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Global conditions are still favourable for gold, despite the rapid global disinflation and the significant accumulated gains from the precious metal in recent years, according to QNB.Gold prices are set to be further supported by easing monetary policy by major central banks, a depreciating USD and geopolitical fractures, QNB said in an economic commentary."Gold’s role in a portfolio has always been a topic of significant controversy. On the one hand, enthusiasts point to the importance of the precious metal as a key diversifier that also serves as a safe-haven against inflation, international conflicts and civil strife," QNB noted.On the other hand, detractors believe that gold is a “barbarous relic of the past,” a non-income-generating commodity with limited utility and little tangible value, QNB said.“In recent years, there is no doubt that gold has been a significant enhancer to global diversified portfolios. In fact, gold reached $2,615 per ounce, making sequential all-time highs for months,” QNB said.Since the pandemic, gold has “outperformed” most other major asset benchmarks, including global equities, government bonds, and commodities.Importantly, gold has recently demonstrated its enduring value as a safeguard against inflation. In the aftermath of the Covid-19 pandemic, monetary authorities in advanced economies faced significant challenges due to a surge in inflation.This created concerns about the rapid pace of decline in the “real value of money,” as more units of currency would be needed to buy the same basket of goods and services.Not surprisingly, during this period of higher inflation, gold prices soared against most main currencies, more than offsetting the effect of consumer price increases. This offered a compelling affirmation of the long-held belief that gold is an effective hedge against inflationary pressures.However, as disinflation gains further ground on the back of normalising supply chains, can gold continue to perform well over the medium-term? Is the shiny yellow metal set for a correction or a period of significant underperformance?In QNB’s view, despite a broadly normalised inflation outlook across most advanced economies, global macro conditions are “still favourable” for gold. Three main factors sustain its position.First, the monetary policy cycle in the US and Europe is now a tailwind for gold prices. In recent years, cash or short-dated government securities offered high nominal yields, increasing the opportunity costs of holding gold.While nominal yields are still much higher than they were pre-pandemic in most advanced economies, this dynamic is set to change significantly over the next 24 months.The US Federal Reserve and the European Central Bank are expected to cut policy rates by 250 and 150 basis points (bps), respectively.“This means that cash and short-dated government securities are going to be less attractive as investment options, favouring alternative investments such as gold,” QNB noted.Second, foreign exchange (FX) movements are also likely to play their part in supporting gold prices. Historically, gold prices are negatively correlated with the USD, with gold prices going up when the USD is down and vice versa.An assessment of the USD suggests that the currency is overvalued by around 9%, requiring a significant adjustment. A cheaper USD increases the purchasing power of the rest of the world for USD-priced commodities, such as gold, boosting overall demand and supporting prices.Third, the current global economic environment is still beset with geopolitical uncertainties, such as the Russo-Ukrainian War, ongoing conflicts in the Middle East, and increasing US-China tensions in the Pacific.“These factors can contribute to a heightened risk premium on traditional assets, steering investors to hedge with alternative safe haven instruments.“Gold’s appeal has been further bolstered by secular or long-term trends, including the intensifying economic rivalry between West and East, a decline in international cooperation, escalating trade disputes, increasing political polarisation, and the “weaponisation” of economic relations via sanctions,” QNB said.In an era marked by more geopolitical instability, gold’s status as a tangible, jurisdictionally neutral asset that can serve as collateral in various markets becomes increasingly significant.Reflecting this movement, central banks globally have been accumulating gold at a rate unseen in generations. This supports a steady long-term institutional demand for gold, QNB said.

