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US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he heads into reelection campaigning.The world’s biggest economy expanded at an annualised rate of 3.3% in the fourth quarter, fuelled by a resilient jobs market and consumer spending, the Commerce Department said.Compared to the same period a year prior, fourth quarter growth was 3.1%.Meanwhile, full-year growth accelerated to 2.5%, from 1.9% in 2022.Biden, who is aiming to convince voters that he has done a good job reining in costs while spurring investments to support the economy, welcomed the news.“Wages, wealth, and employment are higher now than they were before the pandemic,” he said in a statement.“That is three years in a row of growing the economy from the middle out and the bottom up on my watch,” he added, conceding his work is not done in battling to lower prices.The latest data strengthens optimism that the US is achieving a “soft landing,” where inflation comes down on the back of higher interest rates, without triggering a damaging recession.The fourth quarter GDP jump “reflected increases in consumer spending, exports, state and local government spending” and other areas, said the Commerce Department.In early 2023, analysts expected consumer spending to lose steam as households drew down on accumulated savings during the Covid-19 pandemic and as borrowing costs stayed high.Some warned that the country could enter a recession, but growth has been supported by surprising labour market strength, with low unemployment even as hiring starts to cool.“Economic growth has been more resilient than we anticipated going into 2023,” Nationwide chief economist Kathy Bostjancic told AFP.“The largest surprise was the ongoing strength in the labour market, which fuelled robust job and wage gains,” she added.Bolstered personal incomes in turn helped to support consumption.But the economy is not out of the woods yet, given that employment growth in some sectors has weakened and interest rates remain at a 22-year high.“We still expect the economy to grow in 2024, but at a slower pace,” Bernard Yaros of Oxford Economics told AFP.“As long as the labour market holds it together and unemployment drifts only gradually higher, the consumer will continue to power this expansion,” he added.Residential investment is also likely to be a bigger factor behind growth, with the Federal Reserve expected to lower interest rates and homebuilders set to capitalise on lower mortgage rates and a frozen existing-home market, Yaros said.The outlook for first quarter GDP now is “for a moderate slowing” from the fourth quarter, said Pantheon Macroeconomics chief economist Ian Shepherdson in a note.“But we see few signs that the economy is about to roll over, and housing investment — the most interest-rate sensitive sector — is starting to recover,” he added.Although the Fed’s longer-run GDP growth projection is 1.8%, the latest data may not stop policymakers from cutting rates as soon as in May or June.“Inflation will be the key determinant of the timing and degree of Fed easing this year,” Bostjancic said.

Melbourne: Australia took a little over two days to wrap up victory in the series opener in Adelaide and a similar fate could befall West Indies in the day-night second and final Test in Brisbane beginning on Thursday.World Test Champions (WTC) Australia needed seven sessions to seal their 10-wicket romp against a depleted West Indies, who fielded three debutants in the match.Australia quick Josh Hazlewood, who finished with a nine-wicket match haul, spearheaded the rout with West Indies failing to reach 200 in either innings and Kirk McKenzie the only batsman to make 50 runs or more.Their task might be even tougher in Brisbane, where Australia beat South Africa inside two days in December 2022 on a minefield of a pitch at the Gabba.Furthermore, Australia boast a perfect 11-0 record in day-night Tests and the tourists look ill-equipped to master the ever-swinging pink ball.Australia will field an unchanged side with Travis Head, who hit a brilliant century in Adelaide, having recovered from Covid-19.All-rounder Cameron Green and coach Andrew McDonald have since been diagnosed with the virus, but both are able to play full parts in the match while separated from the rest of the squad until they test negative.“He’s fine,” vice-captain Steve Smith said of Green on Wednesday. “No physical drama at all – just tested positive. Him and Andrew McDonald are both fine.”Opener Usman Khawaja has also cleared his concussion tests after being hit on the helmet by Shamar Joseph and forced to retire hurt in the last few overs of the Adelaide run chase. Raw paceman Joseph was the one shining light for West Indies in Adelaide, dazzling on his test debut with 5-94 and a solid batting cameo at number 11 in the first innings.Smith, who will play his second Test in his new opening role having replaced the retired David Warner at the top of the order, said he had been impressed with the West Indies attack.“They’ve got some good bowlers in there, and the pink ball, when it’s sniffing around and swinging around, it might suit them nicely, like it does our bowlers,” Smith added.West Indies skipper Kraigg Brathwaite has asked his batsmen to draw inspiration from McKenzie’s gritty half-century in Adelaide.“It shows that he has the ability to score runs against world-class bowlers,” Brathwaite said after the thrashing in Adelaide.“And the other guys didn’t get runs but from watching Kirk they know now that we could get it done.”Rain has been forecast for the weekend but West Indies will need a much-improved display to make the weather a serious factor.

