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AirAsia has signed a provisional accord with Bahrain to set up a Middle East hub in the Gulf country, expanding on its plans to create a global low-cost airline. Tony Fernandes, the Malaysian carrier group’s founder, made the announcement at an investor forum in Bahrain, confirming an earlier Bloomberg News report. The Malaysian entrepreneur’s Capital A Bhd signed a letter of intent with Bahrain’s transport ministry. “Bahrain will be a powerful launchpad for us in the Middle East,” Fernandes said in a statement. Bahrain said the deal reinforced the nation’s role as a strategic connector between Europe, the Middle East and Asia. The Malaysian budget carrier aims to operate more than 25 daily flights via Bahrain by 2030. The newly established hub will explore obtaining a local airline operating license to operate flights from Bahrain elsewhere in the Middle East, Central Asia, Africa and Europe. The move expands on an effort to strengthen the Malaysian carrier’s ties to the Middle East. Saudi Arabia’s sovereign wealth fund played the single biggest role in an AirAsia fund raising earlier this year, investing about $100mn, as the airline sought funds to reboot its growth ambitions after years of Covid-induced losses. AirAsia Group needs a Gulf hub to connect flights and passengers between Asia and Europe using its Airbus SE A321XLR aircraft. The longer-term plan is to have a fleet of 600 planes in 10 years, significantly more than the 255 in service now that are shared among its operating airlines across Southeast Asia. The company plans to expand destinations from 143 to 175 in the same period. Bahrain is working to grow its position as an aviation and logistics hub. The country’s national carrier has been on a mission to become profitable and expand its fleet, placing an order with Boeing Co for as many as 18 widebody jets during a meeting in Washington between Bahrain Crown Prince Salman bin Hamad al-Khalifah and US President Donald Trump in July.

President of the 80th Session of the United Nations General Assembly Annalena Baerbock stressed that the State of Qatar's support for the the United Nations is a leading example, praising the country's role as an international mediator in conflict resolution and its active contribution to social development.In statements to Qatar News Agency (QNA), the president explained that the Second World Summit for Social Development in Doha underscores the need to move from promises to implementation through concrete action in areas such as education, employment, and social justice, thus contributing to achieving social benefits and healthcare for all people.She highlighted the importance of promoting social development and achieving global justice, noting significant progress in certain economic and social indicators despite ongoing challenges in other parts of the world.President of the 80th Session of the United Nations General Assembly said that the unemployment rate in Qatar stands at around 1 percent, while in some other countries it reaches 30 percent, reflecting the persistent gap among nations in benefiting from the fruits of social development.She stressed that failure to address crises such as hunger exacerbates displacement and migration, emphasizing the need to break this vicious cycle by working on the three main pillars of the United Nations: peace and security, social development, and human rights.She added that the Summit aims to accelerate progress toward achieving the 17 Sustainable Development Goals (SDGs), noting that all goals are interconnected and cannot be achieved in isolation, especially amid global climate challenges that affect food security.She also pointed to the importance of linking the Doha Summit with the Climate Change Conference to be held in the Amazonian city of Belem, Brazil, and the role of nationally determined commitments in reducing carbon emissions. She affirmed that investment in renewable energy benefits strong economies and enhances their competitiveness.The President of the UN General Assembly emphasized the importance of international cooperation to achieve social justice, explaining that global challenges know no borders, and that the experience of the COVID-19 pandemic demonstrated the necessity of international collaboration in providing vaccines and addressing health crises.In conclusion, President of the 80th Session of the United Nations General Assembly Annalena Baerbock told QNA that supporting UN agencies, including the World Food Programme, is vital to preventing hunger and human suffering in countries such as Sudan, stressing that immediate funding and support are essential to ensuring a dignified life for people around the world.

Saudi Arabia's Aramco, the world's top oil exporter, reported a 2.3% fall in quarterly profit on Tuesday, citing a drop in crude and product prices, but its performance improved from the previous quarter as oil production rose. The kingdom has been pumping more crude as Opec+ unwinds voluntary production cuts after several years of cutting back to support the market. In October, crude oil futures fell for a third consecutive month, dropping more than 2% and hitting a five-month low, on fears of a supply glut and US tariff concerns. **media[377401]** Aramco reported net profit of 101.02bn riyals ($26.94bn) in the three-month period ended on September 30, down from 103.4bn riyals last year. However, net profit was up around 19% compared to the second quarter as revenues rose due to higher volumes and prices for both crude oil and refined and chemical products. "Our rule of thumb is that every 1mn barrels per day of additional crude oil production translates into an additional $11bn of annual operating cash flow based on 2025 average prices year-to-date," Aramco CFO Ziad al-Murshed told analysts. The company's total hydrocarbon production was 13.27mn barrels of oil equivalent per day (boepd) in the third quarter, compared to 12.8mn boepd the previous quarter. On Sunday, the Organisation of the Petroleum Exporting Countries and their allies, known as Opec+, agreed to a small oil output increase for December and a pause in increases in the first quarter of next year, in what some investors saw as a signal of oversupply in the market. Adjusted net profit, which does not include non-recurring items, at Aramco came in at $28bn during the third quarter, beating a company-provided median analyst estimate of $26.5bn. Aramco's shares rose by up to 1.1% after the earnings were published and closed up 0.7% at 25.76 riyals apiece. Aramco on Tuesday raised its 2030 sales gas production capacity growth target to about 80% above 2021 levels, up from its earlier goal of more than 60%. This increase is expected to bring total gas and