Qatar Development Bank (QDB) launched an initiative to motivate existing Qatari companies that completely settled their loans under the National Response Guarantee Program (NRGP).QDB said in a statement the new initiative which grants companies zero interest rate short-term loans comes within the framework of the Amiri gesture and the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani that grant loan forgiveness for companies benefiting from the NRGP.The NRGP was introduced in 2020 to back the private sector amid the COVID-19 pandemic challenges, allocating 100 percent guarantees through Qatar Development Bank to local banks.The bank said it would communicate with the concerned companies to enable them to benefit from this initiative, which is considered a continuation of the private sector support plan in line with the third national development strategy.QDB previously launched its financing portfolio for the NRGP with the aim of supporting companies in transferring their credit facilities from partner banks and providing them with more flexible repayment terms.The bank continues its mission by providing private sector companies with products and services that streamline their growth and business development so that they can effectively participate in the prosperity of the national economy

Based on the Amir's orders, the Cabinet has issued directives to prepare and implement a series of economic initiatives to support the private sectorDraft law to conserve water resources approvedBased on orders by His Highness the Amir Sheikh Tamim bin Hamad al-Thani to reinforce the private sector through various economic initiatives, the Cabinet has issued directives to prepare and implement a series of economic initiatives to support the private sector and increase its contributions to the national economy.The statement by the Cabinet outlined that these initiatives include loan waive-offs for Qatari companies benefiting from the National Response Guarantee Programme (NRGP), which was established to support the private sector during the Covid-19 pandemic.In addition, the Cabinet proposed initiatives to grant short-term financing for Qatari companies, that previously benefited from the NRGP, for working capital.The Cabinet emphasised that this Amiri gesture comes as part of efforts to support private sector companies in mitigating the economic repercussions that resulted from the measures implemented to curb the spread of the pandemic. The gesture also aligns with the Third National Development Strategy 2024-2030, which aims to empower the private sector and drive sustainable economic growth, thereby catalysing the nation's comprehensive development journey.QNA adds: The Cabinet on Wednesday approved the draft water law and referred it to the Shura Council. The draft law, which was prepared by the Qatar General Electricity and Water Corporation (Kahramaa), comes in an effort to achieve water security; preserve water resources; protect them from depletion, waste, or pollution; raise the efficiency of water services and their uses; ensure their quality; and ensure proper maintenance and operation of their facilities.The Cabinet also approved the draft decision of the Minister of Commerce and Industry to issue the executive regulations of Law No. (10) of 2020 regarding the protection of industrial designs and models. This draft decision comes within the framework of strengthening the legal system for the protection of intellectual property and innovation.The Cabinet also approved the draft Cabinet Decision amending some provisions of Decision No. (29) of 2013 establishing the grievances committee related to the expropriation of real estate for public benefit and specifying its powers, and the draft Cabinet Decision regarding the rules and procedures to be followed before the Real Estate Development Dispute Resolution Committees. This comes in implementation of the provisions of Law No. (6) of 2014 regulating real estate development, and aims to establish the rules and procedures for requests submitted to the Real Estate Development Dispute Resolution Committees, organise the work of these committees, and expedite the settlement of disputes, to keep pace with the real estate boom witnessed by the country.The Cabinet reviewed the proposals of desire raised by the Shura Council regarding the rainwater accumulation and directed that the Shura Council be informed of an explanatory memorandum to explain what the relevant government agencies are doing in this regard.The Cabinet also issued directives to the Ministry of Municipality, the Public Works Authority, and other concerned authorities to take the necessary measures to prepare for the rainy season.The Cabinet decided to approve taking the necessary measures to ratify an agreement on cooperation in the field of combating crime between the government of Qatar and the government of the Hellenic Republic.The Cabinet also approved a draft memorandum of understanding for co-operation in the fields of tourism and business events with the Islamic Republic of Mauritania, a draft memorandum of understanding for co-operation and joint news exchange between the Qatar News Agency (QNA) and the Athens-Macedonian News Agency (AMNA), in addition to approving the draft executive programme in the fields of sports and youth between Qatar and the People's Republic of Bangladesh for 2024-2025.HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani chaired the Cabinet's regular meeting held at its seat at the Amiri Diwan Wednesday.After the meeting, HE Minister of Justice and Minister of State for Cabinet Affairs Ibrahim bin Ali al-Mohannadi issued a statement indicating that the Cabinet discussed a number of local, regional, and international issues, discussed the efforts made to address them, and took appropriate decisions regarding them.At the outset of the meeting, the Cabinet praised the important contents of the speech of His Highness the Amir Sheikh Tamim bin Hamad al-Thani at the opening of the 3rd Asia Cooperation Dialogue (ACD) Summit, held in Doha under the title "Sports Diplomacy," with the participation of a number of heads of states and governments and delegations of fraternal and friendly countries, where the Amir reiterated Qatar's firm stance toward the killing and destruction to which the Palestinian brothers are being subjected and toward the dangerous Israeli escalation in Lebanon.His Highness the Amir's speech also reflected the extent of Qatar's interest in Asia, its keenness to strengthen ties between its countries, and to make the most of its economic potential, enormous human resources, and great political weight for the sake of development and the well-being of its peoples, and to maintain security, stability, and peace in Asia and the world, emphasising the role of sports in achieving these lofty goals and spreading the values of tolerance, cooperation, and mutual respect.The Cabinet concluded its meeting by reviewing three reports and taking appropriate decisions regarding them, including the 14th annual report on the work of the Qatari Committee for the Alliance of Civilizations for 2023, the report on the results of the participation of Qatar's delegation, headed by HE the Minister of Endowments and Islamic Affairs in the 9th Conference of Ministers of Awqaf (Endowments) and Islamic Affairs in Islamic Countries, and the report on the results of the participation of Qatar's delegation, headed by HE the Minister of Justice in the 12th St. Petersburg International Legal Forum (SPILF).

