Category: Market

Qatar’s pavilion at Expo 2020 Dubai organized several events and activities in celebration of the Qatar National Day, featuring the participation of His Excellency Mr. Sultan bin Rashid Al–Khater, Undersecretary of the Ministry of Commerce &Industry, H.E. Mr. Yacoub Yousef Al Hosani, Assistant Minister of Foreign Affairs and International Cooperation for International Organisations Affairs of the United Arab Emirates, Mr. Najeeb Mohammed Al-Ali, Executive Director, Commissioner General Office, Expo 2020 Dubai and Mr. Nasser bin Mohammed Al-Mohannadi, General Commissioner of the Qatar Pavilion at Expo 2020 Dubai,, in addition to a number of Ministers and official delegations from the participating countries, as well as the public and the media.

Speaking at the prestigious event, H.E. Mr. Al–Khater, said: “Celebrating this valued national occasion represents an important opportunity to learn about the construction process and the comprehensive renaissance witnessed by the State of Qatar, guided by the forward-looking and wise vision of His Highness the Amir Sheikh Tamim bin Hamad Al–Thani.”

Qatar’s participation in Expo 2020 Dubai reflects its deep belief in the important role that innovation plays in building the foundations for a better future for all mankind, H.E. Mr. Al–Khater stated, noting that the country’s pavilion shed light on the national achievements that hadbeen made in this area, which had contributed to consolidating the values of creativity and innovation across all sectors.

Under the slogan ‘Qatar: The Future is Now’, the State’s pavilion reflects Qatar’s pioneering position in the field of development, in light of its vision and successful experiences in facing and overcoming various challenges and global changes, H.E. Mr. Al–Khater said. He further pointed out that the Qatar pavilion’s mottoaligned with the main theme of this global event and translated the sub-themes of the main slogan of the exhibition in the areas of sustainability and communication.

A diversified program was prepared on the occasion of Qatar National Day, including presenting musical numbers by Qatari artists on the Jubilee Platform, to reflect Qatari culture and traditions. The shows included a performance ofFidjeri art, accompanied by a popular band, as well as a selection of international songs in different languages, performed by the Siwar Choir children. A parade was also organized in the State’s pavilion at the Sustainability District.The parade featured the participation of the exhibit visitors from all around the world.

Qatar is participating in Expo 2020 Dubai through a special pavilion that features several activities and events which highlight the country’s march towards achieving its national vision QNV 2030. The pavilion also illuminatesthe mammoth and pioneering projects that have been completed to host the FIFA World Cup Qatar 2022, in addition to previewing the incentives and investment opportunities provided by the State to implement its economic diversification plans, as per the National Development Strategy 2018-2022.

Source: Ministry of Commerce and Industry

Shanghai, Chinese e-commerce giant Alibaba has set a target for gross merchandise volume of $100 billion in gross merchandise volume (GMV), the total sum of purchasing transactions, for its Southeast Asian marketplace Lazada.

The goal, which was shared with investors on Thursday and later in a public online presentation, ups the ante for the company, which entered the region via acquisition in 2016 and competes fiercely with rivals, Reuters reported.

Lazada generated $21 billion in GMV from September 2020 to the same month in 2021, according to the presentation. It also hopes to serve 300 million customers, roughly double its current count.

By comparison, Sea Ltd (SE.N)’s Shopee, the market leader in the region, generated $35.4 billion in GMV for the full calendar 2020 year.

The division ranks itself the third-top player in Southeast Asia, behind MercadoLibre Inc (MELI.O) and Shopee, according to the presentation.

Lazada has undergone top personnel changes since Alibaba acquired it, with two CEOs stepping down before current CEO Chun Li took the helm in 2020.

Earlier this month Alibaba announced an executive reshuffling that saw Jiang Fan, who previously led the company’s main Taobao and Tmall divisions, appointed to head up a newly formed international digital commerce unit that will include Lazada and AliExpress, the company’s e-commerce site targeting parts of Europe and South America.

Alibaba will conclude its two-day summit for investors on Friday with the first major public remarks from Toby Xu, who is set to replace longtime CFO Maggie Wu. CEO Daniel Zhang will also speak.

