would have had to go right. In this position you don’t hesitate.“The gap was there, so I was going.”Sunday’s women’s race was won in processional fashion by a dominant Pauline Ferrand-Prevot, sparking long and loud celebrations from the home crowd.Around 15,000 fans clambered all across a sun-baked circuit in the hills near Versailles again on Monday, hoping to witness more French gold. But Pidcock broke their hearts. “When he came back I knew I could beat him because he made a big effort to close the gap. Unfortunately, I was a little careless in the descent,” Koretzky said. “He was very strong, he really is a great champion, but I think I could have beaten him today.”Road professional Pidcock, who abandoned this year’s Tour de France because of Covid, looked menacing as he attacked on lap three and only Koretzky could hold his wheel.But calamity struck the Yorkshireman when his front tyre was punctured and he needed a pit stop to change a wheel - Pidcock casually sipping from his water bottle as the mechanics frantically went about their work.Once back in the race, Pidcock was well down but never panicked and relentlessly sliced into the deficit, before hitting the front on lap seven with Koretzky apparently tiring.But the Frenchman was not done and he and Hatherly stayed with Pidcock as the bell signalled the final tumultuous lap. Huge roars erupted when Koretzky attacked first and gapped Pidcock but the Briton again responded before making his audacious move through the trees.

Japan’s 14-year-old Coco Yoshizawa led a trio of teens on the podium in the women’s street skateboarding at the Paris Olympics yesterday, in front of a sellout crowd at the La Concorde venue.Her compatriot Liz Akama took silver, while Brazil’s Rayssa Leal claimed bronze.The top-ranked competitor heading into the Olympics, Yoshizawa held her arms out wide after sliding down the rail in the highest-scoring attempt of the best-trick stage of the competition that put her out of reach.Akama, who had a slim lead heading into the best tricks, nailed a sublime 270 switch front board on her opening attempt but could not improve on that effort.Yoshizawa said she was surprised to have won and that performing her tricks well was even sweeter than Olympic gold.“Paris is a big city and the Olympics is a very, very big event, and I’m very happy to win,” she said via an interpreter.The rowdy crowd at the urban park was a ringing endorsement of the sport, just three years on from its introduction to the Olympic programme at the Covid-delayed Tokyo Games.Yoshizawa had the best overall score of the opening heats and showed no loss of momentum in the final, where she made terrific use of the skatepark’s 18 features in two pristine runs. She trailed Akama by a few points going into the five tricks and unleashed the best moves she had in her arsenal to try to wrest the lead back, with a fine kick flip front board on her second trick.Yoshizawa had her highest-scoring trick (96.49) on the fourth try.The 16-year-old Leal had the full support of a large Brazilian contingent in the crowd as she attempted to improve on her Tokyo silver.But after a couple of tumbles she was happy to take bronze with a kick flip front board on her final trick of the day, as the crowd chanted her name.“There are so many Brazilian fans here. It’s crazy,” she said. “I did what I could, and I’m really happy.”Three teenagers on the podium would seem shocking at most other Olympic events, but not so at the women’s street, where the next generation has a firm grip on things, with only a handful of the 22 Paris competitors aged 20 or older.School-age skaters flew through the course against the backdrop of Paris’ historic landmarks, as the Eiffel Tower, Grand Palais and Arc de Triomphe loomed on the horizon.The sport lifted television ratings when it was added to the programme in Tokyo, as organisers work to bring a younger audience to the Olympics.The men’s street competition is set for today, after rain on Saturday forced a postponement.

