Apple to pay $113 mn over iPhone battery complaints PAGE 9

FRIDAY, NOVEMBER 20, 2020

29,358.70 10,107.65 43599.96 1,861.70 -79.72 PTS -140.80 PTS -580.09 PTS GOLD -0.65 % Google strikes payment deal with DOW QE SENSEX some French media groups PAGE 8 PRICE PERCENTAGE PRICE PERCENTAGE 24.16 BRENT 43.85 -1.11 % WTI 41.39 -1.03% SILVER -1.64 % UNCTAD Assessment of World Economy ICC Qatar backs call for G20 to nance SMEs amid COVID-19 TRIBUNE NEWS NETWORK DOHA

THE International Chamber of Commerce Qatar (ICC Qa- tar) on Thursday announced its support to International Chamber of Commerce’s (ICC) call for urgent action from G20 leaders in response to the COVID-19 outbreak. ICC has urged the G20 to The unprecedented economic shock generated by global emergency has already sharply exposed the global economy’s pre-existing take action to safeguard the weaknesses, severely setting back development progress around the world. supply of essential working capital and short-term credit to small and medium-sized enterprises (SMEs). Qatar Chamber and ICC Global economy may Qatar Chairman Sheikh Khalifa bin Jassim Al Thani welcomed the early actions taken by governments, de- velopment banks and regu- shrink 4.3% in 2020 lators to provide support for trade finance in response to the initial impacts of the cri- Viable vaccine not seen halting the spread of economic damage: UNCTAD sis. But he believes there is a Qatar Chamber and ICC Qatar Chairman Sheikh Khalifa bin Jassim clear rationale for additional Al Thani. TNN & AGENCIES “Moving rapidly across However, UNCTAD said ulations are not protected by interventions to mitigate the DOHA borders, along the principal the unprecedented economic social safety nets and yet are risk of trade financing gaps stressed that trade finance is cially timely as there has been arteries of the global econ- shock generated by the global particularly affected by soar- inhibiting a post-pandemic a vital lifeline for many small an increase in the failure rates THE global economy will con- omy, the spread of the virus health emergency has already ing unemployment,” UNC- recovery. businesses and underpins over of SMEs globally in recent tract 4.3 per cent this year due has benefited from the under- sharply exposed the global TAD said. In a statement issued on 80 percent of global trade. months in both advanced and to the Covid-19 crisis, while a lying interconnectedness and economy’s pre-existing weak- The report said about 79.4 Thursday, Sheikh Khalifa This call to action is espe- emerging economies. viable vaccine will not halt the frailties of globalisation, cata- nesses, severely setting back percent of workers in sub- spread of the economic dam- pulting a global health crisis development progress around Saharan Africa and 84.5 per- age, UNCTAD, the United Na- into a global economic shock the world. cent of workers in the world’s tions trade and development that has hit the most vulner- “Millions of jobs have al- least developed countries do body, said on Thursday. able the hardest,” Kituyi said. ready been lost, millions of not have access to any social The Geneva-based organi- While developed econo- livelihoods are at risk, and an protection or labour pro- Gold price may surge 22% sation said inequalities and vul- mies are expected to be more estimated additional 130 mil- grammes. nerabilities will worsen as the affected in 2020 than devel- lion people will be living in The report calls for in- effects of the pandemic disrupt oping countries, with their extreme poverty if the crisis ternational assistance to be in 2021 on demand spike any progress made on poverty gross domestic product con- persists,” UNCTAD said. stepped-up with debt relief of- and other sustainable devel- tracting 5.8 per cent versus The COVID-19 disruption fered to poorer nations to give TNN & AGENCIES that it is maintaining its 2021 precious metals analyst at opment goals. It also warned 2.1 per cent, UNCTAD said the has had real and dispropor- them the fiscal space needed DOHA gold price target of $2,300 HSBC, said that gold will aver- that the distribution of a viable United Nations’ Sustainable tionate consequences on vul- to address the economic ef- an ounce, implying a 22 per- age a price of $1,965 an ounce vaccine is likely to expose long- Development Agenda 2030 nerable and disadvantaged fects of the pandemic on their GOLD prices will break out cent rally from current lev- in 2021, owing to “competing entrenched inequalities in the will be derailed unless imme- low-income households, mi- populations. of a tight trading range and els over the next 12 months, macroeconomic forces.” global trading system. diate policy actions are taken. grants, workers in the infor- “COVID-19 has been pain- soar through 2021 as the as the global economy bal- While accommodative “The COVID-19 pandem- Since the start of the out- mal sector and, often, wom- ful and course-altering, but it coronavirus recession gives ances between positive news monetary policy will con- ic has gravely wounded the break in China last year, more en, UNCTAD said, with those is also a