associated liquids production to around 6mn boepd, Aramco said citing the expected contribution of its Jafurah field, which is central to Saudi Arabia's ambitions to become a major global player in natural gas. "As we develop our plans, we see (gas) demand growth increasing more than previously forecasted, including higher demand from additional uses such as AI data centres," CEO Amin Nasser said in the call with analysts. JPMorgan analysts said in a note that the upgraded guidance translated into a material increase of over 500,000 boepd. Aramco confirmed $21.3bn in total dividends for the third quarter, about $200mn of which is performance-linked. The dividends, which will be about one-third lower this year, are a critical source of income for the Saudi Arabian government, which owns 81.5% of Aramco shares directly and another 16% through its sovereign wealth fund PIF. The kingdom has invested billions to diversify its economy away from oil, which still generated 62% of government revenue last year. Free cash flow for the third quarter jumped 55% to $23.6bn from the previous three months, Aramco said, citing higher net cash from operating activities coupled with steady capital expenditures. The cash flow figure is only $2.3bn higher than the company's total dividend payout for the quarter. Total borrowing rose to $95.1bn as of September 30 from $80.9bn a year earlier, with Aramco raising $5bn from a bond in May and a further $3bn from a sale of Islamic bonds in September. Gearing was 6.3%, from 1.9% at the end of September 2024. Pfizer Pfizer reported a drop in third-quarter profits Tuesday as lower sales of Covid-19 products more than offset gains in other medications. Profits were $3.5bn, down 21% from the year-ago period. Revenues dipped 6% to $16.7bn. The big US drugmaker, which has been navigating a significant drop in coronavirus-related revenues, pointed to lower Covid-19 infections across the US and internationally, compared with the year-ago period. Pfizer also experienced a 20% fall in its vaccine revenues after US officials in the Trump administration narrowed guidance for getting the jabs in the US. Under Health and Human Services Secretary Robert Kennedy, Trump's administration has recommended that for people aged five through 64, only those with higher-risk conditions get a Covid vaccine. Lower sales in Covid-related products were partially compensated for by gains in other products. These include Eliquis, which is used to treat blood clots, and migraine drug Nurtec. Pfizer confirmed its full-year revenue forecast and raised somewhat its profit outlook. But Pfizer profits were also dented by a $1.35bn charge related to an agreement with 3SBio for exclusive rights to commercialise a cancer medication undergoing trials in China. Pfizer is embroiled in a takeover battle with Novo Nordisk for the purchase of obesity treatment maker Metsera. The Danish pharmaceutical giant last week announced an unsolicited bid for Metsera that topped Pfizer's $4.9bn merger agreement. Telefonica Shares in Spanish telecoms giant Telefonica fell sharply on Tuesday after it posted a net loss for the first nine months of the year and announced it would cut its dividend by half in 2026. The company booked a net loss of €1.08bn ($1.2bn) between January and September, compared with a profit of €954mn during the same period last year, weighed down by losses linked to asset sales in Latin America. Net profit in the third quarter fell to a lower-than-expected €217mn from €493mn in the same period last year due to one-off impairment charges on its Telefonica Tech unit, the company said in a statement. Telefonica said it would cut its dividend by half next year to 15 cents per share as part of a new five-year strategic plan as it seeks to reduce its debt. The company said it expects to achieve up to €2.3bn in savings in 2028, and €3.0bn by 2030, through "streamlined processes, digital transformation, and the sale of legacy network assets". "Telefonica's results continue to point to a weak business environment in a highly competitive sector, with limited short-term catalysts for a turnaround," Javier Cabrera, analyst at trading platform XTB, wrote in a note. "Telefonica's underperformance is not solely a reflection of the company itself, but also of the broader European telecom landscape." The dividend cut was hurting the company's share price but is a "necessary step" as it will "alleviate a significant financial burden" and free up funds than can be used to grow the business, Cabrera said. Philips Dutch electronics and medical device manufacturer Philips reported a slight gain in third-quarter net profits on Tuesday as it battles tariff uncertainty and ongoing litigation over faulty sleep apnoea machines. The firm banked €187mn in net profits in the third quarter, compared with €181mn it registered in the same period in 2024. In the second quarter of this year, Philips had posted profits of €240mn. "In this quarter we maintained our momentum," chief executive Roy Jakobs said in a statement. Traders welcomed the results, pushing the stock sharply higher at the opening bell. In the third quarter, sales came in at €4.3bn, the same as during the second quarter. Orders were up 8%, driven by what the firm said was "sustained double-digit growth" in the US. Philips continues to battle legal difficulties over a 2021 recall of DreamStation machines for sleep apnoea, a disorder in which breathing intermittently stops during sleep. It recalled millions of machines over concerns users were at risk of inhaling or swallowing pieces of toxic sound-absorbing foam and fears it could potentially cause cancer. The firm agreed in 2024 to pay $1.1bn to settle US lawsuits related to the recall, although it did not acknowledge liability. In September, sources close to the case told AFP that a magistrate in France was looking into whether Philips committed aggravated fraud in relation to the machines. The Paris prosecutor's office confirmed to AFP that it had received 104 complaints from individuals, two from associations, as well as an alert from France's medical device regulator. Philips said that probe, opened in June, concerned its actions during the 2021 recall and had no bearing on the quality of its current machines. In July, Philips said it expected a hit of between €150mn and €200mn this year from US tariffs. Ryanair Irish no-frills airline Ryanair on Monday announced a rise in net profit for its second quarter on increased ticket prices. Profit after tax jumped to €1.7bn ($2bn) compared with €1.4bn one year earlier, the Dublin-based carrier said in a statement. The group expects full-year traffic to increase more than 3% to 207mn passengers due to earlier-than-expected Boeing plane deliveries and strong first-half