#Qatar Debt Recovery

[traditionalhealerdrsheddy]

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[themarketinsights]

Credit Collection Software Market is set for a Potential Growth Worldwide: Excellent Technology Trends with Business Analysis

Latest released the research study on Global Credit Collection Software Market, offers a detailed overview of the factors influencing the global business scope. Credit Collection Software Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Credit Collection Software The study covers emerging player’s data, including: competitive landscape, sales, revenue and global market share of top manufacturers are Tesorio (United States), You Need A Budget (United States), Invoiced (United States), YayPay Inc. (United States), VersaPay (Canada), myFICO (United States), Cogent (United States), FICO Network (United States), CashOnTime (France), Borrowell (Canada), Esker Inc. (France),

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Credit Collection Software Market Definition:

Credit and collections software is use accountants to manage client credits and reduce the risk of not being paid. Collection organizations that recover outstanding payments on behalf of their customers can also utilize this type of software. Accounting teams utilize credit collection software to discover overdue invoices, match invoices and payments, decrease processing errors, and manage collection concerns such as bad debt (amounts owed by customers that are unlikely to be paid). Many organizations massive and small use credit score and series software program to make certain that clients pay for the goods and offerings supplied via way of means of the enterprise.

Market Trend:

Integration Of Ai-Based Technology In Credit Collection Software

Emergence Of Mobile-Based Credit Collection Software

Market Drivers:

Growing The Demand For Credit Recovery Service from End-user

Market Opportunities:

Banking Institutions Are Rapidly Transitioning To Digital

Growing The Utilization Of Cloud-Based Credit Collection Software

The Global Credit Collection Software Market segments and Market Data Break Down are illuminated below:

by Application (Large Enterprises, SMEs), Pricing (Monthly Subscription, Annual Subscription, One-Time License), Deployment Model (On-premise, Cloud), End User (Banks, Collection Agencies, Finance Companies, Consumer Goods And Retail, Telecom And Utilities, Others)

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Credit Collection Software market

Chapter 2: Exclusive Summary – the basic information of the Credit Collection Software Market.

Chapter 3: Displayingthe Market Dynamics- Drivers, Trends and Challenges of the Credit Collection Software

Chapter 4: Presenting the Credit Collection Software Market Factor Analysis Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.

Chapter 5: Displaying market size by Type, End User and Region 2015-2020

Chapter 6: Evaluating the leading manufacturers of the Credit Collection Software market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile

Chapter 7: To evaluate the market by segments, by countries and by manufacturers with revenue share and sales by key countries (2021-2026).

Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Finally, Credit Collection Software Market is a valuable source of guidance for individuals and companies in decision framework.

Data Sources & Methodology The primary sources involves the industry experts from the Global Credit Collection Software Market including the management organizations, processing organizations, analytics service providers of the industry’s value chain. All primary sources were interviewed to gather and authenticate qualitative & quantitative information and determine the future prospects.

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[qocsuing]

Harrods to launch private members’ club in Shanghai

Harrods to launch private members’ club in Shanghai

Harrods will open its first private members’ club in Shanghai later this year targeting ultra-high net worth individuals as the luxury department store pins its growth hopes on China. To get more news about shanghai daily, you can citynewsservice.cn official website.

The new facility will be based in the historic Cha House, built in 1920, and will have a Gordon Ramsay restaurant, a bar and lounge, private dining rooms and terraces for members. Annual fees will start from Rmb150,000 (£16,000).

“People don’t like to display wealth as much as they used to do, and having that ability to be with like-minded people is hugely important,” said Michael Ward, managing director of Harrods. The retailer, which is ultimately owned by Qatar’s sovereign wealth fund, already has a tea room in Cha House and a bar, which are both open to the public.

Only 250 members will be able to join the members’ club with additional members considered following peer nominations. They will have access to other services that Harrods already offers such as premium travel options and property services.

Ward said that Harrods’ owners were supportive of the expansion in China as they “recognise that there is this switch to the east” in terms of luxury growth.

China accounted for 16 per cent of the retailer’s sales last year.

He added: “China is going to be the biggest market in the world. It will serve itself largely, but for the special, exclusive pieces they will still look somewhere to the west. For the ultra-high net worth, we’ll be there, we’ll be their port of call, that’s the objective [with the private members’ club].”

Asked about growing tensions between the US and China and its potential impact on luxury spending, Ward said: “[The ultra-high net worth are] so insulated, it doesn’t impact it at all. We saw that through the financial crisis, we saw that through the recovery from Covid, when customers came back with a vengeance, and so we don’t have any problems about that. We’ve always sought to develop really strong relationships in China.”

Ward also confirmed that the luxury department store, famed for its building in London’s Knightsbridge, refinanced £620mn of bank debt that was due in October, although he acknowledged that the group secured “a little bit less [loan] on slightly higher terms because of interest rates”.

But he added that the retailer was on a firm financial footing. Turnover increased from £485mn to £654mn for the year to 29 January 2022 and it recorded £17.4mn in pre-tax profit, compared to a £118mn loss the year before, its most recent Companies House accounts show.

In June, Harrods offloaded its £400mn pension scheme liabilities to Scottish Widows, securing retirement benefits for about 1,900 pensioners and 2,100 deferred members.

[newstfionline]

Wednesday, January 6, 2021

Covidization (Worldcrunch) COVID-19 is killing people even without the virus. Spain’s Lung Cancer Group, a research body, believes lung cancer will have killed 1,300 people more in the country in 2020 than predictive models had anticipated before the pandemic struck. Between January and April this year, lockdowns and diverted healthcare resources meant 30% fewer initial oncology consultations than during those months in 2019. This is just one of the many pathologies with significantly worse data for what many are calling a “covidization” of healthcare. Covidization is a term coined by Madhukar Pai, a tuberculosis researcher at Montreal’s McGill University to describe the pandemic’s distorting effect on resource allocation, prioritization and media attention in fighting other pathologies. Data appear to have confirmed his opinion. Since April this year, the European Commission has devoted 137 million euros to research on the coronavirus, or twice all the monies spent in 2018 on tuberculosis, malaria and AIDS.

Travel in the COVID-era (Foreign Policy) In a signal of what travel in a pandemic world will look like, a group of U.S. airlines have called on the United States to drop travel restrictions banning citizens from Europe and elsewhere in favor of a pre-flight negative coronavirus test requirement. The airlines have backed a U.S. Centers for Disease Control and Prevention (CDC) proposal to create a global program for testing travelers prior to entering U.S. borders. Vice President Mike Pence, the head of the White House coronavirus task force, is due to discuss the proposal during a meeting today.

Golf is not essential travel (AP) The speculation began with curious activity by U.S. military aircraft reported circling President Trump's Turnberry golf resort in western Scotland in November. Then the Sunday Post in Scotland reported that Glasgow Prestwick Airport “has been told to expect the arrival of a US military Boeing 757 aircraft, that is occasionally used by Trump, on January 19.” Could the American president, on his last full day in office, wing his way to his ancestral Scotland to hit the links at his shuttered resort, possibly missing the inauguration? On Tuesday, the leader of Scotland, First Minister Nicola Sturgeon, was asked if Trump was headed her way, and what might be her message to him? At her daily news briefing, Sturgeon said, “I have no idea what Donald Trump’s travel plans are, you’ll be glad to know. … But “We are not allowing people to come into Scotland now without an essential purpose, which would apply to him, just as it applies to everybody else. Coming to play golf is not what I would consider an essential purpose.” The White House said that the reports of a Trump trip to Turnberry were “not accurate. President Trump has no plans to travel to Scotland.”

Divided U.S., Not Covid, Is the Biggest Risk to World in 2021, Survey Finds (Bloomberg) With the global economy still in the teeth of the Covid-19 crisis, the Eurasia group sees a divided U.S. as a key risk this year for a world lacking leadership. “In decades past, the world would look to the U.S. to restore predictability in times of crisis. But the world’s preeminent superpower faces big challenges of its own,” said Eurasia Group President Ian Bremmer and Chairman Cliff Kupchan in a report on the top risks for 2021. Starting with the difficulties facing the Biden Administration in a divided U.S, the report flags 10 geopolitical, climate and individual country risks that could derail the global economic recovery. An extended Covid-19 impact and K-shaped recoveries in both developed and emerging economies is the second biggest risk factor cited in the report. Biden will have difficulty gaining new confidence in U.S. global leadership as he struggles to manage domestic crises, the report said. With a large segment of the U.S. casting doubt over his legitimacy, the political effectiveness and longevity of his “asterisk presidency,” the future of the Republican Party, and the very legitimacy of the U.S. political model are all in question, it added. “A superpower torn down the middle cannot return to business as usual. And when the most powerful country is so divided, everybody has a problem,” said Bremmer and Kupchan.

Venezuela’s socialists take control of once-defiant congress (AP) Nicolás Maduro was set to extend his grip on power Tuesday as the ruling socialist party prepared to assume the leadership of Venezuela’s congress, the last institution in the country it didn’t already control. Maduro’s allies swept legislative elections last month boycotted by the opposition and denounced as a sham by the U.S., the European Union and several other foreign governments. While the vote was marred by anemically low turnout, it nonetheless seemed to relegate into irrelevancy the U.S.-backed opposition led by 37-year-old lawmaker Juan Guaidó. The opposition’s political fortunes have tanked as Venezuelans own hopes for change have collapsed. Recent opinion polls show support for Guaidó having fallen by more than half since he first rose to challenge Maduro two years ago. Meanwhile, Maduro has managed to retain a solid grip on power and the military, the traditional arbiter of political disputes.