High inflation has returned to many economies in the 2020s. Deflation is less common and also presents serious problems. For years central banks have targeted an optimal rate, but this can be difficult to achieveRecently high inflation has become a problem. In 2022, a regular opinion poll in the US recorded it as the most important economic issue facing the country, for the first time since the early 1980s. Back then Paul Volcker, Chairman of the US Federal Reserve from 1980-1987 introduced a period of very high interest rates to curb the problem, attracting strong political criticism and public protests. Inflation had peaked at 14.8% in 1980. Under his policy, Federal interest rates were increased to an exceptional high of 21%, but inflation did fall, reaching 3% by 1983, after which interest rates were cut.Volcker saw inflation as not merely undesirable but dangerous. If pay rises are lower than inflation, living standards are continually eroded, and if they rise above, companies may have to pass on the costs to customers, forcing inflation further higher in an upward spiral.His defenders can argue that his policy, which became known as the ‘Volcker shock’, was extreme but effective. Two sharp but short recessions were followed by an extended period of economic growth with low inflation. But the impact of the economic downturns was severe and unemployment rose.In recent decades, it has become orthodoxy for central banks to set a formal target an inflation rate, typically 2%, and to use interest rates as the main policy instrument. The first central bank to do this in a formal way was New Zealand in 1990.If Paul Volcker was an inflation hawk, his successor Alan Greenspan was more doveish in his long tenure from 1987 to 2006. Low interest rates in the late 1990s, and again in the early 2000s, were credited with contributing respectively to the dotcom crash of 2000 and the banking crisis of 2008, although there were other factors, such as the globalisation of finance. The current Federal chair Jay Powell seeks to implement interest rate rises without triggering a recession.The conventional description of the primary cause of inflation – too much money chasing too few goods – is a timeless observation. Low interest rates can trigger inflation, and it can also be caused by constraints in supply. The conflict in Ukraine in 2022, and supply chains disruptions caused by the Covid-19 pandemic and lockdowns caused prices of commodities and other goods to rise. This coincided with low interest rates. Another contributory factor to inflation has been labour shortages in sectors such as hospitality since the lockdowns ended.The reason that the targeted inflation rate is typically 2% and not zero is that deflation also presents problems. In Japan, the bursting of the asset price bubble of the late 1980s was followed by a banking crisis and an increase in company indebtedness. Businesses chose to pay down debt, which meant that borrowing and investment fell, depressing asset prices, retail prices and wages in a deflationary cycle lasting for much of the 30-year period 1990-2020. Because wages were falling, consumers were not experiencing the benefits of low inflation. The economy of China has begun to feature some of the same features of Japan in recent decades, just at the point that Japan has begun to experience a return of inflation.In Qatar, inflation has not been a significant problem. It peaked in 2008 at 15%, before plunging into negative territory in 2009 following the financial crisis. There was a more modest increase in 2022, the year of the World Cup, but it has since fallen. The Consumer Prices Index (CPI) was in the range 4-5% for much of 2022, but has been below 4% during 2023.In measuring inflation, each nation assembles a basket of goods and services for which changes in price are measured. Periodically, the mix needs updating, for example to remove consumer items that have become obsolete. It is unhelpful to make too many changes too frequently, as then the comparisons would not be like-for-like.In Qatar, there was a revision to the CPI formula in the period 2013-2018, but with only small adjustments to the principal categories. The relative weighting of food and beverages was increased from 12.58% to 13.45%, for housing it was slightly lower, from 21.89% to 21.17%, while recreation and culture changed from 12.68% to 11.1%.Recent experience confirms that a target inflation rate of 2% is rational, as it is consistent with economic growth and rising living standards. But in a globalised economy there are so many factors involved that achieving such an optimal rate will always be a challenge.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Air travel demand continues to outpace economic growth in an increasingly connected world.Four years after the pandemic grounded most of the global fleet, air traffic growth has returned to the long-term trend industry analysts have forecast.With air travel fully recovered and even surpassing pre-pandemic demand, the airline industry is bullish about its economic prospects over the next few years.“With a record five billion air travellers expected in 2024, the human need to fly has never been stronger”, according to International Air Transport Association (IATA), the global body of airlines.Thanks to solid and persistent demand for air transportation, the airline industry can now turn the page on the Covid-pandemic. Air traffic has now caught up with 2019 levels, and profitability has returned to the industry, IATA noted recently.While the trend will in all probability stay positive regarding both growth in activity and profitability, the pace of improvement is likely to slow, industry experts point out.A key variable to watch is unemployment, which could challenge the trend were it to begin to rise. In the interim, gains will also be capped by capacity constraints pertaining to labour and aircraft.Top planemakers – Airbus and Boeing see huge demand for new aircraft as many airlines modernise long-haul fleets and Asia’s surging economies, in particular, lock into air travel.The world’s largest planemaker – Airbus predicted in an annual report on jet industry trends that the global fleet would more than double over the next two decades to 48,230 planes.Europe-owned Airbus predicted industry-wide deliveries of 42,430 new airplanes over the next 20 years, including 41,490 passenger jets, with both figures up 4% since the previous survey.US planemaker Boeing projected a 3% increase in airplane deliveries over the next 20 years, with carriers requiring nearly 44,000 new commercial airplanes by 2043.Leading into the Farnborough International Airshow, Boeing released its 2024 Commercial Market Outlook (CMO), which also predicts emerging markets and global single-aisle market demand will remain primary growth drivers for the industry.Air transport connects remote and landlocked regions to the global economy, fostering economic inclusion and development.It plays a critical role in delivering humanitarian aid and disaster relief, providing rapid response capabilities in times of crisis.The industry enables the transport of essential supplies, medical personnel, and equipment to affected areas quickly.It enhances business efficiency by reducing travel time, enabling quick face-to-face meetings and faster decision-making processes.As for job creation, the air transport industry directly creates millions of jobs worldwide, including pilots, flight attendants, ground staff, maintenance workers, and administrative personnel.Indirectly, it generates employment in related sectors such as tourism, logistics, manufacturing, and retail.Countries with well-developed air transport infrastructure attract more foreign direct investment (FDI) as businesses prefer locations with reliable and efficient transport links.Airports often become hubs of economic activity, leading to the development of surrounding areas and increased investment.Undoubtedly, the growth of the air transport industry is a key driver of global economic progress, supporting trade, tourism, employment, and technological advancement, while enhancing global connectivity and fostering international co-operation.

