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The world is in the grip of a mental health crisis. From rising climate anxiety in rich countries like the United States to intense trauma in conflict zones like Ukraine and Gaza (especially among children), psychological suffering has become widespread, and traditional health-care services cannot keep up. This leaves tens of millions of people at risk of serious pathologies and suicide.As it stands, more than 25% of the world’s population reports feelings of social isolation and loneliness, and more than 150,000 people aged 15-29 die by suicide each year. Climate change threatens to increase these bleak figures. As the American Psychiatric Association reports, climate change can “lead to job loss, force people to move, and harm social cohesion and community resources, all of which have mental-health consequences.” Moreover, contemplating climate change and its consequences for both “national security and individual well-being” can cause “significant distress.”No groups are spared. Young people fear for their future; older people grieve the destruction of the world of their childhoods; and activists and climate scientists suffer from emotional burnout and despair. And this is to say nothing of the post-traumatic stress and depression experienced by those already affected by climate-related disasters, particularly in vulnerable developing economies.Traditionally, a psychiatric patient would engage in one-on-one therapy with a trained doctor. But even rich-country health systems lack the capacity to offer such services as widely as is needed: in the US, more than 150mn people live in areas with too few mental-health professionals. Within a few years, the country could be short by as many as 31,100 psychiatrists.The situation is even worse in poor and conflict-affected countries, where traditional psychiatric interventions are often very difficult to access, if they are available at all. Consider my home country, Zimbabwe: despite being a country of 16mn, it has just 13 psychiatrists and 20 clinical psychologists.The consequences of this shortfall became starkly apparent in 2019, when Cyclone Idai tore through parts of Zimbabwe. The storm’s powerful winds and heavy rains – and the massive flooding and landslides they triggered – led to hundreds of deaths, displaced about 60,000 people, and demolished 50,000 homes. It also decimated unharvested crops, destroyed seed stocks, and killed livestock, leaving people without food or livelihoods. All of this contributed to mental-health problems, including post-traumatic stress disorder.Barely a year later, things got much worse: the Covid-19 pandemic forced nationwide lockdowns that further undermined people’s socioeconomic well-being. The resulting mental-health problems were well beyond the health-care system’s capacity to handle.But that did not mean Zimbabwe had no options. The Friendship Bench project, which I founded, trains community volunteers without any prior medical or mental-health training to provide talk therapy from wooden park benches in all ten provinces of the country. We have so far trained more than 2,000 of these “grandmothers” to provide counselling to their local communities.The programme works. In 2016, a randomised clinical trial found that patients with common mental disorders and indicators of depression who received Friendship Bench counselling had a significant decrease in symptoms. Communities with access to Friendship Bench services also experienced improvements in other areas, from HIV outcomes to maternal and child health. Even the grandmothers delivering the therapy report that they have benefited from a stronger sense of belonging and resilience.Others in lower-resource countries have also been pioneering new, scalable models for delivering high-quality, low-cost psychiatric care to communities where it was not previously available. One trailblazer is Sangath, an NGO headquartered in the Indian state of Goa that trains ordinary people to deliver psychosocial treatments, particularly in areas with little access to mental-health services. Clinical trials have consistently shown that these “lay counsellors” are effective in addressing a wide range of mental-health conditions, from depression and anxiety to alcohol-use disorders.Similarly, StrongMinds trains “mental-health facilitators” to provide free group therapy to low-income women and adolescents with depression in Uganda and Zambia. The organisation reports a powerful impact, not least in supporting communities affected by climate-related environmental disasters. And this impact is set to grow: StrongMinds founder and CEO Sean Mayberry expects the programme to reach 335,000 people this year.Western models of psychiatric care are too resource-intensive to be rolled out across the world, particularly in Africa and South Asia, where fast-growing populations and accelerating climate risks pose huge challenges. But well-crafted community-based initiatives are both cost-effective and highly scalable. Beyond improving individual mental health and resilience, such programmes strengthen community cohesion and encourage collective problem-solving, both of which will become increasingly important as the climate crisis intensifies.Tackling the global mental-health crisis effectively will require greater engagement from the international community. The World Health Organisation’s Special Initiative for Mental Health, which sought to deliver greater access to mental-health services across its six regions in 2019-23, was a step in the right direction. But it must be sustained and expanded. Meanwhile, local and national governments and philanthropies should embrace new, locally-based approaches that have proved their ability to help communities cope with growing risks to their lives, livelihoods, and well-being.— Project SyndicateDixon Chibanda, a professor of psychiatry and global mental health at the University of Zimbabwe and the London School of Hygiene and Tropical Medicine, is Founder of the Friendship Bench and the recipient of the 2023 McNulty Prize.