demand. Delays to Boeing aircraft delivery had caused Ryanair to cut its passenger growth target in the past year. Revenue jumped 8% to around €5.5bn. Fares increased 13% in the first half of its fiscal year, thanks in part to a favourable timing of Easter holidays in its first quarter. Ryanair chief executive Michael O'Leary said the company expects to "recover all of last year's seven-percent full-year fare decline". He added that Ryanair forecasts "reasonable net profit growth" in its 2026 fiscal year. The company said it has switched more capacity this winter to regions "cutting aviation taxes and incentivising traffic growth", such as Sweden, Slovakia, Italy, Albania and Morocco. BP British energy giant BP on Tuesday reported a sharp rise in net profit for the third quarter as higher oil output and cost-cutting helped offset a drop in crude prices. Profit after tax jumped to $1.16bn for the July-September period, compared with $206mn in the third quarter of 2024, BP said in an earnings statement. Stripping out exceptional items, underlying net profit dipped but beat analysts' forecasts. "We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns," said chief executive Murray Auchincloss. "There is much more to do but we are moving at pace, and demonstrating that BP can and will do better for our investors," he added. In February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment. However, energy prices have come under pressure this year on concerns that US President Donald Trump's tariffs will hurt economic growth, while OPEC+ nations have produced more oil. British rival Shell last week reported a jump in third-quarter net profit as trading margins and sales volumes improved. France's TotalEnergies also posted soaring net profit, while US oil giants ExxonMobil and Chevron both reported lower earnings. As for BP, its latest quarter benefited from higher oil and gas production and improved refining margins. The company said it expects divestments for the full year to be higher than forecast, as it looks to simplify its business and boost performance. That comes after BP on Monday announced that it had agreed to sell stakes in certain US shale assets for $1.5bn. "The back-to-basics mantra is sticking," said Derren Nathan, head of equity research at Hargreaves Lansdown. He warned, however, that "patience will be needed for those hoping for a return to bumper payouts to shareholders".

Legal PerspectiveDue to increasing need to utilise new technologies in business, many new solutions are offered to help in this arena. We mention, in this connection, that RegTech, as a sub-industry of Fintech, is reaching high funding and it will continue to grow as businesses work hard to stay compliant with the new and existing regulations.The growth of this new industry is due to many factors and reasons including, among other things, noticeable volume of regulatory requirements, big fines in cases of non-compliance, clear activity in the use of technology especially after Covid-19, increased funding for RegTech companies, etc.This new technology, no doubt, offers safer, faster and more efficient workflows and therefore institutions are expected to increase spending on RegTech solutions to streamline their role and future business.It goes without saying that, the increased digitalisation, particularly in banking, has given rise to a number of challenges, both to regulators and likewise to executors. There has been a remarkable increase in the services provided. However, at the same time, there is also remarkable increase in new crimes, cyber-crimes, including data breaches, cyber hacks, risk of money laundering, and fraud.By using technology, the RegTech companies have started proving that they can do a better job than normal legacy systems particularly with reference to the detection of illegal activities. As we see, at present, RegTech companies operate in various areas of the financial and regulatory space.In the financial sector, as example, the regulators across the globe have come up with a number of mandates to increase transparency and reduce risk. The sheer volume of new norms for compliance added, increased or complicated the troubles facing the financial institutions. It has been noticed that, highly regulated industries such as the banking industry is facing ever-increasing regulatory compliance obligations.Herein, modern new technologies, such as artificial intelligence (AI), biometrics and machine learning, can be utilised by the banking and financial industries to address challenges for regulatory compliance. RegTech companies are using these technologies in their solutions to make regulatory compliance processes more efficient and effective.RegTech solutions have various applications such as financial crime detection and prevention, cybercrime supervision, tracking and recording compliance activities, centralisation and timely submission of regulatory filings and streamlining market review workflows.Needless to say that, they can help compliance departments achieve a greater return on investment by increasing operational efficiencies, reducing operational costs and mitigating the risk of breach of regulatory norms. It’s good to follow and adopt this new activity, however, the need for human professionals is irreplaceable and the professional minds along with the new machine’s abilities shall work in collaboration to benefit our society for a prosperous future.Dr AbdelGadir Warsama Ghalib is a corporate legal counsel. Email: [email protected]

Egypt at last opened the $1 billion Grand Egyptian Museum on Saturday as performers dressed in white tunics embroidered with designs inspired by ancient frescoes, greeted guests. "Today, as we celebrate together the opening of the Grand Egyptian Museum, we are writing a new chapter in the history of the present and the future," Egyptian President Abdel Fattah al-Sisi told a gathering of dignitaries, sitting in the museum's square. Cairo has pinned great hopes on the long-delayed museum, which is a key plank of plans to revive the tourism industry so vital to its troubled economy. It will be home to tens of thousands of objects dating back more than six millennia. The audience a the opening watched a spectacular display of light and music, with the pyramids towering in front of them. On giant screens above, scenes from celebrations in Tokyo and Rio de Janeiro played out against the backdrop of Egypt's ancient monuments. Dozens of performers dressed in elaborate Pharaonic costumes, their foreheads crowned with golden wreaths and sceptres in hand, played traditional tunes as a laser show depicting pharaohs and fireworks lit up the night sky above the museum. "It is a living testimony to the genius of the Egyptian human, who built the pyramids and inscribed