Rolls-Royce cuts 9,000 jobs as airlines turn off engines page 10

Thursday, may 21, 2020

24,535.52 8,856.15 30,818.61 1,749.10 +328.66 pts +54.01 pts +622.44 pts Gold +0.23% Fears for Renault factories after Dow QE sensex report of possible closures page 9 Price percentage Price percentage 18.06 Brent 35.32 +1.93% WTI 32.90 +2.94% Silver +0.86% Qatar’s food sector least affected due to COVID-19: Minister

(PPP) projects in Qatar’s food secu- minister said, “Qatar has built into  Qatar promotes PPP projects to ensure food rity programme, Subaie said, “Most the Qatar National Vision 2030 en- security: Minister  FIFA World Cup 2022 will be of our initiatives and projects re- vironmental protection with great lated to food security are targeted to importance. The upcoming FIFA the first carbon-neutral soccer world cup the private sector. We work closely World Cup 2022 will be the first with the Qatar Chamber of Com- world cup that is carbon-neutral.” Satyendra Pathak trade and logistics, enable domes- merce so that PPP projects can start Speaking at the webinar, Mo- Doha tic markets, enhance domestic self- easily.” hamed Badr Hashem al Sada said, sufficiency, and increase strategic “We have already begun PPP “We already have a relationship Qatar’s well-developed strategies reserves.” projects for fisheries with our first with the US in food security. We have ensured that the country is Subaie said, “On food security, project almost finished. Fish farm- have investments across the US in least affected in terms of food secu- we have learned the hard way due to ing licenses will be floated in the dairy, fodder, and other areas. Fro- rity due to the ongoing global Cov- the blockade. We developed many next few months where we expect zen meat, waste management, and id-19 crisis, Minister of Municipality strategies to deal with a crisis. When a lot of private sector interest,” the testing and safety would be key ar- & Environment HE Abdulla bin Ab- the global COVID-19 crisis began, minister said. eas we’d look for US collaboration.” dulaziz bin Turki al Subaie has said. Qatar was one of the countries least Minister of Municipality & Environment HE Abdulla bin Abdulaziz bin Turki al Sub- The minister said, “For US part- Mohammed Barakat, who par- Speaking during a webinar en- affected.” aie takes part in the US-Qatar Business Council webinar. nerships, we are looking specifically ticipated in the webinar, said that titled ‘Qatar’s Vision or Sustainable The minister, however, said, to collaborate in the export of crops the green buildings, initiatives for Food Security’ organised by US- “Being self-sufficient in terms of “We cherish the US-Qatar rela- this. We see a large opportunity to we are not cultivating here, technol- the carbon-neutral FIFA World Qatar Business Council (USQBC), food security does not mean you are tionship. One of our main challenges collaborate in this area,” the minis- ogy transfer, and strategic develop- Cup, carbon credits, and other pro- the minister said, “Post-blockade, secure. Local production will not su- has been water scarcity and we must ter said. ment of the Hamad Port.” grammes have made Qatar a leader Qatar’s food security has focused on persede the importance of interna- always adapt the newest technolo- Highlighting the importance Highlighting Qatar’s initiatives in environmental sustainability in four main pillars like international tional partnerships.” gies and innovations to overcome of the public-private partnership in environmental protection, the the region. QDB extends Moody’s affirms QIIB rating coverage period of at ‘A2’ with stable outlook National Response QIIB has significant credit strengths based on its resilient funding profile: Moody’s Guarantee Program Tribune News Network during the coming period, QNA nies wishing to benefit from Doha despite the ongoing volatility Doha the programme are required in the global markets.” to be fully owned by the pri- Qatar International Islamic The CEO noted that The Qatar Development vate sector, and to be regis- Bank (QIIB) on Wednesday “QIIB maintains a remark- Bank (QDB) has included tered in the wage protection announced that the credit able operational efficiency, companies operating in the system in Qatar. rating agency Moody’s has focusing on the local mar- contracting and construction Regarding the mecha- affirmed the bank’s rating at ket in its business strategy, sector to take advantage of the nism applied to benefit from ‘A2’ with a stable outlook, as well implements interim COVID-19 National Response the programme, QDB said, which confirms the strength and strategic plans in accord- Guarantee Program, and ex- companies wishing to benefit of the bank’s financial posi- ance with the best standards, tended the period of QDB’s or their official representa- tion and its ability to meet deals realistically with all coverage of the percentage tives must communicate with different market challenges. challenges.” of financing profits granted the commercial and Islamic In its affirmation of the “The bank also deals real- through the programme to 12 banks in which they hold ac- bank’s rating, Moody’s indi- istically with