The COP26 climate conference will be a clarifying moment, poised between global co-operation and competition. As one of the key French officials tasked with delivering a deal at COP21 in Paris in 2015, I can attest to the weight of expectations placed upon this year’s hosts, Italy and the United Kingdom.The summit in Glasgow this November is by far the most fraught meeting of governments since Paris. Paradoxically, greater global integration continues alongside emerging fault lines, including the injustices of the Covid-19 pandemic and a growing desire for inward, nationalistic policies.While global trade is on track to increase by 8% this year, after falling by 5.3% in 2020, the rollout of medical supplies along global supply chains has exposed deep sources of antagonism and rivalry. The issue of vaccine solidarity – compounded by wealthy countries earmarking trillions for their own economic recoveries – has seriously strained multilateral ties. COP26 is approaching under a cloud of tension.This year’s conference will test the spirit of co-operation that emerged in Paris, where – after several abortive efforts – 196 governments adopted the historic Paris accord and made “net zero” a geopolitical reality. The agreement has since provided the organising principle for all climate action – one that nation states, regions, cities, businesses, investors, civil society, and individuals all had a voice in, and can all act upon. This was people-powered multilateralism at its best.Six years later, we ought to be seeing a positive domino effect of bold pledges from states. Instead, we are watching a nervous game of poker. As with vaccines, wealthier countries are not sharing their wealth and technology.Tellingly, the international community still has not met the Paris agreement’s target of $100bn per year for supporting climate investments in developing countries. This figure is a threshold, not an end goal: it is essential that we clear this hurdle for all parties at COP26 to know that wealthy countries mean business and are sincere in their solidarity.Equally concerning is the absence of specifics for how G20 countries intend to meet abstract net-zero targets. Many remain fully locked into fossil fuels. Since these economies account for almost 80% of worldwide emissions, they must start including more concrete, comprehensive decarbonisation planning as part of their Nationally Determined Contributions (NDCs) under the Paris agreement.The European Commission’s new Fit for 55 plan shows how this can be done in a detailed, sector-specific way. Unfortunately, the European Union is the exception. Everyone else is still playing poker, even as the room fills up with water.Just this year, climate-driven disasters have struck Brazil, Canada, Madagascar, China, Germany, Russia, the United States, and many others. There is no need to recall every cataclysmic weather event, because it is already sufficient to say that the problem has broken beyond our readiness.As climate modelling improves, the path to remaining within 1.5C of warming is narrowing before our eyes. In early August, the latest report from the Intergovernmental Panel on Climate Change (IPCC) showed that we are dangerously close to 1.5C already. Every fraction of a degree matters. The differences between a 1.5C world and a 2C world would be dramatic.When we were negotiating the Paris agreement, the preceding G20 gathering was similarly fraught – some might say disastrous. Many felt the COP21 was doomed to fail as a result. But after weeks of intense work and dialogue, the Paris summit managed to exceed most expectations, mine included.How can the UK and Italy steer the talks toward another successful outcome? If the parallels with 2015 offer any indication, the key for this final “sprint” is to emphasise that no-one, and no single country, can tackle the climate crisis alone. Because every single party to the United Nations Framework Convention on Climate Change has an equal say, any single signatory can cause negotiations to stumble. Good faith dialogue, concrete plans, and serious means to finance them are the only way forward.There are some recent positive developments to build on. Earlier this year, South Korea and Japan – respectively the world’s second- and third-largest coal financiers after China – both pledged to end their public coal investments abroad.But there are also clear areas where governments have more work to do. According to the International Energy Agency, staying on track for net-zero emissions by 2050 requires that no new coal, oil, or gas projects be started after 2021. That means all of the world’s largest emitters must immediately end coal investments abroad and clarify how they will phase out their own use of coal.Only a sincere spirit of multilateralism can solve the imbalance at the heart of the climate crisis, the impacts of which are profoundly unfair. Countries that are hardly responsible for the problem’s escalation are the ones facing the most severe, often existential risks. Why would small island states negotiate themselves into submersion?The Paris agreement was only possible because of its commitment to multilateralism, and this remains the best guide to ensuring its relevance. It is telling that soon after a G20 climate meeting delivered few tangible positives this year, the world’s Least Developed Countries issued a statement calling on their wealthier counterparts to “take responsibility.”Sovereign, competitive impulses will always strain the space for cooperation. But within that space, there are ample opportunities to achieve positive-sum outcomes – in technological innovation and adoption, for example. These instincts are rooted in the national interest, and thus should be responsive to the fearsome, increasing prospect of overshooting 1.5C.In this spirit, some concrete steps to defuse tensions at COP26 would include a dedicated item for meaningful discussions on “loss and damage,” while this summer’s ferocious weather events still loom large in everyone’s memory. The conference also must press the issue of financing for climate adaptation efforts as part of the broader drive to meet the minimum $100bn per year target. Finally, G20 countries that have not delivered their NDCs must do so as soon as possible, demonstrating that their policies are sufficient to keep the world on a 1.5C pathway.G20 countries anxious to promote their role as climate leaders must listen carefully to the warnings from others, particularly those on the front lines. If we see momentum on these fronts between now and November, the UK and Italy could herald COP26 as a success, keeping the 1.5C goal in our sights. — Project Syndicatel Laurence Tubiana, a former French ambassador to the United Nations Framework Convention on Climate Change, is CEO of the European Climate Foundation and a professor at Sciences Po, Paris.