on the walls the story of immortality," Sisi said, referring to the new institution. On Saturday morning, roads around the museum were cordoned off and security tightened ahead of the opening, with giant banners draped from buildings and strung across streets -- advertising the launch. "This is the dream that all of us imagined. We all dreamed that this project would be realised," Egyptian Prime Minister Mostafa Madbouly told a press conference in Cairo on Saturday. Set on a gentle slope overlooking the Giza Plateau, just beyond the shadow of the pyramids, the museum was built with major financial and technical support from Japan, and spreads across nearly half a million square metres. Madbouly said that the "largest part of construction, finishing and bringing this global landmark to its current form occurred during the past seven to eight years". More than two decades in the making, the GEM faced multiple delays due to setbacks related to political unrest, regional conflicts and the Covid-19 pandemic. The museum houses more than 100,000 artefacts, half of which will be on display, making it the world's largest collection devoted to a single civilisation, according to Egyptian officials. Inside, visitors will enter vast, light-filled halls with soaring ceilings and sand-coloured stone walls that echo the surrounding desert. At the centre of the main atrium stands an 83-tonne statue of Ramses II, the pharaoh who ruled Egypt for 66 years and presided over its golden age. Unlike the cramped, century-old Egyptian Museum in central Cairo, the GEM features immersive galleries, precision lighting, virtual-reality exhibits and even a children's museum. One highlight is a live conservation lab, visible through floor-to-ceiling glass, where visitors can watch restorers assembling a 4,500-year-old solar boat buried near Khufu's pyramid, built to carry his soul across the sky with the sun god Ra. The undisputed star of the show, however, is King Tutankhamun's collection of more than 5,000 objects, many displayed together for the first time. The museum opens to the public on Tuesday, showcasing thousands of funerary artefacts previously scattered across Egypt. Egypt's tourism sector, a vital source of foreign currency and jobs, has been repeatedly shaken over the past decade and a half, from the 2011 uprising to waves of unrest and sporadic terrorist attacks in the aftermath. In recent years, tourism has shown signs of recovery, with 15 million visitors travelling to Egypt in the first nine months of 2025 and generating $12.5 billion, up 21 percent from a year earlier. Egyptian tourism minister Sherif Fathy expected on Saturday total tourist arrivals to stand at 18 million by the end of this year. He told reporters the government expects the museum to draw five million visitors annually, adding that it currently welcomes 5,000 to 6,000 visitors each day. "We hope to increase that to 15,000 daily," said Fathy.

After years of delays, Cairo is finally set to open the Grand Egyptian Museum on Saturday -- a long-awaited, billion-dollar showcase of pharaonic grandeur that Egypt hopes will help revive tourism and boost its troubled economy. Seventy-nine delegations, including 39 heads of state and government, are expected at the ceremony, which begins at 7:30 pm local time (1730 GMT). Germany, Japan, Saudi Arabia, Belgium, Spain and Denmark will be among those sending representatives, according to a statement from the Egyptian presidency. In the nights leading up to the opening, shafts of light have illuminated both the pyramids and the museum's colossal facade -- a prelude to Saturday's spectacle. Set on a gentle slope overlooking the Giza Plateau, just beyond the shadow of the pyramids, the museum was built with major financial and technical support from Japan, and spreads across nearly half a million square metres. It houses more than 100,000 artefacts, half of which will be on display, making it the world's largest collection devoted to a single civilisation, according to Egyptian officials. Inside, visitors will enter vast, light-filled halls with soaring ceilings and sand-coloured stone walls that echo the surrounding desert. **media[375988]** At the centre of the main atrium stands an 83-tonne statue of Ramses II, the pharaoh who ruled Egypt for 66 years and presided over its golden age. Unlike the cramped, century-old Egyptian Museum in central Cairo, the Grand Egyptian Museum (GEM) features immersive galleries, precision lighting, virtual-reality exhibits and even a children's museum. One highlight is a live conservation lab, visible through floor-to-ceiling glass, where visitors can watch restorers assembling a 4,500-year-old solar boat buried near Khufu's pyramid. The undisputed star of the show, however, is King Tutankhamun's collection of more than 5,000 objects, many displayed together for the first time. The museum opens to the public on Tuesday, showcasing thousands of funerary artefacts previously scattered across Egypt. Setbacks More than two decades in the making, the GEM faced multiple hurdles, including political unrest, regional conflicts and the Covid-19 pandemic. Observers caution that its long-term success depends on stable tourism and strong supporting infrastructure. Egyptian archeologist Hussein Bassir said the museum's future hinges on "regular maintenance to preserve the building and its treasures". "If the current momentum is not maintained, the museum could quickly lose its appeal and visitor numbers could drop," he told AFP. Egypt's tourism sector, a vital source of foreign currency and jobs, has been repeatedly shaken over the past decade and a half, from the 2011 uprising to waves of unrest and sporadic terrorist attacks in the aftermath. **media[375986]** Elhamy al-Zayat, former head of the Egyptian Tourism Federation, told AFP the museum was part of a broader plan to transform the entire Giza Plateau. "Egypt has created an entirely new cultural and tourist zone" at the plateau, with a nearby airport and upgraded visitor facilities at the pyramids, he said. Roads leading to the plateau have been refurbished, digital ticketing introduced and air-conditioned electric buses now glide past the pyramids. In recent years, tourism has shown signs of recovery, with 15 million visitors travelling to Egypt in the first nine months of 2025 and generating $12.5 billion, up 21 percent from a year earlier. Officials believe the GEM alone could draw up to seven million visitors annually, potentially bringing total visitor numbers to 30 million by 2030. Yet some observers are cautious, saying regional instability, including the conflicts in Gaza and Sudan, as well as economic pressures, threaten to challenge the museum's potential to deliver a major boost for Egypt's tourism sector.

