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For decades, the international community has grappled with the challenge of ending extreme poverty, which is the leading Sustainable Development Goal for 2030. Despite some progress, we remain far off track, with an estimated 700mn people still struggling to survive on less than $2.15 per day. Unlike in previous decades, however, we now have a solution that can be scaled up rapidly to accelerate the end of extreme poverty: direct cash transfers to the poorest households.The concept itself is not new. Cash aid has proven effective, especially in the face of emergencies. During the Covid-19 pandemic, one of every six people in the world received some cash assistance. Direct transfers are powerful tools for helping individuals to take control of their lives and invest in their families’ well-being. That is why high- and middle-income countries are increasingly incorporating cash aid as a central part of their social safety nets. Still, it is estimated that less than 5% of the $200bn spent annually on international development is allocated to cash transfers.The positive impact of cash transfers is well-documented and undeniable. The upshot from more than 300 randomised control trials is that transfers can boost incomes more than twofold; increase school enrolment and entrepreneurship; decrease skipped meals, illness, and depression; and reduce domestic violence. Importantly, they neither reduce hours worked nor increase spending on temptation goods. Better still, every $1 transfer has a spillover effect of around $2.50 in the local economy. Three years after the transfer, recipients are still earning more and are better educated. Recent research from Kenya showed that a $500 lump-sum cash transfer was particularly effective in empowering families to make income-generating investments.Equally important, we now have the technology to reach the world’s poorest people en masse with direct transfers. New digital technologies have dramatically lowered the cost and expanded our capacity to deliver money safely to the poorest parts of the world. During the pandemic, Togo used mobile-phone data and satellite imagery to identify and target people in need of relief. Its NOVISSI program leveraged the basic USSD technology on all mobile devices (similar to SMS text messaging) to reach and validate recipients, distributing $34mn to 920,000 beneficiaries.Having been carefully studied, Togo’s successful pilot is now being scaled up to a $100mn programme, with World Bank support. Similarly, India enrolled 1.3bn people in its digital ID system in the space of just six years, facilitating rapid growth in digital payments and enabling seamless cash transfers to the country’s remotest areas.Now that these and many other programmes have demonstrated the effectiveness of cash transfers, the question is how to globalise this solution. Building on the insights of an international working group, establishing a new global fund dedicated to eradicating extreme poverty through lump-sum direct cash transfers is being proposed. This solution would help countries expand their use of digital cash transfers by expanding existing social-protection programmes or starting new ones. The money required would come from a mix of philanthropists, institutions, and governments, similar to how the Global Fund to Fight Aids, Tuberculosis, and Malaria raises its funds. Crucially, these transfers would be offered not as a substitute for other interventions, but rather as a complement.After all, if families still lack access to healthcare, education, and employment opportunities, additional cash will not help as much as it could. As a complementary measure, however, the benefits of that cash would extend beyond the initial payment. Individuals and families equipped with mobile money accounts would gain access to a financial lifeline, enabling them to save, start businesses, or receive remittances from abroad.

Jenson Button says his ‘expectations are high’ but called his team as ‘underdog that is hungry to succeed’ as the former Formula One champion embarks on a new chapter with a full-time Porsche Hypercar ride in the FIA World Endurance Championship (WEC) with Team JOTA.The Brit will team up with Phil Hanson and Oliver Rasmussen at this weekend’s season opener, the Qatar 1812km at the Lusail International Circuit.A bumper crop of 26 WEC rookies are on the grid at the Qatar 1812km, of which eight are entered in Hypercar and 18 in the new-for-2024 LMGT3 class. And Button is ready to lead JOTA’s charge in their debut season with two Hypercars, setting their sights on more than just the FIA World Cup for Hypercar Teams title.Button’s return to the forefront of endurance racing marks his first full-time race programme since 2019, following a podium finish at the prestigious 24 Hours of Daytona with WTR Andretti. And Button is going full tilt to make it a memorable season.“Expectations are always high,” said Button on Wednesday. “You don’t go into a season hoping to finish second or third in the championship. But you have to be realistic because we are racing against mighty manufacturers. We are, I would say, an underdog. But an underdog hungry to succeed and that’s what is exciting about it. It reminds me of my 2019 F1 season, when I raced for Brawn and won the World Championship. So hopefully history will repeat itself,” the 44-year-old said.Button’s experience in diverse racing categories should help him and his team transition to prototype racing. Button said he enjoyed his first experience of driving at Lusail in the Prologue test on Monday and Tuesday.