As 2023 was drawing to a close, there were mounting concerns that the war in Ukraine, Israel-Gaza conflict along with the Red Sea tensions, soaring inflation and the rising cost of servicing debt could trigger a global recession.But the world is finding an uneasy equilibrium with a more benign economic backdrop overshadowed by geopolitical risks, according to the final Davos panel of 2024.The prospects of subsiding inflation and a pickup in global trade offer some encouragement for investors despite the backdrop of war and populism, European Central Bank chief Christine Lagarde and peers agreed as the World Economic Forum drew to a close.“Normalisation — that’s what we have begun to see,” she told the audience, before adding an important qualifier. “It is not normality that we’re heading to,” she added.The optimism has at times been undermined by the spectre of geopolitics, with wars in Ukraine and the Middle East looming large, and Red Sea tensions too.Donald Trump’s Iowa victory, setting him on the road to the Republican nomination, was also greeted with alarm by many attendees.While the explosion of debt is throwing a shadow over global economic growth, WEF experts warn that sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis.In 2022, African public debt stood at $1.8tn, a 183% jump from 2010, having grown at around four times as fast as economic output, according to UN figures.After Covid and the war in Ukraine, free-trade boosters in Davos fretted over a new bout of turmoil in global supply chains due to rising geopolitical frictions.Before the Israel-Hamas conflict in October, the World Trade Organisation had forecast global trade growth of 3.3%, an improvement from 0.8% in 2023. But WTO chief Ngozi Okonjo-Iweala told the WEF that she was now “less optimistic” about world trade in 2024 due to “worsening geopolitical tensions”.She added, however, that it would be “much better than what we saw in 2023. Unless a major war breaks out, then all bets are off.”The Red Sea route carries about 12% of global maritime trade, but the attacks have prompted many companies to take a massive and costly detour around the southern tip of Africa.There are concerns along other major trade routes.Taiwan’s presidential election has renewed US-China tensions over the island, which China considers a part of its territory that must be brought back under its control, by force if necessary.Speaking in Davos, US Secretary of State Antony Blinken recalled that a huge amount of commerce flows through the Taiwan Strait.“If that were to be disrupted, it would affect the entire planet. And it’s about the last thing we need, especially coming back from Covid,” Blinken said.On top of geopolitical tensions, climate change has also played tricks on global trade.A drought and water shortages linked to the El Nino weather phenomenon reduced ship traffic through the Panama Canal.Talk of AI rippled through Davos meeting rooms and panels, its promise touted on signs and its security risks invoked by China’s premier. While conversations included how to regulate the burgeoning technology and how to apply it to scientific discovery, the question of how to monetise it persisted.Heads of global banks have warned of inflationary pressures from increased shipping costs and the possibility of oil price rises. Bank executives fear the market is mispricing interest rate cuts, and that geopolitical risks could cause volatility.In Davos, participants tended to put a brave face on the global outlook, accentuating the likelihood that a deep recession will probably be avoided despite unprecedented monetary tightening to bring inflation under control.

Qatar is taking part in the meetings of the 154th session of the World Health Organisation (WHO) Executive Board, which started in Geneva on Monday and continues through Jan 27. HE the Minister of Public Health and Chairperson of WHO Executive Board Dr Hanan Mohamed al-Kuwari heads Qatar's selegation to the meetings.In her opening speech, HE Dr al-Kuwari stressed that the year 2023, which coincided with the 75th anniversary of the founding of the WHO, was a very important year for the organisation, as it saw the affirmation of its role and its commitment to promoting its strength and funding.She pointed out that the current year is equally important to demonstrate the values and commitment of the WHO to work towards promoting and protecting the health of all people. HE Dr al-Kuwari also pointed out that the informal meeting of the Executive Council of the WHO, which was hosted by Qatar early last month, provided the opportunity for an in-depth review of some critical priority issues in the current session of the Executive Board, including the drafting of the 14th General Programme of Work, sustainable financing, negotiations for the International Compact on Epidemics, the mechanism for electing regional directors, and necessary reforms.Such issues are of great importance in shaping the global health agenda and strengthening governance in the future, she said. The Executive Board meeting is being held while the world is going through very difficult time, as conflicts are occurring in different countries, health facilities are affected and often destroyed, and a number of health professionals have been injured or killed, HE Dr al-Kuwari said.She indicated that the members of the Executive Board held a special session on the Dec 10, to discuss the conflict in Palestine and reached a consensus on a resolution calling for, among other things, ensuring respect and protection for all medical and humanitarian workers in the region. For his part, WHO Director-General Dr Tedros Adhanom Ghebreyesus said in his opening remarks that the dawning of a new year gives the opportunity to look forward with hope, and to look back on the year that has been.In 2023 "there were also many achievements and milestones, including the end of COVID-19 and mpox as global health emergencies."2023 was a reminder of why the work we do is so important, and why the world needs a strong, sustainable, effective, efficient and empowered WHO," he said.He pointed out that the most important items on the agenda of the Executive Council meetings of the World Health Organization are the draft 14th general work programme, noting the achievement of many major achievements during the past year in the areas of health promotion, including the number of smokers is 19 mn less than two years ago, providing support to more than 80 countries to