catalyst for needed way to higher inflation, stok- of potential vaccines for the tinue to provide tailwinds, world economy with serious than 1 million people have working in the tourism and change,” Kituyi said. “We ing demand for the yellow COVID-19 virus and the an unwinding of geopolitical consequences impacting all lost their lives, with uncer- microenterprise sectors par- need to reshape global pro- , Goldman Sachs has near-term risks of further risk from a Biden Adminis- communities and individu- tainty remaining about how ticularly affected. duction networks and reset said in its latest report. economic devastation. tration will ease the appetite als,” said UNCTAD secretary- and when the pandemic will “Especially in the develop- multilateral cooperation for The investment bank said However, Jim Steel, chief for gold, said Steel. general Mukhisa Kituyi. run its course. ing world, many of these pop- the better.” SEE PAGE 9 Will RCEP help drive Asia’s COVID-19 recovery?

TRIBUNE NEWS NETWORK between its members. Its 20 based, and overall manufac- ing e-commerce will be able to DOHA chapters cover topics from turing is in its infancy. Local, enjoy greater market access in digital procedures to financial regional and indeed global terms of cross border supply THE Regional Comprehen- services and intellectual prop- manufacturers who want to and establishing commercial sive Economic Partnership erty rules. be active in the ASEAN mar- presence in the RCEP mar- (RCEP) signed on November “The RCEP is expected to ketplace are taking advantage kets,” Ali said. 15 on the sidelines of the an- boost the region’s value chains of the opportunities in Myan- As OBG has extensively nual summit of the Associa- and contribute to the devel- mar that has a lower cost base, documented, COVID-19 has tion of South-East Asian Na- opment of all participating growing infrastructure and a prompted an exponential ex- tions (ASEAN) is a significant economies,” ASEAN Business receptive government seeking pansion of e-commerce and regional milestone and it is Advisory Council 2020 Chair- to strengthen and diversify its other digital industries across hoped that the deal will help man Doan Duy Khuong told economy,” British Chamber of South-east Asia. its 15 signatories recover from OBG earlier this year. Commerce Myanmar CEO Pe- Many of the world’s larg- the economic fallout of the Designed to strengthen re- ter Crowhurst told OBG. est super apps, online or mo- coronavirus pandemic, Ox- gional cooperation and widen “With the new Myanmar bile platforms that combine ford Business Group (OBG) market access, RCEP consti- government at the helm, now is multiple services into one app has said in its latest report. tutes a rejection of the trend the time to build and strengthen are based in RCEP countries. “The signing of RCEP rep- towards protectionism seen the capabilities of the respective Prominent among them are resents a major vote of confi- across the world in recent Service providers including e-commerce will be able to enjoy greater market access in terms of cross ministries to support the effec- Chinese platforms WeChat dence in multilateralism. As years, most notably in the US- border supply and establishing commercial presence in the RCEP markets. tive and balanced implementa- and Alipay, Japan’s Line, the culmination of an eight- China trade war. tion of RCEP,” he said. South Korea’s Kakao Talk, In- year negotiation process, it While some less-devel- Crucially, the report said, A key element of this is tate this shift by making it eas- Meanwhile, Mohamed donesia’s Gojek and the Singa- mandates for the creation of oped countries still need to it is also hoped that the pro- related to supply chains that ier to establish a production Azmin Ali, Malaysia’s senior pore-headquartered Grab. the world’s largest trading be brought up to speed – for visions in the agreement will were severely disrupted by the base in an ASEAN member minister of international trade Spurred on by the pan- bloc,” OBG said. example, Cambodia and Laos enable signatories to combat pandemic, leading countries state and export to the other and industry, recently out- demic, many digital providers The deal’s signatories have been given several years the effects of COVID-19 more around the world to recognise 14 members of the new trad- lined to local media the ben- are seeking to expand its foot- namely the 10 ASEAN mem- to upgrade their Customs pro- effectively, both individually the merits of a more diversi- ing bloc. efits that the deal will bring to print in the region by moving bers plus China, Australia, Ja- cedures – the agreement has and as a bloc. fied approach, the report said. At the same time, it incen- the country. into new markets, a process pan, New Zealand and South been largely welcomed as an “We acknowledge that the In line with this, many tivises countries to address He highlighted the impor- that should be eased by RCEP. Korea together constitute 30 economic win-win for its mem- RCEP agreement is critical companies and government pre-existing barriers to invest- tance of a