“There’s something about the asphalt that’s very tricky,” said the British driver. “It’s very edgy, and it’s easy to lose the car on corner entry. It makes it difficult to push aggressively, but it also makes it fun, because you can drive the car in a manner that you can’t at most circuits. It kind of feels like driving a go-kart, when you see the steering inputs. It’s a challenging but fun circuit to drive.”Button, who won 15 races and finished on the podium 50 times in 300 races in his 17-year long F1 career, was excited with the challenge of endurance racing.“It’s good. Unlike F1, we get to test all week, so we’ve been doing a prologue. It’s basically our test before the season. So we’ve been driving on track and it’s been really good. The championship is in a really good place. There’s 19 cars in hypercars, and then you’ve also got the GT3 cars racing. So, endurance racing is in a really good place right now and it’s such an exciting championship with many different manufacturers involved as well as privateer teams like Team Jota,” he said.Unlike the cutthroat competition within F1 teams where teammates are often viewed as adversaries, endurance racing demands a unified effort. And Button relished the prospect of teamwork with his teammates Rasmussen and Hanson“In terms of teamwork, it’s very similar to Formula 1 in terms of you need to work closely with your engineers and strategists and what have you. And it’s obviously on a slightly smaller scale, but still very, very professional,” Button observed.“The difference here is that you actually work with your teammates to succeed rather than fighting your teammate. You know, in F1 the most important person for you to beat is your teammate, whereas here you’re working with your teammates because you’re all driving the same car. So it’s almost a 10-hour race, I think we’ll have it under the lights here in Doha. So, yeah, it’s a busy week, but a fun week and really good gelling with my teammates, Oliver Rasmussen and Phil Hanson,” he added.After the stint in Qatar, Button will have a chance to tackle some of the most famous endurance races in motorsport, including the 24 Hours of Le Mans, while also visiting some of the venues that he raced at during his F1 career such as Imola, Spa, Interlagos, Austin, Fuji and Sakhir.Button said he feels energised ahead of the season and is ready for more. “From 2019 to now I’ve had two kids, but they’re a little older now. It makes it easier now when I’m travelling,” he explains. “During Covid we all felt like we lost years, and I would have been racing in something full time, I think, but it didn’t work out.“So I did NASCAR, Le Mans, Petit Le Mans. I enjoyed it, but jumping in and out, you don’t get the best out of yourself. I want to dig deep into the details and technology. I’m excited about competing in a full season. I don’t see this as a one-year deal. I don’t want to be jumping around now. I am 44, I won’t be racing for many more years. I’m fully on it in wanting to achieve over the next couple of years. I don’t want to be switching championships. I think I’ll be doing WEC for the next couple of years.”

In its first week, the debut of the ‘Luminous Festival’ in Qatar witnessed hundreds of visitors daily since its opening day on February 21, proving its creative and appealing sensory experience, according to Qatar Tourism (QT).Visitors of all ages are enjoying this first-of-its-kind festival filled with music, parades and live characters. Here are some of the must-see installations not to miss out on when you visit:Gateway Projection by Limelight: The entrance of Luminous Festival is decked with stunning projections that spark curiosity, with a fusion of abstract art, shapes, and nature-inspired fauna artwork.Trumpet Flowers by Amigo & Amigo: The ‘super-sized’ trumpet flowers represent an audiovisual musical garden. With a fusion of lights, colours, and sound, this installation offers a truly immersive experience. The forest has interactive keys that allow visitors to ‘play’ each 2.6m flower individually to compose music. The exhibit also features scheduled musical scores by international composers such as Otis Studio and Jazz musicians from Sydney, made using the tuba, trumpet, trombone, and drum. Trumpet Flowers is located in the Earth Zone.Evanescent by Atelier Susu: The audiovisual Evanescent installation represents the act of impermanence and ephemerality through bubbles. The design was inspired by Covid-19 which gave the world a feeling of transience as things came to a halt, and subsequently, instilled the need to live in the moment and appreciate what one has. The interactive installation is made from colour-reflecting dichroic film that reacts to sunlight to project rainbows as part of its ‘transient beauty’.Under the Sea by China Light Festival B.V: The large exhibit is composed of hundreds of works by artists of different countries that have come together to raise awareness about ocean conservation. The artwork represents underwater biodiversity through sub-zones such as the Beach, the Open Ocean, the Deep Abyss, and the Arctic.Astronaut by Airena: In the helmet of the 8m high astronaut installation, visitors can view incredible shots of space featuring clouds, the sun, the moon, the earth, and the different atmospheric spheres. The Astronaut can be found at the Air Zone.Interactive Firework Floor by Digital Art Projection: Visitors get the opportunity to interact with the LED installation by walking on it. The ground lights up with colourful fireworks as a person walks on the installation, making it a fun exhibition for visitors to try to ‘catch’ the unpredictable sequences of the fireworks. The Interactive Firework Floor is located in the Fire Zone.The Luminous Festival is running daily until March 2, from 6pm to midnight, at Al Saad Plaza, Lusail Boulevard.

