Business

Tuesday, April 23, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

Business

The Undersecretaries of the Ministries of Commerce and Industry in the GCC have chalked out broad contours to reinforce joint action and achieve joint goals and aspirations, aimed at developing various sectors, especially commerce and industry.

GCC inches towards unified e-commerce legislative framework; unified law for commercial franchise

The Gulf Co-operation Council (GCC) countries are inching towards establishing a unified mandatory legislative framework for e-commerce among the countries, and preparing a unified law for commercial franchise.These, amongst other key topics, were discussed at the 58th preparatory meeting of the Undersecretaries of Commerce Committee, and the GCC’s 44th meeting of the Undersecretaries of Industry, chaired by Mohamed bin Hassan al-Malki, Undersecretary of the Ministry of Commerce and Industry (MoCI).At the 65th Trade Co-operation Committee meeting in 2023, the GCC ministers had mulled the formulation of a unified legislative framework governing e-commerce across the Gulf region, based on flexible principles.The officials discussed several topics in the preparatory meeting of commercial co-operation committee, including the construction of a committee specialised in investment.They also discussed commercial laws updates such as the consumer protection law and the competitiveness law.The meeting also discussed the work of the small and medium enterprises (SMEs) and entrepreneurship committee, the internal trade committee, and the external trade committee; reviewed the updates of the negotiations of free trade with countries and international blocs, and other topics of common interest to the GCC countries.The officials reviewed the proposal of establishing an electronic platform for Gulf industrial projects and joint projects to act as a database that helps investors to access information of the industrial sector, as well as to review member countries experiences in the field of future factories, combating harmful practices, and protecting Gulf industries from unfair competition."These meetings are part of the ongoing efforts to reinforce joint action and achieve joint goals and aspirations of the GCC countries, aimed at developing various sectors especially commerce and industry in a way they will contribute to driving economic development in member countries," said al-Malki in the presence of Khalid bin Ali al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the General Secretariat of the GCC.Saleh bin Majid al-Khulaifi, Assistant Undersecretary for Industrial Affairs and Business Development, and Ayedh al-Qahtani, acting Assistant Undersecretary for Commerce Affairs at MoCI, were present at the meeting.

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Damage in Israeli air base after Iran attack

Israeli army footage of what it says is the damage caused by the Iranian attack on the Nevatim Air Base, which was launched late Saturday in retaliation for a deadly air strike widely blamed on Israel that destroyed its consular building in Syria's capital early this month. AFP

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Six months of bloodshed: The toll on Gaza’s children

The bloodiest ever Gaza war which broke out over six months ago has taken an appalling toll on children. NGO Save the Children estimates that some 26,000 children have been killed or injured in the war, 17,000 have been orphaned, according to UNICEF, and 1 in 3 children under two years old in northern Gaza is suffering from acute malnutrition. In total, at least 33,207 people have been killed in the besieged Palestinian territory in Israel's retaliatory campaign for the October 7 attack, according to Hamas-run Gaza's health ministry. The unprecedented Hamas raid on southern Israel resulted in the deaths of 1,170 Israelis and foreigners, most of them civilians, according to an AFP tally based on official Israeli figures. AFP

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Gazans struggle to secure flour for daily bread

"I spent the night on Kuwait Roundabout to secure this bag of flour", says a Palestinian in Gaza City carrying a bag of flour he managed to get from an aid truck. A UN-backed report warned that half of Gazans are experiencing "catastrophic" hunger, with famine projected to hit the north of the territory unless there is urgent intervention. AFP

The Ras Laffan Industrial City, Qatar's principal site for the production of liquefied natural gas and gas-to-liquids (file). Qatar was the top global LNG exporter in March, according to GECF.

Lower planned maintenance activity at Qatargas 4 boosts country's LNG exports: GECF

Lower planned maintenance activity at Qatargas 4, compared to a year earlier, boosted LNG exports from the country, the Gas Exporting Countries Forum (GECF) said in its monthly report for April.Qatar was the top global LNG exporter in March, GECF said.In March this year, LNG exports from GECF member countries and observers rose by 1.8% (0.3mn tonnes year-on-year) to 17.21mn tonnes, which is the highest historic rate of exports for the month.Besides Qatar, Angola, Malaysia, Russia and the UAE drove the increase in GECF’s LNG exports, offsetting lower LNG exports from Egypt and Nigeria.For the period January-March 2024, GECF’s LNG exports grew by 3.3% (1.62mn tonnes) y-o-y to reach 51.27mn tonnes.In March, the Mena region’s LNG imports rose sharply by 53% (0.15mn tonnes) y-o-y to 0.44mn tonnes.Kuwait continues to be the sole LNG importer in the region, with stronger LNG imports from Qatar and the US driving the increase in its LNG imports.Between January and March this year, LNG imports in the Mena region rose by 78% (0.51mn tonnes) to 1.17mn tonnes.In March, pipeline gas imports to the EU surged by 12% m-o-m to reach 14bcm. In the meantime, global LNG imports increased by 2.6% y-o-y, reaching 35.3mn tonnes, primarily driven by the Asia- Pacific region, with minor upticks from the LAC and Mena regions, collectively compensating for a notable drop in European LNG imports.The stronger LNG imports in Asia Pacific were propelled by higher gas consumption alongside competitive spot LNG prices, which stimulated spot LNG in price sensitive markets.On the supply side, global LNG exports grew by 2.3% y-o-y to 36.3mn tonnes.The club of LNG exporters continues to expand with the Republic of the Congo exporting its first LNG cargo in March.According to GECF, gas and LNG spot prices in Europe and Asia experienced an uptick, following a three-month period of decline. The average Title Transfer Facility (TTF) spot price stood at $8.5/mmBtu, reflecting an increase of 5% m-o-m.In addition, the average Northeast Asia (NEA) spot LNG price experienced a 2% m-o-m increase, reaching $9/million British thermal units (mmBtu).In the meantime, in the US, Henry Hub prices continued to decline, reaching a multi-year daily low of $1.25/mmBtu during the month. “Looking ahead, it is anticipated that increased demand from price-sensitive countries in South and Southeast Asia will support prices in the forthcoming months,” GECF said.

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