Marking a significant moment in its race towards excellence and quality healthcare, the Primary Health Care Corp (PHCC) on Tuesday launched its Third Corporate Strategic Plan (CSP) under the theme ‘The First Choice for Our Community’s Health’.The programme was held in the presence of HE the Minister of Public Health Dr Hanan Mohamed al-Kuwari and several other dignitaries.Touted as a significant milestone for PHCC, the strategy aligns with the third Qatar National Health Strategy (NHS3) (2024-2030) and the third Qatar National Development Strategy (NDS3) (2024-2030).Addressing the ceremony, PHCC managing director Dr Mariam Ali Abdul Malik unveiled the CSP details for the next seven years noting that the Corporation has witnessed significant developments through its first and second CSPs. “The Corporation continues to address both national and global health challenges, in line with local and global health trends. The scientific studies and reports have shown that primary healthcare systems are the most effective, comprehensive, and equitable in ensuring better health outcomes for communities, compared to other healthcare systems,” she said adding that PHCCC is constantly preparing to face future health challenges in the coming decades, as the health of the population may be negatively affected by changes in lifestyle, especially with technological advancements and the ease of access to everything we need with minimal effort.The speech highlighted the steadfast resilience of Qatar's healthcare system during the Covid-19 pandemic and its impressive performance during the FIFA World Cup Qatar 2022. “Throughout the past decade, PHCC has experienced a dynamic evolution, culminating in its distinguished reputation as a paragon of excellence in delivering top-tier healthcare services to all citizens and residents of Qatar, internationally recognised by the continuous achievement of Accreditation Canada Diamond status,” she said while mentioning the international recognitions won by the Corporation.PHCC, she added, will focus on advancing the delivery of primary healthcare.Assistant Director General for Strategy at PHCC Steven Emery presented an overview of the key achievements attained during the execution of PHCC’s strategy 2019-2023 for each of the six priority areas. He also highlighted key achievements year by year.Earlier, addressing a press conference, he said PHCC's third CSP has been formulated to guide the corporation over the next seven years. “This plan is not just a document, but a commitment to raise the level of healthcare services, enhance access to them, and raise the level of general well-being of communities. PHCC is proud to announce that it has exceeded 90% of its set strategic goals,” he said.While shedding light on the notable achievements, he said six new health centres were opened in strategic locations and the integrated family medicine model was implemented. “In all the health centres the rate of the use of specialised services marked a significant increase. It rose from 53% in 2019 to 70% in 2023. This is in addition to the effective handling and management of 60% of mental health cases within primary care centres,” he explained.Executive Director of Strategy Planning and Health Intelligence Dr Mohammed Ghaith al-Kuwari, said the third CSP focuses on several axes of the health sector such as population health, setting ambitious goals to improve health outcomes, improving the quality of services and facilitating access to them for clients in addition to a renewed focus on sustainability in service delivery.“PHCC will continue to develop its workforce and procedures and use modern technological solutions,” al-Kuwari added.

Victor Ambros and Gary Ruvkun win Nobel medicine prizePrize awarded for discovery of microRNADiscoveries shed light on role in gene regulationMedicine prize the first of this year's Nobel awardsUS scientists Victor Ambros and Gary Ruvkun won the 2024 Nobel Prize in Medicine on Monday for the discovery of microRNA and its crucial role in how multicellular organisms grow and live.Their work helped explain how cells specialise and develop into different types, such as muscle and nerve cells, even though all the cells in an individual contain the same set of genes and instructions for growing and staying alive."The Nobel's, you know, there's a word we use for Major League Baseball, it's called 'The Show'. Which means it's not any show, it's THE show," Ruvkun told Reuters, describing what it was like being thrust into the global spotlight.He joked that collaborating with Ambros and receiving previous awards meant they had been "joined at the hip for quite a while"."That's been great. He's a wonderful guy," Ruvkun added by phone. Ambros seconded by saying he was happy to share the award with "a great friend".The Nobel Assembly, the award-giving body, said in a statement that the laureates discovered a new class of tiny RNA molecules, which play a crucial role in gene regulation."Their groundbreaking discovery revealed a completely new principle of gene regulation that turned out to be essential for multicellular organisms, including humans," the assembly said.Also speaking to Reuters, Ambros described microRNA as a "communication network amongst genes that enables the cells in our bodies to generate all kinds of different complex structures and functions".Ambros is a professor at the UMass Chan Medical School, while Ruvkun is a professor at Harvard Medical School and also affiliated with Massachusetts General Hospital in Boston.In the late 1980s, Ambros and Ruvkun undertook postdoctorate studies in the laboratory of Robert Horvitz, himself a Nobel Prize winner in 2002, studying a 1 mm long roundworm.Their discoveries on how certain microRNAs in the roundworm govern growth of organs and tissue was initially dismissed as specific to the species.More work published by Ruvkun's research group in 2000, however, showed that all animal life had relied on the mechanism for more than 500 million years.MicroRNA comes into play when single-strand messenger RNA - the subject of last year's Nobel Prize in medicine - is decoded and translated into making proteins, the building blocks of all human and animal life.Messenger RNA, or mRNA, in turn, emerges from the universal blueprint in every cell nucleus, the double-helix DNA.Professor Gunilla Karlsson Hedestam of the Karolinska Institute said that, while the 2023 prize was linked to the specific use in Covid-19 vaccines, this year's award was for a leap in basic understanding with many potential future applications.Janosch Heller, Assistant Professor in Biomedical Sciences at Dublin City University, who was not involved in selecting the winners, said that the findings had boosted the understanding of diseases such as epilepsy.The winners of the prize for physiology or medicine are selected by the Nobel Assembly of Sweden's Karolinska Institute medical university and receive a prize sum of 11 million Swedish crowns ($1.1 million).As in every year, the physiology or medicine prize was the first in the crop of Nobels, arguably the most prestigious prizes in science, literature and humanitarian endeavour, with the remaining five set to be unveiled over the coming days. Created in the will of Swedish dynamite inventor and businessman Alfred Nobel, the prizes have been awarded for breakthroughs in science, literature and peace since 1901, while economics is a later addition.Past winners of the Nobel medicine prize include many famous researchers such as Ivan Pavlov in 1904, most known for his experiments on behaviour using dogs, and Alexander Fleming, who shared the 1945 prize for the discovery of penicillin. Last year's medicine prize was awarded to the runaway favourites Katalin Kariko, a Hungarian scientist, and U.S. colleague Drew Weissman, for discoveries that paved the way for Covid-19 vaccines that helped curb the pandemic. Steeped in tradition, the science, literature and economics prizes are presented to the laureates in a ceremony on Dec. 10, the anniversary of Alfred Nobel's death, followed by a lavish banquet at Stockholm city hall. Separate festivities attend the winner of the peace prize in Oslo on the same day.