Source: Bahrain News Agency

Seattle, In Boeing Co’s (BA.N) factory of the future, immersive 3-D engineering designs will be twinned with robots that speak to each other, while mechanics around the world will be linked by $3,500 HoloLens headsets made by Microsoft Corp (MSFT.O).

It is a snapshot of an ambitious new Boeing strategy to unify sprawling design, production and airline services operations under a single digital ecosystem – in as little as two years, Reuters said.

Critics say Boeing has repeatedly made similar bold pledges on a digital revolution, with mixed results. But insiders say the overarching goals of improving quality and safety have taken on greater urgency and significance as the company tackles multiple threats.

The planemaker is entering 2022 fighting to reassert its engineering dominance after the 737 MAX crisis, while laying the foundation for a future aircraft program over the next decade – a $15 billion gamble. It also aims to prevent future manufacturing problems like the structural flaws that have waylaid its 787 Dreamliner over the past year.

“It’s about strengthening engineering,” Boeing’s chief engineer, Greg Hyslop, told Reuters in his first interview in nearly two years. “We are talking about changing the way we work across the entire company.”

After years of wild market competition, the need to deliver on bulging order books has opened up a new front in Boeing’s war with Europe’s Airbus (AIR.PA), this time on the factory floor.

Airbus Chief Executive Guillaume Faury, a former automobile research boss, has pledged to “invent new production systems and leverage the power of data” to optimize its industrial system.

Boeing’s approach so far has been marked by incremental advances within specific jet programs or tooling, rather than the systemic overhaul that characterizes Hyslop’s push today.

The simultaneous push by both plane giants is emblematic of a digital revolution happening globally, as automakers like Ford Motor Co (F.N) and social media companies like Facebook parent Meta Platforms Inc (FB.O) shift work and play into an immersive virtual world sometimes called the metaverse.

So how does the metaverse – a shared digital space often using virtual reality or augmented reality and accessible via the internet – work in aviation?

Like Airbus, Boeing’s holy grail for its next new aircraft is to build and link virtual three-dimensional “digital twin” replicas of the jet and the production system able to run simulations.

The digital mockups are backed by a “digital thread” that stitches together every piece of information about the aircraft from its infancy – from airline requirements, to millions of parts, to thousands of pages of certification documents – extending deep into the supply chain.

Overhauling antiquated paper-based practices could bring powerful change.

More than 70% of quality issues at Boeing trace back to some kind of design issue, Hyslop said. Boeing believes such tools will be central to bringing a new aircraft from inception to market in as little as four or five years.

“You will get speed, you will get improved quality, better communication, and better responsiveness when issues occur,” Hyslop said.

“When the quality from the supply base is better, when the airplane build goes together more smoothly, when you minimize re-work, the financial performance will follow from that.”

Yet the plan faces enormous challenges.

Skeptics point to technical problems on Boeing’s 777X mini-jumbo and T-7A RedHawk military training jet, which were developed using digital tools.

Boeing has also placed too great an emphasis on shareholder returns at the expense of engineering dominance, and continues to cut R&D spending, Teal Group analyst Richard Aboulafia said.

“Is it worth pursuing? By all means,” Aboulafia said. “Will it solve all their problems? No.”

Juggernauts like aircraft parts maker Spirit AeroSystems (SPR.N) have already invested in digital technology. Major planemakers have partnerships with French software maker Dassault Systèmes (DAST.PA). But hundreds of smaller suppliers spread globally lack the capital or human resources to make big leaps.

Many have been weakened by the MAX and coronavirus crises, which followed a decade of price pressure from Boeing or Airbus.

“They not only tell us what hardware we can buy, they are now going to specify all this fancy digital junk that goes on top of it?” one supply chain executive said.

Boeing itself has come to realize that digital technology alone is not a panacea. It must come with organizational and cultural changes across the company, industry sources say.

Boeing recently tapped veteran engineer Linda Hapgood to oversee the “digital transformation,” which one industry source said was underpinned by more than 100 engineers.

Hapgood is best known for turning black-and-white paper drawings of the 767 tanker’s wiring bundles into 3-D images, and then outfitting mechanics with tablets and HoloLens augmented-reality headsets. Quality improved by 90%, one insider said.

