Press Arabia

His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce &Industry, held separate meetings with each ofH.E. Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce of the Kingdom of Saudi Arabiaand H.E. Dr. Mehmet Muş, Minister of Trade of the Republic of Turkey, on the sidelines of the37th session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) meetings, convened in Istanbul.

During the two meetings, officials discussedways of enhancing and developing cooperationin the fields of trade, investment and industry.The discussions also featured the exchanging of views on the topics listed in the COMCEC‘s agenda.

 

Source: Ministry of Commerce and Industry

The Ministry of Commerce and Industry, in cooperation with the International Federation of Association Football (FIFA), organized a training workshop on the essential measures to protect consumers and combat commercial fraud during the FIFA World Cup Qatar 2022.

This workshop came within the framework of the Ministry’s efforts to implement and adopt best practices in preparation for Qatar’s hosting of the FIFA World Cup Qatar 2022.

Moreover, the Ministry is keen to raise the efficiency of judicial control officers, develop their capabilities, and provide them with new methods and means to distinguish between original and counterfeit goods of all forms and types.

The workshop addressed a number of topics related to the types and forms of commercial fraud in the context of preparations to host the World Cup, including shedding light on laws and legislation related to consumer protection, Law No. (8) of 2008 on Consumer Protection, and Law No. (10) of 2021 regarding the Measures for Hosting the FIFA World Cup Qatar 2022.

The training workshop also featured ways to protect the rights of joint-stock companies, brand value, and the companies whose rights FIFA protects to use their trademarks. Additionally, the workshop touched on the mechanisms for identifying officially licensed products, and the unauthorized use of trademarks and designs affiliated with FIFA and the FIFA World Cup Qatar 2022. It also showcased a number of inspection campaigns in Qatar that resulted in the seizure of counterfeit products violating FIFA trademarks.

A committee was formed at the Ministry of Commerce and Industry called the ‘Committee to Follow-up on Instructions and Guidance regarding Measures to Host the FIFA World Cup Qatar 2022 related to the Ministry’. The committee is concerned with providing all aspects of the necessary support within the framework of the Ministry’s competencies and in accordance with Law No. (10) of 2021.

The committee shall additionally coordinate with other Ministries to facilitate the implementation of measures to host the FIFA World Cup Qatar 2022.

Source: Ministry of Commerce and Industry

H.E. Mr. Sultan bin Rashid Al-Khater, the Undersecretary of the Ministry of Commerce and Industry met today with H.E. Mr. Alexander Khvtisiashvili, Georgia’s Deputy Minister of Foreign Affairs, currently visiting the country.

During the meeting, officials touched on the bilateral relations between the two countries in the commercial, industrial, and investment fields, as well as ways to enhance and develop them. Officials also discussed aspects of joint cooperation between the two sides.

During the meeting, His Excellency the Undersecretary of the Ministry of Commerce and Industry highlighted the economic policies Qatar has put in place to support the private sector and attract foreign investments, especially the incentives, legislation, and investment opportunities made available in Qatar.

Source: Ministry of Commerce and Industry

Manama, With a record number of footfall in the first four days of the Jewellery Arabia, the show has emerged as an instant hit according to exhibitors in this year’s show.

Abdulwahab Al Hawaj, General Manager of Al Hawaj Group applauded His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, for supporting the Jewellery Arabia.

The leadership’s support has led to the tremendous success of the 29th edition of Jewellery Arabia held on November 16 – 20, and which has received overwhelming response from the visitors from Bahrain and the neighbouring countries.

Al Hawaj said he was extremely happy with the return of major events like Jewellery Arabia.

“I am so glad that this event is taking place this year after a break last year due to the pandemic that hit the entire world,” he said.

“I am amazed at the tremendous response of people from Bahrain and our neighboring countries. We see this show is being attended by thousands of people which is an indication of the success of this major annual event that is on the calendar of the Kingdom of Bahrain. I can say that Bahrain is blessed by the grace of Almighty God with businesses coming back to normal.