Few reforms would benefit Japan as much as digitising government (Economist) It is a ritual almost as frequent and as fleeting as observing the cherry blossoms each year. A new Japanese government pledges to move more public services online. Almost as soon as the promise is made, it falls to the ground like a sad pink petal. In 2001 the government announced it would digitise all its procedures by 2003—yet almost 20 years later, just 7.5% of all administrative procedures can be completed online. Only 7.3% of Japanese applied for any sort of government service online, well behind not only South Korea and Iceland, but also Mexico and Slovakia. Japan is an e-government failure. That is a great pity, and not just for hapless Japanese citizens wandering from window to window in bewildering government offices. Japan’s population is shrinking and ageing. With its workforce atrophying, Japan relies even more than other economies on gains in productivity to maintain prosperity. The Daiwa Institute of Research, a think-tank in Tokyo, reckons that putting government online could permanently boost gdp per person by 1%. The lapse is all the more remarkable given Japan’s wealth and technological sophistication. Indeed, that seems to be part of the problem. Over the years big local technology firms have vied for plum contracts to develop it systems for different, fiercely autonomous, government departments. Most ended up designing custom software for each job. The result is a profusion of incompatible systems.

An ‘orchard of bad apples’ weighs on new Afghan peace talks (AP) Afghan negotiators are to resume talks with the Taliban on Tuesday aimed at finding an end to decades of relentless conflict even as hopes wane and frustration and fear grow over a spike in violence across Afghanistan that has combatants on both sides blaming the other. Torek Farhadi, a former Afghan government advisor, said the government and the Taliban are “two warring minorities,” with the Afghan people caught in between—“one says they represent the republic, the other says we want to end foreign occupation and corruption. But the war is (only) about power.” The stop-and-go talks come amid growing doubt over a U.S.-Taliban peace deal brokered by outgoing President Donald Trump. An accelerated withdrawal of U.S. troops ordered by Trump means just 2,500 American soldiers will still be in Afghanistan when President-elect Joe Biden takes office this month. The Taliban have grown in strength since their ouster in 2001 and today control or hold sway over half the country. But a consensus has emerged that a military victory is impossible for either side.

Iraq, Struggling to Pay Debts and Salaries, Plunges Into Economic Crisis (NYT) Economists say Iraq is facing its biggest financial threat since Saddam Hussein’s time. Iraq is running out of money to pay its bills. That has created a financial crisis with the potential to destabilize the government—which was ousted a year ago after mass protests over corruption and unemployment—touch off fighting among armed groups, and empower Iraq’s neighbor and longtime rival, Iran. With its economy hammered by the pandemic and plunging oil and gas prices, which account for 90 percent of government revenue, Iraq was unable to pay government workers for months at a time last year. Last month, Iraq devalued its currency, the dinar, for the first time in decades, immediately raising prices on almost everything in a country that relies heavily on imports. And last week, Iran cut Iraq’s supply of electricity and natural gas, citing nonpayment, leaving large parts of the country in the dark for hours a day. “I think it’s dire,” said Ahmed Tabaqchali, an investment banker and senior fellow at the Iraq-based Institute of Regional and International Studies. “Expenditures are way above Iraq’s income.” Many Iraqis fear that despite Iraqi government denials there will be more devaluations to come.

Qatar ruler lands in Saudi Arabia for summit to end blockade (AP) Qatar’s ruling emir arrived in Saudi Arabia and was greeted with an embrace by the kingdom’s crown prince on Tuesday, following an announcement that the kingdom would end its yearslong embargo on the tiny Gulf Arab state. The decision to open borders was the first major step toward ending the diplomatic crisis that has deeply divided U.S. defense partners, frayed societal ties and torn apart a traditionally clubby alliance of Arab states. The diplomatic breakthrough comes after a final push by the outgoing Trump administration and fellow Gulf state Kuwait to mediate an end to the crisis. The timing was auspicious: Saudi Arabia may be seeking to both grant the Trump administration a final diplomatic win and remove stumbling blocs to building warm ties with the Biden administration, which is expected to take a firmer stance toward the kingdom. Qatar’s only land border has been mostly closed since June mid-2017, when Saudi Arabia, Egypt, the United Arab Emirates and Bahrain launched a boycott of the small but influential Persian Gulf country. The Saudi border, which Qatar relied on for the import of dairy products, construction materials and other goods, opened briefly during the past three years to allow Qataris into Saudi Arabia to perform the Islamic hajj pilgrimage. It was unclear what concessions Qatar had made regarding a shift in its policies. While the Saudi decision to end the embargo marks a milestone toward resolving the spat, the path toward full reconciliation is far from guaranteed.

[orbemnews]

Coal Is Set to Roar Back, and So Are Its Climate Risks The pandemic abruptly slowed the global march of coal. But demand for the world’s dirtiest fuel is forecast to soar this year, gravely undermining the chances of staving off the worst effects of global warming. Burning coal is the largest source of carbon dioxide emissions, and, after a pandemic-year retreat, demand for coal is set to rise by 4.5 percent this year, mainly to meet soaring electricity demand, according to data published Tuesday by the International Energy Agency, just two days before a White House-hosted virtual summit aimed at rallying global climate action. “This is a dire warning that the economic recovery from the Covid crisis is currently anything but sustainable for our climate,” Fatih Birol, the head of the agency, said in a statement. Coal is at the crux of critical political decisions that government leaders need to make this year if they are to transition to a green economy. Scientists say greenhouse gas emissions need to be halved by 2030 in order for the world to have a fighting chance at limiting dangerous levels of warming. In short, this a historic juncture for coal. For 150 years, more and more of its sooty deposits have been extracted from under the ground, first to power the economies of Europe and North America, then Asia and Africa. Today, coal is still the largest source of electricity, though its share is steadily shrinking as other sources of power come online, from nuclear to wind. Global spending on coal projects dropped to its lowest level in a decade in 2019. And, over the last 20 years, more coal-fired power plants have been retired or shelved than commissioned. The big holdouts are China, India and parts of Southeast Asia, but, even there, coal’s once-swift growth is nowhere as swift as it was just a few years ago, according to a recent analysis. In some countries where new coal-fired power plants were only recently being built by the gigawatts, plans for new ones have been shelved, as in South Africa, or reconsidered, as in Bangladesh, or facing funding troubles, as in Vietnam. In some countries, like India, existing coal plants are running way below capacity and losing money. In others, like the United States, they are being decommissioned faster than ever. Nonetheless, demand is still strong. “Coal is not dead,” said Melissa C. Lott, research director for the Center for Global Energy Research at Columbia University. “We have made a lot of progress, but we have not made that curve.” Coal is the lightning rod of climate diplomacy this year, as countries scramble to rebuild their economies after the coronavirus pandemic while at the same time, stave off the risks of a warming planet. The Biden administration has leaned on its allies Japan and Korea to stop financing coal use abroad. And it has repeatedly called out China for its soaring coal use. China is by far the largest consumer of coal, and is still building coal-fired power plants at home and abroad. China’s president Xi Jinping took a swipe at that criticism on Monday by pointing to the historical responsibility of Western industrialized nations to do more to slow down warming. The United States accounts for the largest share of emissions in history; China accounts for the largest share of emissions today. “The principle of common but differentiated responsibilities must be upheld,” Mr. Xi said at his own global summit in the city of Boao. ‘Growing opposition against coal’ Since the start of the industrial era, coal has been the main fuel to light up homes, power factories and, in some places, to cook and heat rooms, too. For over a century, Europe and the United States consumed most of the world’s coal. Today, China and India account for two-thirds of coal consumption. Other energy sources have joined the mix as electricity demand has soared: nuclear, wind, and, most recently, hydrogen. Coal made room for new entrants but refused to retreat. Today, several forces are rising against coal. People are clamoring against deadly levels of air pollution, caused by its combustion. Wind and solar energy, once far costlier than coal, are becoming competitive, while some countries are facing a glut of coal-fired plants already built. So, even in countries where coal use is growing, the pace of growth is slowing. In South Africa, after years of lawsuits, plans to build a coal-fired power station in Limpopo Province were canceled last November. In at least three countries, Chinese-funded projects are in trouble or dead. In Kenya, a proposed coal plant has languished for years because of litigation. In Egypt, a planned coal plant is indefinitely postponed. In Bangladesh, Chinese-backed projects are among 15 planned coal plants that the government in Dhaka is reviewing, with an eye to canceling them altogether. Pakistan, saddled by debts, announced a vague moratorium on new coal projects. Vietnam, which is still expanding its coal fleet, scaled back plans for new plants. The Philippines, under pressure from citizens’ groups, hit the pause button on new projects. “Broadly speaking, there’s growing opposition against coal and a lot more scrutiny right now,” said Daine Loh, a Southeast Asia power sector energy specialist at Fitch Solutions, an industry analysis firm. “It’s a trend — moving away from coal. It’s very gradual.” Money is part of the problem. Development banks are shying away from coal. Japan and Korea, two major financiers of coal, have tightened restrictions on new coal projects. Japan is still building coal plants at home, rare among industrialized countries, though Prime Minister Yoshihide Suga said in October that his country would aspire to draw down its emissions to net-zero by 2050. There are some big exceptions. Indonesia and Australia continue to mine their abundant coal deposits. Perhaps most oddly, Britain, which is hosting the next international climate talks, is opening a new coal mine. And then there are the world’s biggest coal consumers, China and India. China’s economy rebounded in 2020. Government stimulus measures encouraged the production of steel, cement and other industrial products that eat up energy. Coal demand rose. The capacity of China’s fleet of coal-fired power plants grew by a whopping 38 gigawatts in 2020, making up the vast majority of new coal projects worldwide and offsetting nearly the same amount of coal capacity that was retired worldwide. (One gigawatt is enough to power a medium-sized city.) Coal’s future in China is at the center of a robust debate in the country, with prominent policy advisers pressing for a near-moratorium on new coal plants and state-owned companies insisting that China needs to burn more coal for years to come. India’s coal fleet is growing as well, bankrolled by state-owned lenders. There is not much of a signal from the government that it wants to reduce its reliance on coal, even as it seeks to expand solar energy. The government in New Delhi is allowing some of its oldest, most polluting coal plants to remain open, and it is seeking private investors to mine coal. If India’s economy recovers this year, its coal demand is set to rise by 9 percent, according to the I.E.A. But even India’s coal fleet isn’t growing as fast as it was just a few years ago. On paper, India plans to add some 60 gigawatts of coal power capacity by 2026, but given how many existing plants are operating at barely half capacity, it’s unclear how many new ones will ultimately be built. A handful of state politicians have publicly opposed new coal-fired power plants in their states. How much more coal India needs to burn, said Ritu Mathur, an economist at The Energy & Resources Institute in New Delhi, depends on how fast its electricity demand grows — and it could grow very fast if India pushes electric vehicles. “To say we can do away with coal, or that renewables can meet all our demand,” Dr. Mathur said, “is not the story.” ‘The big question is around gas’ What has most quickly come to replace coal in many countries is that other fossil fuel: gas. From Bangladesh to Ghana to El Salvador, billions of dollars, some from public coffers, are being poured into the development of pipelines, terminals and storage tanks, as the number of countries importing liquefied natural gas has doubled in less than four years. Gas now supplies nearly one-fourth of all energy worldwide. Its proponents argue that gas, which is less polluting than coal, should be promoted in energy-hungry countries that cannot afford a rapid scale-up of renewable energy. Its critics say multibillion dollar investments in gas projects risk becoming stranded assets, like coal-fired power plants already are in some countries; they add that methane emissions from the combustion of gas are incompatible with the Paris Agreement goal of slowing down climate change. Gas supplies a growing share of electricity in the United States (35 percent) and Europe (20 percent). The United States, buoyed by the fracking boom, is among the world’s top gas exporters, alongside Qatar, Australia and Russia. American companies are building a gas import terminal and power station in Vietnam. Gas demand is growing sharply in Bangladesh, as the government looks to shift away from coal to meet its galloping energy needs. Ghana this year became the first country in sub-Saharan Africa to import liquefied natural gas. And the U.S. Agency for International Development has been promoting gas as a way to electrify homes and businesses across Africa. And there’s the rub for the Biden administration: While it has set out to be a global climate leader, it has not yet explained its policy on advancing gas exports — particularly on the use of public funds to build gas infrastructure abroad. “There’s fairly strong consensus around coal. The big question is around gas,” said Manish Bapna, acting president of the World Resources Institute. “The broader climate community is starting to think about what a gas transition looks like.” Julfikar Ali Manik and Hiroko Tabuchi contributed reporting. Source link Orbem News #Climate #coal #Risks #Roar #Set