In her new role, Hapgood hired engineers who worked on a digital twin for a now-scrapped midmarket airplane known as NMA.

She is also drawing on lessons learned from the MQ-25 aerial refueling drone and the T-7A Red Hawk.

Boeing “built” the first T-7A jets in simulation, following a model-based design. The T-7A was brought to market in just 36 months.

Even so, the program is grappling with parts shortages, design delays and additional testing requirements.

Boeing has a running start with its 777X wing factory in Washington state, where the layout and robot optimization was first done digitally. But the broader program is years behind schedule and mired in certification challenges.

“This is a long game,” Hyslop said. “Every one of these efforts was addressing part of the problem. But now what we want to do is do it from end to end.”

Source: Bahrain News Agency

As part of celebrating Qatar National Day, the Ministry of Commerce & Industry, in cooperation with a group of Qatari plastic artists, organized an exhibition of paintings embodying Qatar’s ancient history in the fields of commerce and industry, as well as their development stages.

On the occasion of Qatar National Day, Mr. Tareq Hussain Al-Khalaf, Director of the Public Relations & Communication Department, said: “This year, the Ministry of Commerce & Industry was keen to celebrate the State’s National Day in an innovative, distinctive way. It hence took the initiative to organize an art exhibition in cooperation with a group of Qatari plastic artists. The event embodies its close connection with the slogan of this year’s National Day, ‘Ancestral Meadows: A Matter of Trust’.

“The artworks linked the uniqueness of Qatar, as a land and a people, on the one hand, and the Qatari environment’s commercial importance throughout time on the other. The artworks also reflected the Qatari environment’s contribution to enhancing the commercial and industrial movement in Qatar, by benefiting from its wealth, and employing its natural resources.”

Mr. Al-Khalaf assured that the National Day comprised an important domestic occasion to showcase the State’s achievements at all levels and shed light on the comprehensive renaissance that Qatar had witnessed, guided by the wise vision of its leadership. This occasion is also an opportunity to promote the values of loyalty, solidarity, unity and pride in the Qatari national identity, Mr. Al-Khalaf added.

The artworks illuminated the different historical development stages of Qatar’s commerce and industry sector, starting with the arrival of British and Portuguese sailors at the city of Al Zubarah. At that time it represented the connection point and axis of communication between the various cities of the region, up to witnessing features and prospects of the comprehensive economic renaissance that Qatar has seen in its modern history.

Additionally, the paintings portray the prosperity of the commerce sector during the time of the founder, and the renaissance that covered life and economic activities in Qatar, including the pearl trade, which supported the Nation’s position in this field, regionally and globally.

The pearl trade also contributed to the development of maritime transport mechanisms, in addition to enhancing and expanding the State port’s activities in terms of export, import and distribution. In turn, that led to the prosperity of the State’s markets and the expansion of urbanization.

The artworks will be on show in the corridors of the Ministry of Commerce and Industry’s headquarters at Lusail.

Source: Ministry of Commerce and Industry

His Excellency Mr. Sultan bin Rashid Al Khater, Undersecretary of the Ministry of Commerce & Industry, participated in the proceedings of the 27th edition of the Partnership Summit 2021, themed ‘Partnering for Building a New World: Growth, Competitiveness, Sustainability, Technology’.

The summit, taking place over three days fromDecember 13-15, was inaugurated by H.E. Mr. Piyush Goyal, Minister of Commerce &Industry, Consumer Affairs, Food and General Distribution of the Republic of India, via video conferencing.

During his speech at the summit, H.E. Mr. Al Khater praised the close relations between Qatar and India, which were founded on solid historical roots.

India ranked as Qatar’s third trading partner during the past year, and the volume of trade exchanged between the two countries amounted to about US $9 billion during the first nine months of this year alone, H.E. Mr. Al Khater stated.

H.E. Mr. Al Khater said that Qatar was home to about 55 companies wholly-owned by the Indian side operating in the Qatari market, and more than 15,000 companies jointly-owned by the Qatari and Indian sides. Moreover, Qatar has been keen to invest in the economies of its strategic partners, especially India, H.E. Mr. Al Khater pointed out.