Developing nations spent a record $443bn on debt service payments in 2022, according to the World Bank, which has warned the situation risks tipping them into crisis and creating a “lost decade” of economic stagnation.About a dozen developing nations are in default or have global bonds trading at levels that suggest the market is bracing for the country to miss payments, according to data compiled by Bloomberg.The World Bank has warned that high borrowing costs have “changed dramatically” the need for developing nations to boost sluggish economic growth.The multilateral lender’s latest warning comes as international bond sales from emerging market governments hit an all-time record of $47bn in January, led by less risky emerging economies such as Saudi Arabia, Mexico and Romania.Data published by the Institute of International Finance last week showed global debt levels had touched a new record of $313tn in 2023 while the debt-to-GDP ratio – a reading indicating a country’s ability to pay back debts – across emerging economies also scaled fresh peaks, indicating more potential strains ahead.The World Bank warned in its Global Economic Prospects report in January that the global economy was set for the weakest half-decade performance in 30 years during 2020-2024, even if recession is avoided.Global growth is expected to slow for a third consecutive year to 2.4%, before ticking up to 2.7% in 2025.The growth slowdown is particularly acute for emerging economies, around a third of which have seen no recovery since the Covid-19 pandemic and have per capita income below their 2019 levels.If growth remains low, some emerging economies might face having to restructure debt by reprofiling maturities or agreeing haircuts with creditors.Principle payments of emerging markets’ sovereign Eurobonds will spike to $78.4bn in 2024, from $43.6bn last year, according to JPMorgan.The bill due for lower-rated emerging sovereigns will surge to over $65bn in total for 2024 and 2025 combined, up from just over $8bn this year.Countries will need to either find the cash to pay, or a new lending source to refinance.The Covid-19 pandemic exacerbated the debt problem that was already weighing down the world’s poorer countries. In response, richer countries, meeting in the Group of 20 forum in 2020, created a co-ordinated plan for debt relief called the Common Framework.It was designed to reflect a new reality: China now lends far more to developing countries than the mostly Western nations of the Paris Club, the body that had overseen international debt negotiations for decades.As 2023 ended, the Common Framework had yet to produce any meaningful relief. Economists worry that a failure to resolve the stalemate could lead to or deepen economic stagnation for large swaths of the globe.In 2022, developing countries faced a collective debt stock of about $9tn, with annual service payments hitting a record $443bn, according to the World Bank, which estimates that the service burden will continue to grow.The situation has left roughly 60% of the world’s 75 poorest countries in or near debt distress.The deeper problems in the emerging economies stem from the excessive financialisation of the global economy that has occurred since the 1990s.The resultant policy dilemmas – rising inequality, greater volatility, reduced room to manage the real economy – are seen continuing to preoccupy policymakers in the decades ahead.The World Bank and others have warned about a “lost decade” for poorer countries, as debt payments and lack of access to capital diminish resources that could otherwise be used for education, health and the environment.

The Shura Council held on Monday its weekly meeting at Tamim Bin Hamad Hall under the chairmanship of its Speaker HE Hassan bin Abdullah al-Ghanim. At the outset of the meeting, HE Al Ghanim welcomed, on his behalf and on behalf of the council's members, the results of the state visit paid by Kuwait's Amir Sheikh Meshal al-Ahmad al-Jaber al-Sabah to the country last Tuesday, stressing that the discussions held by His Highness the Amir Sheikh Tamim bin Hamad al-Thani and the Kuwaiti Amir will undoubtedly contribute to deepening the bonds of brotherhood and joint co-operation between the two sides.The council appreciated the keenness of the two leaders to support the distinguished relations between the two countries and the two brotherly peoples, in a way that contributes to supporting and strengthening joint Gulf action, noting that the great popular welcome for the visit reflects the strength of the deep-rooted historical relationship between the two sides.The council welcomed the country's hosting of the Web Summit Qatar 2024 that brings together thousands of entrepreneurs, investors, technology sector leaders and experts from all over the world to discuss the latest developments in technology and innovation. The council praised the country's keenness to host such events, which contribute to launching many new initiatives aimed at developing the business environment in the technology sector in the country, and opening new horizons to attract international companies wishing to expand in this sector, while hailing the participation of 100 local startup companies in the summit.The council expressed its disappointment that the UN Security Council failed to issue a resolution for a ceasefire in the Gaza Strip, stressing that the credibility of international law is at stake and is facing a test that depends on the Security Council's position regarding the Israeli aggression on the Palestinian territories.The council also expressed deep regret at the failure of the international system to protect civilians in the Gaza Strip, denouncing the double standards in dealing with the tragic situation in the Strip, and warning of the consequences of its continuation on security and stability in the region and the world.After reading the items of agenda and assenting to the minute of the previous meeting, HE the Council Speaker and the members welcomed the presence of HE the Minister of Justice and Minister of State for Cabinet Affairs Ibrahim bin Ali bin Issa al-Hassan al-Mohannadi and HE Assistant to the President of the Planning and Statistics Authority (PSA) Mohammed Abdul Aziz al-Nuaimi to apprise the Council of the prominent strategic priorities and the national outcomes of the third National Development Strategy which is considered the final phase towards achieving the Qatar National Vision 2030.The council lauded the efforts being made by the esteemed government, alongside other state authorities to enforce the