[freenewstoday]

New Post has been published on https://freenews.today/2021/02/28/after-issuing-record-debt-in-2020-gulf-countries-will-likely-borrow-less-this-year/

After issuing record debt in 2020, Gulf countries will likely borrow less this year

Men walk past a closed restaurant in the Saudi capital Riyadh, on February 5, 2021.

Fayez Nureldine | AFP | Getty Images

Gulf nations issued a record amount of debt last year but will not have to borrow as much in 2021, according to analysts who spoke to CNBC.

That’s because the fiscal positions for countries in the Gulf Cooperation Council, or GCC, have likely improved thanks to a recovery in oil prices and as the regional economy bounces back from the pandemic’s fallout, they said.

“2020 was an exceptional year,” Trevor Cullinan, lead analyst of GCC sovereign ratings at S&P Global Ratings, told CNBC in February.

“Going forward, we don’t think that there will be the same need as in 2020,” he said. “We broadly expect fiscal consolidation over 2021 to 2023 — we think the deficits will be smaller, (and) economic activity will be stronger.”

Record levels of debt issued

Bond issuances by Gulf countries rose significantly in 2020.

According to data from Capital Economics, the total international debt issued by Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Oman was $42.1 billion last year. That’s up 25% from $33.5 billion in 2019.

“The amount reached a record high, driven by higher deficit financing needs resulting from the slump in oil prices and the impact of Covid-19,” said Scott Livermore, chief economist of Oxford Economics Middle East.

But oil prices have been climbing up due to a harsh winter in the U.S. as well as an improving global economic outlook.

Those factors provide a “welcome reprieve” to Gulf budgets, said Livermore.

Benefits of turning to the bond market

Still, the need for borrowing remains, and countries in the region will continue to issue bonds in 2021.

Saudi Arabia has already raised $5 billion this year, and reportedly hired banks in preparation for a euro-denominated bond sale.

“Governments in the Gulf are still likely to favor international bond issuance over other forms of financing for the time being,” according to James Swanston, a Middle East and North Africa economist at Capital Economics.

He said that dollar revenue can plug both the budget deficit and current account shortfall, and help the government better defend their dollar pegs without tapping on foreign exchange reserves.

Leaning on international markets also means local banks don’t have to buy up sovereign bonds, he said.

Livermore pointed out that borrowing costs are low, and governments in the region can issue bonds to fund diversification programs.

“Countries may also choose to come to (the) market to refinance maturing debt if sentiment remains favorable,” he added.

Effects of taking on debt

Sovereign debt levels in the Gulf are relatively low, said Livermore.

“If the rollover risk is effectively managed through refinancing, then GCC governments should be able to navigate through the short term,” he said.

Capital’s Swanston agreed that higher debt-to-GDP ratios in the region generally do not pose a “major risk,” though he is concerned about Oman and Bahrain. Debt-to-GDP ratio is a measure of a country’s ability to pay back public debt — a high ratio may be an indication that a country could find it harder to pay off its external debts.

Government debt ratios in the two countries have “risen sharply” in recent years, Swanston said.

Both states have tightened fiscal policy to address public finances, he added. “But, some period of prolonged austerity will be needed to keep deficits and the public debt in check.”

Bahrain’s government debt-to-GDP ratio is expected to hit 115% this year, while Oman’s is predicted to reach 84%, according to data from S&P Global Ratings.

— CNBC’s Thomas Franck and Eustance Huang contributed to this report.

Source

[khalilhumam]

Pandemic highlights the vulnerability of migrant workers in the Middle East

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Pandemic highlights the vulnerability of migrant workers in the Middle East