On the repercussions of the COVID-19 pandemic, H.E. Mr. Al Khater shed light on the preventive and precautionary measures adopted by Qatar to increase the resilience of its economy, referring in this regard to the World Bank’s expectations in its latest reports that the Qatari economy would grow by 3% during this year, to witness an accelerated rise of 4.1% next year and 4.5% in 2023.

In terms of Qatar’s investment environment, H.E. Mr. Al Khater explained that the State had adopted a tailored approach over the years with the aim of stimulating foreign direct investment, by devising new laws and amending existing legislation in aims at contributing to the development and progressing of the business environment.

The establishment of the Investment Promotion Agency Qatar (IPA) has been one of the most prominent key developments in this regard, H.E. Mr. Al Khater said. The IPA contributes to strengthening an integrated ecosystem that would support investors throughout the process of establishing their businesses, starting from the exploration and setup to expansion with the aim to achieve their long-term objectives, H.E. Mr. Al Khater explained.

Additionally, H.E. Mr. Al Khater said that Qatarhad sought providing promising investment opportunities in many vital sectors. The State has also managed to diversify local and global supply chains rapidly over the past few years, and this has, in turn, contributed to enhancing Qatar’s economic openness to the world, and consolidating the strength and diversity of its national economy, H.E. Mr. Al Khater added.

At the conclusion of his speech, H.E. the Undersecretary of the Ministry of Commerce &Industry invited Indian businesspeople and the private sector to benefit from the incentives and investment opportunities available in Qatar to establish joint investment projects that would serve the development orientations of the two countries, and pave the way for the Qatari and Indian private sector to expand into new markets in the region.

H.E. Mr. Al Khater also expressed his aspiration to consolidate the bonds of bilateral cooperation between the two nations by diversifying existing partnerships and establishing new ones that would contribute to shaping the two countries’ future visions, especially in the fields of technology and innovation.

Throughout its convention, the Partnership Summit 2021 features the organization of dialogue session that highlight several key issues and discuss appropriate solutions to address them, including geopolitical and strategic developments, multilateralism, international trade, economics, finance, investments, technology problems, social and cultural aspects, sustainability and ways to enhance cooperation in terms of healthcare.

The Partnership Summit has had 26 previous sessions, witnessing the participation of a number of ministers, senior officials, decisionmakers, business leaders, political leaders, investment organizations, investors and industry owners.

Source: Ministry of Commerce and Industry

Washington, U.S. consumer prices rose solidly in November as Americans paid more for food and a range goods, leading to the largest annual gain since 1982, posing a political nightmare for President Joe Biden’s administration and cementing expectations for the Federal Reserve to start raising interest rates next year.

The report from the Labor Department on Friday, which followed on the heels of a slew of data this month showing a rapidly tightening labor market, makes it likely the U.S. central bank will announce that it is speeding up the wind-down of its massive bond purchases at its policy meeting next week, Reuters said.

With supply bottlenecks showing little sign of easing and companies raising wages as they compete for scarce workers, high inflation could persist well into 2022. The increased cost of living, the result of shortages caused by the relentless COVID-19 pandemic, is hurting Biden’s approval rating. The White House and the Fed have characterized high inflation this year as transitory.

“There’s not much room to explain away this inflation from pandemic or reopening anomalies,” said Will Compernolle, a senior economist at FHN Financial in New York. “Inflation is a tax, gas and food are among the most regressive aspects of it. Lower-income Americans spend disproportionately on both.”

The consumer price index increased 0.8% last month after surging 0.9% in October. The broad-based rise was led by gasoline prices, which increased 6.1%, matching October’s gain. With crude oil prices declining recently, gasoline prices have likely peaked for now.

Food prices rose 0.7%. The cost of food at home increased 0.8%, driven by a jump in the price of fruits and vegetables, meat, and cereals and bakery products. The price of food consumed at home gained 6.4% over the past 12 months, the most since December 2008. Dining out was also more expensive last month.

