UN Chief Says Global Recession Due to COVID-19
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BUSINESS SATURDAY 21 MARCH 2020 Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 20.36 QAR/PHP : 13.85 QAR/LKR : 51.13 QAR/BDT : 23.27 EUR/QAR : 4.19 GBP/QAR : 4.83 CAD/QAR : 2.80 AUD/QAR : 2.48 CHF/QAR : 3.98 SGD/QAR : 2.72 KWD/QAR : 12.18 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 UN chief says Global hotel room revenue global recession slumps 5.5% due to COVID-19 in February REUTERS — BENGALURU ‘a near certainty’ Hotel room revenue slumped 5.5 percent globally in February from REUTERS — NEW YORK a year earlier as the coro- The world’s navirus outbreak brought United Nations Secretary- wealthiest Austria outlines steps to combat virus the airline industry to a General Antonio Guterres halt and travel bans hurt (pictured) has warned that a nations poured FROM LEFT: Austrian Economy Minister Margarete Schramboeck, Vice-Chancellor Werner Kogler, vacation plans, data from global recession “is a near unprecedented aid Chancellor Sebastian Kurz, Health Minister Rudolf Anschober and Interior Minister Karl Nehammer analytics firm STR showed certainty” and current national into the traumatized address a press conference yesterday at the Chancellery in Vienna, to comment on the government’s yesterday. responses to the coronavirus measures to fight the novel coronavirus. Austrian Chancellor Sebastian Kurz said his country would STR, which runs a pandemic “will not address the global economy extend strict measures put in place to stem the coronavirus pandemic until April 13, 2020. benchmarking platform global scale and complexity of on Thursday as for over 68,000 regis- the crisis.” “This is a moment tered chains, groups and that demands coordinated, coronavirus cases individual properties, decisive, and innovative policy ballooned in said occupancy fell 7.8 action from the world’s leading Stocks edge higher as market percent across the hotel economies,” Guterres told Europe, the current industry. reporters via a video epicenter, even as Revenue per available conference. “We are in an weighs stimulus package room (RevPAR) - a key unprecedented situation and they waned at the metric for the industry - the normal rules no longer pandemic’s point of SATISH KANADY 8.50 percent decline. QNB accounting for 35.17 percent, in Hong Kong fell 85.9 apply.” “A global recession - origin, China. THE PENINSULA advanced 14.06 percent com- followed by Banking and percent in February from perhaps of record dimensions pared with the previous week. Financial Services sector (23.86 a year earlier and 82.2 - is a near certainty,” he said. After two blistering weeks of The Banks and Financial percent) and Industrial sector percent in mainland The world’s wealthiest fierce sell-off, Qatar stock Services sector led the trading (16.65 percent). Of the total China, STR data showed nations poured unprecedented market regained a solid value, accounting for 52.06 listed companies, 25 ended earlier this week. aid into the traumatized global 4.21percent in the past week, percent, followed by Industrial higher in the past week, while The highly contagious economy on Thursday as coro- thanks to the market inter- sector (14.35 percent) and Real 20 fell and two companies novel coronavirus that has navirus cases ballooned in vention. Estate sector (11.98 percent). remained unchanged. exploded into a global Europe, the current epicenter, The week witnessed QSE QNB led the trading value Analysts expect GCC equity pandemic has forced even as they waned at the pan- benchmark index rallying three accounting for 22.35 percent of markets to remain volatile in major hotel operators demic’s point of origin, China. straight sessions, after the the total value, followed by near term and prefer defensive including Hyatt Hotels, So far there have been Supreme Committee for Crisis Masraf Al Rayan (12.64 percent) sectors with relatively inelastic Marriott and IHG to offer almost 219,000 infections and Management announced a demand for their products and waivers on cancellations more than 8,900 deaths. massive stimulus package on WEEKLY MARKET WATCH services. Kamco Invest’s analysts and changes in bookings “Our world faces a Sunday. The market closed the noted that their most preferred for travelers in several common enemy. We are at war week flat on Thursday at defensive sectors are Utilities, countries and also shut with a virus,” Guterres said. “I 8,576.59points. QSE is 17.73 and Commercial Bank (6.79 Telecoms and Consumers. hotels. call on world leaders to come percent down year-to-date. percent). Total trading value GCC market sell-off over American hotel and together and offer an urgent The Banking and Financial increased