By Omer Karasapan The U.N. says there are 35 million international migrants in the Gulf Cooperation Council (GCC, a group of Persian Gulf states), Jordan, and Lebanon. They are defined as “someone who changes his or her country of usual residence, irrespective of the reason or legal status.” They include refugees and dependents—31 percent are women. Arab states also host a subgroup of 23 million migrant workers—defined by the ILO as “a person who migrates or who has migrated from one country to another with a view to being employed other than on his own account.” Most are in low-skill, low-wage occupations; 39 percent are women. These numbers are often underestimated. The GCC hosts 10 percent of global migrants with Saudi Arabia and the United Arab Emirates (UAE) respectively hosting the third and sixth largest such populations globally. International migrants comprise over 80 percent of the populations of the UAE and Qatar, 70 percent of Kuwait’s, and 55 percent of Bahrain’s. Migrants are more vulnerable due to inadequate health care, worse economic conditions, and overcrowded living conditions, which put them at greater risk of infection. The majority of COVID-19 cases in the Gulf are among foreign migrants. For 2020, the International Monetary Fund sees economies in the Middle East and North Africa (MENA) down by 5.7 percent, with the GCC shrinking by 7.6 percent. This means massive unemployment, unpaid wages through failing businesses or wage theft, arbitrary detentions or deportations as legal residencies falter, and a growing need for food handouts. Many are stranded due to travel bans or unaffordable tickets. Similar hardships have hit Lebanon’s 250,000 foreign workers with many abandoned and unpaid. Stories of unemployment and unpaid wages for foreign workers are being told in Jordan. The over 1 million refugees in each country have also greatly suffered economically while facing increased resentment. The port blast in Beirut has only compounded this tragedy. COVID-19’s economic crisis will also devastate millions dependent on remittances from India to Egypt and beyond 2019.  Remittances from the GCC were $120 billion—the top three were the UAE ($40 billion), Saudi Arabia ($39 billion), and Kuwait ($15 billion). The World Bank forecasts a 20 percent drop in remittances to low- and middle-income countries, from 2019’s $714 billion (the highest ever) to $572 billion in 2020, exceeding the 5 percent dip after the 2008 crisis. The usual pattern of a crisis in poorer countries leading to increased remittances may not apply now, since both hosting and sending countries are in crisis. The relationship between the GCC and foreign workers is one of mutual, if uneven, interdependence. GCC economies would be crippled without foreign workers. Over 90 percent of private sector workers in the UAE and Qatar are foreigners and 80 percent or higher in Saudi Arabia and Kuwait. Foreign workers also generate economic demand, especially for staples and essential services. Large departures of higher wage expatriates would cripple the high-end, high-tech economies sought by these countries while significantly impacting demand for high-end goods and services. Despite labor policies encouraging employment of nationals and technology, foreign workers, low wage or otherwise, will remain critical to these economies for many years. Unless changes are made, labor conditions will remain shameful. The pandemic underlined flawed labor migration systems with myriad avenues for abuse. The most notorious is the “kafala” sponsorship system in the GCC, Lebanon, and Jordan. Workers cannot leave or change employers without their employers’ consent, placing them at risk of exploitation and abuse. Those who leave without “permission” risk losing legal residency and face detention and deportation. The practice is seen as an opening to modern day slavery by the ILO, Amnesty International, and others. Human Rights Watch defines it as “a restrictive immigration regime of laws, regulations, and customary practices—that ties migrant workers’ legal residency to their employer.” This system also leaves migrants largely outside national labor and other protective legislation. From Jordan to Lebanon to GCC countries, there have been reforms over the years, the most far-reaching in Qatar in August 2020. Still, basic elements of the system persist. Many nationals see the availability of cheap labor as part of the social contract—another largess in exchange for political quiescence. Reforms are often opposed by local and international interests, especially the private sector whose workers are overwhelmingly foreigners. Also profiting are companies that facilitate and profit from this vast movement of people. Onerous fees for foreign jobs are common with many migrants borrowing at high rates, often leading to debt-bondage. For many, including the U.N. and local activists, racism plays a role. Human Rights Watch‘s Hiba Zayadin says “the pandemic exposed decades of systemic racial discrimination” and adds that “unless the (Kafala) system as a whole is abolished, you won’t see any real improvement in the lived experiences of migrant workers in the Gulf.” Nor, obviously, in other countries where the system exists. Still, returns have started. The ILO says the exodus will exceed exits during the 2008 crisis and the 2014 oil price drop. Over 200,000 have left the UAE while 450,000 Indians and 60,000 Pakistanis have applied for repatriation. Since 2017, 1 million foreign workers have left Saudi Arabia as Saudization ramped up. Another 1.2 million could leave in 2020. Yet unemployment remains at 12 percent as many Saudis refuse lower-end jobs. However, with economic recovery, demand for foreign workers will ramp up, as will abuses. There are benefits to reform. Allowing workers to change employers can lead to increased productivity and better wages. A Dubai study noted that employer-specific visas led to inefficiencies of 6.6 percent of total costs and 11 percent, on average, of profits. The ILO has numerous recommendations including discontinuing individual sponsorship and having a host-country agency or ministry regulate recruitment, allow exits without employer approval, and impose penalties for those who withhold workers’ passports, mobile phones, etc. It also has recommendations for sending countries and individual employers. What needs doing is fairly clear, but political will is needed to proceed. This is a system that despite severe systemic and individual violations, has pulled millions out of poverty, contributing globally to political stability and development. These jobs and remittances will be critical as economies recover. It is in the interest of the international community to push for positive change and support local reformers to build a sustainable and humane migration system.

[vsplusonline]

Falling oil prices amid coronavirus pandemic: What it means for India and other players

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Falling oil prices amid coronavirus pandemic: What it means for India and other players

Forget the sub-zero oil price (futures) shock that upended all our notions of the geopolitics of oil and prompted commodities exchanges to incorporate negative pricing in their software. Instead, follow the progress of Awtad, Jana, Aslaf and Lulu as they head to the United States. These supertankers, carrying 2 million barrels of crude oil each, are currently steaming their way to the US to dump their oil. They are among the first of a veritable armada of supertankers, with a total of almost 40 million barrels, which are expected to land in the US through May and June. This is what might affect the geopolitics of oil, and could be the logical tipping point for the world.

The US itself is groaning under the weight of its own oil. Shale producers, who have, for the past five years run rings around traditional oil producers like Saudi Arabia, are facing unprecedented production cuts, storage glut and crashing demand. The Covid-19 challenge and a global economy in tatters have put the spotlight on the US’ decision: does the US want lower or higher oil prices? In an election year, it’s a tough one — the shale industry sustains jobs in many states that vote for US President Donald Trump. Meanwhile, lower oil prices would help in the US economic recovery and give more jobs to people. Will Trump heed the outraged people of Texas and North Dakota to ban Saudi oil from landing in US ports? Or, will he let the markets rule, and kick his own oil industry? Either way, the US-Saudi relationship has reached an inflection point.

The US is convinced, and it is not wrong, that the Saudis have deliberately crashed oil prices to destroy the American shale industry. When the US became the world’s largest energy producer, it spelt ruin for the leg-shackle the kingdom had on it for decades prior. There was less and less reason for the US to remain mired in the violent politics and terrorism of the Middle East; instead, it could pivot its energies to an aggressive and expansionist China. This might be that year.

Trump likes the Saudis and went out of his way to stitch a fragile deal between the US, Saudi Arabia and Russia in March. If he returns in November, the Saudis might retain their lifeline to Washington, DC. The presumptive Democratic presidential nominee, Joe Biden, however, has not made any bones about the fact that he considers the Saudis to be “parasites”, and would delink the US from that region.

The “deal” to cut production by 15 million barrels a day did nothing for world markets where demand dropped by 30 million barrels. But it came after Saudi Arabia and Russia played a high-stakes game through March — Saudi Arabia and Moscow decided to flood the market with oil when an OPEC-Plus deal collapsed. Riyadh figured Russia’s declining economy under sanctions and its own production flexibility would deal a blow to both Russia and the US. Russia leveraged its $600 billion forex reserves and a production break-even cost of $42 (half of Saudi’s $84) to think they could sustain the price war. In the end, the coronavirus decided the battle.

Both Saudi Arabia and UAE are headed towards economic pain, which would have consequences for its internal stability as well as the internal GCC battle with Qatar. It could have other repercussions in the volatile region. Iran is suffering, anyway, burdened with sanctions and rock-bottom oil prices, but its geopolitical ambitions remain — for instance, if Iraq goes under, with oil prices going through the floor and a dysfunctional system, Iran could tighten its hold there, cementing its sphere of influence in both Syria and Iraq.

The short point is that oil-rich is no longer a measure of prosperity or wealth in nations, and only nations that have a more diverse economy can hope to sail through. Saudi Arabia’s decline could impact its standing as the standard bearer of the Muslim world. With Covid-19 extracting a toll in terms of recession, increased social spending, etc., oil-centric countries, be it Venezuela or Ecuador, Angola or Nigeria or even Libya, will all hurt much more.

The buyers — India, China, Japan and Korea — see this as an opportunity. China is the biggest player here — it is recovering, its economy is finding its feet. It will be the most important partner for all these Gulf states, with Beijing fishing for their stressed assets or even debt. China holds the bulk of Venezuela and Ecuador’s external debt, as well as Angola’s. The lockdown in Europe has been disastrous for Russian energy exports. For the time being, China’s recovering demand is keeping Russia afloat. This means, if nothing else, Russia will remain tied to China’s apron strings, whether Moscow likes it or not.

China sees itself in the winner’s corner of the field — its domestic economy may be in shock, but it retains the will and ability to play a larger role abroad. It will take a pushback from the rest of the world against China’s alleged role in the pandemic to stall this machine. India was already battling a slowing economy when the coronavirus hit and this year looks grim, no matter how the numbers are sliced and diced. The only bright spark for India is the falling oil prices, which will help with the fiscal deficit and as the government pushes the wheels of the economy back on the road.

Geopolitical imperatives often survive the sticker shock of oil prices. This time, however, the coronavirus pandemic makes it a perfect storm. Smart economics is the key.

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[mastcomm]

Hamilton boss Brian Rice turned himself in to SFA after breaching betting rules

Hamilton head coach Brian Rice has revealed he reported himself to the Scottish Football Association for breaching betting rules after his “horrible disease” of gambling addiction returned.

The 56-year-old has been charged with breaching the SFA’s zero-tolerance rules on gambling on football during this season and each of the previous four campaigns.

Rice previously admitted a 30-year gambling problem in 2013 after being threatened with jail in Qatar over a £65,000 debt which friends helped him pay off.

The former Hibernian and Nottingham Forest midfielder has expressed his regret at his lapse and declared he wanted to “atone through openness”, a decision backed by his employers.

In a statement on his club’s official website, Rice said: “I have made no secret of the fact that I have struggled with the disease that is gambling addiction in the past.

“The reality is I am an addict and while I have been proud of the fact I have been in recovery from this disease, a key part of the recovery programme is honesty: honesty to myself, and honesty to those who have and who continue to support me, including my family and my football family at Hamilton.

“I wrote a letter to the Scottish FA self-reporting my gambling and did so as an admission that my disease has returned, in order that I commit to recovery. I have apologised to those at the club in whom I have sought counsel and I apologise today to the players, fans and colleagues I have let down through my gambling addiction.”

Rice joined Hamilton 12 moths ago and was assistant manager at Inverness and St Mirren during previous seasons on the SFA charge sheet.

He added: “The reason I am speaking out is to remove the stigma attached to this horrible, isolating disease, in the hope that those involved in Scottish football who are similarly in its grasp feel they can seek help and draw strength from my admission.

“After committing to recovery I cannot believe that I have found myself back in the grip of gambling addiction but this disease is not cured with a finite course of treatment.

“You are an addict for life and through my commitment to the 12-step recovery programme, I am confident I can stay on top of this disease one day at a time.

“I am eternally grateful to the club for its unwavering support, both seen and unseen.”