The Chinese planning season is in full swing. Ahead of the formal release of the 15th Five-Year Plan (running from 2026-2030) in March 2026, early signs coming out of the just-completed Fourth Plenum of the Communist Party of China suggest that it will be more of the same: a focus on continuing China’s extraordinary industrial and technological ascendancy, driven by what Chinese President Xi Jinping has called “new productive forces”. That would be a mistake in the following sense: China’s techno-industrial prowess is so well established that it is unnecessary to dwell on the obvious. The planning exercise should instead aim to tackle the country’s most daunting challenge: a long-awaited consumer-led rebalancing. To that end, the 15th Five-Year Plan should set an explicit target of boosting household consumption as a share of GDP from its latest reading of nearly 40-50% by 2035. By now, the debate over rebalancing has dragged on for decades. It was first raised in March 2007 by former Premier Wen Jiabao as the second of his now-famous “four uns” – unstable, unbalanced, uncoordinated, and unsustainable – that, he argued, jeopardised the seemingly strong Chinese economy. Of course, “unbalanced” is only an elliptical reference to the Chinese consumer. But in the context of all four uns, it raises what has since become the most important structural issue for the Chinese economy: the need to find new sources of growth. While Chinese authorities have been especially adept at addressing the first “un” (instability), as demonstrated during the global financial crisis of 2008-09 and the Covid-19 pandemic, the fourth “un” is where the rubber meets the road for the political promise of Xi’s Chinese Dream. If its economic growth is unsustainable, China will fall short of its aspirational goal of becoming a “great modern socialist country,” with living standards similar to advanced economies, by mid-century. According to my calculations, that will require China’s real per capita GDP growth to reach 5.75% per year over the 2030-49 period – a significant pickup from the 4.25% pace of 2022-30, but well short of the 8.4% average between 1981 and 2021. Achieving this won’t be easy, because many of China’s most powerful growth engines are tapped out. The beleaguered property sector is likely to remain under downward pressure for years to come. China’s seemingly resilient export sector will almost surely be buffeted by rising protectionism. Even all-powerful fixed-asset investment, which currently accounts for around 40% of Chinese GDP, is reaching its limit. By process of elimination, that puts the onus on the Chinese consumer to fill the gap. I have been hammering home this point since Wen first articulated the four uns, and others have come to the same conclusion. But while the Chinese government always mentions boosting consumer demand when discussing its economic challenges, it comes alongside a raft of other goals, from spurring employment growth and addressing income inequality to developing alternative energy and indigenous innovation. What an unbalanced Chinese economy actually needs is a single-minded focus on invigorating the Chinese consumer’s role as a more powerful driver of growth. I do not mean to suggest that China should walk away from all that it has accomplished over the past 50 years, especially its recent technological advances. Nor am I suggesting that China revert to its central-planning legacy in an attempt to steer its economy in a different direction. To me, a target and a plan are two different things: A plan provides a broad strategic framework, whereas a target specifies a numerical objective that is consistent with that plan. China can walk and chew gum at the same time – it can both plan and target. Admittedly, a household consumption-to-GDP ratio of 50% would be a tough target to hit; my estimates suggest that it would require household consumption to grow twice as fast as the rest of the Chinese economy. That outcome may seem unlikely, but it is doable, given the weakness expected in housing, exports, and fixed-asset investment. China’s consumption target should be viewed as akin to price-stability or full-employment goals in the West. We call them “mandates,” but that’s just another word for targets. Setting such targets is useful for the management of any economy, providing focus and encouraging accountability. The bottom line is that the time has come for China to establish an explicit household-consumption target. How Chinese leaders shape their policies to hit this target is of course up to them. I have long favoured strengthening the social-safety net to reduce high levels of fear-driven precautionary saving in a rapidly aging society. Others have focused on reforming the antiquated hukou (residency permit) system, especially for migrant workers, raising the retirement age, developing the “silver economy”, and, the government’s recent favourite, implementing trade-in campaigns for consumer durable goods. At this point, I care less about the debate over the most effective policies and more about the commitment to a specific rebalancing goal. Over the years, I have learned that China excels in tackling such challenges. If the 15th Five-Year Plan were to set a clear target of raising household consumption to 50% of GDP by 2035, I am confident that Chinese policymakers would then settle on the right mix of pro-consumption measures. A new target would go a long way toward forcing Chinese leaders to resolve what has become a tedious and now increasingly urgent debate. As Wen presciently warned almost 19 years ago, failure to rebalance the Chinese economy is not a sustainable option. – Project Syndicate Stephen S Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China (Yale University Press, 2014) and Accidental Conflict: America, China, and the Clash of False Narratives (Yale University Press, 2022).