He added that participation in this year’s show from the local businesses and most of the international brands was tremendous just like every year.

Abbas Shirazi, Director of the Bahrain Jewellery Centre thanked HRH the Crown Prince and Prime Minister for his care and encouragement to businesses in Bahrain.

“As a Bahrain Jewellery Centre, it was among the main partners behind the idea of the creation of Jewellery Arabia in 1991,” he said.

“BJC is a family running business and now we are the fourth and fifth generation serving the people of Bahrain following the footsteps of our fathers and forefathers.”

“We are glad to see great response from the customers not only from Bahrain but also from the GCC. The footfall at the exhibition this year had been tremendous, and we are grateful to all government organizations that have come forward to make this event a huge success. We thank Deputy Prime Minister His Highness Shaikh Ali bin Khalifa Al Khalifa for inaugurating this event. Bahrain has been a home to such exhibitions and we look forward to more major events in the future.”

“We are extremely happy with Jewellery Arabia 2021 once again taking place in Bahrain, thanks to the leadership and the government of Bahrain for opening to businesses again,” said Tarik Chikhi, Area Sales Manager of Chopard for GCC and Middle East Region.

“The event since its opening has received many visitors every day. We are delighted to welcome our customers from Bahrain and the GCC after one year’s hiatus. We can say overall during these days the exhibition has been very successful, our business was good too and we look forward to participating in the next edition.”

Mohammed A.R Shirazi, Director at BJC, said they were excited to be back at Jewellery Arabia 2021 as one of the events that people in Bahrain and beyond look forward to attending.

“These five-days of the event have been a festive time,” he said. “We are happy to see overwhelming response from the people from Bahrain and the neighbouring countries. We would like to extend our thanks and appreciation to the leadership and the government of Bahrain for their support to this event.”

Source: Bahrain News Agency

Manama, Gulf Air, the national carrier of the Kingdom of Bahrain, concluded its participation in Dubai Airshow 2021 with great achievements as it signed a number of agreements during the event and used it as a platform to promote its fleet, products and services.

During the airshow, Gulf Air showcased its flagship aircraft the Boeing 787-9 Dreamliner and its state-of-the-art cabins in its iconic 70th anniversary livery. An executive delegation from Gulf Air represented the airline and led a number of networking initiatives and meeting opportunities with partners and vendors.

Signings included:

• A memorandum of understanding with Emirates to explore developing a codeshare partnership cooperation

• An enhanced memorandum of understanding with Ras Al Khaimah International Airport to introduce direct flights between the Emirate and Bahrain

• A Letter of Intent with EGYPTAIR to explore fields of cooperation

• An agreement with Air France Industries KLM Engineering & Maintenance for CFM56-5B engine support

• An agreement with Safran for maintenance, revision and overhaul (MRO) operations on the landing gear of six Airbus A321 and one A320.

On this occasion, Captain Waleed AlAlawi, Gulf Air’s Acting Chief Executive Officer said: “I would like to thank and congratulate the authorities in Dubai for the warm welcome the United Arab Emirates extended to us during this successfully organized airshow where our participation was fruitful as we’ve met, networked and sealed deals with a number of partners in the aviation industry. As the first major airshow after the pandemic, this was a very important event for key industry players to attend and conclude major business transactions”. He added: “Our objectives is to continue representing the Kingdom of Bahrain on a global platform and to expand our reach through partnerships with regional and international carriers. Next year we will be welcoming the world to our own Bahrain International Airshow and host our industry friends in our beloved Kingdom”.

Dubai Airshow was the only live and in-person aerospace event taking place in 2021 and it featured more than 1,200 exhibitors, representatives from 148 countries, more than 80 start-ups and over 20 country pavilions. The event also featured a static display park & flying display activities which included the world’s most advanced aircraft on ground and in air. Including Gulf Air’s Boeing 787-9 Dreamliner, over 160 aircraft were on display from top international aerospace leaders.