chapter specifically On balance, the report percent of the world’s popula- bers, with the US-based Peter- for our region’s response to entities that had previously ment to enhance their com- aimed at facilitating the provi- said, the deal should gener- tion and just below 30 percent son Institute for International the COVID-19 pandemic and relied mainly on China have petitiveness. Indonesia, for sion of investment and techni- ate considerable optimism in of its GDP. Economics estimates that it will play an important role in adopted a ‘China +1’ strategy, example, recently ratified its cal support to small and medi- Asia both with regard to hopes The 510-page agreement could add 0.2 percent to their building the region’s resilience strengthening domestic capac- Omnibus Bill on job creation. um-sized businesses. for a broad-based recovery should provide a substantial respective economies by 2030. through an inclusive and sus- ity and setting up factory lines Similarly, Myanmar could The minister also noted from COVID-19 and in terms boost to trade in the region, The deal is expected to take tainable post-pandemic eco- or identifying suppliers in oth- capitalise on RCEP to grow its that the deal will support the of returning to a more open lowering tariffs, standardising effect within two years, after nomic recovery process,” said er countries, while still main- manufacturing base. burgeoning field of digital international trading system Customs procedures and im- ratification by the member a statement, released on the taining interests in China. “The Myanmar economy is commerce. that provides mutual benefits proving regulatory harmony countries. occasion of the signing. RCEP could further facili- very young. It is agriculturally “Service providers includ- to its participants. 08 Friday, November 20, 2020 Economy & Business Turkey’s new central banker aggressively raises key interest rate

AFP percent in value against the means -- pleasantly surprised protest. The sudden shakeup is a positive shift in economic act since Erdogan believes high ANKARA dollar moments after the an- some economists. sparked a market rally and policymaking under way”. interest rates cause high infla- nouncement before paring “Investors were always turned Thursday’s rate deci- “This was absolutely the tion. TURKEY’S central bank on back some of its gains. more focussed on whether the sion into a test of how reform- right and logical decision,” “We should not let our in- Thursday aggressively raised “The Central Bank will decision would mark a shift to- minded and independent the added Timothy Ash of BlueBay vestors be oppressed by high its main interest rate after a attain its main objective of wards orthodox policymaking new team will be. asset management. interest rates,” he said on major economic team shake- achieving and maintaining -- that is, a transparent mone- Erdogan has made no se- Yet economists noted that Wednesday. up that included President price stability by adopting tary policy framework based on cret of his unorthodox belief the central bank’s past com- German Institute for Inter- Recep Tayyip Erdogan’s son- transparency, predictability one main policy rate,” Capital that high interest rates cause plex system of lending had national and Security Affairs in-law giving up his finance and accountability principles of Economics emerging markets inflation instead of slowing it managed to push the real cost (SWP) analyst Sinem Adar ministry brief. the inflation targeting regime,” economist Jason Tuvey said. The Turkish lira rose two percent down by raising the cost of do- of borrowing to 14.8 percent. said Thursday’s rate decision The bank said the one- the bank said in a statement. The lira has been one of in value against the dollar mo- ing business and dampening “Today’s decision amounts showed that Erdogan’s warn- week repo auction rate would The hike was in line with the worst performing among ments after the announcement. spending. to an effective monetary tight- ing appears to have been made go to 15 percent from 10.25 market expectations but the emerging market currencies He fired a central banker ening of 20 basis points” or 0.2 for domestic . percent and that it was elimi- shift to a single funding mecha- and has lost nearly a quarter of former finance minister whose who kept raising rates to fight percent, Tuvey wrote in a re- But “the president’s ma- nating all other lending facili- nism -- thus eliminating the its value since the start of the appointment on November inflation in 2019. search note. noeuvering space to maintain a ties to make its policy decisions much-criticised practice of year. 7 reportedly prompted Er- Tuvey said Agbal “appears There is scepticism over balancing act among different more “transparent”. raising the main rate through The bank’s new governor dogan’s powerful son-in-law to have done enough to con- how long the nominally inde- interest groups is getting nar- The Turkish lira rose two stealth and unpredictable Naci Agbal is a market-friendly Berat Albayrak to resign in vince investors that there really pendent bank