In the 12 months through November, the CPI accelerated 6.8%. That was the biggest year-on-year rise since June 1982 and followed a 6.2% advance in October. Economists polled by Reuters had forecast the CPI would climb 0.7% and rise 6.8% on a year-on-year basis.

Rising inflation is eroding wage gains. Inflation-adjusted average weekly earnings fell 1.9% on a year-on-year basis in November.

Biden acknowledged the increased burden on household budgets from the high inflation, while trying to reassure Americans that the country was pushing ahead with efforts to ease supply bottlenecks.

“We are making progress on pandemic-related challenges to our supply chain which make it more expensive to get goods on shelves, and I expect more progress on that in the weeks ahead,” Biden said in a statement.

Indeed, gasoline prices have been trending lower since the end of November. That helped to lift consumer sentiment in early December, a separate survey from the University of Michigan showed on Friday.

Investors took the strong inflation readings in stride. U.S. stocks were trading higher. The dollar (.DXY) slipped against a basket of currencies. U.S. Treasury prices rose.

The government reported last week that the unemployment rate fell to a 21-month low of 4.2% in November. Tightening labor market conditions were underscored by a report on Thursday showing new applications for unemployment benefits dropped to the lowest level in more than 52 years last week.

Other data this week showed there were 11 million job openings at the end of October and Americans quit jobs at near-record rates. Fed Chair Jerome Powell has said the U.S. central bank should consider hastening the tapering of its bond purchases at its policy meeting next week.

“The Fed has little choice but

to accelerate tapering and prepare for the possibility of much earlier rate hikes than it was planning just a few months ago,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.

Excluding the volatile food and energy components, the CPI rose 0.5% last month after gaining 0.6% in October. The so-called core CPI was supported by rents, with owners’ equivalent rent of primary residence, which is what a homeowner would receive from renting a home, rising a solid 0.4%.

Hotel and motel accommodation also cost more as did apparel, household furnishings and healthcare.

Prices for used cars and trucks increased 2.5% for a second straight month. New motor vehicle prices rose 1.1%, marking the eighth consecutive month of gains. A global semiconductor shortage has undercut motor vehicle production.

Airline fares rebounded 4.7%. But gains are likely to be curbed by the spread of the Omicron variant of COVID-19, which could make some people hesitant to travel by air. The United States is already experiencing a resurgence in coronavirus infections, driven by the Delta variant.

But the cost of motor vehicle insurance fell. Recreation prices dropped after nine straight months of gains. The so-called core CPI jumped 4.9% on a year-on-year basis, the largest rise since June 1991, after increasing 4.6% in October.

The Fed tracks the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, for its flexible 2% inflation target. The core PCE price index surged 4.1% in the 12 months through October, the most since January 1991. Data for November will be released later this month.

Economists expect the year-on-year CPI could top 7% before falling back and the core CPI rate could rise above 6%.

“The recent strength in CPI and PCE inflation reflects both factors that are temporary and should fade over time and factors that could be more persistent,” said Daniel Silver, an economist at JPMorgan in New York. “But the tightening in the labor market likely will continue over time and this should keep upward pressure on inflation.”

Source: Bahrain News Agency

Washington, Ford Motor Co (F.N) expects to triple the output of its all-electric Mustang Mach-E SUV to over 200,000 units per year by 2023 for North America and Europe, its Chief Executive Officer Jim Farley said in a tweet on Friday.

“It’s hard to produce Mustang Mach-Es fast enough to meet the incredible demand, but we are sure going to try.” Farley added.

In a hot electrical vehicle market, Ford is pitting itself against the likes of century-old rival General Motors Co (GM.N) and European carmaker Stellantis (STLA.MI), while chasing Volkswagen (VOWG_p.DE) and global EV leader Tesla Inc (TSLA.O), Reuters reported.

Last week, a top Ford executive said that the company was aiming for annual EV production capacity of nearly 600,000 within the next two years, which would also include its Lightning pickup and E-Transit van.

Lisa Drake, the chief operating officer of Ford North America, said that the company’s optimism stemmed from increasing demand for its F-150 Lightning pickup, with retail reservations approaching 200,000.

Automotive News reported earlier on Friday that Ford was postponing the production of electric versions of the Explorer and Lincoln Aviator crossovers by about one and a half years to increase manufacturing of its Mustang Mach-E SUVs.