integrate services related to non-communicable diseases into their health systems, and supporting more than 50 countries to build health systems capable of resilience to climate change.He said that with regard to TB, more than 7.5 mn people with TB have access to diagnosis and treatment in 2022, the largest number since WHO started monitoring almost 30 years ago.He pointed out that with regard to HIV, more than 75 % of people infected with the virus globally are now receiving antiretroviral therapy, and almost all of those on treatment are achieving viral suppression, which means they cannot infect others.At the political level, world leaders at the UN General Assembly High-Level Meeting agreed a strong political declaration, including a commitment to conclude negotiations on the pandemic agreement and amendments to the International Health Regulations by May this year, he said.This year's UN General Assembly high-level meeting on antimicrobial resistance will be another important opportunity to secure concrete commitments for this urgent global threat, which kills at least 1.3 mn people every year. he added.The 154th meeting of the WHO Executive Board is set to discuss over 40 health topics, including WHO's 14th General Programme of Work (GPW14); health emergency prevention, preparedness and response; accelerating national and global responses to antimicrobial resistance (AMR); and the impact of climate change on health, among other priority issues.The WHO Executive Board is composed of 34 technically qualified members elected for three-year terms. The main functions of the Board are to implement the decisions and policies of the Health Assembly, and to advise and facilitate its work.

With each passing day, it becomes increasingly evident that Western support for Ukraine has become ensnared in various domestic and geopolitical developments that have nothing to do with Ukraine’s struggle to defend itself. As Russia’s war of aggression approaches its second anniversary, it is crucial to establish a more resilient and stable funding mechanism.Although economists rarely agree on anything, there is a broad consensus that the cost of failing to provide Ukraine with enough support to win the war would be far greater than the cost of assisting it. But the current funding model relies heavily on tense last-minute negotiations among lawmakers in the United States and the European Union, and the resulting uncertainty inflicts enormous costs on Ukraine’s economy and undermines its political stability.The problem is compounded by political divisions within and among Western countries. Regardless of Ukraine’s actions, the war is often overshadowed by other domestic and international conflicts, impeding efforts to deliver military aid despite overwhelming public and political support. Hungarian Prime Minister Viktor Orbán’s attempt to block a €50bn ($55bn) EU aid package for Ukraine and the US Republicans’ use of Ukraine aid as a bargaining chip in addressing the migration crisis at the US-Mexico border are prime examples.The vulnerability of Western support for Ukraine to domestic political infighting suggests that a centralised decision-making system would be more effective than the current funding process. The goal of such a system would be to protect Ukraine from the effects of its allies’ internal challenges, distractions, and dramas.Fortunately, we already have a tried-and-tested model to counter such short-termism. Over the past decade, many US states and several national governments have established rainy-day funds to ensure they have the resources and flexibility they need to respond to unexpected shocks such as recessions and pandemics. The Great Recession and subsequent fiscal crises have led national and subnational governments alike to maintain these funds as a critical component of their emergency-response strategies. US states now collectively hold $136bn in such funds, which is more than three times the amount they held in 2007.To be sure, it took a major economic catastrophe for this strategy to be taken seriously. California, having depleted its cash reserves during the Great Recession, reformed its rainy-day fund in 2014 to avoid future financial meltdowns. Although not perfect, such funds proved their usefulness during the Covid-19 pandemic.Building on this experience, Western countries should establish a long-term fund to support Ukraine. By borrowing on international markets, they could raise $100bn – roughly the amount needed to support the Ukrainian war effort for six months – without placing enormous strain on their national budgets. Moreover, this sum – a tiny fraction of the combined GDP of Ukraine’s Western allies – would not result in a substantial increase in these countries’ debt-to-GDP ratios.Once established and financed, Ukraine would be able to draw from this fund in accordance with the conditions and needs outlined in its existing International Monetary Fund programme, as well as any other relevant timelines and criteria determined in co-ordination with its allies.To minimise the impact on their national budgets, Ukraine’s allies could offset the interest payments on long-term debt by seizing the returns on Russia’s frozen assets. This would effectively eliminate the initial and ongoing operational costs of the rainy-day fund. Moreover, the issuance of long-term sovereign bonds would provide Western countries with the time they need to reach a consensus on the legal means to implement this strategy.Financing a $100bn rainy-day fund through long-term borrowing should be fiscally feasible, especially if the fund’s size is tied to the value of Russia’s frozen assets and the returns they generate. Suppose, for example, that Western countries hold $300bn in Russian assets with a modest annual return of 3%, while their average borrowing cost is 4%. In such a scenario, the annual return from frozen Russian assets and the fund-related interest payments would each amount to $9bn, enabling the fund to borrow up to $225bn without additional interest costs.Of course, given the devastation wrought by Russia’s war of aggression, the Russia’s frozen assets should be directly transferred to Ukraine. But this could be a slow and complicated process, and Ukraine desperately needs immediate funding. By contrast, setting up a rainy-day fund requires far less legal groundwork. Once financed and operational, the fund would ensure that support for Ukraine is not overshadowed by unrelated domestic issues.