In the three decades after World War II, Western Europe caught up with the US in terms of per capita GDP. But since the mid-1990s, this trend has reversed, with the US growing twice as fast as Europe. What happened? The explanation is simple: During the Trente Glorieuses (the 30 years until 1975), Western European policies favoured a model of growth based on imitation and accumulation. These countries were playing catch-up, and the process was facilitated by unlimited access to fossil fuels (until the first oil shock of 1973-74); the US Marshall Plan, which helped Western Europeans reconstitute their capital stock; and educational systems favouring the absorption of new technologies from the US. But there comes a time when the growth potential of imitation and accumulation exhausts itself. Once you have gotten sufficiently close to the technological frontier, innovation necessarily becomes the main engine of growth. That has certainly been the case in the US, where the information-technology revolution, and now the artificial-intelligence revolution, developed quite spectacularly. In Europe, however, policymakers failed to adopt the institutions and policies to promote disruptive innovation. As a result, Europe’s private-sector investment in research and development is only half that of the US. This is primarily due to a composition effect. Europe’s R&D is concentrated in the mid-tech range, which absorbs more than 50% of private R&D, with the automotive industry accounting for roughly one-third, even though it generates few breakthrough innovations. By contrast, 85% of private R&D in the US is in more R&D-intensive and higher-return (incidentally) areas such as biotech, software, hardware, and AI. Private R&D in Europe also suffers from EU fragmentation. Across 27 member states, there are 27 different labour laws, sets of procurement rules (very little public procurement is centralised at the EU level, unlike federal procurement in the US), securities regulators, electricity and pharmaceutical regulators, and so forth. Moreover, European startups suffer from the absence of a true capital-market union. Europe has nothing comparable to the Nasdaq; it lacks America’s dense network of venture capitalists to finance new innovative projects; and, save for a few national exceptions (Sweden, Denmark, and the Netherlands), its institutional investors (pension funds and mutual funds) are less willing to take the risks associated with radical innovation. European public-sector support for innovation also leaves much to be desired. In the US, public R&D funding is concentrated at the federal level, whereas public funding in the EU happens mostly at the member-state level. Moreover, as far as public institutions are concerned, nothing in Europe resembles America’s Advanced Research Project Agencies. By delegating decision-making and project management to top scientists, the ARPAs have helped the US government continuously stimulate disruptive innovation in strategic sectors. Among the famous successes associated with this strategy are GPS, the internet (derived from Arpanet), and the Covid-19 mRNA vaccines. The mRNA vaccines are a shining example of “competition-friendly industrial policy.” When Covid-19 emerged, the Biomedical Advanced Research and Development Authority (BARDA) concentrated its funding on three technologies, with two projects (one US, one European) per technology. All six ended up being approved by the US Food and Drug Administration and the European Medicines Authority in record time. Interestingly, the two main winners, the US firm Moderna and the German firm BioNTech, were small biotechs, and only one project originated from a pre-pandemic global leader in vaccines (a Sanofi-GSK partnership). This example offers a template for a successful European industrial policy. The US model delegates scientific decision-making to top scientists, does not pretend to know which technologies will work, and offers no incumbency advantage. Such features make it a promising remedy to many of the serious deficiencies in the European innovation ecosystem that former European Central Bank President Mario Draghi highlighted in his recent report on EU competitiveness. Draghi proposes massive public and private investments in fundamental research and disruptive technologies, as well as reforms to EU governance aimed at streamlining decision-making, loosening regulatory constraints, and putting scientists and entrepreneurs in charge.Europe urgently needs to create the conditions for promising new innovators to emerge. Absent any change in its economic doctrine – under which regulation largely prevails over investment – Europe runs the risk of suffering an irremediable decline. The Draghi report shows the way out of this economic death spiral. But first, its message on governance must be fully absorbed.