all the challeng- months instead of six months counts for the wage protec- cated that it was based on a es and is able to turn these only. tion system and requests for number of factors, the most QIIB Chairman Sheikh Khalid bin QIIB Building QIIB CEO Abdulbasit Ahmad al challenges into opportuni- Under this decision, com- benefit are submitted through important of which is that Thani bin Abdullah al Thani Shaibei ties to rethink all the options panies wholly owned by the them exclusively. QIIB is one of the leading Is- various projects that provide that allow it to succeed in private sector and affected Requests can also be sub- lamic banking institutions in fidence in its ability to face added value to the national and benefitsprovided by the enhancing the performance by the repercussions of the mitted on behalf of more than Qatar, especially in the retail various challenges both in economy as well internation- Qatari economy are the best and maintaining positive fi- novel coronavirus pandemic one company by Qatari citizen sector. domestic and foreign mar- ally through partnerships in the region, as well as our nancial indicators that serve are entitled to benefit from partners or owners of affected The credit rating agen- kets.” with low risks and good re- desire to be part of our coun- customers and benefit share- the national guarantee pro- private sector companies. cy stated that the bank has “We are happy with our turn. try’s success story. This strat- holders,” the CEO said. gram launched by QDB in QDB had announced Na- significant credit strengths ability to continue our out- He said, “The local bank- egy paid off at all levels. So Shaibei pointed out that cooperation with the Minis- tional Response Guarantee based on its resilient fund- standing performance and ing sector with its high sol- today we are proud for two the Qatari economy, which try of Finance and the Qatar Program that provides guar- ing profile backed bya strong achieve good results that vency and prudent policies reasons. First, it affirmed our succeeded over the blockade Central Bank and all banks antees to local banks to grant concession based on a large were clearly reflected in the is capable of achieving more strong financial position and and left it behind, the govern- operating in the country. The loans to affected private com- share of the local retail mar- various indicators that we progress, more gains to over- the second is that we are part ment’s policies have turned companies will be able to ob- panies in response to the im- ket and that there is a very disclosed in the last period, come any unexpected and of the success of our wider into rich opportunities, posi- tain financing with the aim of plications of the spread of the high probability of receiving and we found resonating sudden challenges. It has national economy. ” tively reflected on the various helping them to pay salaries coronavirus. government support in case on Moody’s rating, which proven that it has the flexibil- He said, “Our rating by economic sectors, particular- of their employees and special The National Guarantee of need. was based on real strengths ity and efficiency that quali- the respected global credit ly the banking sector. rental benefits. Program aims to support sal- On Moody’s affirmation enjoyed by QIIB for a long fiesit to continue to lead lo- rating agencies at high lev- This economy is able to According to this deci- aries and rents of companies of the rating, QIIB Chair- time,” the chairman said. cally and internationally.” els qualifies us to be able to provide solutions in vari- sion, Qatar’s government will in the private sector. QDB will man and Managing Director He affirmed that QIIB is QIIB CEO Abdulba- adapt the challenges of the ous fields, foremost of which fully cover the percentage of manage and issue the guide- Sheikh Khalid bin Thani bin moving forward in promot- sit Ahmad al Shaibei said, markets, and to find ways to is that banks, in turn, are financing profitsduring the lines for this programme, Abdullah al Thani said, “This ing its financial positions and “QIIB has always relied on correspond with the various required to raise their per- first year on behalf of the ben- while banks operating in the high rating reflects Mood’s strengthen its cooperation its strategy, focusing on the global outlooks that qual- formance to match that of eficiary companies through country will grant the financ- assertion of the strength of with different business sec- local market as we are con- ify the Qatari economy to Qatar’s dynamic and pros- QDB. ing on the basis of a guarantee the Qatari economy and con- tors locally through financing fident that the opportunities achieve the desired balance perous economy. QDB stated that compa- from the QDB. Nakilat takes delivery of newbuild LNG carrier ‘Global Energy’ lows us to provide additional of the most advanced technol- Built by Daewoo Shipbuilding & Marine Engineering, capacity and flexibility to our ogy in the market today, with customers, which is important two of them being equipped ‘Global Energy’ is the first of four LNG carrier newbuilds in a dynamic marketplace. The with