The world's wealthiest five men have more than doubled their fortune since 2020, the charity Oxfam said on Monday, calling on nations to resist the ultra-rich's influence over tax policy.A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year.Yet since 2020, nearly five billion people worldwide have grown poorer, Oxfam said.Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic."We cannot continue with these levels of obscene inequality," Amitabh Behar, the interim director of Oxfam International, told AFP.He said it showed that "capitalism is at the service of the super-rich".With riches among the world's wealthiest increasing the way they are, he predicted that within a decade the world will see its first "trillionaire".Oxfam's yearly report on inequality worldwide is traditionally released just before the Davos forum opens on Monday in the Swiss Alpine resort of the same name.The charity raised concerns over increasing global inequality, with the richest individuals and companies amassing not only greater wealth thanks to surging stock prices, but also significantly more power.- Corporate power 'driving inequality' -"Corporate power is used to drive inequality -- by squeezing workers and enriching wealthy shareholders, dodging taxes and privatising the state," Oxfam said.It accused corporations of driving "inequality by undertaking a sustained and highly effective war on taxation", with far-reaching consequences.Oxfam said states handed power over to monopolies, allowing corporations to influence the wages people are paid, the price of food and which medicines individuals can access."Around the world, members of the private sector have relentlessly pushed for lower rates, more loopholes, less transparency and other measures aimed at enabling companies to contribute as little as possible to public coffers," Oxfam added.The charity said thanks to intensive lobbying over tax policymaking, corporations have been able to pay lower corporate taxes, thereby depriving governments of money that could be used to financially support the poorest in society.Corporate taxes have significantly dropped in OECD countries from 48 percent in 1980 to 23.1 percent in 2022, Oxfam noted.To address the imbalance, Oxfam called for a wealth tax on the world's millionaires and billionaires that it says could bring in $1.8 trillion dollars each year.The non-governmental organisation also called for a cap on CEO pay and the break-up of private monopolies.

Qatar's government expenditure growth is not to exceed non-hydrocarbon (NHC) gross domestic product (GDP) growth by 2030 as the country "develops a more sustainable and shock-resistant" medium-term fiscal framework. This was enshrined in the recently launched Third National Development Strategy (NDS3), which has targeted a NHC growth of 4% and an overall fiscal balance of 5.5% of GDP by 2030. On the sovereign expenditure growth, experts are of the view that the NDS3 is on the right track since structural efficiency is as important as economic diversification. This comes amidst the Qatar National Vision (QNV) 2030’s intent to steer a large part of the economy towards non-energy sectors, especially knowledge-based economic opportunities. In its latest Article IV consultation report on Qatar, the International Monetary had said the NDS3 would provide an opportunity to accelerate economic transformation towards a knowledge-based and inclusive economy supported by private-sector led growth. Global credit rating agency Standard & Poor's had earlier said it expected the national development strategy projects to improve the economy’s productive capacity. The NDS3, which defines bold and transformative initiatives and reforms designed to achieve the remaining QNV 2030 goals, also said the medium-term fiscal framework, characterised by diversified and stable sources of revenues and efficient and effective public expenditures, and by a resilient balance sheet, reflected in healthy debt levels. Qatar aims to achieve an increased share of non-hydrocarbon government revenues, and achieving this will include strengthening tax administration capacity and efficiency, enhancing tax compliance, and implementing a proactive risk system using advanced technologies. It highlighted that Qatar also aims to maintain a sustainable fiscal budget, reduce pro-cyclicality, and enhance public expenditure efficiency and effectiveness. The expenditures in the fiscal year 2024 budget saw an increase by 1% from 2023 to QR200.9bn. "To this end, Qatar has already established a medium-term fiscal framework and is in the process of implementing programme-based budgeting," it said, adding it will also better align planning and budgeting processes. "We seek through this strategy to sustainably develop our economy to remain competitive amidst a turbulent and rapidly changing global landscape," HE the Prime Minister and Minister of Foreign Affairs Mohamed bin Abdulrahman bin Jassim al-Thani had said at the launch. The NDS3 said Qatar aims to manage public debt and contingent liabilities to generate sufficient fiscal space for economic downturns. The NDS3 will enhance the government debt management framework to reduce debt exposure risks and support balanced and stable fiscal planning, by developing comprehensive public sector and contingent liability frameworks, and implementing a sovereign green financing framework, it said. While the economy has been robust, it said the development of the non-hydrocarbon economy has remained slow with growth averaging less than 2% during 2017-22, impacted by the effects of the Covid-19 pandemic and geopolitical tensions regionally and internationally.

