Day: 5 October 2024

European stocks closed higher Friday after stronger-than-expected US job growth and a drop in the unemployment rate to 4.1 percent, suggesting there is no need for a major interest rate cut until the end of the year.

The pan-European Stoxx 600 index closed 0.4 percent higher, with most stock markets in the region, including Germany and France, rising.

The banking sector led the gains, rising 1.8 percent.

The sub-index for automakers advanced 1.6 percent after the European Commission said the European Union would go ahead with higher tariffs on electric vehicles made in China, despite Germany’s objections.

Despite Friday’s gains, most European stock markets posted weekly losses, with the Stoxx index falling 1.8 percent during the week, as investors avoided risk amid rising tensions in the Middle East.

On a weekly basis, the energy sector was the best performer due to higher crude oil prices, while personal and household goods and cars were among the most declining sectors.

Source: Qatar News Agency

The major stock indices on the US Wall Street closed with gains at the end of today’s trading sessions.

The S and P 500 index rose by 50.59 points, or 0.89 percent, closing at 5,750.53 points.

The Nasdaq Composite increased by 216.85 points, or 1.21 percent, reaching 18,135.33 points at the close.

Meanwhile, the Dow Jones Industrial Average gained 331.40 points, or 0.79 percent, finishing the trading day at 42,342.99 points.

Source: Qatar News Agency

China has urged the European Commission to take concrete actions to “implement its political will and get back to the right track of resolving trade frictions through consultations,” spokesperson of the Chinese Ministry of Commerce said on Friday.

Chinese news agency Xinhua reported today that the remarks came after the commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles from China had obtained the necessary support from Member States of the European Union (EU) for the adoption of tariffs.

“China firmly opposes the draft final ruling of the EU side, but has also noted its political will to continue to resolve the issue through negotiations,” said the spokesperson, noting that technical teams from both sides will continue with their negotiations on Oct. 7.

The ministry urged the EU side to be clearly aware of the harm of imposing additional tariffs, as it will not solve any problems but only waver Chinese enterprises’ confidence and resolve in and prevent
them from conducting investing cooperation in Europe.

“China’s position is consistent and clear. China firmly opposes the unfair, illegal and unreasonable protectionist practices of EU in this case, and resolutely opposes the EU additional countervailing duty on Chinese electric vehicles,” said the spokesperson.

Source: Qatar News Agency

Doha: Qatar Railways Company (Qatar Rail) won the “Highly Commended Award” under the “Worldwide Operator of the Year” category at the 2024 Global Light Rail Awards.

Representatives from Qatar Rail’s senior management team received the award during the ceremony held in London, UK, attended by around 500 delegates from more than 110 leading companies attended by approximately 500 delegates from over 110 leading companies worldwide, specializing in the operation, maintenance, and management of light rail systems.

The Global Light Rail Awards include 16 categories, with the “Worldwide Operator of the Year” being one of the most prominent, in which Qatar Rail was among the top three finalists.

This award reflects the company’s ongoing commitment to providing world-class, sustainable transportation services and solidifies its position as a leading operator of modern and advanced railway systems. It also further affirms its status as one of the top rail service operators regionally and internationally.

The recog
nition is also a testament of the outstanding performance of Qatar Rail’s transport networks, the Doha Metro and Lusail Tram, which offer efficient transportation solutions supporting Qatar National Vision 2030 by promoting sustainability and urban development in Doha, Lusail, and their surrounding areas.

This achievement also highlights the company’s continuous efforts to enhance the public transportation system in Qatar, ensuring an integrated travel experience across key destinations in Doha.

This recognition comes after a series of achievements by Qatar Rail over the past years, highlighted by its excellence in operational performance, customer service, and the company’s outstanding safety record. Additionally, Qatar Rail has significantly contributed to the success of major events hosted by Qatar, such as the 2022 FIFA World Cup and the 2023 AFC Asian Cup, among other local and international events.

This achievement supports the company’s ongoing efforts to provide safe, integrated, and environmentall
y friendly transportation solutions that meet the urban expansion needs of the country and contribute to the national economy.

Moreover, the award reflects the company’s commitment to developing world-class transport infrastructure, relying on the State-of-the-art technologies to deliver a seamless and reliable travel experience for both residents and visitors.

This prestigious recognition also underscores Qatar Rail’s current strategy and objectives, aligning with its vision and future goals. It strengthens confidence in the company’s direction and serves as a significant motivator for the team to continue achieving the company’s aspirations and vision.

The Global Light Rail Awards is an annual event organised in the City of London by the publishers of the monthly international magazine, Tramways and Urban Transit. It is the industry’s flagship awards ceremony and recognises excellence and innovation in the light rail sector all over the world.

Source: Qatar News Agency

Doha: The Qatar Chamber and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) agreed to establish a joint business council and hold its first meeting with all its members in Kathmandu, the capital of Nepal, in the near future.

This agreement was reached during a meeting between HE Chairman of the Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani, and HE President of the FNCCI Chandra Prasad Dhakal.