will be free to rower,” Adar tweeted. EU wants 5 times Xi touts China’s huge economy as more offshore wind power in next 10 yrs base of free trade in APEC speech DPA use more offshore floating BRUSSELS solar panels as well as wave Jinping warns and tidal power under the THE European Commis- strategy. countries who sion wants to see the bloc The commission believes increase the amount of off- the pivot would foster “eco- insist on trade shore wind energy it pro- nomic growth and job crea- barriers would duces by a factor of five in tion in all parts of the renew- the next 10 years, part of its able energy supply chain,” su er self-inict- push to reach net emissions according to a press release, neutrality by 2050. helping the EU get back on ed wounds “We as Europeans have a its feet after the coronavirus huge advantage,” the EU ex- crisis-induced recession. AFP ecutive branch’s vice presi- The European Environ- KUALA LUMPUR dent, Frans Timmermans, mental Bureau - a major said on Thursday, pointing network of EU organizations PRESIDENT Xi Jinping to the advanced technology - welcomed the shift to re- hailed China as the pivot point and production capacities of newables in a press release for global free trade Thursday, the European Union. on Thursday, but raised vowing to keep its “super- The new plan foresees concerns about “potentially sized” economy open for busi- investment of 800 billion negative impact on marine ness and warning against pro- euros (947 billion dollars) habitats.” Especially wind tectionism as the world battles by 2050 to make use of Eu- turbines anchored in the the COVID-19 pandemic. rope’s sea basins - the North seabed - as opposed to float- Buoyed by the signing of Sea, the Baltic, the Medi- ing - “can potentially lead to the world’s largest trade pact terranean, the Atlantic and the loss of many sea mam- over the weekend, Xi said the around the EU’s islands - mals, birds and fish, which Asia-Pacific is the “forerun- and reduce dependence on are very sensitive to noise ner driving global growth” in fossil fuels. and rely on their senses to a world hit by “multiple chal- By 2050, the EU should search for food and follow lenges.” produce 25 times more off- migratory routes,” the state- He vowed “openness” to shore wind energy, but also ment continued. trade and rejected any pos- sibility of the “decoupling” of China’s economy, in his only nod to the hostile trade policy of US President Don- ald Trump’s administration, Indonesia cuts interest rates to which has battered China with A screen shows a news programme about Chinese President Xi Jinping’s speech via virtual meeting to the APEC forum in Malaysia, at a tariffs and tech restrictions. restaurant in Beijing on Thursday. (GREG BAKER/AFP) bolster recession-hit economy Xi was speaking at the Asia- Pacific Economic Cooperation “Openness enables a coun- US, is viewed as a major coup Biden has been strident on AFP 99 Asian financial crisis. (APEC) forum, held online this try to move forward while se- Buoyed by the signing of for China and further evidence China’s human rights record, JAKARTA “This is a follow-up step to year because of the pandemic, clusion holds it back,” he said. the world’s largest trade that Beijing is setting the from its treatment of Uighur accelerate the national econ- which brings together 21 Pa- “China will actively cooper- pact over the weekend, Xi agenda for global commerce as Muslims in the restive Xinji- INDONESIA’S central bank omy’s recovery,” central bank cific Rim countries, accounting ate with all countries, regions Washington retreats. ang region to Hong Kong’s de- slashed interest rates again governor Perry Warjiyo said. for about 60 percent of global and enterprises that want to said the Asia-Pacific is the RCEP’s rival was the mocracy movement. Thursday after the COVID-19 The government has un- GDP. do so. We will continue to hold “forerunner driving global Trans-Pacific Partnership But some at the APEC fo- pandemic pushed Southeast veiled more than $48 billion in It was not immediately high the banner of openness growth” in a world hit by -- championed by former US rum were optimistic the in- Asia’s biggest economy into its stimulus to help offset the im- clear if Trump, wounded by and co-operation.” “multiple challenges.” president Barack Obama -- but coming US president would first recession in more than 20 pact of the virus, which forced his election loss to Joe Biden, Trump withdrew from it and engage more with internation- years. large-scale restrictions that would take part in the two-day Trade agenda the pact has now been replaced al groupings. Bank Indonesia cut the key hammered growth. gathering or send a high-level But Xi’s rhetoric may raise pandemic as well as accusa- by a watered-down alternative “I think that (a Biden ad- lending rate by 25 basis points Several million Indonesians delegate in his place. eyebrows in capitals where tions of espionage hammer that the United States has not ministration) will be more to 3.75 percent, its fifth rate re- have been laid off or furloughed In a speech that veered into