The US Federal Reserve ran an operating loss of $114.3 billion last year, the largest loss in its history, a consequence of its campaign to aggressively support the economy in 2020 and 2021, then jacking up interest rates to combat high inflation, according to the Wall Street Journal.The newspaper said that the US central bank announced preliminary, unaudited results of its 2023 financial statements on Friday.It said that these losses added to already large federal deficits that have required bigger auctions of Treasury debt. The central banks losses could continue for as long as short-term interest rates remain near current levels. That has the potential to fuel new political attacks on the Fed, though there have been no signs of that so far.The newspaper explained that the central bank paid more to financial institutions on interest-bearing deposits and securities than it earned from securities that it bought when interest rates were lower. Thats a result of it raising its benchmark short-term interest rate to a two-decade high, above 5%, last year.Nonetheless, the losses dont affect the Feds day-to-day operations and wont require the central bank to ask for an infusion from the Treasury Department. Unlike federal agencies, the Fed doesnt have to go to Congress to cover operating losses, the newspaper said, adding that the Fed created an IOU in 2022 that it calls a "deferred asset." The Fed has almost always turned a profit and is required by law to send its earnings, minus operating expenses, to the Treasury.The newspaper added that these gains turned to losses in 2022, meaning the federal deficit has been a bit larger than it would otherwise have been.The losses are a side effect of the Fed's efforts to support the economy during the Covid-19 pandemic by purchasing large amounts of Treasury and mortgage-backed securities. The Fed is running losses because it is paying more in interest than it earns on those securities.The central bank maintained a relatively small portfolio until the 2007-09 financial crisis, after which its holdings of Treasurys and mortgage bonds swelled and it revamped how it manages interest rates. Before that crisis, the Feds annual transfers to the Treasury ranged between $20 billion and $30 billion, or less than 1.5% of all federal receipts.After that, the Feds net income soared as it held short-term rates at low levels while owning higher-yielding long-term securities. Between 2012 and 2021, remittances as a share of federal receipts nearly doubled. The Fed sent more than $870 billion to the Treasury over those 10 years, including $109 billion in 2021.The Wall Street Journal stressed that the Fed is likely to continue running accounting losses for as long as it holds interest rates above around 3.5% and shrinks its asset portfolio, a process that began in 2022. The Fed raised rates last year to a range between 5.25% and 5.5%. (QNA)

Arab and international media outlets gave great attention to the opening ceremony of the AFC Asian Cup Qatar 2023, which was held at Lusail Stadium on Friday, hailing the humanitarian messages delivered during the ceremony, urging coexistence and love of peace, as well as the focus it gave to the Palestinian cause in solidarity with the Palestinian people through their current ordeal.Saudi media praised the efforts of the Qatar government in terms of the world class organisation that makes the Arab and Gulf peoples proud, and deemed the success of the opening ceremony to be the result of good investment in human resources.The 1st Saudi Channel indicated that Qatar has reached a stage where organising successful sporting events is a given, and that the Qatar 2023 edition of the AFC Asian Cup will continue this trend.The channel added that Qatar possesses all the elements to ensure success in terms of infrastructure and giant projects, in addition to organisers and volunteers.The channel concluded that Qatar has presented world class performances, confirming the capabilities of the Gulf people, and noted that Qatar's sporting success is linked to teamwork in various aspects and is a reflection of the country’s economic, educational and political success.The Kuwait News Agency (KUNA) praised the organisation of the Asian Cup Qatar 2023 opening ceremony and its humanitarian messages.It highlighted Team Qatar captain Hassan al-Haydos's ceding the tradition of taking the championship oath to his Palestinian peer Musab al-Battat.The Dubai Sport 1 TV Channel aired a report highlighting the messages conveyed during the opening ceremony, in terms of pride in identity and drawing inspiration from authentic literary heritage, including revealing the missing chapter of the historical novel Kalila and Dimna, from which the stories form cultural bridges extending between all Asian countries and draw a map of love and solidarity among its people.The report touched on the ideal start for Team Qatar in its journey towards defending their title after scoring an unanswered hat-trick against Team Lebanon in the first match held at the Lusail World Cup Stadium.Jordan's Petra news agency noted the visual and audio performances presented during the hour-long ceremony, merging modern technology with the heritage that characterises the Arab region.The news agency pointed out that the ceremony carried messages of support for the Palestinian people, and in particular with the plight of the people of the Gaza Strip since the events of October 7.Petra also cited al-Haydos's ceding the tradition of taking the championship oath to al-Battat.Palestine's WAFA news agency highlighted the remarkable Palestinian presence at the opening ceremony of the AFC Asian Cup Qatar 2023, noting that the ceremony featured performances of Palestinian songs and traditional attire.WAFA also touched upon al-Haydos and al-Battat’s display of solidarity.The Saudi MBC channel hailed the dazzling image of the opening ceremony, in particular the creative presentation of the missing chapter of Kalila and Demna book.Abu Dhabi Sports (AD) television channel highlighted the opening ceremony and said the whole world watched the inauguration of the 18th edition of AFC Asian Cup Qatar 2023 at Lusail stadium that offered the world a beautiful painting of Arab heritage in an Asian frame.The AD channel noted that the opening ceremony was reminiscent of the FIFA World Cup Qatar 2022 tournament.The Omani Television affirmed that Qatar has fulfilled the promise of an opening ceremony that vividly translated its major expertise in organising major events.It noted that it has become easy for Qatar to host any tournament at any time, citing the 1995 FIFA World Youth Championship that was suddenly assigned to Qatar, which had subsequently succeeded in organising it, sparing FIFA from embarrassment.Oman Sports TV hailed the messages conveyed at the opening ceremony that underscored the centrality of the Palestinian cause.The channel focused on fans interaction within and without the stadium through the accompanying cultural and recreational events.Iraqi media reported that the opening ceremony was unique and exceptional, and hailed the revelation of the missing chapter of Kalila and Demna book.The Iraqi Channel 4 News noted that the ceremony highlighted the nine stadiums hosting the matches, along with the 10 Arab teams, and the participation of Palestinian team in particular.Iraqi UTV satellite television network lauded the opening ceremony, especially those chapters inspired by Kalila and Dimna, saying that it enjoyed the most beautiful moments of the past, present and future during the event.The Lebanese Al Jadeed TV said that the event was a lavish and unprecedented ceremony attended by high-ranking officials and dignitaries from all over the world, alongside numerous global sports figures.The network highlighted that al-Haydos recited the oath of the tournament while wearing the Palestinian keffiyeh, and that al-Battat and al-Haydos left the stage together.Al Arabiya TV Channel reported that the championship will for the first time utilise the Semi-Automated Offside Technology (SAOT).It also noted that fans have the opportunity to watch three matches in one day.International news agencies also highlighted the opening ceremony of the Asian Cup Qatar 2023, noting in particular the prominent Palestinian presence in light of the ongoing Israeli aggression on the Gaza Strip since October 7.Reuters indicated that Lusail Stadium, where the final of the FIFA World Cup Qatar 2022 between Argentina and France was held, hosted the opening ceremony of the AFC Asian Cup Qatar 2023.The agency reported on Team Palestine’s al-Battat delivering the championship oath after Team Qatar’s al-Haydos ceded the tradition to him.Reuters added that the ceremony was entitled The Missing Chapter of Kalila and Dimna, an Asian heritage book that represents the cultural similarities in the vast continent.It also noted the remarkable Palestinian presence.German news agencyDPA also gave attention to the opening ceremony of the AFC Asian Cup Qatar 2023, especially the part involving the missing chapter of Kalila and Dimna.Kalila and Dimna is considered timeless work, containing many messages related to coexistence, understanding and co-operation, which are the same concepts that reflect the spirit of the Asian Cup Qatar 2023, it added.France's AFP praised the Palestinian presence at the opening ceremony, and highlighted the gesture of solidarity with the Palestinian cause.AFP also praised the world class organisation of the opening ceremony, stressing that Qatar completed its preparations to host the 2023 Asian Cup Qatar in record time after being announced as the host country in October 2022, the day after China apologised for the measures imposed at the time due to the spread of the coronavirus (Covid-19).

Qatar National Bank (QNB) predicted that the ongoing decline in inflation rates would pave the way for the European Central Bank (ECB) to cut interest rates.In its weekly commentary, QNB said, "At the beginning of 2020, the outbreak of the Covid-pandemic set in motion a succession of exceptional events that boosted inflation rates to record levels in the Euro-Area in 2022. At the initial stages of the pandemic, lockdowns and supply-chain bottlenecks imposed constraints on supply. Policy responses quickly followed with unprecedented monetary and fiscal stimulus that fuelled demand. Additionally, in 2022, the Russo-Ukrainian war triggered a major commodity shock that was specially negative for Europe, which was heavily dependent on energy imports from Russia. These factors drove the rate of inflation in the Euro-Area to a record peak of 10.6 percent year-over-year in October of 2022."The bank pointed out, "With inflation rocketing high above the target of monetary policy, the response from the European Central Bank (ECB) followed. The ECB embarked on a record tightening cycle of 10 consecutive rate hikes, increasing its main refinancing rate by 450 basis points to 4.5 percent in September 2023 to bring inflation down. After reaching its peak in October 2022, inflation began a downward trend with a significant contribution from declining energy prices and the normalization of supply-chain conditions. Inflation came at 2.9 percent in the latest release, down by close to 8 percentage points (p.p.) in a year, and now standing less than 1 percentage point away from the 2 percent target of the ECB."In our view, given the significant progress and the steady trend in declining inflation, it is likely that the ECB will "pivot", or start cutting policy rates, in the coming months. In this article, we discuss the two main factors that support our view."QNB explained, "First, the significant declines in the prices of energy, including oil at the international level and natural gas in the European market, continue to help to bring inflation down. Both oil and natural gas have a direct impact on prices faced by consumers, but also indirectly through lower costs of production for firms. The Brent oil price peaked at an