national development strategies and achieve the Qatar National Vision 2030, based on the directives of His Highness the Amir.Within this context, HE the Speaker of the Shura Council commended the top priority the wise leadership gives to planning to achieve stability and development and live up to its obligations towards achieving the UN Sustainable Development Goals, underscoring the outstanding position of Qatar at the regional and global levels.For their part, HE the Minister of Justice and Minister of State for Cabinet Affairs and HE the Assistant to the president of the PSA discussed the core priorities of the third National Development Strategy, its objectives and goals, methodology and mechanisms for its implementation and interim evaluation, as well as the expected results to ensure the achievement of the Qatar National Vision 2030 goals, in addition to figuring out the nature of challenges that faced the implementation of the first and second national development strategies, along with the efforts made to address them and the lessons learned.In this framework, HE the Minister of Justice and Minister of State for Cabinet Affairs highlighted the legislative system prepared by the Council of Ministers General Secretariat in coordination with a number of ministries to implement the third National Development Strategy, indicating it is divided into major themes and outcomes of the plan, chiefly the themes of economic development, financial sustainability, manpower and community cohesion.The presentation before the Council included the core underpinnings of the Qatar National Vision 2030. The presentation focused on the fact that empowering the citizens and qualifying them for the business market are one of the major pillars the strategy intends to achieve through supporting the education sector and upgrading the training programs by drawing high talents to meet the requirements of the business market.The presentation stated that the strategy seeks to ensure that highly skilled workers make up 46% of the total workforce with Qataris constituting no less than 20 % in the private and joint sectors.It stressed the strategy's interest in preserving authentic values, strong family ties and cohesion, enhancing national identity, responsible citizenship and cultural enrichment, and building a harmonious local society capable of facing the challenges imposed by external factors and developments, highlighting the strategy's support for all societal groups.The presentation explained that creating a high-quality life is achieved through excellent health care, security, public safety and ease of life, making Qatar one of the best countries for family life.Regarding the strategic goal of 'distinguished government institutions', the presentation explained that the strategy aims for Qatar to become a world-class government services provider to citizens, residents, companies, and institutions, and a leader in the field of effectiveness, efficiency, and transparency of governance, indicating that at least 90 % of government services had been completely automated. The presentation also discussed the State of Qatar's achievements in the Second National Development Strategy 2018-2022, despite the abnormal circumstances it faced at the beginning, most notably, the oil prices fluctuation and the economic repercussions of the Covid-19 pandemic.The Council members appreciated the country's efforts under His Highness the Amir's leadership to achieve development goals in accordance with Qatar National Vision (QNV) 2030, noting the tireless efforts of all state agencies aiming to achieve this.They also praised the wise leadership's vision in developing strategies and systematic plans to achieve development goals and enhance the well-being of citizens, in accordance with best practices, and the positive impact of planning and follow-up, which contributes to achieving goals, preserving gains, and supporting the optimal use of resources.

Brazil’s ex-president Jair Bolsonaro took his legal woes to the street on Sunday, calling for a mass protest from supporters amid accusations that he plotted a coup to stay in power.The 68-year-old former army officer has urged his backers to attend a “peaceful rally in defence of the democratic rule of law” in the economic capital Sao Paulo, which organisers said earlier that they hope will draw at least 500,000 people.Bolsonaro has had his passport seized by police as he and his inner circle face scrutiny over plans to try to remain in power after he lost 2022 elections to President Luiz Inacio Lula da Silva.The far-right former president has denied the accusations and he refused to answer questions during a half-hour interrogation on Thursday at federal police headquarters in Brasilia.“No one attempted a coup in Brazil. That is the great truth,” Bolsonaro told radio station CBN Recife.A week after Lula took office on January 1, 2023, thousands of Bolsonaro supporters stormed the presidential palace, Congress and Supreme Court, urging the military to intervene to overturn what they called a stolen election.Bolsonaro, who was in the United States at the time, denies responsibility, and has even suggested that the protesters were not really his supporters.However, investigators allege months of anti-democratic manoeuvres by Bolsonaro, from a plan to discredit Brazil’s electronic voting system with a “disinformation” campaign ahead of the elections to “legitimise a military intervention” if he lost.Police say Bolsonaro edited a draft presidential decree that would have declared a state of emergency, called new elections and ordered the arrest of Supreme Court Justice Alexandre de Moraes, the head of Brazil’s Superior Electoral Tribunal.They also released a video of a July 2022 meeting where a shouting, swearing Bolsonaro ordered cabinet ministers to help him discredit the election system.Bolsonaro, who led Brazil from 2019 to 2022, claims to be the victim of “persecution”.He is facing several other investigations, such as the falsification of coronavirus (Covid-19) vaccination certificates, or the alleged misappropriation of gifts received from other nations.In June, the electoral tribunal barred Bolsonaro from running for office until 2030 over his attacks on the election system.Nevertheless, Bolsonaro is still considered the leader of the opposition and is adored by supporters.“He is not dead, he is competitive and there can be no injustice,” said Congressman Marco Feliciano, a member of Bolsonaro’s Liberal Party, adding Brazil would “turn into chaos” if the former president were to be arrested.