China has either restricted relations. joined. supportive of the WTO (World duction this year, as the global as the vast country, home to triumphalism over China’s trade or used its giant econ- The APEC summit comes a Xi had no direct words for Trade Organization), and of health crisis slams the brakes nearly 270 million people, has economic “resilience and vital- omy as a bargaining chip in week after China and 14 other President-elect Biden, whose APEC,” Singaporean Prime on growth. battled to contain the crisis. ity” in bouncing back from the wider geopolitical disputes. Asia-Pacific countries signed ascension to office next year, Minister Lee Hsien Loong said. The move comes two weeks COVID-19 infections have virus, which first emerged in Australian exports of beef, the world’s largest free-trade while still clouded by Trump’s “I hope that there will be after Indonesia posted its sec- topped 480,000 with more the central city of Wuhan, Xi wine and barley to China -- deal. refusal to concede defeat, is ex- a more constructive approach ond consecutive quarter of than 15,000 deaths, putting warned countries who insist their biggest market -- have The Regional Comprehen- pected to see a more nuanced -- one where countries work negative growth -- the country’s Indonesia among the worst-hit on trade barriers would suffer been restricted, as a diplomatic sive Economic Partnership extension of Washington’s cur- together, rather than against first recession since the 1998- Asian countries. self-inflicted wounds. rumble over the origins of the (RCEP), which excludes the rent China policy. one another.” Google strikes payment deal with some French media groups

AFP ers over a new European law double the agency’s revenues ing emergency funding dur- PARIS on so-called “neighbouring from internet platforms from ing the COVID-19 crisis. rights,” which calls for pay- around 10 million euros a Missoffe said Thurs- GOOGLE said Thursday that ment for showing news con- year currently. day that since 2013, Google it had signed “some individ- tent with internet searches. Google has clashed re- had invested some 85 mil- ual agreements” on copyright News outlets struggling peatedly with publishers over lion euros ($100 million) in payments with French news- with dwindling print sub- Talks on its reluctance to pay for dis- France’s media landscape, papers and magazines after scriptions have long been Signatories to the deal include playing articles, videos and to promote shifts to digital months of wrangling over the seething at Google’s failure top French dailies Le Monde, other content in its search platforms as well as training sharing of revenues from the to give them a cut of the mil- Le Figaro and Liberation, as results, which have become a programmes. display of news in search re- lions it makes from ads dis- well as magazines like vital path for reaching viewers Last month, Google an- sults. played alongside news search as print subscriptions fade. nounced plans to invest $1 Signatories to the deal in- results. L’Express, L’Obs and Courrier After the EU’s neighbour- billion in partnerships with cluded top French dailies Le With the COVID-19 crisis International. In a statement, ing rights law came into ef- news publishers worldwide Monde, Le Figaro and Libera- crimping sales even further, Google France chief Sebastien fect, it warned that associated to develop a “Showcase” app tion, as well as magazines like several top French publica- Missoffe said talks with other content would be shown in to highlight their reporting L’Express, L’Obs and Cour- tions are expected to report media groups were continuing, search results only if media packages. rier International. huge losses this year. with a goal of reaching “a groups consented to let Goog- But among the nearly 200 In a statement, Google But Google had refused to framework agreement by the le use them at no cost. publications Google said had France chief Sebastien Mis- comply with the digital copy- News outlets struggling with dwindling print subscriptions have long end of the year.” News publishers cried signed up from several coun- soffe said talks with other right law, which France was been seething at Google’s failure to give them a cut of the millions it foul over an ultimatum that tries, its list lacked any from media groups were continu- the first in the EU to enact, makes from ads displayed alongside news search results. would almost certainly result France or the United States. ing, with a goal of reaching “a saying media groups already in their losing visibility and Isabelle da Silva, head of framework agreement by the benefit by receiving millions monthly internet traffic, and against Google with France’s internet giants such as Face- potential ad revenues. France’s competition author- end of the year.” of visits to their websites. “the publisher’s contribution competition regulator, did book and Apple. But Google argued that ity, told the Paris media con- The announcement came Financial specifics were to political and general infor- not sign the accord. “We get a sense that at- besides