Ford told its suppliers that production of these new EVs is now scheduled to start in December 2024, according to the report.

Ford did not immediately respond to a request for comment on the Automotive News report.

Source: Bahrain News Agency

New York, Companies of all sizes are rethinking their plans to send workers back to the office as the new omicron variant adds another layer of uncertainty.

Alphabet’s Google and the nation’s second largest automaker Ford Co. are among those once again delaying their return-to-office plans, while other businesses whose employees have already returned are considering adding extra precautions like requiring masks.

Officials in the United Kingdom, Denmark, Norway and Sweden also have asked people in recent days to work from home if they can because of concerns about the variant, AP reports.

Meta, formerly known as Facebook, and ridesharing company Lyft separately announced Tuesday that they’re letting workers delay their return when offices fully reopen early next year. Meta still plans to open its headquarters at the end of January but will allow workers to delay their return as late as June. Lyft says it won’t require workers to come back to its offices for all of next year, though they will fully reopen as planned in February.

Janelle Gale, vice president of human resources for Meta, said the latest decision recognizes “some aren’t quite ready to come back.”

The moves are the latest indication of how difficult it is for companies to set firm plans for their employees’ mandatory return as worries about a spike in new cases or new variants keep shifting deadlines. This fall, the delta variant spurred many big companies to postpone a mandatory return to early next year.

“A year and a half ago, we thought this would be for a very short time,” said Jeff Levin-Scherz, population health leader at Willis Towers Watson, a global advisory firm. “But the pandemic has thrown us many curves, and employers need to continue to be nimble.”

The firm’s survey of 543 employers with 5.2 million workers showed on average 34% of remote-capable employees remain remote, but that would decline to 27% by the first quarter of 2022. However, the survey was conducted before news of omicron surfaced.

The delayed plans are yet another blow to already struggling restaurants, bars, dry cleaners and other businesses that rely on office workers as patrons. Particularly hard-hit are those in downtown or midtown areas of cities like New York dominated by office buildings that remain largely empty.

The delays come even as U.S. health officials say early indications suggest omicron may be less dangerous than delta, which continues to fuel hospitalizations.

Lawrence Gostin, a public health expert at Georgetown University, doesn’t believe there’s enough scientific information on omicron to warrant companies delaying their return-to-office plans.

“There will be a constant stream of new variants as well as surges and waning of cases,” Gostin said. “We shouldn’t disrupt normal business activity at every possible trigger.”

He noted that layered protection like masks, vaccinations and ventilation are highly effective at preventing virus spread in a workplace.

Still, the stream of new variants is having a psychological impact on business owners.

“Omicron has made me realize work life will never return to the way it was pre-COVID,” said Gisela Girard, president of advertising agency Creative Civilization, whose 12 employees have been working remotely since March 2020. “It made me realize how working from home is likely to keep employees, their families and also our clients safe.”

This summer, Girard’s company aimed for a mandatory hybrid work plan to start in fall, but delta pushed back those plans to early next year. Now, omicron has her reconsidering not only those plans but whether employees should return at all. She renewed the office lease last year but said she’s rethinking the physical office space.

For companies that have already brought workers back to the office, it’s harder to retreat and allow them to be remote again. Still, some are considering new safety measures.

Kent Swig, president of Swig Equities LLC, a privately owned real estate investment and development company in Manhattan, said its 65 employees returned to the office in fall 2020 on a hybrid basis and went to five days a week in the office in May, after all were vaccinated.

However, Swig says he’s now closely monitoring the new variant and will consider mandating masks and even requiring COVID-19 testing a few times a week if the threat increases. He said he will reverse course and start hybrid or remote work if the situation gets worse.

“My first and foremost job is to protect all my staff,” Swig said. “I am going to err on the side of caution.”

Levin-Scherz noted many employers have set multiple dates for return to the workplace over the past year, and at this point are looking to resolve more uncertainty before they set new dates.

Target CEO Brian Cornell recently told The Associated Press that it’s “avoiding putting dates on the calendar” for a mandated return to its Minneapolis headquarters. Target started gradually opening collaboration areas and workspaces in the fall for employees who wanted an option to work on-site.