average of USD 124 per barrel (p/b) in June of 2022, and has since then fallen to the range of USD 75-80 p/b. The fall of European natural gas prices is even more striking: from an average of EUR 147.1 per MWh in H2-2022 to EUR 38 per MWh in December 2023. The direct impact of overall energy costs implied almost 2 p.p. less of inflation faced by consumers in November."Additionally, lower energy costs transmit indirectly to consumer prices through lower costs of production, where the impact is even more remarkable and will take time to fully materialize. According to the Producer Price Index (PPI), which is a gauge of prices paid to producers of goods and services, prices are falling at an average rate of 10 percent year-over-year in the last 3 months. With a lower likelihood of an energy crisis similar to that of 2022, in addition to the direct impact on prices paid by consumers, lower production costs will further contribute to the declining trend in overall inflation."Second, softening labor markets amid a stagnating economy will reduce wage cost pressures for firms, and therefore inflation. Unemployment rates in the Euro-Area have stabilized at an average 6.5 percent in the last 3 months, which is the lowest since the beginning of the series in 2000. But after a strong post-pandemic recovery, the economy has remained stagnant throughout 2023, with a contraction of GDP in Q3-2023 of 0.1 percent, and a similar negative figure expected for Q4-2023. These contractions would leave the economy in a recession, defined as two consecutive quarters of negative growth."Additionally, current policy rates are tight according to the real "neutral" interest rate benchmark, which determines the level above which interest rates are restrictive for the economy. The real "neutral" rate is defined as the nominal interest rate minus inflation that is consistent with an economy in equilibrium. The estimates for the Euro-Area put the real neutral rate at close to 0 percent. In contrast, the current nominal policy rate of 4.5 percent minus inflation of 2.9 percent implies a real interest rate of approximately 1.6 percent. Therefore, the current level of the real interest rate of 1.6 percent is significantly above the real neutral interest rate. This means that the policy rate is high, deeply in restrictive territory and placing undue downward pressure on the economy. Furthermore, the policy rate is automatically becoming tighter as inflation goes down, even if the ECB is not putting into effect additional rate hikes. As a result of the weak economy and tight financial conditions, there are signs of easing in the labor markets, such as a deceleration in wage growth, which will further support the decline in inflation.QNB concluded, "All in all, inflation has come down significantly from its peak in the Euro-Area, and is converging to the desired target of 2 percent due to the normalization of energy prices and a stagnating economy. In our view, these developments open the door to interest rate cuts in the coming months." (QNA)

Tim Southee became the first player to 150 wickets in Twenty20 internationals, leading New Zealand’s “nasty fasties” to a 46-run win over Pakistan in their series opener in Auckland.Veteran seam bowler Southee claimed four wickets to pass the milestone and help dismiss the tourists for 180 in the 18th over in response to New Zealand’s imposing 226-8, handing them first blood in the five-match series.Southee’s figures of 4-25 were the best of a run-dominated encounter at Eden Park and took him to 151 wickets in T20 internationals, 11 more than Bangladesh spinner Shakib Al Hasan. He finished the job as Pakistan’s run chase capitulated after Babar Azam fell in the 17th over, with the former captain having accelerated to 57 off 35 balls to keep his side in contention.There were starts for openers Saim Ayub (27) and Mohamed Rizwan (25) but Azam struggled to find support from his teammates before being caught at cover by captain Kane Williamson off Ben Sears’ bowling. Williamson said Southee’s value across a 16-year career couldn’t be understated.“Tim has been around for a long time and this is a credit to his consistent performances over a long period,” he said.“But he also adds so much as a leader in our environment - a calm head and it’s pretty good to have him out there with some young nasty fasties.”New Zealand’s boundary-laden innings was the highest Pakistan had conceded in a T20, surpassing the 221-3 England scored in Karachi in 2022.Daryl Mitchell blasted 61 off 27 balls and Williamson was dropped twice as he scored 57 off 42.New Zealand built on an explosive start from opener Finn Allen (34), who struck 24 runs off the third over, bowled by Pakistan captain Shaheen Shah Afridi.Pakistan’s new-look attack struggled to protect the ground’s notoriously short boundaries, conceding 21 fours and 11 sixes.Seamer Abbas Afridi impressed in his first international appearance in any format with 3-34 off four overs, although fellow-debutant Usama Mir had his leg spin attacked by Mitchell in particular and finished with 0-51.Shaheen, who took 3-46, led Pakistan for the first time after Babar forfeited the captaincy in the wake of their failure to make last year’s 50-over Cricket World Cup semi-finals.Shaheen said improvements will be necessary ahead of the second match in Hamilton on Sunday.“We only have a short time. As a bowling unit, we have to improve and use our variations at the right times,” he said.“Kane Williamson and Mitchell played very well but there were misfields in the middle overs. We have to grab those catches and as a fielding unit we need to do better.”New Zealand spin-bowling allrounder Mitchell Santner wasn’t selected after testing positive for Covid-19 earlier in the day.Brief scoresNew Zealand 226-8 in 20 overs (D. Mitchell 61, K. Williamson 57, F. Allen 34; A. Afridi 3-34, S. Afridi 3-46) bt Pakistan 180 all out in 18 overs (B. Azam 57, S. Ayub 27; T. Southee 4-25) by 46 runs.Series: New Zealand leadfive-match series 1-0.