encouraging millions ference that her agency “will after a Paris appeals court not disclosed, but Missoffe mation”. But AFP chief executive titudes have shifted over the of people to click through to be extremely vigilant that the ruled last month that the US said payments would be Agence France-Presse, Fabrice Fries said he was “op- past few months,” Fries told a media sites, it has also spent contracts explicitly recognise giant must continue to negoti- based on criteria including which along with other media timistic” about improved re- media conference in Paris on millions to support media neighbouring rights, and pay ate with French news publish- daily publication volumes, groups has lodged complaints lations with Google and other Thursday, saying he aimed to groups in other ways, includ- for them.” Economy & Business Friday, November 20, 2020 09 Global stocks retreat Global economic recovery from as attention turns to soaring infections COVID-19 ‘remains dif cult’: IMF AFP de Blasio said he would LONDON shut schools because of ris- e IMF expects global growth to contract by 4.4% this year before rebounding 5.2% in 2021 ing infections. STOCKS pulled back Thurs- The move indicated AFP day as a global rally fuelled that the soaring number of WASHINGTON by vaccine optimism petered new cases around the US -- out in the face of surging the country has registered THE global economy faces a infections that are forcing more than 100,000 every hard road back from the Cov- fresh lockdowns and threat- day for two weeks -- could id-19 downturn, and nations ening to shock the global force lockdowns similar should remove trade barriers economy again. to those that battered the on medical technologies to aid While the broad con- economy earlier this year. the recovery, the IMF chief sensus is that 2021 will see Meanwhile, a rise in said on Thursday. a healthy recovery across new filings for unemploy- The call from Managing the world as people are ment benefits in the United Director Kristalina Georgieva gradually inoculated, trad- States also dented senti- ahead of this week’s G20 lead- ers are focusing on the im- ers summit comes as coun- mediate crisis as the US and tries grapple with the fallout Europe suffer a new wave of from a pandemic that has the killer disease. killed hundreds of thousands “After the soaraway and caused a sharp contrac- gains of the past two weeks, tion in growth. equities now look much Hope in 2021? “While a medical solution more richly valued, and to the crisis is now in sight, thus vulnerable to an out- While the broad consensus the economic path ahead re- break of bad news,” said is that 2021 will see a mains difficult and prone to Chris Beauchamp, chief healthy recovery across setbacks,” Georgieva said in a market analyst at IG trad- the world as people are blog post. ing group. gradually inoculated, Major pharmaceutical “This is precisely what traders are focusing on the companies are now closing in we got in the form of immediate crisis as the US on vaccines against the virus, spreading infections in the and Europe suffer a new amid a global spike in cases US but also in Japan, a wave of the killer disease. that has caused some coun- worrying sign indeed for a tries to reimpose restrictions country that had been suc- to curb transmission. cessful earlier in the year in “The resurgence in infec- controlling the spread. ment. tions is a powerful reminder “Even reports of success The increase to 740,000 that a sustainable economic IMF Managing Director Kristalina Georgieva speaks at a press brie ng on COVID-19 in Washington, DC. The global economy faces a hard road for AstraZeneca’s new vac- new claims reverses a re- recovery cannot be achieved back from the COVID-19 downturn, the IMF chief said. (NICHOLAS KAMM/AFP) cine were not enough -- the cent decline in the figure anywhere unless we defeat impact of these vaccine an- and comes as more states the pandemic everywhere,” percent this year before re- the G20 should refrain nouncements having been restrict the operations of Georgieva said. bounding 5.2 percent in 2021. from imposing or intensify- on a declining trend since businesses such as restau- She called for countries However, Georgieva noted Recession looming ing trade restrictions and the first excitedly received rants and gyms. to cooperate to ensure an third-quarter growth was The COVID-19 pandemic has spread with alarming speed, promptly remove those put news from Pfizer almost Key European econo- adequate supply of vaccines, better than expected in the infecting millions and bringing economic activity to a in place since the start of the three weeks ago,” Beau- mies including France, tests and medicines, as well United States, Japan and Eu- year on all medical goods champ added. Germany and Britain have as “multilateral efforts on the ropean countries. near-standstill as countries imposed tight restrictions on and services as well as on any World markets have already imposed new or manufacturing, purchase and The virtual summit hosted movement to halt the spread of the virus. The pandemic is goods and