Day: July 3, 2024

Gold prices firmed on Wednesday, as investors awaited minutes of the Federal Reserve’s last policy meeting for further cues on the central bank’s interest rate cut path.

Spot gold rose 0.4% at $2,338.88 per ounce. US gold futures gained 0.6% to $2,346.80.

Spot silver rose 1.2% to $29.88 per ounce. Platinum climbed 0.8% to $999.35 and palladium was flat at $1,021.

Source: Qatar News Agency

Doha: The Board of Directors of Qatar International Islamic Bank (QIIB) has announced plans to discuss the potential distribution of semi-annual dividends to shareholders.

This discussion will take place at their upcoming meeting, which will review and approve the semi-annual financial results for the period ending June 30, 2024.

HE Chairman of the Board of Directors of Qatar International Islamic Bank (QIIB), Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, stated that the Board of Directors, in their meeting held this evening, has discussed a proposal to be included and discussed in the agenda of the forthcoming Board meeting, scheduled for the evening of Sunday, July 21, 2024.

The proposal includes the possibility of distributing semi-annual cash dividends to shareholders. This move comes as a culmination of steps previously initiated following the amendment of the QIIB’s Articles of Association to include a provision allowing the Board of Directors, based on their decision, to make quarterly or semi-a
nnual distributions.

This aligns with the Qatar Financial Markets Authority (QFMA) Board of Directors Decision No. 3 of 2023 on the Rules of Dividend Distribution by Listed Joint-stock Companies.

HE Sheikh Dr Khalid emphasized that this initiative is aimed at boosting economic activity and providing liquidity to investors, especially small shareholders.

He highlighted that this step aligns with the State’s economic policy and Qatar National Vision 2030, aiming to generate quicker returns for shareholders.

This, in turn, will enable them to reinvest in various sectors within Qatar, including the rapidly evolving financial markets, which now offer a range of investment products alongside the shares of listed companies. This development is expected to have a positive impact on the overall financial market.

His Excellency Sheikh Dr Khalid bin Thani said that QIIB aspires to be a pioneer in successfully adapting to the general economic trends and meeting the aspirations of investors who are shareholders in th
e bank.

This is planned to be achieved by taking practical steps regarding the implementation of the decision of the Qatar Financial Markets Authority by fulfilling the required approvals from the regulatory authorities and fully complying with the legal requirements according to the dates specified in the conditions for implementing the interim distributions.

Source: Qatar News Agency

The increasing likelihood of Donald Trump winning a second term has helped spark a steep selloff in US government bonds, with investors betting policies including tax cuts could drive up deficits and inflation.

The Wall Street Journal said that treasury yields, which rise when bond prices fall, started surging June 28, a day after a debate between President Biden and former President Donald Trump that the newspaper believe delivered a major blow to Biden’s re-election chances, adding that a poor showing from Biden could also help tip control of Congress to Republicans, creating more space for their budget priorities.

It explained that many investors think that elevated deficits have already played a role in driving up Treasury yields in recent years by increasing the supply of bonds that the market must absorb and putting upward pressure on inflation prompting the Federal Reserve to set interest rates higher than they would have done otherwise.

As the Republican candidate this year, Trump has made broad pr
omises about cutting taxes. He has also said he would impose sweeping tariffs, which analysts say could have an uncertain economic impact, potentially adding to inflation but also raising revenue and slowing economic growth.

On the other hand, some analysts have questioned the assumption that the prospect of a Republican sweep should translate to higher yields.

A Goldman Sachs report said that “the range of potential fiscal deficits under different election outcomes is fairly narrow.” Furthermore, Trump’s plan to raise tariffs could drive yields lower by dragging on economic growth.

Investors also said that Treasurys might have already been primed for a selloff after rallying last month following encouraging inflation data. That rally pushed the yield on the 10-year note 0.5 percentage point below the two-year note a threshold that has also triggered previous rounds of selling.

Treasury yields broadly reflect investors’ expectations for what short-term rates set by the Fed will average over the life of a
bond. But those expectations are more concrete for short-term Treasurys, making them less vulnerable than longer-term bonds to an increase in the supply of bonds or concerns about the longer-term inflation outlook, the Wall Street Journal said.