Hamilton chief executive Colin McGowan, who has previously spoken about his own battles with alcohol and drug addiction in his younger years, believes Rice’s admission could be a watershed moment and called on the SFA to adopt an amnesty on gambling offences in order to help players and coaches confront their addictions.

McGowan said: “On behalf of my fellow directors at Hamilton Academical, we are proud that our head coach, Brian Rice, has spoken publicly of his struggles with gambling addiction.

“As a recovering addict myself – and somebody who has dedicated the last 20 years to counselling individuals across the country, from all walks of life – I believe Brian’s actions are a show of colossal strength and inspiration.

“Having spoken extensively to Brian since his addiction resurfaced, I know that he’s followed a well-worn path from smaller, less frequent bets to the snowball effect of a daily addiction. He has re-engaged fully with professionals, is committed to recovery and has the full support of all at Hamilton Academical.”

McGowan thanked the SFA for its empathy and vowed to support Rice as a club.

“We also believe Brian’s public admission today can be hugely significant in helping the lives of other coaches and players who can relate to his addiction and other addictions,” he added.

“Brian’s courage can be a seminal moment for Scottish football.”

Rice faces a hearing on January 30. The sanctions available to the disciplinary panel range from a three-match to a 16-match ban to expulsion from the game in the most serious of cases, and a fine of up to £100,000.

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[qatardebtrecovery-blog]

Debt Collection- a horror story

Bad debt seems like a horror story for the creditors. The reason for getting so horrified after listening to the name of bad debt is the past experiences that make people hate bad debt. This also holds people back from trusting others. They do not trust people easily and think that everyone they will encounter with will betray them and will not return the debt on time. The reasons these people give is as valid as anything. When people experience issues regarding bad debts they try to avoid giving money as debt.

People who face the issues of getting their dent back mostly consult the debt collection lawyers. The debt collection lawyers take them out of their problems and retrieve the debt from the bad debtors. They use so many techniques as they can to recover the money once given as debt by their clients. Their main job is to collect the debt from the lawyer by hook or by crook but they do make sure that their whole recovery process is not based on harsh arguments and stuff related to it. Their basic aim is to be as lenient to the bad debtors as they can so that the debt recovery process can be made easier. Their strategies sometimes work but sometimes the bad debtors are so stubborn that the lawyers get no other option rather than being strict.

Legal boundaries are never crossed by debt recovery lawyers. All the services are provided to the clients by staying within the limits. Mo illegal measures are taken to ensure the bad debt recovery process. Also, no harm is given to the bad debtors.  The debt recovery process can be tiring for the debt recovery lawyers but they make sure they give relief to their clients. This is the best part about them!

[ericfruits]

Why Gulf economies struggle to wean themselves off oil

CALL IT THE world’s most important filling station. The complex of piers, artificial islands and offshore moorings on the finger of land curling into the Gulf at Ras Tanura is the biggest oil-export terminal of the world’s biggest oil exporter. Tankers appear out of the haze to suck up the crude oil and refined fuels that, these days, mostly power Asian economies. For decades pumping oil and gas was all Gulf states had to do to build skyscrapers and shopping malls, and provide citizens with enough benefits to keep them quiet. Every bust in the oil cycle brought calls for diversification; with every boom, the talk faded.

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Might the same happen again? Crude prices have more than doubled since their low point in 2016, touching $80 a barrel, though they are still far below the peak of $146 a decade ago (see chart). Global economic growth has pushed the price recovery, as have the loss of production in Venezuela, the pact between Russia and Saudi Arabia to curb production and, above all, the prospect of sanctions on Iran and perhaps war with it.

For now, Saudi Arabia seems determined to keep propping up prices in the hope of maximising the earnings from its planned sale of a 5% stake in Saudi Aramco, the national oil company. Given its budget deficit of 9% of GDP last year, and plans for record expenditure this year, Saudi Arabia needs oil to rise to $87 a barrel to break even, the IMF reckons. This despite the fact that it has imposed a new 5% value-added tax, taxes on tobacco and sweetened drinks, cuts to fuel and electricity subsidies and higher charges on foreign workers. It plans to sell parts of several state-owned firms. By the end of the year, the IMF thinks, it will have burned through nearly 40% of its huge foreign-currency reserves, worth more than $700bn (96% of GDP) in 2014.

Saudi Arabia has lots of oil left, and the world’s dependence on the Gulf is likely to increase as production in other parts of the world falls away. But short of a war in the region, prices still seem unlikely to return to the boom of 2001-14. The world, particularly China, is moving towards low-carbon and renewable sources of energy. A sustained rise in oil prices will prompt more investment by Saudi Arabia’s competitors—not least shale-oil firms that have helped make America the world’s biggest oil producer.

Steven Wright of Hamad bin Khalifa University in Qatar argues that, if the Gulf faces a prolonged period of low prices, some countries may be forced to abandon their currency pegs to the dollar. That would cause turmoil in foreign-exchange and bond markets, and create an inflation shock. Bahrain, with a budget deficit and public debt of 15% and 90% of GDP respectively last year, and reserves to cover barely a month’s worth of imports, looks vulnerable. It will be hoping that a recent large oil find generates revenues soon—or that Gulf neighbours bail it out if necessary.

With higher oil prices than forecast helping Gulf states balance the books, some in the IMF worry that complacency about reform will set in. Yet the need to diversify economies is undiminished. Oil accounts for about 30% of GDP and 80% of government revenues in Gulf states on average. Much non-oil output is dependent on petroleum revenues through government spending on capital projects and salaries. And much of that public spending leaks out, through imports of materials for firms and consumer goods, or because wages are spent on foreign travel.

Given high rates of population growth, real GDP per person in most countries of the Gulf Co-operation Council (GCC) has been flat or in decline for decades. Qataris may be among the richest people in the world, but Saudis rank about 40th, alongside the Portuguese. Productivity, the underlying source of long-term growth, has been stagnant. In an IMF paper in 2014, Reda Cherif and Fuad Hasanov argued that Gulf states suffer from an acute form of “Dutch disease”, in which oil revenues crowd out other activity in the tradable sector. To improve their productivity, Gulf states have to diversify their exports as, say, Indonesia, Mexico and Malaysia have done.

The biggest problem, says Steffen Hertog of the London School of Economics, is the Gulf’s distorted labour market. The rentier model is exceptionally generous, but it is unproductive. Gulf states give their citizens subsidised fuel, electricity and water, as well as loans or grants for marriage and scholarships to expensive foreign universities. Saudi Arabia spends more than most comparable countries on education, yet achieves results that are markedly inferior.

Public-sector jobs in the GCC pay about three times more than private-sector ones, where foreigners predominate (see chart). With two-thirds of Saudi workers already hired by the government, the state cannot afford to create more do-nothing jobs. Just to steady the current rate of unemployment—nearly 13%, not counting the majority of women who are excluded from the labour market—Saudi Arabia must create 1m private-sector jobs over the next five years, double the number it managed in 2007-16.

For Mr Hertog, Gulf countries face “a unique development trap” with a mix of expensive but low-skilled national workers, cheap (but not cheap enough) imported labourers, and protected domestic markets. As a result, they struggle to make competitive exports. In other words, Saudi Arabia is too rich for mass industrialisation, yet lacks the skills to make high-value goods.

Mr Zamil has discovered, to his delight, that Saudi women make better workers: “more disciplined, more punctual and higher-quality work,” he says.

One place to start diversifying might be to extract more value from oil. Saudi Arabia is already a leading refiner of crude and has long made basic petrochemicals. But at Sadara, near the port of Jubail, a joint venture between Aramco and the Dow Chemical Company came on stream last year to make more advanced petrochemicals that used to be imported. An industrial park is being set up alongside the giant plant for others to make finished products. Dow, for instance, is making reverse-osmosis membranes for water desalination. But such schemes rely on feedstock at below-market prices, so divert resources that might be better used elsewhere. Such capital-intensive projects also create few jobs for Saudis, and are ultimately dependent on oil.

A more promising idea is to coax more business from the 20m annual foreign visitors, most of them Muslim pilgrims to Mecca and Medina, particularly outside the peak haj season. Meanwhile, the new focus on entertainment and culture is aimed in part at ensuring that some of the $20bn that Saudis spend each year on foreign travel remains in the country.

A third policy is to increase the number of Saudis in jobs—particularly women (see chart)—by squeezing out foreign workers. The government is raising the cost of hiring foreigners from 200 riyals ($50) a month per worker to 400 riyals this year and 800 in 2020. It is also excluding foreigners from a growing list of jobs, such as selling mobile phones, receiving guests in hotels and selling gold. The gig economy may also be helping. Though many Saudis think driving a taxi demeaning, a growing number use their cars to work part-time for Uber, a ride-hailing firm, or Careem, its regional rival.

In the eastern city of Dammam, Abdullah Zamil, boss of Zamil Industrial, whose companies make everything from construction materials to air-conditioners, says that the cuts to public spending, as well as the new taxes and levies, have squeezed his profits by about 30%. Hiring Saudis simply to meet quotas for indigenous labour no longer makes sense, he says. Getting Saudi men to be productive requires them to undergo extensive on-the-job training. Their work ethic is often poor, and they tend to leave quickly in search of a better job. However, Mr Zamil has discovered, to his delight, that Saudi women make better workers: “more disciplined, more punctual and higher-quality work,” he says. He has put up a wall in his air-conditioner factory to make a separate space for women, and has moved it several times as their numbers have grown. “I keep telling the boys: ‘In the past your competitors were foreign workers. Now it’s your sisters.’ ”

Many of Muhammad bin Salman’s reforms are overdue. But in one respect—his love of “giga-projects”—the crown prince’s vision is more questionable. One plan is to build a vast “entertainment city” outside Riyadh more than twice as large as Disney World. Another is to turn a 200km stretch of pristine Red Sea coast into a destination for upscale tourists. (No drunken revellers, please—reform has its limits.) It will include the archaeological remains of Mada’in Saleh, a Nabataean site related to the rock-carved monuments of Petra in Jordan.