Qatar will launch the third National Health Strategy later this year, announced HE Dr Hanan Mohamed al-Kuwari, Minister of Public Health, Saturday while highlighting the transformation in healthcare in the country over the last decade.“As we close our 2nd National Health Strategy (2018-2024) which delivered positive changes to our patients, we look forward to launching our 3rd National Health Strategy later this year which will elaborate on the health targets set by the Third Qatar National Development Strategy (2024-2030) towards realising the Qatar National Vision 2030,” stated Dr al-Kuwari.The health minister was delivering the opening remarks at the 10th Middle East Forum on Quality and Safety in Healthcare taking place at Qatar National Convention Centre.Her Highness Sheikha Moza bint Nasser, Chairperson of Qatar Foundation for Education, Science and Community Development, witnessed the opening ceremony of the forum, which is the largest of its kind in the region.As the forum marks its 10th anniversary, Dr al-Kuwari said that during the past 10 years of the Middle East Forum, Qatar’s healthcare system has undergone a remarkable transformation journey.She said : “Today we celebrate a decade of an inspiring, innovative and transformative collaboration between Hamad Medical Corporation and the Institute for Health Care Improvement (Boston) that has transcended borders and systems and that has connected thousands of healthcare leaders and practitioners from across the world with the singular aim of improving quality and safety for our patients and our healthcare workers.”“When most countries are used to steady growth, we have witnessed a phenomenal expansion in the health sector to match our population’s need and our country’s ambitions and plans. Our public and private sector beds have nearly doubled, and we have seen the addition of Sidra Medicine in 2016 and the Military Medical City Hospital in 2024. Our Primary Health Care Corporation opened 13 new state-of-the-art health and wellness centres, significantly improving primary care provision in the community,” explained the minister.“Today we celebrate our commitment to excellence and our wonderful journey which has led Qatar being recognised as a global benchmark for excellence and innovation. But more importantly today we re-affirm our unwavering ambition to deliver the best care possible for every patient, every time,” continued, Dr al-Kuwari.The minister highlighted that in 2023, Qatar had five hospitals rank among the top 250 academic medical centres in the world with two achieving top 100 ranking highlighting the commitment to combining patient care, medical research, and health education to achieve the best outcomes and experiences for the patients.Dr al-Kuwari also pointed to the resilience of Qatar’s healthcare combating Covid-19. “During Covid-19 our whole of government approach, the strength and resilience of our health systems and our wonderful healthcare workers ensured that we had one of the lowest fatality rates in the world and had close to zero hospital acquired Covid infections to patients and staff. These efforts have been recognised globally ranking Qatar’s Covid response amongst the best in the world,” she noted.“During the World Cup 2022, our state-of-the-art health services, our public health initiatives in collaboration with the World Health Organisation and our Healthy Cities accreditation made the Qatar 2022 World Cup one of the most healthy World Cups in history despite being at the tail end of the Covid-19 pandemic,” emphasised the minister.“Our training and improvement programmes now cover the whole sector in Qatar, with more than nine private sector hospitals participating in the improvement training and practical programmes in 2023. We have localised the online courses and are providing these in Arabic to make it accessible to all Arabic countries and are currently establishing training opportunities and partnerships for health providers within the Mena region,” added the minister.

Qatar National Bank (QNB) said it expects crude oil prices to stabilize near their current levels over the next few quarters, given the continued strong global demand for oil.The bank said in its weekly report that despite the tightening market conditions due to the slowdown in supply growth, prices will remain within a range close to $80 per barrel unless there are any geopolitical surprises. The bank pointed out that the COVID-19 pandemic marked the beginning of a period of significant volatility in commodity markets in early 2020. Particularly for crude oil, major global events led to substantial market shocks, resulting in sharp fluctuations in prices within relatively short periods.The report added: "Initially, the Covid-pandemic represented a major negative shock to demand, given large-scale global lockdowns. This led to atemporary collapse in market conditions, as inventories were above full capacity whilst demand was at multi-decade lows. The price of Brent crude,the most relevant benchmark for global oil markets, bottomed at $19 per barrel mark in April 2020.The report clarified that thereafter, crude oil prices witnessed a significant turnaround after reaching their lowest levels in April 2020, supported by the global recovery from the pandemic, which happened faster than expected. This was also aided by effective production management by OPEC+ member countries. Additionally, the war in Ukraine provided an extra boost, resulting in an additional increase in the price of Brent crude to $128 per barrel in March 2022.The report mentioned that after crude oil prices reached their peak, they underwent a significant correction, due to a demand slowdown resulting from the performance of advanced economies, and the relatively weak recovery of the Chinese economy following the implementation of complete COVID containment policies.On the supply side, OPEC+ increased production to meet the expected excess demand, while major economies (the United States, Europe, and China) managed emergency releases of strategic reserves. As a result, there was a correction in prices in 2023, averaging $82 per barrel, and the most important thing was the occurrence of a balance between supply and demand, leading to price stability around the annual average, which ranged between a minimum of $71 and a maximum of $94 per barrel.According to the bank's report, this difference is more moderate compared to the large fluctuations that occurred in 2022, when prices ranged between a minimum of $75 per barrel and a peak of $128 per barrel. It is expected that Brent crude prices will remain supported at their current levels of $80 per barrel.The bank attributed its expectations to two main factors: Firstly, on the demand side, the macroeconomic outlook for China, the rest of Emerging Asia (including India), and the United States remains strong, which will boost global oil consumption. In China, although the recovery from the pandemic was not as significant as initially expected, growth remains strong, with the IMF raising its growth forecast for China in 2024 to 4.6%, reflecting new financial support from the Chinese government, continued expansion in the petrochemical industry, and increased demand for jet fuel due to the expansion of air transport, which will provide further support to the economy. It is also expected that India's economic growth will reach 6.5% and 4.7% for the economies of the Association of Southeast Asian Nations (Indonesia, Malaysia, the Philippines, Singapore, and