ME-GI while the other two to be delivered to Nakilat steady expansion of our fleet with X-DF propulsion technolo- through the acquisition of these gies. These vessels also feature Tribune News Network The delivery of all four four newbuilds and the second modern structural design and Doha newbuild LNG carriers by end- phase fleet transition that has employ other advanced tech- 2021 will bring Nakilat’s fleet already commenced comes as nologies.” Qatar Gas Transport Com- to 74 vessels, which is just un- part of our efforts to maximize Maran Ventures Chairman pany (Nakilat) has taken de- der 12 percent of the current returns for our shareholders John Angelicoussis said, “Na- livery of a newbuild LNG car- global LNG fleet in carrying and strengthen our position as kilat has been a strategic part- rier, “Global Energy”, which capacity. the leading transporter of clean ner for many years and we are will be commercially and Nakilat Chief Executive Of- energy.” pleased to be taking delivery of technically managed in-house ficerA bdullah al Sulaiti said, Sulaiti said, “We have seen this first LNG vessel under our by Nakilat. “We are committed to growing a shift in terms of management new Global Shipping joint ven- Built by Daewoo Shipbuild- our fleet in a sustainable man- and vessel technology in the ture. We are confident these ing & Marine Engineering ner to meet the rising demand industry, which we have taken high specification vessels, built (DSME), this is the first of four for clean energy transport glob- into consideration. Constructed by DSME, and now managed LNG carrier newbuilds to be de- ally. The addition of this tech- in South Korea, the four mod- technically and commercially livered to Global Shipping Com- nologically-advanced newbuild ern vessels each have a cargo- by Nakilat, will provide charter- The delivery of all four newbuild LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, pany, a joint venture of Nakilat to our fleet not only gives us a carrying capacity of 173,400 cu- ers with a first-class LNG ship- which is just under 12 percent of the current global LNG fleet in carrying capacity. and Maran Ventures. competitive edge but also al- bic meters, equipped with some ping service.” Economy & Business Thursday, May 21, 2020 09 Qatar’s industrial production index increases slightly in March 2020 QNA details of the growth of the ral gas by 1.3 percent, while This index reflects the Four other groups record- last year (March 2019), due try, the chemicals and chemi- Doha three industrial economic the group of other activities details of the growth of ed a decline in production, to the decrease in production cal products industry, and sectors of mining, manufac- for mining and quarrying in- namely, the printing and in five groups, which include the beverage industry Qatar’s industrial pro- turing, electricity produc- creased by 1.7 percent. The the three industrial eco- reproduction media group the printing and reproduc- increased by 9.5 percent, duction index (IPI) reached tion and water desalination, index of this sector also in- nomic sectors of mining, recorded by 35.4 percent, tion of recorded media by 1.8 percent and 0.8 percent, 100.8 points in March, down whose relative weightage is creased by about 0.3 percent manufacturing, electricity the base metal industry (ba- 35.4 percent, and in the base respectively. by 0.6 percent compared to (83.6 percent), (15.2 per- on an annual basis. production and water sic metals) by 24.8 percent, metal industry ( basic met- Electricity production the previous month (Febru- cent), (0.7 percent) and (0.5 The manufacturing sec- desalination the beverage industry by 3.7 als) by 13.7 percent, the ce- increased between Febru- ary 2020), and increased percent) respectively. tor achieved an increase in percent, and the rubber and ment and other non-metallic ary and March last year by by 0.2 percent compared to According to the data, production by about 1.8 per- food products industry by plastics industry by 0.9 per- minerals industry by 25 percent, while the annual the corresponding month of the mining sector recorded a cent in March, compared to 16.9 percent, and the chemi- cent. 8.9 percent, the refined increase was 18.5 percent. 2019, according to the data monthly decrease (compared the previous month, due to cals and chemical products In terms of annual change petroleum products industry Water sector production in- issued by the Planning and to February 2020) by 1.4 per- the increase in production industry by 3.6 percent , and in the manufacturing indus- by 3.8 percent, the rubber creased by 22.2 percent, on Statistics Authority on Tues- cent, due to a decrease in the in four groups represented the cement and other non- tries, the data indicate that a and plastics products indus- a monthly basis, and the an- day. quantities produced in the in the refined oil products metallic mineral products in- decrease of 1.8 percent from try by 0.4 percent, while nual increase was estimated This index reflects the group of crude oil and natu- industry by 22.3 percent, the dustry, by 0.4 percent. the corresponding month of the food products indus- at 19.3 percent.