Qatar’s economy has shown itself to be resilient following the World Cup in late 2022. Caution over the likely oil price, reduction of national debt, and promoting private sector employment are the prioritiesWith a conservative estimate of an oil price of $60 per barrel and a commitment to continuing to reduce the national debt, the Qatar budget for 2024 strikes a sensible tone. It also demonstrates ambition, however. The budget takes a strategic view, not confining itself to priorities for the 12-month period. Decisions are made with reference to the third National Development Strategy policy document, made in line with the Qatar National Vision 2030. The most recent report covers the period 2024 to 2030.Total public sector revenues are projected to be QR202bn, with expenditure at QR200.9bn, based on an oil price of $60 per barrel, compared with $65 during 2023. Overall, economic growth is projected to be just over 4%, helped by continued development of liquefied natural gas (LNG) from the North Field. Estimates of non-oil revenue are 2.4% higher, at QR43bn, indicating progress towards a strategic goal of diversification. Generally, the figures are positive considering the inevitable peak and fall of economic activity surrounding the FIFA World Cup in late 2022, indicating a level of economic resilience.The government wants to increase opportunities for employment in the private sector. The goal is to encourage development across all sectors, including tourism, higher education sector, fintech and manufacturing. Investment in communications and information technology sector has doubled since 2023.National debt is down to 44% of GDP, and is projected to fall to 39% by end 2024, with over QR7bn due to be repaid in 2024. The proportion compares favourably globally – in some western economies such as Italy, the United Kingdom and the US, the figure is around 100% or higher. The Qatar national debt is sharply reduced since the 72% level in 2020, when a combination of investment in infrastructure for the World Cup and low oil and gas prices caused by the Covid-19 pandemic suppressed export earnings at a time of increased expenditure. It is right that the state should use a period of economic growth and higher interest rates to pay down debt. In addition, reserves at the Qatar Investment Authority, the sovereign wealth fund, are being strengthened.Inflation is steady at 2.8%. HE Ali bin Ahmed al-Kuwari, the Minister of Finance, indicated in a speech last month that it was not a source of concern.Major capital investment is down 8.3%, which is to be expected given the completion of infrastructure projects necessary for the 2022 FIFA World Cup, but there will be continued investments. This will include public-private sector partnerships for building schools, the minister announced. Education and health are the two main priorities for public expenditure, comprising 20% of the total budget between them. Central to the National Vision is investment in human capital, including creating more career opportunities for women. Education is seen as central to boosting both competitiveness and economic diversification.The minister also announced a policy priority to improve transparency in procurement for public sector contracts.Investment in human capital may be helped by fine-tuning some approaches to employment. The Qatari private sector is heavily dependent on expatriate workers, including highly skilled specialists, and the government would like to see more Qatari citizens take up these roles. Many local citizens tend to opt for the public sector. One policy change could be to set time limits on work permits for expatriate staff, for example at five years. Typically, as things stand, the contracts are for an indefinite period. If it were for a fixed period of time, the government could encourage the employer to replace the expat with a local citizen. In other oil-exporting countries, such as Nigeria, gradually oil multinationals have progressively hired more local talent.While the fiscal decisions of the 2024 budget are conservative – public spending under control, paying down debt – this is allied to a commitment to continued investing where this is likely to produce returns and enhance economic diversity. This strikes a balance between short-term caution and long-term ambition.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