The Ibn Khaldon Center for Humanities and Social Studies Center at Qatar University (QU) organised its second annual Tajseer conference under the theme "Reflections of Major Events on the World of Ideas: Interdisciplinary Approaches in Measuring Arab Consciousness." The conference brought together distinguished academics, researchers and policymakers to explore the impact of key global and regional events on the intellectual and social landscape in the Arab world. This year's conference focused on interdisciplinary approaches, aiming to assess and explore how Arab consciousness interacts with significant events experienced by Arab youth. It also sought to uncover the effects of these events on the development of ideas in Arab studies and to enhance researchers' ability to connect the real world with intellectual concepts. Additionally, the conference aimed to promote scientific research within the interdisciplinary studies of social sciences and humanities, providing a scholarly platform for researchers from various fields to meet, exchange ideas and to promote knowledge integration. In his opening remarks, Prof Aiman Erbad, vice president for Research and Graduate Studies at QU, emphasised the importance of the conference, stating, "The conference contributes to raising awareness and fostering intellectual strength, vision, and innovation. It helps in effectively addressing and understanding the current and future impacts of the challenges facing the Arab world today, especially as humanity has witnessed pivotal events that have left deep marks on the intellectual and knowledge structure." Dr Nayef bin Nahar, director of the Ibn Khaldon Center, also highlighted that the theme of this conference aims to observe the changes in the world of ideas as a result of the rapidly changing events being experienced. This observation allows us to foresee the future and work towards preparing for it. The conference featured research papers and discussions on a variety of topics, including the impact of significant events such as the Covid-19 pandemic and the conflicts in Ukraine and Gaza on different aspects of life in the Arab world. Professors Ahmed Abouelella, Mansour Benzahi and Abdelkhalek Sidati presented studies on the pandemic's effects on Arab youth in North Africa, particularly in Egypt, Algeria, and Morocco. The researchers focused on how the pandemic reshaped social and intellectual frameworks and daily practices among the youth. Another set of studies examined the impact of ongoing conflicts on Arab youth's perception of justice and international law. These papers, presented by Professors Ali Mohammed Salem, Walid Oweimer, Mustapha Bekhouche, and Taieb Touili, discussed how recent global conflicts, such as those in Ukraine and Gaza, have influenced Arab youth's point of views on justice within the global political landscape. Dr Keltouma Aguis spoke at another session, analysing how feminist movements in the Arab world have responded to Israeli attacks on Gaza, particularly in terms of global feminist ideologies and narratives of resistance. She explored how these movements developed their perspectives and activism. The conference aimed to foster collaboration across disciplines, drawing from various fields such as sociology, political science, and data analysis, to provide fresh insights into the shifting dynamics of Arab thought. The annual Tajseer conference continues to serve as a platform for open dialogue and intellectual exchange, encouraging researchers to collaborate and explore the main challenges facing contemporary Arab societies. The event also addressed the role of technology in shaping modern consciousness, with a particular focus on the influence of digital platforms on political discourse and social movements in the region.

When Ali al-Akbar returned to school in Lebanon this year after the summer holidays, it wasn't to study his favourite subject maths but to seek refuge from Israeli air strikes."I miss my friends and teachers," the 14-year-old wearing glasses told AFP inside a classroom-turned-shelter in Beirut's southern suburbs.Lebanon has postponed the start of the school year after Israel increased its air strikes against the Lebanese militant group Hezbollah since September 23.The escalation has killed more than 1,100 people and pushed upwards of a million people to flee their homes, according to government figures.Israeli strikes have displaced some 40 percent of Lebanon's 1.2 million pupils from their homes, an education ministry official told AFP.As half the country's 1,200 public schools have been turned into makeshift bedrooms for the homeless, the ministry has postponed the start of the school year from October 1 to November 4.But Ali's mother, 37-year-old Batoul Arouni, isn't convinced they will be able to reopen by then."No mother wants her child to miss out on school, but this year I'd rather he stayed by my side as nowhere in Lebanon is safe anymore," she said.Chairs and desks have been pushed back in the classroom to make way for thin foam mattresses, and tomatoes sit on a desk near the window.Clean laundry hangs out to dry near the blackboard.Throughout the school, hot meals and water bottles provided by charities have replaced the usual books and pens.While AFP visited, the sound of strikes could be heard.Elsewhere in the school, eight-year-old Fatima too said she was sad."I miss school and colouring books," she said.In central Beirut, 30-year-old Salma Salman hugged her seven-year-old twin daughters to her chest."Who's thinking about sending their children to school with this war?" she said."We've been in the street for two weeks, no one's thinking about education right now."Jennifer Moorehead, of the Save the Children charity, said she thought the school system was "not going to recover this year".It is just the latest school year to be disrupted after the Covid pandemic and years of a financial crisis that has plunged most of the population into poverty."It will be generations before Lebanon will recover from this learning loss," she said.In the south of Lebanon, the school year has been disrupted for almost a year as Israel and Hezbollah traded cross-border fire after the start of the Gaza war.But that disruption had not extended to other parts of the country until the recent escalation.Education Minister Abbas Halabi said his team was looking into adapting to current events, possibly combining in-person lessons with remote learning.But in past years parents have said they could not afford to buy smartphones for their children, let alone guarantee they would work with constant power cuts disrupting the internet.And many displaced families said they could not carry laptops or tablets with them as they fled.Even without these obstacles, not everyone enjoys online learning.In her upscale home in Beirut, Nour Khawajeh, 36, sat trying to help her seven-year-old daughter Joud focus on a French lesson online.But the little girl, whose private school closed just four days into the new academic day, was bored."Children need to go to the courtyard to play and see others their age," said Khawajeh, who has already paid 70 percent of the school's tuition fees.She and her husband have been re-organising their schedule so they can help look after their daughter and her little brother, four-year-old Issa."Mothers and fathers are not teachers," she said. "I have no patience."