“We’re going to learn along the way and make sure we make the right steps for our team,” Cornell said.

Lyft said the decision to let workers choose to work remotely for all of 2022 wasn’t tied exclusively to omicron but said new variants are a factor contributing to uncertainty.

“We’ve heard from our team members that they value continued flexibility in determining where they work and would benefit from additional time to plan,” said Ashley Adams, a Lyft spokeswoman.

Meanwhile, Google is indefinitely delaying the mandatory return to its offices. A company spokesperson said in an email that the update was in line with its earlier guidance that a return would start no sooner than Jan. 10 and depend on local conditions. The company said it safely opened more than 90% of its U.S. offices and nearly 40% of U.S. workers came into the office in recent weeks.

Ford said Monday that it will delay plans for hybrid work at its Dearborn, Michigan, headquarters until March and plans to start a pilot phase for select employees in February. It had previously said it wouldn’t start the hybrid work model before January.

Ford said that the hybrid work model affects approximately 18,000 employees in North America. Hourly manufacturing employees returned to work in May 2020.

Source: Bahrain News Agency

Manama, Asian stock markets followed Wall Street lower Friday as a rally cooled and investors waited for U.S. inflation data that might influence a Federal Reserve decision on when to roll back economic stimulus. Shanghai, Tokyo, Hong Kong and Sydney retreated.

Wall Street’s benchmark S&P 500 index fell after three days of gains. More than three-quarters of companies in the index closed lowerm reports AP.

Investors looked ahead to U.S. consumer price data for November. Fed officials, due to meet next week, said earlier they were ready to take action if needed to cool inflation, which hit a 30-year high in October.

Traders were “potentially taking some risks off the table” while they waited for the numbers, said Yeap Jun Rong of IG in a report.

The Shanghai Composite Index lost 0.3% to 3,662.72 and the Nikkei 225 in Tokyo shed 0.4% to 28,609.84. The Hang Seng in Hong Kong retreated 0.5% to 24,138.40.

The Kospi in Seoul gave up 0.6% to 3,011.44 and Sydney’s S&P-ASX 200 was 0.5% lower at 7,346.00.

New Zealand and Southeast Asian markets also declined.

On Wall Street, the S&P 500 fell 0.7% to 4,667.45. The Dow Jones Industrial Average slipped less than 1 point to 35,754.69. The Nasdaq lost lost 1.7% to 15,517.37.

The S&P 500 had gained 3.6% over the previous three days after the chief White House medical adviser said the omicron variant might not be as dangerous as the earlier delta. That eased fears of more restrictions on travel and business.

Technology stocks and a mix of retailers and other companies that rely on direct consumer spending weighed the most on the S&P 500. Chipmaker Nvidia fell 3.4%, while Tesla slid 6.1% for the biggest drop in the index.

Travel-related companies slipped after spending the last few days gaining ground. Carnival fell 1.7% and United Airlines fell 1.8%.

Health-related stocks rose. Pfizer, which is touting the potential benefits of a vaccine booster against the omicron variant, rose 1.3%.

In energy markets, benchmark U.S. crude gained 7 cents to $71.01 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.42 on Thursday to $70.94. Brent crude, the price basis for international oils, advanced 8 cents to $74.50 per barrel in London. It lost $1.40 the previous session to $74.42.

The dollar was little-changed at 113.49 yen. The euro gained to $1.1301 from $1.1289.

Source: Bahrain News Agency

His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce & Industry, met with H.E. Dr. Majid Bin Abdullah Al Qasabi, Minister of Commerce and Acting Minister of Media of the Kingdom of Saudi Arabia, currently visiting Qatar.

During the meeting, their Excellencies touched on the bilateral relations between the two sibling countries in the commercial, industrial and investment fields, as well as ways to enhance and develop them. The officials moreover discussed aspects of cooperation between the two sides.

H.E. the Minister of Commerce & Industry highlighted the economic policies Qatar had put in place to support the private sector. H.E. also pointed out the incentives, legislation and promising opportunities in Qatar.

Source: Ministry of Commerce and Industry