His most ambitious project is NEOM, a futuristic city in a special economic zone nearly the size of Belgium, which will extend to bits of Jordan and Egypt. It will be run under a separate legal system with international judges. Details are sketchy, but the aim is to plug into the internet cables beneath the Red Sea and create a hub for innovation, powered by renewable energy.

In pushing such grandiose schemes, the crown prince may want to create the sense of a bright future, and a testing-ground for new ideas. But giga-projects are risky at a time of austerity. And they betray a central-planning mindset that has already produced white elephants. The King Abdullah Financial City in Riyadh lies almost empty. In a world full of failed special economic zones, reform must ultimately focus on the country itself, not just Dubai-like bits carved out of it. Saudi Arabia ranks a poor 92nd in the World Bank’s ease-of-doing-business index. Big projects risk distracting attention from the hard work of, say, improving legal standards. Foreign direct investment fell sharply last year; the anti-corruption campaign does nothing to reassure would-be partners, “What is the law in Saudi Arabia?” asks one diplomat. “The law is the last thing the king said.”

This article appeared in the Special report section of the print edition under the headline "Breaking the curse"

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[businessliveme]

Jump Seen in Child Blood Disease; Korea Club Cases: Virus Update

(Bloomberg) — The coronavirus pandemic could remove four years of growth from the global economy and push 130 million to extreme poverty, a United Nations study showed. Federal Reserve Chair Jerome Powell said the U.S. economy faces unprecedented risks.

President Donald Trump disagreed with Anthony Fauci over the doctor’s warnings about reopening the country too quickly. The virus may have triggered a 30-fold jump in cases of a serious but rare inflammatory disease in children, a study found.

China reported three more cases in regions near North Korea and Russia, after a growing cluster of infections prompted a sealing off of cities in one of the provinces. South Korea said infections tied to nightclubs in Seoul increased to 131.

Key Developments:

Virus Tracker: Cases top 4.3 million; deaths exceed 297,000

False negatives raise more questions about virus test accuracy

Hong Kong streak of no local transmission ends with mystery case

Virus hot spots grow in meat plants from Germany to Brazil

Experts want to know why the virus hasn’t killed more Russians

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. See this week’s top stories from QuickTake here.

Virus Spurs Spike in Serious Blood Disorder in Children (10:30 a.m. HK)

The coronavirus may have triggered a 30-fold jump in cases of a serious but rare pediatric inflammatory disease, according to an Italian study that provides an ominous warning to other pandemic-affected nations about the risk to children.

A detailed analysis from Bergamo, the epicenter of the Italian Covid-19 outbreak, found 10 cases of a Kawasaki disease-like illness in children, adding to reports of about 90 similar cases from New York and England.

South Korea Nightclub Cases Rise (10:10 a.m. HK)

South Korea’s health ministry said coronavirus cases tied to nightclubs in Seoul increased to 131 as of midnight, from 119 at noon yesterday.

Officials have been trying to reach thousands of people who may have been exposed to the virus at gay nightclubs in the Itaewon district of Seoul, as concern grows over the possibility of a second wave of infections in South Korea. So far, about 35,000 club visitors and their family members have gone through virus testing.

New Zealand Projects Surging Debt on Stimulus (10:05 a.m. HK)

New Zealand’s government announced a massive fiscal stimulus package in its annual budget that will see debt levels surge but could help the economy return to growth as soon as next year.

Unveiling a NZ$50 billion ($30 billion) Covid-19 Response and Recovery Fund aimed at stimulating the economy and creating jobs, Prime Minister Jacinda Ardern said New Zealand was in a strong position to bounce back from the damage caused by the pandemic.

Net debt will surge to a peak of 53.6% of GDP in 2023 from 19% last year.

Wisconsin Stay-at-Home Order Invalidated (9:53 a.m. HK)

A divided Wisconsin Supreme Court decided that an unelected state agency head’s emergency order shutting down the state because of the Covid-19 pandemic is not enforceable.

In a 4-3 decision, the court concluded the order was actually a rule, and that Andrea Palm, Wisconsin’s Department of Health Services secretary designee, didn’t follow statutory rulemaking procedures when she issued it. The order required the state’s population of nearly 6 million people to shelter in place, and shut down non-essential businesses to curb the coronavirus’ spread.

The ruling lifts the stay-at-home requirement and allows shuttered businesses to reopen immediately.

Australia Employment Slumps by Record 594,300 (9:45 a.m. HK)

Australian employers slashed workers last month as government restrictions to stem the spread of the coronavirus forced the shutdown of many industries across the economy. Employment plunged by a record 594,300 in April, data from the statistics bureau showed.

Japan Moves to Ease State of Emergency (9:36 a.m. HK)

Japanese Prime Minister Shinzo Abe was set to end the state of emergency in 39 of the country’s 47 prefectures earlier than scheduled, while keeping it for Tokyo and Osaka, which will be assessed next week, media reports said.

Abe is expected to make the decision later Thursday to remove most of the country from the emergency status that was previously set to end May 31, Kyodo News reported, citing government officials. He will first hear recommendations from an expert panel and is set to hold a news conference at 6 p.m.

China Finds New Cases Near North Korea Border (8:47 a.m. HK)

China reported three new coronavirus cases, all of them local infections in northeastern China, with two in Liaoning province and one in Jilin.

China is sealing off cities in Jilin province that borders North Korea and Russia, as a growing cluster of cases threatens to undermine its hard-won containment of the epidemic. Jilin city, the second-largest city in Jilin province, saw bus and rail services halted and residential compounds closed off on Wednesday after the discovery of six new cases of infection. Recently reopened schools were closed again.

Liaoning province also borders North Korea.

Qatar Orders Wearing of Masks When Stepping Outside (7:16 a.m. HK)

The Qatari government ordered all citizens to wear masks when they step outside for any reason beginning May 17, state-run QNA reported. People who violate the order will be subjected to either imprisonment of up to three years, or a fine of as much as 200,000 riyals ($55,000) or both, according to the report.

U.K. Boosted by Clearance of Roche Antibody Test (7:14 a.m. HK)

Roche Holding AG’s coronavirus antibody test was cleared by a U.K. health authority, a boost to Prime Minister Boris Johnson as he seeks ways to gradually relax lockdown restrictions.

Johnson has previously described antibody tests as a ‘game-changer’, as they show who has already had the virus and may have a degree of immunity. However, scientists still aren’t sure whether having antibodies means long-lasting immunity.

Trump Disagrees With Fauci Over Reopening (6:16 a.m. HK)

President Donald Trump accused the nation’s top infectious disease official, Anthony Fauci, of wanting to “play all sides of the equation” with congressional testimony Tuesday that warned reopening the country too quickly could lead to coronavirus case flare ups.

“I was surprised by his answer, actually,” Trump told reporters Wednesday at the White House. “Because you know, it’s just — to me it’s not an acceptable answer, especially when it comes to schools.”

The president’s public rebuke of Fauci’s testimony was a remarkable split with the director of the National Institute of Allergy and Infectious Diseases, who has come under criticism from some Republicans who charge he’s been too cautious in his advice on lifting social distancing precautions. Trump has been pushing to reopen the U.S. economy faster as joblessness increases.

L.A., San Francisco Relax Some Curbs on Business (5:41 p.m. NY)

Los Angeles and San Francisco relaxed business restrictions to allow for retailers not in indoor shopping malls to reopen for curbside pickup, along with some manufacturing operations. While California began allowing some of these measures last week, both areas had kept their stricter rules.

Los Angeles County, which accounts for almost half of the state’s virus cases, also is reopening beaches for active recreation like running and surfing, while keeping them closed for sunbathers and group activities.

South Africa Eases Nationwide Lockdown (5 p.m. NY)

South Africa’s government announced plans to further ease a nationwide lockdown as the fallout from shuttering much of the economy threatens to outweigh the damage wrought by the coronavirus.

Consultations will begin in the coming days about moving most of country to disease alert level 3 by the end of the month, from level 4, and allow a number of additional industries to resume operations, President Cyril Ramaphosa said Wednesday in a televised address to the nation. Level 4 restrictions will remain in force in areas where infection rates are highest, including some of the main cities.

U.S. Cases Rise 1.6% (4 p.m. NY)

U.S. cases rose 1.6% from the day before to 1.38 million, according to data compiled by Johns Hopkins University and Bloomberg News. That was higher than Tuesday’s growth rate of 1.4%, but below the average increase of 1.9% over the past week. Deaths rose 1.8% to 83,249.

New York reported 166 deaths, keeping daily fatalities under 200 for a third day, according to Governor Andrew Cuomo. The state also added 2,176 cases, for a total of 340,661. Texas cases climbed 3.3%, above the 3% average of the past week, to a total of 42,403.

Ex-Glaxo Official, General to Lead Vaccine Hunt (3:52 p.m. NY)

President Donald Trump plans to name Moncef Slaoui, the former head of GlaxoSmithKline Plc’s vaccines division, and Gustave Perna, a four-star U.S. general, to lead a Manhattan Project-style effort to develop a vaccine for the novel coronavirus, two people familiar with the matter said.