services related to enjoyed an impressive run partial lockdowns, while distribution of these health by Saudi Arabia is set to be expected to plunge most countries into recession in 2020, vaccine manufacturing and this month thanks to Joe other countries around the solutions -- especially in the last during the term of with per capita income contracting in the largest fraction of distribution.” Biden’s US election victory world including Japan and poorer nations. US President Donald Trump, countries globally since 1870. Advanced economies are The IMF called for Brit- and then news that two vac- South Korea have been It also means removing who lost his bid for another projected to shrink 7 percent. That weakness will spill over ain and the European Union cine candidates had shown forced to take new contain- recent trade restrictions on four years in office earlier this to the outlook for emerging market and developing to conclude a trade deal that to be more than 90 percent ment action. all medical goods and servic- month, though he has reject- economies, who are forecast to contract by 2.5 percent as would forestall new trade effective in late trials. European Central Bank es, including those related to ed the results. they cope with their own domestic outbreaks of the virus. barriers as London disentan- The announcements chief Christine Lagarde vaccines,” Georgieva said. Under his leadership, This would represent the weakest showing by this group of gles itself from the regional lifted hopes that the planet on Thursday called for the The Covid-19 pandemic Washington has engaged in economies in at least sixty years. bloc. can begin to get back to EU’s planned coronavirus has caused more than 1.3 mil- trade conflicts with strategic The lender also reiterated some form of normality recovery fund to become lion deaths worldwide, ac- rival China as well as its Eu- its call for more public spend- soon. However, Wall Street available “without delay”, cording to an AFP tally, and ropean allies, which slowed tries to work together to finish global level will help ensure a ing to help countries escape took a decisive turn lower after Poland and Hungary wreaked a grievous toll on the down global growth even be- the pandemic off. strong, sustainable recovery,” the growth slowdown and in late trade Wednesday blocked the adoption of the global economy. fore the virus’s arrival. “Combining well-coor- the Washington-based crisis reshape their economies for when New York Mayor Bill plan. The IMF expects global In a separate research dinated national policies lender said. both growth and to fight cli- growth to contract by 4.4 note, the IMF called for coun- with joint measures at the “In the immediate term, mate change. As COVID-19 cases increase in US, jobless claims follow

AFP ployed and loans and grants to week that new jobless claim Union said in a note. Congress who have been una- WASHINGTON small businesses that helped applications have remained The US is home to the ble to overcome differences on the economy through the early above the worst single week of world’s largest outbreak of how much to spend on a new THE United States saw a sharp months of the pandemic are the 2008-2010 global finan- Covid-19, which has acceler- stimulus measure. increase in new filings for job- yet to return. cial crisis, and analysts fear ated in recent weeks. The massive $2.2 trillion less benefits last week, a sign The Labor Department on the latest increase is just the The country saw 157,950 CARES Act in March helped that the unemployment crisis Thursday reported a season- beginning. new infections over the 24 keep the economy afloat could be intensifying again as ally adjusted 742,000 new “Given the trajectory of the hours prior to Wednesday, the through the spring and sum- the world’s largest economy claims for unemployment pandemic, we may be stuck in same day total deaths from mer but many of its provisions weathers a surge in Covid-19 benefits filed in the week end- the one million a week range the disease climbed above have since lapsed and a study infections. ed November 14, and 320,237 of Americans claiming bene- 250,000. from The Century Founda- The worrying increase claims, not seasonally adjust- fits (both state and federal) for - Biden backs stimulus tion progressive think tank re- comes as lawmakers in Wash- ed, made separately under a some time, and we’ll be lucky -President-elect Joe Biden leased Wednesday said nearly ington remain at an impasse program for workers not nor- if that level doesn’t rise by earlier this week warned of the 12 million unemployed people on enacting another stimulus mally eligible for jobless aid. 100,000 to 200,000 addition- risks of both the rise in cases are relying on aid programs “Store Closing” signs are posted at a store as people walk by in Los spending measure, meaning The worse-than-expected al claims per week,” Robert and the impasse between Re- under the bill that expire on Angeles. (TNS) extra payments to the unem- data marked the 35th straight Frick of Navy Federal Credit publicans and Democrats in December 26.