by 13.91 percent to the past two weeks was mainly travel industry executives and coordinated response to Services sector, which tanked QR2.34bn from the previous due to the oil market logjam. met with US President this global crisis.” Guterres, 12.38 percent in the previous week’s QR2.06bn. Trading “The 25 percent decline in the Donald Trump on Tuesday who was prime minister of “We must absolutely be week, rebounded 8.75 percent volume was decreased by 5.23 oil prices came as a double blow to discuss a potential Portugal from 1995 to 2002, strong in supporting them in the past week. Real estate percent to QR852m, from for the oil exporters in the $250bn aid package, as called on countries to scale up because the virus is coming to regained 1.16 percent from the QR899m, while number of region as the growth in the oil thousands of hotel health spending and to help them and their health systems sharp 9.42 percent fall in the transactions jumped by 15.40 production comes at a time workers began furloughs less-prepared nations tackle are extremely weak, so they previous week and Telecom percent to reach 54,623. when world oil demand is due to the fast-spreading the crisis, including by sup- need very strong support from regained 10.47 percent from the Market capitalization rose under severe pressure due to coronavirus. porting the efforts of the World the developed world and if that previous week’s 18.71 percent by 6.05 percent to QR489bn. COVID-19”, Kamco Invest IHG said yesterday Health Organisation. support is denied we could plunge and Transportation In terms of trading volume, noted in its latest ‘GCC Equity demand for hotel rooms “A wealthy country must have catastrophic conse- sector gained 7.39 percent from real estate sector led the pack, Market Outlook’. is at record lows. not be convinced that it has quences,” he said, warning only to deal with its own cit- millions could die. izens. It’s in the interests of a He said that when it came wealthy country to contribute to the global economy the Eurozone govts should 'get their acts together' to a global response because liquidity of the financial the crisis can come from system must be guaranteed REUTERS — FRANKFURT ideas such as raising cash waste a crisis. Therefore it’s wherever, at any moment,” he and that banks must use their through a common “safe asset” important that euro area gov- said. resilience to support their Eurozone governments should or via existing institutions of the ernments agree at this critical Guterres said he would customers. “get their acts together” and European Union to finance the moment on some kind of a safe take part in the emergency “G20 leaders have taken respond to the coronavirus response to the outbreak. asset that could provide sturdy Group of 20 nations summit steps to protect their own cit- pandemic and its economic “At this critical juncture, it is support for financing,” he added. planned for next week. izens and economies by fallout in a bold and coordi- essential that euro area govern- His Spanish counterpart, “My very strong appeal to waiving interest payments. We nated way now that the ECB has ments get their acts together and Pablo Hernandez de Cos, called the G20 is to have a particular must apply that same logic to secured cheap financing for it, agree to a coordinated European for adopting a common fiscal concern with African countries the most vulnerable countries two ECB rate-setters said fiscal response,” Finland’s central policy using the euro zone’s and other countries in the in our global village and alle- yesterday. bank chief Olli Rehn (pictured) bailout fund, known as the developing world,” Guterres viate their debt burden,” he The central bank governors told a press conference. European Stability Mechanism, the EU’s common budget or told reporters. said. of Finland and Spain revived “There’s a saying: never the European Investment Bank, other “risk sharing” tools. “Weaknesses in the Real Estate Price Index remains flat Regulators call on banks to halt financial system are exacerbating the despite market turmoil: Ezdan report distributions, de-leverage trading potential feedback THE PENINSULA — DOHA vacant land, multi-use buildings, multi-use space, and residential REUTERS — WASHINGTON trading books and unwind massive rise in corporate lev- loops, which risk Over the past week real estate buildings. Doha Municipality deals, such as swaps and secu- erage and liquidity mismatches deepening the price index has witnessed spearheaded other municipal- Banks should immediately halt rities-lending portfolios, that do in the non-bank lending sector. downturn and stability in rates of sales and ities in terms of highest deal share buybacks, dividends and not support the real economy.