QICCA holds webinar on IP rights

Tribune news network the participants said. doha On his part, Mohamed Salem Abu al Faraj, found- The Qatari constitution ing director of the Innova- recognises the protection of tion and Intellectual Prop- intellectual property against erty Office and the associate any violations and there are professor at Commercial many legislations issued rel- Law of Qatar University, re- evant to intellectual proper- viewed a number of interna- ty, according to participants tional agreements related to of a webinar hosted by the the protection of intellectual Qatar International Center property, most notably the for Conciliation and Arbi- Trade-Related Aspects of tration (QICCA) at Qatar Intellectual Property Rights Chamber on Wednesday, (TRIPS). in co-operation with Qatar He also reviewed na- Lawyers Association. tional legislation in the in- They also said that Qatar tellectual property protec- has acceded to 46 interna- tion and efforts exerted by tional treaties and conven- Qatar for the preservation of tions in the field of intellec- intellectual property rights tual property. within the framework of the The webinar, moder- National Vision 2030. ated by Sultan Mubarak al He said most of the in- Abdullah, the partner direc- tellectual property claims tor of Sultan Al Abdullah & in Qatar are cases that are Partners, touched on the related to trademark and importance of intellectual trade name. property in all fields, es- For his part, Gamal Mo- pecially in hosting and or- hamed Abu Gheida, part- ganising large scale sports ner, founder, and manager (File photo) Employees work on a production line in a plant of Renault carmaker’s subsidiary Alpine, in Dieppe, northwestern France. (AFP) events. of AraMarks Intellectual It also reviewed the in- Property, reviewed the con- tellectual property system, cept of intellectual property international conventions, and its relation to innova- and domestic legislation, as tion, the role of the state in well as the role of intellectu- protecting innovations. Fears for Renault factories al property in sports events He also reviewed com- and the legal system for bating commercial fraud the protection of intellec- and encouraging innovation tual property during sports by protecting the interests events. of the innovator, as well as The revenues of interna- the forms of intellectual after report of possible closures tional institutions responsi- property, such as copyright, ble for major sporting events industrial models, patents, from brand exploitation in designs, trademarks, and Renault in February posted a loss of 141 mn euros for 2019, its first full year after the downfall of Ghosn marketing and TV broad- confidentiality of informa- casting exceed $300 billion, tion. dpa would be “unthinkable” at a always done so that Flins stand by its declared support of financial misconduct at Paris time when the Covid-19 epi- continues to produce vehi- for French industry despite allied firm Nissan, which he demic has brought issues of cles.” There had been no of- its leading 15.01 per cent denies. He subsequently fled Trade unionists and politi- industrial and strategic au- ficial denial of the Canard stake in Renault. to Lebanon. cians in France on Wednes- tonomy to the fore. Enchaine report so workers The government should Government spokeswom- day expressed concerns about It would be “a big prob- “are still facing uncertainty,” use its seats on the com- an Sibeth Ndiaye said the possible factory closures by lem” if a recently announced trade unionist Frederic Ge- pany’s board to ensure that auto sector had been facing carmaker Renault after a re- 5-billion-euro (5.5-billion- han said. Renault sites outside France severe challenges, due to re- port in newspaper Le Canard dollar) government loan Several opposition poli- bear the brunt of any re- structuring, intense compe- Enchaine. Renault manage- guarantee for Renault in re- ticians also reacted sharply, structuring while protecting tition and the rise of electric ment declined to comment sponse to Covid-19 was used with French Communist production and jobs at home, and autonomous vehicles, on the report, which said that for restructuring, Martinez Party leader Fabien Roussel she said in a statement. even before the Covid-19 cri- the company was planning to added. tweeting that if the report Renault in February post- sis led to a collapse in sales. close four sites including a ma- Outside the Flins factory, was not denied the govern- ed a loss of 141 million euros The government would jor factory at Flins on the out- which as of December 2018 ment should “withdraw its for 2019, its first full year af- be presenting a plan for the Experts take part in a webinar on intellectual property rights skirts of Paris. employed more than 2,600 aid and ensure that it is re- ter the downfall of long-time sector next week, Ndiaye hosted by Qatar International Center for Conciliation and Arbitra- But the head of the CGT staff, a trade unionist told spected!” Far