During the meeting, they discussed commercial and economic cooperation between the two sides and discussed ways to enhance it. The investment climate and available investment opportunities in both countries were also explored, along with the role of the private sector in boosting trade exchange rates.

The executive committee of the Qatar-Nepal Joint Business Council, headed by HE Sheikh Khalifa bin Jassim Al-Thani and HE Dhakal, emphasized the importance of appointing members of the joint business council from both sides as soon as possible. This will allow the council to begin its activities a
imed at bringing businesspeople from both countries closer together and facilitating ongoing interaction to increase trade and economic cooperation.

During the meeting, the role of the joint business council in promoting trade activities and strengthening cooperation in trade, investment, technology transfer, services, and other industrial sectors was also highlighted. The council will provide a recognized and regular forum for discussions on enhancing these activities between businesspeople and industrialists in both countries.

Source: Qatar News Agency

Oil prices jumped at the end of Friday’s trading and are heading towards recording a weekly increase of 10% as investors assess the possibility of the conflict in the Middle East expanding, which could disrupt crude supplies, after US President Joe Biden said that the United States is considering whether to support Israeli strikes on Iranian oil facilities.

Brent crude futures jumped $1.14, or 1.47%, to $78.76 a barrel. US West Texas Intermediate crude futures jumped $1.28, or 1.74%, to $74.99 a barrel.

Former Director General of Oil and Gas Marketing at the Ministry of Energy and Minerals in the Sultanate of Oman, Ali Al Riyami, said that there is a habit and adaptation in the oil market regarding the geopolitical events that the world has witnessed since the Russian-Ukrainian war.

He added in an interview with “Al Arabiya Business”: “Oil prices may witness increases and supplies may be affected if Israel targets oil facilities in Iran.”

President Joe Biden said Thursday that the United States was consid
ering whether to support Israeli strikes on Iranian oil facilities in response to Tehran’s missile attack on Israel, as the Israeli military continued to pound Beirut in its conflict with the Lebanese group Hezbollah. But Biden later said he would not publicly discuss the discussions when asked if he had urged Israel not to attack Iranian oil facilities.

Biden’s comments helped send oil prices up 5%, as Israel weighs its options for responding after Iran launched its largest-ever attack on Israel on Tuesday.

But OPEC’s spare capacity and the unaffected global crude supply so far from the Middle East unrest have offset supply concerns that drove prices higher earlier this week.

Source: National Iraqi News Agency

Doha: The 11th edition of the ‘Arabian Woman Exhibition’ kicked off at the Doha Exhibition and Convention Center on Saturday, with the participation of 170 notable female entrepreneurs from Qatar.

The exhibition, which is held under the sponsorship of the Qatari Businesswomen Forum and will run until October 10, features 200 domestic and foreign booths.

Speaking at the opening ceremony, Ibtihaj Al Ahmadani, Board Member of the Qatar Chamber and Chairperson of the Qatari Businesswomen Forum, noted that Qatari women have achieved significant successes across various sectors, praising the unwavering support and encouragement of the wise leadership to Qatari woman.

She expressed gratitude to the Ministry of Social Development and Family for its continued support of Qatari women, particularly productive families, which led to holding the Second Arab Productive Families Exhibition in Doha, in cooperation with the League of Arab States and in coordination with the Union of Arab Chambers.

As the Chairperson of th
e Qatari Businesswomen Forum, Al Ahmadani invited Qatari businesswomen to join the forum in its new launch, emphasizing that it serves as a platform for Qatari businesswomen and entrepreneurs to promote their projects both locally and abroad.

For her part, Tamader Al Marri, Director of Vogue Event Company, the exhibitions organizing company, said that the exhibition, through its ten previous editions, has witnessed a qualitative leap in terms of exhibits, designs, and participating designers, emphasizing its benefit to Qatari female designers and entrepreneurs. She also underscored that Qatar has become a significant destination for major exhibitions and events.

Tamader further noted that this edition features several accompanying events, including an awareness campaign on breast cancer prevention in cooperation with the Qatar Cancer Society.

Accompanying events also include the participation of the Ministry of Social Development and Family, which aims to support productive families and introduce the “From
Home” initiative, which supports national productive projects, and the participation of Scale 7, the first business incubator for fashion and design in Qatar.

Source: Qatar News Agency

Basra crude “heavy and medium” achieved weekly gains exceeding 8%, with global oil prices also recording significant weekly gains.

Basra heavy crude closed in its last session yesterday, Friday, up $2.27 to reach $72.48, and recorded weekly gains of $6.34, equivalent to 8.47%.

While Basra medium crude closed in its last session up $2.27 to reach $75.48, and recorded weekly gains of $6.34, equivalent to 8.11%.

Global oil prices posted strong weekly gains of more than 9% for both crudes, as investors assessed the possibility of a wider conflict in the Middle East disrupting crude flows amid ample supplies in the global market.

Source: National Iraqi News Agency