In the post-Covid world, lifestyle priorities have shifted dramatically, with travel emerging as a key avenue for personal wellbeing and self-care. Among the most notable developments in the tourism sector is the remarkable surge in women-only travel. More women than ever are seeking safe, empowering, and stress-free experiences that allow them to step away from the pressures of daily life, according to travel experts.This trend spans all age groups, with women traveling solo, with friends, or in small organized groups to destinations around the globe. Social media platforms such as Instagram, Facebook, TikTok, and Pinterest have become crucial sources of inspiration. They help women discover new destinations, share experiences, and connect with like-minded travellers.This surge reflects not only a desire for adventure but also a broader shift toward independence, empowerment, and redefining how women experience the world.Shahana Ilyas, a Qatar-based group leader who organises women-only travel adventures, shares her perspective:"Women carry many responsibilities in everyday life, and many seek a break from their hectic routines," she says. "As a group leader, I try to include as many participants as possible. I negotiate with travel agencies to ensure trips remain affordable for everyone."She adds, "Often, husbands encourage their wives to join these trips. They take care of responsibilities at home, including children, to provide their wives with a much-needed break. It’s a positive sign of the changing world today."This sense of camaraderie, encouragement, and shared empowerment is a defining feature of women-only travel. Many travellers report that women-only groups allow them to explore more freely, try new activities, and engage with cultures in ways they may not feel comfortable doing in mixed-gender groups.**media[375224]**Why women-only travel is boomingWomen-only group travel is experiencing a surge in popularity for several key reasons. These trips provide a safe and supportive environment where participants can connect, share experiences, and enjoy the companionship of like-minded travellers. While traveling in a group, women can explore new destinations with confidence, knowing they are in a secure and comfortable setting.Beyond safety, group travel offers opportunities for adventure, self-discovery, and empowerment. Many women increasingly value experiences over material possessions, and these trips allow them to step away from daily routines and fully immerse themselves in new experiences.Seena Manojkumar, who recently travelled to Georgia from Qatar with a group of seven women, shares her experience: "Our group had visited several Indian cities before, but we had always dreamed of exploring an international destination together. Visiting Georgia, taking photos in traditional Indian sarees, and sharing this experience was truly unforgettable."She adds, "Joining women-only trips has also given me the confidence to travel alone. I now feel capable of planning my own trips independently, without relying on anyone else."**media[375222]**A Boost to tourismIndustry experts note that this trend is contributing significantly to the global tourism economy. Hotels, airlines, and tour operators are tailoring services specifically for women, from female-only accommodations and guided tours to wellness retreats and networking travel experiences.Firos Nattu, Co-Founder and General Manager at GoMosafer, which organises many female-only trips from Qatar, attributes the surge to several practical and psychological factors:"Advancements in technology allow women to stay connected while travelling abroad," he says. "This reduces insecurity and gives peace of mind to participants and their families."He adds, "Group tours give women the freedom to explore their interests in a supportive, judgment-free environment. They can take a break from daily responsibilities and traditional roles.""Additionally, travel has become more accessible thanks to a wider range of flight options, lower fares to many international destinations, including European countries, and the availability of safe, private homestays," he says. "As a result, inquiries for female-focused travel packages have risen significantly, and we have successfully organized numerous trips for women’s groups from Qatar."More than just a tripBeyond sightseeing, women-only travel offers a range of mental and wellbeing benefits. It provides a safe, comfortable space for relaxation, social connection, and personal empowerment.Sara Ahmed, a Doha-based mental health expert, explains:"Women feel more at ease being themselves without worrying about being watched or judged," she says. "This leads to greater relaxation and enjoyment during the trip."She continues, "These trips allow participants to step away from daily pressures, focus on self-care, and reflect on personal growth. They offer a therapeutic escape that nurtures both mind and body. Such breaks help women return to their daily routines with a refreshed mind, enabling them to perform at their best—whether managing family responsibilities or excelling at work.As more women embark on these journeys, the trend is expected to continue shaping the global travel industry, providing opportunities for women to explore the world, build confidence, and recharge from the demands of modern life.