The Federal Reserve’s interest rate decisions have significant ripple effects on the global economy, given the central role of the US economy and the dollar still in international trade and finance.It has been a few weeks since the Fed made its first key interest rate cut since the Covid-19 pandemic in 2020. The recent decision lowered the Federal Funds Rate to a range of 4.75-5%, down from the previous range of 5.25-5.5%, which had been in place since the summer of 2023.This move aims to support continued progress on inflation, ultimately benefiting various sectors, including businesses reliant on credit costs, as well as home buyers and sellers.When the Fed cuts rates, the dollar usually weakens. A weaker dollar obviously benefits emerging market economies by reducing the cost of servicing dollar-denominated debt, while also making US exports more competitive, potentially boosting global trade.In his recent speech to the National Association for Business Economics, Federal Reserve Chair Jerome Powell indicated that two additional rate cuts are likely in 2024.Specifically, he projected quarter-point reductions at Fed’s November and December meetings, stating that larger cuts were not necessary given the current economic conditions.The Federal Reserve’s latest Summary of Economic Projections, commonly known as the Dot Plots, suggests that the Federal Funds Rate may reach about 4.4% by year-end, implying at least two further quarter-point reductions. By the end of 2025, the rate is forecast to be around 3.4%.“The committee seeks to achieve maximum employment and an inflation rate of 2% over the longer term,” the Fed noted in a statement released alongside the rate decision.The statement continued: “The committee has gained greater confidence that inflation is moving sustainably toward the 2% target, and judges that the risks to achieving its employment and inflation goals are now more balanced. However, the economic outlook remains uncertain, and the committee remains vigilant regarding risks on both sides of its dual mandate.”In addition, the Fed slightly revised its near-term growth and inflation forecasts, now expecting GDP growth of 2% this year, a modest reduction from the 2.1% forecast in June. Growth is expected to stabilise around 2% through 2025 and 2026.However, the unemployment outlook has shifted. The Fed now projects headline unemployment to rise to 4.4% by the end of this year, a notable increase from its June estimate of 4%. Unemployment is expected to remain elevated at 4.4% and 4.3% in 2025 and 2026, respectively.“This decision reflects our growing confidence that, with appropriate adjustments to our policy stance, we can maintain strength in the labour market,” Powell told reporters during the press briefing following the rate announcement in Washington.The Federal Reserve’s interest rate revisions play a key role in shaping global economic conditions. Rate hikes potentially lead to higher borrowing costs, a stronger US dollar, capital outflows from emerging markets, and a slowdown in global growth.On the other hand, rate cuts tend to ease financial conditions globally, stimulate investment, boost capital flows to emerging markets, and increase commodity prices.