HE Ambassador of the State of Qatar to the Republic of Tajikistan Mubarak bin Abdulrahman Al Nasr said that the visit of HE President of the Republic of Tajikistan Emomali Rahmon to Doha may result in signing new agreements between the two countries in trade, industry and investment, noting that the Tajik side is expected to propose to Qatar to invest in the promising hydroelectric power field.In remarks to Qatar News Agency (QNA), HE the Ambassador said the visit may include discussion on the most prominent issues on the scene today, such as the Palestinian issue, in addition to issues of common concern.HE the Ambassador said the relations between Qatar and Tajikistan have entered a new phase with the implementation of agreements that include the most important areas, and it is expected that this visit would result in further rapprochement between the two countries and the two friendly peoples, and in promoting the bilateral cooperation.His Excellency highlighted the distinguished relations between the two countries, supported by the exchange of official visits between the leaders of the two countries. He noted that the relations between Qatar and Tajikistan have entered a new phase of cooperation since 2007, when HE President of the Republic of Tajikistan Emomali Rahmon visited the State of Qatar, and HH the Father Amir Sheikh Hamad bin Khalifa Al-Thani visited Tajikistan. HH the Amir Sheikh Tamim bin Hamad Al-Thani and his accompanying delegation visited Tajikistan in 2019 to participate in the 5th Conference on Interaction and Confidence Building Measures in Asia (CICA). The latest visit was in June 2023 when HH the Amir Sheikh Tamim bin Hamad Al-Thani visited Tajikistan as part of his Central Asia tour. The visit was resulted in the signing of 15 new agreements for cooperation in various fields.Speaking about areas of cooperation between Qatar and Tajikistan, HE the Ambassador explained that investment is the most prominent field of cooperation between the two countries. The State of Qatar was first Arab country to invest in the field of real estate in Tajikistan with the Diar Dushanbe project, which completed the first phase and may be completed in the near future.He added that the construction of Central Asias largest mosque in the heart of Tajikistan, which was inaugurated by the leaders of the two countries in June 2023, It is one of the successful examples of the Qatari-Tajik cooperation, indicating that the project has become a symbol of worship and tourism enjoyed by everyone who visits Tajikistan.HE Ambassador of the State of Qatar to the Republic of Tajikistan Mubarak bin Abdulrahman Al Nasr noted continuous cooperation between the two countries through supporting international conferences in the field of combating terrorism and water which Tajikistan hosts from time to time. He added that the State of Qatar supported the health sector in Tajikistan during the COVID-19 pandemic, provided medical equipment to examine infected people, and supported several projects for the Committee of Emergency Situations of Tajikistan. (QNA)

Steve Smith’s first outing as a Test opener may not have gone to plan but Australia coach Andrew McDonald said he had the full support of the team and that it would take time for him to build a relationship with Usman Khawaja at the top of the order.Smith, who moved up from number four following David Warner’s retirement, made 12 and 11 not out in the series opener against West Indies, which Australia won inside seven sessions.Warner and Khawaja had played junior cricket together and shared a great chemistry at the top of the order, and McDonald said Australia would let the new opening partnership develop the same kind of rapport.“I suppose it’s more just the connection of Usman and Smudge (Smith) over time,” McDonald said. “We’ve seen Davey and Usman’s connection and then the partnerships that they’ve been able to produce. They’re world-class performers at the top of the order and we think Steve Smith is one of the best problem-solvers in the game. We’ve said that leading into this and it makes sense for us that he’s at the top.”West Indies fast bowler Shamar Joseph, who made his Test debut in Adelaide, dismissed Smith with his first ball in international cricket and claimed 5-94 in the first innings.Another debutant, Justin Greaves, claimed 2-36 but McDonald was confident Australian batters would do better in the day-night second Test in Brisbane, beginning on Thursday, having gained some familiarity with the new West Indies attack.“Sight unseen is always difficult for batters, when you haven’t seen someone and gotten used to their rhythm and the cues they present,” McDonald said.“Sometimes you do get drawn into shots that potentially you don’t play.“We feel as though now that there’s less unknowns going into the second test match, we’ve had a good look at them, a lot of those little decision-making errors that may have crept in I think will iron themselves out.”Mitchell rested, Ravindra back for final T20 v PakistanNew Zealand’s Daryl Mitchell will skip the final T20 International against Pakistan with fellow all-rounder Rachin Ravindra replacing him in the squad for today’s match in Christchurch, the home side said.New Zealand have already taken a 4-0 lead in the five-match series and Mitchell would be rested as part of his workload management, New Zealand Cricket (NZC) said on Saturday. Coach Gary Stead said: “Rachin is coming off a period of rest himself and will bring a valuable skill set to the group in this final match as he continues his return to cricket.”Devon Conway missed Friday’s victory after testing positive for Covid-19.