Mesaieed Petrochemical Holding (MPHC) – a holding company of Q-Chem, Q-Chem II and Qatar Vinyl Company – has reported a net profit of QR520mn for the nine-month (9M) ended September 30, 2025.MPHC’s operational performance has remained strong and adaptive, with overall production levels showing an improvement (+8%) in 9M-2025 from both segments, primarily attributed to enhanced plant reliability and increased operational efficiencies.However, net earnings fell 8% on an annualised basis, driven by lower average selling prices (-6%), negatively impacting revenue (-2%) to QR2.07bn. This price weakness was largely attributable to prevailing macroeconomic headwinds, softer global demand conditions, and overall market volatility.MPHC however achieved higher sales volumes (+4%) versus 9M-2024, supported by improved operational performance across both segments, contributing significantly to the overall volume growth.In line with the revenue decline, Ebitda (earnings before interest, taxes, depreciation and amortisation) shrank 18% against 9M-2024, on weaker top-line performance. Ebitda margins narrowed to 39%, reflecting the impact of reduced average selling prices across both segments.MPHC maintained a strong liquidity position, reflected in healthy cash and bank balances (of QR3.3bn).However, these balances fell, primarily due to the distribution of final dividends for 2024, the interim dividend for the first half of 2025, and MPHC’s financial contribution towards the PVC project. This reduction was partially offset by robust cash flow generation throughout the current reporting period.The petrochemical segment's net profit was QR477mn in 9M-2025, a 21% jump year-on-year despite challenging market backdrop. Strong operational execution — marked by higher production (+14%) and sales volumes (+9%) — combined with disciplined cost management to drive this performance. Revenues rose 3% year-on-year to QR1.57bn in 9M-2025.The chlor-alkali segment reported a net loss of QR14mn in January-September 2025 compared with net profit of QR68mn a year-ago period. The downturn was primarily driven by lower average selling prices (-15%), which fell to levels last seen during the peak of the Covid-19 pandemic.The price weakness was fuelled by persistent macroeconomic pressures, sluggish downstream demand, and reduced construction and industrial consumption. Additionally, elevated global inventory levels and declining crude prices further weighed on market sentiment.Sales volumes recorded a marginal decline (of 1%) despite higher (1%) production supported by improved plant availability and stronger operational performance. However, severe market challenges pushed the segment into a net loss position in 9M-2025, further pressuring margins.Highlighting that the global petrochemical industry faced significant challenges in 9M-2025, driven by structural overcapacity, weak demand, and rising sustainability pressures; MPHC said post-pandemic investments in new ethylene crackers, polyethylene, and derivative units have far outpaced demand growth, pushing operating rates for base chemicals like ethylene and propylene to multi-decade lows.

Direct flights between India and China have officially resumed after a five-year hiatus, marking a notable step towards normalisation of relations between the world’s two most populous nations, neighbours, and rapidly growing major economies.Earlier this week, an IndiGo flight departed from Kolkata and landed in Guangzhou after a three-and-a-half-hour journey, restoring a vital air link that had been suspended since early 2020 following the Covid-19 pandemic.The pause in flights was prolonged following a deadly border clash in the Himalayas that sharply escalated tensions between the two nuclear-armed neighbours.In recent months, however, both sides have taken concrete steps to ease frictions. The two countries reached an agreement last year on military disengagement along their disputed frontier and have since resumed high-level diplomatic dialogue for the first time in five years.Confirming the resumption of flights, a spokesperson for the Chinese Embassy in India announced on X, “Direct flights between China and India are now a reality.”Further connectivity is expected in the coming days. China Eastern Airlines will restart its Shanghai–Delhi service on November 9, while IndiGo plans to launch a new Delhi–Guangzhou route on November 10.According to India’s Ministry of External Affairs, the restoration of direct air links will “facilitate people-to-people contact” and contribute to “the gradual normalisation of bilateral exchanges.”The revival of air travel comes amid a broader improvement in India-China relations, a clear sign of thawing relations between the two nuclear-armed neighbours.Indian Prime Minister Narendra Modi made his first visit to China in seven years this August, followed by a reciprocal visit to India by Chinese Foreign Minister Wang Yi later that month.During his trip, Prime Minister Modi reaffirmed India’s commitment to advancing ties “on the basis of mutual trust and respect”, noting progress in stabilising border tensions and expanding cooperation.Earlier this year, the Chinese Ambassador to India revealed that China had issued over 80,000 visas in the first four months of 2025, reflecting a steady increase in exchanges. Reports indicated that the Chinese Embassy has also simplified short-term visa procedures by removing the requirement for online appointments and biometric data collection.Before the pandemic and the subsequent border tensions, air connectivity between the two nations was robust, with more than 500 weekly flights in 2019.Both Air India and IndiGo had operated services to China, while Chinese carriers such as China Eastern maintained regular routes to Indian cities.The reinstatement of direct flights is expected to deliver significant economic and social benefits with trade, business and education sectors in the two countries becoming huge and immediate beneficiaries.For industry, the move will streamline logistics by allowing direct shipments between the two countries, reducing both transit times and costs associated with third-country routing.Business travellers are likely to be among the biggest beneficiaries, as the restored connections will save valuable time and support closer commercial engagement.The change will also facilitate greater mobility for students—both Chinese students pursuing studies in India and Indian students attending universities in China.Analysts say the return of direct air links underscores a cautious yet meaningful warming in India-China relations, signalling a shared interest in rebuilding cooperation and restoring normalcy after years of strained ties.Prominent aviation analyst Ashwini Phadnis noted: “Given the push that the Indian and Chinese government have been giving for more people to people contact, the starting of direct flights between the two neighbours was a question of time. This was reached this month.”Phadnis said the genesis for the start of direct flights can be traced back to December 2024 when the meeting of the Special Representatives of the two countries – National Security Adviser Ajit Doval and Wang Yi, Member of the Political Bureau of the Communist Party of China Central Committee and Foreign Minister – in December in Berlin last year.“Probably, the biggest gainer will be industry as shipments will now arrive directly than coming through a third country which is a time consuming and expensive proposition. This move will also benefit the business community, which will now save time in travel. It will also help Chinese students wanting to come to India for further studies and Indian students wanting to study in China,” the New Delhi-based Phadnis said.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn.