Slaoui, 60, and Perna will oversee the initiative known as Operation Warp Speed, according to the people, who spoke on condition of anonymity ahead of an announcement expected later Wednesday. Slaoui will work on a volunteer basis. The Trump administration project seeks to produce 300 million doses of a Covid-19 vaccine by the end of the year, hastening development by simultaneously testing many different candidates and beginning production before they’ve completed clinical trials.

Italy Approves $60 Billion Stimulus Package (2:58 p.m. NY)

Italy’s government approved a much-delayed 55 billion-euro ($60 billion) stimulus package to rescue an economy crippled by a two-month nationwide lockdown, promising a boost in liquidity for businesses and aid for families in need.

The new spending includes emergency income measures, extra funding for companies and tax cuts for some 4 billion euros. Non-reimbursable grants for small and medium-sized companies will also be available.

Italy registered the fewest new coronavirus cases in two days on Wednesday. Civil protection authorities reported 888 cases, compared with 1,402 a day earlier, taking confirmed cases to 222,104. Daily fatalities rose to 195 from 172 on Tuesday, with a total of 31,106 reported since the start of the pandemic in late February.

French Deaths at Slowest Pace in Three Days (2:45 p.m. NY)

French virus deaths rose at the slowest pace in three days on Wednesday, at 83. New cases were little changed over the day at 213,664. Hospitalizations fell by 524 to 21,071, the lowest since March 30. Patients in intensive care because of the virus, which health officials consider a key indicator of the pressure on France’s health-care system, fell by 114 to 2,428, about a third of the peak in April.

France has started easing lockdown measures that helped slow the coronavirus outbreak, with many stores reopening after almost eight weeks. The number of people in France who had been infected was estimated to be 2.8 million as of May 11, or 4.4% of the population, according to a study based on modeling published in Science magazine on Wednesday.

U.K. Aid Claims Top $416 Million on First Day (2:25 p.m. NY)

The U.K. government’s coronavirus aid program for self-employed people received more than 340 million pounds ($416 million) of claims in its first morning of operation. Some 110,000 people had applied for the cash grants by noon on Wednesday, Jim Harra, chief executive officer of the U.K. tax authority, told Sky News in an interview.

N.Y. Probes Illness in Kids (1:40 p.m. NY)

New York state is investigating 102 reported cases of an inflammatory disease in young children that’s thought to be related to the coronavirus, Governor Andrew Cuomo said, after a 5 year-old boy in New York City, a 7 year-old boy in Westchester County, and an 18 year-old girl in Suffolk County died.

The disease causes inflammation of the blood vessels and can affect the heart, he said. Of the cases being investigated, the children showed symptoms of an inflammatory disease like the Kawasaki disease or toxic shock-like syndrome, he said. At the request of the CDC, the state is helping to develop the criteria for identifying and responding to the illness; 14 other states and five European countries have reported cases.

Vaccine Just One Step In Stopping Virus, WHO Warns (1:15 p.m. NY)

The “massive moonshot” of finding a Covid-19 vaccine will be only the first step toward eradicating the disease, a World Health Organization official warned, saying that access must be ensured around the world.

“Science can come up with the vaccine, but someone has got to make it, and we’ve got to make enough of it that everyone can get a dose of it, and we have got to be able to deliver that, and people have got to want to take that vaccine,” said Mike Ryan, head of the WHO’s health emergencies program. “Every single one of those steps is fraught with challenges.”

It’s impossible to make promises now about when the virus could be eradicated, Ryan said, noting that resistance to vaccine use has contributed to the spread of diseases, such as measles.

U.S. House Republicans Urge WHO, China Probes (12:50 p.m. NY)

Republicans want a new congressional panel created to monitor coronavirus dollars to also investigate “the actions and inactions” of the World Health Organization, China and the U.S. House of Representatives itself in the early stages of the outbreak.

The demands are included in a list of rules the GOP wants the Democratic-led committee to adopt as safeguards against “partisan political ends,” in a letter delivered just hours before the panel holds its first hearing Wednesday on how to safely reopen the U.S. economy.

Abbott Test May Miss Many Cases (11:26 a.m. NY)

The coronavirus test from Abbott Laboratories used at the White House and other prominent locations to get rapid answers on whether someone is infected may miss as many as half of positive cases, according to a report from New York University. The findings have yet to be confirmed. An analysis of Abbott’s ID NOW found it missed at least one-third of positive cases detected with a rival test and as many as 48% when using the currently recommended dry nasal swabs.

Air Travel to Lag for Years (11:02 a.m. NY)

Demand for air travel will lag behind pre-virus forecasts by about 10% for at least five more years, according to the International Air Transport Association. Traffic next year will be down between a third and two-fifths from projections made prior to the pandemic, according to IATA, which doesn’t see travel recovering to last year’s levels until 2023 at the earliest.

The post Jump Seen in Child Blood Disease; Korea Club Cases: Virus Update appeared first on Businessliveme.com.

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[jobdxb]

Recruitment in Al Futtaim Group Collection Manager - Credit Control | HONDA | DOMASCO | Doha, Qatar (Doha, QA)

Job Requisition ID: 46574 

No two days are the same at Al-Futtaim, no matter what role you have. Our work is driven by the desire to make a difference and to have a meaningful impact with the goal of enriching everyday lives. Take our engaging and supportive work environment and couple it with a company culture that recognises and rewards quality performance, and what do you get? The chance to push the limits every single day.

  As a humble family business that started on the banks of the Dubai Creek in the 1930s, Al-Futtaim has expanded to a presence in 31 countries, a portfolio of over 200 companies, and 42,000 employees. You’ll find us in industries ranging from automotive and retail, to finance and real estate, and connecting people with international names like Lexus, Ikea, Robinsons, and Adidas. Our team is proudly multicultural and multinational because that kind of diverse representation gives us the global mindset to grow and impact the people, markets, and trends around us.

  Come join us to live well, work better, and be the best.

As the Collection Manager , Credit Control- Bill Collection , your main duties and responsibilities:

Adhere to Collection Procedures while protecting the interest and reputation of the orgnization at all times.

To Handle the complete end-to-end collection process with all stakeholders including customers, Guarantors, police and legal.

Ensure all payment are collecting on time as per the credit approvals

Daily monitoring the overdue, and meeting with team to ensure that regular reminders are sent to customers on due date.

Obtain and discuss exceptions with the team and how to regularize payment in difficult cases.

Attending Debt review meetings with Credit Manager.

Request for hold or block customer accounts basing on the payment collections

Demonstrate & improve collections staff to get more collections of bounced cheque within 30 days.

Monitor and follow-up the legal default cases as required

Field visits to collect payments as and when required for difficult cases.

Submit delinquent accounts to Legal Recovery team or in-house counsel for collection.

  To apply for this role you must meet below criteria:

Bachelors degree in Finance or Accounting or related fields

At least 5 years of experience in collection, accounts receivable and related credit control areas

Leadership skills and Supervisory experience as the person in the role will have to manage a team of bill collectors. 

Strong interpersonal and communication skills

We’re here to provide excellent service but a little help from you can ensure a five-star candidate experience from start to finish.

  Before you click “apply”: Please read the job description carefully to ensure you can confidently demonstrate why this opportunity is right for you and take the time to put together a well-crafted and personalised CV to further boost your visibility. Our global Talent Acquisition team members are all assigned to specific businesses to ensure that we make the best matches between talent and opportunities. We not only consider the requisite compatibility of skills and behaviours, but also how candidates align with our Values of Respect, Integrity, Collaboration, and Excellence.

  As part of our candidate experience promise, we also want to make ourselves available to you throughout the application process. We make every effort to review and respond to every application.

[legalconsultingblog]

consult a legal adviser for fast debt recovery and balance your accounts 

[vsplusonline]

Designer Tarun Tahiliani on the business of fashion in the times of COVID-19

New Post has been published on https://apzweb.com/designer-tarun-tahiliani-on-the-business-of-fashion-in-the-times-of-covid-19/

Designer Tarun Tahiliani on the business of fashion in the times of COVID-19

Designer Tarun Tahiliani gives us a bird’s eye view of the impact of COVID-19 on the fashion industry and where it is headed in the months to come. The veteran was part of Stimulus 2020, a webinar encompassing 70 speakers across 14 panel discussions. The event was designed to cut through the volume of rhetoric and despair surrounding the current COVID-19 scenario, which has declared the market slow-moving or outright stagnant, organised by Women inspiring Network and The Global Luxury Group.

Excerpts from an interview:

Indian designers rely on artisans. With factories closed and migrant workers attempting to go home, what impact will it have on production?

The very basis of what Indian designers do is based on the talent of the craftsman in our industry.

In companies like ours, the top craftsmen are not daily wage workers but workers on salary. But it is a fact that a lot of traditional craftsmen, especially in embroidery, prefer to be on a double-daily-wage. That is how it has been in India traditionally where they like to come and go as they please, take longer holidays during festivals and then work longer hours when they wish to.

I think this period is going to be particularly disastrous for them because its almost the second time they are getting impacted over a small period; first being demonetisation.

With production and shipping at a standstill, how is the industry expected to fulfil orders for Spring-Summer ‘20?

In my opinion, globally nobody is buying or thinking of buying at the moment and is too preoccupied with the pandemic. But we will certainly have to be more creative in increasing our digital presence and in giving people the experiences through our various platforms.