right leader boss Carlos Ghosn. said, declining to make any tion, in Doha on Wednesday. union, Philippe Martinez, BFMTV television that they Marine Le Pen accused the Ghosn was arrested in Ja- more specific comments on told RTL radio that the move would “fight as [they] have government of failing to pan in late 2018 on charges the situation at Renault. Renewable energy should be at the heart of virus recovery plans: IEA the largest contraction since their priority access to the The economic downturn is expected to World War II -- was nothing grid in many markets, and to celebrate. declines in energy demand deal a severe blow to transport biofuels, “Putting emissions into a during lockdowns. It has like ethanol and biodiesel, the report said structural decline needed re- also been boosted by record newables to grow much faster increases in capacity in 2019, across all sectors even before which saw 192 GW of new in- AFP meting and threatens a deep the COVID-19 crisis,” the re- stallations connected to the Paris economic contraction. port said. grid -- a 7 percent increase The agency, which had ex- “To regain and exceed the from 2018. The International Energy pected 2020 to be a bumper growth rates seen in the years Revising down a predic- Agency on Wednesday called year for green energy, slashed before the pandemic, policy tion made in October, the IEA on governments to put clean its two-year forecast for makers need to put clean en- now expects some 167 GW of energy at the heart of their growth in renewable capacity ergy -- including renewables renewable capacity to become coronavirus economic recov- by nearly 10 percent. and energy efficiency -- at the operational this year -- a de- ery plans, as it forecast the It cited supply chain dis- centre of recovery efforts.” cline of 13 percent from 2019 first slowdown in new re- ruptions, construction delays, In its updated forecast, and the first downward trend newable power installations social distancing measures the IEA said that overall de- since 2000. worldwide in two decades. and financing challenges. mand for renewables is ex- However, this will still The IEA warned that lock- While sectors supply- pected to increase this year, add 6 percent to the global down measures -- which at ing electricity -- solar, wind bolstered by their use in renewable capacity total this their peak affected more than and hydropower -- would be Climate activists deploy banners at a Shell petrol station in Prague on Tuesday. (AFP) the electricity sector, where year -- more than the com- half the world’s population largely resilient in the crisis, green energy has accounted bined size of power systems -- would have “far-reaching” it said, the market for biofu- oil prices plummet. mate targets and the IEA urged It cautioned that a pre- for record shares of power in both North America and consequences, as the world els used mainly in transport Many countries have governments to redouble those dicted reduction in global en- going into the grid in some Europe -- with solar and wind grapples with a crisis that has would be “radically” altered pledged to increase their use of efforts as they plan for post- ergy-related CO2 emissions countries. accounting for the vast ma- sent energy demand plum- as global travel is frozen and renewables to meet tough cli- virus economic recovery. of up to 8 percent in 2020 -- This is partly down to jority of new installations. 10 Thursday, May 21, 2020 Economy & Business VW bosses avoid market manipulation trial with 9 million euro settlement AFP In their statement on Tues- Frankfurt am Main day, Volkswagen’s board said that “both at the time of the Volkswagen put to bed one indictment... and today, the of the most potentially dam- criminal law advisors and rep- aging cases in its “Dieselgate” resentatives of the company scandal, paying 9 million euros asserted that the accusations in an out-of-court settlement to of the public prosecutor’s office prevent its two bosses going to against Mr. Poetsch and Dr. trial over market manipulation Diess are not founded.” charges. Diess has run the entire The German car giant’s group -- which includes the chief executive Herbert Diess Audi, Porsche and Skoda and supervisory board chief brands -- since April 2018, but Hans Dieter Poetsch were in joined the board as Volkswa- September charged for alleged- gen brand chief in July 2015. ly failing to inform sharehold- Winterkorn was at the con- ers in a timely manner about trols from 2007 to 2015, step- the pollution cheating scandal ping down soon after the scan- in 2015. dal broke. On Tuesday, the group said In April last year, he was a deal had been struck to end charged with serious fraud, the proceedings against the two top managers. “According to the assess- ment of the supervisory board, it is in the best interest of the File photo of the Rolls Royce factory in Derby, central England. (AFP) company for the proceedings to be terminated,” VW said. Scandal It therefore agreed to pay 4.5 million euros ($4.9 million) The German car giant’s chief to settle the charges against executive Herbert Diess and each of the top executives, it supervisory board chief Hans Rolls-Royce cuts 9,000 jobs said, adding that it found no Dieter Poetsch were in indications that the managers September charged for breached their duties towards allegedly failing to inform the company. shareholders in a timely The case had been one of manner about the pollution many legal entanglements as airlines turn off engines that Volkswagen had found cheating scandal in 2015 itself in over its stunning rev- elation in 2015 that it had in- The restructuring will cost Rolls about £800 million, and would affect its civil aerospace business stalled devices in 11 million unfair competition and breach diesel vehicles worldwide to of trust by prosecutors in Brun- AFP chains meant many more peo- demic, with an unchanged nounced... (in) June 2018 will decisions to see our business make them seem less pollut- swick, alongside four other sus- London ple working across the aero- outlook, and does not need to transition into this wider pro- through these unprecedented ing when they were undergo- pects. space industry were set to lose reduce headcount,” it added. posed reorganisation,” Rolls times.” ing emission tests. Winterkorn’s lawyers have Rolls-Royce, the British their jobs. said Wednesday. Steve Turner, a senior of- Dubbed Dieselgate, the reiterated that he is “blameless maker of plane engines, said Rolls said it expected “the “Focused predominantly ficial at British union Unite, cheating scandal plunged Ger- in this matter” and “will con- Wednesday it will cut at least loss of at least 9,000 roles” on reducing the complexity of accused Rolls of “shameful op- many’s once vaunted auto in- tinue defending himself”. 9,000 jobs and slash costs from a global workforce of Rolls said it expected ‘the our support and management portunism”. dustry into one of the biggest According to German me- elsewhere, as the coronavirus 52,000 and would also cut loss of at least 9,000 functions, the programme has “The news that Rolls Royce crises in its existence. dia reports, the market ma- hammers the aviation sector. “expenditure across plant and roles’ from a global work- substantially delivered on its is preparing to throw thou- German prosecutors last nipulation proceedings against “This is not a crisis of our property, capital and other in- force of 52,000 and would objectives.” sands of skilled, loyal, world- year charged the two VW Winterkorn may also be halted making. But it is the crisis that direct cost areas”. also cut ‘expenditure The new cull comes as class workers, their families bosses, along with former chief in a settlement. we face and we must deal with The measures is expected across plant and property, global air travel remains virtu- and communities under the executive Martin Winterkorn, The dieselgate scandal it,” chief executive Warren to hand the company annual capital and other indirect ally non-existent, even though bus during the worst pub- with “market manipulation”. shook Volkswagen to its foun- East said in a statement an- savings of more than £1.3 bil- governments have begun to lic health crisis since 1918 is Prosecutors argued that dations, and with it Germany’s nouncing that Rolls would cut lion ($1.6 billion, 1.4 billion cost areas’ ease their lockdowns. shameful opportunism,” he the VW chiefs should have in- flagship car sector, a pillar of nearly one-fifth of its global euros). With planes grounded said in a statement. formed shareholders about the the economy that employs workforce. The restructuring will cost worldwide, airlines are slash- Paul Everitt, chief execu- investigation into the so-called around 800,000 people. “Our airline customers and Rolls about £800 million. Rolls has already spent the ing thousands of jobs and tive of UK aerospace trade defeat devices as soon as they It has already cost VW more airframe partners are having Rolls said the restructuring past two years cutting thou- Rolls has followed suit. body ADS, meanwhile said learnt of it, not wait until US than 30 billion euros ($33 bil- to adapt and so must we.” would predominantly affect its sands of management roles “Being told that there is no that Britain’s government authorities dropped the bomb- lion) in fines, legal costs and Unions said they expected civil aerospace business. following weak demand for longer a job for you is a terri- needed to take “urgent action” shell news on September 18, compensation payments to car most of the cuts to occur in “Our defence business, its power systems used by the ble prospect,” East added on to “minimise the impact on 2015, sharply driving down the owners -- the vast majority in the UK, while analysts said based in the UK and US, has marine industry. Wednesday. jobs and manufacturing capa- VW share price. the United States. the knock-on effect for supply been robust during the pan- “The restructuring an- “But we must take difficult bility in the long-term”.