Equipment is in place, registration and scrutineering is over and the world’s finest aquabike riders are now making their final preparations for the start of the Old Doha Port Grand Prix of Qatar Wednesday morning.The new venue is hosting the finale to this year’s UIM-ABP Aquabike World Championship under the auspices of the UIM and the guiding hands of Aquabike Promotion and the Doha Marine Sports Club (DMSC).**media[374833]**Riders and team personnel busied themselves with fine tuning their skis after the recent round of the series at Olbia in Sardinia. Ten years ago, the last Qatar race was held in Doha Bay along the Corniche adjacent to the iconic Sheraton Hotel. On this occasion, the Old Port area around the Corniche will host the weekend’s action.Quinten Bossche is the defending Ski Division GP1 World Champion and is making his first appearance in Qatar with the Grand Prix returning after that 10-year absence. He has three Moto wins and three retirements so far this season and is arguably one of the fastest racers on the UIM-ABP tour.**media[374832]**The Ostende-based Belgian said: “I have lost too many points in the championship to do something so I just need to do some good results. With some good luck, I could maybe still finish third. When you come here, especially as the World Champion, you come here for a victory. I try and do my best, set the boat up and finish all the races this time and go for the victory in the GP.“Personally, I would have loved to see the course on the other side (Doha Bay). I like the waves. I think, as a pro ski racer, that is what you like to battle against the weather. For me, that’s a big thing. I love waves and all of the challenge. It puts everybody back at zero. It’s pure skill and the ski doesn’t make a difference any more. I do think with the walls and the fact we have 23 riders (Ski GP1), it’s still going to be a rough race. Everyone has the same issues with the heat. Just stay hydrated and rest.”**media[374834]**Jessica Chavanne is the defending European champion and a former World Champion. Boat damage in Sardinia has now ruled her out of overall title contention but the French girl is looking forward to her first ever race weekend in Qatar. Speaking before a brief ski shakedown on Wednesday afternoon, she said: “I think it will be a good race. I had a delamination on the side of the ski in Sardinia and my hull was under the water. The marshals saved my ski and I had a big shock. That’s why I feel a bit sick. I am really grateful that I had nothing else (injury).“The first goal is to take pleasure. In Indonesia, I had the covid, in Olbia the problem with the hull and now I want to give everything I can and after that we will see. We will make a set-up for me to be more comfortable.”Thursday timetable sees the free practice sessions for the Runabout GP2 Asian Continental Championship fire into life from 09.30hrs and precede nearly two hours of practice for the Ski Ladies GP1, Ski Division GP1, Runabout GP1 and Freestyle competitors.Thursday afternoon will be dominated by the various qualifying and pole position sessions.

The S&P 500 is on course to have the most companies delivering sales beats in about four years this earnings season, with Corporate America seeming to cope just fine with the impact of tariffs.Almost 70% of index members to have reported so far have exceeded third-quarter sales estimates, according to a Bloomberg Intelligence earnings tracker. That’s the highest proportion of positive surprises since the post-Covid revival in the final three months of 2021.US companies appear to be fairly unscathed by tariffs so far, protecting their margins through a combination of price increases and cost cuts. Meanwhile, the magnitude of the sales beats is also near the highest since the post-pandemic boom: companies have exceeded estimates by 2.4% in aggregate, against a historical average of 0.5%, according to strategists at Deutsche Bank AG.“Sales beats have correlated well with inflation surprises historically and likely partly reflect the impacts of tariffs on pricing this time,” Deutsche Bank’s Bankim Chadha and Parag Thatte wrote in a note.Meanwhile, with readings on the US economy and job market still holding up, and further interest rate cuts from the Federal Reserve on the way, the profit outlook is looking increasingly brighter for 2026.“It’s early in earnings season, but this could be an initial indication that top line growth is firming into next year, in line with our view,” wrote Morgan Stanley strategists led by Michael Wilson. His team sees revenue beats running at double the historical rate as the “standout” feature of this earnings season.The view among most Wall Street strategists is that the strongest earnings and sales growth remains concentrated in megacap and technology stocks. But other sectors are delivering decent profit increases, helped by favorable comparables. Financials, real estate, materials and utilities are all showing double-digit earnings gains so far, according to Deutsche Bank strategists.Even so, the flurry of beats isn’t keeping everyone bullish. The current positive trend may not be easy to sustain, according to RBC Capital Markets strategist Lori Calvasina.“We think earnings are providing a solid foundation for the US equity market, but that it will be difficult to replicate the same kind of surge in earnings optimism that helped power markets higher in the last reporting season,” Calvasina said.There’s still a long way to go this season, with companies accounting for 50% of the S&P 500 market capitalisation due to report this week, including most of the large artificial intelligence hyperscalers like Microsoft Corp Alphabet Inc and Meta Platforms Inc.Still, the positive beginning is keeping sentiment upbeat, especially given encouraging news on trade negotiations, strong earnings from banks and financial firms and increased forecasts from a majority of companies.JPMorgan Chase & Co strategists led by Dubravko Lakos-Bujas note that about 66% of companies have had “double beats” of sales and net income compared with just 51% over the last four quarters, based on constant index constituents.They also note that that for 2026, EPS estimates have been revised up by 0.3% to $305.03, a 14.1% year-on-year increase. That “implies growth acceleration to above-trend next year,” according to Lakos-Bujas and his colleagues.