Thailand), which will be key contributors to demand this year.The United States accounts for approximately 20% of global oil demand and is therefore one of the main drivers of oil markets that need to be monitored. Recent data releases showed that real GDP continued to expand at a healthy pace in the United States, exceeding consensus expectations by a significant margin in the last two quarters of 2023. Consumption remains strong in this largest market in the world due to strong labor demand and sound household balances. The likelihood of a recession, although not entirely ruled out, has significantly decreased, and the most likely scenario now points to a "soft landing." Taken together, these factors are expected to support oil demand.The second factor is on the supply side, where it is expected that the unexpected increase in available volumes in the market during 2023 will decrease. The use of strategic reserves, as well as the record withdrawal of commercial stocks, led to the lowest overall oil inventories in several decades, which is a concern for energy security. This requires official net purchases for inventory replenishment, resulting in increased demand. Additionally, OPEC+ countries have decided to implement production cuts to maintain prices at higher levels. Finally, investments were made during the energy crisis in 2022-2023, indicating limited room for additional investments and supply growth in 2024. Therefore, supply volumes are unlikely to surprise on the upside.To put the current conditions into perspective, it is worth noting that oil prices are not particularly expensive relative to historical levels. The overall cost of oil demand is approximately 2.8% of expected global nominal GDP for 2024, significantly below the historically critical threshold of 5% of GDP, where the "oil price burden" begins to impact consumption and investment significantly. If the cost of global oil consumption were 5% of world GDP, the average price of Brent crude would be $145 per barrel. This means that the global economy could absorb Brent prices at much higher levels before global demand is seriously affected. Furthermore, Brent prices are up 24% from pre-pandemic levels, which is lower than the performance of other major commodities such as gold and copper, which have increased by 33% and 38% respectively.In conclusion, crude oil prices are expected to stabilize near current levels as physical markets tighten due to slowing supply growth and resilient global demand. Therefore, we expect oil prices to fluctuate within a range close to $80 per barrel over the next few quarters, barring any significant geopolitical surprises. (QNA)

The working visit of Greek Prime Minister Kyriakos Mitsotakis to Doha comes at a time when relations between Qatar and Greece are enjoying a distinguished period of co-operation, with aspirations for further co-ordination and expansion of existing partnerships, especially in the areas of economy, investment, trade, transportation, energy, culture, education, tourism, sports, and other areas of interest to both countries.This is the Greek prime minister's second visit to Qatar. He visited Doha on Aug 22, 2022, when he held an official talks session with His Highness the Amir Sheikh Tamim bin Hamad al-Thani during which they discussed ways to develop co-operation, especially in the areas of economy and investment, in addition to exchanging views on the most prominent regional and international issues.The two countries' embassies were opened in Athens and Doha in 2007. Since then, there has been an exchange of official visits at the highest levels between senior officials of the two countries. Former Greek president Karolos Papoulias visited Doha in 2006, while His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani visited Athens in 2007.Bilateral relations continued to develop with the signing of numerous agreements and memorandums of understanding in the areas of trade, media, air transport, military co-operation, tourism, culture, energy, investments, liquefied natural gas, and participation in projects in the two countries.Since the convening of the first session of the Arab-Hellenic Economic Forum on Sept 14, 2006, the Qatar Businessmen Association has participated in the first edition in Athens under the slogan 'Historic Relations — New Horizons for Co-operation', in the context of promoting and developing co-operation relations between Greece and the Arab countries, and in celebration of the silver jubilee of the establishment of the Chamber of Commerce.In 2008, a Qatari-Greek agreement was signed to avoid double taxation. The two countries also have an agreement for economic and technical co-operation, which was issued on March 15, 2007, and ratified by Qatar on September 15, 2009. Agreements and memorandum of understanding were also signed in May 2010 to amend some provisions of the air transport agreement, and to exchange news between the official agencies of the two countries, in addition to a memorandum of understanding in the field of tourism co-operation and the energy sector, in light of Qatar's openness to projects in the field of energy and its industries, and the contribution of Greek companies to Qatari construction works.In the framework of strengthening co-operation between the two countries, Qatar participated in two editions of the EU-Arab World Summit in 2016 and 2017, which was held in Athens; to support partnership, strengthen co-operation in various fields, and enhance economic relations between the European Union and the Arab countries.Economic and trade relations have witnessed development since the establishment of the Qatar-Greece Business Council in 2015, to be a platform for dialogue between business leaders and decision-makers in government agencies and bodies concerned with promoting bilateral relations between the two countries. The Qatari-Greek Business Meeting in the Construction and Building Sector was held in Doha in April 2019, attended by the Chairman of the Greece-Qatar Business Council Panagiotis Mihalos, and several Qatari businessmen, and representatives of 25 Greek companies specialising in construction.First Vice-President of Qatar Chamber Mohamed bin Ahmed bin Twar al-Kuwari said during the meeting that the number of Greek companies operating in Qatar is estimated at 64 companies; including eight fully owned Greek companies, and 56 Greek companies with Qatari partnership. He noted that the Qatar Chamber supports all efforts that contribute to strengthening the partnership between Qatari companies and their counterparts in Greece in all economic and commercial sectors, which would benefit the economies of the two countries.The developed relations between the two countries include an agreement between the governments of Qatar and Greece regarding visa exemption for holders of diplomatic, service, or special passports, issued on May 2, 2019, and ratified by Qatar on March 2, 2020. The most recent Qatari participation in the Arab-Hellenic Economic Forum was on Oct 27, 2022, through the Qatar Chamber.In a statement, the Chamber said that trade between Qatar and Greece grew by 120% in 2021, reaching about QR897mn, compared to QR409mn in 2020, noting the convening of the second Gulf-Greek Business Forum within the forum's activities to discuss investment relations, available opportunities, and the experience of both parties in the food industries sector.In January 2017, the former Greek defence minister, Panos Kammenos, made an official visit