Alfardan Jewellery recently hosted an intimate gathering for the Doha Watch Club, providing an opportunity for its members to engage, as well as share stories and experiences about their favourite timepieces.The event held at Alfardan Jewellery inside The Pearl Island was highlighted by a surprise unveiling of the latest Ulysse Nardin collection, said director of retail operations Tarek Biour.“Alfardan Jewellery hosted the event to engage with members of the Doha Watch Club, allowing them to discuss their passion for watches and share their favourite watch stories,” he said. “We aim to educate people and explore the idea that watches are more than just tools for telling time.”“A watch is a statement: It’s a legacy, a memory, and it carries emotional attachment to the wearer,” Biour told Gulf Times on the sidelines of the event.“We appreciated the diversity of the club; anyone with a love for watches could join,” he added. “The club is open to growth and potential collaborations, aiming to bring all watch lovers together in one group.”Gulf Times also sat down with the majority of the club’s founding members – Dr Abdulaziz al-Khanji, Nino Rahal, Dr Eddy Borges-Rey, and Jason Holland – who shared their passion for horology and a brief history of the club, as well as its aspirations.Borges-Rey noted that another founding member, Ahmed Kobeissi, was instrumental in bringing together the core members of the club.According to al-Khanji, what makes the Doha Watch Club unique in the country is the international nature of the club, which allows for a rich exchange of cultures.He emphasised that the diverse perspectives presented in the club come from its multinational membership, thus bringing diverse points of view to every discussion or engagement.Holland said that the club offers a unique opportunity for expats in Qatar to find a community and share common interests beyond horology and the love for different types of timepieces.“The club provides an outlet away from work, offering a space to interact with people outside of the professional sphere,” he said. “Members can have a meal, a coffee, and engage in discussions about watches, sports, or any topic with people who share similar interests.”Rahal pointed out that while members of the Doha Watch Club have different preferences, it accommodates collectors and enthusiasts with diverse tastes in watches.Daily active discussions take place, primarily via a messaging platform, which is the main communication channel for the club, he added.“The club is open to all kinds of watch brands and types. Members are always eager to learn about different watch movements, types, and brands,” Rahal said. “There are active discussions about microbrands, including their new releases and the value for money of their watches.”“The Doha Watch Club fosters a non-judgmental environment where members are free to like any kind of watch,” he added. “Members occasionally share pictures of their watches, not to show off, but to share their passion. And this shared passion for watches is humble and varies in intensity and expense among members.”“The club is inclusive and not limited to any specific type of watch or price range,” Rahal stated.Borges-Rey said that the club has experienced exponential growth since its establishment two years ago, with the number of members reaching almost 60, surpassing the regular numbers in other clubs in Qatar.“The club envisions itself as part of a collaborative landscape with other clubs, open to being part of the broader environment of watches and horology in the country, and welcoming initiatives and collaborations,” he added.Al-Khanji said that the Doha Watch Club is anticipating a better presence during the Doha Jewellery and Watches Exhibition (DJWE), which will be held from February 5-11 at the Doha Exhibition and Convention Centre (DECC).“This is the first time that the club is going to the Doha Jewellery and Watches Exhibition as the Doha Watch Club,” Borges-Rey said. “The club has now built a good relationship with various watch brands.”Rahal said one of the advantages of attending the DJWE is that the event provides easy access to various watch brands and showcases new novelties and models that might not be easily found in boutiques.The event offers a hands-on experience where attendees can feel and see the watches, he said, emphasising that “buying a watch should be an experience”.Aside from Ahmed Kobeissi, another Qatari, Saad al-Kuwari, is also considered a key figure who helped propel the Doha Watch Club to its current status, according to Borges-Rey.Al-Kuwari lauded the club’s diverse membership, saying: “The group is not limited to locals but is a mix of expatriates and locals, reflecting the large percentage of expatriates in Qatar.”“Qatar has a significant number of serious watch collectors, whom the group aims to bring together ... establishing the club is greatly aided by recognition from watch brands,” al-Kuwari said. “It’s crucial for the brands to acknowledge the club as a collective entity.”“The Doha Watch Club is going through an exciting chapter, aiming to represent Qatar in the vast watch industry,” he added. “In recent years, the watch industry has grown significantly, with a 300% to 400% increase in people developing a love for watches.”“This growth extends to watchmakers and manufacturers, and the market in Qatar has also seen a surge in interest, particularly during and after the coronavirus (Covid-19) pandemic,” al-Kuwari said.