Canadian soccer chiefs on Friday pleaded with FIFA not to deduct points from their women’s Olympic football team as a drone-spying scandal led to head coach Bev Priestman being dramatically kicked out of the Paris Games.Canada Soccer chief executive Kevin Blue said Canadian players had not seen any footage produced by the drone used to spy on a New Zealand training session and should not be punished by global governing body FIFA.Reigning Olympic champions Canada defeated New Zealand 2-1 in their opening match of the women’s football tournament on Thursday despite the turmoil around the squad. Canada Soccer announced early on Friday that English coach Priestman had been suspended with immediate effect after initial investigations into the scandal revealed drone-spying that pre-dated the Paris Olympics.Canadian Olympic Committee chief executive David Shoemaker said separately on Friday that Canada’s victory at the pandemic-delayed Tokyo Olympics might also have been stained by spying tactics.Priestman’s departure came a day after assistant coach Jasmine Mander and analyst Joey Lombardi were also sent home for their roles in the scandal.Blue told reporters there had been “frankly unacceptable shortcomings of ethical incidents” by members of the Canadian coaching team.However, he pleaded with FIFA not to slap Canada with a points deduction, which could potentially blow a hole in the defence of their Olympic crown.“The players themselves have not been involved in any unethical behaviour,” Blue said. “And frankly we ask FIFA to take that into consideration if contemplating any further sanctions.“Specifically we do not feel that a deduction of points in this tournament would be fair to our players.”Blue said preliminary investigations had unearthed indications of what appeared to be “systemic ethical shortcomings” but was unable to clarify how long Canada’s coaching staff had been using drones to spy on rival training sessions.“I received new internal information from internal sources that gave me reason to think further about the potential that this type of behaviour was systemic,” Blue said. “Concrete information I received on Friday made me consider the possibility that this matter is much more extensive.”Asked if the tactic had been used at last year’s Women’s World Cup, at which Canada failed to progress from the group stage, Blue said he was unable to say at this stage.“This is all happening in real time,” he said. But Canada Olympic chief Shoemaker said “there now appears to be information” that suggested illegal drone spying may have been used in Canada’s upset gold medal in Tokyo three years ago. “It makes me ill,” Shoemaker said. “It makes me sick to my stomach to think that there could be something that calls into question one of my favourite Olympic moments in history - that women’s team winning that gold medal against all odds in those Covid restrictions.”Canada Soccer chief Blue was adamant that none of Canada’s players had access to the footage obtained in France.“I am stating right now that the team has not seen any of that footage,” he said.Canada’s players had insisted they were innocent of wrongdoing after their opening victory over the New Zealanders.“There was a lot of emotion, frustration and humiliation because as a player, it doesn’t reflect our values and what we want to represent as competitors at the Olympics,” defender Vanessa Gilles said.“The Games represent fair play. As Canadians, these are not our values or those of our country. We are not cheats. It was very hard but we knew how to be united.”