to Doha, accompanied by representatives of Greek defence industries, and held talks on defence co-operation between the two countries. Kammenos also made a new visit to Doha to participate in the Doha International Maritime Defence Exhibition and Conference (Dimdex).In 2017, the former Greek minister of state for foreign affairs, George Katrougalos, met with HE the Minister of State for Foreign Affairs Sultan bin Saad al-Muraikhi in Doha in May and in Athens in November. In May 2017, Greek Deputy Minister of Agricultural Development and Foodstuffs Vassilis Kokalis visited Doha and discussed with Qatari officials ways of bilateral co-operation in agriculture and food industries.Greece, under the current Prime Minister Kyriakos Mitsotakis, has regained its strength and achieved a growth rate of 8.3% in 2021 and 5.9% in 2022. Mitsotakis succeeded in easing the burden of taxes imposed by the European rescue plan following the aftermath of Covid-19, which deprived Athens of tourism revenues, one of its main economic pillars.Government statistics show that Greece has attracted increasing investments in recent years, with foreign direct investment reaching its highest level in 20 years in 2021, while total fixed capital formation increased by 12.7% during the first three months of 2023.The government says it is working on building a floating unit to convert liquefied natural gas into its natural state off the coastal city of Alexandroupoli, with plans to build other units nearby. It is keen for Qatari investments interested in the energy and liquefied natural gas sector, providing them with opportunities to participate in major infrastructure projects, data storage and transportation, digital economy, renewable energy, tourism, and real estate.Greece, located in southeastern Europe, has a population of about 10.75mn people, according to the 2019 census, and occupies a strategic location at the crossroads between Europe, Asia, and Africa. It is located on the southern tip of the Balkan Peninsula and has the longest coastline in the Mediterranean basin and 11th in the world, and includes a large number of islands, 227 of which are inhabited. The capital, Athens, has a unique heritage and cultural value in Greece, reflecting the country's rich historical legacy with 18 sites in the city listed on the Unesco World Heritage List.

The global aviation industry faces various challenges that impact its operations, growth, and sustainability..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[143634]**Some of these challenges include fuel price volatility, geopolitics, global economic conditions, environmental concerns, infrastructure constraints and cybersecurity threats.That said, the aviation industry made notable progress and recovery during 2023, following a few years of significant downturn mainly due to the Covid-19 pandemic.Full year 2023 was at just over 94% of where the industry was in 2019. And that consisted of very strong performance in domestic markets, almost 4% ahead of 2019, with international markets lagging at just over 88%, according to the global body of airlines- the International Air Transport Association.Looking forward, IATA estimates that over the next 20 years, the industry will grow at about 3.3% every year. That is significantly lower than the growth the industry witnessed during the period 2010 to 2019, noted IATA director general Willie Walsh.“But I think it does reflect some of the challenges that we as an industry are facing and will face going into the future. Infrastructure constraints both in the air and on the ground. Supply chain issues which have now been a feature of the industry for a number of years and are likely to continue for a few more years.“The delay and delivery of new aircraft, the problems in relation to engines, labour shortages in some parts of the world, and significantly the cost impact of our transition to net zero in 2050.“Because whatever way you look at this, there will be a cost associated with transitioning to net zero. And ultimately, that costs will have to be reflected in the ticket prices that we charge our customers, which will have a dampening effect on the level of growth that the industry sees going forward.”IATA looks at six major geographic regions when assessing the industry’s economic performance. That's Africa, Asia-Pacific, Europe, Latin America, Middle East and North America.In 1990, African airlines contributed 2.2% of global aviation. Asia-Pacific carriers were 19.7%, Europe 28%, Latin America and Caribbean 5.4%, Middle East carriers 2.4% and a lot has been written about what has happened in the Middle East.But significantly, North American carriers accounted for 42% of the global markets.Now if one roll forward and look at 2019, one sees Africa continuing at 2.1%. But significant growth was seen in the Asia-Pacific region, reaching almost 35% of the global market in 2019. Europe remained pretty static at 27%, Latin America 5%, the Middle East has grown from 2.4% to 9.1%, and North American carriers had reduced from 42% to just over 22%.The figures for 2023 are broadly similar, IATA says. Asia Pacific, reflecting the fact that the recovery has been slightly slower in international markets at about 32%.A look at the major domestic markets indicate the domestic market in China in 1990 was just over 1% of all global activity, and India about 0.2%.Looking forward at 2023, the Chinese domestic market now represents over 11%, of total commercial aviation, and India has grown to almost 1.8%.Significant growth was seen in these markets in that period.“And I think when you look at the demographics of the world, it doesn't take much to imagine what is going to happen in these countries going forward, particularly in India, which I think represents a fantastic opportunity for the industry,” Walsh says.He said the aviation industry is absolutely committed to achieving its “net zero CO2 goal” in 2050. And we cannot fail or falter in our efforts to achieve that goal.“It is absolutely essential that we work together to ensure that we can credibly provide people with confidence that we have a pathway to decarbonise our industry. And I think we can take a lot of confidence from what we've achieved already.“If you look at the CO2 produced by the industry in 2000, and compare that to what we did in 2019 just before the pandemic, our CO2 footprint increased by almost 54%. But during that same period, passenger traffic grew by 175%. So, there is complete disconnect between passenger growth and our C02 growth.”Central to achieving the industry’s goal will be the use of sustainable aviation fuel (SAF), Walsh insists.“I believe the industry has shown strong demand for this product. Every single drop of sustainable aviation fuel that has been produced has been used by the industry.”In 2020, 2021, 2022, during the height of the pandemic, the industry continued to invest in this expensive product.“And I have absolutely no doubt that we will continue to do so. What we need to see as an industry is greater production. We need to see governments providing the incentive for production to significantly increase. And with that increase in production, I guarantee you that the airlines will use all of the fuel produced despite the cost impact that will represent,” Walsh added.Undoubtedly, addressing critical challenges facing the industry requires a collaborative effort from industry stakeholders, governments, and regulatory bodies to create a sustainable and resilient aviation sector.