Aviation needs confidence to WB warns pandemic could push take off again: Industry chief 60 mn into extreme poverty AFP AFP Paris Washington

The coronavirus pandemic The head of the World has dealt airlines an unprec- Bank warned on Tuesday edented blow -- to get back in that the coronavirus crisis business they will have to re- threatens to push some 60 instill confidence in travellers million people into extreme and avoid a patchwork of re- poverty, wiping out the strictions, says the head of the gains made over the past industry’s trade association. three years. As nations around the The global lending insti- world snapped their bor- tution is already financing ders shut and ordered people aid programs in 100 coun- to stay at home to slow the tries, under its commit- spread of the virus, airline ment to spend $160 billion trafficwas brought to a near- over the next 15 months, total halt. bank president David Mal- “We’ve never seen any- pass said. thing like this,” said Alexan- “That’s home to 70 per- People queue keeping a security distance to get a free meal from dre de Juniac, head of the cent of the world’s popu- volunteers in Luque, Paraguay recently. (AFP) International Air Transport lation. This represents a Association which represents significant milestone,” Mal- have died since it first ap- be “critical steps in the reo- some 290 airlines. An aircraft of Austrian Airlines takes off at Vienna’s International Airport in Austria on Tuesday. (AFP) pass told a conference call. peared in China in late pening.” Airlines have parked be- Malpass said the bank 2019. A year-long morato- tween 80 and 90 percent of would reinstill confidenceand Discusions at the UN’s In- ture checks, mask-wearing anticipates a five percent So far, the World Bank rium on debt payments by their aircraft, some 4.5 mil- help to convince governments ternational Civil Aviation Or- throughout terminals and contraction in the world has spent $5.5 billion less developed countries lion flights have been can- to lift border closures. ganization and between major on planes, provision of pre- economy this year, with se- to shore up beleaguered -- called for by the G-20 celled and an estimated $314 He said the industry was countries are aiming to broker packed meals, regular disin- vere effects on the poorest health systems, economies in mid-April -- has gained billion in revenues will be lost working on developing proce- a “convergent approach that is fection of aircraft cabins and countries. and social services in poor growing acceptance, he this year. dures that would be safe and harmonised around the world restrictions on luggage. “Our estimate is that up countries. noted. “There is no precedent for permit economically viable on health checks”. The industry hopes that to 60 million people will be But Malpass stressed According to Malpass, a crisis of this level,” he told operations. Measures applied by air- such measures, along with pushed into extreme pover- that the World Bank’s ef- 14 countries have agreed to AFP in an interview. They will not include leav- lines and airports, he said, planes’ air filtration systems, ty, erasing all the progress forts alone were insuffi- such a suspension of debt But some airlines have ing seats empty to spread out would avoid the kind of will reassure both passengers made in poverty allevia- cient, and urged donor na- payments, another 23 are announced plans to begin to passengers. “patchwork” of rules adopted and governments that air tion in the past three years, tions to step up bilateral expected to request it, and increase flights in the com- “Empty seats don’t pro- by nations following the 9/11 travel can be resumed safely and our forecasts indicate aid to poorer countries to 17 were giving it serious ing weeks as restrictions are vide added security,” said de attacks in 2001, when al- even though a vaccine for the a deep recession,” Malpass ensure a durable recovery. consideration. eased and nations open their Juniac. Qaeda militants hijacked four novel coronavirus is not ex- said. He said restoring the “That’s a very welcome borders. “But the economic impact planes and crashed them into pected until next year at the Nearly five million peo- flow of remittance pay- and very fast response and “One of the keys to restart- would be absolutely cata- buildings in the United States. earliest. ple have been infected by ments and tourism -- key positive response to the ing travel is a robust process strophic,” he said, requiring Among the measures be- IATA does not expect air the virus around the world, sources of income for de- G-20 countries’ commit- of checking passengers,” said airlines to raise prices by 50 to ing proposed are mandatory traffic to return to its pre-cri- and more than 300,000 veloping countries -- would ment,” he said. de Juniac, adding that this 100 percent. health declarations, tempera- sis level until 2023.