A historic boat parade down the River Seine launched the Paris Olympics with spectacular French flair yesterday, as the City of Light welcomed the world's greatest athletes for a sporting extravaganza. Braving torrential rain, some 300,000 people lined the river banks to cheer on the armada carrying competitors past the city's iconic sights: the Eiffel Tower bearing the five Olympic rings, the Louvre and Notre Dame Cathedral.The wildly ambitious display was the first time the Olympic opening ceremony has been staged outside the main stadium, making it the biggest-ever launch for the "Greatest Show on Earth". But that gamble also made the ceremony hostage to the weather and spectators, VIPs, and athletes alike found themselves drenched or huddling in transparent ponchos.Some spectators refused to let the downpour get them down. "I've got such an adrenaline rush. It's very exciting," said Selene Martinez, 42, who had travelled from Mexico for the ceremony. But others were less stoic about the heavy rain on the parade, with some leaving the ceremony early to seek shelter. "It's a great idea. The performances are awesome. I just wish it wasn't raining," said Pauline Brett, 69, who had come from Chicago with her family.In the City of Love, the ceremony stressed togetherness and unity in a world that has suffered wars, massacres, and political upheaval since the Covid-delayed Tokyo Olympics. Four jets from the French air force display team drew a large pink heart in the Paris sky to set the tone.For just over a fortnight, organisers hope the superhuman performances of stars like gymnast Simone Biles, tennis champion Novak Djokovic or sprinter Noah Lyles will provide the world with much-needed distraction. Beach volleyball at the Eiffel Tower, breakdancing in Place de la Concorde, equestrian sport at the Palace of Versailles: 100 years since Paris last staged the Olympics, the city will provide a stunning backdrop to the sport."I declare open the Games of Paris celebrating the 33rd Olympiad of the modern era," said President Emmanuel Macron. After a stunning light show at the Eiffel Tower, French track legend Marie-Jose Perec and three-time Olympic judo champion Teddy Riner lit the Olympic cauldron which formed the base of a hot-air balloon.Canadian superstar singer Celine Dion closed the show with a solo performance from the platform of the Eiffel Tower, returning to the spotlight after revealing she was suffering from a rare illness.Paris 2024 organiser Tony Estanguet had said the opening ceremony needed to "push the limits as far as possible", showing from the start France's ambition for the Games. And from Moulin Rouge performers doing the cancan to a video showing dancers on the scaffolding of fire-damaged Notre Dame, it was a colourful celebration of French culture, history, and art.Led out by Greece through jets of water cascading from a bridge, accompanied by an accordion player, around 7,000 athletes cruised down a six-kilometre (four-mile) stretch of the Seine to the Eiffel Tower on 85 boats. The unprecedented ceremony sparked a colossal security operation in a city where memories of the November 2015 Islamist attacks are still raw.Around 45,000 police and paramilitary officers were on duty to protect the ceremony, along with 10,000 soldiers and 22,000 private security guards. Snipers, specialist frogmen, and AI-augmented cameras were deployed, with airspace closed and the area around the Seine virtually locked down. Residents, business owners grumbled about disruption and lost earnings but organisers hope to win them over when the sport starts.Sporting royalty mingled with celebrities and world leaders on and off the Seine, which will host triathlon and the swimming marathon after a historic clean-up to make it swimmable. Lady Gaga added global musical star power, with Franco-Malian R&B star Aya Nakamura also performing, defying criticism from far-right politicians who suggested her appearance would "humiliate" France.The ceremony kicked off with a video of French football legend Zinedine Zidane, who took the torch on an offbeat journey through the Metro, and the Paris catacombs. Basketball icon LeBron James and tennis player Coco Gauff carried the flag for Team USA, which has topped the medal table at every Olympics since Beijing in 2008.True to its slogan "Games Wide Open", the Paris Olympics can boast gender equality for the first time ever -- for Paris 1924, the last time the Olympics took place in the city, four percent of athletes were women. But the ceremony did not shy away from the chaos in the world -- to the strains of John Lennon's "Imagine", the city was plunged into darkness in an invitation to reflect.With extra security for Israeli athletes, plus a call from the Palestinian team for Israel to be excluded over the Gaza War, geopolitics has been an unwelcome intruder in the run-up. Russian athletes have been banned from the Paris Olympics over the Ukraine invasion, and possible Russian destabilisation efforts sparked fears ahead of the Games.But with the Games now open, the stage is set for the 10,500 athletes to fulfil their dreams and turn in the performance of their lives. Can US legend Biles bounce back from her "Twisties" heartbreak in Tokyo? Will Lyles establish himself as the rightful sprinting heir to Usain Bolt?LeBron James on the basketball court, Carlos Alcaraz on the Roland Garros clay, France's swimming hope Leon Marchand in the pool: the stars are aligned for sporting brilliance.