The Eiffel Tower, one of the world's top tourist attractions, was closed Monday after staff went on strike, unions told AFP.The strike, which was called to protest over the way the monument is managed financially, could be extended, they said.The tower's operator, SETE, said on its website that "visits of the monument will be disrupted on Monday".It advised ticket holders to check its website before showing up, or to postpone their visit. E-ticket holders were asked to check their e-mails for further information.The stoppage is the second strike at the Eiffel Tower within two months for the same reason.Unions have criticised operator SETE for its business model that they say is based on an inflated estimate of future visitor numbers, while under-estimating construction costs.The Eiffel Tower -- Paris's most famous landmark -- attracts nearly seven million visitors a year, around three-quarters of them foreigners, according to its website.During the Covid pandemic numbers dropped sharply due to closures and travel restrictions, but recovered to 5.9 million in 2022.Visitor numbers to Paris are expected to swell this summer as the French capital hosts the Olympic Games.In a joint statement, the CGT and FO unions called on the city of Paris "to be reasonable with their financial demands to ensure the survival of the monument and the company operating it".

Though tens of millions of people are considered to be living with long Covid in some form, it’s not yet a condition about which much is known. Studies continue to try to spot patterns in its prevalence, which should eventually provide more clues as to how to combat the condition. Long Covid symptoms can include tiredness, fatigue, difficulty thinking, shortness of breath, chest pain, dizziness, menstrual changes and post-exertional malaise. It is in this context that a new analysis, published last week by the Centers for Disease Control and Prevention and University of Washington, in the journal Emerging Infectious Diseases, has found that Covid-19 is associated with quadruple the risk of developing chronic fatigue.Researchers examined the electronic health records of more than 4,500 people who had Covid-19 during 2020-2021 and more than 9,000 people who did not have the disease. They found that 9.5% of Covid-19 patients developed fatigue, one of the most common symptoms of long Covid, and that those who had been infected were 1.68 times more likely to develop fatigue than those who were not. “The high incidence rates of fatigue reinforce the need for public health actions to prevent infections, to provide clinical care to those in need, and to find effective treatments for post-acute Covid-19 fatigue,” the researchers wrote.Another finding was that post-Covid fatigue, encompassing chronic fatigue, was more common among women than men, and more common among older than younger people in an unadjusted model. It was also more prevalent among those with other medical conditions. Researchers noted that chronic fatigue diagnoses continued in the 18 months after Covid-19 detection, suggesting a “persistent effect” but also potentially indicating “a delay in diagnosing fatigue as a separate symptom or diagnosis.”For the study, researchers said they considered chronic fatigue to be a subset of fatigue,’ and noted it was not necessarily the same as myalgic encephalomyelitis/chronic fatigue syndrome, or ME/CFS, which needs additional symptoms for diagnosis. They said their study criteria did, however, include diagnostic codes used for CFS. ME/CFS is an unexplained syndrome that sometimes occurs after infections and comes with severe fatigue. The condition can worsen after activity, and the CDC (US) recently estimated some 3.3mn adults had it in 2021-2022. ME/CFS has garnered increased attention in recent years as its symptoms can overlap with those of long Covid, spurring hopes for more research and insights into the illness.A new UK study published in Nature Communications should also be considered in this context. It found that some form of brain injury could be behind the symptoms reported by those with long Covid, and adapting tests and treatments to match could aid progress in tackling the condition. Analysing 203 patients hospitalised with Covid-19 or its associated symptoms, and comparing the results with 60 people without the infection, researchers noticed elevated levels of four brain injury biomarkers – key signs of biological change – in those infected with Covid-19.“Our study shows that markers of brain injury are present in the blood months after Covid-19, and particularly in those who have had a Covid-19-induced brain complication,” says neuroscientist Benedict Michael from the University of Liverpool in the UK. “This suggests the possibility of ongoing inflammation and injury inside the brain itself which may not be detected by blood tests for inflammation.” These brain complications associated with Covid-19 have ranged from mild (headaches) to potentially life-threatening (seizures, stroke, and encephalitis). As previous research has shown, the consequences can be long-lasting.