Source: Bahrain News Agency

Tokyo, Japan’s government is considering releasing oil from its reserves in response to rising crude oil prices, Kyodo news agency reported on Saturday, without citing sources.

It would be the first time for Japan to release oil reserves for the sake of lowering prices, although the country in the past has tapped such reserves when it faced natural disasters and geopolitical risks overseas, Kyodo said.

Government officials were not immediately available for comment, Reuters reported.

The government of U.S. President Joe Biden, who faces falling approval ratings and higher gasoline prices, has pressed some of the world’s biggest economies to consider releasing oil from their strategic reserves to quell high energy prices.

The requests include asking China for the first time to consider releasing stocks of crude.

Japan reacted positively to the initial U.S. outreach on a possible coordinated reserve release and was considering such a step, a person familiar with the matter told Reuters previously.

Chief Cabinet Secretary Chief Cabinet Secretary Hirokazu Matsuno declined to comment on Thursday about the U.S. requests, first reported by Reuters.

“We will continue to closely watch how rising crude oil prices will affect global energy markets and the Japanese economy,” he told reporters. “While urging oil-producing nations to ramp up oil output, we will strive to stabilise energy markets by coordinating with major consumer nations and international organisations,” such as the International Energy Agency.

Resource-poor Japan gets the vast majority of its oil from the Middle East. Recent surging oil prices and a weakening yen are driving up the cost of imports, dealing a double blow to a trade-dependent nation.

The government of Prime Minister Fumio Kishida on Friday unveiled a record $490 billion stimulus plan including measures to counter higher oil prices. It plans to subsidise oil refiners in the hope of capping wholesale gasoline and fuel prices to ease the pain to households and firms from rising oil costs.

“What’s important is to urge oil-producing countries to ramp up oil production,” Kishida said last month after discussions with cabinet ministers. “We will arrange concrete measures after confirming what industry sectors are being affected.”

Source: Bahrain News Agency

Manama, Bahrain Bourse (BHB), a self-regulated multi-asset marketplace has officially announced the kick-off of the 4th Edition of the Smart Investor Programme, aimed at elementary students as part of the curriculum for the academic year 2021-2022.

Workshops for the Smart Investor programme will be held in 70 schools. Educators and volunteers will target more than 5000 students in grade 4 elementary level during the academic year, targeting both public and private institutions.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse commented, “We are pleased to kick-off the fourth edition of the Smart Investor programme in collaboration with INJAZ Bahrain. The programme reflects Bahrain Bourse’s strategic efforts to enhance investment awareness providing a combination of financial awareness, knowledge, skills, attitude, and behaviors necessary to make sound financial decisions. The programme has proved, during the past 3 years, the importance of the knowledge and concepts students learned throughout the program, and hence we are glad to see the implementation of the program as part of the curriculum for the first time this year.”

Hana Sarwani, INJAZ Bahrain Executive Director, stated, “We are proud to continue our partnership with Bahrain Bourse to deliver the Smart Investor Programme to the youth of Bahrain. Teaching this programme to youngsters at school not only empowers them to make better money related financial decisions but also equips them with the knowledge they need to be economically successful in their life. Having the programme now embedded in the curriculum of public schools will provide us with the opportunity to reach even more students who would benefit from this unique offering.”

Launched in 2018, the Smart Investor programme is a national awareness programme in collaboration with INJAZ Bahrain targeting elementary students. The programme aims at equipping young students with basic concepts related to money management, savings, and smart financial planning through interactive edutainment activities in order to assist them in making sound financial decisions.

The Programme consists of seven-themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.

For the first time, the Smart Investor Programme will launch a national challenge for participants in order to increase engagement and encourage students to participate by applying what they’ve learned during the programme.

Bahrain Bourse is particularly thankful to the following institutions who have sponsored the Smart Investor Program: Gold Sponsor: Ahli United Bank. Silver Sponsors: Bank ABC and Ithmaar Holding.