North Korean leader Kim Jong-un has declared the South his country’s “principal enemy”, jettisoned agencies dedicated to reunification and outreach, and threatened war over “even 0.001 mm” of territorial infringement.But is the fiery rhetoric a sign of a real shift? AFP takes a look at what we know:What’s happened? After years of worsening ties, Pyongyang made it official this week: declaring Seoul its main enemy, abolishing agencies dedicated to reunification and threatening to occupy the South during war. It’s a big shift, as “in the past when there was risk of an armed conflict, there was a back channel to keep it in control, but now there is none of that,” said Hong Min, a senior analyst at the Korea Institute for National Unification in Seoul.North Korea has gotten rid “of any inter-Korean mechanisms to prevent conflicts from spiralling out of control,” he added. “The North’s labelling of the South as its ‘principal enemy’ isn’t just rhetorical - the words could carry into action.”Will he invade? Kim said he had no intention of starting a war - but also none of avoiding one.He’s declared he will no longer recognise the de facto maritime border between the two Koreas, known as the Northern Limit Line, and his military recently staged days of live-fire artillery drills in the area. This has created “a growing possibility of the two sides getting into a military skirmish, which could lead to a wider conflict,” Hong said.In addition, Pyongyang has been drawing closer to Moscow, including - Washington and Seoul claim - sending missiles for Russia’s war in Ukraine in exchange for help with their satellite program.Seoul, for its part, has threatened a “multiple times stronger” response to any provocation, a hawkish approach that carries risks as an editorial in the Hankyoreh newspaper pointed out this week.“It is never wise for both South and North Korea to take a no-prisoners approach in inter-Korea dealings,” it said.“As North Korea becomes more reckless, we hope that the government will focus its efforts...to manage the situation,” it added.What’s next?The two Koreas are now “at the highest probability of being dragged into armed conflict”, said Choi Gi-il, professor of military studies at Sangji University. “Let’s say civilian and military casualties incur from a future Northern provocation. We target the point of origin with shells. But will we also strike them with air power?” he said.In 2010, when the North shelled the remote South Korean border island of Yeonpyeong, killing four, Seoul’s F-16 jets were “in the air ready to strike but then-president Lee Myung-bak called it off” to avoid escalating the situation.“But if we have a similar incident, there’s no guarantee that air power will not be used given hawkish calls” from Seoul’s administration, Choi said.And Pyongyang’s response could see the peninsula “reach a full-fledged war in the worst case scenario,” he said.No chance of rapprochement? The prospects for inter-Korean reconciliation have long been dim, but now Kim has told Seoul to its face that he views them as his number one enemy, Soo Kim, policy practice area lead at LMI Consulting and former CIA analyst, told AFP.“He’s not only closed the door to rapprochement - he’s put a padlock on it to make it clear to the South Koreans where he stands on their relationship,” she added.But the new rhetoric from Pyongyang doesn’t necessarily “change the calculus for North Korea,” she said. Pyongyang has long been developing nukes and missiles, and Kim has been waiting for an opportune moment to conduct his much-anticipated seventh nuclear test. “These weapons weren’t developed overnight, and the Kim regime’s plans to use them as tools of coercion, threats, and bargaining have been their modus operandi for decades,” she added.Why is Kim doing this? Kim’s new messaging on South Korea “appears to be an ideological adjustment for regime survival, justifying Kim’s focus on nuclear missiles,” said Leif-Eric Easley, a professor at Ewha University in Seoul.Despite years of Covid-linked border closures, and strict controls on the flow of information domestically, North Koreans “are increasingly aware of their country’s economic failings compared to South Korean successes,” he said. “So Kim is doubling down on military prowess against external threats for his domestic legitimacy,” he said.

A $30bn gush of debt issuance by developing countries since the start of the year is sparking hope that some of the more pressed emerging market nations might be able to regain market access in 2024.Recent falls in global interest rates combined with a relatively lean couple of years for EM borrowers has seen the usual January parade of governments embarking on their funding rounds turn into something of a frenzy.Oil-rich Saudi Arabia has already issued $12bn of dollar-denominated bonds and the world’s largest EM borrower, Mexico, scored its biggest ever debt sale at a punchy $7.5bn.Poland, Indonesia and Hungary have all been in the market too while companies have been busy flogging nearly $2bn of their own debt, taking overall EM issuance past the $50bn mark.The eagerness to frontload issuance highlights uncertainty over how fast and furiously the Federal Reserve, European Central Bank and their peers will cut interest rates, and also sets the stage for some big year-end numbers.Analysts at Morgan Stanley estimate almost $165bn of EM sovereign debt will be issued this year, roughly 20% — or $30bn — more than in 2023.Apart from Saudi Arabia, at least five other countries are each expected to issue at least $10bn, namely Indonesia, Poland, Turkiye, Israel and Mexico, with the latter potentially reaching $18bn.While the combined total will be well below 2020’s Covid-era record of $234bn, the potential $125bn just from ‘investment grade’-rated EM nations would be the second highest in history.“Calmer markets are always a good time for these countries to come and issue debt” said Victoria Courmes an emerging market portfolio manager at investment firm GMO.“With US rates (bond yields) now lower there is obviously an opportunity for them to do that and they will do more as rates come down even further.”Though EMs are having to compete with richer governments for buyers, demand for their debt appears strong so far on hopes that it could be a good year to be invested in higher-yielding developing world bonds.Mexico could have sold as much as $21bn last week while Saudi could have issued as much as $30bn their order books showed.Beyond the impressive numbers, the question is whether better market conditions will allow more stretched developing countries, that also have bond repayments coming due, to regain market access.Barely any sub-Saharan African countries or poorer ones in Asia and Latin America have been able to borrow on international markets since the pandemic, leaving them reliant on their own reserves or help from the IMF.But in many cases, their bond spreads — or the premium investors demand to buy their bonds rather than those of the United States - have improved substantially over the last 6-12 months.The prime contenders to test the market’s risk threshold and appetite for debt yielding 10% are Angola, Kenya, Nigeria and El Salvador, say analysts at Morgan Stanley.“While 10% would be expensive (for borrowing countries) versus history, alternative funding options are not always there,” they said in a note this week. “For all, we think it would be credit positive if they are able to issue.” Countries need to be able to borrow at manageable interest rates — traditionally judged to be below 10% at a bare minimum — to avoid the kinds of crises suffered by Zambia and Sri Lanka in recent years. Kenya has a $2bn bond maturing in June which makes it a potential test case if market conditions remain conducive.Egypt is seeking additional IMF support as it also looks to refinance roughly $25bn of external debt this year, with almost 75% of investors in a recent Citi poll viewing it as a major default risk in the next couple of years.Abdrn portfolio manager Viktor Szabo said he thought the market was “not there yet” for the riskier countries.But with the all-important ten-year US bond yield below 4% again despite firmer-than-expected inflation figures last Thursday there could be a chink of light.