‘BATTERYGATE’ Buyers snap up existing Apple to pay $113 mn over iPhone battery complaints US homes in October AFP Buyers have been aided AFP iPhone maker said it agreed to the WASHINGTON by low mortgage rates after SAN FRANCISCO payout “solely for the purposes of the Federal Reserve slashed settlement,” without any admission THE US real estate boom re- its benchmark lending rate to APPLE has agreed to pay $113 million of wrongdoing. mained unstoppable in Octo- near-zero in March as the pan- to settle litigation with more than 30 Earlier this year Apple agreed ber, according to data from an demic arrived. US states over its slowdown in per- to pay up to $500 million to settle a industry group, with the pace “Considering that we re- formance of older to manage class-action lawsuit over the same is- of existing home sales growing main in a period of stubbornly battery power. sue. In December 2017, Apple admit- beyond expectations, tight- high unemployment relative The latest “batterygate” set- ted that iOS software was tweaked to ening inventory and pushing to pre-pandemic levels, the tlement will divide the settlement slow performance of older iPhones prices up. housing sector has performed among California and 33 other states, whose battery life was deteriorating The report from the Na- remarkably well this year,” according to a statement by state At- to prevent handsets from spontane- tional Association of Realtors said NAR Chief Economist torney General Xavier Becerra. ously shutting down. (NAR) indicated that the hous- Lawrence Yun. The settlement resolves com- Critics accused Apple of surrepti- ing market remains one of the Existing home sales rose plaints that the tech giant made tiously forcing users to buy phones few bright spots in a rapidly in all regions of the United misrepresentations about iPhone sooner than necessary, and the darkening US economy beset States, and unsold inventory batteries and software updates that outcry forced Apple to upgrade its by rising coronavirus cases in October fell to a record low throttled processing performance to software and offer steep discounts on and Congress’s continued fail- of 2.5 months at the current manage insufficient battery power, In December 2017, Apple admitted that iOS software was tweaked to slow battery replacements. ure to agree on a new stimulus rate. That pushed prices up according to the state official. performance of older iPhones whose battery life was deteriorating. Apple also settled a case with measure. 15.5 percent from the same “Apple withheld information France’s consumer watchdog to pay Existing home sales rose month last year to a median of about their batteries that slowed ability to make informed purchases. The settlement resolves com- 25 million euros ($27.4 million) in a 4.3 percent from September $313,000. down iPhone performance, all while Today’s settlement ensures consum- plaints about Apple’s iPhone 6 and 7 related case. to an annualized rate of 6.85 “Homebuilders’ confi- passing it off as an update,” said ers will have access to the infor- generation phones which according French prosecutors opened an in- million, seasonally adjusted, dence has soared even though Becerra. mation they need to make a well- to the states’ complaint were suscep- quiry in January 2018 at the request the NAR said, its highest level the actual production has not,” “This type of behavior hurts the informed decision when purchasing tible to performance loss. of the Halt since November of 2005 and Yun said, predicting sales pockets of consumers and limits their and using Apple products.” In the court documents, the (HOP) association. a 26.6 percent jump from a would rise 10 percent next year-ago. year.