For shipments where payments are pending, should producers start to worry, as the world economy has been hit?

Of course, people need to worry terribly about their payments. Fashion is famous for delayed payments and more than that, all the major exporters will face an issue, because if the stores are shut for four weeks, the shipments will be delayed by four weeks. And there is not much one can do about that.

This fact has been made worse by knowing that, at the moment, there is a global recession that anyway is leading buyers to not pick up their merchandise. So, this is going to be a very tricky situation.

In our case, since we deal B to C (Business to Customer) primarily, we don’t face that problem. Although, all the consumers who had to cancel the orders because they saw this coming, have done so. But we won’t face an issue of bad debts.

How long do you think the domestic fashion industry can sustain itself without sales. Can two months easily be tided over?

I think maximum two to three months. As stated by the BoF, around 70 percent to 80 percent of businesses will be in terrible financial distress after these two months (assuming we continue to pay salaries, rents etc as usual).

We work on a very tight cycle and the fact is, that there are no sales. So, I am not sure how this will be sustainable. And unfortunately, we are not like the Western economy that can afford to payout salaries to help businesses sustain themselves.

With regard to couture collections timed for the festive season, do you expect buyers will continue to spend lavishly?

I certainly do not expect buyers to continue with lavish spending. Everyone has been hit by this pandemic and everybody’s businesses are down. More than that, even if people can afford it, we are going to need to observe very strict social distancing and follow protocols to ensure we are not stuck with a viral blow-up once again. And learn to live carefully till there is a cure or vaccine created.

Having said that, festivals will go on and our NRI clients are already in touch with us for their events — provided this period passes by. And while the scale will of course be smaller; the bride, groom and their immediate families will still wear beautiful clothes to make wonderful memories.

Do you think the fashion industry will immediately bounce back or will the recovery stretch over a long period?

No, the fashion industry is going to take a long recovery time. If there are no celebrations or no crowds, people are not going to wear a lot of clothes that they do at the moment.

Fashion designers are faced with heavy rentals for retail spaces, do you think there should be a policy on relief in this matter across the board?

They should absolutely be a policy for rental of retail spaces. The moment the pandemic broke out, the Mall of Qatar announced a three-month moratorium on rental. This is what encourages people to feel a little safer and continue with their work. I hope very much that the malls and the big landlords will consider this. Ofcourse, I acknowledge that they have their own costs to bear, but its such a huge down time for the industry, that I feel this will help in restabilising themselves. Afterall, one should not kill the goose that lays the golden eggs!

How are you spending time in isolation and how do you think COVID will change our psyche?

Well, in the beginning it was strange because I may have lived in this house for 20 years, but hadn’t been home for more than six odd days at a stretch. Its was still okay, but then the reality of the situation we were in, got to me.

For me personally, having a fairly disciplined routine helps instead of freewheeling through the day. Which is why I am up early, exercise, I like to work six to eight hours a day — which might not necessarily be physically drawing or attending just Zoom meetings; but thinking about the way forward.

Then I usually spend my meals with my family and exercise some more in the evening. I am not one to hang out with friends on video calls and this has been a fantastic time to reset our clocks, think of our own priorities. The only positive, if at all, that can come out of this is that people got the time and were hopefully able to use it to recalibrate the lifestyle that suits them more.

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[sandlerresearch]

Global Construction Outlook to 2023 - Q3 2019 Update published on

http://www.sandlerresearch.org/global-construction-outlook-to-2023-q3-2019-update.html

Global Construction Outlook to 2023 - Q3 2019 Update

Global Construction Outlook to 2023 – Q3 2019 Update

Summary

This report provides a detailed analysis of the prospects for the global construction industry up to 2023.

GlobalData has revised downwards its forecast for global construction output growth in 2019 to 2.7%, which will be the slowest pace of growth in a decade. The deterioration in construction output growth across emerging markets has been worse than previously expected, particularly in the Middle East, while some major advanced economies have struggled to generate growth momentum, including the US, the UK and Australia.

In China, where the authorities are stepping up investment in infrastructure to prevent a continued slowdown, growth will remain positive, contributing to a slight acceleration in growth in total output in the emerging markets. GlobalData’s central forecast is for global construction output growth to edge up to 3.2% in 2020 and then to stabilize at 3.4% over the remainder of the forecast period, which runs to 2023. This is in part driven by a projected improvement in the global economy in 2020, which in turn relies improvements in financial market sentiment and a stabilization in some of the large currently-troubled emerging markets.

However, geopolitical risks are intensifying, and could potentially undermine investor confidence and disrupt capital flows in the early part of the forecast period. Risks to the overall forecast stem primarily from a possible escalation in the trade war between the US and China, and also inflamed tensions between the US and Iran following the recent drone strikes on Saudi Arabia’s largest oil processing center, which have been blamed on Iran.

There is also a risk that China could overstep its efforts to support the economy, resulting in an unmanageable debt crisis, which would disrupt investment trends globally, most notably via the impact on demand in commodities markets. There are also other major emerging markets facing domestic political and economic stresses that could erupt into full-blown crises, creating a risk of contagion across these markets.

Key Highlights

The pace of growth in North America’s construction industry is expected to remain weak in 2019-2020, averaging 0.4%, before regaining momentum over the remainder of the forecast period as ongoing investments in infrastructure development will provide support for the region’s construction industry. Construction in the US has been particularly weak so far in 2019 owing to a dismal performance in the residential buildings sector. Activity in Latin America has also been very weak, and GlobalData now expects the region’s construction output to contract by 0.2% owing to particularly poor performances in Argentina, Brazil and Mexico. There will be a recovery in Latin America in 2020, but the region’s construction industry will continue to be subject to downside risks, with investor sentiment undermined by policy uncertainty and economic fragility.

The Asia-Pacific region will continue to account for the largest share of the global construction industry, given that it includes the large markets of China, Japan and India. The pace of growth over the forecast period will average 4.3%, which is down from the 5.2% in the past five years. Although there will be an acceleration in growth in China in 2019, the general trend is one of slowing growth given the need for China’s government to try to curb excessive investment and avoid a disorderly debt crisis.

Moreover, reflecting recent years of overinvestment in residential construction and the resulting glut of new residential properties, building construction output growth will also decelerate. There will also be weakness in South Korea, which is experiencing a sharp contraction in construction works. In India, positive developments in economic conditions, improvement in investor confidence and investments in transport infrastructure, energy and housing projects have helped the construction industry regain growth momentum. The emerging markets of South-East Asia will invest heavily in new infrastructure projects, supported by private investment, and this region will be the fastest growing, expanding by 6.4% in 2019-2023. Australia’s construction industry has plummeted, and GlobalData now expects a 6.3% fall in 2019, in line with the sharp contraction in buildings work and a slower than expected rebound in infrastructure.

Construction activity growth in Western Europe is forecast to decelerate in 2019 and 2020. Reflecting the intensifying uncertainty in the UK over the Brexit process, and the likelihood of a sub-optimal outcome in terms of disruption to the economy, GlobalData has adjusted downwards its forecast for construction growth in the UK. In Germany, although the construction industry has been outperforming the overall economy, the gloomier outlook for the German economy means that construction will be dragged down. Nevertheless, ongoing efforts by the government to upgrade the country’s transport infrastructure on the back of the growing population and growth in the manufacturing, retail and tourism sectors will still provide support to the industry. Monetary policy within the EU will remain accommodating for much of the forecast period, given subdued inflationary pressures and moderate levels of economic growth.

Construction activity across Eastern Europe expanded at a rapid pace in 2018, primarily reflecting recovery in a number of markets, as EU funding was restarted after a hold-up in 2016. There will be a return to more normal rates of growth from 2019, but construction in Turkey is set to suffer from the effects of instability in the economy, with higher interest rates and rising risk premiums undermining the outlook for economic growth. In Russia, construction grew sharply in 2018, but it has remained fairly flat so far in 2019. However, investment in residential and infrastructure projects in addition to a recovery in the oil and gas sector will support a recovery in Russia’s construction output.

Growth in the Middle East and Africa region as a whole will steadily improve over the forecast period, following a contraction in 2018 and a relatively lackluster performance in 2019. Countries in the Gulf Cooperation Council (GCC) have suffered from weakness in oil prices in recent years, as government revenues have been greatly reduced. Assuming oil prices stay relatively high, large-scale investment in infrastructure projects – mostly related to transport – will be a key driving force behind the growth in the region. However, the construction booms in a number of markets, notably Qatar, appear to have run their course. The pace of growth in sub-Saharan Africa will be particularly strong, averaging 6.0% a year in 2019-2023. There will be a steady acceleration in construction activity in Nigeria, supported by government efforts to revitalize the economy by focusing on developing the country’s infrastructure. Ethiopia will be Africa’s star performer, with its construction industry continuing to improve in line with the country’s economic expansion, but the pace of expansion will ease back to single-digits.

Scope

– An overview of the outlook for the global construction industry to 2023 – Analysis of the outlook for the construction industry in major global regions: North America, Latin America, Western Europe, Eastern Europe, South and South-East Asia, North-East Asia, Australasia, the Middle East and North Africa, and Sub-Saharan Africa. – A comprehensive benchmarking of 92 leading construction markets according to construction market value and growth – Analysis of the latest data on construction output trends in key markets.

Reasons to buy

– Evaluate regional construction trends from insight on output values and forecast data to 2023. Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus. – Identify the drivers in the global construction market and consider growth in emerging and developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.