Longer-term yields also rose faster than short-term yields after Republicans swept control of Congress and the White House in the November 2016 election. This happened again in January 2021, when Democrats’ victories in two elections in Georgia gave them control of the Senate after they had already taken the House and the presidency.

In both cases, investors’ bets on more expansive fiscal policies proved justified. Republicans passed their tax cuts in 2017, while Biden signed a hefty Covid-19 relief package less than two months after his inauguration.

Many investors still expect economic data and signals from the Fed to play the largest role in dictating Treasury yields in the coming months. On the immediate horizon, they will be focused on monthly jobs numbers set
to be reported on Friday and inflation data coming out next week.

Even before last week’s presidential debate, some analysts had started to anticipate larger deficits based on revised spending and revenue projections rather than any new political developments. The Congressional Budget Office last month said it expects the fiscal 2024 deficit to reach $1.9 trillion up from its previous estimate of $1.5 trillion and above last year’s $1.7 trillion.

That led some analysts on Wall Street to predict that the Treasury Department might have to boost the sizes of its note and bond auctions sooner than they had previously expected.

Source: Qatar News Agency

Doha: Qatar Railways Company (Qatar Rail) contact center has won two prestigious awards from Contact Center World, The Global Association for Contact Centre and Customer Engagement at the 2024 Annual EMEA Regional Contact Center World Conference held in Amsterdam, Netherlands.

Qatar Rail’s Contact Center has achieved significant recognition at the Global Top Ranking Performers Awards in the EMEA Region. The center was honored with the Gold Award for the Best Contact Centre Operational Manager and received the Silver Award for the Best Public Services Center in the MEA region.

These awards are among the most prominent in the field of contact centers, aimed at highlighting the outstanding efforts of companies and individuals in this domain, Qatar Rail’s receipt of these awards reflects the recognition of its significant efforts in developing and continuously improving Contact Center services, as well as enhancing the customer experience at the Doha Metro and Lusail Tram. These awards are a testament to the co
mpanys steadfast commitment to providing high-quality customer service and contributing to Qatar National Vision 2030 by enhancing public transport infrastructure, as well as offering unparalleled services that meet the needs of the public at the Doha Metro and Lusail Tram networks.

Qatar Rail continues to enhance the overall customer experience in coordination with its partners by providing ongoing training for the Contact Center staff. This training equips them to deliver world-class customer service, ensuring a safe and reliable travel experience for everyone, especially during major events hosted by the state of Qatar.

Qatar Rails Contact Center offers 24/7 service through multiple communication channels for customer interaction, including the customer service number “105”, email, mobile app, social media channels, and the website. The Customer Service Center 105 team work to provide passengers with outstanding customer service experience through timely response. Utilizing the latest innovative systems
and technologies, the team delivers the highest levels of service for its passengers.

Reflecting the provision of the highest levels of service to the customers of the metro and tram networks through various channels, the overall customer satisfaction rate has reached 99.66% since the launch of the Doha Metro Service in 2019.

Source: Qatar News Agency

Doha: Vodafone Qatar signed a Memorandum of Understanding (MoU) with Qatar Charity to establish a collaborative partnership for knowledge exchange.

This MoU comes in line with Vodafone Qatar’s Corporate Social Responsibility Program, under which Vodafone Qatar will be launching its Better Connections training program, which comprises a series of courses tailored for Qatar Charity employees throughout the year.

Head of Media Relations and CSR at Vodafone Qatar Ali Atiq Alabdulla commented, “Vodafone Qatar is delighted to be working in partnership with Qatar Charity. We take pride in our social investment initiatives which align with our purpose in connecting the people in Qatar and building a digital society that enhances socioeconomic progress and benefits the wider community. Through our Better Connections program we aim to support Qatar Charitys employees adapt and adopt new ways of working and communicating.” Throughout the year, Better Connections training program will provide Qatar Charity with courses
focusing on company best practices across its departments, including Customer Services, Sustainability, Health and Safety, and Cyber Security teams, supporting the organisations dedication to social responsibility towards the community and people of Qatar.

Source: Qatar News Agency