Ever since Brazilian President Luiz Inácio Lula da Silva returned to office in 2023 and told the world that Brazil is “back on the world stage,” the government has endeavoured to establish itself as a global climate leader. As the current G20 president, Brazil is pushing for a sustainable bioeconomy and scaled-up climate finance – goals that it will surely continue to pursue as the host of next year’s UN Climate Change Conference (COP30). Moreover, the country recently formed a troika with the hosts of COP28 (the United Arab Emirates) and COP29 (Azerbaijan) to preserve the Paris climate agreement’s goal of limiting global warming to 1.5C.The Brazilian government has not been afraid to challenge rich countries and individuals as part of its efforts to halt the rise in global temperatures. But to have the biggest impact, Brazil must lead by example. As the saying goes, charity begins at home. The timing could not be better: countries must submit more ambitious 2035 emissions-reduction targets, known as nationally determined contributions (NDCs), by February 2025.The need to cut greenhouse-gas (GHG) emissions has never been more urgent for Brazil, which was recently hit by record flooding and has been fighting devastating forest fires for weeks. To be sure, investing in adaptation and resilience requires increased financial flows from the wealthy countries responsible for the bulk of historic pollution to vulnerable countries suffering the worst effects of global warming. But reducing fossil-fuel emissions and extraction, which has harmed traditional and indigenous communities’ health, destroyed their land, and diminished their capacity to provide for their families, is also a matter of economic and social development. Brazil must devise an energy policy that works for these communities.The share of electricity generated from wind and solar power is expanding rapidly, and these renewable-energy sources are becoming cheaper by the day. Brazil has abundant sun and wind and the tools to operate these technologies successfully. But, equally important, local communities are already expanding clean-energy infrastructure and have created innovative and effective solutions to participate in the decarbonisation decision-making process.Various community-led and decentralised clean-energy projects, often developed in partnership with NGOs, are being launched across Brazil, from isolated villages in the Amazon to densely populated favelas (informal settlements) in Rio de Janeiro. At the same time, the country’s indigenous peoples have developed robust consultation protocols for the design and implementation of public and private renewable-energy projects on their land.Last year, COP28 closed with an agreement to “transition away from fossil fuels” – the first time such a call has been made at the climate summit – and to triple renewable energy and double energy efficiency by 2030. To honour that agreement, Lula’s government must challenge the false notion that fossil fuels are necessary for development and can complement efforts to scale up and provide equitable access to community-centred renewable energy.To show the world that Brazil can lead the global renewable-energy transition by example, its updated NDC must commit to bold action, such as stopping new fossil-fuel projects and shutting down existing ones, and deploying the resources required to meet the global goal of tripling renewable-energy generation. Moreover, to advance the goal of energy justice, the government should implement policies aimed at ensuring that solar and wind power reaches vulnerable communities.If the Brazilian government creates a national platform that provides operational support to these clean-energy solutions, the country can show the world that it is possible to decarbonise while putting people first. In fact, this is not only possible but essential.A few years ago, the world came together to combat the Covid-19 pandemic. Governments quickly poured resources into vaccine development and production, successfully creating the tools to solve a novel problem in record time. In this case, the world has everything it needs to accelerate the energy transition and limit global warming; all that it is missing is the political will to commit to – and follow through on – ambitious targets and policies. Brazil can and should be one of the first countries to demonstrate it. – Project Syndicate• Savio Carvalho is Head of Regions at 350.org

Qatar National Bank (QNB) said Saturday it expects Japan's real GDP to remain relatively unchanged this year amidst difficult conditions characterized by stagnant consumption, weak external demand, and declining investment.In its weekly report, QNB referred to the positive outlook for Japans economy at the end of last year, which indicated notable confidence in Japan despite a less favorable external context, particularly the global economic slowdown, which has become an obstacle for Japan, the world's third-largest economy after the United States and China.Bloomberg's forecasts showed Japan's real economic growth at 0.95% for 2024, a figure that is encouragingly higher than the annual average of 0.75% since 2000. The bank noted however that this initial optimism began to fade with the shift in sentiment following the earthquake that struck the country on New Year's Day, along with signs of economic decline in key indicators. In the second quarter of 2024, Japan's real GDP was only 0.1% higher than its pre-pandemic peak in the third quarter of 2019, implying that the economy has made minimal progress over the past five years. By September, growth forecasts for this year had fallen to just 0.05%.QNB attributed this significant shift in Japan's growth outlook to three main factors. The first is the continued stagnation in consumption, which remains a major obstacle to economic growth. Consumption accounts for nearly 60% of Japan's economy, making it a key determinant of its performance.According to the report, despite a strong recovery post-COVID-19, consumption has been declining year-over-year since December of last year. Additionally, average consumption this year is 4.5% lower than the pre-pandemic average during 2018-2019, and 0.4% lower than the level recorded in 2023. The primary reason for the weak consumption growth is high inflation, which has eroded the purchasing power of wages, affecting household spending. In July, inflation-adjusted worker incomes grew by 0.4% year-over-year, but this represents only a slight improvement after a long period of negative growth, with real wages still 2% lower than their peak in 2022. The report also pointed out the issue of an aging population, which exacerbates the negative factors affecting consumption. Older Japanese consumers tend to be more conservative in their spending compared to younger generations, prioritizing saving due to their reliance on pension income, with most of their expenses going toward necessities like healthcare. Given the importance of consumption, these negative trends are affecting Japans economic performance.The second factor identified by QNB was the decline in external demand, which has weakened its support for Japan's economy, as the country is deeply integrated with the global economy. The ongoing accumulation of protectionist policies and trade barriers worldwide amid rising geopolitical tensions is a contributing factor. Additionally, with the end of the COVID-19 pandemic, consumption patterns have shifted back toward services and away from goods, leading to a continued stagnation in global manufacturing. In this context, global trade growth is expected to reach only 2-3% this year, about half the average rate during the 2000-2022 period. These trade forecasts increase pessimism about Japans economy, where exports account for 20% of GDP and are a key driver of industrial production.The third factor discussed in the report was the decline in investment, which is hindering Japan's GDP growth. Companies remain cautious about committing to capital spending amid global economic and geopolitical uncertainties, as well as weak domestic demand. Alongside weak consumer spending, Japans aging population and labor shortages further limit the potential for high investment returns, weakening overall economic expansion. Investment levels fell by 0.4% in the first quarter of 2024 compared to the same period last year. Since investment represents 25% of Japans economy, disappointing capital expenditure is restraining the pace of economic growth.