Among the most shocking images from the Covid-19 pandemic were of people gasping for air, unable to breathe, their blood oxygen so severely depleted that some died in ambulances lined up outside hospitals. In wealthier countries, there was a panicked rush to expand ventilator capacity to deal with the surge of people experiencing acute respiratory distress. In countries like India and Kenya, there was an even more desperate scramble to find oxygen cylinders for loved ones. In low- and middle-income countries, nine out of ten hospitals lacked the equipment to provide oxygen therapy.Seeing people dying for lack of oxygen, the Global Fund to Fight Aids, Tuberculosis, and Malaria, Unitaid, USAID, and other global agencies took action. Under the umbrella of the Access to Covid-19 Tools Accelerator, we established the Oxygen Emergency Taskforce to co-ordinate the emergency response, broaden access, and secure supplies. Since then, the taskforce has overseen an investment exceeding $1bn for oxygen-related needs, primarily via the Global Fund Covid-19 Response Mechanism (C19RM). These funds have gone toward procuring oxygen cylinders and bulk storage tanks, installing oxygen production machines (known as pressure swing adsorption plants), and offering specialised training for health workers.Tragically, this response came too late for too many people, because the peak of the pandemic coincided with a worldwide shortage of oxygen cylinders. Furnishing a hospital with a sustainable oxygen supply takes many months, given the need to install sophisticated equipment and pipework; and training health workers to provide oxygen safely cannot be done overnight.Following the acute phase of the pandemic, the Oxygen Emergency Taskforce’s focus shifted toward ensuring greater access to medical oxygen on a sustainable basis, so that what happened with Covid-19 is never repeated. Moreover, there is a compelling case for expanding access to medical oxygen even without the threat of a pandemic. Lack of oxygen in low- and middle-income countries leads to 800,000 preventable deaths every year. Newborn babies die of respiratory distress syndrome. Mothers die when complications in childbirth result in hypoxemia. Acute trauma victims – from violence or traffic accidents, for example – also die from lack of oxygen. Surgical procedures for a wide range of conditions, including cancer, cannot be carried out without medical oxygen.It would be difficult to identify a better example of an investment that simultaneously reinforces pandemic preparedness and saves lives now. Research by the Every Breath Counts Coalition shows that hospitals that offer paediatric care with a fully functioning supply of oxygen can reduce deaths due to child pneumonia by almost half, and all children’s deaths by one-quarter.To maintain the pace of progress in expanding access to medical oxygen, the Global Fund and Unitaid, alongside other partners, have transformed the Oxygen Emergency Taskforce into a Global Oxygen Alliance, known as GO2AL. Its objectives are to provide financial support for oxygen production and supply, comprehensive technical and training assistance, and advocacy for equitable access.National governments are also taking the lead. For example, this past April, Kenyan President William Ruto and county governors set aside $41.7mn for a programme to distribute medical oxygen cylinders and bulk storage tanks to the country’s healthcare centres. With the support of the Global Fund and other partners, Kenya also is building a nationwide network of oxygen-production plants, bulk-storage tanks, and cylinder distribution channels to ensure that hospitals and primary-care facilities have sufficient supplies.Far too many people died from lack of oxygen during the Covid-19 pandemic, and far too many are dying unnecessarily today from other conditions because medical oxygen is not routinely available. That is why we have embarked on the most ambitious effort yet to increase access to medical oxygen in low- and middle-income countries.To date, and thanks to the generosity of donors led by the US and Germany, the Global Fund has invested $617mn to support 98 countries and six regional projects in their efforts to increase access to oxygen. Doing so will save millions of lives and significantly improve low- and middle-income countries’ ability to respond to future disease threats.Sadly, nothing will bring back the people who died gasping for air. But owing to our unified response to Covid-19, millions of others can be spared a similar fate. – Project SyndicatePeter Sands is Executive Director of the Global Fund.

Low vaccination rates against the latest versions of the coronavirus (Covid-19) and influenza are putting pressure on healthcare systems this winter, leading public health officials told Reuters.In the United States, several European countries, and other parts of the world, there have been reports of rising hospitalisations linked to respiratory infections in recent weeks. Death rates have also ticked up among older adults in some regions, but far below the Covid-19 pandemic peak.Spain’s government has reinstated mask-wearing requirements at healthcare facilities, as have some US hospital networks.“Too many people are in need of serious medical care for flu, for Covid-19, when we can prevent it,” said Maria Van Kerkhove, the World Health Organisation (WHO)’s interim director of epidemic and pandemic preparedness.She cited “incredibly low” vaccination rates against flu and Covid-19 in many countries this season, as the world tries to move past the pandemic and its restrictions.Governments have struggled to communicate the risks still posed by Covid-19 and the benefits of vaccination since a global public health emergency was declared over in May 2023, infectious disease experts and health officials said.Only 19.4% of US adults have received this season’s Covid-19 vaccine based on the US Centres for Disease Control and Prevention (CDC)’s National Immunisation Survey, despite a recommendation that all adults get an updated shot to protect against serious illness.That compares roughly with 17% of adults who got the bivalent booster in the 2022-2023 season, based on actual vaccine data reported to the CDC by states.Nearly half of US adults over 18 got a flu shot this season (44.9%), roughly the same as last year (44%), according to the CDC.“We don’t think enough people have gotten the updated Covid-19 vaccine,” CDC director Mandy Cohen said in an interview. “Folks still aren’t understanding that Covid-19 is still a more severe disease than flu.”Flu represented 5.2% of US emergency visits compared with 3% for Covid-19 in the week ended December 30. Yet Covid-19 accounted for 10.5 out of 100,000 hospitalisations in that time, compared with 6.1 per 100,000 for flu.Most of the updated shots being used in the US and European Union are made by Pfizer with German partner BioNTech, or Moderna.In Europe, flu is circulating at a higher rate than Covid-19, the European Centre for Disease Prevention and Control (ECDC) said. In total, 24% of a representative sample of tests came back positive in the last week of 2023, up from 19% a fortnight earlier.The rates are in line with previous flu seasons, said ECDC’s respiratory virus expert Edoardo Colzani. However, “now we have Covid-19 as a new, unwanted guest”, he said.The ECDC did not have vaccination rates for the continent for flu or Covid-19, but Colzani said early data showed Covid-19 vaccine uptake well below pandemic levels.In Europe, the new Covid-19 shots are recommended for high-risk groups only, such as seniors and the immunocompromised. Among these groups, the WHO says there should be 100% coverage.Covid-19 rates are also rising in the southern hemisphere during their summer, the WHO said, because it is not yet a seasonal virus.Last month, 850,000 new Covid-19 cases and 118,000 new hospitalisations were reported globally, a rise from November of 52% and 23%, respectively, according to the WHO, which added that actual figures were likely higher.The vaccines are still very effective at preventing serious illness, even if they do not block infection, experts said.A recent study in the Lancet Infectious Diseases journal from the Karolinska Institutet and Danderyd Hospital in Sweden found the updated vaccine, which targets the XBB.1.5 coronavirus variant, reduced the risk of Covid-19 hospitalisation by 76.1% in people affected by more recent variants, based on public health records from adults over 65 years old.This year’s flu shots, made by a range of manufacturers, is estimated to reduce hospitalisation risk by 52%.However, “fatigue for Covid-19 vaccination” is hampering uptake, Colzani said.In Italy, for example, 8.6% of the eligible population have had their third Covid-19 booster after the initial vaccination series, ministry of health data from January 7 showed.The data for flu is not yet available, but a study by Federfarma, the association of Italian pharmacies, said 15% of Italians had been vaccinated against flu this autumn, compared to just over 20% last season.