Competition is what makes markets work (when they do). But firms don’t like competition because it tends to drive down profits. For the typical businessperson, whose objective is reaping gains above the normal return on capital, that is no fun. As Adam Smith observed 250 years ago, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”For at least 130 years, the US government has been trying to ensure competition in the marketplace. But it has been a constant battle. Firms are always coming up with new ways to circumvent competition; their lawyers are always devising new methods to avoid the reach of the law; and the government has failed to keep up with either of these practices, let alone with rapid advances in technology.Hence, there is now overwhelming evidence of an increase in market power in the United States. That means bigger corporate profits (far exceeding risk-adjusted returns), higher market concentration in sector after sector, and fewer new entrants. Americans like to think that they have the most dynamic economy the world has ever seen, one that is now on the cusp of a new innovative era. But the data refute such claims.Consider the standard measure of innovation: total factor productivity, which refers to the growth in output beyond that which can be explained by an increase in inputs like labour and capital. In the 15 years prior to the Covid-19 pandemic, the overall growth of TFP in the US economy was only one-third of what it had been in the preceding 15 years. So much for entering an innovation age!Making matters worse, rising market power is also a key factor contributing to increased inequality, as argued in the book People, Power, and Profits.Fortunately, in this era of never-ending dismal news, there has been a positive development on this front. Efforts by US President Joe Biden’s administration to sustain and enhance competition seem to be bearing fruit. For example, owing to pressure from federal antitrust authorities, a $20bn merger between Adobe and Figma (a “collaborative web application for interface design”) has been called off. Moreover, the biotech corporation Illumina has agreed to divest itself from GRAIL, after the US Federal Trade Commission alleged that the pair-up “would diminish innovation in the US market for multi-cancer early detection (MCED) tests while increasing prices and decreasing choice and quality of tests” – a view affirmed last month by the US Fifth Circuit Court of Appeals.Even more significantly, the FTC and the Department of Justice have issued updated merger guidelines that demarcate important new boundaries that remain firmly embedded in US antitrust legal traditions. For example, the guidelines cite the 1914 Clayton Act, which was designed to nip anticompetitive situations in the bud by prohibiting mergers and acquisitions whose effects “may be to substantially lessen competition.” That “may” is crucial, because nothing can be foreseen with absolute certainty. In 2012, one could have been quite confident that Facebook’s acquisition of Instagram would reduce competition. But Barack Obama’s administration was not as alert to the agglomeration of market power as the Biden administration is.The new guidelines also place a greater emphasis on entrenchment, the idea that acquisitions and mergers may deepen, expand, and prolong a firm’s market power. This change implies that competition will be viewed as a dynamic phenomenon, as it should be. Importantly, not only horizontal mergers (between firms in the same line of business) but also vertical ones (where a firm acquires a critical supplier or client) will be subject to greater scrutiny.We have long known that under conditions of limited competition (which is the reality in many sectors across many countries), such mergers can have powerful adverse effects. Yet “Chicago economists”, insisting that markets are naturally competitive, argued that antitrust authorities should focus only on horizontal mergers and acquisitions, and the courts generally agreed. The Illumina/GRAIL decision suggests that judges have begun to recognise the dangers posed by vertical mergers.By the same token, the new guidelines will help antitrust authorities deal with the big platforms where much of today’s anticompetitive behaviour is occurring – from credit cards, airline booking, and theatre tickets to ride sharing. The sustained high returns accruing to dominant platforms have become obscene. It is especially important to nip the growth of market dominance here in the bud; the new guidelines’ dynamic approach could be particularly effective.