C V Rappai is a popular figure among the Indian community in Qatar. As the CEO and director of Jumbo Electronics, Video Home and Electronics Centre and Nando’s Qatar, his achievements in the world of business are remarkable as also his association with several community organisations, particularly the Birla Public School, one of the leading educational institutions in Qatar.Now, Rappai has penned his memoir ‘A Tale of Two Journeys’, edited by Hussain Ahmad and published by Katara Publishing House. Told in two parts, the book chronicles his journey from a struggling expatriate to a successful entrepreneur in Doha and his early life in his hometown of Edathuruthy in Thrissur district of Kerala. Having spent more than four decades in Qatar, Rappai’s rise as a businessperson has been phenomenal, but what is little known is the exceptional hard work, determination and fortitude that has made him an inspirational success story among fellow expatriates. In this book, Rappai has put into words the circumstances and opportunities that came his way as also the odds and challenges he faced in the company’s growth story.‘A Tale of Two Journeys’Author: C V RappaiEdited by: Hussain AhmadKatara Publishing HouseGenre: MemoirHailing from a middle-class family, Rappai had come empty-handed to Qatar in the November of 1980, “carrying just a duffel bag which contained some clothes, banana chips and some sweets for my friends” with a mountain of debt back home. He was in “dire straits” after the sudden death of his father, having faced with the responsibilities of looking after his large family at a young age and also being responsible to repay the debts incurred by his father to run the family business.Armed with a commerce degree and some work experience from various stints back home, Rappai had looked to rebuild his life in the Gulf like thousands of people from his home state of Kerala. However, the questions lingered as he stepped off the plane in Doha: “What does this land have to offer me?; What are the local people like? What job will I get? ...” Well, he didn’t have to wait long for the answers. His first job was that of an accountant at a small shop called Video Home and Electronics Centre in the erstwhile shopping district of Musheireb.Rappai was initially taken aback as his ‘office’ was a hole-in-the wall establishment renting out video cassettes. But little did he know that he was being part of a grand expansion plan. He also met his mentors there – Jassim Mohammed Suleiman, Ali Mohammed and Nadir – partners of Video Home, who were set to change the course of his life and destiny in the time to come.Video Home did roaring business in the ‘80s and graduated to become Jumbo Electronics, a dealer of leading Japanese and Korean brands of the time. Most notable among them was Goldstar, now known as LG. Rappai, entrusted with the operations of the company, steered Jumbo’s success to greater heights, and in the process was recognized and rewarded for his contribution to the organisation. The rest is history.Rappai fondly remembers Qatar’s changing landscape that he has been witness to from the early days. He vividly paints the Old Doha of the ’80s and ’90s, and its eventual transformation to a city of iconic landmarks and high-rises. Looking back, he also chronicles the dark days of Gulf War in the ’90s, marked by fear and uncertainty for the locals and expatriates and his personal experience in dealing with the situation, and the Covid-19 crisis – all of them leaving a deep impact on the citizens and residents of this tiny nation. But Qatar was resilient in all of this and emerged stronger each time, kudos to its wise leadership, which remained calm, patient and composed and worked its way out of the situation. “Qatar’s crisis management offers valuable lessons for other countries, and even individuals -- for people like you and me,” he writes.Rappai’s success in the business world has led him to other community and social roles. He is a director on the board of Inkel Ltd, a public-private partnership venture of Kerala government for infrastructure development. He serves on the board of Norka-Roots, again a Kerala government initiative for the welfare of expatriates, and he is also associated with Loka Kerala Sabha where he served as chairman of a committee formed to study ‘Quality and Prospects of Migration’. Rappai takes immense pride in his association with these organisations where, together with other community leaders, he has been able to contribute to the welfare of expatriates working in Qatar.The book is a delightful read. Written in first-person, Rappai has kept the narrative simple and free-flowing, as he traverses deep down the memory lane to present past events and anecdotes with clarity and candour. The first part of the book is particularly interesting where a much younger Rappai dabbles in multiple roles as a journalist, politician, social worker, stage artist and a government employee. The episode of politician MA John is thought-provoking as it comes to haunt him in Doha as well.Rappai has paid glowing tributes to his family members, friends, acquaintances and mentors who have influenced him and shaped his journey. The poignant story of his dear friend P K Abdul Rahim, as also his relationship with Sreedharan Master stand out as examples of true friendship and self-less love.Rappai also shares his management principles, life lessons, business insights and observations, and his take on community development and service that have come to characterize his journey as a successful entrepreneur and a better human being. In telling his story, Rappai has also narrated the exciting journey of Qatar from a small peninsula in the Gulf to a nation that hosted one of the best FIFA World Cups ever.