Source: Bahrain News Agency

Beijing, Asian stock markets were mostly higher Friday after Wall Street hit a record and Japanese inflation eased, said AP.

Market benchmarks in Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Wall Street’s benchmark S&P 500 index advanced 0.3%, putting it on track for a weekly gain.

Investors are shifting focus from corporate earnings to the longer-term outlook for global economies and whether central banks might feel pressure to cool rising prices by rolling back stimulus faster than planned.

Inflation is “currently the main focal area for the markets,” Fawad Razaqzada of ThinkMarkets said in a report.

Also Thursday, the Labor Department said that the number of Americans applying for unemployment benefits fell for a seventh week to a pandemic low of 268,000.

U.S. stocks have risen early October as companies report stronger profits than expected. Companies in the S&P 500 have reported overall earnings growth of 39%. That outpaces earlier forecasts in June for 23% growth for the quarter.

Companies face higher costs for raw materials and supply chain problems. Consumers have so far absorbed price hikes, but analysts fear they could eventually rein in spending if increases continue.

In energy markets, benchmark U.S. crude rose 65 cents to $79.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used as the price basis for international oils, gained 72 cents to $81.96 per barrel in London.

The dollar rose to 114.38 yen from Thursday’s 114.27 yen. The euro declined to $1.1356 from $1.1370.

Source: Bahrain News Agency

Milan, Italy’s biggest union of metal workers FIM-CISL said on Friday that the transition to electric cars puts at risk 60,000 jobs in the country.

“In spite of the complaints and requests from trade unions and companies, in the budget law the government has not included any intervention to support a sector overwhelmed by changes caused by the energy and ecological transition,” said in a statement Ferdinando Uliano, head of FIM CISL, Reuters said.

Source: Bahrain News Agency

Tokyo, Japan unveiled a record $490 billion spending package on Friday to cushion the economic blow from the COVID-19 pandemic, bucking a global trend towards withdrawing crisis-mode stimulus measures and adding strains to its already tattered finances.

Spending has ballooned due to an array of payouts including those criticised for being unrelated to the pandemic, such as cash handouts to households with youth aged 18 or below, and will likely lead to additional bond issuance this year, Reuters reported.

The massive spending would underscore the resolve of Prime Minister Fumio Kishida – once considered a fiscal conservative -to focus on reflating the economy and redistributing wealth to households.

“The reflationary monetary policy and go-big-or-go-home fiscal policy pioneered by (former Premier) Shinzo Abe is now the orthodoxy,” said James Brady, an analyst at Teneo.

“Though Kishida has been known in the past for being somewhat hawkish, he appears set to continue the Abenomics paradigm for several more years.”

The package, finalised at a cabinet meeting on Friday, included 55.7 trillion yen ($490 billion) in spending for items ranging from cash payouts to households, subsidies to COVID-hit firms and reserves set aside for emergency pandemic spending.

The size of spending was much bigger than the 30-40 trillion yen estimated by markets, and will be mostly funded by an extra budget of around 32 trillion yen to be compiled this year. The remainder will likely be funded by next year’s budget.

The total package, which includes funds that do not lead to immediate spending, will likely reach 78.9 trillion yen.

“We’ll mobilise all available tools to fund the package, including issuing deficit-covering bonds,” Kishida said in a group interview. He did not say how much debt could be issued.

Critics of the package focused on its eye-popping scale.

“Inflating the size may have become the purpose with little discretion made on whether the spending would be effective,” said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. “It’s a lot of wasteful spending.”

Japan has lagged other economies in pulling out of the pandemic-induced slump, forcing policymakers to maintain massive fiscal and monetary support even as other advanced nations dial back crisis-mode policies.

Policymakers hope the new spending will help underpin the economy, which shrank more than expected in the third quarter due to the hit to consumption and exports from pandemic curbs and global supply disruptions.

Japan’s three massive spending packages to counter the pandemic have left it with outstanding long-term debt roughly double the size of its $5 trillion economy.

Source: Bahrain News Agency