The Asian Cup begins tomorrow with defending champions Qatar the hosts, Japan favourites and Son Heung-min’s South Korea vowing to win the title for the first time in 64 years. The 24 teams spanning Australia to Palestine will battle for regional glory over the next four weeks, culminating in the final at the 88,000-capacity Lusail Stadium on February 10.It will take something special to beat the last big game at Lusail – the World Cup final 13 months ago when an Argentina side inspired by Lionel Messi defeated France on penalties.The 18th edition of the Asian Cup was supposed to have been held last summer in China but was moved to World Cup host Qatar because of China’s Covid-19 rules.Qatar will mostly use stadiums that staged World Cup matches, a notable absentee being Stadium 974, the temporary arena made partly of shipping containers.Japan vow to erase‘frustration’Qatar won plaudits for its organisation of the World Cup but the team flopped on the pitch, their three straight defeats the worst performance of any World Cup host.That lingering pain will motivate them in the defence of their Asian crown, but Carlos Queiroz was fired as coach only last month, giving replacement Tintin Marquez little time to prepare.“I know the players, I know my mentality and I know...my idea for playing,” said the Spaniard, who coached Qatar club side Al Wakrah for six years before taking over the national team. Qatar open the tournament against Lebanon at Lusail Stadium tomorrow. There are six groups of four, the top two from each reaching the last 16, along with the four best third-placed teams. Japan, defeated 3-1 by Qatar in the 2019 final in the UAE, look the team to beat and are the most successful side in Asian Cup history with four titles.Japan have fond memories of Qatar, having stunned Germany and Spain in the group stage of the World Cup before losing to Croatia on penalties in the last 16.Hajime Moriyasu’s team have enjoyed a strong year since, losing only once in 12 matches and winning 4-1 in Germany in a friendly. Moriyasu named Kaoru Mitoma in his squad despite the Brighton winger suffering an ankle injury and said that Japan are determined to erase the “frustration” of their 2019 final loss.South Korea, Iran, Australia and Saudi Arabia - all of whom played at the 2022 World Cup and are former Asian champions - are also teams to watch.In Tottenham Hotspur attacker Son, South Korea have the best player in Asia and a world-class performer who is enjoying his football again under Spurs manager Ange Postecoglou. South Korean fans were sceptical about the appointment nearly a year ago of legendary German striker Jurgen Klinsmann, given his patchy record as a coach.But after a slow start his side have hit their stride, their last competitive match a 3-0 World Cup qualifying win in China with Son scoring twice and setting up the third. The 59-year-old Klinsmann has said anything other than winning the Asian Cup for the first time since 1960 will be a failure. “It’s 64 years - 64 years is a long time for Korea. It’s about time that we get this done,” said Klinsmann.There will be extra interest in how Saudi Arabia - coached by the Italian Roberto Mancini - get on following an influx of foreign stars into their domestic football led by Cristiano Ronaldo.The Palestinian team face an uphill task to emerge from a group containing Iran, United Arab Emirates and Hong Kong, with their minds on the war in Gaza, in which some players have lost loved ones.“Everyone is glued to the news, before and after training, be it on the bus or at the hotel,” coach Makram Daboub said.This will be Palestine’s third time at the Asian Cup and they are chasing a first victory after failing to win any of their six matches so far.

South Korea's on-year employment grew at a slower pace in 2023, but the employment rate reached a record high, data showed Wednesday.The number of employed people rose 327,000 in 2023 from a year earlier, or 1.2 percent, to come to 28.41 million, South Korea's (Yonhap) news agency reported citing the data compiled by Statistics Korea.It marked the third consecutive year that the country added jobs on-year, following job losses in 2020 due to the COVID-19 pandemic, though the job growth slowed from 2022, when the country had 816,000 more jobs, the largest number since 2000.The country's jobless rate inched down 0.2 percentage point to 2.7 percent in 2023.The number of unemployed people fell by 46,000 from a year earlier to come to 787,000 last month, according to the statistics agency.